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Ubisoft First-Half 2025-26 Earnings Figures
UBISOFT REPORTS FIRST-HALF 2025-26 EARNINGS FIGURES Tencent transaction on track to close in the coming days all conditions precedent have been satisfied Q2 Net Bookings above expectations First half 2025-26: Net bookings of €772.4 million, up +20.3% YoY Reported change In % of total net In €m vs.
- 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.
- 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.
- 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.
- 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.
- 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.
Consolidated Results Supplementary Information: Q2 of FYE March 2026
Akatsuki Inc. reported consolidated financial results for the second quarter of fiscal year ending March 2026, noting a 9 % decline in sales to ¥7,602 million and a 21 % drop in cumulative year‑to‑date sales of ¥9,915 million versus the prior year. The Games & Comics segment led the decline with a 10 % YoY fall to ¥7,248 million, while Entertainment & Lifestyle grew 36 % to ¥350 million, and the Others segment contracted sharply by 94 %. Operating profit fell 9 % to ¥3,422 million, largely due to weaker performance in the core Games & Comics unit; however, net income rose 80 % to ¥3,020 million, driven by gains from investee exits and reduced valuation losses on investment securities. Adjusted EBITDA increased modestly by 4 % to ¥4,015 million, reflecting a recovery in operating profitability after the release of new titles.
Key drivers include the launch of “Kaiju No. 8 The Game” on 31 August 2025, which generated over ¥2 billion in first‑month sales with a 40 % overseas share, partially offsetting declines from legacy titles. Two M&A transactions in Q2 added PAPABUBBLE and WOWs to the consolidated segment from Q3, while Natee and AI Talent Force will join the AI/DX Solutions segment. The company’s balance sheet shows a net asset base of ¥42,995 million and cash equivalents of ¥33,272 million, with current liabilities at ¥6,954 million.
Methodologically, the report aggregates data from all operating subsidiaries, restating prior figures to align with revised definitions effective Q2 FY3/26. The analysis covers Japan and international markets, focusing on the Games & Comics, Entertainment & Lifestyle, and AI/DX Solutions segments over a two‑quarter period.
- Akatsuki Inc. reported a 9% decline in quarterly sales to ¥7,602 million, primarily driven by a 10% YoY contraction in the core Games & Comics segment.
- Net income surged 80% to ¥3,020 million, bolstered by gains from investee exits and a reduction in valuation losses on investment securities despite lower operating profit.
- The launch of 'Kaiju No. 8 The Game' on 31 August 2025 generated over ¥2 billion in first-month sales, with 40% of revenue originating from overseas markets.
- Adjusted EBITDA increased by 4% to ¥4,015 million, signaling a recovery in operating profitability following the release of new titles.
- The company expanded its portfolio through Q2 M&A activity, acquiring PAPABUBBLE and WOWs for the Entertainment & Lifestyle segment, and Natee and AI Talent Force for the AI/DX Solutions segment.
Consolidated Results Supplementary Information: Q3 FY3/26
Akatsuki Inc. reported a dramatic turnaround in Q3 FY3/26, with group‑wide sales surging 79 % YoY to ¥6,581 million and operating profit turning from a loss of ¥1,571 million to a gain of ¥1,338 million. The rebound is largely attributed to the Q2 release of “Kaiju No. 8 The Game,” which contributed three months’ worth of revenue, and the consolidation of two acquired entities that broadened the Games & Comics portfolio. Within this segment, sales climbed 62 % to ¥5,225 million and operating profit rose 113 % to ¥1,545 million. The Entertainment & Lifestyle segment also grew 77 % in sales to ¥750 million, driven by the inclusion of PAPABUBBLE and WOWs following Q2 acquisitions. AI/DX Solutions, newly integrated through Natee and Akatsuki AI Technologies, generated ¥600 million in sales but recorded a loss of ¥112 million.
Net income for the quarter reached ¥1,003 million, a 288 % increase from the prior year’s loss of ¥673 million. Adjusted EBITDA expanded 82 % to ¥1,906 million, reflecting strong operating performance and effective cost management. Cash balances rose to ¥33,266 million, while total assets stood at ¥57,687 million. The company’s balance sheet remained solid with net assets of ¥43,092 million and total liabilities of ¥14,595 million.
Methodologically, figures are presented in Japanese yen (millions) and include retroactive restatements from Q2 FY3/26 due to prior period errors. The report covers the entire Japanese market and global operations, focusing on Q3 FY3/26 with cumulative data for FY3/26 versus FY3/25.
- Akatsuki Inc. achieved a significant financial turnaround in Q3 FY3/26, reporting ¥6,581 million in group-wide sales (up 79% YoY) and an operating profit of ¥1,338 million, reversing a prior-year loss of ¥1,571 million.
