Ubisoft Entertainment (UBI) Q3 25/26 earnings summary

Executive summary

• Q3 net bookings reached €338 million, up 12% year-over-year and above expectations, driven by strong performance in core franchises such as Assassin's Creed, The Division, Anno, and Avatar.

• Transformation initiatives are underway, including studio realignment, leadership appointments, and a focus on creative ambition and agility.

• Financial flexibility is supported by a strong cash position and a €1.16 billion investment from Tencent, enabling continued transformation and debt servicing.

• Active user base remains robust, with around 130 million unique users in 2025 and December MAUs up 3% year-over-year.

Financial highlights

• Nine-month net bookings totaled €1.1 billion, up 18% year-over-year; Q3 net bookings were €338 million, 11% above guidance.

• Digital net bookings for the nine months rose 20.1% to €941.7 million, representing 84.8% of total net bookings.

• Back-catalog net bookings increased 36.2% to €1,038.5 million, accounting for 93.5% of total net bookings.

• PRI (player recurring investment) was €148 million, up 3% year-over-year, representing 44% of total net bookings.

• Mobile net bookings were €25 million, down year-over-year.

Outlook and guidance

• Fiscal 2026 guidance confirmed: net bookings around €1.5 billion, non-IFRS EBIT of around -€1 billion, free cash flow between -€400 million and -€500 million, and non-IFRS net debt between €150 million and €250 million.

• Expected consolidated cash and cash equivalents at end March 2026: €1.25–1.35 billion, fully available for debt maturities.

• Q4 lineup includes Rainbow Six Mobile (launching February 23) and The Division Resurgence, both with strong early engagement and content roadmaps.