Ubisoft's latest annual report puts harder numbers on the publisher's rough reset year. The company missed an executive-compensation target tied to monthly active users, with Game File reporting that the comparable user figure fell from 134 million across 2024 and early 2025 to 129 million across 2025 and early 2026.

That 129 million figure also appears in Ubisoft's May earnings release, where the company said it reached 36 million monthly active users and 129 million unique users across console and PC, stable when excluding XDefiant from the comparison base. The annual report comparison still shows the broader year-over-year drop against the previous 134 million figure.

The user target was part of CEO Yves Guillemot's compensation framework, not a public business forecast. Game File notes that these targets are motivational goals for executives rather than a direct plan for the year. Even with that caveat, Ubisoft's result was low enough that the monthly active user goal did not trigger a partial payout.

Ubisoft's workforce is smaller after the reset

The annual report also shows how much Ubisoft's workforce has changed during its restructuring. Ubisoft disclosed 16,590 employees as of the end of March 2026, down from 17,782 a year earlier. Of that latest total, 14,704 people were in game production, leaving Ubisoft with one of the industry's largest development workforces even after the cuts.

The decline follows a year in which Ubisoft reduced its fixed cost base, discontinued seven projects and delayed six others. The company has already used the same annual-report cycle to add new investor language around delayed releases, including a warning that games can arrive too late to meet market expectations. It also added sharper wording around remote work and performance, saying remote work had contributed to weaker agility and collective performance as Ubisoft pushes for more on-site work.

Average employee compensation fell 4% year over year to €69,399, roughly $79,000. The report also points to an older workforce mix: 19.6% of Ubisoft employees were under 30 as of March 2026, compared with 23.7% a year earlier.

Those figures sit beside the company's public turnaround pitch. Ubisoft says FY2026-27 will have a lighter release slate, while FY2027-28 and FY2028-29 are expected to bring a stronger pipeline across major brands including Assassin's Creed, Far Cry and Ghost Recon. Internally, the question is how much that future slate will rely on a smaller workforce that is still spread across a large global studio network.

Ubisoft Singapore grants fell to zero

One smaller but striking annual-report detail concerns Ubisoft Singapore. Game File reports that grants for the studio fell from €4.8 million for the 12 months ending March 2025 to zero for the 12 months ending March 2026.

That studio has long been tied to Skull and Bones, whose development history included public scrutiny over government incentives. Kotaku reported in 2021 that support for Ubisoft Singapore was connected to the development of new intellectual property. In 2025, Singapore's Ministry of Trade and Industry said it could not disclose the terms of agreements with individual companies, citing confidentiality clauses and commercial sensitivities, while saying government support can be tied to outcomes such as job creation, local employment, business spending or fixed asset investment.

The annual report does not say why the Singapore grants fell to zero. Game File notes that Ubisoft Singapore's latest game is Assassin's Creed Black Flag Resynced, a remake rather than a new IP.

Elsewhere, Ubisoft's government support remained substantial. Credits and grants for its Canadian studios held at just over €110 million, while France rose from €16 million to €29 million.

Ubisoft is still a giant publisher with active businesses around Assassin's Creed, Rainbow Six, The Division and other long-running brands. The new figures make the cost of its reset easier to see: fewer users by the annual comparison Game File highlighted, fewer employees, lower average compensation and one major support line disappearing from a studio built around one of Ubisoft's longest-running production bets.