Ubisoft Entertainment FY2026 Earnings Release

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UBISOFT REPORTS FULL -YEAR 202 5-26 EARNINGS FIGURES
FY2025 -26: Strategic reset initiated and transformation well underway
FY2026 -27 : A low point in FCF trajectory with continued execution on new operating
model
Strong rebound expected with positive FCF in FY2027 -28 and robust FCF in FY2028 -29
202 5-26 (In €m)
Reported change vs. 202 4-25 restated
In % of total net bookings
12 months 202 5-26
12 months 202 4-25 restated
IFRS 15 sales 1,395 .7 -21 .8% NA NA
Net bookings 1,525 .1 -17 .4% NA NA
Digital net bookings 1,331 .6 -16 .0% 87.3% 85. 9%
PRI net bookings 924 .7 +14.7 % 60 .6% 43.7%
Back -catalog net bookings 1,2 81 .8 -1.1% 84 .0% 70.2%
IFRS operating income -1,3 22.3 NA NA NA
Non -IFRS operating income -1,044.7 NA NA NA
Q4 Net Bookings exceeded expectations, reaching €415m, versus guidance of around €390m, driven by
stronger -than -expected performance across the back -catalog , highlighting the enduring strength of the
Group’s brands . Net bookings were down 54% year -on -year when compared to a record Q4 in FY2025 -26
that included the release of Assassin’s Creed Shadows and significant ly higher revenue from partnerships .
Ubisoft’s transformation towards its new operating model well underway , including :
– Closing of the landmark strategic transaction with Tencent, bringing €1.16bn of cash and enabling to
meaningfully deleverage the Group.
– Strengthening of leadership with the recently appoint ed Vantage Studios ’ co -CEOs establishing a
dedicated leadership team for Assassin’s Creed and naming Nicolo Laurent as their strategic advisor .
– Making leadership appointments for Creative Houses 3 & 5, and the Creative Network.
– Finaliz ing of the recruitment of the General Manager and selection of his leadership team for Creative
House 2 .
– Progress ing towards a rightsized and more focused organization that included :
o A c omprehensive portfolio review resulting in a more focused roadmap, with 7 projects
discontinued and 6 projects delayed.
o Continued execution with discipline on the fixed cost base , delivering € 118m savings vs. FY2024 –
25. Fixed cost base has now been reduced by around €325 m since FY2022 -23 with a clear path to
reaching €500m in cumulated savings on a run -rate basis by March 2028.
Improved quality delivery for recent releases
– Latest releases demonstrated improved quality delivery , with Assassin’s Creed Shadows, Anno 117:
Pax Romana and Avatar: Frontiers of Pandora expansion exceeding 80 Metacritic score.
FY2026 -27 : Laying the foundations for strong execution
– FY2026 -27 line -up to include Assassin’s Creed Black Flag Resynced (July 9) , alongside other
targeted premium games based on established Ubisoft brands.
– FY2026 -27 outlook reflects a light er new release slate, continued investment ahead of stronger
releases in FY2027 -28 , and restructuring cash costs , partially offset by a solid Live roadmap and
strong growth for Rainbow Six Siege :
O Net bookings down by a high single -digit percentage ,
O High single -digit negative n on -IFRS operating margin ,
O Free Cash Flow consumption of no more than €500m .
Beyond FY2026 -27 : Strong rebound
– The Group expects a significantly bigger content pipeline over FY2027 -28 and FY2028 -29 across its
major brands including Assassin’s Creed, Far Cry and Ghost Recon.
– Supported by this stronger release schedule, acceleration of its Live services , including Rainbow Six
Siege, the refocused portfolio and the continued reduction of its fixed cost base , the Group expects
an important rebound with a return to positive Free Cash Flow generation and non -IFRS EBIT in
FY2027 -28 , and to generate robust Free Cash Flow in FY2028 -29, with positive cumulated Free Cash
Flow during the FY 2026 -27 to FY 2028 -29 period .

Paris, May 20 , 202 6 – Today, Ubisoft released its earnings figures for FY202 5-26.

Yves Guillemot, Co -Founder and Chief Executive Officer, said , “This past fiscal year was one of
decisive action for Ubisoft. We initiated one of the most ambitious transformations in the company’s
history, building a more focused, agile and disciplined organization that is capable of consistently
delivering high -quali ty experiences to players through a sustained release cadence while
supporting value creation over time.

