UBISOFT Entertainment

Latest Results (18.01.2026):

This is a summary of UBISOFT Entertainment’s full-year results for FY2024-25 (including Q4 FY2024-25). The group reported FY2024-25 net bookings of €1.85bn (‑20.5% vs. prior year), IFRS 15 sales of €1.899bn (‑17.5%), a non‑IFRS operating loss of €15.1m (IFRS operating loss €82.6m), and positive free cash flow of about €128m. Q4 was a record quarter with net bookings of €902.3m and IFRS 15 sales of €909.2m. The company highlights strong player engagement driven by Assassin’s Creed Shadows and other back‑catalog titles, a solid cash position (~€1.0bn), completed initial cost savings, and a announced Tencent‑backed transaction creating a New Subsidiary for three major IPs.

Key financials (FY2024-25)

Net bookings: €1,846.4m (‑20.5% YoY). IFRS 15 sales: €1,899.2m (‑17.5% YoY). Non‑IFRS operating income: €(15.1)m (vs. €401.4m in FY2023‑24). IFRS operating loss: €(82.6)m. Non‑IFRS attributable net income: €(70.7)m (non‑IFRS EPS €(0.56)).

Q4 highlights (Q4 FY2024-25)

Record fourth‑quarter net bookings: €902.3m (+3.4% YoY). Q4 IFRS 15 sales: €909.2m (+5.9% YoY). Back‑catalog net bookings grew double‑digit in Q4, supporting the strong quarter.

Cash, debt and liquidity

Cash and cash equivalents: ~€990m. Non‑IFRS net debt: €885.1m (improved vs. €985m a year earlier). IFRS net debt: €1,176m. Free cash flow (non‑IFRS basis): ~€128m (Free Cash‑Flow €127.7m in the company’s adjusted view).

Product performance & engagement

Assassin’s Creed Shadows (launched March 20) delivered very strong early results: second‑highest Day‑1 franchise revenue, record PlayStation digital Day‑1 performance, ~160m player hours and average store score ~91/100; consumer spending and player counts outperformed Assassin’s Creed Odyssey. Console & PC engagement: ~134m unique active players for the year and 36m MAUs; AC and Rainbow Six ~30m each; Far Cry ~20m.

Back‑catalog & live services

Rainbow Six Siege delivered year‑over‑year net bookings growth and strong engagement in Year 10 Season 1; the upcoming Siege X (launch June 10) is positioned as a major evolution with changes to modes, onboarding and business model to expand the player base. Other back‑catalog titles (The Crew Motorfest, Avatar: Frontiers) posted strong activity.

Cost program and headcount

Initial fixed cost reduction target (~€200m vs FY2022‑23) achieved ahead of schedule (FY2024‑25 fixed cost base down ~€205m). Headcount 17,782 (down ~1,230 YoY and ~3,000 since Sep 2022). Management targets at least an additional €100m of fixed cost savings over the next two years.

Tencent transaction & New Subsidiary

Ubisoft announced creation of a New Subsidiary focused on Assassin’s Creed, Rainbow Six and Far Cry. Tencent will invest €1.16bn (≈25% economic interest) in the New Subsidiary; at least €500m will be upstreamed to Ubisoft at closing. The deal implies a crystallized value of at least ~€5bn for the three IPs and is expected to fully deleverage Ubisoft on a consolidated basis; closing expected by end‑2025 (subject to conditions).

Outlook (FY2025-26 and beyond)

FY2025‑26 guidance: stable net bookings year‑on‑year, approximately break‑even non‑IFRS operating income, and negative free cash flow due to transformation. Post‑closing of the Tencent transaction, Ubisoft expects consolidated net debt around zero. The company expects to return to positive non‑IFRS operating income and free cash flow in FY2026‑27, with significant content from major franchises in FY2026‑27 and FY2027‑28.