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

FY2025-26 targets confirmed

First half 2025-26: Net bookings of €772.4 million, up +20.3% YoY

In % of total net
Reported change
In €m bookings
vs. H1 2024-25
H1 2025-26 H1 2024-25
IFRS 15 sales 657.8 (2.1)% NA NA
Net bookings 772.4 20.3% NA NA
Digital net bookings 685.8 30.2% 88.8% 82.0%
PRI net bookings 475.3 51.9% 61.5% 48.7%
Back-catalog net bookings 741.4 50.0% 96.0% 76.9%
IFRS operating income (120.2) NA NA NA
Non-IFRS operating income 27.1 NA 3.5% (39.3%)

Q2 Net Bookings exceeded expectations, reaching €490.8m, versus guidance of around €450m, and
up 39% year-on-year. The outperformance was driven by stronger-than-expected partnerships, and was
supported by a robust back-catalog, both highlighting the strength of the Group’s brands.

Continued progress on Group transformation:
- The transaction with Tencent is on track to close in the coming days. All conditions precedent
have been satisfied. At closing, the €1.16bn investment will deleverage the Group. It will also
enable the acceleration of Vantage Studios’1 IP growth, support selected investment opportunities
across the rest of the Group, and facilitate ongoing reorganization efforts.
- The design of the Group’s new operating model built around Creative Houses with the objective
of fostering stronger creative vision, greater focus, efficiency, autonomy and accountability will
be finalized by year end with full details unveiled in January 2026.
- The Group’s cost reduction program is on track, targeting at least €100m in additional fixed cost
savings by FY2026-27 vs. FY2024-25, supported by targeted restructurings and continued
discipline in recruitment.

Group deleveraging: The non-IFRS net debt position of €1.15bn at end September comes with a cash
and cash equivalent position of €668m. The €1.16bn proceeds from the Tencent transaction will enable
to deleverage the Group, and notably the early repayment of the Term Loan and Schuldschein loans,
which have an outstanding principal amount of approximately €286 million2.

FY2025-26 line-up: Anno 117: Pax Romana™ launched on November 13 with a Metacritic rating of 85.
Assassin’s Creed® Mirage Valley of Memory update launched on November 18. Avatar Frontiers of
Pandora™ From the Ashes expansion will release on December 19, coinciding with the new movie. Prince
of Persia™: The Sands of Time remake, Rainbow Six® Mobile, The Division® Resurgence and an
unannounced title are planned for Q4.

FY2025-26 targets confirmed

Splinter Cell: Deathwatch premiered on October 14, obtaining an 86% score on Rotten Tomatoes and
landing in Netflix’s daily Top 10 across more than 12 countries, including six consecutive days in the U.S.




1
As commonly referred to by employees.
2
This early repayment will also address the non-compliance of its leverage ratio triggered by the IFRS accounting restatement
described in this press release below.
1
Paris, November 21, 2025 – Today, Ubisoft released its earnings figures for the first half of
fiscal 2025-26.

Yves Guillemot, Co-Founder and Chief Executive Officer, said “The closing of our strategic
transaction with Tencent – which will see Tencent become a minority shareholder in our new
subsidiary, Vantage Studios – is now imminent, as all conditions precedent have been satisfied.
This marks a pivotal milestone in Ubisoft’s transformation, significantly strengthening our
financial position by bringing in €1.16 billion of cash, enabling the Group to deleverage, as
planned. It will also empower Vantage Studios to accelerate the growth of our three flagship
IPs under a dedicated leadership team.

In a highly competitive market, Ubisoft delivered net bookings above guidance, on the back of
stronger-than-expected partnerships that underscore the appeal and reach of our brands. Our
portfolio showed contrasting dynamics this quarter, with softer trends for Rainbow Six Siege,
reflecting a phase of evolution for the game in an intense FPS environment, offset by strong
performances across the rest of the catalog. The Assassin’s Creed franchise exceeded our
expectations, confirming its positive momentum and ability to engage players over time. The
Division 2 also continued to perform strongly, benefiting from the momentum of the Battle for
Brooklyn DLC, with the game’s first semester already exceeding last year’s annual bookings.

Additionally, the progress we’ve made in addressing our fixed cost base brings with it
confidence that we can continue to drive structural efficiencies across the organization that,
together with top line growth, will contribute to ensure a return to strong cash generation in
the coming years.
Vantage Studios represents a key element of the transformation of the company towards a new
operating model built around Creative Houses. We will have finalized the design of this new
organization by the end of the year. These Creative Houses will be autonomous, efficient,
focused and accountable business units, each with its own leadership, creative vision and
strategic roadmap. This Group-wide transformation reflects our ambition to renew how we
create and operate in order to deliver great games for our players and lasting value for our
partners and shareholders. The full details of this new operating model will be unveiled in
January.”




