from GUILLEMOT (EPA:GUI)
GUILLEMOT CORPORATION: 2025 ANNUAL RESULTS
Carentoir, March 25, 2026
2025 ANNUAL RESULTS
Guillemot Corporation’s financial statements (audited financial statements approved by the Board of Directors at its meeting held on March 23, 2026, pending the statutory auditors’ certification report) may be summarized as follows:
(€m)
| Dec. 31, 2025 | Dec. 31, 2024 | Change | |
|---|---|---|---|
| January 1 – December 31, 2025 | |||
| Turnover | 127.2 | 125.1 | +2% |
| Thrustmaster | 114.2 | 113.1 | +1% |
| Hercules | 13.0 | 12.0 | +8% |
| Net operating income | 0.5 | 3.7 | -86% |
| Net financial income (expense)* | -3.3 | -2.5 | - |
| Corporate income tax | 0.5 | 0.0 | - |
| Consolidated net income | -2.4 | 1.2 | - |
| Basic earnings per share | -€0.17 | €0.08 | - |
* Net financial income includes the cost of net financial debt as well as other financial income and expenses.
The Group generated full-year 2025 turnover of €127.2 million, up 2% year on year, with fourth-quarter revenue up 15%. Turnover grew 8% at Hercules and 1% at Thrustmaster.
Both of the Group’s brands faced a disrupted market environment in the United States, with significantly higher import tariffs. In 2025, the Group generated over 25% of its consolidated turnover in the United States.
The increase in import tariffs resulted in the following:
- A negative impact on margins due to the time lag in passing on higher costs.
- An impact on turnover due to changes in wholesalers’ delivery terms, resulting in €3.5 million of Thrustmaster’s turnover and the corresponding margin being deferred to 2026.
The Group generated net operating income of €0.5 million and posted a consolidated net loss of €2.4 million.
The net financial expense of €3.3 million included a €3.0 million revaluation loss on current financial assets (investment securities) consisting of 443,874 Ubisoft Entertainment shares, a net foreign exchange loss of €0.7 million and income of €0.5 million from cash and cash equivalents.
The accounting gross profit margin for 2025 came out at 50%, down 3 percentage points year on year. All Group expenses held steady during the year, as did the Group’s workforce.
In 2025, the Group maintained its investment in Research and Development at €9.1 million, equating to 7.2% of consolidated turnover.
At its meeting held on March 23, 2026, Guillemot Corporation S.A.’s Board of Directors proposed a dividend of €0.13 per share, to be paid out of the bond conversion premium account.
Guillemot Corporation S.A plans to buy shares during the second quarter of 2026, according to the share buyback program approved by the Combined General Meeting of shareholders held on June 5, 2025, for later cancellation.
Balance sheet items
(€m)
| Dec. 31, 2025 | Dec. 31, 2024 | |
|---|---|---|
| Shareholders’ equity | 96.7 | 100.3 |
| Inventories | 45.7 | 38.3 |
| Net debt* | -19.8 | -23.7 |
| Current financial assets (investment securities) | 2.9 | 5.8 |
* Investment securities are not taken into account when calculating net debt.
Group shareholders’ equity stood at €96.7 million at December 31, 2025. Inventories rose 19% over the year. This increase was due to pre-positioning of inventory ahead of the introduction of U.S. import tariffs, with more inventory shifted to the Americas while maintaining higher levels globally. Products en route to the United States at the end of the year also contributed to the increase. Net debt at December 31, 2025 was negative at -€19.8 million, compared with -€23.7 million at December 31, 2024.
Development strategy and 2026 priorities
In 2026, the Group will:
- Leverage the strong growth potential offered by its markets
For Thrustmaster, the arrival of flight sim on Sony’s PlayStation®5 console will boost demand for the Group, which offers the only joystick available on the platform.
Growth in the Group’s sales in Asia is being driven in particular by the launch of more affordable products, such as the T98 racing wheel.
