Ubisoft Entertainment: Takeaways from Q1'27 Sales Update

研报英文原文证据摘录

Ubisoft Entertainment: Takeaways from Q1'27 Sales Update

23 July 2026

Ubisoft Entertainment

expectations. Management attributed the variance primarily to the anticipated

timing of partnership and licensing revenues.

Partnership income totaled less than €10 million in Q1'27 and is expected to remain

limited in Q2'27. The company indicated that the majority of FY'27 partnership

revenues will be recognized in H2'27, although at levels below those achieved in

recent years.

As a result, near-term bookings will remain predominantly dependent on the

performance and monetization profile of the core portfolio, while the expected

H2'27 weighting introduces a degree of quarterly volatility without altering the full-

year outlook.

Debt Refinancing: Management’s commentary was broadly unchanged from prior

disclosures. Ubisoft reiterated that it has sufficient liquidity to address upcoming

debt maturities and continues to evaluate a range of financing alternatives. Key

objectives include refinancing near-term maturities, extending the debt maturity

profile, preserving financial flexibility, and optimizing the overall cost of capital.

Management stated that the process is "actively progressing" and is laying the

groundwork for execution of the "most efficient financing structure" in due course.

The remarks suggest that discussions with financing counterparties are ongoing,

with management focused on securing a solution that balances liquidity

preservation and balance sheet flexibility while minimizing refinancing risk.

Exploring Refinancing Options? According to a 17 July report by 9fin, Ubisoft has

initiated a bondholder identification process ahead of potential refinancing

discussions. The report states that the company has received indicative term sheets