2
Q2/H1 Activity
Net bookings stood at €491m this quarter, above guidance and up 39% year-on-year. The
outperformance was driven by stronger-than-expected partnerships, demonstrating the power
and attractiveness of the Group’s portfolio as well as the meaningful contribution from live TV
and animated series. Excluding partnerships, overall back-catalog this quarter was robust and
in line with expectations, broadly stable year-on-year, but marked by contrasted dynamics.
Overall, net bookings for the semester stood at €772 million, up 20% year-on-year, with 34
million MAUs and 88 million Unique Users across Consoles and PC, slightly down while excluding
XDefiant from the base.
The Assassin’s Creed® franchise posted a strong performance in Q2, with both Assassin’s
Creed® Shadows and the rest of the brand’s catalog overperforming. In the year to date,
Assassin’s Creed has generated 211 million session days, ~35% higher than the last two years’
average. Shadows benefitted from the launch of the New Game+ mode, which was widely
anticipated by the community and introduced greater difficulty and new challenges for players.
The Claws of Awaji expansion released on September 16 and contributed to re-engaging
players. It was praised as a solid addition to the base game, offering new unique boss fights in
a beautiful and dark atmosphere. Looking ahead, Assassin’s Creed Shadows will reach a broader
audience with its launch on the Nintendo Switch 2 on December 2. Beyond Shadows, the rest
of the Assassin’s Creed back-catalog also performed strongly, highlighting the strength of the
franchise. Turning to the current quarter, on November 18 launched Valley of Memory, a free
major update for Assassin’s Creed Mirage which brought new content and a fresh chapter in
Basim’s story set in AlUla. First feedback from the community is very positive, with player
activity on Assassin’s Creed Mirage doubling following the launch of the update, enabling the
game to reach the 10 million player mark.
In a highly competitive FPS market, Tom Clancy’s Rainbow Six® Siege continued to attract
new players this quarter, with acquisition levels twice as high year-on-year, and sustain activity
levels, with unique players stable quarter-on-quarter and up double-digit year-on-year. Session
Days and Playtime also increased both sequentially and year-on-year. However, as part of the
evolution of Siege and its move to free access, a temporary surge in cheating has impacted
activity and player spending versus expectations. With additional resources now in place and
further hires planned, the team has identified the main issues and is actively addressing them
with a robust plan. Having focused most of this year on establishing a new foundation for the
game, the team is exploring a new seasonal approach that introduces multiple updates
throughout each season, focusing on the core gameplay experience and heavily engaged
players. This shift is designed to offer a steadier stream of fresh experiences with more variety,
keeping players engaged and supporting long-term franchise growth. The Siege community
remains highly engaged and passionate about the game’s success. The development team is
equally committed to working closely with players to address recent feedback, with a strong
focus on anti-cheat measures and gameplay balance.
As announced at the Munich Major on November 16, starting in Season 4, the team will double
the number of anti-cheat updates per week and introduce new prevention solutions. On the
balancing front, the team is accelerating efforts in Season 4, with four balancing updates per
season planned for Year 11, aligned with the new content cadence. To celebrate Siege’s 10-
year anniversary in December, players can look forward to daily rewards and a special in-game
event launching mid-December.
The Division® 2 continued to benefit from the momentum of the Battle for Brooklyn DLC
release in May, as well as regular content updates, continuing to attract new players to the
game. Along with rising player numbers, player engagement is up, with a record second quarter
in terms of Session Days since FY2020-21. The game’s performance this semester has already
exceeded last year’s annual net bookings.
Avatar: Frontiers of Pandora posted a strong performance this quarter on the back of the
July third person update announcement, available for free for all players on December 5, that
was widely anticipated by the community. The game also regained momentum with the
announcement of the From the Ashes expansion.

3
Star Wars Outlaws™ launched on Nintendo Switch 2 in September to strong critical and player
reception. The release expanded the game’s audience and was praised for its exceptional
visuals, technical optimization, smooth performance and seamless transition to Nintendo’s new
hardware.



