Ubisoft

Ubisoft experienced a difficult fiscal year ending March 31, 2026, characterized by a strategic reset that resulted in a 17.4% decline in net bookings to approximately €1.53 billion. This period of contraction was marked by a significant non-IFRS operating loss of €1.04 billion and a total net loss of €1.52 billion, largely driven by elevated research and development expenditures and a lighter release schedule. These financial outcomes reflect a deliberate portfolio rationalization and leadership restructuring aimed at long-term stabilization.

To address these challenges, the company has successfully implemented a transformation plan that has yielded €325 million in cumulative fixed cost reductions since the 2022-23 fiscal year. While the current trajectory anticipates a low point for free cash flow during the 2026-27 period, operational focus remains firmly on strengthening core live-service assets, most notably Rainbow Six Siege. This strategy is designed to improve operational efficiency and restore profitability in the coming years.

Looking toward the future, the organization is positioning itself for a rebound in fiscal year 2027-28, supported by a diversified pipeline of established intellectual properties including Assassin’s Creed, Far Cry, and Ghost Recon. By balancing ongoing support for major franchises with a disciplined approach to new content development, the company aims to transition back to positive non-IFRS EBIT and sustainable free cash flow generation. This outlook underscores a commitment to leveraging its primary brands to drive growth and recover from the recent period of fiscal volatility.

Ubisoft’s 2025-26 fiscal year represents a period of profound organizational and financial restructuring aimed at stabilizing the company’s long-term trajectory within the competitive AAA gaming market. The primary thesis of this transformation is to restore sustainable growth and operational agility by shifting toward a decentralized model centered on five specialized "Creative Houses." This strategic reset is supported by a significant €1.16 billion capital contribution from Tencent, which has been instrumental in strengthening the balance sheet, repaying debt, and facilitating the launch of the Vantage Studios subsidiary to scale core franchises.

Financially, the company faced significant headwinds, reporting a 17.4% decline in annual net bookings to €1,525 million and substantial impairment charges totaling €487.4 million, largely driven by the cancellation or postponement of various game projects. Despite these challenges, the company’s consolidated net income reached €875.2 million, bolstered by non-recurring items and the strategic realignment of its assets. The company is now operating with a more disciplined cost-reduction program, focusing its portfolio on high-potential Open World Adventures and GaaS-native experiences while maintaining a conservative financial risk profile to navigate a lighter release slate in the upcoming fiscal year.

Beyond financial restructuring, the company has formalized a robust governance and risk management framework to address operational, technological, and reputational threats. This includes the integration of AI-driven moderation tools, a centralized data office, and a refined sustainability strategy aligned with CSRD requirements. Executive compensation has been strictly tied to measurable performance indicators, including carbon reduction, player safety, and long-term shareholder return, with leadership demonstrating alignment by waiving variable remuneration during this period of transition. These measures, combined with a commitment to "accessibility by design" and ethical AI adoption, reflect a broader effort to ensure operational resilience and regulatory compliance across its global footprint.

Assassin's Creed Black Flag Resynced, a comprehensive remake of the 2013 title developed by Vantage Studios and Ubisoft Singapore, achieved a significant commercial milestone by selling 2 million copies on its July 9, 2026, launch day. The release represents a major technical update to the franchise, utilizing the modern Anvil engine to enhance visuals, combat mechanics, stealth, and narrative depth. The game is currently available globally across PlayStation 5, Xbox Series X|S, and Windows PC platforms, including integration with the Ubisoft+ subscription service.

Performance metrics indicate strong market penetration and player engagement. Within 24 hours of release, the title reached a peak of 99,451 concurrent players on Steam, setting a new record for the Assassin's Creed franchise on that platform. Furthermore, the game secured the top position on Twitch on its launch day. Critical reception has been highly favorable, with aggregate scores of 85% on Open Critic and 84% on Metacritic, marking it as the highest-rated entry in the series since the original Black Flag. Player sentiment remains similarly positive, evidenced by high ratings on the PlayStation and Xbox storefronts and a "Mostly Positive" designation on Steam.

The launch underscores the enduring popularity of the Assassin's Creed brand, which has surpassed 250 million units sold since its 2007 inception. By leveraging a collaborative development model involving over a dozen global Ubisoft studios, the project aims to modernize a legacy title while maintaining the core appeal of the Golden Age of Piracy setting. These results suggest that the strategy of remaking established intellectual property continues to be a viable driver for both player acquisition and critical acclaim within the current gaming landscape.

