February 14, 2025 06:59 GMT
TECHNOLOGY: Ubisoft Q3 Results
TECHNOLOGY
UBIFP
Very low number of estimates throughout. Nothing material on strategic review.
- Q3 sales -48% YoY (+10% vs. cons). 9M25 -31% YoY.
- Q3 net bookings -52% YoY (in line with consensus and guidance). 9M25 -35% YoY.
- EUR 200mn cost reduction by FY25 (previously FY26). Expected to go beyond this target.
- Ad-hoc independent committee formed to oversee strategic review.
- FY25 guidance confirmed. Assassin’s Creed Shadows confirmed for 20 March.
- Expect FY25 gross debt of EUR 1.9bn but no guide on cash aside from the EUR 800mn figure as of Jan. EUR 275mn in debt reimbursement this calendar year.
- “But as we've always done in the past, we continue looking at refinancing opportunities moving forward.”
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