Ubisoft beats forecasts as Assassin’s Creed drives bookings growth

Yesterday 15:15

By: Dakir Madiha

Ubisoft beats forecasts as Assassin’s Creed drives bookings growth

Ubisoft Entertainment reported third quarter net bookings of 338 million euros, up 12 percent year on year and above both company guidance and Wall Street expectations, buoyed by sustained demand for its flagship Assassin’s Creed franchise as the publisher undergoes a sweeping restructuring.

For the quarter ending December 2025, the French video game maker exceeded its revised target of around 330 million euros, which had previously been lowered to 305 million euros following a profit warning last year. Net bookings for the first nine months of the fiscal year reached 1.11 billion euros, marking an 18 percent increase compared with the same period a year earlier.

The outperformance was largely driven by Assassin’s Creed, where session days rose 28 percent year on year alongside double digit growth in active users. December’s launch of Assassin’s Creed Shadows on Switch 2 and the Valley of Memory expansion for Assassin’s Creed Mirage contributed to the franchise’s momentum.

Chief executive Yves Guillemot said the company delivered solid third quarter results, with double digit annual growth in net bookings that surpassed internal expectations. Back catalog titles generated 297 million euros, accounting for 88 percent of total quarterly net bookings. Avatar: Frontiers of Pandora and Tom Clancy’s The Division 2 were also cited as meaningful contributors. Ubisoft said it recorded about 130 million unique active users across console and PC platforms during calendar year 2025.

The earnings update comes as Ubisoft implements a major reorganization announced in January, splitting operations into five genre focused Creative Houses and canceling six projects, including the long delayed remake of Prince of Persia: The Sands of Time. The group has closed studios in Halifax, Canada, and Stockholm, Sweden, affecting more than 125 positions.

Management reaffirmed its full year targets of roughly 1.5 billion euros in net bookings and a non IFRS operating loss of around 1 billion euros. The company expects negative free cash flow of between 400 million and 500 million euros. Ubisoft also plans to cut 200 positions at its Paris headquarters through a voluntary departure scheme.

Despite the stronger than expected quarterly performance, analysts remain cautious. Kepler Cheuvreux reiterated its reduce rating, arguing that the bookings update is secondary given balance sheet challenges. Ubisoft faces refinancing pressure tied to a 675 million euro bond maturing in 2027.

The results were released as more than 1,200 Ubisoft employees in France and Italy began a three day strike this week, protesting job cuts and a return to office mandate.