Q3
Tom Clancy’s Splinter Cell: Deathwatch, the animated Netflix series that premiered on
October 14, delivered strong global engagement, landing in Netflix’s daily Top 10 across more
than 12 countries, including six consecutive days in the U.S., reflecting the franchise’s strong
appeal. With an 86% Rotten Tomatoes score, the show has been praised for its animation
quality, cinematic action sequences, and faithfulness to the franchise’s universe and timeline.
Its renewal for a second season supports the long-term strategy to deepen engagement
through cross-media partnerships, extending the reach of Ubisoft’s iconic gaming IPs across
games, publishing, and screen adaptations. This strengthens the brand’s long-term value ahead
of the Splinter Cell remake currently in development at the Ubisoft Toronto studio.
Anno 117: Pax Romana launched on November 13 and marks a bold new chapter for the
Anno franchise. Building on the series’ strong momentum and releasing simultaneously for the
first time on PC and console, it showcases impressive scale, striking visual fidelity and a deep
economic simulation. The title had already received strong industry recognition — including
winning “Best PC Game” at Gamescom – and has now launched to strong critical reception with
an 85 Metacritic score, the best score ever in the franchise, which translates into solid consumer
spending growth after one week compared to the successful Anno 1800. IGN awarded it a 9/10,
calling it “A gorgeous antique city-builder that is worthy of a standing ovation”. For the first
time in the series, players can choose their starting province, each defined by distinct cultural
identities and unique gameplay mechanics that emphasize player choice. These innovations
expand the game’s depth and replayability, laying the foundations for sustained player
engagement and a rich post-launch experience.
The Avatar: Frontiers of Pandora - From The Ashes expansion is set to launch on December
19. Timed to coincide with the theatrical release of Avatar: Fire and Ash, this bold expansion
sees players embark on the journey of So’lek, a battle-hardened Na’vi warrior who seeks
revenge against the ruthless Ash clan. The expansion introduces new visceral gameplay set in
a ravaged Kinglor Forest and unveils a new sub-region known as The Ravines.




4
Group’s transformation is progressing well
Closing of the announced transaction with Tencent
All conditions precedent of the transaction have been satisfied, enabling the sale of a minority
stake in its New Subsidiary – Vantage Studios - to Tencent to close in the coming days. This
marks a major milestone in Ubisoft’s transformation journey. The proceeds of this transaction
will deleverage the Group on a consolidated non-IFRS net debt basis, while providing enhanced
financial flexibility to support its strategic transformation.

The first Creative House — built around the Assassin’s Creed, Far Cry, and Tom Clancy’s
Rainbow Six franchises — will operate under three guiding principles: Autonomy, Focus, and
Player Centricity. A new leadership team is being formed, including Heads of Franchises, to
drive creative excellence and operational agility across each brand on their path to building
annual billion-euro brand ecosystems.

New operating model to be announced in January 2026
By year end, the Group will have finalized the design of its new operating model built around
Creative Houses, independent business units with the objective of driving stronger creative
vision, greater focus, efficiency, autonomy and accountability. The full details of this model will
be unveiled in January 2026.

Strengthened balance sheet
The Group disposes of a non-IFRS net debt position of €1.15bn at end September that comes
with a cash and cash equivalent position of €668m. The €1.16bn proceeds from the Tencent
transaction will enable to deleverage the Group, and notably the early repayment of the Term
Loan and Schuldschein loans, which have an outstanding principal amount of approximately
€286 million3. Of note, €210m were due next month. Additionally, Ubisoft will cancel its
undrawn Revolving Credit Facility and initiate discussions with its banking partners with the
objective of putting in place a new facility designed to support its strategic ambitions, in line
with the broader transformation currently underway.

Cost reduction initiatives on track
Ubisoft’s cost reduction program targeting at least €100m in fixed cost savings4 by FY2026-27
vs. FY2024-25 is on track and progressing well.

Thanks to continued discipline in hiring and targeted restructuring efforts, Ubisoft’s global
headcount stood at 17,097 at the end of September 2025, representing a decrease of around
1,500 employees over the past 12 months and about 700 since the end of March 2025. In
October, a targeted Voluntary Leave Program and a proposed restructuring were introduced at
our Nordic studios.

The H1 FY2025-26 fixed cost base stood at around €701m, down €69m and 9% year-on-year,
including a favorable foreign exchange impact.




3
This early repayment will also address the non-compliance of its leverage ratio triggered by the IFRS accounting restatement
described in this press release below.
4
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.
5
IFRS update: FY2024-25 restatement & impact on H1 FY2025-26
accounts

Following its auditors' position as part of its review of the H1 financial accounts, the Company
has reviewed its analysis relating to the IFRS 15 revenue recognition of a partnership in
FY2024-25 that has led it to restate its FY2024-25 accounts as per IAS8. Utilization-based
payment schedules lead this partnership to be recognized under IFRS15 as revenues over
utilization. This position now applied by the Group going forward has also resulted in a
partnership signed in Q2 FY2025-26 not being recognized in IFRS15 revenues.

The above results in the Company not complying with its leverage covenant ratio under certain
existing financing agreements at September 30, 2025. However, this is being addressed by the
aforementioned actions relating to the concerned debt instruments.

The restatement of the prior-year financial accounts are detailed in the Appendix of the press
release. This IFRS accounting restatement has no impact on the Group’s non-IFRS indicators
as defined below.

