Key insights
7 takeaways · ~3 min read- 01Ubisoft's H1 2025-26 net bookings reached €772.4 million, a 20.3% year-over-year increase, with Q2 net bookings exceeding expectations at €490.8 million (versus guidance of €450 million) due to strong partnerships and back-catalog performance.See it on page 1
- 02The transaction with Tencent, involving a €1.16 billion investment, is on track to close soon, with all conditions precedent satisfied, which will deleverage Ubisoft by enabling early repayment of approximately €286 million in loans.See it on page 1
- 03Ubisoft confirmed its FY2025-26 targets, expecting stable net bookings year-on-year, approximately break-even non-IFRS operating income, and negative free cash flow, but anticipates returning to positive non-IFRS operating income and free cash flow in FY27.See it on page 8
- 04Digital net bookings grew by 30.2% year-over-year to €685.8 million, representing 88.8% of total net bookings, while back-catalog net bookings increased by 50.0% to €741.4 million.See it on page 11
- 05Ubisoft's headcount decreased by approximately 1,500 employees over the past 12 months to 17,097, with a targeted Voluntary Leave Program and restructuring introduced at Nordic studios in October.See it on page 5
- 06Key releases and updates for FY2025-26 include Anno 117: Pax Romana (launched Nov 13), Assassin’s Creed Mirage Valley of Memory update (launched Nov 18), and Avatar Frontiers of Pandora From the Ashes expansion (releasing Dec 19).See it on page 12
- 07Non-IFRS operating income improved significantly to €27.1 million in H1 2025-26, compared to €(252.1) million in H1 2024-25, and non-IFRS attributable net income was €(37.0) million, an improvement from €(208.1) million in the prior year.See it on page 7
Summary
UBISOFT REPORTS FIRST-HALF 2025-26 EARNINGS FIGURES Tencent transaction on track to close in the coming days all conditions precedent have been satisfied Q2 Net Bookings above expectations First half 2025-26: Net bookings of €772.4 million, up +20.3% YoY Reported change In % of total net In €m vs.
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