Ubisoft Reports Full-Year 2024-25 Earnings Figures
UBISOFT REPORTS FULL-YEAR 2024-25
EARNINGS FIGURES
Assassin’s
Creed®
Shadows release prompted very strong praise from
players and delivered a solid performance, clearly ahead of
Assassin’s Creed® Odyssey, highlighting
the strength of the brand.
FY2024-25 performance broadly in line
with targets, FCF at €128m:
- Net
bookings: €1.85bn, slightly below objective, mainly
reflecting lower than expected partnerships, notably due to a
timing impact
- Non-IFRS
operating income in line with guidance
- Free
Cash Flow ahead of target driven by cash flow from
operating activities of €169m
|
|
2024-25
(In €m)
|
Reported change
vs. 2023-24
|
In % of total net bookings |
|
|
12 months
2024-25 |
12 months
2023-24 |
|
IFRS 15 sales |
1,899.2 |
-17.5% |
NA |
NA |
|
Net bookings |
1,846.4 |
-20.5% |
NA |
NA |
|
Digital net bookings |
1,585.4 |
-20.2% |
85.9% |
85.6% |
|
PRI net bookings |
806.1 |
-8.3% |
43.7% |
37.9% |
|
Back-catalog net bookings |
1,296.3 |
-13.5% |
70.2% |
64.5% |
|
IFRS operating income |
-82.6 |
NA |
NA |
13.6% |
|
Non-IFRS operating income |
-15.1 |
NA |
NA |
17.3% |
Strong activity metrics across Console
& PC: Assassin’s Creed®
and Rainbow Six® brands’ unique active
players both stood at around 30 million for the 4th
consecutive year. Far Cry® stood at
around 20 million per year over the same period. Other brands
continued to drive strong community appeal, with more than 100
million unique active players in FY2024-25.
Solid balance sheet with cash
position of around €1bn and improved net debt position, now at
€885m.
Ubisoft pursues its transformation, and
plans to announce a new overall Group organization by the end of
the year, with the objective to best serve player needs,
deliver superior game quality and drive disciplined capital
allocation.
- Product
roadmap optimization towards more evergreen offering.
- As part
of this new organization, creation of the New Subsidiary
to accelerate growth of 3 leading IPs and transaction with Tencent
to fully deleverage Ubisoft on a consolidated net debt basis.
Closing expected by the end of 2025. The fairness opinion issued by
the independent expert Finexsi concluded that the transaction is
fair from a financial standpoint for Ubisoft shareholders.
- Cost
reduction program: Initial plan achieved ahead of schedule
and slightly above the €200m objective. Additional fixed cost
reduction of at least €100m to be achieved over the next two
years.
Outlook:
-
FY2025-26: Net bookings stable year-on-year,
approximately breakeven non-IFRS operating income and negative free
cash flow reflecting the Group’s transformation. Following the
closing of the Tencent transaction, the Group expects to maintain a
consolidated net debt position of around zero.
- Beyond
FY2025-26: The Group expects to return to positive
non-IFRS operating income and free cash flow generation in
FY2026-27 and to see significant content coming from its largest
brands in FY2026-27 and FY2027-28.
Paris, May 14, 2025 – Today, Ubisoft released
its earnings figures for FY2024-25.
Yves Guillemot, Co-Founder and Chief Executive
Officer, said, " This year has been a challenging one
for Ubisoft, with mixed dynamics across our portfolio, amid intense
industry competition. Despite these headwinds, Ubisoft managed to
deliver positive free cash flow generation over the fiscal year,
reflecting the discipline applied across the Group.
Aware of the challenges ahead, we took
decisive steps to continue strengthening the company’s future. The
launch of Assassin’s Creed Shadows was a defining moment. It
reaffirmed the power of the Assassin’s Creed brand, with a highly
favorable community response from long-time fans and new players
alike. We also completed our initial cost savings program ahead of
schedule. We are committed to going further, with additional
savings of at least €100m over the next two years to drive
structural efficiencies and reinforce the foundations of our
organization.
This continued focus on discipline will
support our growth ambitions and the profound transformation of
Ubisoft. We are currently working on reshaping the Group’s
operating model and plan to announce a new organization by the end
of the year.
A major step in this transformation was the
announcement in March of the creation of a new subsidiary, backed
by Tencent as a core strategic partner. Focused on accelerating the
growth of three of our most iconic IPs, this new subsidiary will
play a pivotal role in building evergreen, billion-euro brand
ecosystems. We are progressing steadily toward the closing of the
transaction by year-end, a key milestone that will fully deleverage
the Company and position us for sustainable, long-term
growth.
Additionally, after a review of our
pipeline, we have decided to provide additional development time to
some of our biggest productions in order to create the best
conditions for success. As a consequence, FY2026-27 and FY2027-28
will see significant content coming from our largest
brands.
Ubisoft is entering a new chapter, and I am
confident in our ability to build a stronger, more resilient
company for the benefit of all our stakeholders.”
Q4/FY Highlights
Overall, Ubisoft’s portfolio of brands has
continued to perform strongly this quarter, demonstrating their
power and attractiveness, with the Top 10 brands posting
year-over-year net bookings growth, leading to a record fourth
quarter at €902m.