Resumption of trading

Ubisoft has asked Euronext to resume the listing of the shares (FR0000054470) and the bonds
maturing in 2027 (FR0014000O87) issued by Ubisoft Entertainment, as well as the bonds
convertible into and/or exchangeable for new or existing shares maturing in 2028
(FR001400DV38) and 2031 (FR001400MA32) as of the opening of trading on 21 November.
Trading will resume at 10am CET.




6
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
H1 H1
In € millions % %
2025-26 2024-25
IFRS 15 sales 657.8 671.9
Restatements related to IFRS 15 114.6 (29.7)
Net bookings 772.4 642.3
Gross margin based on net bookings 692.2 89.6% 552.0
85.9%
Non-IFRS R&D expenses (411.6) (53.3%) (503.5)
(78.4%)
Non-IFRS selling expenses (129.1) (16.7%) (178.4)
(27.8%)
Non-IFRS G&A expenses (124.5) (16.1%) (122.2)
(19.0%)
Total non-IFRS SG&A expenses (253.6) (32.8%) (300.6)
(46.8%)
Non-IFRS operating income 27.1 3.5% (252.1)
(39.3%)
IFRS operating income (120.2) (271.8)
Non-IFRS diluted EPS (in €) (0.28) (1.64)
IFRS diluted EPS (in €) (1.23) (1.94)
Non-IFRS cash flows from operating
(240.3) (106.1)
activities(1)
R&D investment expenditure 542.8 612.5
Non-IFRS net cash/(debt) position (1,148.8) (1,102.2)
(1) Based on the consolidated cash flow statement for comparison with other industry players (non-reviewed).



Sales and net bookings
IFRS 15 sales for the second quarter of 2025-26 came to €347.1 million, down (0.4)% (or 2.1%
at constant exchange rates5) on the €348.4 million generated in second quarter 2024-25. For
the first half of 2025-26, IFRS 15 sales totaled €657.8 million, down (2.1)% (or 0.3% at
constant exchange rates1) compared with the first half 2024-25 figure of €671.9 million.

Net bookings for the second-quarter of 2025-26 totaled €490.8 million, up 39.3% (or 41.6%
at constant exchange rates1) compared with the €352.3 million recorded for the second quarter
of 2024-25. First half 2025-26 net bookings amounted to €772.4 million, up 20.3% (or 22.6%
at constant exchange rates1) on the €642.3 million generated in the first-half 2024-25.

Main income statement6 items
Non-IFRS operating income came in at €27.1 million, versus €(252.1) million in the first half
2024-25.

Non-IFRS attributable net income amounted to €(37.0) million, representing non-IFRS diluted
earnings per share of €(0.28), compared with non-IFRS attributable net income of €(208.1)
million and non-IFRS diluted earnings per share of €(1.64) in first half 2024-25.




5
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.
6
See the presentation published on Ubisoft’s website for further information on movements in the income and cash flow statement.
7
IFRS attributable net income for 2025-26 totaled €(161.3) million, representing IFRS diluted
EPS of €(1.23), compared with IFRS attributable net income of €(246.7) million and IFRS
diluted earnings per share of €(1.94) in first-half 2024-25.

Main cash flow statement7 items

Non-IFRS cash flows from operating activities represented a net cash outflow of €(240.3)
million in H1 2025-26 (versus a net cash outflow of €(106.1) million in first half 2024-25). It
reflects a negative €(138.9) million in non-IFRS cash flow from operations (versus a negative
€(290.9) million in H1 2024-25) and an €101.5 million increase in non-IFRS working capital
requirement (compared with an €184.9 million decrease in the first six months 2024-25).

Main balance sheet items and liquidity

At September 30, 2025, the Group’s equity was €1,566 million, down year in year following the
recent FY2024-25 restatement, and its non-IFRS net debt was €1,149 million, slightly up versus
non-IFRS net debt of €1,102 million at end of September 30, 2024. IFRS net debt totaled
€1,420 million at September 30, 2025, of which €271 million related to the IFRS16 accounting
restatement. At September 30, 2025, Cash and cash equivalents stood at 668.2 million.

Management has established the Group’s consolidated financial statements on a going-concern
basis, relying on the structuring assumption that the Tencent transaction closes with a €1.16bn
cash injection. Having satisfied all the conditions precedent, the transaction is expected to close
in the coming days.


Outlook

Third-quarter 2025-26
Net bookings for the third quarter of 2025-26 are expected to come in at around €305 million.

Full-year 2025-26
The Company confirms its financial targets. It 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 non-IFRS
net debt position of around zero.

The line-up for the rest of FY26 includes Anno 117: Pax Romana™, which launched on
November 13. Assassin’s Creed Mirage Valley of Memory update launched on November 18.
Avatar Frontiers of Pandora From the Ashes expansion will release on December 19. Prince of
Persia™: The Sands of Time remake, Rainbow Six® Mobile, The Division® Resurgence and an
unannounced title are planned for Q4.

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.




