Ubisoft Entertainment (UBI) AGM 2026 summary

Opening remarks and agenda

• The meeting marked the company's 40th anniversary and 30 years since its stock market listing, with a focus on reviewing past performance and outlining future strategy, including the group's mission and objectives for 2027 and beyond.

• The agenda included financial performance, strategy, objectives, auditor reports, Q&A, and voting on resolutions.

Financial performance review

• Fiscal 2026 saw net bookings of EUR 1.52 billion and a non-IFRS operating loss of EUR -1.04 billion, mainly due to accelerated depreciations from a portfolio review and game postponements.

• Net free cash flow was EUR -443 million, reflecting investments for future content, with a comfortable liquidity position of EUR 1.35 billion at year-end.

• Fixed cost reduction programs achieved EUR 200 million in annual savings, with a target to reduce the fixed cost base to EUR 1.25 billion.

• Non-IFRS net debt improved to EUR 187 million, and available cash and equivalents stood at EUR 1.35 billion.

• The company anticipates a single-digit percentage decline in net bookings for FY 2027, with a return to positive free cash flow expected from FY 2028.

Board and executive committee updates

• Several board members and executives were acknowledged for their contributions, including tributes to outgoing directors and a late founder.

• The board underwent changes to stagger director terms and ensure continuity, with independent director meetings held regularly.