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The conference call can be accessed live and via replay by clicking on the following link: https://edge.media-server.com/mmc/p/w37wssrrContactsInvestor Relations Jean-Benoît Roquette SVP Investor Relations \+ 33 1 48 18 52 39 Jean-benoit.roquette@ubisoft.comPress Relations Michael Burk Senior Director of Corporate Public Relations \+ 33 1 48 18 24 03 Michael.burk@ubisoft.com    Alexandre Enjalbert  Senior Investor Relations Manager  + 33 1 48 18 50 78 Alexandre.enjalbert@ubisoft.com    Disclaimer This press release may contain estimated financial data, information on future projects and transactions and future financial results/performance. * OCEANE bonds’ interest expense recognized in accordance with IFRS9. For example, if you inadvertently compared riskier firms with UBI, then investors would naturally value UBI at a higher price since it is a less risky investment. © 2020 Verizon Media. Main cash flow statement3 itemsNon-IFRS cash flows from operating activities represented a net outflow of €72.8 million (against a net outflow of €20.6 million in first-half 2019-20). Full-year 2020-21The Company is updating the target range communicated in May 2020, of between €2,350 million and €2,650 million for Net bookings and between €400 million and €600 million for non-IFRS operating income. Ubisoft Entertainment SA (ENXTPA:UBI) is currently trading at a trailing P/E of 56.7x, which is higher than the industry average of 34.9x. Both scenarios would explain why UBI has a higher P/E ratio than its peers. If this assumption does not hold true, UBI’s higher P/E ratio may be because firms in our peer group are being undervalued by the market. * Non-operating income and expenses resulting from restructuring operations within the Group. APPENDICESDefinition of non-IFRS financial indicatorsNet bookings corresponds to the “Sales” indicator used prior to fiscal 2020-21 (i.e. Get it now with StarHub Mobile+ $95 2-year plan. At the same time, we continue investing to increasingly leverage our direct-to-player relationship. * The creation of a Content Review Committee to ensure that the Group’s content and product marketing is aligned with Ubisoft’s values of respect and fairness. Thanks to our early positioning, we expect the strong momentum of next gen consoles to be a material catalyst for our games.Benefitting from this strong momentum and despite having moved Far Cry 6 and Rainbow Six Quarantine to 2021-22 to leverage their full potential in the context of production challenges caused by COVID-19, our new non-IFRS operating income targets for 2020-21 remain within the boundaries we set back in May. * Income and expenses arising on revaluations, carried out after the measurement period, of the potential variable consideration granted in relation to business combinations. Being able to maximize the long term value of our IPs while at the same time maintaining solid financial targets highlights the increasing recurring nature of our revenues, the strength of our portfolio of franchises, confidence in our holiday season release slate and current supportive industry dynamics.”Yves Guillemot added “During the quarter we undertook profound actions to create a safer and more inclusive workplace and to transform our corporate culture. Their limited review report will be issued after their verification of the half-yearly report.Consolidated income statement (IFRS, extract from the accounts which have undergone a limited review by Statutory Auditors).In millions of euros 09.30.2020 09.30.2019          IFRS15 Sales757.0 697.5 Cost of sales(101.9) (96.7) Gross Margin655.0 600.7 Research and Development costs(282.2) (307.7) Marketing costs(180.0) (189.5) General and Administrative costs(108.2) (91.0) Current operating income84.6 12.6 Other non current operating income & expense(36.5) (3.3) Operating income48.1 9.3 Net borrowing costs(7.5) (7.1) Net foreign exchange gains/losses(2.8) (3.3) Other financial income0.6 0.0 Other