Financials Ubisoft Entertainment

Equities

Market Closed - Euronext Paris Other stock markets 23:55:00 18/07/2025 HKT			5-day change	1st Jan Change
9.470 ^EUR	-0.25%		+1.07%	-27.98%

07-18	AlphaValue/Baader Europe Updates Opinion on Video Games Publisher Ubisoft	MT
07-17	UBISOFT ENTERTAINMENT : Adjustments of the DCF and NAV-based valuations. REDUCE instead of SELL

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	2,241	2,128	1,740	2,321	1,846	1,844	2,071	2,262
Change	-	-5%	-18.28%	33.45%	-20.46%	-0.13%	12.31%	9.24%
EBITDA ¹	1,189	852.5	786.9	1,177	695.6	678	900.4	936.3
Change	-	-28.29%	-7.7%	49.63%	-40.92%	-2.54%	32.81%	3.99%
EBIT ¹	473.3	407.6	-500.2	401.4	-15.1	12.43	294.7	417.6
Change	-	-13.88%	-222.72%	180.25%	-103.76%	182.29%	2,271.49%	41.71%
Interest Paid ¹	-17.4	-23	-23.5	-49.8	-37.5	-44.44	-44.69	-48.28
Earnings before Tax (EBT) ¹	237.8	193.1	-603.3	254.7	-146.6	-117.6	94.35	197.6
Change	-	-18.8%	-412.43%	142.22%	-157.56%	19.76%	180.21%	109.42%
Net income ¹	103.1	79.1	-494.2	157.8	-159	-98.84	53.69	106.9
Change	-	-23.28%	-724.78%	131.93%	-200.76%	37.84%	154.32%	99.2%
Announcement Date	11/5/21	11/5/22	16/5/23	15/5/24	14/5/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	410	344.7	1,001	1,068	326	392.2	746.1	664.2	293.3	406.1	726.9	313.2	267.7	554.8	626.2	872.8	290	352.3	301.8	902.4	311.3	368.5	761.5	406	350	575	775	500
Change	-	-15.93%	190.4%	6.74%	-69.49%	20.31%	90.23%	-10.98%	-55.84%	38.46%	79%	-56.91%	-14.53%	107.25%	12.87%	39.38%	-66.77%	21.48%	-14.33%	199.01%	-65.5%	18.36%	106.65%	-46.68%	-13.79%	64.29%	34.78%	-35.48%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	22/7/20	29/10/20	9/2/21	11/5/21	20/7/21	28/10/21	17/2/22	11/5/22	21/7/22	27/10/22	16/2/23	16/5/23	20/7/23	26/10/23	8/2/24	15/5/24	18/7/24	30/10/24	13/2/25	14/5/25	-	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: March	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2	2027 S1	2027 S2
Net sales ¹	1,486	718.2	1,410	699.4	1,040	822.4	1,499	642.3	1,204	715.9	1,125	816.1	1,328
Change	-	-51.67%	96.37%	-50.41%	48.71%	-20.93%	82.27%	-57.15%	87.47%	-40.55%	57.1%	-27.43%	62.77%
EBITDA ¹	848.4	145.4	-	160.5	511.5	-	-	-	588	129.9	557.1	280.3	688.5
Change	-	-82.86%	-	-	218.69%	-	-	-	-	-77.91%	328.87%	-49.69%	145.63%
EBIT ¹	359	44.1	363.5	-139	-361.2	43.5	357.9	-252.1	237	-149	154	12.2	337.8
Change	-	-87.72%	724.26%	-138.24%	-159.86%	112.04%	722.76%	-170.44%	194.01%	-162.87%	203.36%	-92.08%	2,668.85%
Charge d'intérêts ¹	-9.9	-11.3	-11.7	-9.7	-13.8	-21	-28.8	-27.3	-14.6	-18.52	-18.88	-18.9	-16.4
