Ubisoft shares fell sharply before regaining some ground on Thursday after the Assassin’s Creed maker warned it expects further losses this year.

The French game maker posted an operating loss of 1.3 billion euros ($1.5 billion) in its 2026 financial year. Net bookings came in at 1.5 billion euros, a drop of 17.4% from the previous year.

Its shares closed 2.2% lower on Thursday, after clocking losses of almost 20% earlier in the session.

Ubisoft said it expects full-year net bookings to decline by a high single-digit percentage with a single-digit operating loss margin.

The stock has fallen around 26% in the year-to-date.

The move comes after years of stock price declines for the game developer following the Covid-19 pandemic, delays to…