The new racing range will fully benefit from the 2026 release of the very eagerly-awaited game Forza Horizon 6 on Xbox, followed by PlayStation®5.
For Hercules, the launch of DJControl T10, the flagship product in its DJ controller range and the very first 10-inch motorized controller on the market, will help expand the brand’s offering for professional and amateur DJs alike. - Grow its margins
The Group has worked intensively on new products launched at the end of last year and those planned for the current fiscal year, to boost their margins while also making them more competitive.
For Hercules, the new DJControl Inpulse 200 MK3 and DJControl T10 controllers, both manufactured outside of China, will benefit from lower U.S. import tariffs.
In light of inflationary risks linked to energy prices, action has been taken to secure most of the Group’s purchase prices for fiscal year 2026. - Optimize its inventory management policy, which should generate more than €10 million in cash over the fiscal year, strengthening the Group’s investment capacity.
2026 outlook
The Group expects to grow its turnover by 5% in 2026 and to generate net operating income equivalent to 5% of consolidated turnover.
Guillemot Corporation is a designer and manufacturer of interactive entertainment hardware and accessories. The Group offers a diversified range of products under the Hercules and Thrustmaster brand names. Active in this market since 1984, the Guillemot Corporation Group is currently present in 11 countries (France, Germany, Spain, the UK, the United States, Canada, Italy, Belgium, Romania, the Netherlands and China [Shanghai, Shenzhen and Hong Kong]) and distributes its products in more than 150 countries worldwide.
The Group’s mission is to offer high-performance, ergonomic products which maximize enjoyment of digital interactive entertainment for end users.
Contact: Guillemot Financial Information – Tel.: +33 (0) 2 99 08 08 80 – www.guillemot.com
APPENDICES
Consolidated income statement to December 31, 2025
(€k)
| Dec. 31, 2025 | Dec. 31, 2024 | |
|---|---|---|
| Net turnover | 127,215 | 125,120 |
| Purchases | -73,315 | -52,709 |
| Change in inventories | 9,962 | -5,818 |
| External expenses | -25,260 | -26,373 |
| Employee expenses | -19,535 | -18,658 |
| Taxes and duties | -634 | -579 |
| Additions to amortization and depreciation | -7,560 | -8,512 |
| Additions to provisions | -1,872 | -1,947 |
| Other income from ordinary activities | 293 | 123 |
| Other expenses from ordinary activities | -8,837 | -6,902 |
| Net income from ordinary activities | 457 | 3,745 |
| Other operating income | 0 | 0 |
| Other operating expenses | 0 | 0 |
| Net operating income | 457 | 3,745 |
| Income from cash and cash equivalents | 509 | 789 |
| Cost of gross financial debt | -159 | -152 |
| Cost of net financial debt | 350 | 637 |
| Other financial income | 0 | 1,215 |
| Other financial expenses | -3,694 | -4,421 |
| Corporate income tax | 455 | 1 |
| Net income before minority interests | -2,432 | 1,177 |
| O/w net income from discontinued operations | 0 | 0 |
| Attributable to minority interests | 0 | 0 |
| Net income attributable to equity holders of the parent | -2,432 | 1,177 |
| Basic earnings per share | -0.17 | 0.08 |
| Diluted earnings per share | -0.16 | 0.08 |
Consolidated balance sheet at December 31, 2025
ASSETS
(€k)
| Dec. 31, 2025 | Dec. 31, 2024 | |
|---|---|---|
| Goodwill on acquisitions | 0 | 0 |
| Intangible assets | 23,605 | 24,408 |
| Property, plant and equipment | 10,592 | 10,637 |
| Financial assets | 494 | 501 |
