Ubisoft reported a €1,322.3 million IFRS operating loss for 2025-26 as sales fell 21.8%

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Ubisoft reported results for its 2025-26 financial year on May 20, 2026. Its IFRS 15 sales, the revenue recognised in its accounts, were €1,395.7 million, down 21.8% from €1,785.3 million in 2024-25, a year the company labels restated. The IFRS operating loss was €1,322.3 million, against a loss of €196.5 million a year earlier, a figure the release labels restated. The net loss attributable to the owners of the parent company was €1,475.2 million, or €11.16 a share on a diluted basis, against losses of €243.5 million and €1.92 a share a year earlier. The release said the audit procedures had been carried out and the audit report was in preparation.1^,2^,3^,4^,5^,6^,7

Ubisoft also reported net bookings, an indicator that the release said is not strictly IFRS and that adjusts IFRS 15 sales for items including the services component. Net bookings were €1,525.1 million for the year, down 17.4% from €1,846.4 million. In the fourth quarter of the financial year they were €415.0 million, down 54.0% from €902.3 million a year earlier, and above the company's guidance of around €390 million. The company put the fall down to a high comparison base that included the release of Assassin's Creed Shadows and higher partnerships. Its non-IFRS operating loss, which removes items such as the difference between net bookings and IFRS 15 sales, was €1,044.7 million.8^,9^,10^,11^,12^,13^,14^,15

The release described a transformation the company had announced in January, centred on a new operating model, a refocused portfolio and a rightsized organization. Ubisoft said a portfolio review had discontinued 7 projects and delayed 6 others. It cited €1.16 billion in cash from the closing of its transaction with Tencent, and said the co-CEOs of Vantage Studios, whom it called recently appointed, had set up a leadership team for Assassin's Creed and named Nicolo Laurent as strategic advisor. Headcount was 16,590 at the end of March 2026, around 1,200 fewer than a year earlier, the company said. Assassin's Creed Black Flag Resynced, a remake of Assassin's Creed IV Black Flag led by Ubisoft Singapore, was scheduled for release on Jul 9, 2026, the company said.16^,17^,18^,19^,20^,21^,22

For 2026-27 Ubisoft said it expected net bookings to fall by a high single-digit percentage, a high single-digit negative non-IFRS operating margin and free cash flow consumption of no more than €500 million. The release defined free cash flow as cash flows from non-IFRS operating activities after spending on or selling intangible assets and equipment. It expected net bookings of around €250 million for the first quarter of 2026-27, and free cash flow to turn positive in 2027-28 and robust in 2028-29. Chief executive Yves Guillemot called the short-term financial performance disappointing and said the two-year transformation came with difficult decisions.23^,24^,25^,26^,27

We hold the text of this one 16-page release in English, without its charts and layout, and none of the documents it refers to, such as the presentation on Ubisoft's website.28^,29