Ubisoft Entertainment FY2025 Q1 Earnings Release

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UBISOFT REPORTS FIRST -QUARTER 20 24-25 SALES
Solid start to the year with Q1 net bookings ahead of target
Robust engagement metrics driven by our GaaS franchises
Strong upcoming release slate with Star Wars Outlaws ™ & Assassin’s Creed ® Shadows
202 4-25 targets confirmed

▪ Net bookings of €290 .0 million, ahead of target of around €2 75 .0 million

In €m
Q1
202 4-25
Reported
change vs.
Q1 202 3-24
% of total net bookings
Q1
2024 -25
Q1
2023 -24
IFRS 15 sales 323 .5 +12 .0% NA NA
Net bookings 290 .0 +8 .3% NA NA
Digital net bookings 257 .2 +6.6% 88 .7% 90.2%
PRI net bookings 158 .7 +24 .6% 54 .7% 47.6%
Back -catalog net bookings 24 9.5 +1 .5% 86 .0% 91.8%

Paris, July 18 , 202 4 – Today, Ubisoft released its sales figures for the first quarter of fiscal
202 4-25, i.e., the three months ended June 30, 202 4.

Yves Guillemot, Co -Founder and Chief Executive Officer, said “In a selective market , w e delivered
a solid start to the year with net bookings above target, reaffirming that we are on the right track.
The quarter notably saw the launch of XDefiant, that is off to an encouraging start as we continue
to grow the audience at a steady pace and plan a quarterly roadmap of content that will allow us
to firmly establish the game over time. We also held Ubisoft Forward, that is always a key event
for our teams and players, during which we showcased content that is very much aligned with
our strategic focus on our two key verticals , Open World Adventures and GaaS -native
experiences . The gameplay we presented for our two highly anticipated upcoming premium titles,
Star Wars Outlaws and Assassin’s Creed Shadows, was not only praised by players and critics
alike but also highlighted the cutting -edge capabilities of our game engines. We also presented a
strong pipeline of content that will continue feeding our Live titles.
As we progress through FY25, all our efforts are focused on successfully launching our promising
new releases and positioning them as long -lasting val ue drivers for Ubisoft while continuing the
transformation of our organization. We are excited about the future and confident in the sustained
progress of our turnaround throughout the year.”

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Q1 ACTIVITY
Overall, the quarter was marked by strong session days growth of 15% across Consoles and PC ,
mostly driven by Games -as -a-Service . MAUs stood at 38 million, up 7% year -on -year.
XDefiant launched its Season 0 on May 21 and is off to an encouraging start. The game , that
topped viewership charts , acquired more than 10 million players within its first two weeks, with
players praising the thrilling, fast -paced gameplay and the map variety. Two additional game
modes have been added since launch: Team Death Match (by popular demand) and Capture The
Flag. The game outperformed expectations thanks to acquisition and strong average revenue per
session day. Beyond Q1, the launch of Season 1 on July 2 mark ed the beginning of the quarterly
roadmap of content updates for the game, that will bring additional f actions inspired by iconic
Ubisoft franchises , maps, weapons and game modes as well as progressively deploy new
engagement features .
Rainbow Six ® Siege kicked off the year with a strong performance, driven by very strong year –
on -year growth in activity in terms of session days (+ 34 %) and session days per player (+18%) ,
as well as growth in monetization. This quarter saw Year 9 Season 1 become the highest grossing
season in Siege’s history as well as the full release of the marketplace, that continued to see a
sustained level of transactions.
The Assassin’s Creed ® and The Crew ® brand s reported growth driven by last year’s launches
contribution. Assassin’s Creed overperformed, benefit ing from the Assassin’s Creed ® Shadows
reveal that drove sales through out the catalog. The Crew ® Motorfest maintained strong
momentum with solid engagement throughout the quarter and both retention and monetization
continuing to outperform The Crew ® 2 since launch. Skull and Bones ™ Season 2, Chorus of
Havoc, was released on May 28, bringing improvements to the end -game formula. Engagement
and ARPU continue to perform well, driven by the new battle pass and an exclusive Hellfest
branded bundle.