financial expenses0.0 (0.1) Net financial income(9.7) (10.5) Share in profit of associates  0.0  0,0 Income tax(16.3) 2.3 Consolidated net income22.1 1.2 Net income attributable to owners of the parent company 21.1  0,9 Net income attributable to non-controlling interests 1.1  0,3 Earnings per share attributable to parent company    Basic earnings per share (in €)0.18 0.01 Diluted earnings per share (in €)0.17 0.01 Weighted average number of shares in issue118,190,337 108,558,213 Diluted weighted average number of shares in issue121,302,240 111,816,002 Reconciliation of IFRS Net income and non-IFRS Net incomeIn millions of euros, except for per share dataH1 2020-21H1 2019-20 IFRSAdjustmentNon-IFRSIFRSAdjustmentNon-IFRS IFRS15 Sales757.0  697.5   Deferred services/other differences between the 2 standards (2.2)  (36.4)  Net bookings  754.7  661.1 Total Operating expenses(708.9)68.5(640.4)(688.1)34.0(654.2) Stock-based compensation(32.0)32.00.0(30.7)30.70.0 Non-current operating income & expense(36.5)36.50.0(3.3)3.30.0 Operating Income48.166.2114.39.3(2.4)6.9 Net Financial income(9.7)2.6(7.0)(10.5)4.3(6.1) Income tax(16.3)(0.9)(17.1)2.310.012.3 Consolidated Net Income22.168.090.11.211.913.1 Net income attributable to owners of the parent company21.1 89.10.9 12.8 Net income attributable to non-controlling interests1.1 1.10.3 0.3 Weighted average number of shares in issue121,302,2404,361,859125,664,099111,816,0027,467,970119,283,972 Diluted earnings per share0.170.530.710.010.100.11 Consolidated balance sheet (IFRS, extract from the accounts which have undergone a limited review by Statutory Auditors)ASSETSNetNet In millions of euros09.30.202009.30.2019 Goodwill 293.9  322.7 Other intangible assets 1,379.4  1,034.6 Property, plant and equipment 182.8  163.6 Right of use assets 292.3  205.7 Non-current financial assets 14.4  12.5 Deferred tax assets 160.9  147.5 Non current assets 2,323.8  1,886.6 Inventory 20.8  48.5 Trade receivables 248.5  239.4 Other receivables 135.5  153.3 Other current financial assets 0.6  0.1 Current tax assets 62.9  53.4 Cash and cash equivalents 1,283.1  1,628.6 Current assets 1,751.5  2,123.3 Total assets 4,075.3  4,009.9         LIABILITIES AND EQUITYNetNet In millions of euros09.30.202009.30.2019 Capital 9.6  8.8 Premiums 970.2  493.5 Consolidated reserves 513.4  582.0 Consolidated earnings 21.1  0.9 Equity attributable to owners of the parent company 1,514.2  1,085.3 Non-controlling interests 8.3  1.6 Total equity 1,522.5  1,086.9 Provisions 3.4  3.4 Employee benefit 19.2  17.5 Long-term borrowings and other financial liabilities 1,300.4  1,156.7 Deferred tax liabilities 76.5  82.4 Other non-current liabilities 17.6 27.7 Non-current liabilities 1,399.5  1,287.7 Short-term borrowings and other financial liabilities 417.2  908.4 Trade payables 149.0  157.6 Other liabilities 554.8  526.4 Current tax liabilities 14.8  42.9 Current liabilities 1,135.8  1,635.3 Total liabilities 2,535.2  2,923.0 Total liabilities and equity 4,057.7  4,009.9 Consolidated cash flow statement for comparison with other industry players (non reviewed)In millions of euros09.30.202009.30.2019 Non-IFRS Cash flows from operating activities    Consolidated net income22.11.2 +/- Net Depreciation on internal & external games & movies100.9159.4 +/- Other depreciation on fixed assets93.249.0 +/- Net Provisions(14.2)2.3 +/- Cost of share-based compensation32.030.7 +/- Gains / losses on disposals0.20.0 +/- Other income and expenses calculated2.83.9 +/- Cost of internal development and license development(363.0)(306.3) +/- Impact IFRS 15(1.7)(27.3) +/- Impact IFRS 16(18.2)(17.0) NON-IFRS CASH FLOW FROM OPERATION(146.0)(104.1) Inventory6.2(16.7) Trade receivables50.4242.0 Other assets(19.9)15.3 Trade payables8.0(33.5) Other liabilities28.6(123.6) +/- Non-IFRS Change in working capital73.383.5 Non-IFRS CASH FLOW GENERATED BY OPERATING ACTIVITIES(72.8)(20.6) Cash flows from investing activities   \- Payments for the acquisition of intangible assets and property.

