Ubisoft Reports Third-Quarter 2024-25 Sales

Key insights

7 takeaways

01
Ubisoft reported Q3 fiscal 2024-25 net bookings of €301.8 million, a 51.8% year-on-year decline, with nine-month bookings totaling €944 million, down 34.8%.See it on page 1
02
The company reaffirmed its full-year targets of approximately €1.9 billion in net bookings and break-even non-IFRS operating income, banking on the March 20 launch of Assassin’s Creed Shadows to drive Q4 results.See it on page 1
03
Ubisoft is ahead of schedule on a cost-reduction program targeting over €200 million in fixed-cost savings by FY 2025 through studio closures and restructuring.See it on page 2
04
A strategic review committee is formally assessing transformational options to unlock asset value, with plans to disclose potential transactions if they become material.See it on page 3
05
Geographic concentration remains high in North America (50%) and Europe (35%), while the platform mix shifted toward consoles (55%) and mobile (10%) compared to the previous year.See it on page 6
06
Despite revenue declines, core engagement metrics remain stable with 36 million monthly active users and increases in playtime (4%) and session days per player (7%).See it on page 2
07
Back-catalog performance remains a critical revenue driver, with titles like Rainbow Six Siege and Assassin’s Creed Mirage sustaining strong engagement.See it on page 2

Summary

Ubisoft reported third-quarter fiscal 2024-25 net bookings of €301.8 million, matching revised expectations and representing a 51.8% decline from the same period in 2023-24. For the first nine months, net bookings totaled €944 million, down 34.8% year-on-year. Digital bookings fell 33.8%, while back-catalog bookings declined mid-single digits in Q3 but grew mid-single digits over the nine-month period. IFRS 15 sales for Q3 were €318.1 million, a 47.5% drop, and €990.0 million for the nine months, down 31.4%. Ubisoft confirms full-year targets of approximately €1.9 billion in net bookings and break-even non-IFRS operating income and free cash flow for FY 2024-25, with Q4 expected to benefit from the March 20 launch of Assassin’s Creed Shadows.

Geographically, net bookings are concentrated in Northern America (50% of Q3) and Europe (35%), with the rest of the world contributing 16%. Platform mix shows a shift toward consoles (55% of Q3 bookings) and mobile (10%), down from 62% consoles and 5% mobile in the prior year. The company continues a cost-reduction program, targeting over €200 million in fixed-cost savings by FY 2025 through studio closures and restructurings, ahead of schedule. A strategic review committee is overseeing a formal assessment of transformational options to unlock asset value, with potential transactions to be disclosed if material. Ubisoft’s activity metrics remain solid: MAUs at 36 million, playtime and session days per player up 4% and 7%, respectively. The back-catalog remains a key driver, with titles such as Rainbow Six Siege and Assassin’s Creed Mirage sustaining strong performance.