Ubisoft Full-Year 2022-23 Earnings Figures

Key insights

6 takeaways

01
Ubisoft reported net bookings of €1,739.5 million for fiscal year 2022-23, representing an 18.3% decline and a non-IFRS operating loss of €500.2 million.See it on page 1
02
The company is executing a restructuring plan to cut €200 million in non-variable costs over two years, involving the closure of five European offices and a reduction of the global workforce to under 20,000 employees.See it on page 3
03
Management is targeting a return to profitability in fiscal year 2023-24 with a projected non-IFRS operating income of approximately €400 million.See it on page 6
04
Strategic focus has shifted toward live service titles and core intellectual property, evidenced by a 30% year-on-year increase in Q4 playtime for Rainbow Six Siege and 36% annual net bookings growth for The Division 2.See it on page 1
05
The Assassin’s Creed brand is a primary growth pillar, with staff dedicated to the franchise increasing by 40% to support future releases like Assassin’s Creed Mirage.See it on page 3
06
Future development strategy includes the integration of generative AI to improve creative workflows and the launch of new titles such as Avatar: Frontiers of Pandora and XDefiant.See it on page 4

Summary

Ubisoft’s fiscal year 2022-23 served as a period of strategic transition, characterized by a pivot toward core brand expansion and the implementation of a significant cost-reduction program. The company reported net bookings of €1,739.5 million, an 18.3% decline compared to the previous fiscal year. Financial performance was impacted by a challenging industry environment, resulting in a non-IFRS operating loss of €500.2 million. In response, management initiated a restructuring plan targeting a €200 million reduction in non-variable costs over two years, which included the closure of five European offices and a reduction in the global workforce to below 20,000 employees.

Despite the overall decline in net bookings, key franchises demonstrated resilience and growth. The Assassin’s Creed brand achieved record active users, with the title Valhalla significantly outperforming its predecessors in both player engagement and revenue per player. Similarly, Tom Clancy’s Rainbow Six Siege saw a strong engagement turnaround, with fourth-quarter playtime increasing by 30% year-on-year, while The Division 2 experienced a 36% growth in annual net bookings. These results underscore the company’s strategic shift toward long-lasting live service titles and the expansion of its most valuable intellectual properties.

Looking ahead to fiscal year 2023-24, the company is prioritizing a robust pipeline of premium and free-to-play content, including titles such as Assassin’s Creed Mirage, Avatar: Frontiers of Pandora, and XDefiant. The company is also investing in generative AI to enhance creative workflows and development efficiency. With a focus on talent reallocation—specifically a 40% increase in staff dedicated to the Assassin’s Creed brand—Ubisoft aims to transform its core franchises into global, recurring business models. Financial targets for the upcoming year remain confirmed, with expectations for strong top-line growth and a non-IFRS operating income of approximately €400 million.