French games publisher Ubisoft said on Thursday it will maintain its full-year targets after reporting third-quarter net bookings that exceeded the company’s November guidance. Net bookings for the quarter totaled 338 million euros, an increase of 12% year-on-year and above the 305 million euro figure the company had signalled in November.
Ubisoft kept its outlook for the full fiscal year at around 1.5 billion euros in net bookings and an operating loss of roughly 1 billion euros. The company’s stock has suffered a steep decline in recent years, falling more than 80% from its 2018 peak as management contended with delayed releases, execution challenges and investor doubts about the group’s path back to profitability.
The current guidance traces to a reorganization unveiled in January, when Ubisoft said it would cancel six projects and close studios in Halifax, Canada, and Stockholm. Prior to that overhaul, the company had been projecting about 1.9 billion euros in bookings. The reorganization restructured Ubisoft’s operations into five genre-focused units the company calls Creative Houses.
Ubisoft said appointments to lead those Creative Houses will begin in March and will include external hires described by the company as industry veterans. Alongside its flagship Assassin’s Creed franchise, Ubisoft noted it remains the owner of other major franchises such as Far Cry.
The publisher reported that its brands drew roughly 130 million unique active users across console and PC platforms in 2025. Management attributed the third quarter’s better-than-expected performance principally to Assassin’s Creed Shadows, which launched on Nintendo’s Switch 2 in December.
On balance-sheet liquidity, Ubisoft said it expects to finish March with cash reserves in a range between 1.25 billion and 1.35 billion euros. That cash position would be sufficient to cover a bond maturity of just under 500 million euros due in November 2027.
Chief Financial Officer Frederick Duguet told analysts on a call that the company is "looking at several options" to lengthen the average maturity of its debt beyond the 2027 bond. At the end of September, Ubisoft’s total debt stood at 1.15 billion euros.
($1 = 0.8412 euros)
Contextual note - The company confirmed the earlier guidance figures and reiterated the expected cash and debt metrics as described above. Management also detailed the timing for Creative House leadership appointments and the origin of the improvement in quarterly bookings.