To achieve this strategic reset, in FY 2025 -26 , we began put ting in place a new operating model,
rationalized our portfolio of games and executed with discipline on our cost reduction program
while significantly deleveraging the Group.

In FY 2026 -27, we will pursue and complete the execution of this transformation, and continue
investment ahead of a much stronger and sustained content cycle. This year is therefore expected
to represent a low point in our free cash flow trajectory along with a softer release slate and
restructuring costs. We will continue to grow our Live games, led by Rainbow Six Siege and its
strong roadmap, deliver Assassin’s Creed Black Flag Resynced and launch other targeted premium
games based on established Ubisoft brands.

This two -year transformation comes with difficult decisions and a disappointing short -term financial
performance, but I firmly believe that, together, these actions are better positioning Ubisoft to
deliver sustainable free cash flow over time.

The expected outcome, beyond FY 2026 -27, will be an important rebound driven by a significantly
stronger new release pipeline, the acceleration of our Live games and the continued reduction of
our fixed cost base, with Free Cash Flow turning positive in FY 2027 -28 and reaching a robust level
in FY 2028 -29. Overall, we expect to generate positive cumulated Free Cash Flow through the
FY 2026 -27 to FY 2028 -29 period. In this context, with a comfortable liquidity position, the review
of our financing options is acti vely progressing, with the objective of executing the most efficient
financing scheme in due course.

Our ambition remains clear: reinforce Ubisoft’s position as one of the industry’s leading creators
of high -quality, memorable and engaging entertainment experiences that resonate with players
over the long term. By combining creative focus, the latest innovative technolog ies , a reinforced
talent base and a commitment to enhanced quality, we believe we have the assets and brands to
return to profitable growth , robust free cash flow generation and a strengthened capital structure .”

Q4/FY Highlights

Overall, net bookings for the year stood at €1,525 million, down 17% year -on -year , primarily
reflecting a softer new release schedule. Back -catalog was robust, performing broadly stable year –
on -year , highlighting once again the strength and attractiveness of the Group’s portfolio of
franchises. The Group reached 36 million MAUs and 12 9 million Unique Users across Consoles and
PC , stable wh en excluding XDefiant from the base .

In Q4, n et bookings stood at € 415 m, €25m above guidance , driven by stronger -than -expected
back -catalog performances across the Group’s major franchises and MAUs were slightly up year –
on -year . Net bookings were down 54% year -on -year, reflecting a high comparison base that
included the release of Assassin’s Creed Shadows and significantly higher partnerships. For its part,
back -catalog net bookings stood at €243m this quarter, down mid -single digit excluding
partnerships.

Tom Clancy’s Rainbow Six Siege delivered a solid quarter with activity and engagement trends
significantly improving sequentially. Session Days remained stable year -on -year while peak DAUs
in March increased year -on -year and nearly three times higher than in early November , reaching
the 2 nd highest level since March 2020 . MAUs were clearly above 10 million in March and up double –
digit year -on -year , reflecting a meaningful re -engagement of the player base and closing the year
with an annual audience growing low double digit and above 30 million unique active players . The
Year 11 has been praised by players , showcasing significant community -driven content for the year
ahead and reflecting the team’s sustained effort to address player feedback over the recent
months.

Tom Clancy’s The Division 2 saw net bookings outperform in the quarter , and more than double
year on year this fiscal year , supported by the 10 -year anniversary of the franchise , roadmap
updates and continued strong Live -services execution . The anniversary season and the limited
time Realism mode drove meaningful player engagement growth and led to a record quarter in
terms of monetization for the game thanks to audience growth as well as structural improvements
in terms of retention and conversion . This performance highlights the team’s continued focus on
evolving the player experience over time .

The Assassin’s Creed franchise also posted a strong performance , outperform ing and deliver ing
year -on -year engagement growth , closing the year with an annual audience above 30 million
unique active players.

Avatar: Frontiers of Pandora continued to benefit from momentum generated by the 3 rd person
update, the latest expansion and the theatrical release of the Avatar film in the prior quarter,
delivering very strong year -on -year net booking s growth both in the quarter and over the fiscal
year.

The Crew Motorfest reached record quarterly users on the back of a robust content pipeline,
including the NASCAR -themed season and the release of Trackforge, a new UGC feature enabling
players to build their own racing circuits.

