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In parallel, we are progressing well on our cost reduction program. As a result of disciplined execution, we have announced further targeted restructurings, making difficult but necessary choices, and now expect to exceed our cost reduction objective by the end of FY25, ahead of schedule. We plan to pursue our efforts in FY26, going beyond the initial target by a significant margin.

Finally, the formal review process of our strategic options announced earlier this year is now ongoing. Ultimately, the objective is to unlock the best value from our assets for our stakeholders and to foster the best conditions to create great games in a fast-evolving market. We are convinced there are different potential paths to achieve this ambition.”

Activity Review

Since the beginning of the fiscal year, MAUs across Console & PC stood at 36 million, broadly stable year on year and activity metrics have been solid with Playtime and Session Days per Player respectively up by 4% and 7%.

Back-catalog
Back-catalog net bookings reached €762 million for the first nine months and €268 million in Q3. Excluding partnerships, they were up mid-single digit over nine months and down mid-single digit year-on-year in Q3.

In a significantly tougher competitive landscape for first-person shooter Live services games, Rainbow Six Siege delivered a resilient performance this quarter, with activity broadly flat year-on-year in December on the back of a high comparison base. Session Days per Player in Q3 grew year-on-year, while Year 9 Season 4 reception was solid, culminating in December achieving the highest monthly ARPPU (Average Revenue per Paying User) in the game’s history. Looking at the game’s ranking across all Console & PC genres¹, it ranked in the Top 15 in terms of MAU in both FYQ3 and calendar year 2024 and even improved in January to get back to the Top 12. Over the first nine months of the fiscal year, the game’s activity has been stable year-on-year, and its playtime grew solidly. Looking ahead, the Six Invitational is taking place in the United States – the game’s largest market – for the first time. As the game nears its 10^th anniversary, the team is preparing something significant to celebrate this milestone.

Elsewhere in the back-catalog, the Assassin’s Creed franchise performed strongly throughout the quarter, notably highlighted by the Steam release of Assassin’s Creed Mirage, confirming the brand is in great shape. Meanwhile, The Crew Motorfest launched its Year 2 of content, featuring the brand-new island of Maui. The game’s retention and monetization metrics continue to significantly outperform those of The Crew 2 since launch, and achieved its highest monthly player count to date in December. Overall, The Crew franchise saw Session Days grow 38% year-on-year this quarter.

Q4

Assassin’s Creed Shadows is set to launch on March 20. The game builds on the franchise’s core strengths while introducing fresh elements that enhance variety and engagement, and to date previews have been positive. Critics praised its immersive world, stunning visuals, and richly detailed setting. The dual-protagonist gameplay was particularly well received, offering two distinct playstyles that cater to different player preferences as well as both characters playing critical roles in the game’s storyline. Stealth mechanics and parkour fluidity were highlighted as major improvements, while the revamped combat system was praised for its strength. Finally, the inclusion of Canon Mode and Immersive Mode was seen as a thoughtful addition, specifically tailored to core fans. Pre-orders for the game are tracking solidly, in line with those of Assassin’s Creed Odyssey, the second most successful entry of the franchise.

Cost Reduction Plan to exceed €200m by FY2024-25, ahead of schedule

As part of its ongoing efforts to streamline operations and enhance collective efficiency, Ubisoft continued to drive significant cost reductions as it adopts an even more selective approach to investments.

In December, following a thorough assessment of its performance, profitability and market conditions, Ubisoft announced the discontinuation of XDefiant and the closure of three production studios in high-cost geographies. Additionally, in January, the Group announced the closure of an additional production site and targeted restructurings that impacted three studios.

The Company now expects to exceed €200 million in fixed cost reductions by FY2024-25 compared to FY2022-23, ahead of schedule, and plans to pursue these efforts in FY26, going beyond the initial target by a significant margin.

Review of Strategic Options

The review of various transformational strategic and capitalistic options is now ongoing. The Board has established an ad-hoc independent Committee to oversee this formal and competitive process, so as to extract the best value from Ubisoft’s assets and franchises for all stakeholders. The Committee is composed of three independent Directors and chaired by Lead Independent Director, Claude France.

As previously indicated, Ubisoft will inform the market in accordance with applicable regulations if and once a transaction materializes.

Sales and net bookings

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 are appended to this press release.

IFRS 15 sales for the third quarter of 2024-25 came to €318.1 million, down 47.5% (47.8% at constant exchange rates²). For the first nine months of 2024-25, IFRS 15 sales amounted to €990.0 million, down 31.4% (31.5% at constant exchange rates).

Net bookings for the third-quarter 2024-25 totaled €301.8 million, in line with the Group’s revised expectation of around €300 million and representing a decrease of 51.8% (52.0% at constant exchange rates). For the first nine months of 2024-25, net bookings stood at €944.0 million, down 34.8% (34.9% at constant exchange rates).

Outlook

Full-year 2024-25

The company confirms its financial targets. It expects net bookings of around €1.9 billion and approximately break-even non-IFRS operating income and free cash flow for FY2024-25.

Together with a solid back catalog and expected material partnerships, Q4 net bookings are planned to grow year-on-year thanks to the Assassin’s Creed Shadows release on March 20.

Conference call

Ubisoft will hold a conference call today, Thursday February 13, 2025, at 6:15 p.m. Paris time/5:15 p.m. London time/12:15 p.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/nb5rhxgg

Contacts

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 20, 2024 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 2023–24 fiscal year, Ubisoft generated net bookings of €2.32 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.

APPENDICES

Definition of non-IFRS financial indicators

Net bookings corresponds to sales restated for the services component, including unconditional amounts related to license or distribution agreements recognized independently of the achievement of performance obligations, and restated for the financing component.

Player Recurring Investment (PRI) corresponds to sales of digital items, DLC, season passes, subscriptions and advertising.

Non-IFRS operating income calculated based on net bookings corresponds to operating income less the following items:

• Stock-based compensation expense arising on free share plans, group savings plans and/or stock options.

• Depreciation of acquired intangible assets with indefinite useful lives.

• Non-operating income and expenses resulting from restructuring operations within the Group.
  
  

Breakdown of net bookings by geographic region

Breakdown of net bookings by platform

*Ancillaries, etc.

Title release schedule
4^th quarter (January – March 2025)

                                                                                                        

                                                                                 

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¹ Source: Ampere

² 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 year.

Attachment

• Ubisoft Reports Third-Quarter 2024-25 Sales