Universal Registration Document 2026

UNIVERSAL REGISTRATION DOCUMENT

and Annual Financial Report

Message from the Chairman 3

and Chief Executive Officer

1. KEY FIGURES

   5 6 FINANCIAL STATEMENTS 217
   
   

   1. Quarterly and annual consolidated sales 6

   2. Sales by platform 7

   3. Sales by geographic region 8

2. GROUP PRESENTATION 9

   1. Group business model and strategy

      10
      
      

   2. History 16

   3. Highlights

      17
      
      

   4. Subsidiaries and equity investments

      19
      
      

      1. Consolidated financial statements for the year ended March 31, 2026

         
         
         

      2. Statutory Auditors' report on the consolidated financial statements

         
         
         

      3. Separate financial statements of Ubisoft Entertainment SA for the year ended March 31, 2026

         
         
         

      4. Statutory Auditors' report on the separate financial statements

         
         
         

      5. Statutory Auditors' special report on regulated agreements

      6. Ubisoft Entertainment SA results

      for the past five financial years

      
      
      

      218

      274

      281

      310

      316

      320

   5. Research and development, investment 21

      7

      and financing policy

      
      
      

   6. 2025-26 performance review (non-IFRS data)

      23
      
      

   7. Outlook

      27
      
      

      INFORMATION ON THE COMPANY AND ITS CAPITAL

      321

3. RISKS AND INTERNAL CONTROL

   29
   
   

   1. Risk factors 30

   2. Risk management and internal control 45

      8

      mechanisms

      1. Legal information

         322
         
         

      2. Share capital

         326
         
         

      3. Share ownership

         329
         
         

      4. Securities market 335

      5. Additional information

         339
         
         

4. CORPORATE GOVERNANCE

   53
   
   

   4.2	Compensation of corporate officers	97	Cross-reference table of the Universal Registration Document	342
   			Annual financial report cross-reference table	344
   			Management report cross-reference table	345
   SUSTAINABILITY MANAGEMENT REPORT		129	Corporate governance report cross-reference table Cross-reference table for the AMF tables on corporate officer compensation	346 347
   5.1 ESRS 2 - General disclosures		130	SASB reporting	348
   5.2 Environnemental information		142
   		161 190	In the table of contents, the components of the annual financial report are identified
   5.5 CSRD Appendices		193	by the pictogram
   5.6 Report on the certification of sustainability		210
   information and verification of the disclosure
   requirements under Article 8 of Regulation
   (EU) 2020/852
   5.7 Duty of care plan		214

   1. Social information

   2. Governance information

   1. Governance structure 54

CROSS-REFERENCE TABLES AND SASB REPORTING

341

5

AND ANNUAL FINANCIAL REPORT

The Universal Registration Document was filed on July 6, 2026 with the Autorité des Marchés Financiers (AMF - the French Financial Markets Authority), the competent authority in this respect under Regulation (EU) 2017/1129, without any prior approval requirement, as set out in article 9 of said regulation.

The Universal Registration Document may be used for the purpose of a public offering of securities or their admission to trading on a regulated market if it is supplemented with a securities note and, where applicable, a summary and all amendments made to the Universal Registration Document. This set of documents is then approved by the AMF in accordance with Regulation (EU) 2017/1129.

The Universal Registration Document is a copy of the french official version of the Universal Registration Document established in xHTML format and available on the issuer's website.

UBISOFT - UNIVERSAL REGISTRATION DOCUMENT - 2025-26 1

2 UBISOFT - UNIVERSAL REGISTRATION DOCUMENT - 2025-26

‌MESSAGE FROM THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER

Yves Guillemot

A year of decisive action

Fiscal year 2025-26 was one of decisive action for Ubisoft. In a more selective video game market and an increasingly competitive environment, we chose to address our challenges head-on and initiated one of the most ambitious transformations in the Company's history.

We began implementing a new operating model, streamlined our games portfolio and executed our cost-reduction program with discipline, while strengthening the Group's financial flexibility and significantly reducing its debt through the completion of the strategic transaction around Vantage Studios.

This transformation involves difficult decisions, but they are necessary to give Ubisoft the structure, focus and flexibility required to restore sustainable performance over time. Our objective is clear: to build a more focused, efficient and resilient organization, better positioned to seize the significant opportunities ahead.

A new operating model to reignite creative leadership

At the heart of this transformation is a radically new value-creation model, structured around five specialized Creative Houses, supported by a Creative Network, shared Core Services and a redesigned Headquarters. This model brings creative and financial accountability closer to where value is created, combining development and go-to-market functions around clearly defined genres and brands while unifying the player relationship.

Each Creative House will ultimately benefit from a dedicated leadership team, clear mandates and full accountability for its portfolio, from creative vision through to player relationships. By enabling faster, more decentralized decision-making while relying on best-in-class transversal support, this model is designed to strengthen execution, improve agility and empower our teams to deliver very high-quality experiences. With this new organization, we are reinforcing our ability to develop world-class brands, deepen player engagement and build lasting entertainment ecosystems.

A more selective roadmap

Our strategy remains focused on developing games and content in the two major categories where Ubisoft has unique strengths: Open World Adventures and GaaS-native experiences. During the fiscal year, we conducted a comprehensive review of our portfolio and development pipeline, which led us to discontinue certain projects and give others additional development time. This reset is intended to concentrate our resources on the opportunities that best support our quality ambitions and longterm value-creation objectives, which will continue to be supported by targeted investments, deeper specialization, and cutting-edge technology.

This more disciplined approach reflects a fundamental principle: in today's market, excellence, differentiation and player trust are imperative. Recent releases and updates have shown that, when our teams have the right focus and the right conditions, Ubisoft is able to deliver quality experiences that resonate strongly with communities, as evidenced by recent releases coming back to Metacritic levels above 80. We are confident the adjustments made to our portfolio and pipeline will enable us to go further in delivering convincingly high-quality content more consistently.

Disciplined execution

At the same time, we continued to simplify our organization and reduce complexity across the Group. These efforts are not solely aimed at lowering costs. Their purpose is also to build a more agile and responsive Ubisoft, with resources aligned behind our strongest creative priorities and an enhanced ability to execute with greater rigor and reliability.

This disciplined approach has already delivered meaningful progress, with the fixed cost base significantly reduced since 2022. Looking ahead, Ubisoft remains on track to complete the final phase of its cost reduction program by March 2028.

UBISOFT - UNIVERSAL REGISTRATION DOCUMENT - 2025-26 3