For Honor saw net bookings grow double -digit this quarter, supported by the launch of Year 10,
Cycle of War that led to solid audience and engagement growth . The new seasonal content
roadmap, gameplay updates and anniversary celebrations highlighted the franchise’s long -term
durability and reflected the team’s continued Live services execution nearly 10 years after release.

On the Mobile side, Invincible : Guarding the Globe benefited from the release of the new TV
series, driving a significant uplift in player activity throughout March and reaching record activity
levels in early FY2026 -27. Overall, net bookings were up over 50% this fiscal year. The quarter
also saw the release of Rainbow Six Mobile and The Division Resurgence . Both games were
welcomed by players for the ir faithful gameplay experiences . While the games had a slow start,
the teams are working towards broadening their respective audiences.

Progress on Group transformation

Following the comprehensive transformation announced in January , centered on a new operating
model, a refocused portfolio and a rightsized organization , Ubisoft is now firmly in the execution
phase, delivering tangible progress across all pillars. The creation of Vantage Studios alongside the
€1.16bn cash injection marked a key milestone, strengthening the balance sheet and enhancing
financial flexibility to support the Group’s transformation .

Organizationally, the recently appoint ed co -CEOs of Vantage Studios established a new dedicated
leadership team for the Assassin’s Creed franchise , bring ing clear mandates and creative
accountability to Ubisoft’s most iconic brand . They also appointed Nicolo Laurent as strategic
advisor, bringin g extensive experience building and operating globally successful competitive and
Live games , further strengthening Vantage Studios’ capabilities in this critical segment.

In parallel, Ubisoft is rolling out its new structure, with key leadership appointments across Creative
Houses 3 and 5 and the Creative Network, while finalizing the leadership team for Creative House
2. Julien Bares, appointed as General Manager of Creative House s 3 and 5, brings more than 25
years of extensive experience in the video gaming industry in leadership roles across AAA
production and live operations, including more than 20 years in China.

In a more selective market, Ubisoft has also streamlined its portfolio, discontinuing 7 projects and
delaying 6 others to maximize long -term value and refocus its three -year roadmap. This more
disciplined approach better positions the Creative Houses to a return to higher quality standards,
already reflected in recent releases such as Assassin’s Creed Shadows, Anno 117: Pax Romana
and the Avatar: Frontiers of Pandora expansion, each achieving above 80 Metacritic scores .
Leveraging AI to enhance player experience and boost teams’ creativity and efficiency
Ubisoft is accelerating investments behind Teammates, its first playable Generative AI experience ,
to enrich player experiences , while teams are making tangible progress organically on AI
applications that can help manage the growing complexity of modern game development pipelines.
This ranges from more intelligent bots supporting our QC teams, to smarter NPCs and game worlds
that can adapt to player behavior and react more dynamically in real time.
The Group is fully leveraging decades of expertise in open worlds, systemic gameplay, and AI –
driven systems, combined with years of pioneering AI and machine learning research through its
La Forge R&D teams. Together with the many early adopters across its production teams, this
gives the Company confidence in Ubisoft’s ability to remain at the forefront of this transformation
and provides its teams with tools to enhance their creativity .
Strong execution on cost reduction initiatives
Ubisoft’s fixed cost base 1 remains a core priority, with the initial cost reduction program achieved
one year ahead of schedule and above the target, highlighting continued discipline and strong
execution.
1 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

The Group’s total headcount stood at 16,590 at the end of March 2026, down by around 1,200
employees versus last year, while maintaining voluntary attrition close to Ubisoft’s record low
levels, particularly among senior profiles , and strengthening the talent base thanks to the return
of 155 former Ubisoft top talents .
The FY2025 -26 fixed cost base stood at around € 1.435bn , down € 118m and 8% versus the
FY2024 -25 base. This includes a favorable foreign exchange impact and brings the cumulated fixed
cost base reduction since FY2022 -23 to nearly €325m .
Looking ahead, Ubisoft has a clear path to completing the third and final phase of its cost reduction
program, targeting a fixed cost base of €1.25bn on a run -rate basis by March 2028, supported by
continued discipline in recruitment and targeted restructu rings. The Group also continues to
consider potential asset divestitures.

