Welcome, everyone, and thank you for joining the call today. We delivered first quarter net bookings slightly above our guidance, led by a record performance from Invincible: Guarding the Globe.

The rest of the catalog, including Rainbow Six Siege, performed in line with our expectations. We also continue to execute our transformation.

This included further targeted rightsizing actions and the ongoing reconcentration of resources toward our highest potential opportunities. At the same time, the leadership of our new operating model and organization continues to take shape, including the appointment of Christoph Hartmann to lead Creative House 2 in building a world-class portfolio of battlefield-driven experiences.

Its franchises include Ghost Recon, The Division, Splinter Cell, and March of Giants. Christoph joins us with nearly 30 years of experience building, scaling, and operating global gaming organizations, having notably spent 20 years at Take-Two, where he supported the early releases in the Grand Theft Auto franchise and co-founded 2K Games.

The strong launch of Assassin's Creed Black Flag Resynced by Vantage Studios in early July is an encouraging proof point. The game is the highest-rated Assassin's Creed title since the original Black Flag, and we are very pleased with the praise it has received from players.

Two weeks in, the title has already exceeded the annual expectation we had. I would like to warmly thank the teams whose talent and dedication brought it to life.

This launch tells us two things. First, it's a reflection of the enduring strength of Assassin's Creed brand.

Second, it's an illustration of the early benefits of the ongoing transformation and commitment to deliver very high-quality experiences, notably enabled by the revamped cutting-edge proprietary engine, Anvil Engine. Finally, today we have confirmed our FY 2026-2027 objectives and midterm outlook.

FY 2026-2027 remains a year of disciplined execution as we continue to implement our transformation, invest behind our strongest opportunities, and prepare for significantly stronger content cycle. We are confident this new operating model will strengthen our position as a leading creator of high-quality, memorable, and engaging entertainment experiences, and enable the group to return to a stronger trajectory of performance, cash generation, and long-term value creation.

With that, I will hand over the call to Frédérick. Frédérick?

Thank you, Yves, and hello everybody. Our Q1 net bookings stood at €256 million, down 9% year-on-year, and slightly above guidance.

As Yves said, this outperformance was driven by a record quarter for Invincible: Guarding the Globe, while the rest of the catalog performed in line with expectations. The quarter included around €15 million of preshipment linked to Assassin's Creed Black Flag Resynced, in line with what we had planned for.

The year-on-year decline mainly reflects significant bookings from Assassin's Creed Shadows in the prior-year quarter. You will recall that having been released on March 20, 2025, Shadows had a significant contribution in the following quarter.

Back-catalog bookings and digital net bookings stood at respectively €220 million and €206 million, down 15% and 18% year-on-year, both reflecting the Shadows impact I just highlighted. PRI stood at €151 million, stable year-on-year, and representing 59% of our total net bookings.

Let me now give you some color across the catalog. Rainbow Six Siege performed in line with expectations this quarter.

Year 11 Season 2 delivered one of our best Battle Pass conversion rates for a season without a new operator, and the meta-driven rotating changes brought depth and variety to the experience. Overall, average DAUs throughout the quarter were slightly up on the back of a comparison base that benefited from the launch of Siege X and its free entry point in June of last year.

Looking ahead, Season 3 will introduce a new shield counter defense operator, a highly requested addition, and the Legends division, a new playlist targeting core competitive players. Other live services titles were also supported by the regular rollout of new content.

The Division 2 released Year 8 Season 1 this quarter, which helped deliver improved monetization trends year-on-year driven by virtual currency conversion and DARPU records. The Crew Motorfest benefited from the NASCAR-themed Season 9 that released in March as well as the RC Frenzy playlist and the inclusion in the PS Plus subscription service, which all drove robust year-on-year growth in active users and session days.

Finally, mobile bookings stood at €48 million, significantly up year-on-year, reflecting a standout performance for Invincible: Guarding the Globe developed by Ubisoft Barcelona Mobile studio. The title exceeded expectations this quarter, two years after launch, already surpassing the prior full fiscal year.

Momentum built through the period thanks to the March release of the TV series' fourth season and the introduction of a new in-game character, which together drove meaningful player acquisition, retention, and monetization. Now turning to the lineup.

Assassin's Creed Black Flag Resynced released on July 9, and as Yves said, is off to a strong start. It sold in 3.5 million copies to date, exceeding actual annual expectations within its first 14 days.