Across Console & PC, activity metrics were
broadly stable year on year, with solid Playtime and Session Days
metrics. Unique active players and MAUs stood respectively at 134
million and 36 million this fiscal year. The Assassin’s Creed and
Rainbow Six franchises have each sustained around 30 million unique
active players for the fourth consecutive year while the Far Cry
franchise has maintained around 20 million unique active players
per year over the same period. The Group’s other brands continued
to drive strong community appeal, with more than 100 million unique
active players this fiscal year. The year ended with the best month
of March over the past four years in terms of Session Days.
New Releases
Assassin’s Creed Shadows launched on March 20,
delivering the second-highest Day 1 sales revenue in franchise
history—second only to Assassin’s
Creed® Valhalla—and setting a new
record for Ubisoft’s Day 1 performance on the PlayStation digital
store. Player sentiment has been overwhelmingly positive, with an
average score1 of 91/100 across first-party stores,
reflecting the game’s excellent quality. To date, consumer spending
has clearly outperformed Assassin’s Creed Odyssey with the player
count also outperforming. Players have logged 160 million hours in
Assassin’s Creed Shadows, underscoring its engaging gameplay and
the enduring appeal of the franchise. The game’s performance
reaffirms the strength and resilience of the Assassin’s Creed
brand, backed by a strong community response that highlights that
the team delivered an experience that resonates with long-time fans
and new players alike.
Assassin’s Creed Shadows is also the first
instalment built on Ubisoft’s significantly upgraded Anvil
proprietary engine, setting a new benchmark for both the industry
and Ubisoft’s future releases. The engine delivers a richly
detailed world enhanced by improved visual fidelity, dynamic
physics, and increased environmental interactivity—significantly
deepening immersion.
Since launch, the game has already received
updates based on community feedback and will continue to see free
updates and new content to continually enrich the experience.
Assassin’s Creed Shadows will continue to contribute strongly to
FY2025-26 and will notably see later this year the release of the
Claws of Awaji expansion, that will introduce a new region and
continue the story of Naoe and Yasuke following the events of the
game’s epilogue.
Back-catalog
Q4 back-catalog net bookings were up double-digit year-on-year this
quarter.
In a competitive FPS landscape, Rainbow
Six® Siege
delivered a solid performance this year while preparing for the
Siege X launch, with annual net bookings growing year-on-year, and
being stable excluding partnerships. Q4 saw net bookings growth,
with the launch of Year 10 Season 1, "Operation Prep
Phase", that celebrated a decade of the franchise and helped
set the stage for the upcoming Siege X release. The update drove
strong player engagement, achieving a record Battle Pass conversion
rate one month post launch and the Membership base reached a record
high at the end of March.
The quarter also featured the reveal of Siege X,
which set viewership records for a Rainbow Six Siege event.
Launching on June 10, Siege X represents a major evolution for the
franchise and sets the foundations for the years to come. It
introduces modernized 5v5 maps with enhanced visuals, a complete
audio overhaul, deeper tactical gameplay features and an enriched
onboarding journey for new players. It will also include a brand
new 6v6 mode–Dual Front–that will add fresh dynamics by blending
attacker and defender roles. Siege X will also bring an evolution
to the business model, with free access to Dual Front, Unranked
modes, and basic game features with the objective to significantly
enlarge the player community. Upgrading to premium versions will
unlock competitive modes, Ranked and Siege Cup. Finally, the Anvil
engine upgrade will also enable much stronger quality and velocity
of content releases for the years ahead, two key success factors in
this segment.
Elsewhere in the back-catalog, The
Crew®
Motorfest posted a strong performance this quarter
and pursued its increasingly growing momentum, with activity and
engagement metrics up high double digits. Avatar: Frontiers
of Pandora™ continued to
attract new players and saw activity up double-digits sequentially
this quarter.
B2B
Q4 was marked by significant partnerships, albeit to a lower extent
than last year, highlighting the value of Ubisoft’s back-catalog of
games, cloud streaming rights and including a new mobile
opportunity on one of its leading franchises with strong expansion
potential, notably in Asia.
Group’s transformation
Reshaping the organization and
optimizing product roadmap
Ubisoft is continuing to execute on its strategic focus around two
core verticals, Open World Adventures and GaaS-native
(Games-as-a-Service) experiences, with the objective to transform
its portfolio with more evergreen offerings. To support this
vision, the Company is currently working on reshaping its operating
model with the objective to better meet player needs, deliver
superior game quality and drive disciplined capital allocation.
Management targets to announce the new organization2 by
the end of the year.
After a thorough review of its pipeline that
took place from October to December, the Group decided to provide
additional development time to some of its biggest productions in
order to create the best conditions for success. This decision has
already been beneficial to the quality of Assassin’s Creed Shadows.
As a consequence, FY2026-27 and FY2027-28 will see significant
growth vs. FY2025-26 on the back of strong content coming from the
Group’s largest brands.
