(BFM Stock Exchange) – The video game publisher delivered its results for the entire year 2024-2025, with a positive cash flow. But the prospects of the company for 2025-2026 appear disappointing.

Ubisoft is putting an end to a tumultuous exercise, marked by the disappointing reception of “Star Wars Outlaws”, of objectives and the “Assassin’s Creed Shadows” postponement, an ambitious title which was finally released on March 20, a few days before the closing of the company’s accounts.

Ultimately, the video game editor lacked its annual income and operating profit targets with a hair.

On all of its exercise ended last March, Ubisoft unveiled “net bookings” (the retired turnover of certain deferred income) of 1.85 billion euros, down 20.5% over one year.

On the fourth quarter alone, the “net bookings”, however, reached a record of 902 million euros, up 3.4% over a year, supported by the sales of “Assassin’s Creed Shadows”. This game sold 3 million copies in the first week following its release, wrote Deutsche Bank on Tuesday.

The non-IFRS operating profit fell into the red with a loss of 15.1 million euros, against an operating profit of 401.4 million euros in 2023-2024.

Ubisoft’s net profit established it at -159 million euros for a profit of 158 million euros a year ago.

A cash in the green

Positive point, however: the company’s cash flow reached 127.7 million euros, returning to the green. The group had previously burned cash on the three previous years, with in particular a cash consumption of 509 million euros in the financial year 2023-2024.

The company intended to generate “net bookings” of around 1.9 billion euros over its entire exercise as well as an operating profit and a cash flow close to the balance.

Deutsche Bank on the other hand was tapped on “net bookings” of around 1.9 billion euros, including 960 million euros in the fourth quarter and a non-wearing operating profit of 40 million euros.

For exercise 2025-2026, Ubisoft has announced to anticipate stable “net books” over a year, a non-wearing operating profit close to balance and a negative cash flow reflecting the group’s transformation “.

These prospects seem disappointing at first sight. According to Deutsche Bank, consensus was counted for this exercise 2025-2026, on a growth of 11% of “net bookings” and on a non-response operating profit of 210 million euros.

Beyond the current exercise, Ubisoft “anticipates a return to a positive operating result and a generation of free cash flow in 2026-27, as well as the arrival of significant content from its main franchises on the exercises 2026-27 and 2027-28”.

The market reaction will be observed on Thursday on the Paris Stock Exchange. In the immediate future, at Wall Street, the ADR – products that allow American investors to position themselves on non -American groups – Ubisoft fell 12.5% ​​shortly after 6 p.m.