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Company Research4 Apr 2024
Companies That Had Their IPO in 1996: Tech and Internet Domination
An overview of the general market sentiment and IPO landscape in 1996 as the interest in tech and internet companies ramped up.
Ubisoft (UBI) investor relations material
Ubisoft Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary21 Nov, 2025
Executive summary
H1 net bookings reached €772.4m, up 20.3% year-over-year, with Q2 net bookings of €490.8m, exceeding expectations and guidance; growth was driven by strong partnerships, digital and back-catalog sales, and robust performance from key franchises like Assassin's Creed and The Division 2.
The imminent closing of a strategic Tencent transaction will bring in €1.16bn in cash, strengthening the balance sheet, enabling deleveraging, and supporting transformation and IP growth.
The company is transitioning to a new operating model based on creative houses, with full details to be unveiled in January 2026.
Player recurring investment rose 52% year-over-year, making up a significant portion of net bookings.
Back-catalog performance was strong, contributing up to 96% of net bookings.
Financial highlights
Non-IFRS operating income returned to positive at €27.1m, a significant improvement from a €252.1m loss last year; non-IFRS net loss narrowed to €37.0m from €208.1m.
Gross margin based on net bookings improved to 89.6% from 85.9% year-over-year.
SG&A expenses decreased by €47m year-over-year, with variable marketing expenses down to 10.5% of net bookings.
Free cash flow was negative €251m, mainly due to no new releases and changes in working capital.
Non-IFRS net debt stood at €1.15bn; cash and cash equivalents were €668m at end-September 2025.
Outlook and guidance
Full-year net bookings expected to be stable year-over-year; non-IFRS operating income around breakeven; negative free cash flow anticipated due to ongoing transformation.
Q3 net bookings expected at approximately €305m.
Post-Tencent transaction, non-IFRS net debt is expected to be around zero, with cash and equivalents at €1.5bn by March 2026.
Positive non-IFRS operating income and free cash flow are expected to return in FY2027.
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Q3 25/2612 Feb, 2026
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Frequently asked questions
Ubiquitous Software
Ubisoft Entertainment SA, also known as Ubisoft, is a France-based company that develops and publishes video games globally. Founded in 1986 by the Guillemot brothers, the company has grown into a prominent entity in the gaming industry, with an array of established franchises and an international presence that spans multiple continents.
Family Business
The company was established in 1986 by the five Guillemot brothers, who were initially involved in mail-order sales of technology products. As the potential of video games started to become more apparent, the brothers saw an opportunity to shift their business focus toward this emerging market. They moved beyond simply importing and distributing software to creating their own
The early days of Ubisoft were marked by the development of a handful of games, mostly for Amstrad CPC, a popular home computer in Europe at the time. The first title released was "Zombi," a small-scale adventure game. The company didn't have a huge hit in the beginning but gradually gained traction in the industry by consistently creating innovative and enjoyable games. The company's transition to game development and publishing proved to be a strategic masterstroke, setting the stage for Ubisoft's evolution into a globally recognized brand in the gaming industry. Today, they’re one of the largest players in the industry along with other studios and producers such as Take-Two, EA, and Activision-Blizzard (acquired by Microsoft in 2023)
Several Impactful Franchises
Ubisoft's catalog of games is broad and varied. It ranges from the action-adventure genre, represented by the Assassin's Creed series, to rhythm games like Just Dance. The company has also created notable franchises like Prince of Persia and Rainbow Six. The varying nature of Ubisoft's products enables it to cater to diverse audience preferences, making the company a fan favorite amongst many gamers.
Monetization Model
Ubisoft employs various monetization strategies for its games. Traditionally, the company has followed the model of premium game sales, where consumers purchase the complete game upfront. However, in the evolving landscape of gaming, Ubisoft has adapted by introducing new monetization models such as microtransactions and downloadable content (DLC). This allows the company to continuously generate revenue post-purchase by offering additional content or in-game enhancements. Ubisoft has also been experimenting with subscription-based services, as seen with Ubisoft+, providing access to a library of games for a monthly fee.
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