Ubisoft faces a critical liquidity crisis with €1.42 billion in net debt and a breach of bank covenants that triggered the loss of a €300 million credit line.

According to "Rapport Financier Semestriel: Septembre 2025": Ubisoft faces a critical liquidity crisis with €1.42 billion in net debt and a breach of bank covenants that triggered the loss of a €300 million credit line.

The company is executing a €1.16 billion capital injection from Tencent and divesting its stake in Vantage Studios to stabilize the balance sheet and reach a zero net debt position.

According to "Rapport Financier Semestriel: Septembre 2025": The company is executing a €1.16 billion capital injection from Tencent and divesting its stake in Vantage Studios to stabilize the balance sheet and reach a zero net debt position.

Despite a 20.3% increase in net bookings to €772.4 million, the company reported an IFRS operating loss of €120.2 million and a consolidated net loss of €161.4 million.

According to "Rapport Financier Semestriel: Septembre 2025": Despite a 20.3% increase in net bookings to €772.4 million, the company reported an IFRS operating loss of €120.2 million and a consolidated net loss of €161.4 million.

Operational restructuring has reduced the workforce by 1,000 employees to approximately 17,000 and cut R&D spending by €101.2 million.

According to "Rapport Financier Semestriel: Septembre 2025": Operational restructuring has reduced the workforce by 1,000 employees to approximately 17,000 and cut R&D spending by €101.2 million.

Digital revenue now accounts for 89% of total bookings, while physical sales have experienced a sharp 43.3% decline.

According to "Rapport Financier Semestriel: Septembre 2025": Digital revenue now accounts for 89% of total bookings, while physical sales have experienced a sharp 43.3% decline.

The company is managing significant financial headwinds, including a €113.9 million retrospective revenue correction for IFRS 15 compliance and ongoing international tax audits.

According to "Rapport Financier Semestriel: Septembre 2025": The company is managing significant financial headwinds, including a €113.9 million retrospective revenue correction for IFRS 15 compliance and ongoing international tax audits.

Back to report

Key Insights

Rapport Financier Semestriel: Septembre 2025

Ubisoft~77 min full read

01
Ubisoft faces a critical liquidity crisis with €1.42 billion in net debt and a breach of bank covenants that triggered the loss of a €300 million credit line.
See it on page 31
02
The company is executing a €1.16 billion capital injection from Tencent and divesting its stake in Vantage Studios to stabilize the balance sheet and reach a zero net debt position.
See it on page 36
03
Despite a 20.3% increase in net bookings to €772.4 million, the company reported an IFRS operating loss of €120.2 million and a consolidated net loss of €161.4 million.
See it on page 6
04
Operational restructuring has reduced the workforce by 1,000 employees to approximately 17,000 and cut R&D spending by €101.2 million.
See it on page 23
05
Digital revenue now accounts for 89% of total bookings, while physical sales have experienced a sharp 43.3% decline.
See it on page 20
06
The company is managing significant financial headwinds, including a €113.9 million retrospective revenue correction for IFRS 15 compliance and ongoing international tax audits.
See it on page 6

That's the gist.

Dive into the full report for the data, charts, and sources behind these takeaways.

Read the full report