Ubisoft Reports Third-Quarter 2024-25 Sales

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.