Ubisoft Entertainment FY2026 Q1 Sales

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UBISOFT REPORTS FIRST -QUARTER 202 5-26 SALES
In €m
Q1
202 5-26
Reported
change vs.
Q1 202 4-25
% of total net bookings
Q1
2025 -26
Q1
2024 -25
IFRS 15 sales 310.8 -3.9% NA NA
Net bookings 281. 6 -2.9% NA NA
Digital net bookings 250. 2 -2.7% 88.8% 88. 7%
PRI net bookings 151.8 -4.3% 53.9% 54. 7%
Back -catalog net bookings 260.4 +4.4% 92.5% 86.0%

Q1 Net Bookings reached €281.6m, below expectations, reflecting a lower -than -expected
performance for Tom Clancy’s Rainbow Six ® Siege, a partnership that is now expected to
materialize in Q2 and, to a lesser extent, an unfavorable foreign exchange impact .
Progress on Group transformation: Ubisoft to reorganize into Creative Houses . These business
units will enhance quality, focus, autonomy and accountability while fostering closer connections
with players . The first Creative House is the new subsidiary announced in March with a recently
appointed dedicated leadership . Closing of the transaction with Tencent is progressing well and ,
subject to regulatory approval, continue s to be expected by the end of 2025 .

2025 -26 targets confirmed : 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.

PARIS – July 22 , 202 5 – Today, Ubisoft released its sales figures for the first quarter of fiscal
202 5-26, i.e., the three months ended June 30, 202 5.

Yves Guillemot, Co -Founder and Chief Executive Officer, said “ The first quarter delivered mixed
results. On the positive side, Assassin’s Creed Shadows delivered on its expectations , with now
more than 5 million unique players since its launch , and Rainbow Six Siege X received highly
positive player feedback thanks to its renewed gameplay and enhanced features that drove
significant player engagement growth . However, player spending in Rainbow Six Siege faced
temporary but significant disruptions due to tec hnical pricing issues, which have now been
identified and addressed . Despite this one -off setback , t he growth potential of the game is strong
with solid traction on activity and in-game spending .

We also continued to make meaningful progress on Ubisoft’s transformation by outlining a new
operating model built around business units, called Creative Houses . These units will reflect our
diverse types of gaming experiences and will allow for enhanced quality, focus, autonomy and
accountability. Over time , each of these Creative Houses will boost creative vision and business
performance.

The new Subsidiary announced earlier this year and overseeing our flagship brands – Assassin’s
Creed, Far Cry, and Rainbow Six – is the first of these Creative Houses . The recent announcement
of its leadership team marks an important milestone as we move toward a more agile and focused
organization while ensuring necessary long -term stability and creative vision .”

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Q1 ACTIVITY
Overall, first quarter net bookings reached €282m, below the guidance, reflecting a lower -than –
expected performance for Rainbow Six Siege, a partnership that is now expected to materialize
in Q2 and, to a lesser extent, a n unfavorable foreign exchange impact . Back Catalog net bookings
stood at €260m, up 4% year -on -year and 6% excluding partnerships .
Assassin’s Creed ® Shadows performed in line with expectations and recently crossed the 5
million player mark. Ongoing additions continue to enhance the player experience, most notably
the recent Parkour update , which introduced new interactions for both Naoe and Yasuke and was
well received by players. Ahead of the Holiday season, the mid -term potential of the game will be
supported by the Claws of Awaji expansion , coming in Q2, that will introduce more than 10 hours
of new content along with a new weapon, skills and abilities, further expanding and enriching the
game experience.
The Rainbow Six Siege X update was launched on June 10, alongside Year 10 Season 2,
introducing a significant evolution to its business model, major upgrades to core systems including
gameplay improvements, a permanent new 6v6 game mode called Dual Front and enhanced
player protection features . The launch received strong community feedback , with players praising
the visual upgrades, modernized maps with new environmental destruction and the improved
onboarding mechanics .
While resolved in June , player spending this quarter saw a significant impact from a pricing exploit
with prepaid currency cards that temporarily inflated virtual currency wallets . However, the
momentum since launch is encouraging with a cquisition levels trending around 5 times above the
same period last year . Session Days were up 25 % year -on -year in June since launch and 65%
compared to the 3-prior week’s baseline . Overall, June delivered the third -strongest MAU
performance in the game’s history, trailing only the two peak months during the Covid period in
Spring 2020 . Session Days have continued to grow 20% in July to date . Despite the one -off
pricing setback , in-game spending has also shown positive traction , with the Valkyrie Paragon
becoming the highest -performing bundle launch in terms of currency spend.
These developments reflect growing sustained interest in the game and indicate that the evolving
content and engagement strategies are resonating with players . Thanks to its engine upgrade,
the ambitious Siege X update will enable much stronger quality and velocity of content releases,
setting the foundations for the years to come. It is not viewed as a single moment, but as the
beginning of a longer journey, and the long -term growth trajectory of the title is very promising.
Tom Clancy’s The Division ® 2 had a very strong start to the fiscal year with the launch of Year
7, the Battle for Brooklyn DLC release, a new Season and its inclusion in the Game Pass that
drove significant growth in acquisition and engagement , reaching its highest activity performance
since May 2020 .
Elsewhere in the catalog, Star Wars Outlaws ™ released its second DLC, A Pirate’s Fortune , in
mid -May . The update received positive reviews, with players praising the return of legendary
pirate Hondo Ohnaka , the story and new gameplay elements . The game is also set to reach a
broader audience with its upcoming release on the Switch 2 console on September 4.

