Ubisoft First-Half 2024-25 Earnings Figures

Key insights

6 takeaways

01
Ubisoft reported H1 2024-25 net bookings of €642.3 million, a 21.9% decrease compared to the same period last year.See it on page 1
02
Management maintains its full-year guidance of €1.95 billion in net bookings and break-even non-IFRS operating income despite recent performance challenges.See it on page 2
03
The company is executing a cost-reduction program that has lowered headcount to 18,666 as of September 2024 and achieved €200 million in annualized savings.See it on page 4
04
Back-catalog net bookings grew 12% year-on-year, while the Rainbow Six Siege franchise delivered double-digit growth in playtime and session days.See it on page 1
05
Total unique players reached 138 million over the last twelve months, a 4% increase, though the recent launch of Star Wars Outlaws underperformed against internal sales expectations.See it on page 3
06
A strategic review of all assets is underway to prioritize core verticals, specifically open-world adventures and games-as-a-service experiences.See it on page 2

Summary

Ubisoft’s first-half earnings for fiscal year 2024-25 reflect a period of operational transition and financial recalibration. The company reported net bookings of €642.3 million for the first half, a 21.9% decrease compared to the same period in the previous fiscal year. Despite this decline, management reiterated its full-year guidance, targeting net bookings of approximately €1.95 billion and a break-even non-IFRS operating income. The company’s performance was characterized by a reliance on its back-catalog, which saw a 12% year-on-year increase in net bookings, excluding partnerships, signaling the enduring value of its core brand portfolio.

Key activity metrics highlighted sustained player engagement, with 138 million unique players across console and PC over the last twelve months, representing a 4% year-on-year increase. Monthly active users reached 37 million, up 3% from the prior year. While the Rainbow Six Siege franchise continued to deliver strong results with double-digit growth in playtime and session days, the recent release of Star Wars Outlaws underperformed against internal sales expectations. In response, the company is prioritizing title updates and quality improvements to bolster long-term performance.

The company is currently executing a comprehensive cost-reduction program, achieving over €200 million in annualized savings compared to two years ago through targeted restructuring and recruitment controls. Total headcount decreased to 18,666 as of September 2024, down from 19,410 the previous year. Furthermore, the executive team is conducting a strategic review of all assets to enhance financial flexibility and focus on core verticals, specifically open-world adventures and games-as-a-service experiences. These efforts aim to restore operational predictability and improve execution across the company’s global development studios.