H1 FY19 EARNINGSOctober 30, 2018

This statement may contain estimated financial data, information on future projects and

transactions and future business results/performance. Such forward-looking data are provided for

estimation purposes only. They are subject to market risks and uncertainties and may vary

significantly compared with the actual results that will be published. The estimated financial data

have been presented and approved by the Board of Directors on 10/30/18 and have not been

audited by the Statutory Auditors. (Additional information is specified in the most recent Ubisoft

Registration Document filed on June 6th, 2018 with the French Financial Markets Authority

(l’Autorité des marchés financiers)).

D I S C L A I M E R

Yves Guillemot, President and Chief Executive Officer

Alain Martinez, Chief Financial Officer

DISCLAIMER

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AGENDA

3

F Y 1 9 TA R G E T S

H 1 F Y 1 9 P E R F O R M A N C E

I N T R O D U C TO RY R E M A R K S

4

OVERPERFORMING IN A THRIVING & COMPETITIVE INDUSTRY

CONFIRMING UBISOFT’S MANY ONGOING GROWTH OPPORTUNITIES

VERY SOLID TOPLINE PERFORMANCE

DIGITAL TRANSFORMATION

STRONG RECURRING REVENUES & PROFITABILITY

CONFIDENCE FOR THE REMAINDER OF THE YEAR AND THE LONG TERM

5

ASSASSIN’S CREED ODYSSEY’S AMAZING RECEPTION

No one’s made an open-world RPG with this much depthand brilliance since The Witcher 3

Ubisoft’s newest Assassin’s Creed is the stuff of legends

For me, it’s easily the best AC game to date, and I can’twait to keep playing it long after the credits roll

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PROMISING FIRST STEPS IN CLOUD GAMING

Google’s project stream has been impressive so far[…] Playing a game as beautiful as Assassin’s CreedOdyssey without a console or high-end PC is like glipsing into the platform-agnostic future that many of

us have been dreaming about for a long time

A few years ago if you were to tell me that the future of gaming will be tied to streaming games from the cloud, I would have called you crazy. The technology that we saw back then just wasn’t there. Now,

seeing Assassin’s Creed Odyssey running on the Switch via the cloud here in Japan, I’m a believer

AGENDA

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F Y 1 9 TA R G E T S

I N T R O D U C TO RY R E M A R K S

H 1 F Y 1 9 P E R F O R M A N C E

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H1 FY19 PERFORMANCE

NET BOOKINGS

519 M€, + 52% yoy

565 M€, + 49% yoy

H1

746 M€, + 60% yoy(Q2 Net Bookings : 365 M €, target of 345 M€)

BACK-CATALOG

DIGITAL REVENUES

PLAYER RECURRING INVESTMENT

262 M€, + 49% yoy

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H1 FY19 DRIVEN BY STRONG BACK CATALOG & LIVE SERVICES

40 million players & strong PRI yoy growth

Far Cry 5 continues to outperform Far Cry 4 six month after its record launch,

incl. higher playtime

Esports Six Major Paris : 8 million unique views

& strong momentum in Asia

October MAUs up yoy

Release of “Special Operation 2”, huge update with a thematic cross-over

with R6

15 million players

Release of “Marching Fire” most ambitious update ever with 4v4 castle siege mode

Stronger PRI performance than The Crew 1

2nd major free update with PVP expected in December

Mobile revenues up 60%

PC up 4 points in total net bookings share

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H1 FY19 PERFORMANCE – DIGITAL

Digital Distribution

*Excluding mobile* *Includes ingame items, DLCs/season pass, subscription & advertising

H1 FY16 H1 FY17 H1 FY18 H1 FY19

100 M€

41

202 M€

107

95

343 M€

DIGITAL SPLIT

168

175

+ 52% yoy

Player RecurringInvestment**

+ 50% yoy

+ 52% yoy

262

256

519 M€

59

MAUs up 29%*

Gross margin up 245 M€ & 1.4 point with no digital revenue from AC Odyssey

R&D up 86 M€ & down 3.5 points

SG&A up 52 M€ & down 9.1 points : topline growth leverage + marketing efficiency from digital and back-

catalog impact + early ship-in of AC Odyssey

variable marketing expenses : 128 M€ or 17.1% of net bookings (87.9 M€ & 18.9% in H1 FY18)

fixed structure costs : 125 M€ or 16.8% of net bookings (113 M€ & 24.1% in H1 FY18)

Net Financial income : 70 M€ incl. 76 M€ related to the 200 m€ total return swap contract (March 2018)

H1 FY19 : NON-IFRS P&L

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€ million, except for per share data H12018-19

H12017-18

% %

Sales 767,0 466,2

Deferred services (21,0) 0

Net bookings 746,1 466,2

Gross profit based on net bookings 635,0 85,1 390,1 83,7

Non-IFRS R&D expenses (272,0) (36,5) ( 186,5) ( 40,0)

Non-IFRS Selling expenses (182,8) (24,5) ( 138,6) ( 29,7)

Non-IFRS G & A expenses (69,9) (9,4) ( 61,9) ( 13,3)

Non-IFRS SG & A expenses (252,8) (33,9) ( 200,5) ( 43,0)

Non IFRS operating income 110,2 14,8 3,1 0,7

Net Financial Income 69,9 ( 7,3)

Share in profit of associates 0,0 ( 0,1)

