Ubisoft Full-Year 2024-25 Earnings Figures

Key insights

6 takeaways

01
Ubisoft recorded net bookings of €1.85 billion for fiscal year 2024-25, a 20.5% decline from the previous year, resulting in a non-IFRS operating loss of €15.1 million.See it on page 1
02
The company reported a total net loss of €158.7 million for the period, though it maintained a cash position of €989.2 million following debt repayments.See it on page 8
03
Operating cash flow improved significantly to €1,008.9 million, driven by favorable changes in working capital despite the decline in net income.See it on page 16
04
Management has initiated a transformation strategy targeting an additional €100 million in cost reductions and a strategic partnership with Tencent covering three key intellectual properties.See it on page 2
05
Fiscal year 2025-26 is projected as a transition period with stable bookings and a target to reach break-even operating income.See it on page 8
06
The company aims to achieve sustainable profitability, including positive operating income and robust free cash flow, by the 2026-27 fiscal year.See it on page 8

Summary

Ubisoft’s fiscal year 2024-25 performance reflects a period of significant financial contraction and structural realignment. The company recorded net bookings of €1.85 billion, representing a 20.5% decline compared to the previous year, and shifted from a €401.4 million profit to a non-IFRS operating loss of €15.1 million. Despite these headwinds, core franchises and the launch of Assassin's Creed Shadows provided essential support to the bottom line. The overall net loss for the period reached €158.7 million, leaving the company with a cash position of €989.2 million following substantial debt repayment and ongoing investment activities.

Operational efficiency remains a primary focus as the organization navigates this transition. While net income figures struggled, operating cash flow improved dramatically to €1,008.9 million, bolstered by favorable changes in working capital. To stabilize the balance sheet and foster long-term growth, management has initiated a comprehensive transformation strategy that includes an additional €100 million in cost reductions and a strategic partnership with Tencent covering three key intellectual properties. These measures are designed to deleverage the company and streamline operations across its global portfolio.

Looking forward, the company characterizes the 2025-26 fiscal year as a transition period, projecting stable bookings and a return to break-even operating income. The long-term outlook remains focused on achieving sustainable profitability, with expectations set for a return to positive operating income and robust free cash flow generation by the 2026-27 fiscal year. This strategic pivot underscores a commitment to fiscal discipline and the prioritization of core assets to restore financial health in an increasingly competitive global gaming market.