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Ubisoft reported €401 million in non-IFRS operating income for the fiscal year ended March 31, 2024, saying the result was in line with its target. In a separate strategic announcement on May 15, 2024, the company said it had stopped development on The Division Heartland and redeployed resources to other projects. Ubisoft did not say the cancellation produced, or was needed to produce, the financial result.
What Ubisoft reported for FY2023–24
Ubisoft’s fiscal year ran from April 1, 2023, through March 31, 2024. Its results release, published May 15, 2024, reported three distinct measures: IFRS 15 sales, net bookings, and non-IFRS operating income. The company said operating income was in line with its target.
| Measure | FY2023–24 result | What Ubisoft said |
|---|---|---|
| IFRS 15 sales | €2,300.9 million | Reported as sales under IFRS 15. |
| Net bookings | €2,321.4 million | Up 33.5% compared with FY2022–23. |
| Non-IFRS operating income | €401 million | In line with target. |
The figures are not interchangeable: IFRS 15 sales and net bookings are separate measures in Ubisoft’s release, while operating income is a company-defined non-IFRS measure. The headline’s reference to “sales targets” is best understood as a shorthand for the target comparison Ubisoft highlighted; the specific target result was non-IFRS operating income, not a stated sales target.
Ubisoft CEO Yves Guillemot described the year as being “back on track on our profitable growth trajectory,” citing record annual and fourth-quarter net bookings and operating income aligned with targets. Ubisoft’s FY2024 results release hosted by Euronext attributes that statement to Guillemot.
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What Ubisoft said about The Division Heartland
In the same May 15 results communication, Ubisoft said it had decided to stop development on The Division Heartland. It said resources were being redeployed to “bigger opportunities such as XDefiant and Rainbow Six,” describing the decision as “in line with the increased selectivity of its investments.” The cancellation announcement is a portfolio decision alongside the financial results, not an explanation of how the company met its operating-income target.
Ubisoft did not provide a standalone, game-specific financial or production reason for stopping development in the cited announcement. It therefore does not establish that the decision followed weak sales, poor testing, production problems, or any other particular cause.
How the cancellation fits Ubisoft’s stated strategy
Ubisoft said it was sharpening its focus on two areas: Open World Adventures and native Games-as-a-Service experiences. It also described efforts to streamline operations and adapt to market trends. That provides company-wide context for its increased investment selectivity, but Ubisoft did not state that this strategy was the direct cause of the Heartland decision.
The release also reported a workforce of 19,011 at the end of March 2024, down by more than 1,700 over 18 months. That is another company-reported organizational figure, not evidence of a direct link between staffing changes and the game’s cancellation.
What the announcement does—and does not—establish
- Financial outcome: Ubisoft reported €401 million in non-IFRS operating income and said it was in line with target.
- Other headline measures: IFRS 15 sales were €2,300.9 million, while net bookings were €2,321.4 million, up 33.5% year over year.
- Portfolio decision: Development on The Division Heartland stopped, and Ubisoft said it redirected resources to XDefiant and Rainbow Six.
- No stated causal connection: The release does not say Heartland’s cancellation caused, enabled, or was required for the target result.
These are historical FY2023–24 results and a decision announced on May 15, 2024, not a current-period financial update. The figures and decision were reported by Ubisoft in its full-year 2023–24 earnings release distributed through GlobeNewswire.
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