- The primary growth driver was the Q2 release of 'Kaiju No. 8 The Game,' which contributed three months of revenue and helped boost Games & Comics segment sales by 62% to ¥5,225 million.
- Net income reached ¥1,003 million, a 288% increase compared to the ¥673 million loss recorded in the same period last year.
- The Entertainment & Lifestyle segment grew 77% to ¥750 million in sales, bolstered by the integration of newly acquired entities PAPABUBBLE and WOWs.
- The newly integrated AI/DX Solutions segment, comprising Natee and Akatsuki AI Technologies, generated ¥600 million in sales but incurred an operating loss of ¥112 million.
Annual Report and Consolidated Financial Statements: 2020
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Strategic report 3 Highlights of the year 4 Chairman’s statement 6 History and background 7 Strategy 9 Business model 10 tinyBuild portfolio 14 Chief Executive’s ...
- tinyBuild aims for growth through both organic strategies, leveraging existing partnerships and in-house developers, and inorganic strategies, utilizing a low-risk M&A approach focused on 'acquihiring' development teams and acquiring relevant IP.
- The 'Hello Neighbor' franchise serves as a template for tinyBuild's multimedia strategy, having grown organically and through M&A, expanding into merchandise, books, and potential animated TV series, and generating over 60 million downloads for its first game.
- tinyBuild's organic growth strategy focuses on increasing the quality of its game pipeline with 23 games planned for 2021 and 2022, and accumulating IP through standard partnership agreements to extend franchise lifespans.
- The company mitigates risks associated with early-stage developer partnerships by typically providing funding at specific milestones, ensuring investments are tied to key development stages over a limited time horizon.
- tinyBuild's cash generated from operations increased from $11,732,000 in 2019 to $16,470,000 in 2020, with a net increase in cash and cash equivalents of $9,304,000 in 2020, bringing the total to $26,313,000 by year-end.
Annual Report and Consolidated Financial Statements 2022
ANNUAL YEARENDED 31DECEMBER2022 REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Highlights of the year 5 Business model 11 Chief Executive’s review 16 Chief Financial Officer’s review 19 Environmental, Social and Governance (ESG) 21 Principal risks and uncertainties 22 Corporate Governance ...
- tinyBuild's total revenue for the year ended December 31, 2022, was $63,295,000, an increase from $52,153,000 in 2021.
- Game and merchandise royalties contributed $40,020,000 to revenue in 2022, while development services generated $22,744,000, significantly up from $11,477,000 in 2021.
- The company incurred $1,678,000 in non-recurring costs related to the Ukraine/Russia conflict in 2022, which included relocating contractors and establishing tinyBuild d.o.o. in Serbia.
- tinyBuild focuses on organic growth by signing new genre-defining titles (e.g., Tinykin), investing in acquired studios (e.g., Deadside), empowering publishing labels (e.g., Versus Evil), and creating new IP (e.g., Potion Craft).
- The 'Hello Neighbor' franchise, discovered by tinyBuild in 2015, has accumulated over 70 million downloads and is expanding with new titles like 'Hello Neighbor Search and Rescue' (VR) and 'Hello Engineer' (PC/Consoles).
Annual Report and Consolidated Financial Statements: 2021
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Strategic Report 3 Highlights of the year 5 Chairman’s statement 6 History and background 7 Strategy 9 Business model 11 Chief Executive’s review 16 Chief ...
- tinyBuild achieved record growth in 2021 through mergers and acquisitions and organically, and listed on the London Stock Exchange on March 9, 2021.
- The company's back catalog revenue has consistently grown, representing 51% of gaming revenue in FY17, increasing to 83% in FY19, and settling at 79% in FY21.
- tinyBuild has a strong focus on influencer marketing, having achieved over 5 billion content-related views on YouTube by December 31, 2021, and maintaining relationships with over 10,000 verified influencers.
- tinyBuild is actively relocating staff from Ukraine due to the war, setting up a temporary location in the Balkans and planning a third studio in Western Europe to assist with relocation and visa processes.
- The company has a policy against 'crunching' and provided an extra week of holiday to all direct employees in 2021 as appreciation for their work during the pandemic.
Annual Report and Consolidated Financial Statements 2023
ANNUAL R THE YEAR ENDED FINANCIAL STATEMENTS FOR THE YEAR ENDED Business model 10 Chief Executive’s review 15 Chief Financial Officer’s review 17 Environmental, social and governance (ESG) 19 Principal risks and uncertainties 20 Corporate Governance 25 Board of Directors 25 Corporate governance report ...
