A Positive Surprise in Business Performance

The French video game group reported net bookings of €338m or the final three months of 2025, representing a 12% increase compared to the previous year.

For comparison, Ubisoft had said on January 21 that it expected net bookings of around €330m for the quarter.

In a press release, the company explained that this better-than-expected performance was driven mainly by its partnerships and the "Assassin's Creed" franchise, while its back-catalogue business grew by 11% year-on-year, notably thanks to titles such as "Avatar" and "The Division".

Recently Lowered 2025/2026 Targets Confirmed

The group also maintained its financial targets for the 2025/2026 fiscal year, which it had lowered last month, including its forecast for net bookings of around €1.5bn for the full year.

Over the first nine months of its shifted fiscal year, ending in December, net bookings totaled €1.1bn, up 18% year-on-year, driven by "Assassin's Creed" (nearly doubled), "The Division" (doubled), "Anno" (quadrupled), and "Avatar" (+20%).

Ubisoft also reiterated its forecast for a non-IFRS operating loss (Ebit) of around €1bn and a negative free cash flow, expected to fall between -€400m and -€500m. 

But Deeper Issues Remain...

It is worth recalling that at the end of January, Ubisoft sharply revised down its 2025/2026 targets and abandoned those set for 2026/2027.

The company also unveiled a major overhaul of its organization and operating model, marked by a refocusing of its portfolio and job cuts, which led to its share price plunging 39% in a single trading session. Since then, the stock has recovered by barely 3%.