The New Subsidiary to drive growth of
three iconic IPs
As part of this transformation, Ubisoft announced in March the
creation of a New Subsidiary which will play a pivotal role in
accelerating the growth of three of its most iconic IPs, Assassin’s
Creed, Rainbow Six, and Far Cry, that are well positioned in
high-growth markets like Open World and LiveOps and served by a
very powerful 5-year line-up to come. Backed by growing investments
and Tencent’s expertise as a core strategic partner, the New
Subsidiary will focus on building brand ecosystems capable of
becoming evergreen, billion-euro franchises. This includes:
- Improving the
quality of narrative-driven solo experiences,
- Expanding live
service offerings with richer multiplayer features and more
frequent content updates,
- Significantly
enhancing content creation by leveraging Ubisoft’s technological
stack,
- Scaling into
underpenetrated markets such as mobile and China.
Update on the announced transaction with
Tencent
The transaction with Tencent crystalizes the
true economic value of three of Ubisoft’s leading franchises. The
minority nature of the transaction enables Ubisoft to maintain
control of these IP, retain financial consolidation as well as
safeguard strategic alignment with the Group and maintain upside on
these franchises while immediately strengthening its balance sheet.
It will be steered by a dedicated leadership, with a team that will
include external hires, and that will be advised by industry
veterans.
With this transaction, Tencent will invest
€1.16bn in a primary issuance by the New Subsidiary, acquiring an
approximate 25% economic interest. At closing, at least €500m will
be upstreamed to Ubisoft, ensuring sufficient working capital needs
of the New Subsidiary at start.
As part of this transaction, the New Subsidiary
would be granted a worldwide, exclusive, irrevocable, perpetual
license in respect of the IP and similar proprietary rights owned
or licensable by Ubisoft in relation to Tom Clancy’s Rainbow Six,
Assassin’s Creed and Far Cry. In exchange, Ubisoft will receive a
royalty, based on a percentage of the New Subsidiary’s annual
revenue, which is expected to exceed €80m per year in the coming
years. The implied value for Ubisoft of this license is at least
€1bn, in addition to the c. €4bn pre-money Enterprise Value of the
New Subsidiary. In other words, this crystallizes the value of
these three brands and their operations at a minimum of €5bn, a
significant benefit to Ubisoft stakeholders.
Going forward, the New Subsidiary will be
financially autonomous, and liquidity will continue to be
upstreamed through license royalties and cash pooling. Overall, the
transaction will enable to fully deleverage Ubisoft and provide
flexibility to both sustain growth of select franchises and
transform the Group’s organization while reaching a consolidated
net debt position of around zero.
Additionally, Ubisoft will provide the New
Subsidiary with specific shared services, including technological
and Online Services as well as co-development resources,
remunerated on an arm’s length basis.
The carve-out is progressing well and the
completion of the transaction continues to be expected by the end
of 2025. The first condition precedent has been satisfied with the
issuance of the fairness opinion from the independent expert
Finexsi, that concluded that the transaction is fair from a
financial standpoint for Ubisoft shareholders.
Cost reduction initiatives
Ubisoft’s initial cost reduction program–targeting a €200m
reduction in the fixed cost base3 by FY2025-26 compared
to FY2022-23–was achieved ahead of schedule and slightly above the
objective.
Thanks to continued discipline in recruitment
and targeted restructurings, the Group’s total headcount stood at
17,782 at the end of March 2025, representing a decrease of around
1,230 employees year-over-year, and a decrease of around 3,000
since September 2022, while bringing attrition back to Ubisoft’s
lowest record levels, notably for senior positions.
The FY2024-25 fixed cost base stood at around
€1.55bn, down €205m and 12% versus the FY2022-23 base. This
includes a favorable foreign exchange impact. Compared to
FY2023-24, the fixed cost base is down €55m, with nearly no foreign
exchange impact.
Looking ahead, Ubisoft plans to further reduce
its fixed cost base by at least an additional €100m over the next
two years, supported by increased selectivity in investment
allocation, ongoing targeted restructurings and strict control on
recruitments.
Note
The Group presents indicators which are not prepared strictly
in accordance with IFRS as it considers that they are the best
reflection of its operating and financial performance. The
definitions of the non-IFRS indicators as well as a reconciliation
table between the IFRS consolidated income statement and the
non-IFRS consolidated income statement are provided in an appendix
to this press release.
Income statement and key financial data
|
In € millions |
2024-25 |
% |
2023-24 |
% |
|
|
IFRS 15 sales |
1,899.2 |
|
2,300.9 |
|
|
|
Restatements related to IFRS 15 |
(52.9) |
|
20.5 |
|
|
|
Net bookings |
1,846.4 |
|
2,321.4 |
|
|
|
Gross margin based on net bookings |
1,643.6 |
89.0% |
2,117.1 |
91.2% |
|
|
Non-IFRS R&D expenses |
(1,029.2) |
-55.7% |
(1,025.8) |
-44.2% |
|
|
Non-IFRS selling expenses |
(371.3) |
-20.1% |
(409.9) |
-17.7% |
|
|
Non-IFRS G&A expenses |
(258.1) |
-14.0% |
(280.1) |
-12.1% |
|
|
Total non-IFRS SG&A expenses |
(629.4) |
-34.1% |
(689.9) |
-29.7% |
|
|
Non-IFRS operating income (loss) |
(15.1) |
na |
401.4 |
17.3% |
|
|
IFRS operating income (loss) |
(82.6) |
|
313.6 |
|
|
|
Non-IFRS diluted EPS (in €) |
(0.56) |
|
1.79 |
|
|
|
IFRS diluted EPS (in €) |
(1.25) |
|
1.24 |
|
|
|
Non-IFRS cash flow from
operations(1) |
(240.0) |
|
90.8 |
|
|
|
Non-IFRS cash flows from operating
activities(1) |
168.8 |
|
(393.3) |
|
|
|
R&D investment expenditure |
1,235.6 |
|
1,255.8 |
|
|
|
Non-IFRS net cash/(debt) position |
(885.1) |
|
(985.1) |
|
|
(1)
Based on the consolidated cash flow statement for comparison
with other industry players (not audited by the Statutory
Auditors).