Ubisoft Entertainment S.A. has initiated a global employee shareholding program designed to align the workforce with the company’s long-term development and financial performance. By offering employees the opportunity to acquire equity, the company aims to foster a deeper sense of ownership and engagement among its staff. The program is structured through two primary vehicles: a company mutual fund (FCPE) for those within group savings plans and a direct Shares plus Stock Appreciation Rights (SAR) formula for employees in jurisdictions where local regulatory or tax constraints necessitate a different approach.

The offer is available to eligible employees across fifteen countries, including France, the United States, the United Kingdom, Canada, China, and several other European and Asian markets. To qualify, participants must meet a minimum three-month seniority requirement. The program involves the issuance of up to 2,694,712 new ordinary shares, representing approximately 2% of the company's share capital. The subscription price for these shares is set at a 15% discount relative to the volume-weighted average price of the stock on Euronext Paris, with a mandatory five-year lock-up period for participants.

The implementation process is scheduled to conclude with a capital increase on September 17, 2026. While the company has established a comprehensive framework for the offering, it retains the discretion to postpone or cancel the program based on market conditions or legal requirements. The initiative is strictly voluntary, and the company emphasizes that it does not constitute investment advice, encouraging employees to consider their personal financial situations and portfolio diversification before participating. The program excludes certain individuals, including those subject to specific international sanctions, and is subject to compliance with local securities laws in each participating jurisdiction.

Ubisoft maintains transparency regarding its corporate structure and shareholder equity as of May 31, 2026, in compliance with the regulatory requirements set forth by the Autorité des Marchés Financiers. This disclosure serves to inform the public and market participants of the company’s current capital composition and voting power, which are essential metrics for monitoring ownership thresholds and corporate governance.

As of the reporting date, the company’s share capital is comprised of 135,945,254 total shares. The corresponding voting rights are categorized into two distinct figures: a gross total of 150,439,673 theoretical voting rights and a net total of 150,439,673 exercisable voting rights. The gross figure accounts for all shares to which voting rights are attached, including those that may be temporarily restricted, while the net figure represents the voting power available for use during General Assemblies.

These figures are calculated in accordance with the French Commercial Code and the general regulations of the French financial markets authority. By providing these data points, the organization ensures that investors have an accurate basis for calculating threshold crossings and understanding the distribution of influence within the company. The information pertains exclusively to Ubisoft’s listing on Euronext Paris, specifically within Compartiment A, under the ISIN code FR0000054470.

Ubisoft’s 2025-26 Universal Registration Document serves as the definitive annual financial disclosure for the company, covering the fiscal period from April 1, 2025, to March 31, 2026. The primary purpose of this filing is to provide audited financial statements and operational transparency to stakeholders, superseding preliminary figures released in May 2026. The document confirms a total net booking figure of €1.53 billion for the fiscal year, reflecting the company’s performance across its global portfolio of intellectual properties, including major franchises such as Assassin’s Creed, Far Cry, and Tom Clancy’s Rainbow Six.

A critical technical adjustment is highlighted regarding the company’s balance sheet. Following the completion of statutory audit procedures, a reclassification was executed between long-term and short-term borrowings. This change specifically addresses the early redemption option associated with the OCEANE convertible bond maturing in November 2028. While this adjustment alters the categorization of debt obligations to account for bondholder-initiated redemption rights, it has no impact on the total financial debt reported by the organization.

The scope of the report encompasses Ubisoft’s worldwide operations, focusing on its integrated ecosystem of gaming services. This includes the Ubisoft Connect platform and the Ubisoft+ subscription service, which provides access to a catalog exceeding 100 titles and downloadable content. By formalizing these audited results, the company establishes its final financial standing for the 2025-26 period, ensuring that all debt structures and revenue metrics are accurately represented for investors and regulatory bodies.

Ubisoft maintains transparency regarding its corporate structure and shareholder voting power as of June 30, 2026. This disclosure serves to satisfy regulatory requirements mandated by the Autorité des Marchés Financiers, specifically concerning the public reporting of share capital composition and voting rights for entities listed on Euronext Paris.

As of the end of June 2026, the company’s capital consists of 135,945,254 total shares. The corresponding voting rights are reported at 147,299,294 for both the gross and net figures. The gross total represents the theoretical voting rights used to calculate threshold crossings, encompassing all shares with attached voting rights, while the net total reflects the exercisable voting rights available for use during General Assemblies.

