Ubisoft’s annual report for the year to Mar 31, 2026 reached the filings.xbrl.org index on Jul 7, 2026. A person opening it sees a web page. A program reading the same file sees tagged numbers, among them revenue of €1,395.7 million, an operating loss of €1,322.3 million and a loss of €1,475.2 million attributable to owners of the parent. This article covers how the file is built, what those three lines mean and where the adjusted measures sit.
The format is ESEF, the European Single Electronic Format. ESMA’s page says it applies to every issuer that the Transparency Directive requires to publish an annual financial report. The whole report is prepared in XHTML. Where it holds IFRS consolidated financial statements, those are marked up with the ESEF taxonomy using Inline XBRL. The primary statements, meaning financial position, profit or loss, changes in equity and cash flows, are tagged line by line. The notes are tagged in blocks as of Jan 1, 2022. The rules are in Delegated Regulation (EU) 2019/815, which applies to financial years beginning on or after Jan 1, 2020. XBRL International describes Inline XBRL as an open standard that lets one document be readable by people and by machines.
Each tagged figure carries an element name. In Ubisoft’s tagged file the three lines above are Revenue, ProfitLossFromOperatingActivities and ProfitLossAttributableToOwnersOfParent, all from the IFRS taxonomy.
Revenue is the sales line. Ubisoft’s was €1,395.7 million, against €1,785.3 million the year before.
Operating profit needs more care. Companies choose their own income statement subtotals today, and the IFRS Foundation says the way they calculate operating profit varies from company to company. IFRS 18, effective for annual periods beginning on or after Jan 1, 2027, requires defined subtotals including operating profit. Ubisoft’s income statement shows a profit from ordinary operating activities, a loss of €1,209.5 million, then €112.9 million of other non-current operating income and expense, which gives the €1,322.3 million operating loss. Fifteen of the 242 elements in Ubisoft’s file carry Ubisoft’s own prefix instead of ifrs-full, among them the ordinary operating subtotal. The regulation allows such an extension element only when the nearest standard element would misrepresent the line.
Profit attributable to owners of the parent is the share of the group’s result that belongs to the parent company’s shareholders. Ubisoft’s consolidated loss for the year was €1,516.5 million. Of that, €1,475.2 million is attributable to owners of the parent and €41.3 million to non-controlling interests, the holders of minority stakes in subsidiaries. Per-share figures use the owners’ share. Divide €1,475.2 million by the 132,179,648 weighted average shares in Ubisoft’s release and the result is the €11.16 loss per share that the file tags.
None of that covers the adjusted numbers. ESMA’s guidelines define an alternative performance measure, or APM, as a financial measure of past or future performance, financial position or cash flows that the reporting framework does not define. EBITDA, net debt and earnings before one-time charges are on ESMA’s list of examples. Revenue, profit or loss and earnings per share are not APMs, and the guidelines do not apply inside the financial statements. They do apply to the management report and to earnings releases, and have applied to disclosures made on or after Jul 3, 2016.
The guidelines ask for a short list of things. The company defines the measure and gives it a label that is not the same as, or confusingly close to, an IFRS term. It reconciles the measure to the most directly reconcilable line in the financial statements and shows that line too. It gives no APM more prominence than the IFRS figure, adds comparatives and keeps the definition the same from year to year. It does not call an item non-recurring when it affected past periods and will affect future ones, and ESMA names restructuring costs and impairment losses as items that rarely qualify.
Ubisoft’s release shows the pattern. Its IFRS operating loss was €1,322.3 million. Its non-IFRS operating loss was €1,044.7 million. The €277.7 million between them includes €129.5 million for the difference between net bookings and IFRS 15 sales, which Bookings versus revenue covers, €35.4 million of stock-based compensation and the €112.9 million of non-current items. The release prints the reconciliation. The tagged annual report does not carry the non-IFRS figures, since the file’s elements are the IFRS statements and their notes.
EBITDA shows why the label matters in games. It is earnings before interest, tax, depreciation and amortisation. Spending a company capitalises reaches the income statement later as amortisation, which EBITDA leaves out. Nacon’s business plan, published in its Sep 22, 2026 release, books game development as capex. For the year to March 2026 it shows EBITDA of €53.7 million, and adjusted EBITDA of €46.8 million after €6.9 million of non-recurring items. Beside them it shows capex of €72.6 million, and adjusted EBITDA less capex comes to a shortfall of €25.8 million. The release says the figures are subject to ongoing audit.
The filings.xbrl.org index is run by XBRL International. It holds Inline XBRL filings, ESEF among them, and offers each as a viewer, as tagged xBRL-JSON and as a report package. The filings come from each country’s officially appointed mechanism for regulated information, and the site says the index is not complete. Many filings in it have validation errors, which mean the report does not conform to the XBRL specifications. The site does not check the ESEF Reporting Manual or country rules, and it states no restrictions on use of the data. Ubisoft’s report shows no errors, inconsistencies or warnings in the index.
On this site, the annual figures of the European groups we track come from their ESEF reports.