Assassin's Creed drives Ubisoft Q3 net bookings up 12% to €338m as restructuring begins
Summary
Ubisoft Q3 net bookings reached €338m, up 12% YoY, beating revised guidance of €330m.
Nine-month back-catalogue net bookings surged 36.2% to €1.03bn, outpacing new launches.
Tencent's €1.16bn investment in Assassin's Creed parent Vantage Studios completed this quarter.
Paris headcount cuts of 200 roles began as 1,200+ employees staged a three-day international strike.
"This transformation is designed to sharpen focus, accelerate decision-making and elevate our creative ambition in an increasingly selective market"
01
Back-catalogue growth outpaces new releases across every metric
Q3 net bookings: €338m (↑12% YoY) vs. revised guidance of €330m.
Q3 digital net bookings: €297m (↑10.7% YoY).
Nine-month back-catalogue net bookings: €1.03bn (↑36.2% YoY).
Nine-month revenue: €976.2m (↓1.4% YoY) - the only declining top-line metric.
Catalogue strength reduces dependence on launch windows but compresses new-IP justification.
02
Live franchise engagement rising, led by Siege and Avatar
Rainbow Six Siege daily active users in early January doubled vs. early November.
Avatar: Frontiers of Pandora "session days" nearly doubled YoY after the From The Ashes expansion.
Anno 117: Pax Romana outperformed Anno 1800 in a comparable launch window.
Ubisoft reported 130m MAUs across console and PC in 2025; December hit 38m (↑3% YoY).
03
Restructuring and strike create execution risk around transformation
Creative House structure consolidates franchise oversight under new leadership starting March 2026.
Paris headcount reduction of 200 roles in active consultation; voluntary redundancy launched.
1,200+ employees staged a three-day international strike over restructuring plans.
Ubisoft counted only 538 official participants - a gap that signals contested internal narratives.
Ubisoft acquired MOBA March of Giants from Amazon Game Studios following Amazon's publishing cuts.
Guillemot cited returning former employees as structural support: "reinforced talent pool thanks to the return of numerous skilled former Ubisoft employees" - Yves Guillemot, CEO
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