Ubisoft reported first-quarter sales for fiscal year 2025-26, revealing net bookings of €281.6 million. This figure represents a 2.9% decrease year-on-year and fell below the initial target of €310 million. The shortfall was primarily attributed to technical pricing issues in Tom Clancy’s Rainbow Six Siege and the delayed materialization of a strategic partnership now expected in the second quarter. Despite these challenges, back-catalog net bookings grew by 4.4% to €260.4 million, accounting for 92.5% of total quarterly bookings. Geographically, North America remained the largest market at 49% of net bookings, followed by Europe at 35%. Consoles continued to be the dominant platform, representing 50% of the business, while digital net bookings accounted for nearly 89% of the total. Performance was bolstered by Assassin’s Creed Shadows, which reached 5 million unique players, and record engagement levels for Tom Clancy’s The Division 2 following its inclusion in Game Pass. A central thesis of the report is the ongoing structural transformation of the company into "Creative Houses." These autonomous business units are designed to improve accountability and focus, with the first unit established to oversee flagship brands like Assassin’s Creed and Far Cry. Additionally, the company confirmed that the closing of a major transaction with Tencent is on track for the end of 2025. Looking ahead, Ubisoft confirmed its full-year targets of stable net bookings and break-even non-IFRS operating income. Second-quarter net bookings are projected to reach approximately €450 million, driven by new content for Rainbow Six Siege and the expansion of Star Wars Outlaws to the Nintendo Switch 2. The release pipeline for the remainder of the fiscal year includes Anno 117: Pax Romana and mobile adaptations of the Rainbow Six and The Division franchises.