7
Based on the consolidated cash flow statement for comparison with other industry players (non reviewed).
8
Conference call

Ubisoft will hold a conference call today, Friday, November 21, 2025, at 9:30 a.m. Paris time/3:30 a.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/h9jsejk9

Contacts

Investor Relations Press Relations

Alexandre Enjalbert Michael Burk
Head of Investor Relations VP, Corporate Communications
+ 33 1 48 18 50 78 +33 1 48 18 24 03
alexandre.enjalbert@ubisoft.com 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 19, 2025
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.




9
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 firm commitments related to license or
distribution agreements recognized independently of the performance obligation realization, and restated for the financing impact
(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 and group savings plans.
- 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.

Free cash flow before working capital requirement corresponds to cash flow from operations after cash inflows/outflows arising on (i) the
disposal/acquisition of other intangible assets and property, plant and equipment and (ii) commitments related to leases recognized on
the application of IFRS 16.

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).




10
Breakdown of net bookings by geographic region


Q2 Q2 6 months 6 months
2025-26 2024-25 2025-26 2024-25

Europe 42% 37% 39% 35%
Northern America 51% 49% 50% 51%
Rest of the world 7% 14% 11% 14%
TOTAL 100% 100% 100% 100%




Breakdown of net bookings by platform



Q2 Q2 6 months 6 months
2025-26 2024-25 2025-26 2024-25

CONSOLES 65% 60% 59% 55%
PC 21% 23% 23% 25%
MOBILE 5% 8% 7% 9%
Others* 9% 9% 11% 11%
TOTAL 100% 100% 100% 100%


*Ancillaries, etc.




11
Title release schedule
3rd quarter (October – December 2025)




PACKAGED & DIGITAL


ANNO 117: PAX ROMANA™ PC, PLAYSTATION®5, XBOX SERIES X/S


ASSASSIN’S CREED® SHADOWS NINTENDO SWITCH™ 2


AMAZON LUNA, PC,
AVATAR FRONTIERS OF PANDORA™: FROM THE ASHES
PLAYSTATION®5, XBOX SERIES X/S


NINTENDO SWITCH™, PLAYSTATION®4,
JUST DANCE® 2026 EDITION PLAYSTATION®5,
XBOX ONE, XBOX SERIES X/S




DIGITAL ONLY


AMAZON LUNA, PC,
ASSASSIN'S CREED® MIRAGE: VALLEY OF MEMORY PLAYSTATION®4, PLAYSTATION®5,
XBOX ONE, XBOX SERIES X/S


FOR HONOR®: Year 9 Season 4 PC, PLAYSTATION®4, XBOX ONE


AMAZON LUNA, PC,
RIDERS REPUBLIC™: Year 5 PLAYSTATION®4, PLAYSTATION®5,
XBOX ONE, XBOX SERIES X/S


AMAZON LUNA, PC,
SKULL & BONES™: Year 2 Season 3
PLAYSTATION®5, XBOX SERIES X/S


AMAZON LUNA, PC,
THE CREW® MOTORFEST: Season 8 PLAYSTATION®4, PLAYSTATION®5,
XBOX ONE, XBOX SERIES X/S


THE ROGUE PRINCE OF PERSIA™ NINTENDO SWITCH™, NINTENDO SWITCH™ 2


AMAZON LUNA, PC,
® PLAYSTATION®4, PLAYSTATION®5,
TOM CLANCY’S RAINBOW SIX SIEGE X: Year 10 Season 4
XBOX ONE, XBOX SERIES X/S



AMAZON LUNA, PC,
TOM CLANCY’S THE DIVISION® 2 Year 7 Season 3
PLAYSTATION®4, XBOX ONE


AMAZON LUNA, NINTENDO SWITCH™, PC,
UNO®: SHOW'EM NO MERCY DLC PLAYSTATION®4, PLAYSTATION®5,
XBOX ONE, XBOX SERIES X/S




12
Extracts from the Consolidated Financial Statements at

September 30, 2025



The limited review procedure on the half-year accounts is in progress.




Consolidated income statement (IFRS, extract from the accounts).


