Ubisoft'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.
02
The 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.
03
Ubisoft 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.
04
Digital 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.
05
Ubisoft'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.
06
Key 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).
07
Non-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.
Insights
01
Ubisoft'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.
02
The 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.
03
Ubisoft 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.
04
Digital 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.
05
Ubisoft'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.
06
Key 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).
07
Non-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.