Ubisoft announced its financial results for the 2025-26 fiscal year (April 2025–March 2026) on the 20th (local time). Net booking revenue for this period was 1.525 billion euros (approx. 2.67 trillion won), down 17.4% from the previous year. In particular, the operating loss of 1.322 billion euros represents a nearly sevenfold increase compared to the 197 million euro operating loss recorded the previous year. Net booking revenue for the fourth quarter was 415 million euros, a 54% decrease from 923 million euros in the same period last year. With no major new releases, sales of older titles performed better than expected, exceeding the company's forecast of 390 million euros. Ubisoft reduced fixed costs by cutting approximately 1,200 employees, bringing the total workforce down to around 16,600. It is reported that seven projects were canceled and six were postponed during this process. Ubisoft is pinning its hopes on the remake title 'Assassin's Creed Black Flag Resynced'. Scheduled for release in July, this title is a reconstruction of the original Assassin's Creed Black Flag using the latest Anvil Engine, and is expected to include improvements to every aspect of gameplay as well as additional content. Notably, pre-registration trends in regions such as China are reportedly at the highest levels in the series' history. In addition, long-running titles such as Rainbow Six Siege, which continues to record high monthly active users, and The Division II are also expected to generate steady performance. Nevertheless, the company's outlook remains bleak. Ubisoft has firmly stated that additional losses are inevitable, and its first-quarter revenue guidance was limited to just 250 million euros. Consequently, the performance of the joint venture with Tencent is expected to play a crucial role in future business development. Ubisoft repaid its debt using funds injected upon the launch of the joint venture with Tencent. In a statement released on this day, Ubisoft CEO Yves Guillemot referred to the company's overall restructuring and transition of the operating model, describing it as "one of the most ambitious transformations in the company's history." Ubisoft has previously carried out a reorganization that restructured its studios by grouping them into various creative house units, including Vantage Studios, a joint venture with Tencent. This approach involves focusing on the portfolio to present major new titles such as Assassin's Creed, Far Cry, and Ghost Recon with a more concentrated and diversified lineup. In fact, Ubisoft has stated that by releasing a series of new titles in the Wii series to coincide with fiscal year 2027-28, it expects to turn its cash flow positive and generate robust cash in fiscal year 2028-29. As Ubisoft looks ahead to the year after next, it appears that the difficult times will continue for some time.