Ubisoft’s Q3 results show a strong lift, with net bookings climbing 12% to €338 million, led primarily by the enduring pull of the Assassin’s Creed franchise. The company beat its own revised guidance of €330 million for the quarter, thanks to growing partnerships and a healthy lineup across its titles.
For the nine months ending December 31, 2025, Ubisoft reported an 18% rise in net bookings to €1.1 billion, driven largely by Assassin’s Creed. The franchise also helped lift back-catalogue sales in Q3 by 11% to €297 million, with additional contributions from Avatar and The Division.
Key figures at a glance
- Nine months to December 31, 2025:
- Revenue: €976.2 million (down 1.4% year over year)
- Net bookings: €1.1 billion (up 18% YoY)
- Digital net bookings: €941.7 million (up 20% YoY)
- Back-catalogue net bookings: €1.03 billion (up 36.2% YoY)
- Quarter to December 31, 2025:
- Net bookings: €338 million (up 12% YoY)
- Digital net bookings: €297 million (up 10.7% YoY)
What stood out this quarter
- Q3 net bookings surpassed expectations, aided by stronger partnerships and continued momentum from Assassin’s Creed.
- Anno 117: Pax Romana released in November outperformed Anno 1800 in the same period, while Rainbow Six Siege arrived in line with expectations.
- Rainbow Six Siege MAUs rose year over year, and early January daily active users were double those of early November. Avatar: Frontiers of Pandora kept players engaged after the From The Ashes expansion, with nearly double the session days year over year.
- Ubisoft reported 130 million monthly active users across consoles and PC in 2025, with 38 million MAUs in December, up 3% YoY.
Leadership and strategic moves
- CEO Yves Guillemot described the quarter as solid, noting that double-digit YoY net bookings growth reflects the breadth of the lineup and ongoing live content that resonates with players.
- Ubisoft completed Tencent’s €1.16 billion investment in Vantage Studios, the Tencent-backed subsidiary that oversees Assassin’s Creed, Far Cry, and Rainbow Six franchises.
- In December, Ubisoft announced the acquisition of the upcoming MOBA March of Giants from Amazon Game Studios, following Amazon’s broader restructuring in its game publishing unit.
- The publisher unveiled a restructuring plan centered on a new Creative House structure, signaling a sharpened focus and faster decision-making. Leadership changes are slated to begin in March 2026.
- Ubisoft confirmed the consultation process to reduce Ubisoft International’s Paris headcount by 200 roles, initiated soon after the restructuring announcement.
What the company says about the transformation
- Guillemot stressed that the transformation aims to sharpen focus, speed up decision-making, and elevate creative ambition in a market that is increasingly selective.
- The firm said its improved financial position and cash reserves provide flexibility to navigate near-term maturities while it continues to extend its debt profile.
- Ubisoft highlighted a strengthened retention and talent pool, with many former employees returning to studios in recent years, supporting the anticipated pipeline of high-quality games over the next three years.
Industry response and workforce sentiment
- The restructuring announcement prompted international employee action, with more than 1,200 staff participating in a three-day strike; Ubisoft later reported 538 participants in the strike tally.
- Ubisoft acknowledged the strong feelings surrounding organizational changes and has initiated multiple information sessions to help teams understand the new structure and address questions and concerns.
- The company reaffirmed its commitment to maintaining open dialogue with employees and representatives to support the transformation and create a clear, stable working environment for everyone.
Bottom line
- Ubisoft is delivering growth through its core franchises, live services, and strategic partnerships, even as it embarks on a significant internal transformation. The next few quarters will be crucial to see how the Creative House model translates into a robust, high-quality product pipeline and improved profitability.
Would you agree that the Creative House restructuring could unlock bigger returns if it accelerates production and collaboration, or do the potential disruptions risk dampening short-term results? Share your thoughts in the comments.
