Ubisoft [finance:Ubisoft Entertainment SA] just posted surprisingly strong financial results, and the company wants everyone to know that Assassin’s Creed exceeded expectations. Second-quarter net bookings reached €490.8 million, beating guidance by nearly 9% and representing a 39% increase year-over-year. The Assassin’s Creed franchise generated 211 million session days in the first half of the fiscal year, roughly 35% higher than the previous two years’ average. Everything sounds great until you realize Ubisoft still refuses to tell us how many copies of Assassin’s Creed Shadows actually sold.
The earnings report released November 21, 2025, repeatedly highlights player counts and session days rather than sales figures. Assassin’s Creed Mirage reached 10 million players after its Valley of Memory update launched. Shadows is described as overperforming expectations. The back catalog performed strongly. But actual unit sales? Those remain mysteriously absent from every official statement, leading to justified skepticism about whether Shadows met internal targets or if Ubisoft is playing word games with metrics.
The Player Count Versus Sales Debate
Here’s why the distinction matters. When Ubisoft says 10 million players for Mirage or touts player counts for Shadows, those numbers include anyone who accessed the game through Ubisoft Plus, the company’s subscription service. Someone paying fifteen dollars monthly to access dozens of games counts the same in player metrics as someone who spent seventy dollars buying Shadows outright. From a pure accounting perspective, these are dramatically different revenue scenarios.
IGN got called out on Reddit for initially reporting that Mirage hit 10 million sales, when Ubisoft actually said 10 million players. That’s not a minor distinction. Previous Assassin’s Creed titles like Valhalla, Odyssey, and Origins all received specific sales milestone announcements. The fact that Shadows launched in March 2025 and we’re now in November without any sales figures suggests the numbers aren’t impressive enough for Ubisoft to publicize.
Independent analysis tried to estimate actual sales using Steam data. Gamalytic estimates suggested Shadows sold at most 853,000 copies on Steam, with total cross-platform sales potentially reaching 2.5 to 3 million copies. If accurate, those numbers would be dramatically below the 12 to 13 million units Ubisoft reportedly expected based on their aggressive fiscal year revenue targets. For context, Assassin’s Creed Valhalla sold over 20 million copies in its lifetime.
Strong Catalog Performance Saves the Quarter
Despite the Shadows sales uncertainty, Ubisoft’s overall performance legitimately exceeded expectations. The outperformance was driven by stronger-than-expected partnerships and a robust back catalog highlighting the strength of the company’s brands. Rainbow Six Siege experienced softer trends reflecting what Ubisoft described as a phase of evolution in an intense first-person shooter environment, but The Division 2 continued performing strongly following its Battle for Brooklyn DLC.
First-half net bookings reached €772.4 million, up 20.3% year-over-year. The company maintained its full-year guidance, expecting flat net bookings compared to the previous year and operating income near breakeven. Third-quarter net bookings are projected at approximately €305 million. For a company that faced existential questions earlier in 2025, these results represent stabilization if not spectacular growth.
Tencent Investment Provides Cash Infusion
The earnings announcement coincided with confirmation that Tencent’s [finance:Tencent Holdings Limited] €1.16 billion strategic investment in Vantage Studios has been completed. Tencent now holds a 26.32% economic interest in the subsidiary built around Assassin’s Creed, Far Cry, and Rainbow Six franchises. Ubisoft retains exclusive control and consolidation of Vantage Studios despite Tencent’s minority stake.
The timing was critical because Ubisoft had breached a loan covenant related to accounting practices, forcing the company to delay its earnings report for a week. The Tencent money will help pay off that debt and provide breathing room as Ubisoft executes its operational transformation. CEO Yves Guillemot described the partnership as crystallizing the value of world-class intellectual properties and marking a pivotal milestone in the company’s transformation.
Martin Lau, President of Tencent, stated the company looks forward to Vantage Studios accelerating the growth of Assassin’s Creed, Far Cry, and Rainbow Six as evergreen platforms. The investment represents Tencent continuing to expand its global gaming portfolio while giving Ubisoft the financial stability to pursue its restructuring plans without immediate existential pressure.
What About Assassin’s Creed Shadows
Ubisoft’s official statement claimed Shadows benefited from the launch of New Game Plus mode, which was widely anticipated by the community and introduced greater difficulty and new challenges. The game achieved the second-highest day one sales revenue in Assassin’s Creed franchise history, trailing only Valhalla. It became the most successful Steam launch in the series with a peak of 64,825 concurrent players, surpassing Odyssey’s previous record.
