Carentoir, March 26, 2025
2024 ANNUAL RESULTS
Net operating income up 48%

Guillemot Corporation’s financial statements (audited financial statements approved by the Board of Directors at
its meeting held on March 25, 2025, pending the statutory auditors’ certification report) may be summarized as
follows:

(€m)
Dec. 31, 2024 Dec. 31, 2023 Change
January 1 – December 31, 2024
Turnover 125.1 119.1 +5%
Thrustmaster 113.1 104.9 +8%
Hercules 12.0 14.2 -15%
Net operating income 3.7 2.5 +48%
Net financial income* -2.5 -1.4 -
Corporate income tax 0.0 -0.1 -
Consolidated net income 1.2 1 +22%
Basic earnings per share €0.08 €0.06 +22%
* Net financial income includes the cost of net financial debt as well as other financial income and expenses.

Turnover grew 5% in fiscal 2024 to €125.1 million, up 8% at Thrustmaster but down 15% at Hercules.

The Group generated net income from ordinary activities of €3.7 million, up 48%, and consolidated net income
of €1.2 million. The accounting gross profit margin for 2024 amounted to 53%, up 4.5 percentage points year on
year in a highly competitive environment.

At the same time, total expenses excluding purchases and changes in inventories were up 13%, with sales and
marketing expenses up 21% and the workforce expanding by 8%. In 2024, the Group maintained its investment
in research and development at €8.9 million, equating to 7.1% of consolidated turnover.

The net financial expense of €2.5 million includes a €4.4 million revaluation loss on current financial assets
(investment securities) consisting of 443,874 Ubisoft Entertainment shares as well as a positive net foreign
exchange position of €1.2 million. Consolidated net income for the year totaled €1.2 million. At its meeting held
on March 25, 2025, the Board of Directors of Guillemot Corporation S.A. did not propose the payment of any
dividend.
Balance sheet items
(€m) Dec. 31, 2024 Dec. 31, 2023
Shareholders’ equity 100.3 101.8
Inventories 38.3 45.7
Net debt* -23.7 -16.7
Current financial assets (investment securities) 5.8 10.3
* Investment securities are not taken into account when calculating net debt.

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Group shareholders’ equity stood at €100.3 million at December 31, 2024. Inventories declined by 16% over the year,
in keeping with the Group’s intention to optimize inventory levels. Net debt at December 31, 2024 was negative
at -€23.7 million, compared with -€16.7 million a year earlier. Cash flows from operating activities rose sharply, coming
in at €18.1 million.

Development strategy and 2025 priorities
In 2025, the Group aims to adapt its strategic plan in response to market developments, changing patterns of
consumption and new geopolitical challenges, focusing its efforts on:
• Maximizing growth opportunities in the Asia-Pacific and Middle East regions;
• Boosting sales in the United States after an increase in prices across part of its Hercules and
Thrustmaster ranges following the imposition of new 20% import tariffs;
• Increasing direct-to-consumer sales by further developing its e-shops and opening Market Places;
• Ramping up sales of the T598 racing wheel, the latest addition to its racing range, which has had a very strong
start and received excellent feedback from the trade press and the public;
• Refreshing a significant portion of its racing wheel range over the summer in a more buoyant racing market,
with Forza Horizon 5 for PlayStation®5 coming out at the end of April and the eagerly-awaited F1 movie, a Warner
Brothers blockbuster starring Brad Pritt set in the world of Formula 1, due to be released on June 25;
• Expanding its flight sim range with the launch of two new joysticks, the SOL-R 1 Flightstick and the
SOL-R 2 HOSAS Space Sim Duo, aimed at a new segment (space simulation games) with its interchangeable
grip compatible with other simulation grips in ranges including the F-16, F-18, etc.;
• Securing new listings for the Hercules DJControl Mix Ultra, whose recent U.S. launch in partnership with
Guitar Center was a big hit and which also opens up new horizons for the mass-market DJ segment in Japan and
China.

2025 outlook
This year, the Group has major new products in each of its business segments and is working hard to ensure that they
are firmly established and to maximize sales.

Thanks to the potential offered by these new products, the Group expects to grow its turnover and deliver a net
operating profit in fiscal 2025.


