Ubisoft Entertainment (UBI) Strategy Update summary

Strategic and operational review

• Progress made on strategic and execution reviews, aiming to enhance player experiences, operational efficiency, and value creation.

• Leading advisors appointed to explore transformational, strategic, and capital options, overseen by independent board members.

• Actively exploring several potential paths to generate value from assets and franchises.

• Advisors have started work, with progress expected in the coming months.

Product and development updates

• Assassin's Creed: Shadows delayed by one month to March 20 to incorporate player feedback and improve launch conditions.

• Hands-on sessions for gamers, creators, and journalists planned to further engage the community.

• Focus on fine-tuning gameplay mechanics and progression balancing based on community input.

Financial guidance and performance

• Q3 FY25 net bookings expected at around EUR 300 million, reflecting lower holiday sales and XDefiant discontinuation.

• FY25 net bookings guidance marginally adjusted to around EUR 1.9 billion, with partnership opportunities partially offsetting delays and discontinuations.

• Expectation of around break-even non-IFRS operating income and free cash flow for FY25.

• Cost reduction target to exceed EUR 200 million in fixed costs by 2026, with significant progress already made.