Ubisoft Q1 net bookings down 9.2%, attributes drop to "high comparison base" from same period last year

Ubisoft opened FY2026-27 with net bookings of €255.8 million and revenue of €268.2 million, both down year over year, but still slightly ahead of guidance. Management pointed to a “high comparison base” from the same quarter last year, when Assassin’s Creed Shadows contributed significant revenue after its March launch.

The quarter’s best-performing driver was Invincible: Guarding the Globe, which benefited from the show’s fourth season and a new in-game character. Ubisoft said those beats improved acquisition, retention, and monetization. Rainbow Six Siege stayed broadly on plan after Siege X, while The Division 2’s Year 8 Season 1 improved monetization through currency conversion and DARPU records. The Crew Motorfest also posted growth in active users and session days after its NASCAR season and PS+ inclusion.

The bigger business story is the company’s ongoing restructuring. Ubisoft is pushing ahead with its Creative Houses model, naming former Amazon Games VP and 2K co-founder Christoph Hartmann to lead Creative House 2, which covers Splinter Cell, The Division, and Ghost Recon. At the same time, Ubisoft closed studios in Winnipeg and Belgrade, cut publishing roles worldwide, and reportedly put 380 jobs at risk. Barcelona was also hit by layoffs and staff strikes after the launch of Black Flag Resynced.

Looking ahead, Ubisoft expects Q2 net bookings of about €370 million and is guiding for a high single-digit decline in bookings plus a negative non-IFRS operating margin. For developers, this is another reminder that live-service cadence, subscription placement, and...