(in € millions) 09.30.2025 09.30.2024


Sales 657.8 671.9
Cost of sales (80.2) (90.3)
Gross profit 577.7 581.7
R&D costs (429.6) (530.8)
Marketing costs (130.3) (174.0)
Administrative and IT costs (128.7) (128.5)
Profit (loss) from ordinary operating activities (110.9) (251.6)
Other non-current operating income & expense (9.2) (20.2)
Operating profit (loss) (120.2) (271.8)
Net borrowing costs (33.4) (27.3)
Net foreign exchange gains/losses (6.5) (12.2)
Other financial expenses (3.6) (2.8)
Other financial income 0.5 5.3
Net financial income (43.1) (37.0)
Income tax 1.8 62.2
CONSOLIDATED NET INCOME (161.4) (246.5)
Net income attributable to owners of the parent company (161.3) (246.7)
Net income attributable to non-controlling interests 0.0 0.2
Earnings per share attributable to owners of the parent company
Basic earnings per share (in euros) (1.23) (1.94)
Diluted earnings per share (in euros) (1.23) (1.94)
Weighted average number of shares in issue 131,176,067 127,026,713
Diluted weighted average number of shares 131,176,067 127,026,713




13
Reconciliation of IFRS Net income and non-IFRS Net income


(in € millions) H1 H1
2025-26 2024-25
except for per share data IFRS Adjustments Non-IFRS IFRS Adjustments Non-IFRS
IFRS 15 Sales 657.8 671.9
Deferred revenues
114.6 (29.7)
related to IFRS 15
Net bookings 114.6 772.4 (29.7) 642.3
Total Operating expenses (778.0) 32.7 (745.3) (943.7) 49.3 (894.4)
Financing component 0.0 0.0 0.0 6.2 (6.2) 0.0
Stock-based compensation (23.4) 23.4 0.0 (35.4) 35.4 0.0
Non current operating
(9.2) 9.2 0.0 (20.2) 20.2 0.0
income & expense
OPERATING INCOME (120.2) 147.2 27.1 (271.8) 19.7 (252.1)
Net Financial income (43.1) 12.6 (30.4) (37.0) 14.0 (22.9)
Income tax 1.8 (35.6) (33.7) 62.2 4.9 67.1
Consolidated Net Income (161.4) 124.3 (37.1) (246.5) 38.6 (207.9)
Net income attributable
to owners of the parent (161.3) (37.1) (246.7) (208.1)
company

Net income attributable
to non-controlling 0.0 0.0 0.2 0.2
interests

Diluted number of shares 131,176,067 131,176,06 127,026,7 127,026,7
Diluted earnings per 7 13 13
share attributable to (1.23) 0.95 (0.28) (1.94) 0.30 (1.64)
parent company




14
Consolidated balance sheet (IFRS, extract from the accounts)
Assets Net Net
(in € millions) 09.30.2025 09.30.2024
Goodwill 54.8 55.9
Other intangible assets 2,367.1 2,183.0
Property, plant and equipment 131.3 153.2
Right-of-use assets 229.1 263.7
Non-current financial assets 54.7 57.4
Deferred tax assets 339.1 289.0
Non-current assets 3,176.0 3,002.2
Inventory 10.5 21.1
Trade receivables 162.7 440.5
Other receivables 225.6 170.1
Current financial assets 0.2 0.2
Current tax assets 69.4 59.2
Cash and cash equivalents 668.2 933.1
Current assets 1,136.6 1,624.2
TOTAL ASSETS 4,312.6 4,626.4

Liabilities and equity Net Net
(in € millions) 09.30.2025 09.30.2024
Capital 10.4 10.1
Premiums 728.1 712.7
Consolidated reserves 986.5 1,220.9
Consolidated earnings (161.3) (246.7)
Equity attributable to owners of the parent company 1,563.6 1,697.1
Non-controlling interests 2.8 2.8
Total equity 1,566.4 1,699.9
Provisions 9.7 10.2
Employee benefit 23.7 22.4
Long-term borrowings and other financial liabilities 1,729.0 2,158.5
Deferred tax liabilities 21.5 26.5
Other non-current liabilities 3.1 9.0
Non-current liabilities 1,787.0 2,226.5
Short-term borrowings and other financial liabilities 359.6 182.7
Trade payables 112.0 179.3
Other liabilities 469.9 321.0
Current tax liabilities 17.8 17.0
Current liabilities 959.2 700.1
Total liabilities 2,746.2 2,926.5
TOTAL LIABILITIES AND EQUITY 4,312.6 4,626.4




15
Consolidated cash flow statement for comparison with other industry players (non
reviewed)
(in € millions) 09.30.2025 09.30.2024
Non-IFRS Cash flows from operating activities
Consolidated earnings (161.4) (246.5)
+/- Net Depreciation on R&D intangible fixed assets 206.0 284.5
+/- Other depreciation on fixed assets 52.3 75.2
+/- Net Provisions (0.5) (11.1)
+/- Cost of share-based compensation 23.4 35.4
+/- Gains / losses on disposals — —
+/- Other income and expenses calculated 132.7 8.2
+/- Cost of internal development and license development (337.5) (393.7)
+/- IFRS 15 Impact (32.2) (22.1)
+/- IFRS 16 Impact (21.7) (20.8)
Non-IFRS cash flow from operation (138.9) (290.9)
Inventory (2.7) (12.7)
Trade receivables (35.8) 300.8
Other assets (58.3) (2.3)
Trade payables (59.6) 16.1
Other liabilities 54.9 (117.0)
+/- Non-IFRS Change in working capital (101.5) 184.9
Non-IFRS cash flow generated by operating activities (240.3) (106.1)
Cash flows from investing activities
- Payments for the acquisition of intangible assets and property, plant and (10.4) (20.3)
equipment