Sales and net bookings
IFRS 15 sales for the fourth quarter of 2024-25
came to €909.2 million, up 5.9% (or 5.4% at constant exchange
rates4) on the €858.4 million generated in
fourth-quarter 2023-24. IFRS 15 sales for full-year 2024-25 totaled
€1,899.2 million, down 17.5% (or 17.7% at constant exchange rates)
versus the 2023-24 figure of €2,300.9 million.
Record fourth-quarter 2024-25 net bookings
totaled €902.3 million, up 3.4% (or 2.9% at constant exchange
rates) on the €872.7 million recorded for fourth-quarter 2023-24.
Net bookings for full-year 2024-25 amounted to €1,846.4 million,
down 20.5% (or 20.7% at constant exchange rates) on the €2,321.4
million figure for 2023-24.
Main income statement
items5
Non-IFRS operating income came in at €(15.1)
million, versus €401.4 million in 2023-24.
Non-IFRS attributable net income amounted to
€(70.7) million, representing non-IFRS diluted earnings per share
(EPS) of €(0.56), compared with non-IFRS attributable net income of
€252.0 million and non-IFRS diluted earnings per share of €1.79 for
2023-24.
IFRS attributable net income totaled €(159.0) million, representing
IFRS diluted EPS of €(1.25) (compared with IFRS attributable net
income of €157.8 million and IFRS diluted earnings per share of
€1.24 for 2023-24).
Main cash flow
statement6
items
Non-IFRS cash flows from operating activities
represented a net cash inflow of €168.8 million in 2024-25 (versus
a net cash outflow of €393.3 million in 2023-24). It reflects a
negative €240.0 million in non-IFRS cash flow from operations
(versus a positive €90.8 million in 2023-24) and a €408.9 million
decrease in non-IFRS working capital requirement (compared with a
€484.1 million increase in 2023-24).
Main balance sheet items and
liquidity
At March 31, 2025, the Group’s equity was €1,795
million and its non-IFRS net debt was €885 million versus non-IFRS
net debt of €985 million at end of March 31, 2024.
Meaningfully down versus last year level of €1,304 million, IFRS
net debt totaled €1,176 million at March 31, 2025, of which €291
million related to the IFRS16 accounting restatement. At March 31,
2025, Cash and cash equivalents stood at €990.0 million.
Outlook
First-quarter 2025-26
Net bookings for the first quarter of 2025-26
are expected to come in at around €310 million.
Full-year 2025-26
The Company is introducing its financial targets
for 2025-26 and expects stable net bookings year-on-year,
approximately break-even non-IFRS operating income and negative
free cash flow. Following the closing of the Tencent transaction,
the Group expects to maintain a consolidated net debt position of
around zero.
The FY2025-26 guidance will benefit from strong
back-catalog that will notably rely on Assassin’s Creed Shadows and
the release of Siege X which is expected to strongly grow franchise
net bookings, regular partnerships as well as the following
line-up: Anno 117: Pax Romana™, Prince of
Persia™: The Sands of Time remake, Rainbow
Six® Mobile and The Division® Resurgence.
Other titles will be announced at a later stage.
Beyond FY2025-26
The Group expects to return to positive non-IFRS operating income
and free cash flow generation in FY27 and to see significant
content coming from its largest brands in FY27 and FY28.
Conference call
Ubisoft will hold a conference call today,
Wednesday May 14, 2025, at 6:15 p.m. Paris time/12:15 p.m. New York
time.
The conference call can be accessed live and via replay by clicking
on the following link:
https://edge.media-server.com/mmc/p/ovbyvpfp
Contacts
Investor Relations
Alexandre Enjalbert
Head of Investor Relations
+ 33 1 48 18 50 78
alexandre.enjalbert@ubisoft.com |
Press Relations
Michael Burk
VP, Corporate Communications michael.burk@ubisoft.com |
|
|
Disclaimer
This press release may contain estimated financial data,
information on future projects and transactions and future
financial results/performance. Such forward-looking data are
provided for information purposes only. They are subject to market
risks and uncertainties and may vary significantly compared with
the actual results that will be published. The estimated financial
data have been approved by the Board of Directors, and have not
been audited by the Statutory Auditors. (Additional information is
provided in the most recent Ubisoft Registration Document filed on
June 20, 2024 with the French Financial Markets Authority
(l’Autorité des Marchés Financiers)).
About Ubisoft
Ubisoft is a creator of worlds, committed to enriching players’
lives with original and memorable entertainment experiences.