The game is praised by critics and players alike, with a current 84 review score on Metacritic and OpenCritic, making it the highest-rated Assassin's Creed game since the launch of the original Assassin's Creed IV: Black Flag in 2013. Following launch, player sentiment continued to strengthen, and the game showed robust player engagement, with a record performance for the franchise on PC, as it reached a peak of around 105,000 concurrent players on Steam, the highest ever recorded for an Assassin's Creed title on this platform.

This translated into a historical proportion of sales for the franchise on PC, led by the US and Chinese markets. Resynced demonstrates Ubisoft's ability to leverage proven catalog brands through remakes to win over a whole new generation of players, while allowing long-time fans to rediscover well-improved, iconic games.

In the same spirit, we revealed Rayman Legends Retold to be released in October, making it the franchise's 30th anniversary. Early hands-on coverage has been encouraging, with press highlighting the new visuals and cinematics, expanded world buildings, and new gameplay additions that build on the original celebrated foundation.

This premium remake, co-led by Ubisoft Montpellier and Milan, reimagines the acclaimed platformer in full 3D, deepens its world, and introduces fresh gameplay ideas while preserving the original's DNA. On top of these two games, the lineup for the rest of the fiscal year also includes Just Dance: Decades of Hits, scheduled to release on October 13, as well as targeted premium titles based on established Ubisoft brands to be announced at a later stage, on top of continued live services content updates across the portfolio.

August will be an important month for Rainbow Six Siege and Trackmania, which will be represented at the Esports World Cup in Paris, bringing together some of the best players in the world and showcasing our brands on one of the biggest stages in esports. We also continue to execute on our cost reduction initiatives.

In June, we announced the closure of the Winnipeg and Belgrade studios, targeted changes across the group's global publishing organization, and a restructuring at the Ubisoft Barcelona HD studio. These are difficult decisions, but necessary steps as we concentrate our resources on our highest-priority projects and further improve quality delivery to exceptional levels in a consistent manner.

Turning to the outlook, we've confirmed our Fiscal '27 guidance today. We continue to expect net bookings down by a high single-digit percentage, a high single-digit negative non-IFRS operating margin, and free cash flow consumption of no more than €500 million.

Additionally, the Fiscal '27 housekeeping items for modeling purposes I provided during the full-year earnings call mid-May are unchanged. On the balance sheet, as we said back in May, we have sufficient liquidity to address the near-term maturity using cash on hand.

We are reviewing available financing options with the objective of addressing upcoming maturities, extending the group's debt profile, and maintaining financial flexibility. This review is actively progressing with a view to executing the most efficient financing scheme in due course.

Beyond Fiscal '27, we expect an important rebound with a return to positive free cash flow generation and non-IFRS EBIT in Fiscal '28, robust free cash flow in Fiscal '29, and positive cumulative free cash flow during the Fiscal '27 to Fiscal '29 period. Finally, we expect Q2 net bookings of around €370 million, keeping in mind that Q2 of last year included significant partnerships while we only factored in for limited impact in this Q2 guidance.

I'd like to hand over the call to Yves for concluding remarks.

Thank you, Frédérick. Before we close the call, I would like to take a moment to sincerely thank everyone for their outpouring of support following the tragic death of my brother, Claude.

As many of Claude co-founded Ubisoft alongside Christian, Gérard, Michel, and me. He played a key role in building Ubisoft and its iconic brands.

He also was always genuine and generous, sharing his kindness, wisdom, optimism, and energy with everyone he met. He will be dearly missed.

Thank you again for your support. We are now ready to take your questions.

Good evening. I've got two questions, please.

Can you talk about the likely margin profile of a game like Assassin's Creed Black Flag Resynced? A remake that has sold well ahead of your expectations.

Can you tell us whether you've already covered your costs for that game and whether it should make a better contribution to non-IFRS operating income than a typical game? Second question, I heard your comments on the debt refinancing.

Can you maybe give us an indication of when you'll be able to communicate to the market when you have a plan in place to address the financing of those debt maturities, particularly the puttable 2028 converts due in November?

Hello, Nick. The margin profile of a game like Assassin's Creed Black Flag Resynced should be attractive, first because it's planned to be a success with a strong start.

Usually for remakes that are ambitious, you have reuse of the existing assets of the original experience, but you also come with additional gameplay and features. That still come with some investment, but of course the overall budget is not as high as the original experience.