Content roadmap

FY2026 -27
April was marked by the opening of Heroes of Might and Magic: Olden Era in early access on
PC , marking the return of the long -running franchise through a modernized strategy RPG
experience . The title , developed by Unfrozen and published by Hooded Horse , generated very
positive community engagement and achieved 88 % positive user rating s on Steam to date ,
demonstrat ing the strength of the Might and Magic brand. This also illustrates Ubisoft’s capacity to
leverage and monetize the strength of its IP portfolio across multiple genres and audiences , both
directly or through partners .
Ubisoft announced Assassin’s Creed Black Flag Resynced, a faithful remake of Assassin’s Creed
IV Black Flag, originally released in 2013 , led by Ubisoft Singapore and scheduled for release on
July 9, 2026 . Rebuilt from the ground up using the latest version of the Anvil engine, the game
introduces substantial visual enhancements alongside enriched gameplay systems, including
updated combat, stealth, parkour, naval mechanics, and additional narrative conten t. The reveal
generated strong engagement across the Assassin’s Creed community, with players praising the
game’s modernized presentation and expanded gameplay features while recognizing its
faithfulness to the original experience. Early pre -order momentum has been particularly strong,
notably in China, ranking among the franchise’s best performances over the first three weeks .
The fiscal year will also b enefit from continued investment across Ubisoft’s Live services portfolio .
Rainbow Six Siege is expected to return to solid net booking s growth thanks to an ambitious,
community -driven content roadmap for its Year 11, with the release of numerous highly anticipated
features, including Ranked 3.0 and meta -driven gameplay that brings freshness to the experience .
The Salt Lake City Major last week further underscored the game’s competitive appeal, setting a
new record for a Major event viewership. The Division 2 will also continue to expand through its
Year 8 roadmap, featuring four seasonal updates , a new DLC set in New York and additional content
for players as well as introduce The Division 2: Survivors, a new game experience .

The FY2026 -27 release slate will also include targeted premium games based on established
Ubisoft brands that will be announced at a later date.

FY2027 -28 & 2028 -29
Ubisoft expects a significantly strong er and diversified content pipeline over FY2027 -28 and
FY2028 -29 , supported by releases across its major brands, including Assassin’s Creed, Far Cry and
Ghost Recon as well as an acceleration of its Live services driven by Rainbow Six Siege . This
roadmap reflects the Group’s continued focus on building sustainable evergreen ecosystems,
strengthening release regularity, and delivering high -quality experiences across multiple player
segments.

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 2025 -26 % 2024 -25 %
IFRS 15 sales 1,395.7 1,785.3
Restatements related to IFRS 15 129.5 61.0
Net bookings 1,525.1 1,846.4
Gross margin based on Net bookings 1,359.4 89.1% 1,643.6 89.0%
Non -IFRS R&D expenses (1, 855.9) (121. 7%) (1,029.2) (55.7%)
Non -IFRS selling expenses (266.2) (17.5%) (371.3) (20.1%)
Non -IFRS G&A expenses (281.9) (18.5%) (258.1) (14.0%)
Total Non -IFRS SG&A expenses (548.1) (35.9%) (629.4) (34.1%)
Non -IFRS operating income (1,0 44 .7) (6 8.5%) (15.1) (0.8%)
IFRS operating income (1,3 22.3 ) (94. 7%) (196.5)
Non -IFRS diluted EPS (in €) (9.38 ) (0.56)
IFRS diluted EPS (in €) (11.16 ) (1.92)
Non -IFRS cash flows from operating
activities (1) (408. 2) 168.8
R&D investment expenditure 1,08 4.2 1,235.6
Non -IFRS net Cash/(debt) position (187.3) (885.1)
(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 2025 -26 came to € 419.5 million, down 47.3% (or 46.0%
at constant exchange rates 2) on the € 795.3 million generated in fourth -quarter 2024 -25 . IFRS 15
sales for full -year 2025 -26 totaled € 1,395.7 million, down 21.8% (or 19.9% at constant exchange
rates) versus the 2024 -25 figure of € 1,785.3 million.
Fourth -quarter 2025 -26 net bookings totaled € 415.0 million, down 54.0% (or 53.0% at constant
exchange rates) on the € 902.3 million recorded for fourth -quarter 2024 -25 . Net bookings for full –
year 2025 -26 amounted to € 1,525.1 million, down 17.4% (or 15.7% at constant exchange rates)
on the € 1,846.4 million figure for 2024 -25 .

Main income statement 3 items

Non -IFRS operating income came in at € (1 ,044.7) million, versus € -15.1 million in 2024 -25 ,
broadly in line with the objective and reflecting the deliberate choices the Group took as part of its
strategic reset notably impacting the Group’s release schedule and portfolio composition .

