Ubisoft: Q3 Results and Cost Reduction Program Ahead of Schedule
Ubisoft's Q3 net bookings are in line with revised expectations. The review of strategic options is ongoing, and there are high hopes for Assassin's Creed Shadows. The cost reduction program will be achieved by the end of FY25, ahead of schedule and in excess of €200m.
Ubisoft has published its Q3 2024-25 financial report. Net bookings for the third quarter were in line with revised expectations at €301.8 million and for the first nine months at €944.0 million, a decrease of 34.8% compared to the same period last year. Back-catalogue net bookings reached €762 million for the first nine months. IFRS 15 revenues for the first nine months amounted to €990 million (-31%). "Excluding partnerships, back-catalog net bookings were down mid-single digit year-on-year in Q3 and up mid-single digit year-on-year over the first nine months of the fiscal year," the publisher said and confirmed its targets for the full fiscal year of around €1.9 billion in net bookings and around breakeven in non-IFRS operating income and free cash flow.