Ubisoft Reports Mixed Financial Results for 2024-25 Despite Strong Assassin's Creed Shadows Launch

Ubisoft has released its financial results for the 2024-25 fiscal year, revealing a tough year for the publisher despite some successes, particularly Assassin’s Creed Shadows. While revenues and net bookings saw double-digit declines, the company is leaning into long-term transformation plans and promising stronger output in future fiscal years.

Revenue Down, Bookings Shrink

For the fiscal year ending March 31, 2025, Ubisoft reported:

• €1.85 billion in net bookings, down 20.5% year-over-year

• €1.9 billion in total revenue, a 17.5% decrease

• Digital net bookings fell 20.2%

• Back-catalog sales declined 13.5%

Despite these drops, Ubisoft highlighted a positive free cash flow of €128 million and maintains a “solid balance sheet” with around €1 billion in cash. However, the company still holds €885 million in net debt.

Yves Guillemot, CEO: "This year has been a challenging one for Ubisoft, with mixed dynamics across our portfolio, amid intense industry competition."

Assassin's Creed: Shadows

Launched on March 20, 2025, Assassin’s Creed Shadows has quickly become a major win for the publisher. Ubisoft describes the title as:

• Second-highest Day One sales in franchise history

• 160 million+ player hours logged

• Surpassed Assassin’s Creed Odyssey in spending and player count

Notably, Shadows was the first installment built on Ubisoft's upgraded Anvil proprietary engine, which the company believes sets "a new benchmark for both the industry and Ubisoft's future releases."

Rainbow Six Siege & Siege X

Rainbow Six Siege also performed well, with annual net bookings growing year-on-year. The game is preparing for the launch of "Siege X" on June 10, which Ubisoft describes as "a major evolution for the franchise" that will include modernized maps, enhanced visuals, a complete audio overhaul, and a new 6v6 mode called "Dual Front."

Strategic Shifts & Tencent Partnership

Ubisoft’s organizational transformation is well underway:

• The workforce reduced by 1,230 employees this year (down to 17,782 as of March 2025)

• Over 3,000 jobs cut since September 2022

A key move came in March, when Ubisoft announced a new subsidiary focused on its top franchises: Assassin’s Creed, Rainbow Six, and Far Cry. Tencent is investing €1.16 billion for a 25% economic interest, with €500 million going directly to Ubisoft to reduce debt.

Outlook: Breakeven in 2025-26, Big Titles in 2026 and Beyond

Looking ahead, Ubisoft expects net bookings to remain stable in the 2025-26 fiscal year, with "approximately breakeven non-IFRS operating income and negative free cash flow reflecting the Group's transformation." The company plans to announce a new organizational structure by the end of the year.

Guillemot also revealed that Ubisoft has decided to provide "additional development time to some of our biggest productions in order to create the best conditions for success." As a result, the company expects to see "significant content coming from its largest brands" in the 2026-27 and 2027-28 fiscal years.

What's Coming in FY26

Despite these delays, Ubisoft has a slate of titles for FY 2026:

• Prince of Persia: The Sands of Time Remake – now expected before April 2026

• Assassin’s Creed: Shadows DLC

• Siege X

• Anno 117: Pax Romana

• Rainbow Six Mobile

• The Division Resurgence

"Ubisoft is entering a new chapter," Guillemot concluded, "and I am confident in our ability to build a stronger, more resilient company for the benefit of all our stakeholders."