Earnings before Tax (EBT) ¹	199.4	13.8	179.3	-218.5	-384.8	-13.7	268.5	-	162.2	-204	71	-80.5	182.1
Change	-	-93.08%	1,199.28%	-221.86%	-76.11%	96.44%	2,059.85%	-	-	-225.8%	134.8%	-213.38%	326.21%
Net income ¹	82	0.9	78.2	-190.1	-304.1	-34.4	192.2	-246.7	87.7	-113.4	12.97	-47.7	108
Change	-	-98.9%	8,588.89%	-343.09%	-59.97%	88.69%	658.72%	-228.36%	135.55%	-229.34%	111.43%	-467.87%	326.42%
Announcement Date	11/5/21	28/10/21	11/5/22	27/10/22	16/5/23	26/10/23	15/5/24	30/10/24	14/5/25	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	467	-283	662	985	885	1,314	1,239	1,109
Change	-	-160.6%	333.92%	48.79%	-10.15%	48.46%	-5.71%	-10.49%
Announcement Date	11/5/21	11/5/22	16/5/23	15/5/24	14/5/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	96.8	90.6	71.6	116.2	41.9	74.5	85.18	79.05
Change	-	-6.4%	-20.97%	62.29%	-63.94%	77.8%	14.33%	-7.19%
Free Cash Flow (FCF) ¹	72.3	-282	-425.8	-509.4	127.7	-191.5	149.6	113.5
Change	-	-490.04%	-50.99%	-19.63%	125.07%	-249.94%	178.13%	-24.13%
Announcement Date	11/5/21	11/5/22	16/5/23	15/5/24	14/5/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	53.06%	40.05%	45.24%	50.72%	37.67%	36.77%	43.48%	41.39%
EBIT Margin (%)	21.12%	19.15%	-28.76%	17.29%	-0.82%	0.67%	14.23%	18.46%
EBT Margin (%)	10.61%	9.07%	-34.68%	10.97%	-7.94%	-6.38%	4.56%	8.73%
Net margin (%)	4.6%	3.72%	-28.41%	6.8%	-8.61%	-5.36%	2.59%	4.73%
FCF margin (%)	3.23%	-13.25%	-24.48%	-21.94%	6.92%	-10.38%	7.22%	5.02%
FCF / Net Income (%)	70.13%	-356.51%	86.16%	-322.81%	-80.31%	193.73%	278.66%	106.13%
Profitability
ROA	7.39%	5.47%	-8.31%	3.22%	-3.24%	-1.79%	1.36%	2.3%
ROE	21.11%	15.54%	-24.34%	9.4%	-8.66%	-5.05%	3.33%	4.85%
Financial Health
Leverage (Debt/EBITDA)	0.39x	-	0.84x	0.84x	1.27x	1.94x	1.38x	1.18x
Debt / Free cash flow	6.46x	-	-1.55x	-1.93x	6.93x	-6.86x	8.28x	9.77x
Capital Intensity
CAPEX / Current Assets (%)	4.32%	4.26%	4.12%	5.01%	2.27%	4.04%	4.11%	3.49%
CAPEX / EBITDA (%)	8.14%	10.63%	9.1%	9.87%	6.02%	10.99%	9.46%	8.44%
CAPEX / FCF (%)	133.89%	-32.13%	-16.82%	-22.81%	32.81%	-38.91%	56.94%	69.65%
Items per share
Cash flow per share ¹	7.586	5.543	5.692	3.648	1.328	4.093	6.4	3.94
Change	-	-26.93%	2.7%	-35.91%	-63.61%	208.27%	56.35%	-38.43%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	13.11	14.19	12.21	15.08	13.72	13.89	14.34	14.59
Change	-	8.26%	-13.97%	23.49%	-8.99%	1.19%	3.28%	1.71%
EPS ¹	0.85	0.65	-4.08	1.24	-1.25	-0.7429	0.3924	0.7576
Change	-	-23.53%	-727.69%	130.39%	-200.81%	40.57%	152.83%	93.05%
Nbr of stocks (in thousands)	123,210	123,193	123,933	127,428	130,803	132,599	132,599	132,599
Announcement Date	11/5/21	11/5/22	16/5/23	15/5/24	14/5/25	-	-	-