Ubisoft has released its financial results for the full 2024-25 fiscal year, reporting a “solid balance sheet” and “very strong praise” for Assassin’s Creed Shadows – which delivered the second-highest Day One sales in franchise history after Valhalla – despite hefty drops in revenue, net bookings, digital net bookings, and back-catalog net bookings across the year.

CEO Yves Guillemot confirmed Ubisoft would “provide additional development time to some of our biggest productions in order to create the best conditions for success” and notably missed FY2025-26 from his announcement that “FY2026-27 and FY2027-28 will see significant content coming from our largest brands.” In FY2025-26, the firm “expects to maintain a consolidated net debt position of around zero.”

Ubisoft’s headcount dropped by 1230 over the last 12 months.

Here’s what you need to know:

The numbers:

For the full 2024-25 financial year ending March 31, 2025

• Revenue: €1899.2 million (down 17.5% year-on-year)
• Net bookings: €1846.4 million (down 20.5%)
• Digital net bookings: €1585.4 million (down 20.2%)
• Back-catalogue net bookings: €1296.3 million (down 13.5%)

The highlights:

Ubisoft said its brands have “continued to perform strongly this quarter,” with the Top 10 brands posting year-over-year net bookings growth, leading to a record fourth quarter at €902m. Console and PC “activity metrics” are reported as “broadly stable” year-on-year.

Despite an overall year-on-year drop, back-catalog net bookings for Q4 were “up double-digit,” with noted performance from Ubisoft’s other tentpole franchise, Rainbow Six Siege, with The Crew Motorfest also posting a strong performance.

The company said it was continuing its strategic focus on open world adventures and native GaaS “experiences,” resulting in “reshaping its operating model with the objective to better meet player needs, deliver superior game quality, and drive discipline capital allocation.” This will see a new organization structure announced by the end of the year (it’s not clear if Ubisoft is referring to calendar or financial year here).

It also reaffirmed its commitment to its three “iconic IPs,” Assassin’s Creed, Rainbow Six, and Far Cry, hinting at a “very powerful five-year line-up to come” in partnership with Tencent.

Assassin’s Creed and Rainbow Six brands’ unique active players both stood at around 30 million for the 4th consecutive year, with Far Cry at around 20 million per year over the same period. Other brands continued to “drive strong community appeal, with more than 100 million unique active players in FY2024-25.”

“The transaction with Tencent crystalizes the true economic value of three of Ubisoft’s leading franchises. The minority nature of the transaction enables Ubisoft to maintain control of these IP, retain financial consolidation as well as safeguard strategic alignment with the Group and maintain upside on these franchises while immediately strengthening its balance sheet,” the company said.

“It will be steered by a dedicated leadership, with a team that will include external hires, and that will be advised by industry veterans. With this transaction, Tencent will invest €1.16bn in a primary issuance by the New Subsidiary, acquiring an approximate 25% economic interest. At closing, at least €500m will be upstreamed to Ubisoft, ensuring sufficient working capital needs of the New Subsidiary at start.”

“This year has been a challenging one for Ubisoft, with mixed dynamics across our portfolio, amid intense industry competition. Despite these headwinds, Ubisoft managed to deliver positive free cash flow generation over the fiscal year, reflecting the discipline applied across the Group,” said CEO Guillemot.

“Aware of the challenges ahead, we took decisive steps to continue strengthening the company’s future [… and] we also completed our initial cost savings program ahead of schedule. We are committed to going further, with additional savings of at least €100m over the next two years to drive structural efficiencies and reinforce the foundations of our organization.

“This continued focus on discipline will support our growth ambitions and the profound transformation of Ubisoft. We are currently working on reshaping the Group’s operating model and plan to announce a new organization by the end of the year,” he added. “A major step in this transformation was the announcement in March of the creation of a new subsidiary, backed by Tencent as a core strategic partner.

“Additionally, after a review of our pipeline, we have decided to provide additional development time to some of our biggest productions in order to create the best conditions for success. As a consequence, FY2026-27 and FY2027-28 will see significant content coming from our largest brands,” Guillemot concluded.

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