Games

Published on November 21st, 2025 | by Adrian Gunning

UBISOFT REPORTS FIRST-HALF 2025-26 EARNINGS FIGURES

First half 2025-26: Net bookings of €772.4 million, up +20.3% YoY

Q2 Net Bookings exceeded expectations, reaching €490.8m, versus guidance of around €450m, and up 39% year-on-year. The outperformance was driven by stronger-than-expected partnerships, and was supported by a robust back-catalog, both highlighting the strength of the Group’s brands.

Continued progress on Group transformation:

• The transaction with Tencent is on track to close in the coming days. All conditions precedent have been satisfied. At closing, the €1.16bn investment will deleverage the Group. It will also enable the acceleration of Vantage Studios’^[1] IP growth, support selected investment opportunities across the rest of the Group, and facilitate ongoing reorganization efforts.
• The design of the Group’s new operating model built around Creative Houses with the objective of fostering stronger creative vision, greater focus, efficiency, autonomy and accountability will be finalized by year end with full details unveiled in January 2026.
• The Group’s cost reduction program is on track, targeting at least €100m in additional fixed cost savings by FY2026-27 vs. FY2024-25, supported by targeted restructurings and continued discipline in recruitment.

Group deleveraging: The non-IFRS net debt position of €1.15bn at end September comes with a cash and cash equivalent position of €668m. The €1.16bn proceeds from the Tencent transaction will enable to deleverage the Group, and notably the early repayment of the Term Loan and Schuldschein loans, which have an outstanding principal amount of approximately €286 million^[2].

FY2025-26 line-up: Anno 117: Pax Romana™ launched on November 13 with a Metacritic rating of 85. Assassin’s Creed^® Mirage Valley of Memory update launched on November 18. Avatar Frontiers of Pandora™ From the Ashes expansion will release on December 19, coinciding with the new movie. Prince of Persia™: The Sands of Time remake, Rainbow Six^® Mobile, The Division^® Resurgence and an unannounced title are planned for Q4.

FY2025-26 targets confirmed  

Splinter Cell: Deathwatch premiered on October 14, obtaining an 86% score on Rotten Tomatoes and landing in Netflix’s daily Top 10 across more than 12 countries, including six consecutive days in the U.S.

Paris, November 21, 2025 – Today, Ubisoft released its earnings figures for the first half of fiscal 2025-26.

Yves Guillemot, Co-Founder and Chief Executive Officer, said “The closing of our strategic transaction with Tencent – which will see Tencent become a minority shareholder in our new subsidiary, Vantage Studios – is now imminent, as all conditions precedent have been satisfied. This marks a pivotal milestone in Ubisoft’s transformation, significantly strengthening our financial position by bringing in €1.16 billion of cash, enabling the Group to deleverage, as planned. It will also empower Vantage Studios to accelerate the growth of our three flagship IPs under a dedicated leadership team.

In a highly competitive market, Ubisoft delivered net bookings above guidance, on the back of stronger-than-expected partnerships that underscore the appeal and reach of our brands. Our portfolio showed contrasting dynamics this quarter, with softer trends for Rainbow Six Siege, reflecting a phase of evolution for the game in an intense FPS environment, offset by strong performances across the rest of the catalog. The Assassin’s Creed franchise exceeded our expectations, confirming its positive momentum and ability to engage players over time. The Division 2 also continued to perform strongly, benefiting from the momentum of the Battle for Brooklyn DLC, with the game’s first semester already exceeding last year’s annual bookings.

Additionally, the progress we’ve made in addressing our fixed cost base brings with it confidence that we can continue to drive structural efficiencies across the organization that, together with top line growth, will contribute to ensure a return to strong cash generation in the coming years.

Vantage Studios represents a key element of the transformation of the company towards a new operating model built around Creative Houses. We will have finalized the design of this new organization by the end of the year. These Creative Houses will be autonomous, efficient, focused and accountable business units, each with its own leadership, creative vision and strategic roadmap. This Group-wide transformation reflects our ambition to renew how we create and operate in order to deliver great games for our players and lasting value for our partners and shareholders. The full details of this new operating model will be unveiled in January.”

