COMMUNIQUE DE PRESSE: NACON: RÉSULTATS ANNUELS 2025-2026 / CHIFFRE D’AFFAIRES DU 1ER TRIMESTRE 2026-2027

Equity here is behaving like a restructuring option, not a normal operating stock. Once debt is effectively accelerated and tangible asset value has been written down, the market will care far more about creditor recovery and dilution terms than about a modest top-line inflection; that is why any near-term rally on headline growth is likely to fade unless the court process materially improves the capital structure. The immediate trading window is process-driven, while the next 1-3 months are about financing terms and cash preservation rather than product momentum.

Second-order effects are more interesting than the company itself: the likely response is to cut the long tail of internally developed titles and push toward licensed, lower-risk content. That helps larger IP owners and platform-distribution winners while hurting smaller external studios, specialty contractors, and retail partners tied to niche SKUs; in accessories, a weaker incumbent can also cede shelf space to better-capitalized competitors with stronger inventory terms. If there is a tradable spread, it is relative quality versus distressed content/platform exposure, not a blind bet on the gaming cycle.

Contrarian view: the market may be underestimating the possibility of a creditor-led rescue that preserves a slimmer equity stub. That said, the bar is high: the thesis breaks only if the court plan extends maturities meaningfully, limits dilution, and cash burn stays below expectations through the next filing cycle. Over 6-18 months, the most likely structural outcome is a smaller, more licensed, lower-capex business with less upside torque than before the restructuring.