Everyone predicted a crisis, but Ubisoft earned $772 million. Assassin's Creed saved the company's results

Ubisoft has had a very successful half-year. The company exceeded analysts' estimates, aided in part by the Assassin’s Creed series.

Although Ubisoft's situation seems to be challenging, financially, the French publisher apparently has no reason to complain. From April to September 2025, the company's net bookings amounted to $772 million, which was 20% higher than in the same period last year. Player "investments" increased even more (by 45%), although their number slightly decreased after excluding the results of the canceled XDefiant.

This is mainly due to the second fiscal quarter and Ubisoft's "partnerships" (including TV series like Splinter Cell: Deathwatch and the Avatar: Frontiers of Pandora expansion), as well as better-than-forecasted results for Assassin’s Creed. For example, 10 million people have already played Mirage across all platforms (not to be confused with actual sales).

However, it should be noted that despite this, Ubisoft recorded an operating loss of $120 million (under IFRS standards). It looks like the operating costs are pretty high, probably because of some developer project mentioned in the company's report.

Tencent is investing in Ubisoft again

Although Tencent's next investment in Ubisoft is close to being finalized, it apparently wasn't the reason for the delay in publishing the company's financial results (nor the potential purchase of the entire company). The Chinese giant is set to invest $1.16 billion in Vantage Studios, a new entity within Ubisoft's structure, responsible for developing the most important French brands. The transaction is expected to be finalized "in the coming days."

The company delayed the report release because of an accounting mistake, not for any other reason. Ubisoft announced that after reviewing the financial statements for the fiscal years 2024-2025, it had to resubmit them in accordance with International Accounting Standard No. 8 (IAS 8 for short). That caused some formal issues, but they're already working on fixing them.

In the next fiscal quarter, the company expects net bookings of $305 million, thanks in part to the releases of Anno 117: Pax Romana, Prince of Persia: Sands of Time Remake, and an unannounced game.

Assassin's Creed: Shadows

March 20, 2025

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• Ubisoft
• financial results
• Assassin's Creed (franchise)