By July 2025, Shadows had surpassed 5 million players according to quarterly results. The game reportedly reached 2 million players within its first 48 hours. These numbers suggest decent performance, but the fact that Ubisoft consistently uses player terminology rather than sales figures indicates subscription users represent a significant portion of that total. The company’s reluctance to provide concrete sales data speaks volumes.
Upcoming Lineup and Transformation
Ubisoft confirmed its fiscal year lineup includes Anno 117: Pax Romana, which launched November 13 with an 85 Metacritic rating. Avatar Frontiers of Pandora’s From the Ashes expansion arrives December 19, timed with the new Avatar movie. Fourth-quarter releases include Prince of Persia The Sands of Time remake, Rainbow Six Mobile, The Division Resurgence, and one unannounced title.
The company is implementing a new Creative Houses operational model, with comprehensive details planned for January 2026. This restructuring aims to improve development efficiency and creative output after years of criticism regarding game quality and technical performance. Whether this transformation succeeds depends on execution, but the financial breathing room from strong Q2 results and Tencent investment provides time to implement changes.
The Broader Franchise Success
Regardless of Shadows’ specific performance, the Assassin’s Creed franchise remains one of gaming’s most valuable properties. The series has sold over 200 million copies since launching in 2007, placing it alongside giants like Pokemon, Call of Duty, and Grand Theft Auto in lifetime sales. The franchise transcends video games with books, comics, animated series, live-action shows, and the upcoming Netflix adaptation.
The 211 million session days generated in the first half of fiscal 2025-26 demonstrate extraordinary player engagement across the entire catalog. Older titles like Origins, Odyssey, and Valhalla continue attracting players years after release, creating ongoing revenue through microtransactions, expansions, and subscription services. This evergreen quality justifies Tencent’s massive investment in securing a stake in the franchise’s future.
FAQs
How did Ubisoft perform in Q2 2025-26?
Ubisoft’s Q2 net bookings reached €490.8 million, exceeding guidance of €450 million and representing a 39% increase year-over-year. First-half net bookings totaled €772.4 million, up 20.3% compared to the previous year.
How many copies of Assassin’s Creed Shadows were sold?
Ubisoft has not released specific sales figures for Assassin’s Creed Shadows. The company reports player counts instead, which include both purchasers and Ubisoft Plus subscribers. Independent estimates suggest 2.5 to 3 million total sales across all platforms, but these are not confirmed.
What is the difference between player counts and sales?
Player counts include everyone who accessed a game, including subscribers to Ubisoft Plus who pay monthly fees rather than purchasing games outright. Sales figures represent actual units sold at full or discounted prices. The distinction significantly impacts revenue per user.
How much did Tencent invest in Ubisoft?
Tencent completed a €1.16 billion strategic investment in Vantage Studios, a Ubisoft subsidiary built around Assassin’s Creed, Far Cry, and Rainbow Six franchises. Tencent holds a 26.32% economic interest while Ubisoft retains exclusive control.
How many players does Assassin’s Creed Mirage have?
Assassin’s Creed Mirage reached 10 million players following the launch of its Valley of Memory update on November 18, 2025. Player activity on Mirage doubled after the update launched.
What games is Ubisoft releasing in Q4?
Ubisoft’s Q4 lineup includes Prince of Persia The Sands of Time remake, Rainbow Six Mobile, The Division Resurgence, Avatar Frontiers of Pandora’s From the Ashes expansion, and one unannounced title scheduled for release between January and March 2026.
How successful is the Assassin’s Creed franchise overall?
The Assassin’s Creed franchise has sold over 200 million copies since 2007. In the first half of fiscal 2025-26, the franchise generated 211 million session days, approximately 35% higher than the previous two years’ average.
Conclusion
Ubisoft’s Q2 earnings delivered legitimately strong results driven by the Assassin’s Creed franchise exceeding expectations and robust back-catalog performance. The Tencent investment provides critical financial stability as the company pursues operational transformation. But the elephant in the room remains Assassin’s Creed Shadows and Ubisoft’s persistent refusal to share actual sales figures. Player counts that include subscription users don’t tell the full story about whether the game met internal targets or justified its reported budget exceeding €100 million. For a franchise that historically celebrated sales milestones, the silence around Shadows’ specific performance is deafening. Still, with 211 million session days demonstrating extraordinary engagement across the entire Assassin’s Creed catalog, the franchise remains one of gaming’s most valuable properties regardless of how any individual title performs. Whether that translates to long-term shareholder value depends on Ubisoft executing its transformation and delivering games that drive actual sales rather than just padding player count metrics.