The results for Q3 2025-26 exceeded Ubisoft's expectations. Anno 117: Pax Romana had a solid launch, with net bookings exceeding those of Anno 1800. Following the announcement of the Creative Houses and the Creative Network, the publisher has specified how studios and brands will be allocated.
Ubisoft has presented its financial results for Q3 of the 2025–26 fiscal year (October to December 2025), following the announcement of its new operating model in January.
Net bookings for Q3 stood at €337.7 million, marking a 12% year-on-year increase. This overperformance versus expectations was primarily driven by partnerships and the Assassin's Creed franchise. The back catalogue was up 11% year-on-year (€297.0m), driven by Assassin's Creed, Avatar, and The Division. Anno 117: Pax Romana, which was developed at the Mainz studio, had a solid launch, with net bookings exceeding those of Anno 1800 within a similar timeframe. Building on its post-launch roadmap, the first DLC, Prophecies of Ash, is scheduled for release in April.
The performance of Tom Clancy's Rainbow Six Siege was in line with expectations. December MAUs were up year-on-year, and DAUs in early January were twice those in early November. Tom Clancy's The Division 2 continued to grow meaningfully year-on-year, across active players, engagement and revenue, driven by a series of live events and the launch of a new season in December. The release of the From the Ashes expansion for Avatar: Frontiers of Pandora drove solid player engagement, with session days nearly doubling year-on-year, as well as growth in player acquisition and monetisation. The Assassin's Creed franchise overperformed, with session days increasing by 7% quarter-on-quarter and by 28% year-on-year. Notably, the quarter saw the release of Assassin's Creed Shadows on Switch 2 as well as the Valley of Memory update for Assassin's Creed Mirage. Overall, the publisher had around 130 million active users across consoles and PCs last year, with 38 million MAUs in December, which was a 3% increase on the previous year.
"We delivered a solid third-quarter performance, with net bookings growing at a double-digit rate year-on-year, exceeding our expectations. This performance reflects the strength of our portfolio and the breadth of player engagement across our core franchises, supported by recent releases and live content updates that continue to resonate with players." - Yves Guillemot, Co-Founder and Chief Executive Officer
Developed by the Montreal studio that created Rainbow Six Siege, Rainbow Six Mobile is scheduled for a worldwide release on 23 February 2026. To date, the game has received over 18 million pre-registrations. The Division Resurgence, developed by Ubisoft Mobile Games in Paris, is also set for release by the end of March 2026, in time for the franchise's 10th anniversary celebrations in March. The celebrations will also feature the launch of a new game mode in The Division 2. In addition to these two mobile games, another title (rumoured to be a remake of Assassin's Creed IV: Black Flag) was scheduled for release, but this was postponed to the next fiscal year a month ago.
The Group's consolidated cash and cash equivalents at the end of March 2026 are expected to be between €1.25 billion and €1.35 billion, which is sufficient to service all debt maturities. The Group has sufficient liquidity to cover the near-term maturity using cash on hand. Meanwhile, the Group is exploring various options to extend its debt maturity. Ubisoft has confirmed its financial targets for the 2025-26 financial year. The company expects net bookings of around €1.5 billion, non-IFRS EBIT of around €-1 billion, free cash flow of between €-400 million and €-500 million, and non-IFRS net debt of between €150 million and €250 million.
Yves Guillemot: "In parallel, we are making progress on the transformation announced in January. The allocation of studios and capabilities across the Creative Houses and Network has now been announced, and key leadership appointments are ongoing, including external hires of experienced, respected industry veterans. This transformation is designed to sharpen focus, accelerate decision-making and elevate our creative ambition in an increasingly selective market. Vantage Studios has been operational since October and we are preparing
for the rest of this new operating model to start running in early April."
As part of the new organisational structure, the recruitment of key Creative House leaders will begin in March. The allocation of studios by Creative House and Creative Network has now been finalised, which also determines the positioning of the German studios (Berlin, Düsseldorf, Kolibri Games and Mainz).
Ubisoft: "In line with the Group’s ambition to reshape its HQ into a leaner and focused organization, consultations with employee representatives have been initiated regarding the objective to reduce headcount at Ubisoft HQ in France by 200 positions through a voluntary departure plan. These measures are intended to support a more agile organization and reinforce the Group’s ability to deliver sustainable, profitable growth."