Income Tax ( 21,1) 23,7

Non IFRS Net Income 159,0 19,4

Non IFRS Diluted earnings per share 1,32 0,16

Non IFRS nbr of shares fully diluted 120 523 122 554

86 M€ increase in total R&D P&L : depreciation on heavier new releases + stronger post launch plans

63 M€ increase in R&D Cash: support long term growth opportunities

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H1 FY19: R&D

€ millionH1

2018-19

H1

2017-18

Depreciation of in-house software-related production 168,8 107,4

Depreciation of external software-related production and licenses 5,1 3,2

Royalties 6,5 4,9

Non Capitalized R&D & others* 91,7 70,9

Total R&D P&L 272,0 186,5

Capitalized in-house software-related production 281,7 238,9

Capitalized external software-related production and licenses5,8 8,0

(excluding future commitments)

Royalties 6,5 4,9

Non Capitalized R&D & others* 91,7 70,9

Total R&D Cash 385,6 322,8

*mostly Post-Launch content

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H1 FY19 : IFRS / NON-IFRS RECONCILIATION

Stock-based compensation : 36 M€ (incl. employees share plan)

Net Financial income : 4 M€ non cash related to the 400 M€ convertible loan

Tax rate : 12%

€ million, except for per share data

H1

2018-19

H1

2017-18

IFRS Adjustment Non IFRS IFRS Adjustment Non IFRS

Sales 767,0 767,0 466,2 466,2

Deferred services (21,0) (21,0) na na

Net bookings 746,1 466,2 466,2

Total Operating expenses ( 672,7) 36,9 ( 635,8) ( 500,6) 37,5 ( 463,1)

Stock-based compensation ( 35,5) 35,5 0,0 ( 27,8) 27,8 0,0

Non-current operating income

and expenses( 1,4) 1,4 0,0 ( 9,7) 9,7 0,0

Operating Income 94,3 15,9 110,2 ( 34,4) 37,5 3,1

Net Financial income 66,0 3,9 69,9 ( 11,4) 4,1 ( 7,3)

Share in profit of associates 0,0 0,0 ( 0,1) ( 0,1)

Income tax ( 19,6) ( 1,6) ( 21,1) 25,1 ( 1,4) 23,7

Net Income 140,7 18,3 159,0 ( 20,8) 40,2 19,4

Weighted av. nbr of shares in issue 120 523 034 120 523 034 109 512 570 13 041 145 122 553 715

Diluted earnings per share 1,19 0,13 1,32 ( 0,19) 0,35 0,16

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172 M€ increase in CF from operations : EBIT growth + narrowing of R&D P&L/Cash gap + 76 M€ related to

the total swap return contract

69 M€ increase in WCR : early ship-in of AC Odyssey + mid-October launch of Starlink

229 M€ proceeds from issue of capital : related to employee share plan + modified accounting treatment on

100M€ deposit invested on total return swap contract

H1 FY19 : CASH FLOWS & CLOSING CASH POSITION

€ millionH1

2018-19

H1

2017-18

Opening cash position ( 548,1) ( 80,4)

Cash flows from operations 88,4 ( 83,6)

Change in WCR ( 66,4) 2,2

Cash flows from operating activities 22,0 ( 81,4)

Net investment in capital assets ( 35,0) ( 28,3)

Net free cash flow ( 13,0) ( 109,7)

Net acquisitions/disposals ( 4,9) 0,0

Proceeds from issue of capital and other financial flows 228,7 45,2

Net acquisitions/disposals of own shares 0,0 ( 23,3)

Effect of exchange rate fluctuations ( 4,0) ( 4,1)

Equity component 4,1 ( 13,9)

Decrease/(increase) in net debt 210,7 ( 105,7)

Closing cash position ( 337,4) ( 186,2)

AGENDA

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H 1 F Y 1 9 P E R F O R M A N C E

I N T R O D U C TO RY R E M A R K S

F Y 1 9 TA R G E T S

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FY19 TARGET

FY19 NET BOOKINGS: ~ 2 050 M€ FY19 IFRS 15 SALES: ~ 2 000 M€

NON-IFRS OPERATING INCOME: ~440 M€

FREE CASH FLOW: ~ 300 M€

FY19DIGITAL: ~65% of Net Bookings

PRI: ~ 30% of Net Bookings

BACK-CATALOG: ~50% of Net Bookings

3 new AAA releases: 19 M units

+ +

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H2 MAIN RELEASES

EXPANSIONS Q3

SPECIAL OPERATION 3

KING OF MAYHEM

SEASON 4

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TOPLINE GROWTH & PROFITABILITY PROGRESSION OPPORTUNITIES

UBISOFT IS JUST STARTING TO REAP THE BENEFITS OF THE DIGITAL TRANSFORMATION

SHORT & MEDIUM TERM OPPORTUNITIES

Mobile & PC marketsDigital

Asia Esports

LONG TERM OPPORTUNITIES

New forms of gaming (streaming…) significant expansion of TAM

Investment in Ubisoft Club, AI & machine learning taylor players experiences

H1 CONFIRMED UBISOFT’S MANY ONGOING GROWTH OPPORTUNITIES

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CONCLUSION

Ubisoft continues to deliver on its strategic plan. We are executing on our promise to

bring high quality games to players and to engage them over the long term with

amazing new content. We focus our energy on growing our biggest franchises, on

embedding the community in the development of our games and on building our online

platform and services.

This quarter confirmed the potential of Ubisoft’s many ongoing growth opportunities :

from the rapid digital growth and our dynamic PC and mobile businesses, to the

opening of major new geographical markets, notably Asia. Longer term opportunities

linked to Artificial Intelligence, Streaming and eSport are very promising future value

drivers. We are already showing nice progress on those fronts.

Overall, the videogame industry continues to thrive. Ubisoft’s unparalleled talent pool,

ability to operate our proven multi-studio organization, and capacity to regularly create

organically and grow blockbuster Ips, are what set us apart from the competition. These

strengths make us confident we can continue to grow and improve profitability over the

long term.

Yves Guillemot, President and Chief Executive Officer

THANK YOU !