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 the enjoyment of digital interactive entertainment for end users.
Contact: Guillemot Financial Information — Telephone: +33 (0) 2 99 08 08 80 — www.guillemot.com




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APPENDICES
(All figures in €k)

Consolidated income statement to December 31, 2024
(€k) Dec. 31, 2024 Dec. 31, 2023

Net turnover 125,120 119,132

Purchases -52,709 -51,534
Change in inventories -5,818 -9,581
External expenses -26,373 -24,263
Employee expenses -18,658 -16,269
Taxes and duties -579 -542
Additions to amortization and depreciation -8,512 -6,493
Additions to provisions -1,947 -1,865
Other income from ordinary activities 123 246
Other expenses from ordinary activities -6,902 -6,310
Net income from ordinary activities 3,745 2,521

Other operating income 0 0
Other operating expenses 0 0
Net operating income 3,745 2,521

Income from cash and cash equivalents 789 629
Cost of gross financial debt -152 -94
Cost of net financial debt 637 535
Other financial income 1,215 0
Other financial expenses -4,421 -1,979
Corporate income tax 1 -113
Net income before minority interests 1,177 964
O/w net income from discontinued operations 0 0

Attributable to minority interests 0 0
Net income attributable to equity holders of the parent 1,177 964
Basic earnings per share €0.08 €0.06
Diluted earnings per share €0.08 €0.06




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Consolidated balance sheet at December 31, 2024
ASSETS
(€k) Dec. 31, 2024 Dec. 31, 2023

Goodwill on acquisitions 0 0
Intangible assets 24,408 23,739
Property, plant and equipment 10,637 8,592
Financial assets 501 593
Tax assets 508 543
Deferred tax assets 5,598 4,634

Non-current assets 41,652 38,101

Inventories 38,315 45,725
Trade receivables 32,503 36,057
Other receivables 2,790 3,620
Financial assets 5,837 10,258
Current tax assets 810 4215
Cash and cash equivalents 30,618 25,728

Current assets 110,873 125,603

Total assets 152,525 163,704

LIABILITIES AND EQUITY
(€k) Dec. 31, 2024 Dec. 31, 2023

Capital (1) 11,617 11,617
Premiums (1) 8,076 8,076
Reserves and consolidated income (2) 80,576 81,881
Currency translation adjustments -9 210
Group shareholders’ equity 100,260 101,784
Minority interests 0 0
Consolidated shareholders’ equity 100,260 101,784

Employee benefit liabilities 2,026 1,709
Borrowings 3,566 4,821
Other liabilities 0 0
Deferred tax liabilities 12 15

Non-current liabilities 5,604 6,545

Trade payables 22,029 25,442
Short-term borrowings 3,315 4,251
Taxes payable 955 815
Other liabilities 20,319 24,832
Provisions 43 35

Current liabilities 46,661 55,375

Total liabilities and equity 152,525 163,704

(1) Of the consolidating parent company
(2) Of which net income for the period: €1,177k




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Consolidated statement of cash flows to December 31, 2024
Dec. 31, Dec. 31,
(€k) 2024 2023
Cash flows from operating activities
Net income from consolidated companies 1,177 964
+ Additions to amortization, depreciation and provisions (except on current
assets) 8,490 6,788
- Reversals of amortization, depreciation and provisions -259 -1,947
-/+ Unrealized gains and losses arising from changes in fair value 4,421 1,465
+/- Expenses and income arising from stock options 182 511
-/+ Capital gains and losses on disposals -8 73
Change in deferred taxes -965 -366
Operating cash flow after cost of net financial debt 13,038 7,488
Cost of net financial debt -637 -535
Operating cash flow before cost of net financial debt 12,401 6,953
Inventories 7,410 11,478
Trade receivables 3,554 -1,314
Trade payables -3,414 -13,444
Other -2,488 1,338
Change in working capital requirement 5,062 -1,942

Net cash flows from operating activities 18,100 5,546

Cash flows from investing activities
Acquisitions of intangible assets -3,751 -4,690
Acquisitions of property, plant and equipment -2,754 -1,905
Disposals of property, plant and equipment and intangible assets 8 7
Acquisitions of non-current financial assets -31 -128
Disposals of non-current financial assets 127 202
Net cash from acquisitions and disposals of subsidiaries 0 0
Net cash flows from investing activities -6,401 -6,514

Cash flows from financing activities
Increases in capital and cash injections 0 0
Buybacks of treasury shares -2,480 0
Dividends paid 0 -3,761
Borrowings 0 0
Repayment of borrowings -3,339 -4,795
Impact of IFRS 16 adoption -762 431
Other cash flows from financing activities -28 -138
Total cash flows from financing activities -6,609 -8,263
Impact of foreign currency translation adjustments -200 -266

Change in cash 4,890 -9,497
Net cash at the beginning of the period 25,728 35,225
Net cash at the end of the period 30,618 25,728




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