UBISOFT FORWARD & FY25 RELEASE SLATE
The Ubisoft Forward conference held live from Los Angeles on June 10 showcased content aligned
with Ubisoft’s strategic focus on two core verticals: Open World Adventures and GaaS -native
experiences. Gameplay was showcased for Assassin’s Creed Shadows and Star Wars Outlaws ™,
two of the industry’s most anticipated games this year in the Open World Adventure vertical .
Star Wars Outlaws is set to bring an immersive open world experience for the first time to the
franchise. The gameplay showcased during the Ubisoft Forward event notably highlighted the
visual quality enabled by the Snowdrop engine. More recently, Ubisoft held an in -person preview
event for press and content creators with extended hands -on gameplay showcasing the open
world across multiple planets . This, combined with the virtual previews we are currently holding,
is the biggest preview event for press and content creators ever held at Ubisoft. The game has
gone g old and is set to release on August 30.
Assassin’s Creed Shadows , t he next flagship title in the franchise is set to release on November
15 and is the most ambitious Assassin’s Creed yet. It comes with dual protagonists , a step –
changing innovation for the brand offering two completely different playstyles and perspectives
to the story, providing a deeper immersion and enhanced gameplay variety . The content
showcased also highlighted the dynamic world set in feudal Japan, including the shifting seasons
and weather system enabled by the all -new generation of the Anvil engine technology.

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As Ubisoft progresses on expanding its presence in GaaS -native experiences, a strong pipeline of
content for current Live titles was also presented at Ubisoft Forward. Notably, the Year 2 roadmap
for The Crew Motorfest was announced and met with positive community reception. Ubisoft also
teased t he Season 3 of Skull and Bones, and revealed the next opus in the Anno ™ franchise,
Anno 117 ™: Pax Romana , designed to be the biggest, most detailed Roman simulation to date,
and set to launch in FY 2025 -26 (calendar year 2025) .

APPROVAL OF ALL RESOLUTIONS AT UBISOFT’S ANNUAL GENERAL MEETING
Ubisoft shareholders approved all resolutions on the agenda of its Annual General Meeting held
on July 11 by a very large majority highlighting the strong confidence of the shareholders in
Ubisoft’s strategy. In particular, the shareholders voted for the renewal of Yves Guillemot’s as
director. As Ubisoft’s founder, Chairman and CEO, Yves Guillemot is globally recognized as one of
the Video Game sector’s leaders. Having successfully steered the company through cycles, he has
launched early 2023 a comprehensive strategic transformation which has started to deliver solid
performances with the group back on a profitable growth trajectory and delivering record annual
net bookings during the last fiscal year. The vote also led to the renewals of Claude Guillemot and
Gérard Guillemot as directors as well as of John Parkes as director representing employee
shareholders. To note, effective at the end of the 2024 Annual General Meeting, the Audit & Risk
Committee was further reinforced by the addition of Olfa Zorgati , and Fabian Salomon joined the
Board of Directors as director representing employees , replacing Anne Wübbenhorst . Independent
members account for 55% of the Board’s composition and female representation stands at 55%.

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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 are appended to this
press release .

Sales and net bookings

In € millions Q1
2024 -25
Q1
2023 -24
Sales (IFRS 15) 323.5 288.9
Restatements related to IFRS 15 (33 .5) (21.2)
Net bookings 290 .0 267.7

IFRS 15 sales for the first quarter of 202 4-25 came to € 323.5 million, up 12.0 % ( 11.4 % at
constant exchange rates 1) compared with the € 288.9 million generated in first -quarter 202 3-24.

First -quarter 202 4-25 net bookings totaled €290 .0 million, exceeding the target of around
€275 .0 million and up 8. 3% ( 7.8% at constant exchange rates) on the € 267.7 million figure for
the first quarter of 202 3-24.

Outlook

Second -quarter 202 4-25
Net bookings for the second quarter of 202 4-25 are expected to come in at around €500 million.

Full -year 202 4-25
The line -up for the rest of FY25 includes Assassin’s Creed Shadows and Star Wars Outlaws.
Rainbow Six ® Mobile and The Division ® Resurgence are no longer expected in FY25 as the teams
are taking the necessary time to ensure that these experiences deliver on expectations with
optimized KPIs in the context of a demanding yet very large market.

The Company confirms its financial targets. It expects solid net bookings growth, a slight increase
in non -IFRS operating income and growing non -IFRS Cash Flow from Operations leading to
positive Free Cash Flow .