Ubisoft’s global teams create and develop a deep and diverse
portfolio of games, featuring brands such as Assassin’s
Creed®, Brawlhalla®, For Honor®,
Far Cry®, Tom Clancy’s Ghost Recon®, Just
Dance®, Rabbids®, Tom Clancy’s Rainbow
Six®, The Crew® and Tom Clancy’s The
Division®. Through Ubisoft Connect, players can enjoy an
ecosystem of services to enhance their gaming experience, get
rewards and connect with friends across platforms. With Ubisoft+,
the subscription service, they can access a growing catalog of more
than 100 Ubisoft games and DLC. For the 2024–25 fiscal year,
Ubisoft generated net bookings of €1.85 billion. To learn more,
please visit: www.ubisoftgroup.com.
© 2025 Ubisoft Entertainment. All Rights
Reserved. Ubisoft and the Ubisoft logo are registered trademarks in
the US and/or other countries.
APPENDICES
Definition of non-IFRS financial
indicators
Alternative performance Indicators, not
presented in the financial statements, are:
Net bookings corresponds to the sales excluding
the services component and integrating the unconditional amounts
related to license or distribution contracts recognized
independently of the performance obligation realization, and
restated for the impact of financing (financing component and price
reductions).
Player Recurring Investment (PRI) corresponds to
sales of digital items, DLC, season passes, subscriptions and
advertising.
Non-IFRS operating income calculated based on
net bookings corresponds to operating income less the following
items:
- Stock-based compensation expense
arising on free share plans, group savings plans and/or stock
options.
- Financing component on sales
contract.
- Depreciation of acquired intangible
assets with indefinite useful lives.
- Non-operating income and expenses
resulting from restructuring operations within the Group.
Non-IFRS operating margin corresponds to
non-IFRS operating income expressed as a percentage of net
bookings. This ratio is an indicator of the Group’s financial
performance.
Non-IFRS net income corresponds to net income
less the following items:
- The above-described deductions used
to calculate non-IFRS operating income.
- Income and expenses arising on
revaluations, carried out after the measurement period, of the
potential variable consideration granted in relation to business
combinations.
- OCEANE bonds’ interest expense
recognized in accordance with IFRS9.
- The tax impacts on these
adjustments.
Non-IFRS attributable net income corresponds to
non-IFRS net income attributable to owners of the parent.
Non-IFRS diluted EPS corresponds to non-IFRS
attributable net income divided by the weighted average number of
shares after exercise of the rights attached to dilutive
instruments.
The adjusted cash flow statement includes:
- Non-IFRS cash flow from operations
which comprises:
- The costs of internally developed
software and external developments (presented under cash flows from
investing activities in the IFRS cash flow statement) as these
costs are an integral part of the Group's operations.
- The restatement of impacts (after
tax) related to the application of IFRS 15.
- The restatement of commitments
related to leases due to the application of IFRS 16.
- Current and deferred taxes.
- Non-IFRS change in working capital
requirement which includes movements in deferred taxes and restates
the impacts (after tax) related to the application of IFRS 15, thus
cancelling out the income or expenses presented in non-IFRS cash
flow from operations.
- Non-IFRS cash flows from operating
activities which includes:
- the costs of internal and external
licenses development (presented under cash flows from investing
activities in the IFRS cash flow statement and included in non-IFRS
cash flow from operations in the adjusted cash flow
statement);
- the restatement of lease
commitments relating to the application of IFRS 16 presented under
IFRS in cash flow from financing activities.
- Non-IFRS cash flows from investing
activities which excludes the costs of internal and external
licenses development that are presented under non-IFRS cash flow
from operations.
Free cash flow corresponds to cash flows from
non-IFRS operating activities after cash inflows/outflows arising
on the disposal/acquisition of other intangible assets and
property, plant and equipment.
Cash flow from non-IFRS financing activities,
which excludes lease commitments relating to the application of
IFRS16 presented in non-IFRS cash flow.
IFRS net cash/(debt) position corresponds to
cash and cash equivalents less financial liabilities excluding
derivatives.
Non-IFRS net cash/(debt) position corresponds to
the net cash/(debt) position as adjusted for commitments related to
leases (IFRS 16).
Breakdown of net bookings by geographic
region
|
|
Q4
2024-25
|
Q4
2023-24
|
12 months
2024-25 |
12 months
2023-24 |
|
Europe |
31% |
28% |
33% |
35% |
| Northern
America |
40% |
60% |
45% |
53% |
|
Rest of the world |
29% |
12% |
22% |
12% |
|
TOTAL |
100% |
100% |
100% |
100% |
Breakdown of net bookings by
platform
|
|
Q4
2024-25
|
Q4
2023-24
|
12 months
2024-25 |
12 months
2023-24 |
|
CONSOLES |
35% |
46% |
45% |
56% |
| PC |
38% |
44% |
31% |
32% |
| MOBILE |
22% |
4% |
16% |
6% |
Others*
|
5% |
6% |
8% |
6% |
|
TOTAL |
100% |
100% |
100% |
100% |
*Ancillaries, etc.