- Revenue generated from own-IP (1st and 2nd party games) decreased to 65% of gaming revenues in 2023, down from 77% in 2022, due to changes in the portfolio mix. Conversely, revenues from the back-catalogue increased to 92% of total revenues in 2023 (up from 80% in 2022), driven by successful new releases like "I am Future" (Early Access) and "Punch Club 2".
- The company maintains a strong social media presence with over 1.7 million followers across platforms by the end of 2023, placing it competitively with other gaming companies like Devolver Digital (1.1m) and Paradox Interactive (0.9m). They also boast c.5 billion YouTube views and over 10,000 verified influencers.
- The top 5 games generated 46.8% of total revenues in 2023 (up from 44.8% in 2022), and the top 10 games generated 65.44% (down from 66.3% in 2022), indicating broad diversification across audiences, genres, and technologies.
- The company incurred $3.5 million in legal settlement fees in 2023 and continues to face costs related to the Ukraine/Russia conflict, which are now included in operating expenses, with potential for future charges.
- The company mitigates risks associated with early-stage developer engagement by providing milestone-based funding, acquiring IP as part of agreements, and adjusting budgets using data-driven approaches. They also intensify audience validation through playtests and demos to align with consumer trends.
Dookreślenie kapitału — seria E
The document records a notarial act concerning the capital increase of 11 bit studios Spółka Akcyjna, a Warsaw‑based video game developer. The act confirms that the extraordinary general meeting held on 22 June 2012 approved a capital increase from PLN 191,169.90 to a maximum of PLN 231,169.90 by issuing up to 400,000 new ordinary shares (Series E) with a nominal value of PLN 0.10 each, and amended the company’s articles to reflect the new share structure. The updated capital is set at PLN 221,719.90 and divided into five series: 1,000,000 Series A shares (PLN 0.10), 494,200 Series B shares, 376,561 Series C shares, 40,938 Series D shares, and 305,500 newly issued Series E shares. Six subscription agreements were executed by 27 July 2012, covering 305,500 Series E shares for a total subscription value of PLN 30,550.00.
The act lists the board members—Grzegorz Miechowski, Bartosz Brzostek, Przemysław Marszał, and Michał Drozdowski—who represent the company in signing. It details procedural aspects such as notarization, registration requirements, and cost allocation (notarial fee PLN 200.00 plus VAT PLN 46.00). The document is limited to the company’s Warsaw jurisdiction and pertains exclusively to its capital structure changes in 2012, with no broader industry or geographic scope. The methodology is purely legal documentation, relying on corporate minutes and statutory provisions to validate the capital increase and share issuance.
- 11 bit studios S.A. increased its share capital in 2012 from PLN 191,169.90 to PLN 221,719.90.
- The capital increase was achieved through the issuance of 305,500 new Series E ordinary shares with a nominal value of PLN 0.10 each.
- Subscription agreements for the 305,500 Series E shares were finalized by 27 July 2012, resulting in a total subscription value of PLN 30,550.00.
- Following the issuance, the company's total share structure consists of 2,217,199 shares divided across five series: Series A (1,000,000), Series B (494,200), Series C (376,561), Series D (40,938), and Series E (305,500).
- The capital increase was authorized by an extraordinary general meeting held on 22 June 2012, which also mandated amendments to the company's articles of association.
Komunikat o przekroczeniu progu udziału w głosach: 11 bit studios SA
The communication informs shareholders that following the merger of TFI Allianz Polska S.A. with Aviva Investors Poland TFI S.A., the combined entity’s investment funds now hold 206,773 shares of Allianz Polska S.A., representing 8.69 % of the company’s registered capital and an equal proportion of voting rights at the general meeting. Prior to the merger, TFI Allianz’s funds alone owned 81,240 shares (3.41 %). The merger, effective 1 July 2022, eliminated Aviva Investors Poland TFI S.A. as a separate voting entity; consequently, its shares are now incorporated into the total count for Allianz Polska S.A. The notice confirms that no dependent entities or individuals possess shares or voting rights in the company, and no additional financial instruments influence the vote count. The total number of votes attributable to the funds is therefore 206,773, equating to 8.69 % of all votes at the meeting. The statement is issued by Allianz Polska S.A., with reference to regulatory requirements under Polish public offering and securities law, and is directed to the supervisory authority.
- Following the merger of TFI Allianz Polska S.A. and Aviva Investors Poland TFI S.A., the combined entity now holds 206,773 shares of 11 bit studios SA.
- The combined holdings represent 8.69% of 11 bit studios SA’s total registered capital and voting rights.
- Prior to the merger, which became effective on 1 July 2022, TFI Allianz funds held 81,240 shares, equivalent to a 3.41% stake.
