Ubisoft reported a mixed performance for the first quarter of its 2025–26 fiscal year, falling short of internal expectations on revenue and player spending, despite strong engagement in key titles like Assassin’s Creed Shadows and Rainbow Six Siege X.
For the quarter ending June 30, 2025, Ubisoft posted revenue of €310.8 million ($365 million), a 3.9% decline year-over-year. Net bookings were €281.6 million ($331 million), down 2.9%, with digital net bookings dropping 2.7% to €250.2 million ($294 million). However, back-catalogue net bookings provided a silver lining, increasing by 4.4% year-on-year to €260.4 million ($306 million).
Technical Issues Impact Rainbow Six Siege
CEO Yves Guillemot acknowledged the uneven quarter, pointing to a combination of technical and market factors.
“The first quarter delivered mixed results,” Guillemot said. “On the positive side, Assassin’s Creed Shadows delivered on its expectations, with now more than five million unique players since its launch, and Rainbow Six Siege X received highly positive player feedback thanks to its renewed gameplay and enhanced features that drove significant player engagement growth.”
However, monetization in Rainbow Six Siege was disrupted by what Ubisoft described as a "pricing exploit," where players used prepaid currency cards that temporarily inflated virtual currency balances. The company said the issue has since been identified and resolved.
“Despite this one-off setback, the growth potential of the game is strong with solid traction on activity and in-game spending,” Guillemot added. Player activity remained robust, with session days up approximately 25% year-over-year and June marking the third-highest monthly active users in the game's history—only trailing the pandemic peaks of Spring 2020.
Assassin’s Creed and The Division Show Stability
Assassin’s Creed Shadows, Ubisoft’s flagship launch of the year, was reported to be in line with expectations. The game surpassed five million unique players since its release and is seen as a stabilizing factor amid the publisher’s transformation efforts.
Meanwhile, The Division 2 recorded a "strong start" to the new fiscal year with the launch of its Year 7: Battle for Brooklyn DLC. Ubisoft did not provide new sales data for Star Wars Outlaws but reaffirmed its Nintendo Switch 2 release date of September 4, 2025, alongside its second DLC, A Pirate’s Fortune, which launched in May.
Corporate Restructuring Underway
In a strategic move, Ubisoft announced further progress on its internal restructuring. The publisher will reorganize into newly formed business units called "Creative Houses," aimed at increasing autonomy, accountability, and closer player engagement.
“These units will reflect our diverse types of gaming experiences and will allow for enhanced quality, focus, autonomy, and accountability,” Guillemot explained. “Over time, each of these Creative Houses will boost creative vision and business performance.”
Ubisoft also provided an update on its ongoing transaction with Tencent, stating that the deal is “progressing well” and is expected to be approved by the end of the calendar year.
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