These figures are derived from internal corporate records and are published in accordance with the French Commercial Code and the General Regulations of the AMF. By distinguishing between theoretical and exercisable voting rights, the company provides stakeholders with a precise overview of its governance structure and the distribution of influence within its equity base. This reporting cycle ensures that market participants remain informed of any fluctuations in the company’s capital composition on a monthly basis.

Ubisoft has appointed industry veteran Christoph Hartmann as the General Manager of Creative House 2, a strategic division central to the company’s revised operating model. This appointment signals a focus on consolidating leadership for the publisher’s competitive and cooperative battlefield-driven franchises. Hartmann is tasked with overseeing the long-term development and strategic direction of a portfolio that includes established intellectual properties such as Tom Clancy’s The Division, Ghost Recon, and Splinter Cell, as well as the recently acquired multiplayer online battle arena title, March of Giants.

Hartmann brings over two decades of executive experience to the role, having previously served as President of 2K Games and Vice President of Amazon Games. His background includes scaling global organizations and managing major franchises like Borderlands, BioShock, and NBA 2K. By integrating his expertise in both development and publishing, Ubisoft aims to provide the necessary structure and vision to support its internal studios, including Massive, Ubisoft Montreal, Ubisoft Paris, and Ubisoft Toronto, in delivering high-intensity gaming experiences.

This leadership change occurs within the context of Ubisoft’s broader corporate structure, which reported net bookings of €1.53 billion for the 2025-26 fiscal year. The creation of specialized Creative Houses represents a shift toward a more focused organizational approach, intended to deepen player engagement across the company’s diverse catalog. By placing a seasoned executive at the helm of Creative House 2, the company seeks to ensure the sustained growth and creative evolution of its most prominent tactical and competitive brands in an increasingly demanding global market.

Assassin's Creed Black Flag Resynced, a comprehensive remake of the 2013 title, achieved significant commercial success upon its global release on July 9, 2026. Within the first 24 hours, the game sold 2 million copies, signaling a strong market reception for the reimagined pirate-themed adventure. The launch also established a new franchise record on Steam, reaching a peak of 99,451 concurrent players, while simultaneously securing the top position on Twitch.

Critical and player reception has been overwhelmingly positive, with the title earning an 85% score on Open Critic and an 84% score on Metacritic. These ratings represent the highest critical acclaim for an entry in the series since the original release of Assassin's Creed IV Black Flag. User sentiment remains similarly high, reflected in ratings of 4.79/5 on the PlayStation Store and 4.7/5 on the Xbox Store, alongside mostly positive reviews on Steam. Industry specialists have specifically lauded the technical execution of the remake, which was rebuilt using the latest Anvil engine.

Developed by Ubisoft Singapore with support from a global network of fourteen co-development studios, the project serves as a modern update to the franchise's established lore. The game is available across major platforms, including PlayStation 5, Xbox Series X|S, and Windows PC, and is included in the Ubisoft+ subscription service. This launch reinforces the enduring popularity of the Assassin's Creed franchise, which has surpassed 250 million units sold since its inception in 2007, and highlights the strategic focus of Vantage Studios on revitalizing iconic intellectual properties for contemporary audiences.

The presentation outlines Ubisoft’s financial performance for the first half of fiscal year 2024, highlighting a robust Q2 that surpassed expectations. Net bookings reached €555 million in Q2, well above the targeted €350 million, driven primarily by a strong back‑catalog segment and record launches of The Crew Motorfest and Assassin’s Creed Mirage. Digital revenues accounted for 87 % of total bookings, with player‑generated revenue rising 22 % YoY to €514 million. Unique active players stood at 94 million, slightly up year‑on‑year, while monthly active users dipped marginally to 36 million.

Financial metrics for H1 2023‑24 show net bookings of €822.4 million versus €699.4 million in H1 2022‑23, a 17.6 % YoY increase. Gross profit based on bookings rose to €734.1 million from €618.1 million, reflecting higher revenue and controlled cost growth. Operating expenses fell by 15 % to €819.9 million, with SG&A costs reduced through lower variable marketing and fixed structure expenses. Non‑IFRS operating income improved to €43.5 million from a loss of €139.0 million in the prior year, driven by higher bookings and disciplined spending.

Cash flow analysis indicates a negative operating cash position of €261.3 million, with net free cash flow at –€284.2 million, largely due to increased working capital needs and debt reduction of €218.8 million. The company’s forecast for Q3 FY24 projects net bookings near €610 million and non‑IFRS operating income around €400 million, supported by a lineup of new releases across flagship franchises and live‑service titles. The report covers global operations, focusing on the European market, with data derived from internal financial statements and non‑IFRS adjustments.