Ubisoft First-Quarter 2019-20 Financial Results

Key insights

7 takeaways

01
Ubisoft exceeded its Q1 2019-20 net bookings target of €270 million, achieving €314.2 million despite a 17.6% year-over-year decline.See it on page 1
02
Player Recurring Investment (PRI), including DLC and season passes, grew by 19.5% to €150.4 million, underscoring a strategic shift toward long-term revenue streams.See it on page 1
03
Digital net bookings accounted for 93.1% of total revenue, reflecting the company's heavy reliance on digital distribution channels.See it on page 5
04
PC emerged as the leading platform at 34% of total net bookings, outpacing PlayStation 4 at 31% and Xbox One at 18%.See it on page 5
05
North America remains the primary market, contributing 46% of total net bookings, followed by Europe at 33%.See it on page 5
06
High engagement with Assassin's Creed Odyssey and Rainbow Six Siege—a top-ten best-selling title over the last five years—drove performance.See it on page 1
07
The company maintains its full-year guidance of €2,185 million in net bookings and €480 million in non-IFRS operating income.See it on page 4

Summary

Ubisoft’s first-quarter financial results for fiscal year 2019-20 demonstrate a period of robust performance that exceeded internal targets, driven primarily by strong player engagement and recurring investment. The company reported net bookings of €314.2 million for the quarter ending June 30, 2019, surpassing the projected target of €270 million. While this figure represents a 17.6% decrease compared to the same period in the previous fiscal year, the company maintains its full-year guidance, targeting net bookings of approximately €2,185 million and non-IFRS operating income of €480 million.

Key growth drivers during this period included high engagement levels for Assassin's Creed Odyssey and Rainbow Six Siege, the latter of which continues to rank among the industry's top-ten best-selling titles over the last five years. Digital net bookings accounted for 93.1% of the total, with Player Recurring Investment (PRI)—encompassing DLC, season passes, and digital items—rising 19.5% to reach €150.4 million. This shift toward recurring revenue streams highlights the company’s focus on long-term player retention across its PC and console portfolios.

Geographically, North America remained the largest market, contributing 46% of net bookings, followed by Europe at 33%. Platform distribution saw a notable shift toward PC, which grew to 34% of total net bookings, while PlayStation 4 and Xbox One accounted for 31% and 18%, respectively. Looking ahead, the company remains optimistic, citing positive reception for upcoming titles like Ghost Recon Breakpoint and Watch Dogs: Legion, as well as a strong pipeline of content designed to sustain momentum throughout the remainder of the fiscal year.