Title release schedule
1st quarter
(April – June 2025)
DIGITAL ONLY
|
|
|
|
FOR HONOR®: Year 9 - Season 2 |
PC,
PLAYSTATION®4, XBOX ONE
|
|
IDLE JUNKYARD TYCOON |
ANDROID, IOS
|
|
PRINCE OF PERSIA™: THE LOST CROWN |
ANDROID, IOS
|
|
TOM CLANCY’S RAINBOW SIX® SIEGE: Year 10 – Season 2 |
AMAZON LUNA, PC,
PLAYSTATION®4, PLAYSTATION®5,
XBOX ONE, XBOX SERIES X/S
|
|
RIDERS REPUBLIC™: Season 15 |
AMAZON LUNA, PC,
PLAYSTATION®4, PLAYSTATION®5,
XBOX ONE, XBOX SERIES X/S
|
|
SKULL AND BONES™: Year 2 – Season 1 |
AMAZON LUNA, PC,
PLAYSTATION®5, XBOX SERIES X/S
|
|
STAR WARS™ OUTLAWS: A Pirate’s Fortune |
AMAZON LUNA, PC,
PLAYSTATION®5, XBOX SERIES X/S
|
|
TOM CLANCY’S THE DIVISION® 2: Year 7 – Season 1 |
AMAZON LUNA, PC,
PLAYSTATION®4, XBOX ONE
|
|
TOM CLANCY’S THE DIVISION® 2: Battle for Brooklyn |
AMAZON LUNA, PC,
PLAYSTATION®4, XBOX ONE
|
Extracts from the Consolidated Financial
Statements at
March 31, 2025
The audit procedures have been carried out
and the audit report is in preparation.
Consolidated income statement (IFRS,
extract from the accounts which have undergone an audit by the
Statutory Auditors).
|
(in € millions) |
03.31.2025 |
03.31.2024 |
|
|
|
|
|
Sales |
1,899.2 |
2,300.9 |
| Cost of sales |
(202.7) |
(204.2) |
| Gross
margin |
1,696.5 |
2,096.7 |
| Research and
Development costs |
(1,071.0) |
(1,071.0) |
| Marketing costs |
(387.7) |
(413.3) |
| General and
Administrative costs |
(267.9) |
(291.1) |
| Current
operating income (loss) |
(30.1) |
321.2 |
| Other non-current
operating income & expense |
(52.6) |
(7.6) |
| Operating
income (loss) |
(82.6) |
313.6 |
| Net borrowing
costs |
(59.9) |
(49.8) |
| Net foreign exchange
gains/losses |
(0.7) |
(6.2) |
| Other financial
expenses |
(9.8) |
(12.5) |
| Other financial
income |
6.5 |
9.6 |
| Net
financial income |
(64.0) |
(58.9) |
| Share of profit of
associates |
— |
— |
| Income tax |
(12.1) |
(96.8) |
|
Consolidated net income (loss) |
(158.7) |
157.9 |
|
Net income (loss) attributable to owners of the parent company |
(159.0) |
157.8 |
|
Net income (loss) attributable to non-controlling interests |
0.2 |
0.1 |
|
Earnings per share attributable to owners of the parent
company |
|
|
|
Basic earnings per share (in €) |
(1.25) |
1.27 |
|
Diluted earnings per share (in €) |
(1.25) |
1.24 |
|
Weighted average number of shares in issue |
127,130,543 |
124,460,399 |
|
Diluted weighted average number of shares |
127,130,543 |
147,348,455 |
Reconciliation of IFRS Net income and
non-IFRS Net income
|
(in € millions) |
2024-25 |
2023-24 |
|
except for per share data |
IFRS |
Adjustments |
Non-IFRS |
IFRS |
Adjustments |
Non-IFRS |
|
IFRS 15 Sales |
1,899.2 |
|
1,899.2 |
2,300.9 |
|
2,300.9 |
|
Restatements related to IFRS 15 |
|
(52.9) |
(52.9) |
|
20.5 |
20.5 |
|
Net bookings |
|
(52.9) |
1,846.4 |
|
20.5 |
2,321.4 |
|
Total Operating expenses |
(1,981.9) |
120.5 |
(1,861.4) |
(1,987.3) |
67.3 |
(1,920.0) |
|
Impact of financing |
-13.4 |
13.4 |
0.0 |
— |
— |
— |
|
Stock-based compensation |
(54.5) |
54.5 |
— |
(59.6) |
59.6 |
— |
|
Non-current operating income & expense |
(52.6) |
52.6 |
— |
(7.6) |
7.6 |
— |
|
OPERATING INCOME (LOSS) |
(82.6) |
67.6 |
(15.1) |
313.6 |
87.8 |
401.4 |
|
Net Financial income |
(64.0) |
26.5 |
(37.5) |
(58.9) |
18.4 |
(40.5) |
|
Income tax |
(12.1) |
(5.8) |
(17.9) |
(96.8) |
(12.1) |
(108.8) |
|
Consolidated Net Income (loss) |
(158.7) |
88.3 |
(70.5) |
157.9 |
94.2 |
252.0 |
|
Net income (loss) attributable to owners of the parent
company |
(159.0) |
|
(70.7) |
157.8 |
|
252.0 |
Net income (loss) attributable
to non-controlling interests |
0.2 |
|
0.2 |
0.1 |
|
0.1 |
|
Diluted number of shares |
127,130,543 |
|
127,130,543 |
147,348,455 |
|
147,348,455 |
|
Diluted earnings per share attributable to parent
company |
(1.25) |
0.69 |
(0.56) |
1.24 |
0.55 |
1.79 |
Consolidated balance sheet (IFRS,
extract from the accounts which have undergone an audit by
Statutory Auditors)
|
Assets |
|
Net |
Net |
|
