The possible reasons why Ubisoft delayed its earnings report, which came out last week, have been the subject of much debate, especially given the company’s well-documented problems of late. However, we now know that this delay was caused by an accounting issue related to the soon-to-be-completed transaction with Tencent.
As detailed in the Ubisoft report now published Due to the profit for the first half of 2025-26, the company had to adjust its accounts for the financial year 2024-25 to reflect the turnover for that period which was attributable to the company’s turnover. “This position, which the group is now taking, also means that a partnership entered into in the second quarter of the financial year 2025-26 will not be recognized in IFRS 15 turnover,” the company said. “As a result of the above, the company will not be able to meet its leverage ratio under certain financing arrangements that existed on September 30, 2025. However, this matter will be resolved by the above measures in respect of the relevant debt securities.”
Now that the report has been published, Ubisoft has asked Euronext to resume trading in its shares. And while accounting issues caused the weeks-long delay, the French company said the deal with Tencent is expected to close in the “coming days,” and an upcoming investment of 1.16 billion euros ($1.36 billion) is expected to help the company pay down its debt. Once complete, the partnership will also “enable the acceleration” of Vantage Studios, Ubisoft’s new subsidiary in which Tencent will hold a 25% stake. The new studio will be responsible for Ubisoft’s three main licenses: Assassin’s Creed, Far Cry and Rainbow Six.
Ubisoft reported net bookings of €491 million ($564 million) this quarter, up 39% year-over-year. Here’s what the company said. Assassin’s Creed Shadowswhich will get a Switch 2 port next month, an above-average performance this quarter, likely helped by the launch of the New Game+ mode over the summer.