1 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.

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Conference call
Ubisoft will hold a conference call today, Thursday July 18 , 202 4, at 6:15 p.m. Paris time/5:15 p.m. London time/12:15 p.m. New York time. The conference call will take place in English and can be accessed live and via replay by clicking on the following link: https://edge.media -server.com/mmc/p/atyzrozr/

Contacts Investor Relations Alexandre Enjalbert Head of Investor Relations +33 1 48 18 50 78 Alexandre.enjalbert@ubisoft.com
Press Relations Michael Burk VP, Corporate Communications Michael.burk@ubisoft.com

Disclaimer This press release may contain estimated financial data, information on future projects and transactions and future financial results/performance. Such forward -looking data are provided for information purposes only. They are subject to market risks and 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 20, 202 4 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 Ubi soft games and DLC. For the 2023 –24 fiscal year, Ubisoft generated net bookings of €2.32 billion. To learn more, please visit : www.ubisoftgroup.com . © 202 4 Ubisoft Entertainment. All Rights Reserved. Ubisoft and the Ubisoft logo are registered trademarks in the US and/or other cou ntries.

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APPENDICES

Definition of non -IFRS financial indicators Net bookings corresponds to sales restated for the services component, including unconditional amounts related to license or distribution agreements recognized independently of the achievement of performance obligations, and restated for the financing component . Player Recurring Investment (PRI) corresponds to sales of digital items, DLC, season passes, subscriptions and advertising . Non -IFRS operating income calculated based on net bookings corresponds to operating income less the following items:
– Stock -based compensation expense arising on free share plans, group savings plans and/or stock options.
– Depreciation of acquired intangible assets with indefinite useful lives.
– Non -operating income and expenses resulting from restructuring operations within the Group.

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Breakdown of net bookings by geographic region

Q1 202 4-25 Q1 2023 -24
Europe 32% 33%
North America 53% 51%
Rest of the world 15% 16%
TOTAL 100% 100%

Breakdown of net bookings by platform

Q1 202 4-25 Q1 2023 -24
CONSOLES 50% 50%
PC 27 % 31%
MOBILE 10% 10%
Others* 13 % 9%
TOTAL 100% 100%
*Ancillaries, etc.

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Title release schedule
2nd quarter (July – September 202 4)

DIGITAL + PHYSICAL

MONOPOLY ® 2024 AMAZON LUNA , NINTENDO SWITCH, PC, PLAYSTATION 4, PLAYSTATION 5, XBOX ONE, XBOX SERIES X/S
STAR WARS OUTLAWS ™ AMAZON LUNA, PC, PLAYSTATION ® 5, XBOX SERIES X/S

DIGITAL ONLY

AVATAR: FRONTIERS OF PANDORA ™: THE SKY BREAKER Story Pack AMAZON LUNA, PC, PLAYSTATION 5, XBOX SERIES X/S
FOR HONOR ®: Year 8 Season 3 PC, PLAYSTATION 4, XBOX ONE
RIDERS REPUBLIC ™: Season 12 AMAZON LUNA, PC, PLAYSTATION 4, PLAYSTATION 5 , XBOX ONE, XBOX SERIES X/S
THE CREW ® MOTORFEST : Season 4 AMAZON LUNA, PC, PLAYSTATION 4, PLAYSTATION 5 , XBOX ONE, XBOX SERIES X/S
PRINCE OF PERSIA ™: THE LOST CROWN Mask of Darkness DLC AMAZON LUNA, PC, PLAYSTATION 4, PLAYSTATION 5 , XBOX ONE, XBOX SERIES X/S
SKULL AND BONES ™: Season 3 AMAZON LUNA, PC, PLAYSTATION 5, XBOX SERIES X/S
TOM CLANCY’S RAINBOW SIX ® SIEGE: Year 9 – Season 3 AMAZON LUNA, PC, PLAYSTATION 4, PLAYSTATION 5, XBOX ONE, XBOX SERIES X/S
UNO ® PARTY ! MANIA AMAZON LUNA, PC, PLAYSTATION 4, PLAYSTATION 5, XBOX ONE, XBOX SERIES X/S
XDEFIANT: Season 1 AMAZON LUNA, PC, PLAYSTATION 5, XBOX SERIES X/S