+ Proceeds from the disposal of intangible assets and property, plant and 0.1 —
equipment

Free Cash-Flow (250.7) (126.3)
+/- Payments for the acquisition of financial assets (5.8) (5.8)
+ Refund of loans and other financial assets 2.9 1.1
+/- Changes in scope * — —
Non-IFRS cash generated by investing activities (13.2) (25.0)
Cash flows from financing activities
+ New borrowings 9.2 673.2
- Refund of borrowings (79.1) (839.4)
+ Funds received from shareholders in capital increases 15.6 38.0
+/- Sales / purchases of own shares — —
Cash generated by financing activities (54.2) (128.1)
NET CHANGE IN CASH AND CASH EQUIVALENTS (307.8) (259.2)
Cash and cash equivalents at the beginning of the fiscal year 989.2 1,202.4
Foreign exchange losses/gains (13.3) (11.0)
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 668.1 932.2
(1)
Including cash in companies acquired and disposed of 0.0 0.0
RECONCILIATION OF NET CASH POSITION
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 668.1 932.2
Bank borrowings and from the restatement of leases (2,087.7) (2,250.9)
Commercial papers — (89.0)
IFRS 16 270.7 305.5
NON-IFRS NET CASH POSITION (1,148.8) (1,102.2)




16
Consolidated cash flow statement (IFRS, extract from the accounts)
In millions of euros 09.30.2025 09.30.2024
Cash flows from operating activities
Consolidated earnings (161.4) (246.5)
+/- Net amortization and depreciation on property, plant and equipment and 258.3 359.7
intangible assets
+/- Net Provisions (0.5) (11.1)
+/- Cost of share-based compensation 23.4 35.4
+/- Gains / losses on disposals — —
+/- Other income and expenses calculated 15.7 8.2
+/- Income Tax Expense (1.8) (62.2)
TOTAL CASH FLOW FROM OPERATING ACTIVITIES 133.7 83.5
Inventory (2.7) (12.7)
Trade receivables 121.9 300.8
Other assets (15.9) 121.2
Trade payables (59.6) 16.1
Other liabilities (72.0) (110.9)
Deferred income and prepaid expenses 83.0 (27.0)
+/- Change in working capital 54.8 287.5
+/- Current Income tax expense (69.6) (62.6)
TOTAL CASH FLOW GENERATED BY OPERATING ACTIVITIES 118.9 308.5
Cash flows from investing activities
- Payments for the acquisition of internal & external developments (337.5) (393.7)
- Payments for the acquisition of intangible assets and property, plant and (10.4) (20.3)
equipment

+ Proceeds from the disposal of intangible assets and property, plant and 0.1 —
equipment

+/- Payments for the acquisition of financial assets (5.8) (5.8)
+ Refund of loans and other financial assets 2.9 1.1
+/- Changes in scope (1) — —
CASH GENERATED BY INVESTING ACTIVITIES (350.7) (418.7)
Cash flows from financing activities
+ New borrowings 9.2 673.2
- Refund of leases (21.7) (20.8)
- Refund of borrowings (79.1) (839.4)
+ Funds received from shareholders in capital increases 15.6 38.0
+/- Sales / purchases of own shares — —
CASH GENERATED BY FINANCING ACTIVITIES (75.9) (148.9)
Net change in cash and cash equivalents (307.8) (259.2)
Cash and cash equivalents at the beginning of the fiscal year 989.2 1,202.4
Foreign exchange losses/gains (13.3) (11.0)
Cash and cash equivalents at the end of the period 668.1 932.3
(1)
Including cash in companies acquired and disposed of 0.0 0.0
RECONCILIATION OF NET CASH POSITION
Cash and cash equivalents at the end of the period 668.1 932.3
Bank borrowings and from the restatement of leases (2,087.7) (2,250.9)
Commercial papers — (89.0)
IFRS NET CASH POSITION (1,419.6) (1,407.7)




17
Restated consolidated accounts (IFRS, extract from the accounts)


Balance Sheet
Assets Net Net Restated Net as published Net
(in € millions) 09.30.2025 03.31.2025 03.31.25 09.30.24

