Ubisoft Q1 2024 Financial Results

Key insights

7 takeaways

01
Ubisoft exceeded Q1 financial targets with €290 million in net bookings, an 8.3% year-over-year increase, driven by the launch of XDefiant and a strong back catalog.
02
Total revenue for the quarter reached €323.5 million, representing a 12% year-over-year growth.
03
XDefiant surpassed 10 million players within its first two weeks, becoming a primary revenue driver for the company.
04
Back catalog sales accounted for 86% of total net bookings, totaling €249.5 million, with Rainbow Six Siege recording its highest-grossing season to date.
05
Consoles remain the company's dominant platform, contributing 50% of Q1 net bookings, followed by PC at 27% and mobile at 10%.
06
Ubisoft has delayed the mobile launches of Rainbow Six Mobile and The Division Resurgence until after the current fiscal year ending March 31, 2025, to further optimize performance.
07
The Assassin’s Creed franchise outperformed expectations, with the reveal of Assassin’s Creed Shadows successfully driving increased sales across the existing catalog.

Summary

Ubisoft’s financial results for the first quarter of the 2025 fiscal year, ending June 30, 2024, demonstrate a period of growth that exceeded internal expectations. The company reported €323.5 million in revenue, representing a 12% year-over-year increase, while net bookings reached €290 million, surpassing the projected target of €275 million. This performance was driven primarily by the successful launch of the title XDefiant and the sustained strength of the company’s back catalog, which accounted for 86% of total net bookings.

Geographically, North America and Europe remained the primary markets, contributing 53% and 32% of total net bookings, respectively. By platform, consoles led the revenue share at 50%, followed by PC at 27% and mobile at 10%. Digital channels remained a critical component of the business, generating €257.2 million in net bookings.

Operational highlights included the rapid adoption of XDefiant, which surpassed 10 million players within two weeks of launch, and significant engagement growth in Rainbow Six Siege, which recorded its highest-grossing season to date. The Assassin’s Creed franchise also outperformed expectations, bolstered by the reveal of Assassin’s Creed Shadows. Conversely, the company has opted to delay the mobile releases of Rainbow Six Mobile and The Division Resurgence until after the current fiscal year to ensure product quality. Moving forward, leadership remains focused on establishing new releases as long-term value drivers while continuing organizational transformation efforts.