Ubisoft shocked the gaming industry and financial markets on November 13, 2025, when it suddenly postponed its half-year earnings report just 15 minutes before the scheduled investor call. The French publisher also requested an immediate halt to all trading of its shares and bonds on the Euronext stock exchange, a rare move that’s raising eyebrows and fueling intense speculation about what might be happening behind closed doors.
What Actually Happened
Minutes before Ubisoft was set to reveal its financial results for the first half of fiscal year 2025-26, the company issued a brief statement announcing the postponement. The trading suspension went into effect immediately on November 14, and will stay in place until the company finally publishes the delayed results, which Ubisoft says will happen “in the coming days.” The scheduled investor call that was supposed to take place that evening was also postponed without a firm reschedule date.
This kind of last-minute change is extremely unusual for a publicly traded company, especially one as large as Ubisoft. The announcement offered no explanation for the delay, leaving investors, employees, and industry watchers to fill in the blanks with speculation ranging from major acquisitions to potential accounting issues.
The CFO’s Internal Message
Chief Financial Officer Frederick Duguet sent an internal memo to employees shortly after the announcement, attempting to calm concerns within the company. In the message, Duguet explained that Ubisoft was “taking extra time to finalize the closing of the semester” and that legal regulations prevented him from sharing more details at that time.
The CFO specifically mentioned that the trading suspension was requested “to limit unnecessary speculation and market volatility during this short delay.” He acknowledged that the move would “likely raise questions and drive media coverage,” and encouraged employees to listen to the conference call once it becomes available. The tone of the message suggests this wasn’t a planned delay but rather a last-minute decision based on something that needed additional time to sort out.
Why This Matters
Ubisoft’s shares have already been struggling this year, down 49% year-to-date before the trading halt. The company has faced multiple challenges in 2025, including mixed performance across its game portfolio, delays to major titles like Assassin’s Creed Shadows, and an ongoing restructuring effort aimed at saving at least 100 million euros over the next two years.
Industry analyst Daniel Ahmad from Niko Partners suggested the move could be related to a significant announcement or acquisition, though he noted it might also indicate some kind of accounting issue that needs to be resolved. Without official confirmation, the gaming community and financial analysts are left guessing about what warranted such a dramatic step.
The Tencent Connection
One major factor adding fuel to the speculation is Ubisoft’s ongoing relationship with Chinese tech giant Tencent. In May 2025, the companies announced a deal worth 1.16 billion euros that gave Tencent a 25% stake in a new Ubisoft subsidiary called Vantage Studios. This entity manages Ubisoft’s most valuable intellectual property, including Assassin’s Creed, Far Cry, and Tom Clancy’s Rainbow Six franchises, and is valued at roughly 4 billion euros.
During Ubisoft’s last financial report, the company said the Tencent transaction was progressing smoothly and was expected to close by the end of 2025, pending regulatory approval. Some observers wonder if the earnings delay is connected to finalizing details of this major deal, though Ubisoft hasn’t confirmed any link between the two events.
A Year of Transformation
The timing of this delay comes during what Ubisoft CEO Yves Guillemot has called a period of “profound transformation” for the company. In July 2025, Ubisoft held its annual general meeting where all resolutions were approved, including appointments of two new independent directors with expertise in digital innovation and technology sovereignty. The company has been working on reshaping its operating model with a new structure built around business units called “Creative Houses.”
Earlier this year, Ubisoft completed an initial cost savings program ahead of schedule and committed to finding at least 100 million euros in additional savings over the next two years. The company has also been delaying some of its biggest productions to give them more development time, pushing major releases into fiscal years 2026-27 and 2027-28.
What Happens Next
The trading halt for Ubisoft shares and bonds will remain in effect until the company finally releases its postponed financial results. Ubisoft has promised to inform the market about when trading will restart, but hasn’t provided a specific timeline beyond “the coming days.” Once the results are published, the company will hold the rescheduled investor call, which will be available through the investor section of Ubisoft’s website.
For now, employees, investors, and fans are left waiting for clarity. The lack of transparency around the delay has created an information vacuum that’s being filled with theories and speculation across social media, gaming forums, and financial news outlets. Whether this turns out to be related to a major announcement, a technical accounting matter, or something else entirely remains to be seen.
Frequently Asked Questions
Why did Ubisoft delay its earnings report?
Ubisoft’s CFO Frederick Duguet stated in an internal memo that the company is “taking extra time to finalize the closing of the semester.” However, no specific reason was provided beyond needing additional time. Legal regulations prevented the company from sharing more details at the time of the announcement.
When will Ubisoft release its delayed financial results?
Ubisoft has only said the results will be published “in the coming days” but hasn’t provided a specific date. The company will inform the market when trading of its shares and bonds will restart.
Is this related to the Tencent deal?
While some analysts speculate the delay could be connected to Ubisoft’s ongoing 1.16 billion euro deal with Tencent, the company hasn’t confirmed any link. The Tencent transaction was expected to close by the end of 2025, pending regulatory approval.
How rare is it for a company to halt trading like this?
It’s extremely unusual for a publicly traded company to postpone earnings just minutes before a scheduled investor call and request a trading halt. Such moves typically indicate something significant is happening that requires additional time to finalize or announce properly.
What does this mean for Ubisoft’s upcoming games?
The earnings delay doesn’t necessarily impact Ubisoft’s game release schedule directly. The company has already announced it’s giving additional development time to major productions, with significant content from its largest brands expected in fiscal years 2026-27 and 2027-28.
Could Ubisoft be facing an acquisition or buyout?
While some industry analysts have suggested the trading halt could be related to a major announcement or acquisition, this is purely speculation. Ubisoft hasn’t indicated any buyout discussions are taking place.
How has Ubisoft’s stock performed this year?
Ubisoft’s Paris-listed shares have fallen 49% year-to-date before the trading halt. The company has faced challenges including mixed game portfolio performance, delays to major titles, and ongoing restructuring efforts.
Conclusion
Ubisoft’s last-minute earnings delay and trading halt represents one of the most unusual moves by a major gaming publisher in recent memory. The lack of a clear explanation has created a whirlwind of speculation about everything from major acquisitions to accounting issues. With the company in the middle of a major transformation, ongoing deals with Tencent, and facing financial pressures after a challenging year, whatever prompted this decision is clearly significant enough to warrant such an extraordinary step. Investors, employees, and gaming fans will have to wait for the rescheduled earnings report to get answers about what’s really happening at one of the industry’s biggest publishers.