Black Flag remake helps; still waiting on refi

Research evidence excerpt

Black Flag remake helps; still waiting on refi

Equity Research

European Media

24 July 2026

Ubisoft Entertainment SA

Black Flag remake helps; still

waiting on refi

An early year hit will never guarantee annual revenue at UBIP.PA/UBI FP EQUAL WEIGHT

Ubisoft but it helps. And AC Black Flag Resynced has Unchanged

exceeded management's annual unit sales target in two European Media UnchangedNEUTRAL

weeks. There was no incremental update here on how Price Target EUR 5.45

management will address/refi upcoming debt maturities. Unchanged

Price (23-Jul-26) EUR 4.73

Potential Upside/Downside +15.3%

Ubisoft needs to present a solution to debt-holders for repaying or refinancing its Source: Bloomberg, Barclays Research

upcoming debt maturities for the story to become more comfortable, in our view, and

there was no update on that here. But we do think that an element of comfort has been Market Cap (EUR mn) 642

added into this year's delivery by the success of Assassin's Creed Black Flag Resynced. We Shares Outstanding (mn) 135.95

definitely did not expect it to sell 3.5m units in its first two weeks, and management noted Free Float (%) 71.39

that it has outsold their annual expectations in that time period. This should make a good 52 Wk Avg Daily Volume (mn) 1.1

contribution to profit given that remakes usually cost less to make and market than a Dividend Yield (%) N/A

brand new game. Management is not raising guidance at this point but we really would not Return on Equity TTM (%) -92.84

expect that so early in the year, and with a recent history of delays and disappointments Current BVPS (EUR) 11.10

behind them. We show modelling in this note for ACBFR and discuss what is required from Source: Bloomberg

other sources (beyond the back catalogue) to meet guidance for FY27.