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Ubisoft’s November 2025 trading halt was a serious reporting and investor-confidence warning, but it did not by itself establish that the company was insolvent or that its turnaround had failed. The company initially said it needed more time to finalize its half-year close. Its eventual results then disclosed an IFRS 15 revenue-recognition review, a restatement of prior-year accounts and non-compliance with a leverage covenant at September 30, 2025.
What happened in November 2025
On November 13, 2025, Ubisoft announced that it was postponing its first-half FY2025-26 results. It asked Euronext to halt trading in its shares, ISIN FR0000054470, and three of its bonds from the market opening on November 14 until the results were published. The company’s public notice said it was postponing the release; the investor call scheduled for that Thursday evening was also postponed, according to Reuters.
Reuters reported that Chief Financial Officer Frederick Duguet told employees in an internal memo that Ubisoft was “taking extra time to finalize the closing of the semester.” The memo said the delay was intended “to limit unnecessary speculation and market volatility during this short delay.” Those remarks were reported by Reuters from the internal memo; they were not the wording of Ubisoft’s November 13 public notice.
What Ubisoft said later about the accounts
Ubisoft’s eventual H1 release added important accounting and financing context that was not the stated explanation in the November 13 notice. The company said that, following its auditors’ position during review of the H1 accounts, it had reviewed IFRS 15 revenue recognition for a partnership in FY2024-25. It restated FY2024-25 accounts under IAS 8.
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Ubisoft explained that payments based on utilization would be recognized as revenue over the period of utilization. As a consequence, a partnership signed in Q2 FY2025-26 was not recognized as IFRS 15 revenue. The company said the resulting position meant it did not comply, at September 30, 2025, with a leverage covenant ratio under certain financing agreements. It said it was taking actions relating to the affected debt instruments to address the matter.
What the half-year figures show—and what they do not
Ubisoft reported H1 FY2025-26 net bookings of €772.4 million, up 20.3% from €642.3 million in H1 FY2024-25. Non-IFRS operating income was €27.1 million, compared with a €252.1 million non-IFRS operating loss in the prior-year period. The release also reported negative IFRS diluted EPS of €1.23.
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| Measure | H1 FY2025-26 | Comparison |
|---|---|---|
| Net bookings | €772.4 million | €642.3 million in H1 FY2024-25; up 20.3% year over year |
| Non-IFRS operating income (loss) | €27.1 million | €252.1 million loss in H1 FY2024-25 |
| IFRS diluted EPS | Negative €1.23 | No comparative figure stated here |
These measures answer different questions. Net bookings are not the same measure as IFRS revenue, and Ubisoft explicitly labels operating income as non-IFRS. The reported improvement in bookings and non-IFRS operating income therefore does not erase the accounting restatement, covenant issue or negative IFRS diluted EPS. For comparisons with earlier periods, the restated accounts and the metric definitions matter.
When trading resumed
On November 19, Ubisoft said it would communicate its H1 earnings no later than before the November 21 market opening and that trading in the specified shares and bonds would resume by then. The H1 release records trading resuming at 10 a.m. CET on November 21, 2025.
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How the delay fits into Ubisoft’s turnaround
Reuters placed the delay amid Ubisoft’s Creative Houses reorganization and the formation of Vantage Studios for the Assassin’s Creed, Far Cry and Rainbow Six franchises. Reuters reported in November 2025 that Tencent had invested €1.16 billion for a 25% stake in Vantage Studios. That restructuring and investment formed part of the wider turnaround context, but they do not resolve the questions raised by the close, accounting treatment and covenant disclosure.
In its May 2026 full-year release, Ubisoft forecast a return to positive non-IFRS EBIT and free-cash-flow generation in FY2027-28, and forecast positive cumulative free cash flow over FY2026-27 through FY2028-29. These are management forecasts, not results already achieved. Ubisoft’s investor center listed November 19, 2026, for H1 FY2026-27 results; as of October 8, 2026, that reporting date was still prospective and calendar dates can change.
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What investors can reasonably conclude
The episode justified closer scrutiny of Ubisoft’s reporting controls and the execution of its recovery plan. A last-minute delay and market halt, followed by a prior-year restatement and disclosure of covenant non-compliance, make it harder for investors to assess performance and financing risk with confidence. The H1 operating measures showed improvement on some comparisons, while IFRS diluted EPS was negative and the company disclosed the accounting and covenant issues.
Those facts do not establish insolvency, fraud or a failed turnaround. Nor do the May 2026 targets establish that a recovery has already happened. The central question remains whether Ubisoft can deliver its forecasts while restoring confidence in its financial reporting and managing the affected financing agreements.
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