Ubisoft Entertainment (UBI) AGM 2025 summary

Opening remarks and agenda

• AGM was broadcast live and open to the public, with a review of achievements, challenges, and future objectives.

• Officers and scrutineers were appointed, and the presence of board members, auditors, and judicial officer was confirmed.

• All preparatory documents were made available, and the quorum was reached with 59.84% of shares represented.

• Agenda included financial results, strategy, objectives for fiscal 2026+, resolutions, auditors' reports, Q&A, and voting.

Financial performance review

• Net bookings reached EUR 1.85 billion, down 20% year-on-year, with a near break-even non-IFRS operating result.

• Positive free cash flow of EUR 128 million, a significant improvement from -EUR 509 million the previous year.

• Gross margin remained high at 89%; R&D expenditure stable; non-IFRS SG&A expenses down 9%.

• Non-IFRS net debt improved by EUR 100 million to EUR 885 million; available cash at EUR 1 billion.

• Cost base reduced by EUR 205 million since 2022-2023, with further EUR 100 million reduction targeted over two years.

Board and executive committee updates

• Axel Lemaire and André Loeskrug-Pietri introduced as new independent directors, highlighting expertise in digital, innovation, and disruptive technologies.

• Thanks given to outgoing board members for their service.