Thought and designed for the new era of gaming, through which gamers want to be able to play, progress and stay in touch with friends wherever they are, Ubisoft Connect lays the foundation that will allow Ubisoft's games and services to live on all platforms and make cross-platform functionality a standard for the future.

sales excluding the impacts of applying IFRS 15).Player Recurring Investment (PRI) corresponds to sales of digital items, DLC, season passes, subscriptions and advertising. To date, 75% of teams have received this training. * The restatement of commitments related to leases due to the application of IFRS 16. Non-IFRS attributable net income amounted to €89.1 million, representing non-IFRS diluted earnings per share (EPS) of €0.71, compared with €12.8 million and €0.11 respectively for first-half 2019-20.IFRS attributable net income totaled €21.1 million, representing IFRS diluted EPS of €0.17 (€0.9 million and €0.01 respectively in first-half 2019-20). If this isn’t the case, the difference in P/E could be due to some other factors. * Depreciation of acquired intangible assets with indefinite useful lives. A common ratio used for relative valuation is the P/E ratio. * The recruitment of the VP, Global Diversity & Inclusion has been finalized and will be announced shortly. Discover new investment ideas by accessing unbiased, in-depth investment research, Paris - Paris Delayed Price. Plus, extra $200 OFF when you trade in your old device. Partnership with Netflix on Assassin’s Creed brand: Netflix announced the preparation of series based on the Assassin's Creed universe for its streaming platform. This ratio is an indicator of the Group’s financial performance.Non-IFRS net income corresponds to net income less the following items: * The above-described deductions used to calculate non-IFRS operating income. This year-on-year change reflects a negative €146.0 million in non-IFRS cash flow from operations (versus a negative €104.1 million in first-half 2019-20) and a €73.3 million decrease in non-IFRS working capital requirement (compared with a €83.5 million decrease in the first six months of 2019-20).OutlookThird-quarter 2020-21Net bookings for the third quarter of 2020-21 are expected to come in at between €860 million and €960 million, versus €455.5 million in third-quarter 2019-20. Additionally, unfavorable foreign exchange rates evolutions have an impact of around €50 million on Net bookings and €30 million on non-IFRS operating income. More than 14,000 employees participated in a range of group-wide assessments, including an anonymous questionnaire, focus groups and listening sessions. As part of this commitment, cross-progression features will be available on all platforms and gaming services with some of Ubisoft's most anticipated titles, including Assassin's Creed Valhalla, Immortals Fenyx Rising and Riders Republic. Non-IFRS operating income calculated based on net bookings corresponds to operating income less the following items: * Stock-based compensation expense arising on free share plans, group savings plans and/or stock options. Being able to maximize the long term value of our IPs while at the same time maintaining solid financial targets highlights the increasing recurring nature of our revenues, the strength of our portfolio of franchises, confidence in our holiday season release slate and current supportive industry dynamics.”Yves Guillemot added “During the quarter we undertook profound actions to create a safer and more inclusive workplace and to transform our corporate culture. In depth view into Ubisoft Entertainment PE Ratio including historical data from 2008, charts, stats and industry comps. To date, 75% of teams have received this training. We are committed to making the necessary changes to create an exemplary workplace culture of which everyone at Ubisoft can be proud.”Note The Group presents indicators which are not prepared strictly in accordance with IFRS as it considers that they are the best reflection of its operating and financial performance.

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