Ubisoft First-Quarter 2026-27 Sales

Key insights

7 takeaways

01
Ubisoft reported Q1 2026-27 net bookings of €256 million, a 9% year-on-year decrease that was slightly above guidance due to record performance from 'Invincible: Guarding the Globe'.See it on page 1
02
The launch of 'Assassin's Creed Black Flag Resynced' on July 9, 2026, exceeded annual expectations within 14 days, achieving 3.5 million units sold-in and an 84 rating on OpenCritic and Metacritic.See it on page 2
03
The company is undergoing structural transformation, including the closure of its Winnipeg and Belgrade studios and the restructuring of the Ubisoft Barcelona studio.See it on page 1
04
Q1 back-catalog net bookings fell 15% to €221 million, primarily due to a difficult comparison against the release of 'Assassin's Creed Shadows' in the same quarter of the previous fiscal year.See it on page 1
05
Ubisoft confirmed its FY2026-27 outlook, projecting a high single-digit percentage decline in net bookings and a high single-digit negative non-IFRS operating margin.See it on page 4
06
The company plans to release 'Rayman Legends Retold' on October 1, 2026, as part of a strategy to leverage established brands through remakes.See it on page 2
07
Management expects a return to positive Free Cash Flow and non-IFRS EBIT by FY2027-28, supported by a stronger content pipeline including 'Far Cry' and 'Ghost Recon' titles.See it on page 4

Summary

Ubisoft’s first-quarter fiscal 2026-27 results indicate a period of disciplined transformation and operational stabilization. The company reported net bookings of €256 million, a 9% year-on-year decline that nonetheless exceeded internal guidance. This performance was bolstered by record results from the mobile title Invincible: Guarding the Globe, which helped offset a difficult comparison against the prior-year period, which benefited from the release of Assassin's Creed Shadows.

The company is actively executing a strategic restructuring plan, which includes the closure of studios in Winnipeg and Belgrade, alongside targeted organizational changes in its global publishing and Barcelona divisions. Leadership has been further strengthened with the appointment of industry veteran Christoph Hartmann to oversee Creative House 2, a division focused on high-potential franchises such as The Division, Ghost Recon, and Splinter Cell. These efforts are part of a broader initiative to concentrate resources on core opportunities and improve long-term financial performance.

Early indicators of this transformation are visible in the successful July launch of Assassin's Creed Black Flag Resynced. The title sold 3.5 million units within its first 14 days, exceeding annual expectations and achieving high critical acclaim. This success, driven by the company’s proprietary Anvil engine, serves as a proof point for the current strategy of leveraging established brands through high-quality remakes.

Looking ahead, the company has confirmed its full-year 2026-27 financial targets and maintains a positive outlook for the medium term. Management expects a stronger content cycle to emerge in fiscal years 2027-28 and 2028-29, projecting a return to free cash flow generation and positive non-IFRS operating income as the new operating model matures and the content pipeline expands.