Ubisoft has released its figures for the third quarter of 2025/26. submittedAnd the results are better than expected. Net bookings in Q3 amounted to €337,7 million, an increase of around 12 percent year-on-year. For the first nine months, this totals €1,11 billion, a rise of 17,6 percent compared to the previous year.
The growth does not come from a single new release, but from the breadth of the portfolio, especially from the major core brands.
Assassin's Creed remains the flagship title.
The most important brand this quarter is once again Assassin's CreedUbisoft itself speaks of an "overperformance". Session days increased by 28 percent year-over-year, and active users saw double-digit growth.
In addition, there were targeted initiatives:
- Release of Assassin's Creed Shadows on Switch 2
- The "Valley of Memory“-Update for The Mirage,
- Continuous monetization in the back catalog
The back catalog is particularly crucial: 93,5 percent of net bookings in the first nine months came from older titles. Assassin's Creed This contributes significantly to the brand's success. It continues to function as a long-term service ecosystem, not just as a one-off release.
With Tencent's investment in Vantage Studios (valued at €3,8 billion), it is clear that Assassin's Creed strategically remains at the center.
The Division is growing quietly but steadily.
The Division 2 It's developing into a stable, long-running success. According to Ubisoft, active players, engagement, and revenue are growing significantly year-over-year. New seasons and live events are visibly contributing to the brand's success. In parallel, with The Division Resurgence The mobile version before launch. The series celebrates its tenth anniversary in 2026, including a new mode for The Division 2 and a announced roadmap.
Ubisoft is clearly focusing on cross-platform presence and long-term service structures. The pattern is clear: less risk from individual hits, more stability through continuous monetization.
Anno 117: Surprisingly strong start
Perhaps the most interesting development concerns Anno 117: Pax Romana. According to Ubisoft, the game (Metacritic 84) is exceeding the Net Bookings of year of production 1800 in a comparable timeframe. That's remarkable for a long-established strategy series. The Roman setting, the return of land battles, and new systems like the skill tree seem to be working.
With the first DLC, "Prophecies of Ash," in April, Ubisoft aims to continue this momentum. Anno thus remains a premium PC franchise that is also becoming increasingly commercially relevant.
Avatar and Rainbow Six: Different Dynamics
Avatars: Frontiers of Pandora It benefited from the "From the Ashes" DLC (Metacritic 81) and the introduction of a third-person perspective. Session days have nearly doubled year-over-year. The strategy aims to make it a long-term seller, not just a movie tie-in.
The situation is different with Rainbow Six SiegeThe game performed “within expectations“In a highly competitive shooter market, Siege managed to stabilize. MAUs rose again in December, and DAUs were twice as high at the beginning of January as at the beginning of November. With Year 11 and the Six Invitational, Ubisoft is focusing on community engagement and investing in anti-cheat measures.”
Figures that don't mask structural problems
However positive the growth rates appear:
- Expected non-IFRS EBIT for the full year: -1 billion euros
- Free Cash Flow: -400 to -500 million euros
- Planned job cuts: 200 positions at HQ in France
Ubisoft is in the midst of a structural transformation. Five "creative houses" are intended to sharpen focus and clarify responsibilities. At the same time, Tencent is strengthening the balance sheet with a €1,16 billion investment. Nevertheless, the operational reality remains challenging. Growth is primarily driven by existing brands, not by radically new intellectual property.
The big brands are still wearing –
The report paints a clear picture: Ubisoft is currently living off the substance of its established franchises. Assassin's Creed, The Division, Year and Rainbow Six They stabilize the business and drive growth.
Whether the ongoing transformation will be enough to achieve profitability remains to be seen. The pipeline for the next three years sounds ambitious. The crucial factor will be whether Ubisoft can once again generate creative momentum beyond incremental updates, alongside its established franchises.
For the moment, the core brands are working. And they're keeping Ubisoft afloat.
