Ubisoft has unveiled its first-quarter financial results for the 2025-26 fiscal year, revealing earnings that fell below expectations. The report highlighted a disappointing performance for Rainbow Six Siege, influenced by an unfavorable foreign exchange impact. Additionally, a promising partnership is now anticipated to materialize in the second quarter. Despite these challenges, the company noted a 4% increase in back-catalog net bookings compared to the same period last year.
In a statement regarding the financial outcome, Yves Guillemot, co-founder and CEO of Ubisoft, described the first quarter as yielding mixed results. On a positive note, Assassin’s Creed Shadows has successfully met its expectations, boasting over five million unique players since its launch. Furthermore, the Rainbow Six Siege X update received highly favorable feedback from players due to its revamped gameplay and enhanced features, which significantly boosted player engagement.
However, Rainbow Six Siege experienced notable disruptions in player spending, attributed to temporary technical pricing issues. Ubisoft has since identified and addressed these challenges. Despite this setback, the growth potential for the game remains strong, with solid traction in player activity and in-game spending.
Here are the key financial figures for Ubisoft's first quarter of the 2025-26 fiscal year, ending June 30, 2025:
Revenue: €310.8 million ($365 million), down 3.9% year-on-year Net Bookings: €281.6 million ($331 million), down 2.9% Digital Net Bookings: €250.2 million ($294 million), down 2.7% Back-Catalogue Net Bookings: €260.4 million ($306 million), up 4.4%In alignment with its ongoing transformation, Ubisoft plans to reorganize into Creative Houses. This new structure aims to enhance quality, focus, autonomy, and accountability while fostering closer connections with players. The first of these business units was introduced earlier this year, accompanied by dedicated leadership. Furthermore, Ubisoft indicated that the transaction with Tencent is progressing smoothly and is expected to receive approval by the end of the calendar year.
Assassin’s Creed Shadows has achieved significant milestones, including surpassing five million players, while Rainbow Six Siege X—launched on June 10—has undergone major upgrades to core systems. Despite facing a pricing exploit due to players using prepaid currency cards, which temporarily inflated virtual currency wallets, the game saw a 25% year-on-year increase in session days. June also marked the third-strongest monthly active users (MAU) performance in the game's history, trailing only the peak months during the COVID-19 pandemic.
Similarly, The Division 2 experienced a strong start to the fiscal year with the launch of Year 7 and the Battle for Brooklyn DLC. While Ubisoft did not disclose specific sales figures for Star Wars Outlaws, it reaffirmed that the highly anticipated Switch 2 will launch on September 4, along with the release of its second DLC, A Pirate's Fortune, in May.
Ubisoft continues to make significant progress in its transformation by implementing a new operating model based on Creative Houses. According to Guillemot, these units will represent the variety of gaming experiences offered by the company and will facilitate enhanced quality, focus, autonomy, and accountability. Over time, each Creative House is expected to enrich creative vision and improve business performance.
The recent announcement regarding the leadership team for the new subsidiary, overseeing flagship brands like Assassin’s Creed, Far Cry, and Rainbow Six, marks a critical milestone in Ubisoft's journey toward a more agile and focused organization, ensuring long-term stability and a clear creative vision.
