Yves Guillemot
Co-Founder, Chairman, CEO, President & Chief Creative Officer

Welcome, everyone, and thank you for joining the call today. This past fiscal year was one of decisive actions for Ubisoft. We initiated one of the most ambitious transformations in the company history, building a more focused, agile and disciplined organization that is capable of consistently delivering high-quality experiences to players through a sustained release cadence while supporting value creation over time.

To achieve this strategic resets in financial year '26, we began putting in place a new operating model, rationalized our portfolio of games and executed with discipline on our cost reduction program while significantly deleveraging the group. In financial year '27, we will pursue and complete the execution of this transformation and continue investment ahead of much stronger and sustained content cycle.

This year is therefore expected to represent a low point in our free cash flow trajectory, along with a softer release slate and restructuring costs.

We will continue to grow our live games led by Rainbow Six and its strong road map, deliver Assassin's Creed Black Flag Resynced and launch other targeted premium games based on established Ubisoft brands. This 2-year transformation comes with difficult decisions and a disappointing short-term financial performance, but I firmly believe that together, these actions are better positioning Ubisoft to deliver sustainable free cash flow over time.

The expected outcome beyond financial year '27 will be an important rebound driven by a significantly stronger new