2 Sales at constant exchange rates are calculated by applying to the data for the period under review the average exchange rate s used for
the same period of the previous fiscal year 3 See the presentation published on Ubisoft’s website for further information on movements in the income and cash flow statemen t.

Non -IFRS attributable net income amounted to € (1,240.3 ) million, representing non -IFRS diluted
earnings per share (EPS) of € (9.38 ), compared with non -IFRS attributable net income of € (70.7)
million and non -IFRS diluted earnings per share of € -0.56 for 2024 -25 .

IFRS attributable net income totaled € (1, 475 .2) million, representing IFRS diluted EPS of € (11 .16 )
(compared with IFRS attributable net income of € -243.5 million and IFRS diluted earnings per
share of € -1.92 for 2024 -25 ).

Main cash flow statement 4 items

Non -IFRS cash flows from operating activities represented a net cash outflow of € 408. 2 million in
2025 -26 (versus a net cash inflow of € 168.8 million in 2024 -25 ). It reflects a negative €425.0
million in non -IFRS cash flow from operations (versus a negative €240.0 million in 2024 -25 ) and
a € 16.9 million de crease in non -IFRS working capital requirement (compared with an € 408.9
million decrease in 2024 -25 ).

Main balance sheet items and liquidity

At March 31, 2026 , the Group’s equity was € 1, 468 million and its non -IFRS net debt was € 187
million , meaningfully down versus non -IFRS net debt of € 885 million at end of March 31, 2025 .
IFRS net debt totaled € 449 million at March 31, 2026 , of which €261 million related to the IFRS16
accounting restatement. At March 31, 2026, Cash and cash equivalent stood at €1,345 million.

Outlook
First -quarter 2026 -27
Net bookings for the first quarter of 2026 -27 are expected to come in at around € 250 million.

Full -year 2026 -27
The Company is introducing its targets for 2026 -27 and expects :
− Net bookings down by a high single -digit percentage ,
− A high single -digit negative n on -IFRS operating margin ,
− Free Cash Flow consumption of no more than €500m.
The Group has sufficient liquidity to address the near -term maturity using cash on hand. Ubisoft is
currently reviewing available financing options with the objective of addressing upcoming
maturities, extending its debt profile and maintaining financial flexibility. This review is actively
progressing , with the objective of executing the most efficient financing scheme in due course.

Beyond FY2026 -27
The Group expects a significantly stronger and diversified pipeline of content to come over FY2027 –
28 & FY2028 -29 , supported by releases across its major brands including Assassin’s Creed, Far
Cry and Ghost Recon as well as an acceleration of its Live services driven by Rainbow Six Siege .
In this context, the Group expects to get back to Free Cash Flow generation and positive non -IFRS
EBIT in FY2027 -28 and generate robust Free Cash Flow in FY2028 -29, with positive cumulated
Free Cash Flow during the FY2026 -27 to FY2028 -29 period.
4 Based on the consolidated cash flow statement for comparison with other industry players (non -audited)

Conference call
Ubisoft will hold a conference call today, Wednesday May 20 , 202 6, at 6:15 p.m. Paris time/5:15 p.m. London 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/4be89jb5

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 Communication +33 1 48 18 24 03 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 un certainties 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 provi ded in the most recent Ubisoft Registration Document filed on June 19 , 202 5 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. 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 Ubi soft games and DLC. For the 202 5–26 fiscal year, Ubisoft generated net bookings of €1. 53 billion. To learn more, please visit: www.ubisoftgroup.com . © 202 6 Ubisoft Entertainment. All Rights Reserved. Ubisoft and the Ubisoft logo are registered trademarks in the US and/or other cou ntries.

