Ubisoft’s Q3 results show a notable 12% rise in net bookings to €338 million, fueled mainly by the enduring strength of the Assassin’s Creed series. The publisher beat its own revised target of €330 million for the quarter, underscoring momentum from new partnerships and existing franchises.
Looking at the nine months through December 31, 2025, Ubisoft reported an 18% increase in net bookings to €1.1 billion, with Assassin’s Creed continuing to be the primary driver. The franchise also helped lift back-catalogue sales in Q3 by 11% to €297 million, alongside contributions from Avatar and The Division.
Key figures at a glance
- Nine months ending December 31, 2025:
- Revenue: €976.2 million (slightly 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)
- Three months ending December 31, 2025:
- Net bookings: €338 million (up 12% YoY)
- Digital net bookings: €297 million (up 10.7% YoY)
What stood out
- Q3 net bookings surpassed expectations and Ubisoft’s own guidance of €330 million, driven by partnerships and the Assassin’s Creed lineup.
- Anno 117: Pax Romana released in November outperformed the earlier Anno 1800 period, while Rainbow Six Siege continued to meet expectations.
- Engagement with Rainbow Six Siege grew, with MAUs rising year over year and early January DAUs doubling from early November levels. Avatar: Frontiers of Pandora also showed strong player activity after the From The Ashes expansion, with session days nearly doubling year over year.
- Ubisoft reported 130 million monthly active users across console and PC in 2025, with December MAUs at 38 million, up 3% from the previous year.
Leadership perspective
CEO Yves Guillemot commented on the quarter: "We delivered a solid third quarter with double-digit YoY growth in net bookings that surpassed our expectations. This performance highlights the resilience of our portfolio and the broad engagement across our core franchises, supported by fresh releases and ongoing live content that resonates with players."
Strategic moves and restructuring
- During Q3, Ubisoft completed Tencent’s €1.16 billion investment in Vantage Studios, the Ubisoft-backed entity overseeing Assassin’s Creed, Far Cry, and Rainbow Six.
- In December, Ubisoft acquired the upcoming MOBA March of Giants from Amazon Game Studios, aligning with ongoing consolidation and portfolio expansion after Amazon’s recent workforce reductions.
- In recent weeks, Ubisoft unveiled a broad restructuring plan, introducing the Creative House structure. The company says the transformation is progressing, with additional leadership appointments planned to take effect in March 2026.
- Ubisoft confirmed active measures to optimize headcount, including a voluntary redundancy process targeting 200 roles at Ubisoft International’s Paris headquarters, announced shortly after the restructuring news.
Management outlook and execution
Guillemot described the transformation as a move to sharpen focus, speed up decision-making, and elevate creative ambition in a market that has become more selective. He emphasized that the company’s financial position and cash reserves provide the flexibility needed to address near-term maturities while the debt profile is extended. The aim is to keep delivering on the substantial pipeline of high-quality games expected over the next three years.
People and culture notes
Ubisoft highlighted improved retention and a stronger talent pool, helped by the return of many experienced developers to its studios in recent years. In response to the organizational changes, Ubisoft stressed a commitment to open dialogue with employees and their representatives to support the transition and create a stable work environment.
Controversy and conversation sparks
- The restructuring plan, especially headcount reductions and organizational changes, has sparked significant worker activism, including international strikes and debates about the impact on creativity and job security.
- With Tencent’s investment and the acquisition of a new MOBA, questions arise about how Ubisoft will balance experimentation with core franchises amid a leaner organizational model. Do you think this strategic mix will boost long-term success or strain creative freedom? Share your thoughts in the comments.