(in € millions) |
|
03.31.2025 |
03.31.2024 |
|
Goodwill |
|
56.7 |
73.3 |
|
Other intangible assets |
|
2,266.3 |
2,075.4 |
|
Property, plant and equipment |
|
145.6 |
164.3 |
|
Right of use assets |
|
248.4 |
278.4 |
|
Non-current financial assets |
|
57.2 |
50.9 |
|
Deferred tax assets |
|
258.4 |
186.6 |
|
Non-current assets |
|
3,032.5 |
2,828.9 |
|
Inventory |
|
8.5 |
8.8 |
|
Trade receivables |
|
409.8 |
746.2 |
|
Other receivables |
|
193.4 |
247.0 |
|
Other current financial assets |
|
0.9 |
0.1 |
|
Current tax assets |
|
64.9 |
85.3 |
|
Cash and cash equivalents |
|
990.0 |
1,205.2 |
|
Current assets |
|
1,667.5 |
2,292.7 |
|
TOTAL ASSETS |
|
4,699.9 |
5,121.6 |
|
|
|
|
|
|
Liabilities and equity |
|
Net |
Net |
|
(in € millions) |
|
03.31.2025 |
03.31.2024 |
|
Capital |
|
10.1 |
9.9 |
|
Premiums |
|
712.7 |
675.0 |
|
Consolidated reserves |
|
1,231.2 |
1,034.0 |
|
Consolidated earnings |
|
-159.0 |
157.8 |
|
Equity attributable to owners of the parent
company |
|
1,795.0 |
1,876.6 |
|
Non-controlling interests |
|
2.9 |
2.6 |
|
Total equity |
|
1,797.9 |
1,879.3 |
|
Provisions |
|
12.8 |
21.9 |
|
Employee benefit |
|
22.3 |
20.3 |
|
Long-term borrowings and other financial liabilities |
|
1,834.3 |
2,082.4 |
|
Deferred tax liabilities |
|
38.5 |
36.9 |
|
Other non-current liabilities |
|
3.8 |
23.3 |
|
Non-current liabilities |
|
1,911.8 |
2,184.8 |
|
Short-term borrowings and other financial liabilities |
|
332.0 |
427.4 |
|
Trade payables |
|
177.7 |
157.1 |
|
Other liabilities |
|
452.2 |
450.2 |
|
Current tax liabilities |
|
28.3 |
22.8 |
|
Current liabilities |
|
990.2 |
1,057.5 |
|
Total liabilities |
|
2,902.0 |
3,242.3 |
|
TOTAL LIABILITIES AND EQUITY |
|
4,699.9 |
5,121.6 |
Consolidated cash flow statement (IFRS, extract from the
accounts which have undergone an audit by Statutory
Auditors)
|
In millions of euros |
03.31.2025 |
03.31.2024 |
|
Cash flows from operating activities |
|
|
| Consolidated
earnings |
(158.7) |
157.9 |
| +/- Net amortization
and depreciation on property, plant and equipment and intangible
assets |
710.7 |
776.0 |
| +/- Net
Provisions |
(7.8) |
(4.6) |
| +/- Cost of
share-based compensation |
54.5 |
59.6 |
| +/- Gains / losses
on disposals |
2.5 |
0.5 |
| +/- Other income and
expenses calculated |
33.1 |
17.2 |
| +/- Income Tax
Expense |
12.1 |
96.8 |
|
TOTAL CASH FLOW FROM OPERATING ACTIVITIES |
646.3 |
1,103.4 |
|
Inventory |
1.9 |
20.0 |
| Trade
receivables |
339.1 |
(480.8) |
| Other assets |
76.0 |
(43.7) |
| Trade payables |
21.1 |
39.0 |
| Other
liabilities |
7.9 |
61.5 |
| Deferred income and
prepaid expenses |
12.4 |
(51.2) |
| +/- Change
in working capital |
458.4 |
(455.2) |
| +/- Current Income
tax expense |
(95.9) |
(110.7) |
|
TOTAL CASH FLOW GENERATED BY OPERATING
ACTIVITIES |
1,008.9 |
537.6 |
|
Cash flows from investing activities |
|
|
| - Payments for the
acquisition of internal & external developments |
(796.9) |
(887.0) |
| - Payments for the
acquisition of intangible assets and property, plant and
equipment |
(41.9) |
(116.2) |
| + Proceeds from the
disposal of intangible assets and property, plant and
equipment |
0.8 |
0.1 |
| +/- Payments for the
acquisition of financial assets |
(9.5) |
(5.6) |
| + Refund of loans
and other financial assets |
1.6 |
1.0 |
| +/- Changes in
scope(1) |
— |
— |
|
CASH GENERATED BY INVESTING ACTIVITIES |
(846.0) |
(1,007.6) |
|
Cash flows from financing activities |
|
|
| + New
borrowings |
733.7 |
1,170.8 |
| - Refund of
leases |
(43.1) |
(43.9) |
| - Refund of
borrowings |
(1,072.0) |
(978.5) |
| + Funds received
from shareholders in capital increases |
38.0 |
44.9 |
| +/- Change in cash
management assets |
— |
— |
| +/- Sales /
purchases of own shares |
— |
11.5 |
|
CASH GENERATED BY FINANCING ACTIVITIES |
(343.5) |
204.7 |
|
Net change in cash and cash equivalents |
(180.6) |
(265.2) |
| Cash and cash
equivalents at the beginning of the fiscal year |
1,202.4 |
1,464.6 |
| Foreign exchange
losses/gains |