APPENDICES
Definition of non -IFRS financial indicators
Ubisoft has concluded that these Indicators, which are not strictly accounting measures, provide pertinent additional informa tion for analyzing
the Group’s operating and financial performance. Management uses these measures since they are the best reflecti on of business performance
and exclude the majority of non -operating and non -recurring items.
Alternative performance Indicators, not presented in the financial statements, are:
Net bookings corresponds to IFRS 15 sales adjusted for the following items (positive or negative): the services component, the uncondition al
commitments related to license or distribution agreements, financing impacts (financing components and price reductions);
Player recurring investment (PRI) corresponds to sales of digital items, DLC, season passes, subscriptions and advertising;
Non -IFRS operating profit corresponds to operating profit less the following items (positive or negative):
– the difference between net bookings and IFRS 15 sales,
– tock -based compensation paid under free share award plans and Group savings plans,
– Financing component on sales contracts,
– 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 consideratio n 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 difference between net bookings and IFRS 15 sales,
▪ 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 difference between net bookings and IFRS 15 sales , thus canceling 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 IFRS 16 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
2025 -26
Q4
2024 -25
12 months
2025 -26
12 months
2024 -25
Europe 22% 31% 35% 33%
Northern America 32% 40% 42% 45%
Rest of the world 46% 29% 23% 22%
TOTAL 100% 100% 100% 100%

Breakdown of net bookings by platform

Q4
2025 -26
Q4
2024 -25
12 months
2025 -26
12 months
2024 -25
Consoles 31% 35% 49% 45%
PC 55% 38% 35% 31%
Mobile 7% 22% 7% 16%
Other Platforms* 7% 5% 9% 8%
TOTAL 100% 100% 100% 100%
(*) Derivatives, etc.

Title release schedule
1st quarter (April – June 2026)

DIGITAL ONLY

ANNO 117: PAX ROMANA ™ PROPHECIES OF ASH
PC, PLAYSTATION ®5, XBOX SERIES X/S
FOR HONOR ®: Year 10 Season 2
PC, PLAYSTATION ®4, XBOX ONE
HEROES OF MIGHT AND MAGIC : OLDEN ERA PC
MONOPOLY: S TAR WARS ™ HEROES VS VILLAINS
PC, PLAYSTATION ®5, XBOX SERIES X/S NINTENDO SWITCH ™, NINTENDO SWITCH ™ 2
MORBID METAL PC
RIDERS REPUBLIC ™: Season 19
PC, PLAYSTATION ®4, PLAYSTATION ®5, XBOX ONE, XBOX SERIES X/S
SKULL & BONES ™: Year 3 Season 1
PC, PLAYSTATION ®5, XBOX SERIES X/S
TOM CLANCY’S RAINBOW SIX ® SIEGE X: Year 11 Season 2
PC, PLAYSTATION ®4, PLAYSTATION ®5, XBOX ONE, XBOX SERIES X/S
TOM CLANCY’S THE DIVISION ® RESURGENCE PC
TOM CLANCY’S THE DIVISION ® 2 Year 8 Season 1 & 2
PC, PLAYSTATION ®4, XBOX ONE

EXTRACTS FROM THE CONSOLIDATED FINANCIAL STATEMENTS AT
MARCH 31, 2026

The audit procedures have been carried out and the audit report is in preparation.

Consolidated income statement (IFRS, under audit )

(in € millions) 03.31.2026 03.31.2025
Restated
Sales 1,395.7 1,785.3
Cost of sales (165.7) (202.7)
Gross profit 1,229.9 1,582.6
R&D costs (1,8 83.2 ) (1,071.0)
Marketing costs (268.1) (387.7)
Administrative and IT costs (288. 1) (267.9)
Profit (loss) from ordinary operating activities (1, 209.5 ) (144.0)
Other non -current operating income & expense (112.9) (52.6)
Operating profit (loss) (1,3 22.3) (196.5)
Net borrowing cost (61.9) (59.9)
Net foreign exchange gains/losses (3.4) (0.7)
Other ﬁnancial expenses (6.2) (9.8)
Other ﬁnancial incomes 5.1 6.5
Net financial income (loss) (66.4) (64.0)
Share of proﬁt of associates — —
Income tax (127.8) 17.3
CONSOLIDATED NET INCOME (LOSS) (1, 516.5 ) (243.2)
Net income (loss) attributable to owners of the parent company (1, 475.2 ) (243.5)
Net income (loss) attributable to non -controlling interests (41.3 ) 0.2
Earnings per share attributable to owners of the parent company Basic earnings per share (in euros) (11.16 ) (1.92)
Diluted earnings per share (in euros) (11.16 ) (1.92)
Weighted average number of shares in issue 132,179,648 127,130,543
Diluted weighted average number of shares 132,179,648 127,130,543