Q2/H1 Activity

Net bookings stood at €491m this quarter, above guidance and up 39% year-on-year. The outperformance was driven by stronger-than-expected partnerships, demonstrating the power and attractiveness of the Group’s portfolio as well as the meaningful contribution from live TV and animated series. Excluding partnerships, overall back-catalog this quarter was robust and in line with expectations, broadly stable year-on-year, but marked by contrasted dynamics.

Overall, net bookings for the semester stood at €772 million, up 20% year-on-year, with 34 million MAUs and 88 million Unique Users across Consoles and PC, slightly down while excluding XDefiant from the base.

The Assassin’s Creed^® franchise posted a strong performance in Q2, with both Assassin’s Creed^® Shadows and the rest of the brand’s catalog overperforming. In the year to date, Assassin’s Creed has generated 211 million session days, ~35% higher than the last two years’ average. Shadows benefitted from the launch of the New Game+ mode, which was widely anticipated by the community and introduced greater difficulty and new challenges for players. The Claws of Awaji expansion released on September 16 and contributed to re-engaging players. It was praised as a solid addition to the base game, offering new unique boss fights in a beautiful and dark atmosphere. Looking ahead, Assassin’s Creed Shadows will reach a broader audience with its launch on the Nintendo Switch 2 on December 2. Beyond Shadows, the rest of the Assassin’s Creed back-catalog also performed strongly, highlighting the strength of the franchise. Turning to the current quarter, on November 18 launched Valley of Memory, a free major update for Assassin’s Creed Mirage which brought new content and a fresh chapter in Basim’s story set in AlUla. First feedback from the community is very positive, with player activity on Assassin’s Creed Mirage doubling following the launch of the update, enabling the game to reach the 10 million player mark.

In a highly competitive FPS market, Tom Clancy’s Rainbow Six^® Siege continued to attract new players this quarter, with acquisition levels twice as high year-on-year, and sustain activity levels, with unique players stable quarter-on-quarter and up double-digit year-on-year. Session Days and Playtime also increased both sequentially and year-on-year. However, as part of the evolution of Siege and its move to free access, a temporary surge in cheating has impacted activity and player spending versus expectations. With additional resources now in place and further hires planned, the team has identified the main issues and is actively addressing them with a robust plan. Having focused most of this year on establishing a new foundation for the game, the team is exploring a new seasonal approach that introduces multiple updates throughout each season, focusing on the core gameplay experience and heavily engaged players. This shift is designed to offer a steadier stream of fresh experiences with more variety, keeping players engaged and supporting long-term franchise growth. The Siege community remains highly engaged and passionate about the game’s success. The development team is equally committed to working closely with players to address recent feedback, with a strong focus on anti-cheat measures and gameplay balance.

As announced at the Munich Major on November 16, starting in Season 4, the team will double the number of anti-cheat updates per week and introduce new prevention solutions. On the balancing front, the team is accelerating efforts in Season 4, with four balancing updates per season planned for Year 11, aligned with the new content cadence. To celebrate Siege’s 10-year anniversary in December, players can look forward to daily rewards and a special in-game event launching mid-December.

The Division^® 2 continued to benefit from the momentum of the Battle for Brooklyn DLC release in May, as well as regular content updates, continuing to attract new players to the game. Along with rising player numbers, player engagement is up, with a record second quarter in terms of Session Days since FY2020-21. The game’s performance this semester has already exceeded last year’s annual net bookings.

Avatar: Frontiers of Pandora posted a strong performance this quarter on the back of the July third person update announcement, available for free for all players on December 5, that was widely anticipated by the community. The game also regained momentum with the announcement of the From the Ashes expansion.

Star Wars Outlaws^™ launched on Nintendo Switch 2 in September to strong critical and player reception. The release expanded the game’s audience and was praised for its exceptional visuals, technical optimization, smooth performance and seamless transition to Nintendo’s new hardware.

