FinancialUbisoft
Ubisoft Reports First‑Quarter 2025-26 Sales
30 Oct 20258 pages~13 min full read
Ubisoft reported Q1 2025-26 net bookings of €281.6 million, a 2.9% year-on-year decline that missed the company's €310 million target due to pricing issues in Rainbow Six Siege and a delayed strategic partnership.
See it on page 4Back-catalog performance remains the company's primary revenue driver, growing 4.4% to €260.4 million and accounting for 92.5% of total quarterly bookings.
See it on page 1Ubisoft is undergoing a structural reorganization into autonomous 'Creative Houses' to increase accountability, while maintaining its timeline to close a major transaction with Tencent by the end of 2025.
See it on page 3Digital sales continue to dominate the business model, representing 89% of total bookings, with consoles remaining the leading platform at 50% of the market share.
See it on page 7The company reaffirmed its full-year guidance of stable net bookings and break-even non-IFRS operating income, with Q2 projections set at €450 million.
See it on page 4Future growth is pinned on a pipeline that includes the release of Anno 117: Pax Romana, mobile adaptations of the Rainbow Six and The Division franchises, and the expansion of Star Wars Outlaws to the Nintendo Switch 2.
See it on page 2Ubisoft 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.
