Ubisoft Reports Double-Digit Growth in Third Quarter, Driven by Assassin's Creed and Strategic Partnerships

Robust Quarter Performance

Third-quarter net bookings reached 337.7 million euros, slightly above the revised target of around 330 million euros and showing an 11.9% increase year-over-year (14.4% at constant exchange rates). This performance was primarily driven by larger-than-expected partnerships and the Assassin's Creed franchise, which outperformed this quarter. The group's back-catalog also contributed to this momentum, growing by 11% year-over-year to 297 million euros, led by Assassin's Creed, Avatar, and The Division. Over the first nine months of fiscal 2025-26, net bookings amounted to 1,110.1 million euros, up 17.6% (20.0% at constant exchange rates). Assassin's Creed saw a double-digit growth in unique user count year-over-year, with session days increasing by 28%. The quarter featured the release of Assassin's Creed Shadows on Switch 2 and the Valley of Memory update for Assassin's Creed Mirage. Tom Clancy's The Division 2 continued to see significant growth in active players, engagement, and revenue, supported by a robust schedule of live events and the launch of a new season in December. Avatar: Frontiers of Pandora benefited from the release of the From the Ashes expansion, with session days nearly doubling year-over-year.

Stable User Engagement

Ubisoft counts approximately 130 million unique users for the calendar year 2025, reflecting the attractiveness of its franchise portfolio. Monthly active users (MAU) on consoles and PC reached 34 million for the quarter, stable year-over-year, with gradual improvement throughout the period. In December, MAUs were at 38 million, up 3% year-over-year. Third-quarter IFRS 15 revenue amounted to 318.4 million euros, up 0.1% (2.6% at constant exchange rates). Over the first nine months, IFRS 15 revenue stood at 976.2 million euros, down 1.4% (up 1.0% at constant exchange rates). Rainbow Six Siege performed as expected in a competitive market, showing improved activity and engagement in December, with MAUs increasing year-over-year and daily active users (DAU) starting a positive trend in early January, with DAUs more than doubling from early November levels.

Ongoing Transformation

Ubisoft continued its transformation announced in January, with the allocation of studios within the Creative Houses and the Creative Network now announced. Appointments of key executives are underway, including external recruitments of experienced profiles. Vantage Studios, specializing in the development of the Assassin's Creed, Far Cry, and Rainbow Six franchises, has been operational since October, with the rest of the new model expected to be operational by early April. In November, the group finalized Tencent's strategic investment in Vantage Studios for 1.16 billion euros, enhancing its financial flexibility. The consolidated cash position as of the end of March 2026 is expected to be between 1.25 and 1.35 billion euros and will be fully available to meet debt maturities. Ubisoft has sufficient liquidity to address short-term maturity using available cash. The group is actively exploring several options to extend the maturity profile of its debt. Regarding its headquarters in France, Ubisoft has initiated consultations with employee representatives to reduce the number of employees by 200 positions, through a voluntary departure plan, to support a more agile organization.