FY24 Earnings: Q2

The presentation outlines Ubisoft’s financial performance for the first half of fiscal year 2024, highlighting a robust Q2 that surpassed expectations. Net bookings reached €555 million in Q2, well above the targeted €350 million, driven primarily by a strong back‑catalog segment and record launches of The Crew Motorfest and Assassin’s Creed Mirage. Digital revenues accounted for 87 % of total bookings, with player‑generated revenue rising 22 % YoY to €514 million. Unique active players stood at 94 million, slightly up year‑on‑year, while monthly active users dipped marginally to 36 million.

Financial metrics for H1 2023‑24 show net bookings of €822.4 million versus €699.4 million in H1 2022‑23, a 17.6 % YoY increase. Gross profit based on bookings rose to €734.1 million from €618.1 million, reflecting higher revenue and controlled cost growth. Operating expenses fell by 15 % to €819.9 million, with SG&A costs reduced through lower variable marketing and fixed structure expenses. Non‑IFRS operating income improved to €43.5 million from a loss of €139.0 million in the prior year, driven by higher bookings and disciplined spending.

Cash flow analysis indicates a negative operating cash position of €261.3 million, with net free cash flow at –€284.2 million, largely due to increased working capital needs and debt reduction of €218.8 million. The company’s forecast for Q3 FY24 projects net bookings near €610 million and non‑IFRS operating income around €400 million, supported by a lineup of new releases across flagship franchises and live‑service titles. The report covers global operations, focusing on the European market, with data derived from internal financial statements and non‑IFRS adjustments.