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PROGRESS ON GROUP TRANSFORMATION – CO -CEOs APPOINTED TO LEAD THE
NEW SUBSIDIARY
As part of the ongoing work to reshape its operating model led by an internal Transformation
Committee, the Group will reorganize into autonomous Creative Houses – agile business units
designed to reflect the diverse types of gaming experiences they offer . Each of them will have its
dedicated leadership team, objectives and roadmap. Th is change aims to enhance quality, focus,
autonomy and accountability while fostering closer connections with players and driving
disciplined capital allocation . The new organization will be announced by the end of the year.
Christophe Derennes and Charlie Guillemot have been appointed as co -CEOs of the newly formed
subsidiary , the first of these Creative Houses, and will play a pivotal role in accelerating the growth
of the Assassin’s Creed ®, Far Cry ® and Tom Clancy’s Rainbow Six ® franchises . With
complementary backgrounds, they bring strong industry expertise, a modern understanding of
gamers’ motivations , deep knowledge of the Ubisoft ecosystem , a relentless focus on quality
delivery and a bold creative vision . Together, they will lead the new subsidiary in building
evergreen, multi -platform game ecosystems.
The closing of the transaction with Tencent , subject to regulatory approvals, is progressing well
and continues to be expected by the end of 2025.

2025 AGM – APPOINTMENT OF TWO NEW INDEPENDENT DIRECTORS
Ubisoft shareholders approved all resolutions on the agenda of its Annual General Meeting held
on July 1 0 by a large majority showcasing the broad support of the shareholders in Ubisoft’s
strategy . In particular, the shareholders voted for the appointments of two new independent
directors, Axelle Lemaire and André Loesekrug -Pietri , both of whom bring a wealth of experience
and are widely respected for their leadership and expertise in Technology and Public Affairs .
Ubisoft welcomes them to its Board of Directors an d looks forward to benefiting from their
respective experiences, which will contribute to support Ubisoft’s strategy and its transformation
over the coming years. The vote also led to the renewals of Claude France, Ubisoft’s Lead
Independent Director and C hair of the Audit & Risk Committee, as well as the mandates of
Christian Guillemot and Michel Guillemot.

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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
2025 -26
Q1
2024 -25
Sales (IFRS 15) 310.8 323.5
Restatements related to IFRS 15 (29.1 ) (33.5)
Net bookings 28 1.6 290.0

IFRS 15 sales for the first quarter of 202 5-26 came to € 310.8 million, down 3.9 % (1.6% at
constant exchange rates 1) compared with the € 323.5 million generated in the first quarter of
202 4-25.

The f irst quarter of 202 5-26 net bookings totaled € 281. 6 million, below the target of around
€310.0 million and dow n 2.9% (0.5 % at constant exchange rates) on the € 290.0 million figure
for the first quarter of 202 4-25.

Outlook

Second -quarter 202 5-26
Net bookings for the second quarter of 202 5-26 are expected to come in at around €450 million .
Expected growth vs. Q1 is driven by strategic B2B partnerships , including new ones , growing
Rainbow Six Siege X contribution and material TV Series milestone -based revenues .

Full -year 202 5-26
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 conso lidated non -IFRS net
debt position of around zero.

The line -up for the rest of FY26 includes Anno 117: Pax Romana ™, Prince of Persia ™: The Sands
of Time remake, Rainbow Six ® Mobile and The Division ® Resurgence. A couple of titles will be
announced at a later stage.

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, Tuesday July 22 , 202 5, 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/uey9p2wc

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 +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. 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 subsc ription 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. © 202 5 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 the sales excluding the services component and integrating the unconditional amounts related to license or distribution contracts recognized independently of the performance obligation realization, and restated for the impact of financing (financing component and price reductions ). Player Recurring Investment (PRI) corresponds to sales of digital items, DLC, season passes, subscriptions and advertising . Non -IFRS operating income calculated based on net bookings corresponds to operating income less the following items: – Stock -based compensation expense arising on free share plans, group savings plans and/or stock options. – Financing component on sales contract. – Depreciation of acquired intangible assets with indefinite useful lives. – Non -operating income and expenses resulting from restructuring operations within the Group

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Breakdown of net bookings by geographic region

Q1 202 5-26 Q1 202 4-25
Europe 35% 32%
North America 49 % 53%
Rest of the world 16% 15%
TOTAL 100% 100%

Breakdown of net bookings by platform

Q1 202 5-26 Q1 202 4-25
CONSOLES 50% 50%
PC 26% 27%
MOBILE 10% 10%
Others* 14% 13%
TOTAL 100% 100%
*Ancillaries, etc.

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Title release schedule
2nd quarter (July – September 202 5)

DIGITAL ONLY

ASSASSIN’S CREED ® SHADOWS : Claws of Awaji Expansion AMAZON LUNA, MAC WITH APPLE SILICON, PC, PLAYSTATION®5, XBOX SERIES X/S
THE CREW ® MOTORFEST: Season 7 AMAZON LUNA, PC, PLAYSTATION 4, PLAYSTATION 5, XBOX ONE, XBOX SERIES X/S
FOR HONOR ®: Year 9 Season 3 PC, PLAYSTATION 4, XBOX ONE
HEROES OF MIGHT & MAGIC OLDEN ERA PC
THE ROGUE PRINCE OF PERSIA PC
SKULL AND BONES ™: Year 2 Season 2 AMAZON LUNA, PC, PLAYSTATION 5, XBOX SERIES X/S
TOM CLANCY’S RAINBOW SIX ® SIEGE: Year 10 – Season 3 AMAZON LUNA, PC, PLAYSTATION 4, PLAYSTATION 5, XBOX ONE, XBOX SERIES X/S
TOM CLANCY’S THE DIVISION ® 2: Year 7 Season 2 AMAZON LUNA, PC, PLAYSTATION 4, XBOX ONE
STAR WARS ™ OUTLAWS NINTENDO SWITCH 2