(32.6) |
3.1 |
|
Cash and cash equivalents at the end of the
period |
989.2 |
1,202.4 |
|
(1) Including cash in companies acquired and disposed
of |
— |
— |
RECONCILIATION OF NET CASH POSITION
|
Cash and cash equivalents at the end of the
period |
989.2 |
1,202.4 |
| Bank borrowings
and from the restatement of leases |
(2,165.5) |
(2,406.6) |
| Commercial
papers |
— |
(100.0) |
|
IFRS NET CASH POSITION |
(1,176.3) |
(1,304.2) |
Consolidated cash flow statement for comparison with
other industry players (non-audited)
|
in € millions |
03.31.2025 |
03.31.2024 |
|
Non-IFRS Cash flows from operating activities |
|
|
| Consolidated
earnings |
(158.7) |
157.9 |
| +/- Net Depreciation
on internal & external games & movies |
590.0 |
655.9 |
| +/- Other
depreciation on fixed assets |
120.7 |
120.2 |
| +/- Net
Provisions |
(7.8) |
(4.6) |
| +/- Cost of
share-based compensation |
54.5 |
59.6 |
| +/- Gains / losses
on disposals |
2.5 |
0.5 |
| +/- Other income and
expenses calculated |
46.5 |
17.2 |
| +/- Cost of internal
development and license development |
(796.9) |
(887.0) |
| +/- IFRS 15
Impact |
(47.5) |
15.1 |
| +/- IFRS 16
Impact |
(43.1) |
(43.9) |
|
Non-IFRS cash flow from operation |
(240.0) |
90.8 |
|
Inventory |
1.9 |
20.0 |
| Trade
receivables |
351.3 |
(499.3) |
| Other assets |
(2.2) |
(44.6) |
| Trade payables |
21.1 |
39.0 |
| Other
liabilities |
36.7 |
0.7 |
| +/- Non-IFRS
Change in working capital |
408.9 |
(484.1) |
|
Non-IFRS cash flow generated by operating
activities |
168.8 |
(393.3) |
|
Cash flows from investing activities |
|
|
| - Payments for the
acquisition of intangible assets and property, plant and
equipment |
(41.9) |
(116.2) |
|
+ Proceeds from the disposal of intangible assets and property,
plant and equipment |
0.8 |
0.1 |
|
Free Cash-Flow |
127.7 |
(509.4) |
|
+/- Payments for the acquisition of financial assets |
(9.5) |
(5.6) |
| + Refund of loans
and other financial assets |
1.6 |
1.0 |
| +/- Changes in
scope(1) |
— |
— |
|
Non-IFRS cash generated by investing
activities |
(49.0) |
(120.6) |
|
Cash flows from financing activities |
|
|
| + New
borrowings |
733.7 |
1,170.8 |
| - Refund of
borrowings |
(1,072.0) |
(978.5) |
| + Funds received
from shareholders in capital increases |
38.0 |
44.9 |
| +/- Change in
cash management assets |
— |
— |
| +/- Sales /
purchases of own shares |
— |
11.5 |
|
Cash generated by financing activities |
(300.4) |
248.7 |
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
(180.6) |
(265.2) |
| Cash and cash
equivalents at the beginning of the fiscal year |
1,202.4 |
1,464.6 |
| Foreign exchange
losses/gains |
(32.6) |
3.1 |
|
CASH AND CASH EQUIVALENTS AT THE END OF THE
PERIOD |
989.2 |
1,202.4 |
|
(1)Including cash in companies acquired and
disposed of |
— |
— |
RECONCILIATION OF NET CASH POSITION
|
CASH AND CASH EQUIVALENTS AT THE END OF THE
PERIOD |
989.2 |
1,202.4 |
| Bank borrowings and
from the restatement of leases |
(2,165.5) |
(2,406.6) |
| Commercial
papers |
— |
(100.0) |
| IFRS 16 |
291.2 |
319.1 |
|
NON-IFRS NET CASH POSITION |
(885.1) |
(985.1) |
1 Average player score from the PlayStation store, Xbox store,
Epic Games store and Steam.
2 Subject to local employee representative bodies consultations if
and where required.
3 Includes P&L structure costs + fixed portion of COGS
(customer service and supply chain) + cash R&D (excluding
performance-based royalties) and excludes all profitability
bonuses
4 Sales at constant exchange rates are calculated by applying to
the data for the period under review the average exchange rates
used for the same period of the previous fiscal year
5 See the presentation published on Ubisoft’s website for further
information on movements in the income and cash flow statement.
6 Based on the consolidated cash flow statement for comparison with
other industry players (non-audited)
- Ubisoft Reports Full-Year 2024-25 Earnings Figures
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