Reconciliation of IFRS Net income and non -IFRS Net income

(in € millions) 2025 -26 2024 -25 (Restated)
except for per share data IFRS Adjustments Non -IFRS IFRS Adjustments Non -IFRS
IFRS 15 Sales 1,395.7 1,395.7 1,785.3 1,785.3
Restatements
related to IFRS 15 129.5 129.5 61.0 61.0
Net bookings 129.5 1,525.1 61.0 1,846.4
Total Operating expenses (2,7 18 .0) 148.2 (2,5 69.8) (1,981.9) 120.5 (1,861.4)
Impact of Financing 0.0 0.0 0.0 (13.4 ) 13.4 0.0
Stock -based compensation (35.4) 35.4 — (54.5) 54.5 —
Non -current operating
income & expense (112.9) 112.9 — (52.6) 52.6 —
OPERATING INCOME (1,3 22.3) 277.7 (1,0 44.7) (196.5) 181.5 (15.1)
Net Financial income (66.4) 25.6 (40.7) (64.0) 26.5 (37.5)
Income tax (127.8) (68.9) (196.7) 17.3 (35.2) (17.9)
Consolidated Net Income (1, 516.5 ) 234.4 (1, 282.1 ) (243.2) 172.8 (70.5)
Net income attributable
to owners of the parent
company (1, 475 .2) 234.9 (1,240 .3) (243.5) (70.7)
Net income attributable
to non -controlling
interests (41.3 ) (0.4) (41 .7) 0.2 0.2
Diluted number of shares 132,179,648 132,179,648 127,130,543 127,130,543
Diluted earnings per
share attributable to
parent company (11.16 ) 1.78 (9.38 ) (1.92) 1.36 (0.56)

Consolidated balance sheet (IFRS, under audit )
Assets Net Net Restated
(in € millions) 03.31.2026 03.31.2025
Goodwill 46.4 56.7
Other intangible assets 1,396 .9 2,266.3
Property, plant and equipment 131.8 145.6
Right -of-use assets 220.5 248.4
Non -current ﬁnancial assets 58.1 57.2
Deferred tax assets 239.5 287.8
Non -current assets 2,093.3 3,061.9
Inventory 4.1 8.5
Trade receivables 166.0 295.9
Other receivables 287.9 193.4
Current ﬁnancial assets 0.4 0.9
Current tax assets 48.6 64.9
Cash and cash equivalents 1,345.4 990.0
Current assets 1,852.4 1,553.6
TOTAL ASSETS 3,945.7 4,615.4
Liabilities and equity Net Net Restated
(in € millions) 03.31.2026 03.31.2025
Capital 10.4 10.1
Premiums 728.0 712.7
Consolidated reserves 2,204.3 1,231.2
Consolidated earnings -1,475.2 -243.5
Equity attributable to owners of the parent company 1,467.5 1,710.5
Non -controlling interests -74.3 2.9
Total equity 1,393.3 1,713.4
Provisions 38.2 12.8
Employee beneﬁt 24.3 22.3
Long -term borrowings and other ﬁnancial liabilities 1,729.2 1,739.5
Deferred tax liabilities 32.6 38.5
Other non -current liabilities 2.9 3.8
Non -current liabilities 1,827.1 1,816.9
Short -term borrowings and other financial liabilities 65.5 426.8
Trade payables 130.2 177.7
Other liabilities 517.6 452.2
Current tax liabilities 11.9 28.3
Current liabilities 725.3 1,085.1
Total liabilities 2,552.4 2,902.0
TOTAL LIABILITIES AND EQUITY 3,945.7 4,615.4

