Ubisoft’s net bookings are down 54 percent year-on-year, despite exceeding guidance in Q4.
As part of the company’s earnings report pertaining to the full year 2025-26, Q4 net bookings “exceeded expectations,” reaching €415m (around $482m) versus guidance of around €390m ($453m).
There is over a half-percent decrease when compared year-on-year. The company attributes this to the release of Assassin’s Creed Shadows and “significantly higher” revenue from partnerships.
“This past fiscal year was one of decisive action for Ubisoft,” the company’s co-founder and CEO Yves Guillemot said. “We initiated one of the most ambitious transformations in the company’s history, building a more focused, agile, and disciplined organization that is capable of consistently delivering high-quality experiences to players through a sustained release cadence while supporting value creation over time.”
The so-called transformation began in January with a colossal restructure to become a more “gamer-centric” company. The publisher reorganized around five “creative houses,” implementing cost-cutting, project cancellations, and a more robust return-to-office mandate.
Guillemot sees the FY2026-27 fiscal period as the time to “pursue and complete the execution of this transformation.” The CEO expects this year to represent a low point in the company’s free cash flow trajectory, alongside a softer release slate and restructuring costs.
The focus, then, will be on Rainbow Six Siege, Assassin’s Creed Black Flag Resynced, and “other targeted premium games” based on established Ubisoft brands. This comes after seven projects were discontinued and six others were delayed, per the report.
The plans extend to the long term. The expected outcome, Guillemot says, is for free cash flow to turn positive in FY2027-28, and reach a “robust level” in FY2028-29.
Since Ubisoft’s massive restructure announcement, the company reportedly canceled a yet-to-be publicly acknowledged social-sim game Alterra, ended game development at Red Storm and laid off 105 workers there, and closed its Halifax studio weeks after workers voted to unionize. Then, the publisher confirmed that it quietly made 29 people redundant at its studio in Abu Dhabi in November 2025. In February, Ubisoft Toronto laid off 40 employees.
Approximately 1,200 workers, in turn, responded by striking on February 10. Days prior, two union representatives demanded the resignation of Ubisoft CEO Yves Guillemot. Meanwhile, a three-day international strike was called by five unions in France to demand leadership take “responsibility for the consequences of their catastrophic management.”
“This two-year transformation comes with difficult decisions and a disappointing short-term financial performance, but I firmly believe that, together, these actions are better positioning Ubisoft to deliver sustainable free cash flow over time,” Guillemot said in the latest financial report.