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Tencent-Backed Ubisoft Delays Results Release Due to Restatement of FY25 Accounts
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Ubisoft, the publisher of the Assassin's Creed series, announced that after an auditor's assessment, it needs to restate its FY2025 accounts and cannot book revenue from signed partnership agreements in the latest quarter, which will cause the company to breach loan agreement terms. According to the announcement, auditors found that Ubisoft incorrectly classified partner sales as revenue under International Financial Reporting Standards, which will lead to the inability to recognize part of the revenue from transactions signed in 2QFY26. As this adjustment means that Ubisoft has breached loan agreements from September 30 onwards, it will need to prepay around EUR286 million in loan principal to avoid default. This sum is set to be paid after the transaction with TENCENT (00700.HK) is completed. Ubisoft established a subsidiary dedicated to the gaming business in March, and TENCENT will invest EUR1.16 billion in exchange for a 25% stake in the subsidiary. Ubisoft CEO Yves Guillemot disclosed that all transaction conditions have been met, and completion is expected soon. AAStocks Financial News |
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