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Legal
Third-Quarter 2025-26 Sales
Ubisoft reported a double-digit increase in net bookings for the third quarter of fiscal year 2025-26, reaching €338 million. This 12% year-on-year growth exceeded internal expectations, primarily driven by strong performance in partnerships and the Assassin’s Creed franchise. For the first nine months of the fiscal year, net bookings totaled €1.11 billion, an 18% increase compared to the previous year. This growth was largely supported by back-catalog sales, which rose 36.2% and accounted for over 93% of total net bookings during the nine-month period. Key performance drivers included the successful launch of Anno 117: Pax Romana, which outpaced its predecessor, and significant engagement growth for Avatar: Frontiers of Pandora following a major third-person perspective update. While the first-person shooter market remained crowded, Tom Clancy’s Rainbow Six Siege performed in line with expectations, showing a recovery in daily active users by early January. Overall player activity remained robust, with approximately 130 million unique active users across PC and consoles during the 2025 calendar year. The company is currently undergoing a major structural transformation into five distinct "Creative Houses" to sharpen focus and accelerate decision-making. This reorganization includes the recent completion of a €1.16 billion investment from Tencent into Vantage Studios, which manages the Assassin’s Creed, Far Cry, and Rainbow Six brands. Additionally, Ubisoft is streamlining its headquarters in France, initiating consultations to reduce headcount by 200 positions. Looking ahead, Ubisoft confirmed its full-year targets, including net bookings of approximately €1.5 billion and a non-IFRS EBIT of around -€1 billion. The fourth-quarter pipeline features the global mobile launches of Rainbow Six Mobile and The Division Resurgence. The group maintains a solid liquidity position, with cash equivalents expected between €1.25 billion and €1.35 billion by March 2026, providing the flexibility to address upcoming debt maturities.
UbisoftJan 2025
Financial
Universal Registration Document: Including the 2021/22 Annual Financial Report
Nacon’s 2021/22 Universal Registration Document details the company’s strategic evolution into a leading "AA" video game publisher and premium accessory manufacturer. Covering the fiscal year ending March 31, 2022, the report outlines a period of aggressive vertical integration and portfolio diversification. The primary thesis centers on securing the global gaming value chain by acquiring 16 in-house development studios and leveraging synergies between high-performance hardware and specialized software niches, such as racing, RPGs, and simulations. Financial performance for the period reflected significant investment despite macroeconomic headwinds. Consolidated revenue fell 12.3% to €155.9 million, and net income decreased to €9.97 million, primarily due to the strategic postponement of four major titles and global console shortages affecting accessory sales. However, the company significantly strengthened its long-term asset base, with intangible assets rising to €137.4 million and the successful acquisition of five studios, including Big Ant Studios and Daedalic Entertainment. To fund this expansion, Nacon transitioned from a net cash position to a net debt of €10.4 million, supported by €52.5 million in new bank loans while remaining compliant with all financial covenants. The scope of operations is global, with a strong emphasis on the European and North American markets. Digital sales now dominate the software segment, accounting for 73% of video game revenue, while the accessories division remains the largest overall revenue driver at 62%. Personnel growth was substantial, with the headcount rising to 852 employees. Looking forward, the "Nacon 2023" strategy targets revenues exceeding €250 million for the 2022/23 fiscal year, driven by a robust release pipeline of nearly 50 games in development and continued leadership in the premium controller and headset markets.
NaconJun 2022
Financial
Focus Entertainment Annual Financial Report & CSR Report 2021/2022
Focus Entertainment’s 2021/22 fiscal year marks a definitive strategic pivot from a third-party distributor to an integrated developer-publisher. This transition was fueled by the acquisition of five studios—Streum On, Dotemu, Douze Dixièmes, Leikir, and Deck13—and a rebranding from Focus Home Interactive. The Group’s primary objective is to secure greater control over its intellectual property, targeting a pipeline of 31 games by 2025 and a goal of owning 50% of its IP turnover. Financial results for the period ending March 31, 2022, reflect this heavy investment phase. Turnover reached €142.6 million, a 17% decrease from the pandemic-driven highs of the previous year, while net income fell to approximately €3.0 million. Despite lower earnings, the balance sheet was significantly bolstered through a €70.4 million capital increase and a new €140 million loan facility. Total assets doubled to €251.0 million, driven by a surge in goodwill and intangible assets related to studio acquisitions. Digital sales now dominate the revenue mix at 88%, with the Americas remaining the largest geographic market at 54% of sales. Operational and governance structures were modernized to support this growth. The Group transitioned to a Board of Directors structure, appointing Frank Sagnier as Chairman and Christophe Nobileau as CEO. Simultaneously, the company launched its inaugural Corporate Social Responsibility (CSR) strategy, focusing on player safety, environmental impact, and workplace diversity. Key ESG milestones include a significantly improved Gaïa rating and a 94/100 gender equality index. While the Group faces increased off-balance-sheet commitments of €124.2 million for future content, it maintains a solid net cash position of €62.6 million, positioning it to execute its long-term development roadmap.
Focus EntertainmentJan 2022
Financial
Strong Increase in FY 2020/21 Annual Results
Nacon reports a significant increase in financial performance for the fiscal year 2020/21, ending March 31, 2021. Sales reached 177.8 million euros, representing a 37.4% increase over the previous year. This growth was primarily driven by the successful expansion into the United States market, strong demand for premium gaming accessories, and a tripling of back-catalogue software sales. Current operating income rose by 43.8% to 32.5 million euros, yielding an operating margin of 18.3%. Net profit for the period grew by 19.6% to 18.2 million euros, despite non-recurrent expenses related to bonus share plans and increased tax obligations. The financial position remains robust with operating cash flow rising 146% to 55.7 million euros, which effectively funded 56.4 million euros in capital expenditures. While cash and cash equivalents decreased slightly to 96.7 million euros following bank loan repayments and heavy investment in game development, the company maintains a high level of liquidity. To support continued growth and studio acquisitions, the Board of Directors elected to reinvest all cash flows into the business rather than issuing a dividend for the fiscal year. Looking forward, the outlook is highly optimistic due to the transition to new console generations and a strong pipeline of upcoming titles such as Blood Bowl 3 and WRC 10. Consequently, management has accelerated its long-term financial goals. The sales target for FY 2021/22 has been raised to a range of 180 to 200 million euros with a 20% operating margin. Furthermore, the FY 2022/23 sales guidance was revised upward to between 230 and 260 million euros, supported by the anticipated release of major intellectual properties including The Lord of the Rings: Gollum and Test Drive Unlimited Solar Crown.
NaconMay 2021