Q3

Tom Clancy’s Splinter Cell: Deathwatch, the animated Netflix series that premiered on October 14, delivered strong global engagement, landing in Netflix’s daily Top 10 across more than 12 countries, including six consecutive days in the U.S., reflecting the franchise’s strong appeal. With an 86% Rotten Tomatoes score, the show has been praised for its animation quality, cinematic action sequences, and faithfulness to the franchise’s universe and timeline. Its renewal for a second season supports the long-term strategy to deepen engagement through cross-media partnerships, extending the reach of Ubisoft’s iconic gaming IPs across games, publishing, and screen adaptations. This strengthens the brand’s long-term value ahead of the Splinter Cell remake currently in development at the Ubisoft Toronto studio.

Anno 117: Pax Romana launched on November 13 and marks a bold new chapter for the Anno franchise. Building on the series’ strong momentum and releasing simultaneously for the first time on PC and console, it showcases impressive scale, striking visual fidelity and a deep economic simulation. The title had already received strong industry recognition — including winning “Best PC Game” at Gamescom – and has now launched to strong critical reception with an 85 Metacritic score, the best score ever in the franchise, which translates into solid consumer spending growth after one week compared to the successful Anno 1800. IGN awarded it a 9/10, calling it “A gorgeous antique city-builder that is worthy of a standing ovation”. For the first time in the series, players can choose their starting province, each defined by distinct cultural identities and unique gameplay mechanics that emphasize player choice. These innovations expand the game’s depth and replayability, laying the foundations for sustained player engagement and a rich post-launch experience.

The Avatar: Frontiers of Pandora – From The Ashes expansion is set to launch on December 19. Timed to coincide with the theatrical release of Avatar: Fire and Ash, this bold expansion sees players embark on the journey of So’lek, a battle-hardened Na’vi warrior who seeks revenge against the ruthless Ash clan. The expansion introduces new visceral gameplay set in a ravaged Kinglor Forest and unveils a new sub-region known as The Ravines.

Group’s transformation is progressing well

Closing of the announced transaction with Tencent

All conditions precedent of the transaction have been satisfied, enabling the sale of a minority stake in its New Subsidiary – Vantage Studios – to Tencent to close in the coming days. This marks a major milestone in Ubisoft’s transformation journey. The proceeds of this transaction will deleverage the Group on a consolidated non-IFRS net debt basis, while providing enhanced financial flexibility to support its strategic transformation.

The first Creative House — built around the Assassin’s Creed, Far Cry, and Tom Clancy’s Rainbow Six franchises — will operate under three guiding principles: Autonomy, Focus, and Player Centricity. A new leadership team is being formed, including Heads of Franchises, to drive creative excellence and operational agility across each brand on their path to building annual billion-euro brand ecosystems.

New operating model to be announced in January 2026

By year end, the Group will have finalized the design of its new operating model built around Creative Houses, independent business units with the objective of driving stronger creative vision, greater focus, efficiency, autonomy and accountability. The full details of this model will be unveiled in January 2026.

Strengthened balance sheet

The Group disposes of a non-IFRS net debt position of €1.15bn at end September that comes with a cash and cash equivalent position of €668m. The €1.16bn proceeds from the Tencent transaction will enable to deleverage the Group, and notably the early repayment of the Term Loan and Schuldschein loans, which have an outstanding principal amount of approximately €286 million^[3]. Of note, €210m were due next month. Additionally, Ubisoft will cancel its undrawn Revolving Credit Facility and initiate discussions with its banking partners with the objective of putting in place a new facility designed to support its strategic ambitions, in line with the broader transformation currently underway.

Cost reduction initiatives on track

Ubisoft’s cost reduction program targeting at least €100m in fixed cost savings^[4] by FY2026-27 vs. FY2024-25 is on track and progressing well.

Thanks to continued discipline in hiring and targeted restructuring efforts, Ubisoft’s global headcount stood at 17,097 at the end of September 2025, representing a decrease of around 1,500 employees over the past 12 months and about 700 since the end of March 2025. In October, a targeted Voluntary Leave Program and a proposed restructuring were introduced at our Nordic studios.

The H1 FY2025-26 fixed cost base stood at around €701m, down €69m and 9% year-on-year, including a favourable foreign exchange impact.

