Registration Document and Annual Report 2019

Ubisoft’s 2019 Registration Document and Annual Report details a period of significant financial expansion and strategic transformation for the fiscal year ending March 31, 2019. The company achieved €2.029 billion in net bookings, representing a 17.1% year-over-year increase, driven by a successful pivot toward digital distribution and recurring revenue models. This growth was supported by a robust investment strategy, including €759 million in internal production expenditures and the acquisition of i3D.net to bolster infrastructure. The company’s primary thesis centers on long-term player engagement through a diversified portfolio of owned franchises, underpinned by a commitment to innovation, talent retention, and a secure, player-centric online environment.

Financially, the company reported a 48.6% increase in non-IFRS operating profit to €446 million, bolstered by the transition to IFRS 15, which fundamentally altered revenue recognition for "Live Services." Despite this growth, the company maintains a conservative risk management framework, utilizing centralized internal controls, cybersecurity audits, and hedging strategies to mitigate market competition, currency volatility, and IT security threats. The report highlights a strong balance sheet, with €1.05 billion in cash and cash equivalents and a disciplined approach to debt management, including the repayment of bonds and the settlement of major share swap contracts.

Corporate governance remains anchored by the Guillemot family, with a Board of Directors that emphasizes diversity, independence, and rigorous oversight through specialized committees. Executive compensation is explicitly tied to long-term performance metrics, such as EBIT targets and relative Total Shareholder Return, ensuring alignment with shareholder interests. Furthermore, the company has formalized its commitment to Corporate Social Responsibility, integrating sustainability, accessibility, and ethical procurement into its operational core. By balancing aggressive digital expansion with structured governance and proactive risk mitigation, the company positions itself for sustained growth within the highly competitive global video game market.