Consolidated cash flow statement (IFRS, under audit )
In millions of euros 03.31.2026 03.31.2025
Cash flows from operating activities Consolidated earnings (1, 516.5 ) (243.2)
+/ – Net amortization and depreciation on property, plant and equipment and
intangible assets
1,5 88.9 710.7
+/ – Net Provisions 32.3 (7.8)
+/ – Cost of share -based compensation 35.4 54.5
+/ – Gains / losses on disposals 0.7 2.5
+/ – Other income and expenses calculated 27. 0 33.1
+/ – Income Tax Expense 127.8 (17.3)
TOTAL CASH FLOW FROM OPERATING ACTIVITIES 295.6 532.4
Inventory 4.2 1.9
Trade receivables 117.5 453.0
Other assets (70.0 ) 76.0
Trade payables (41.4) 21.1
Other liabilities 84.7 7.9
Deferred income and prepaid expenses (24.7) 12.4
+/ – Change in working capital 70 .4 572.3
+/ – Current Income tax expense (85.4) (95.9)
TOTAL CASH FLOW GENERATED BY OPERATING ACTIVITIES 280. 4 1,008.9
Cash flows from investing activities – Payments for the acquisition of internal & external developments (644.3) (796.9)
– Payments for the acquisition of intangible assets and property, plant and
equipment
(34.8) (41.9)
+ Proceeds from the disposal of intangible assets and property, plant and
equipment
0.2 0.8
+/ – Payments for the acquisition of financial assets (7.6) (9.5)
+ Refund of loans and other financial assets 3.4 1.6
+/ – Changes in scope (1) — —
CASH GENERATED BY INVESTING ACTIVITIES (68 3.1) (846.0)
Cash flows from financing activities + New borrowings 0.9 733.7
– Refund of leases (44.2) (43.1)
– Refund of borrowings (368.3) (1,072.0)
+ Funds received from shareholders in capital increases 1,178.6 38.0
+/ – Change in cash management assets — —
+/ – Sales / purchases of own shares — —
CASH GENERATED BY FINANCING ACTIVITIES 767.0 (343.5)
Net change in cash and cash equivalents 364.3 (180.6)
Cash and cash equivalents at the beginning of the fiscal year 989.2 1,202.4
Foreign exchange losses/gains (8.4) (32.6)
Cash and cash equivalents at the end of the period 1,345.1 989.2 (1) Including cash in companies acquired and disposed of — —
RECONCILIATION OF NET CASH POSITION
Cash and cash equivalents at the end of the period 1,345.1 989.2
Bank borrowings and from the restatement of leases (1,793.7) (2,165.5)
Commercial papers — —
Cash management financial assets — —
IFRS NET CASH POSITION (448.6) (1,176.3)

Consolidated cash flow statement for comparison with other industry players (non
audited)
(in € millions) 03.31.2026 03.31.2025
Non -IFRS cash flows from operating activities Consolidated earnings (1, 516.5 ) (243.2)
+/ – Share in profit of associates — —
+/ – Net depreciation on internal & external games & movies 1,4 18 .1 590.0
+/ – Other depreciation on fixed assets 17 0.8 120.7
+/ – Net provisions 32.3 (7.8)
+/ – Cost of stock -based compensation 35.4 54.5
+/ – Gains / losses on disposals 0.7 2.5
+/ – Other income and expenses calculated 27. 0 46.5
+/ – Cost of internal development and license development (644.3) (796.9)
+/ – IFRS 15 impact 95.7 37.0
+/ – IFRS 16 impact (44.2) (43.1)
Non -IFRS cash flows from operations (425.0) (240.0)
Inventory 4.2 1.9
Trade receivables (55 .7) 351.3
Other assets 203.4 (2.2)
Trade payables (41.4) 21.1
Other liabilities (93.6 ) 36.7
+/ – Non -IFRS Change in working capital 16 .9 408.9
Non -IFRS cash flows generated by operating activities (408. 2) 168.8
Cash flows from investing activities – Payments for the acquisition of intangible assets and property, plant and
equipment
(34.8) (41.9)
+ Proceeds from the disposal of intangible assets and property, plant and
equipment
0.2 0.8
Free cash flow (44 2.7) 127.7
+/ – Payments for the acquisition of financial assets (7.6) (9.5)
+ Refund of loans and other financial assets 3.4 1.6
+/ – Changes in scope — —
Non -IFRS cash generated by investing activities (38. 8) (49.0)
Cash flows from financing activities
+ New borrowings 0.9 733.7
– Refund of borrowings (368.3) (1,072.0)
+ Funds received from shareholders in capital increases 1,178.6 38.0
+/ – Change in cash management assets — —
+/ – Sales / purchases of own shares — —
Cash generated by financing activities 811.3 (300.4)
NET CHANGE IN CASH AND CASH EQUIVALENTS 364.3 (180.6)
Cash and cash equivalents at the beginning of the fiscal year 989.2 1,202.4
Foreign exchange losses/gains (8.4) (32.6)
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 1,345.1 989.2 (1)Including cash in companies acquired and disposed of — —
RECONCILIATION OF NET CASH POSITION
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 1,345.1 989.2
Bank borrowings and from the restatement of leases (1,793.7) (2,165.5)
Commercial papers — —
IFRS 16 261.2 291.2
Cash management financial assets — —
NON -IFRS NET CASH POSITION (187.3) (885.1)