IFRS update: FY2024-25 restatement & impact on H1 FY2025-26 accounts

Following its auditors’ position as part of its review of the H1 financial accounts, the Company has reviewed its analysis relating to the IFRS 15 revenue recognition of a partnership in FY2024-25 that has led it to restate its FY2024-25 accounts as per IAS8. Utilization-based payment schedules lead this partnership to be recognized under IFRS15 as revenues over utilization. This position now applied by the Group going forward has also resulted in a partnership signed in Q2 FY2025-26 not being recognized in IFRS15 revenues.

The above results in the Company not complying with its leverage covenant ratio under certain existing financing agreements at September 30, 2025. However, this is being addressed by the aforementioned actions relating to the concerned debt instruments.

The restatement of the prior-year financial accounts are detailed in the Appendix of the press release. This IFRS accounting restatement has no impact on the Group’s non-IFRS indicators as defined below.

Resumption of trading

Ubisoft has asked Euronext to resume the listing of the shares (FR0000054470) and the bonds maturing in 2027 (FR0014000O87) issued by Ubisoft Entertainment, as well as the bonds convertible into and/or exchangeable for new or existing shares maturing in 2028 (FR001400DV38) and 2031 (FR001400MA32) as of the opening of trading on 21 November. Trading will resume at 10am CET.

Note

The Group presents indicators which are not prepared strictly in accordance with IFRS as it considers that they are the best reflection of its operating and financial performance. The definitions of the non-IFRS indicators as well as a reconciliation table between the IFRS consolidated income statement and the non-IFRS consolidated income statement are provided in an appendix to this press release.

Income statement and key financial data

1. Based on the consolidated cash flow statement for comparison with other industry players (non-reviewed).

Sales and net bookings

IFRS 15 sales for the second quarter of 2025-26 came to €347.1 million, down (0.4)% (or 2.1% at constant exchange rates^[5]) on the €348.4 million generated in second quarter 2024-25. For the first half of 2025-26, IFRS 15 sales totaled €657.8 million, down (2.1)% (or 0.3% at constant exchange rates¹) compared with the first half 2024-25 figure of €671.9 million.

Net bookings for the second-quarter of 2025-26 totaled €490.8 million, up 39.3% (or 41.6% at constant exchange rates¹) compared with the €352.3 million recorded for the second quarter of 2024-25. First half 2025-26 net bookings amounted to €772.4 million, up 20.3% (or 22.6% at constant exchange rates¹) on the €642.3 million generated in the first-half 2024-25.

Main income statement^[6] items

Non-IFRS operating income came in at €27.1 million, versus €(252.1) million in the first half 2024-25.

Non-IFRS attributable net income amounted to €(37.0) million, representing non-IFRS diluted

earnings per share of €(0.28), compared with non-IFRS attributable net income of €(208.1) million and non-IFRS diluted earnings per share of €(1.64) in first half 2024-25.

IFRS attributable net income for 2025-26 totaled €(161.3) million, representing IFRS diluted EPS of €(1.23), compared with IFRS attributable net income of €(246.7) million and IFRS diluted earnings per share of €(1.94) in first-half 2024-25.

Main cash flow statement^[7] items

Non-IFRS cash flows from operating activities represented a net cash outflow of €(240.3) million in H1 2025-26 (versus a net cash outflow of €(106.1) million in first half 2024-25). It reflects a negative €(138.9) million in non-IFRS cash flow from operations (versus a negative €(290.9) million in H1 2024-25) and an €101.5 million increase in non-IFRS working capital requirement (compared with an €184.9 million decrease in the first six months 2024-25).

Main balance sheet items and liquidity

At September 30, 2025, the Group’s equity was €1,566 million, down year in year following the recent FY2024-25 restatement, and its non-IFRS net debt was €1,149 million, slightly up versus non-IFRS net debt of €1,102 million at end of September 30, 2024. IFRS net debt totaled €1,420 million at September 30, 2025, of which €271 million related to the IFRS16 accounting restatement. At September 30, 2025, Cash and cash equivalents stood at 668.2 million.

