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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:
Strong activity metrics across Console & PC: Assassin's Creed and Rainbow Six brands' unique active players both stood at around 30 million for the 4 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.
Outlook:
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 score 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 organization 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:
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 base 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
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 rates ) 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 items
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 statement 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
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:
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:
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:
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
Breakdown of net bookings by platform
*Ancillaries, etc.
Title release schedule
1 quarter (April – June 2025)
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).
Reconciliation of IFRS Net income and non-IFRS Net income
Consolidated balance sheet (IFRS, extract from the accounts which have undergone an audit by Statutory Auditors)
Consolidated cash flow statement (IFRS, extract from the accounts which have undergone an audit by Statutory Auditors)
RECONCILIATION OF NET CASH POSITION
Consolidated cash flow statement for comparison with other industry players (non-audited)
RECONCILIATION OF NET CASH POSITION
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)
Attachment
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