Ubisoft reports a €82.6 million operating loss for the year to Mar 31, 2025 as revenue falls 17.5%

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, the publisher, reported an operating loss of €82.6 million for the year from Apr 1, 2024 to Mar 31, 2025, against operating income of €313.6 million the year before. Revenue fell 17.5% to €1.9 billion from €2.3 billion. The figures come from its ESEF annual report, the machine-readable format that European listed companies use for their yearly accounts, which was added to the ESEF registry on Jun 24, 2025.1^,2^,3^,4^,5^,6^,7^,8

The net loss including non-controlling interests, the share of subsidiaries that belongs to outside investors, was €158.7 million, against net income of €157.9 million a year earlier. The loss attributable to the owners of the parent was €159 million, against earnings of €157.8 million, and the diluted loss per share was €1.25, against earnings of €1.24 a share.9^,10^,11^,12^,13^,14

The report's text, written in French, says that during the year, after the delay of Assassin's Creed Shadows and a launch of Star Wars Outlaws weaker than expected, the group revised its financial targets and now expected net bookings of about €1.95 billion, with a Non-IFRS operating result (a measure outside the international accounting standards, which the company defines itself) and free cash flow close to break-even. Star Wars Outlaws is developed by Massive Entertainment, and Assassin's Creed Shadows by studios including Ubisoft Québec and Ubisoft Montréal. Net bookings, also a Non-IFRS measure, count the value of what players bought rather than the revenue the accounts recognise in the period, and came to €1.85 billion, against €2.32 billion a year earlier. Ubisoft's Non-IFRS operating result, which is not the operating loss reported above, was a loss of €15.1 million, against a profit of €401.4 million the year before.15^,16^,17^,18^,19^,20

On the same Non-IFRS basis, selling and general expenses fell by €60.5 million to €629.4 million, from €689.9 million, and variable marketing spending fell to €272.0 million from €286.7 million, which the report ties to fewer new releases in the year.21^,22^,23

Ubisoft's next annual report, for the year to Mar 31, 2026, gives the year to Mar 31, 2025 at different figures: revenue of €1.79 billion, an operating loss of €196.5 million and a net loss including non-controlling interests of €243.2 million.24^,25^,26^,27

Our records hold the figures that the report's tagged statements give, with the net income attributable to the owners of the parent, and passages of its text on EBITDA, impairments, net bookings or an adjusted operating result; we do not hold its pictures or its tables as the company printed them. Our records hold three earlier ESEF reports of Ubisoft, and against the earliest that gave the year, this report gives the same year-earlier figures.15^,28^,29