Management has established the Group’s consolidated financial statements on a going-concern basis, relying on the structuring assumption that the Tencent transaction closes with a €1.16bn cash injection. Having satisfied all the conditions precedent, the transaction is expected to close in the coming days.

Outlook

Third-quarter 2025-26

Net bookings for the third quarter of 2025-26 are expected to come in at around €305 million.

Full-year 2025-26

The Company confirms its financial targets. It expects stable net bookings year-on-year, approximately break-even non-IFRS operating income and negative free cash flow. Following the closing of the Tencent transaction, the Group expects to maintain a consolidated non-IFRS net debt position of around zero.

The line-up for the rest of FY26 includes Anno 117: Pax Romana™, which launched on November 13. Assassin’s Creed Mirage Valley of Memory update launched on November 18. Avatar Frontiers of Pandora From the Ashes expansion will release on December 19. Prince of Persia™: The Sands of Time remake, Rainbow Six^® Mobile, The Division^® Resurgence and an unannounced title are planned for Q4.

Beyond FY2025-26

The Group expects to return to positive non-IFRS operating income and free cash flow generation in FY27 and to see significant content coming from its largest brands in FY27 and FY28.

Conference call

Ubisoft will hold a conference call today, Friday, November 21, 2025, at 9:30 a.m. Paris time/3:30 a.m. New York time.

The conference call can be accessed live and via replay by clicking on the following link: https://edge.media-server.com/mmc/p/h9jsejk9

Disclaimer

This press release may contain estimated financial data, information on future projects and transactions and future financial results/performance. Such forward-looking data are provided for information purposes only. They are subject to market risks and uncertainties and may vary significantly compared with the actual results that will be published. The estimated financial data have been approved by the Board of Directors, and have not been audited by the Statutory Auditors. (Additional information is provided in the most recent Ubisoft Registration Document filed on June 19, 2025 with the French Financial Markets Authority (l’Autorité des Marchés Financiers)).

About Ubisoft

Ubisoft is a creator of worlds, committed to enriching players’ lives with original and memorable entertainment experiences. Ubisoft’s global teams create and develop a deep and diverse portfolio of games, featuring brands such as Assassin’s Creed^®, Brawlhalla^®, For Honor^®, Far Cry^®, Tom Clancy’s Ghost Recon^®, Just Dance^®, Rabbids^®, Tom Clancy’s Rainbow Six^®, The Crew^® and Tom Clancy’s The Division^®. Through Ubisoft Connect, players can enjoy an ecosystem of services to enhance their gaming experience, get rewards and connect with friends across platforms. With Ubisoft+, the subscription service, they can access a growing catalog of more than 100 Ubisoft games and DLC. For the 2024–25 fiscal year, Ubisoft generated net bookings of €1.85 billion. To learn more, please visit: www.ubisoftgroup.com.

© 2025 Ubisoft Entertainment. All Rights Reserved. Ubisoft and the Ubisoft logo are registered trademarks in the US and/or other countries.

[1] As commonly referred to by employees.

[2] This early repayment will also address the non-compliance of its leverage ratio triggered by the IFRS accounting restatement described in this press release below.

[3] This early repayment will also address the non-compliance of its leverage ratio triggered by the IFRS accounting restatement described in this press release below.

^[4] Includes P&L structure costs + fixed portion of COGS (customer service and supply chain) + cash R&D (excluding performance-based royalties) and excludes all profitability bonuses.

[5] Sales at constant exchange rates are calculated by applying to the data for the period under review the average exchange rates used for the same period of the previous fiscal year.

[6] See the presentation published on Ubisoft’s website for further information on movements in the income and cash flow statement.

[7] Based on the consolidated cash flow statement for comparison with other industry players (non reviewed).

About the Author

Adrian Gunning Adrian lives in Melbourne Australia and has a huge passion for gaming, technology and pop culture. He recently finished his a Bachelor of Journalism and is currently focusing on games journalism. When not writing and playing video games, Adrian can be found in Comics 'R' Us debating the pros of the DC Universe and cons of the Marvel Universe.

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