After Ubisoft dropped a bombshell by delaying its earnings report 15 minutes before the scheduled call and freezing all stock trading on November 13, 2025, the company’s Chief Financial Officer Frederick Duguet sent an internal email to employees. The message was clearly meant to calm nerves, but the reassurances feel hollow when you’re asking your own stock exchange to stop people from trading your shares.
What the Email Actually Says
Duguet’s memo to staff is deliberately vague, which only makes the situation more concerning. He wrote that Ubisoft is “taking extra time to finalize the closing of the semester,” and as a result, the half-year earnings report will be published “in the coming days” instead of the originally scheduled November 13 date. The CFO acknowledged that legal regulations prevent him from sharing more details, which is standard corporate speak when something sensitive is happening behind the scenes.
The most revealing part of the email is what Duguet says about the trading halt. He claims Ubisoft requested the suspension “to limit unnecessary speculation and market volatility during this short delay.” He even admits the company knows this move will “raise questions and drive media coverage.” The email ends by encouraging employees to listen to the conference call once it becomes available through the investor section of Ubisoft’s website.
The Timing Is Suspicious
What makes this situation extraordinary is the timing. Companies don’t just delay earnings reports 15 minutes before they’re supposed to go live unless something unexpected happened at the absolute last minute. Either crucial information came in late, someone discovered a problem with the numbers, or there’s a major announcement brewing that requires coordination with the financial results.
Industry analyst Daniel Ahmad from Niko Partners suggested the delay could indicate a major announcement like an acquisition, but he also noted it might signal some kind of accounting or financial issue. Both scenarios are serious. An acquisition would fundamentally change Ubisoft’s future, while accounting problems could mean the financial situation is even worse than investors already feared.
Why the Trading Halt Matters
Requesting a trading suspension is not something companies do lightly. When you ask an exchange to halt trading of your shares and bonds, you’re essentially admitting that information asymmetry has become too dangerous. Insiders know something the market doesn’t, and allowing trading to continue would be unfair or potentially catastrophic.
The historical pattern isn’t encouraging either. Research shows an inverse relationship between earnings report timing and financial performance. The earlier a company releases results, the better those results tend to be. Companies that delay earnings releases are statistically more likely to be dealing with disappointing numbers or problems they need time to explain properly.
Ubisoft’s stock was already down 49% year-to-date before the trading halt, approaching its lowest level since 2012. The company has been consistently unprofitable, with sales declining quarter after quarter. Freezing the stock prevents an immediate sell-off, but it’s only delaying the inevitable. When trading resumes and the results are finally published, investors will react based on what they learn. If the news is bad, the sell-off will happen regardless of the pause.
The Speculation Is Wild
With no official explanation beyond “we need more time,” the gaming community and financial analysts have filled the void with theories. The most popular speculation revolves around a potential acquisition or buyout. Ubisoft’s value has fallen so far that it’s become an attractive target for larger companies with cash to spend. Names like Tencent, Microsoft, Sony, and even Saudi Arabia’s Savvy Games Group have been floated as possible buyers.
The Tencent connection is particularly relevant. Earlier this year, Ubisoft established a subsidiary called Vantage Studios to manage its most valuable franchises including Assassin’s Creed, Far Cry, and Rainbow Six. Tencent invested 1.16 billion euros for a 25% stake in this entity, which is valued at roughly 4 billion euros. Some observers wonder if Tencent is moving to acquire Vantage Studios outright, which would leave the larger Ubisoft company holding the bag while Tencent walks away with all the valuable intellectual property.
The Less Exciting Possibilities
Not every theory involves dramatic acquisitions. Some analysts think the delay could be due to mundane but serious problems like understaffing in the finance department, late data from regional offices, or complications with the new organizational structure Ubisoft announced in July. The company is currently reorganizing around business units called Creative Houses, which gives individual teams more control over their franchises but also makes financial reporting more complex.
There’s also the possibility of accounting irregularities or financial restatements. If someone discovered an error in how revenue was recognized or costs were allocated, that would require additional time to fix before publishing results. These kinds of issues might not be intentional fraud, but they’re still serious problems that can tank investor confidence.
What Happens Monday
The trading halt extends into the weekend, which means the earliest trading could resume is Monday, November 17. That’s assuming Ubisoft publishes the delayed results over the weekend, which seems unlikely. More realistically, the company will release results early next week, followed by the rescheduled investor call, and then trading will resume.
Employees and investors will be watching that call closely. Duguet’s email urged staff to listen for “a more detailed view of our earnings,” but what people really want to know is why this delay happened in the first place. If Ubisoft provides a legitimate explanation that makes sense, markets might stabilize. If the explanation is vague or unsatisfying, expect the stock to take another hit when trading resumes.
Frequently Asked Questions
What did Ubisoft’s CFO say in the internal email?
CFO Frederick Duguet told employees that Ubisoft is taking extra time to finalize its half-year financial closing and that legal regulations prevent him from sharing more details. He said the trading halt was requested to limit speculation and market volatility during the delay.
Why did Ubisoft request a trading halt?
According to Duguet’s email, the trading suspension was requested to prevent unnecessary speculation and market volatility while the company finalizes its earnings report. Trading halts are typically used when there’s significant information asymmetry between insiders and the public market.
Is Ubisoft being acquired?
There’s no official confirmation of an acquisition, but industry analysts have suggested the unusual trading halt and earnings delay could be related to a major announcement like a buyout. This is purely speculation until Ubisoft makes an official statement.
When will Ubisoft release its earnings?
Ubisoft has said results will be published “in the coming days” but hasn’t provided a specific date. The trading halt will remain in effect until the results are released, likely sometime the week of November 17, 2025.
Could this be an accounting problem?
Analyst Daniel Ahmad suggested the delay could indicate either a major announcement or some kind of accounting or financial issue that needs to be resolved. Without more information, it’s impossible to know which scenario is more likely.
How bad is Ubisoft’s financial situation?
Ubisoft’s stock has fallen 49% year-to-date and is approaching its lowest level since 2012. The company has been consistently unprofitable with declining quarterly sales. Earlier this year, Ubisoft needed a 1.16 billion euro investment from Tencent and is currently undergoing major restructuring.
What should Ubisoft employees do?
Duguet’s email encouraged employees to listen to the conference call when it becomes available through the investor section of Ubisoft’s website. Beyond that, employees should probably update their resumes and prepare for potential layoffs or organizational changes depending on what the earnings reveal.
Conclusion
Frederick Duguet’s internal email to Ubisoft employees reads like damage control from someone legally prohibited from saying what’s actually happening. When your CFO needs to send a company-wide memo explaining why the stock is frozen and the earnings are delayed, and his main message is “trust me, we’ll explain later,” that’s not reassuring. Whether this turns out to be related to a major acquisition that saves the company, a financial disaster that accelerates its decline, or something in between, the coming days will be critical for Ubisoft’s future. The only certainty is that whatever prompted this extraordinary move is big enough and serious enough that the company felt delaying earnings 15 minutes before the scheduled call was the better option than proceeding as planned.