Ubisoft confirms full-year performance targets thanks to strong pre-orders for Assassin’s Creed
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French video game publisher Ubisoft announced on Thursday that, driven by its flagship IP the Assassin’s Creed series, its third-quarter bookings exceeded company expectations. Ubisoft subsequently confirmed its full-year financial targets.
For the quarter, net bookings reached 338 million euros (about $402 million), up 12% year-on-year and surpassing the company’s November guidance of 305 million euros.
Ubisoft maintained its forecasts for full-year bookings of approximately 1.5 billion euros and an operating loss of about 1 billion euros.
Due to deep issues including game delays, execution challenges, and investor concerns over its path back to profitability, Ubisoft’s share price has dropped over 80% from its 2018 peak.
The performance guidance was initially released in January this year, when Ubisoft announced a restructuring plan that included cancelling development of six games and closing studios in Halifax, Canada and Stockholm, Sweden. Before this restructuring, the company had expected full-year bookings of 1.9 billion euros; after restructuring, the business was reorganized into five “Creative Houses” centered around game genres.
Ubisoft stated that the appointment of heads for the Creative Houses will begin in March, and will include experienced industry professionals brought in from outside the company.
In addition to Assassin’s Creed, Ubisoft also owns the Far Cry series. The company said that by 2025, its various brands are expected to attract about 130 million unique active users across console and PC platforms. The strong performance in the third quarter was mainly attributed to steady sales of Assassin’s Creed Shadows, which launched on the Switch 2 platform in December.
Ubisoft expects that by the end of March, company cash reserves will range between 1.25 billion and 1.35 billion euros, enough to cover nearly 500 million euros in bonds maturing in November 2027.
Chief Financial Officer Frédérick Duguet said during a conference call that the company is “exploring a variety of options” to extend the average maturity of its debt beyond that date. As of the end of September, Ubisoft’s total debt was 1.15 billion euros.
Editor: Guo Mingyu
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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