Ubisoft: Management Expects Bookings Growth in Fiscal 2025 Despite Mobile Game Delays

Ubisoft's fiscal first-quarter trading update, which includes only sales data, was roughly in line with management's outlook provided in May. The firm delayed two significant mobile releases--Rainbow Six and The Division Resurgence--until fiscal 2026, but management continues to expect bookings growth in fiscal 2025, with release dates set for Star Wars Outlaws (Aug. 30) and Assassin's Creed Shadows (Nov. 15). Ubisoft also still expects to drive positive free cash during the year as it collects on the bulk of licensing revenue booked last fiscal year, including sales tied to the Activision streaming agreement. We are maintaining our EUR 33 per share fair value estimate.