You also benefit from the awareness of the game, you can come with lower marketing, but you don't have the same price as a full game. It's really a different economic profile, but we expect this one to deliver superior financial performance.

We should expect the direct contribution to be positive as soon as this current quarter in cumulative terms. In terms of refinancing, as we said, we are looking at different options.

We won't make any more announcement today, but we have a high cash position as we speak. As we said back in May and in February, we can use it to address any near-term maturity.

We are looking at different options to work the upcoming maturities with the objective to really optimize the cost of capital. That's what we can say at this stage, and we will update the market in due time.

Okay. Thank you.

You're welcome.

Yes, hello, Yves. [unclear] your brother.

I've got two questions, please. First, you said Assassin's Creed Black Flag Resynced already reached the annual performance expected for the game, but you reiterate the guidance.

Are there other parts of the portfolio which are not performing as well as expected, or you want to keep some room of maneuver for the rest of the year? Secondly, on the licensing and partnership deals, can you remind us what you expect for the full year and what's the expected phasing by quarter, and notably were there any specific contribution during the Q1?

Thank you.

Hello, Nicolas. Yes, we said indeed that we're very happy with the strong start that exceeded in only two weeks the annual expectation that we had.

It's still early in the year with nine months ahead of us, and we have, of course, still a number of games to come in the second half. We also have a strong competitive lineup to come this year.

It's a bit early to update the guidance. That's what I would say at this stage.

In terms of partnerships, for the whole year, we expect material contribution, but lower than over the last years. We had a limited contribution in Q1.

It was below €10 million, probably around €5 million. We factored in, as I said, a limited contribution in the second quarter, the material contribution is expected in the second half of the year.

Okay. Understood.

Thank you, Frédérick.

You're welcome.

Yes, good afternoon, and thank you for taking my questions. I'd just like to circle back to your guidance.

If Black Flag Resynced is doing so much better than you had originally expected, I'm a little bit surprised still to see the second quarter guidance coming in a fair bit below consensus. Maybe you can just put everything together for me, and perhaps the explanation is lower partnerships in the first half, and that includes the second quarter.

Is that the reason why? Then should we, as a result, view your full-year guidance as being conservative?

Because if Black Flag is doing much better and the rest of Ubisoft is performing in line with expectations, then I expect you have some margin on the upside to your full-year guide. Thank you.

As I said, we're very happy with the start. As for the second quarter guidance, I think it fairly reflects the early success of these first two weeks.

Yes, in terms of comparison versus last year's second quarter, last year we had a meaningful impact of partnerships while we have a limited one this quarter. That's a big part of the explanation in comparing with last year's Q2, but I don't know what are the assumptions that were used in the consensus.

For the full fiscal year, as I said, while it's really a great start, it's still early. As we said, we will be announcing additional games to be launched in the second half on top of the Rayman Legends Retold remake already announced, and we expect also a strong competitive lineup.

It's a bit early to update the guidance. For you to know, we also had €15 million net bookings preshipment in the first quarter to keep in mind when you analyze the second quarter guidance.

That's very clear, thank you. Can I just have a very quick follow-up?

Is there any chance that your Rayman remake will be as successful as the Black Flag one, or is it a totally different animal? Thank you.

Yes, I would say that, first of all, of course, Assassin's Creed is a very, very big brand. You need to take into consideration the relative size of the brands, but Rayman Legends is really an iconic game.

It's the same spirit in the way we consider Rayman Legends and Assassin's Creed Black Flag relative to, in both cases, iconic original games. As for AC, we are coming with a revamped experience, an improved experience, while sticking to the original DNA of Rayman, but with additional gameplay, features, broader scope, and a full revamp in 3D.

What we've seen from hands-on coverage today is really encouraging. We believe that, yes, long-time fans will be very happy to rediscover that improved version of the original experience, and we should be attracting a whole new generation of players.

Excellent. Thank you very much.

Hi. Thank you.

Sony recently announced that they're going to discontinue physical disc-based games as of 2028. Just wondering, from your perspective, if you have any concerns that could create a demand headwind, either directly or perhaps indirectly, because it prevents gamers from recycling games to the used game market and then using that to purchase new games?

Thank you.

What we saw on the PC is that it helped to grow the market. There's also some pressure for the future on the cost of machines, and being able to be only digital will help to have a more accessible machine, I would say.

As you said, there are plus and minus, but we think it will not disturb too much the industry.

Okay. Thank you very much for all your questions, and have a good day or good evening.

Thank you.

Bye-bye.