Ubisoft published its financial results for the nine months ending December 31, 2025, reporting an 18% increase in net bookings to €1.1 billion, mainly driven by Assassin’s Creed.
The franchise also boosted Ubisoft’s Q3 back-catalogue sales by 11% to €297 million, alongside contributions from Avatar and The Division.
Here’s what you need to know:
The numbers
For the nine months ending December 31, 2025:
- Revenue: €976.2 million (down 1.4% year-on-year)
- Net bookings: €1.1 billion (up 18% year-on-year)
- Digital net bookings: €941.7 million (up 20% year-on-year)
- Back-catalogue net bookings: €1.03 billion (up 36.2% year-on-year)
For the three months ending December 31, 2025:
- Net bookings: €338 million (up 12% year-on-year)
- Digital net bookings: €297 million (up 10.7% year-on-year)
The highlights
Q3 net bookings exceeded expectations, surpassing Ubisoft’s revised guidance of €330 million as a result of growth from partnerships and the Assassin’s Creed franchise.
The November launch of Anno 117: Pax Romana outperformed Anno 1800 during the comparable period, while Rainbow Six Siege “was in line with expectations.”
Monthly active users (MAUs) for Rainbow Six Siege increased year-on-year, and daily active users in early January were double those in early November. Avatar: Frontiers of Pandora experienced strong player engagement after the From The Ashes expansion, with “session days” nearly doubling year-on-year.
Ubisoft reported 130 million monthly active users across console and PC in 2025, with December’s figure reaching 38 million, up 3% year-on-year.
“We delivered a solid third-quarter performance, with net bookings growing at a double-digit rate year-on-year, exceeding our expectations,” said Ubisoft CEO Yves Guillemot.
“This performance reflects the strength of our portfolio and the breadth of player engagement across our core franchises, supported by recent releases and live content updates that continue to resonate with players.”
During its third quarter, Ubisoft completed Tencent’s €1.16 billion investment in Vantage Studios, which oversees the Assassin’s Creed, Far Cry, and Rainbow Six franchises.
In December, Ubisoft acquired the upcoming MOBA March of Giants from Amazon Game Studios. This followed workforce reductions at Amazon’s game publishing division.
Last month, the French publisher announced restructuring plans, including its new Creative House structure. Ubisoft stated its “transformation is well underway,” with additional key leadership appointments beginning in March 2026.
We spoke to Ubisoft’s CFO and SVP of Studio Operations regarding the company’s vision for the new Creative House structure, which you can read here.
It also confirmed that the consultation process has begun to reduce Ubisoft International’s headcount in Paris by 200 roles. The voluntary redundancy process was announced days after the restructuring announcement.
“This transformation is designed to sharpen focus, accelerate decision-making and elevate our creative ambition in an increasingly selective market,” added Guillemot.
“As we move into this execution phase, our financial position and available cash provide the flexibility needed to address the near-term maturity, while we continue to work on extending our debt profile.”
He continued: “This allows us to remain focused on delivering the transformation and creating the conditions for our Creative Houses to fully deliver on the significant pipeline of exceptional, high-quality games we will have within the next three years.
“Importantly, this transformation is supported by the strongly improved retention and reinforced talent pool thanks to the return of numerous skilled former Ubisoft employees in our studios over the recent years.”
In response to Ubisoft’s restructuring plans, more than 1,200 employees took part in a three-day international strike this week.
Ubisoft later stated that 538 employees reported participating in the strike.
“We understand these changes, particularly those affecting work organisation, are generating strong feelings,” the firm said in a statement.
“Since the announcement, we have held a series of discussions and information sessions at multiple levels to help teams better understand the new organisation and to give them the opportunity to share their questions and concerns.”
It added: “Ubisoft’s leadership remains committed to maintaining an open and constructive dialogue with employees and employee representatives, in order to support this transformation and to build a stable and clear working framework for everyone.”