| Tax assets | 208 | 508 |
| Deferred tax assets | 5,720 | 5,598 |
| Non-current assets | 40,619 | 41,652 |
| Inventories | 45,705 | 38,315 |
| Trade receivables | 37,454 | 32,503 |
| Other receivables | 4,010 | 2,790 |
| Financial assets | 2,859 | 5,837 |
| Current tax assets | 1,330 | 810 |
| Cash and cash equivalents | 23,756 | 30,618 |
| Current assets | 115,114 | 110,873 |
| Total assets | 155,733 | 152,525 |
LIABILITIES AND EQUITY
(€k)
| Dec. 31, 2025 | Dec. 31, 2024 | |
|---|---|---|
| Share capital (1) | 11,309 | 11,617 |
| Premiums (1) | 5,905 | 8,076 |
| Reserves and consolidated income (2) | 80,772 | 80,576 |
| Currency translation adjustments | -1,302 | -9 |
| Group shareholders’ equity | 96,684 | 100,260 |
| Minority interests | 0 | 0 |
| Consolidated shareholders’ equity | 96,684 | 100,260 |
| Employee benefit liabilities | 2,155 | 2,026 |
| Borrowings | 3,126 | 3,566 |
| Other liabilities | 0 | 0 |
| Deferred tax liabilities | 9 | 12 |
| Non-current liabilities | 5,290 | 5,604 |
| Trade payables | 25,077 | 22,029 |
| Short-term borrowings | 847 | 3,315 |
| Taxes payable | 1,091 | 955 |
| Other liabilities | 26,692 | 20,319 |
| Provisions | 52 | 43 |
| Current liabilities | 53,759 | 46,661 |
| Total liabilities and equity | 155,733 | 152,525 |
(1) Of the consolidating parent company
(2) Of which net income for the period: -€2,432k
Consolidated statement of cash flows to December 31, 2025
(€k)
| Dec. 31, 2025 | Dec. 31, 2024 | |
|---|---|---|
| Cash flows from operating activities | ||
| Net income from consolidated companies | -2,432 | 1,177 |
| + Additions to amortization, depreciation and provisions (except on current assets) | 8,301 | 8,490 |
| - Reversals of amortization, depreciation and provisions | -361 | -259 |
| -/+ Unrealized gains and losses arising from changes in fair value | 2,977 | 4,421 |
| +/- Expenses and income arising from stock options | 75 | 182 |
| -/+ Capital gains and losses on disposals | 5 | -8 |
| Change in deferred taxes | -125 | -965 |
| Operating cash flow after cost of net financial debt | 8,440 | 13,038 |
| Cost of net financial debt | -350 | -637 |
| Operating cash flow before cost of net financial debt | 8,090 | 12,401 |
| Inventories | -7,389 | 7,410 |
| Trade receivables | -4,951 | 3,554 |
| Trade payables | 3,048 | -3,414 |
| Other | 3,578 | -2,488 |
| Change in working capital | -5,714 | 5,062 |
| Net cash flows from operating activities | 2,726 | 18,100 |
| Cash flows from investing activities | ||
| Acquisitions of intangible assets | -2,976 | -3,751 |
| Acquisitions of property, plant and equipment | -2,282 | -2,754 |
| Disposals of property, plant and equipment and intangible assets | 28 | 8 |
| Acquisitions of non-current financial assets | -8 | -31 |
| Disposals of non-current financial assets | 6 | 127 |
| Net cash from acquisitions and disposals of subsidiaries | 0 | 0 |
| Net cash flows from investing activities | -5,232 | -6,401 |
| Cash flows from financing activities | ||
| Increases in capital and cash injections | 0 | 0 |
| Buybacks of treasury shares | 0 | -2,480 |
| Dividends paid | 0 | 0 |
| Borrowings | 0 | 0 |
| Repayment of borrowings | -2,447 | -3,339 |
| Impact of IFRS 16 adoption | -669 | -762 |
| Other cash flows from financing activities | -1 | -28 |
| Total cash flows from financing activities | -3,117 | -6,609 |
| Impact of foreign currency translation adjustments | -1,239 | -200 |
| Change in cash | -6,862 | 4,890 |
| Net cash at the beginning of the period | 30,618 | 25,728 |
| Net cash at the end of the period | 23,756 | 30,618 |