Key insights
6 slides
Top line
H1 2025-26 net bookings reached €772.4 million, up 20.3% year-over-year.
Ubisoft reported first-half net bookings of €772.4 million. Q2 net bookings exceeded expectations at €490.8 million versus guidance of €450 million.
Transaction status
The Tencent transaction is on track to close in the coming days.
All conditions precedent have been satisfied. The transaction involves a €1.16 billion investment and will enable early repayment of approximately €286 million in loans.
Operating income
Non-IFRS operating income improved to €27.1 million in H1 2025-26.
This compares with €(252.1) million in H1 2024-25. Non-IFRS attributable net income was €(37.0) million, an improvement from €(208.1) million in the prior year.
Full-year targets
Ubisoft confirmed FY2025-26 targets, expecting stable net bookings year-on-year.
The company expects approximately break-even non-IFRS operating income and negative free cash flow for FY2025-26. It anticipates returning to positive non-IFRS operating income and free cash flow in FY27.
Page 8 of the report- 01FY2025-26: stable net bookings YoYApproximately break-even non-IFRS operating income and negative free cash flow.
- 02FY27: positive non-IFRS operating incomeAnticipates returning to positive free cash flow.
Digital and back-catalog
Digital net bookings grew 30.2% to €685.8 million, 88.8% of total.
Back-catalog net bookings increased by 50.0% to €741.4 million. Digital net bookings represented 88.8% of total net bookings.
Digital growth. Digital net bookings grew by 30.2% year-over-year to €685.8 million, representing 88.8% of total net bookings.
Headcount
Headcount decreased by approximately 1,500 employees over the past 12 months.
A targeted Voluntary Leave Program and restructuring were introduced at Nordic studios in October.
Page 5 of the report17,097
Total headcount after a decrease of approximately 1,500 over 12 months
- Approximate employee decrease over 12 months
- 1,500
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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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