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Assassin’s Creed Shadows Passes 5 Million Players but Ubisoft Announces Weak Financial Results

Giuseppe Nelvaby Giuseppe Nelva
July 22, 2025
in News
Reading Time: 4 mins read
Assassin’s Creed Shadows Key Art
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Today, Ubisoft announced its financial results for the first quarter of the fiscal year 2025-2026, including the period between April and June 2025.

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According to the press release, net bookings were €281.6 million (down 2.9% year-on-year), below the company’s expectations due to the lower-than-expected performance of Tom Clancy’s Rainbow Six Siege and a partnership that did not happen, but is expected to materialize in Q2.

We also hear that the company intends to reorganize into “Creative Houses,” the first of which is the subsidiary in partnership with Tencent announced in March.

The process of closing the transaction with Tencent is “going well,” and the company expects to complete the process by the end of the year pending regulatory approval.

Christophe Derennes and Charlie Guillemot have been appointed as co-CEOs of this new Creative House. The full organization of the Creative Houses will be announced by the end of the calendar year 2025.

As is tradition, the press release included a comment by CEO Yves Guillemot, who announced that Assassin’s Creed Shadows has passed 5 million unique players.

He also explained the snag encountered by Tom Clancy’s Rainbow Six Siege mentioned above and talked about the company’s reorganization.

“The first quarter delivered mixed results. On the positive side, Assassin’s Creed Shadows delivered on its expectations, with now more than 5 million unique players since its launch, and Rainbow Six Siege X received highly positive player feedback thanks to its renewed gameplay and enhanced features that drove significant player engagement growth. However, player spending in Rainbow Six Siege faced temporary but significant disruptions due to technical pricing issues, which have now been identified and addressed. Despite this one-off setback, the growth potential of the game is strong with solid traction on activity and in-game spending.

We also continued to make meaningful progress on Ubisoft’s transformation by outlining a new operating model built around business units, called Creative Houses. These units will reflect our diverse types of gaming experiences and will allow for enhanced quality, focus, autonomy and accountability. Over time, each of these Creative Houses will boost creative vision and business performance.

The new Subsidiary announced earlier this year and overseeing our flagship brands – Assassin’s Creed, Far Cry, and Rainbow Six – is the first of these Creative Houses. The recent announcement of its leadership team marks an important milestone as we move toward a more agile and focused organization while ensuring necessary long-term stability and creative vision.”

The company expects the mid-term potential of Assassin’s Creed Shadows to be supported ahead of the holiday season with the Claws of Awaji expansion, which will release in Q2 and will include over 10 hours of new content, a new weapon, and more skills and abilities.

We also hear that the whole franchise has now sold over 200 million units.

On the Rainbow Six Siege X front, revenue was impacted by “a pricing exploit with prepaid currency cards that temporarily inflated virtual currency wallets,” although this is said to have been resolved in June.

Yet, the momentum since the relaunch is seen as “encouraging” with acquisition levels about 5 times the same period last year.

In June, the game had the third-strongest monthly active users of its history, behind the two peak months during the COVID pandemic in spring 2020. In-game spending has also seen a positive trend.

Tom Clancy’s The Division 2 saw a very strong start to the fiscal year thanks to the Battle for Brooklyn DLC and the inclusion in Game Pass, which “drove significant growth in acquisition and engagement.” The game reached its highest activity since May 2020.

If you’d like to compare these results with historical data, you can read our report about the previous fiscal year, based on data released in May.

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