Goodwill 54.8 56.7 56.7 55.9
Other intangible assets 2,367.1 2,266.3 2,266.3 2,183.0
Property, plant and equipment 131.3 145.6 145.6 153.2
Right-of-use assets 229.1 248.4 248.4 263.7
Non-current financial assets 54.7 57.2 57.2 57.4
Deferred tax assets 339.1 287.8 258.4 289.0
Non-current assets 3,176.0 3,062.0 3,032.5 3,002.2
Inventory 10.5 8.5 8.5 21.1
Trade receivables 162.7 295.9 409.8 440.5
Other receivables 225.6 193.4 193.4 170.1
Current financial assets 0.2 0.9 0.9 0.2
Current tax assets 69.4 64.9 64.9 59.2
Cash and cash equivalents 668.2 990.0 990.0 933.1
Current assets 1,136.6 1,553.6 1,667.5 1,624.2
TOTAL ASSETS 4,312.6 4,615.5 4,699.9 4,626.4

Liabilities and equity Net Net Restated Net as published Net
(in € millions) 09.30.2025 03.31.2025 03.31.25 09.30.24

Capital 10.4 10.1 10.1 10.1
Premiums 728.1 712.7 712.7 712.7
Consolidated reserves 986.5 1,231.2 1,231.2 1,220.9
Consolidated earnings (161.3) (243.5) (159.0) (246.7)
Equity attributable to owners of the parent 1,563.6 1,710.5 1,795.0 1,697.1
company 2.9 2.9 2.8
Non-controlling interests 2.8
Total equity 1,566.4 1,713.4 1,797.9 1,699.9
Provisions 9.7 12.8 12.8 10.2
Employee benefit 23.7 22.3 22.3 22.4
Long-term borrowings and other financial liabilities 1,729.0 1,739.4 1,834.3 2,158.5
Deferred tax liabilities 21.5 38.5 38.5 26.5
Other non-current liabilities 3.1 3.8 3.8 9.0
Non-current liabilities 1,787.0 1,816.9 1,911.8 2,226.5
Short-term borrowings and other financial liabilities 359.6 426.9 332.0 182.7
Trade payables 112.0 177.7 177.7 179.3
Other liabilities 469.9 452.2 452.2 321.0
Current tax liabilities 17.8 28.3 28.3 17.0
Current liabilities 959.2 1,085.1 990.2 700.1
Total liabilities 2,746.2 2,902.0 2,902.0 700.1
TOTAL LIABILITIES AND EQUITY 4,312.6 4,615.5 4,699.9 4.626.4




18
Consolidated Income Statement




(in € millions) 09.30.2025 03.31.2025 03.31.2025 09.30.2024
Restated As published

Sales 657.8 1,785.3 1,899.2 671.9
Cost of sales (80.2) (202.7)
(202.7 (202.7) (90.3)
Gross profit 577.7 1,582.6 1,696.5 581.7
1 582.6
R&D costs (429.6) (1,071.0) (1,071.0) (530.8)
(1 071.0
Marketing costs (130.3) (387.7) (387.7) (174.0)
Administrative and IT costs (128.7) (387.7
(267.9) (267.9) (128.5)
Profit (loss) from ordinary operating activities (110.9) (267.9
(144.0) (30.1) (251.6)
Other non-current operating income & expense (9.2) (52.6)
(144.0 (52.6) (20.2)
Operating profit (loss) (120.2) (196.6) (82.6) (271.8)
(52.6
Net borrowing costs (33.4) (59.9) (59.9) (27.3)
(196.6
Net foreign exchange gains/losses (6.5) (0.7) (0.7) (12.2)
Other financial expenses (3.6) (59.9
(9.8) (9.8) (2.8)
Other financial income 0.5 (0.7
6.5 6.5 5.3
Net financial income (43.1) (64.0)
(9.8 (64.0) (37.0)
Income tax 1.8 17.3
6.5 (12.1) 62.2
CONSOLIDATED NET INCOME (161.4) (243.3) (158.7) (246.5)
(64.0
Net income attributable to owners of the parent company (161.3) (243.5) (159.0) (246.7)
Net income attributable to non-controlling interests 0.0 17.3
0.2 0.2 0.2
(243.3
(243.5
0.2

Covenants

With regard to the Term Loan, Revolving Credit Facility and the Schuldschein loans, Ubisoft must comply with the
following ratios calculated on the basis of the IFRS consolidated annual financial statements:

• the “Net debt restated for assigned receivables/equity restated for goodwill” ratio must be below or equal
to 0.8;
• the “Net debt restated for assigned receivables/EBITDA over the last 12 months” ratio must be below or
equal to 1.5.




Before After
IFRS update IFRS update

03.31.25 09.30.25 03.31.25 09.30.25

Equity (as per covenant definition) 1,738.3 1,693.7 1,653.9 1,508.8
Net Debt (as per covenant definition) 966.2 1,180.7 966.2 1,180.7
EBITDA (as per covenant definition) 710.5 910.4 596.6 651.7

Ratio Net Debt to Equity 0.56 0.70 0.58 0.78
Ratio Net Debt to EBITDA 1.36 1.30 1.62 1.81




19