- The increase in voting power is a direct result of the consolidation of Aviva Investors Poland TFI S.A. shares into the Allianz Polska S.A. portfolio.
- No dependent entities, individuals, or additional financial instruments currently influence the voting rights held by the funds.
Powiadomienie o transakcji: Grzegorz Miechowski (04.04.2023)
The notification reports a transaction involving Grzegorz Miechowski, who holds the position of board member at 11 bit studios S.A. The filing is made under Article 19(1) of the MAR regulation, indicating a primary notification for a sale transaction. The issuer and market participant is 11 bit studios S.A., identified by LEI 259400KHTY4904KMKT70. The transaction concerns ordinary bearer shares of the issuer, classified as instrument PL11BTS00015.
The sale was executed on 4 April 2023 at the Warsaw Stock Exchange (XWAR) in the equities market. A total of 2 000 shares were sold at a price of 635 PLN each, resulting in a gross transaction value of 1 270 000 PLN. The notification provides both detailed and aggregate information: the instrument description, transaction type (sale), price, volume, total volume, and transaction date. No additional transactions or changes are reported in this filing.
The scope of the notification is limited to a single transaction on a specific date and venue, covering only ordinary shares of 11 bit studios S.A. The data are presented in compliance with MAR requirements, ensuring transparency for market participants and regulators regarding the sale by a senior executive.
- Grzegorz Miechowski, a board member at 11 bit studios S.A., sold 2,000 ordinary bearer shares on April 4, 2023.
- The shares were sold at a price of 635 PLN per share on the Warsaw Stock Exchange.
- The total gross value of the transaction amounted to 1,270,000 PLN.
- This transaction was reported in compliance with Article 19(1) of the MAR regulation regarding disclosures by persons discharging managerial responsibilities.
- The filing covers a single, isolated transaction involving the issuer 11 bit studios S.A. (LEI 259400KHTY4904KMKT70).
Powiadomienie o transakcji: Michał Drozdowski
The notification reports a transaction involving Michał Drozdowski, who holds the position of board member at 11 Bit Studios S.A. The transaction is a sale of shares, classified under the financial instrument code PL11BTS00015. On 19 February 2024, Drozdowski sold 1,200 shares at a price of PLN 600 per share on the XWAR – GPW stock market. The total transaction value equals PLN 720,000. This primary notification is filed under Article 19(1) of the MAR regulation and includes all required details such as instrument description, transaction type, price, volume, date, and venue. The report covers a single transaction within the Polish market for the year 2024, providing clear evidence of the board member’s trading activity. No additional data or comparative analysis is presented; the notification serves solely to inform regulators of the disclosed trade.
- Michał Drozdowski, a board member at 11 Bit Studios S.A., sold 1,200 shares of the company on 19 February 2024.
- The shares were sold at a price of PLN 600 per share on the XWAR – GPW stock market.
- The total value of the transaction amounted to PLN 720,000.
- The transaction involved financial instrument code PL11BTS00015.
- This disclosure was filed in accordance with Article 19(1) of the MAR regulation regarding the trading activity of company insiders.
Universal Registration Document: 2019/2020
Société anonyme governed by a Board of Directors with share capital of €84,908,919 Registered office: 396/466, Rue de la Voyette, CRT 2, 59273 Fretin, France Registration number: 852 538 461 RCS Lille Métropole UNIVERSAL REGISTRATION DOCUMENT This universal registration document was approved on 7 July by the Autorité des Marchés Financiers (“AMF”) as the competent authority in respect of regulation (EU) 2017/1129.
- NACON, a video game company, reported significant financial growth, with revenue increasing from €95.568 million in 2017/18 to €129.427 million in 2019/20, and recurring operating income rising from €3.728 million to €22.620 million over the same period.
- NACON's gross margin improved substantially, from 41.7% in 2017/18 to 61.1% in 2019/20, indicating increased profitability per sale.
- The company capitalised R&D costs for games, amounting to €30.1 million in 2018/19 and €32.8 million in 2019/20, and benefited from a French video game tax credit (CIJV) of €3.0 million in 2019/20 due to an increase from 20% to 30% of development expenditure.
- NACON has a broad editorial positioning through recent studio acquisitions, including Cyanide (cycling simulations, RPGs), Kylotonn Racing and RaceWard (racing games), Eko Software (Action/RPG, Hack’n Slash, team sports), and Spiders (RPG and action games).
- NACON focuses on digital sales due to their elimination of manufacturing and inventory costs, improved publisher margins, and increased visibility through commercial campaigns with platforms like Steam, Epic Store, PlayStation Store, Xbox Live, and Nintendo eShop.