UBISOFT Entertainment

Latest Results (05.12.2025):

UBISOFT Entertainment — First quarter of fiscal 2025‑26 (Q1 2025‑26): Net bookings for Q1 were €281.6m (IFRS 15 sales €310.8m), both down slightly year‑on‑year and below the company’s guidance; performance was weighed by Rainbow Six Siege disruptions and FX effects, while back‑catalog and several live titles showed solid engagement. The Group confirmed FY25‑26 targets and outlined a reorganization into “Creative Houses”; the Tencent transaction is progressing and still expected by end‑2025 subject to approvals.

Headline financials

Q1 net bookings: €281.6m, down 2.9% vs Q1 2024‑25 (‑0.5% at constant exchange rates). IFRS 15 sales: €310.8m, down 3.9% vs prior year (‑1.6% at constant exchange rates). Q1 net bookings missed the ~€310m target.

Revenue mix & recurring spend

Digital net bookings were €250.2m (‑2.7%), representing 88.8% of net bookings. Player Recurring Investment (PRI) was €151.8m (‑4.3%), or 53.9% of net bookings. Back‑catalog net bookings grew to €260.4m (+4.4%) and accounted for 92.5% of net bookings.

Driver: Rainbow Six Siege

Rainbow Six Siege X launched June 10 and delivered strong player feedback and engagement (June session days +25% YoY; +65% vs prior baseline; June was the third‑highest MAU ever). However, a pricing exploit affecting prepaid currency temporarily inflated wallets and materially reduced Q1 player spending; the issue was identified and resolved, and acquisition/engagement momentum has since improved.

Other live titles & back catalog

Assassin’s Creed Shadows performed in line with expectations and exceeded 5 million unique players; the Claws of Awaji expansion is due in Q2. The Division 2 Year 7 launch and inclusion in Game Pass drove its best activity since May 2020. Star Wars Outlaws released a DLC and is scheduled for Switch 2 on Sept 4. Back‑catalog strength helped offset some front‑line shortfall.

Outlook and guidance

Q2 net bookings are expected around €450m (driven by B2B partnerships, increased Siege X contribution and TV‑series milestone revenues). Full‑year FY25‑26 targets were confirmed: stable net bookings YoY, approximately break‑even non‑IFRS operating income, and negative free cash flow. Post‑Tencent closing, Group expects consolidated non‑IFRS net debt around zero.

Corporate transformation & governance

The Group is reorganizing into autonomous “Creative Houses” to boost focus and accountability; the first subsidiary (covering Assassin’s Creed, Far Cry and Rainbow Six) has appointed co‑CEOs Christophe Derennes and Charlie Guillemot. Two new independent directors were also appointed at the July AGM.

Tencent transaction

Closing of the Tencent transaction is progressing and—subject to regulatory approval—continues to be expected by the end of 2025.

Regional & platform mix

Q1 regional split: North America 49%, Europe 35%, Rest of world 16%. Platform split: Consoles 50%, PC 26%, Mobile 10%, Others 14%.