On November 13, Ubisoft postponed the release of its financial report for the first half of the 2025-26 fiscal year and suspended stock and bond trading. This belated financial report once caused concerns in the gaming circle, believing that its US$1.3 billion cooperation with Tencent may change, but the final financial report was released as scheduled recently and the transaction was successfully completed.
Earlier this year, the gaming giant announced a major reorganization plan to establish an independent studio focused on three major IPs: Assassin's Creed, Far Cry, and Tom Clancy's Rainbow Six. The new studio led by Christophe Derennes and Charlie Guillemot has been named Vantage Studios, and more "creative workshops" will be set up in the future.
The delayed financial report shows that after experiencing major losses in 2024, Ubisoft may be getting back on track.
"Net bookings in the second quarter reached 490.8 million euros, far exceeding the forecast of 450 million euros, a year-on-year increase of 39%. The over-fulfillment benefited from strong partnerships and classic game inventory, which confirms the strength of the group's brand."
With Tencent’s US$1.3 billion investment in place, second-quarter results exceeding expectations, and the continued efforts of the three major IPs, Ubisoft’s prospects are becoming clearer—but all at the expense of significant cost reductions.
"Through strict recruitment control and targeted restructuring, Ubisoft's global headcount has dropped to 17,097 as of the end of September 2025, a decrease of approximately 1,500 employees in the past 12 months, including approximately 700 employees since the end of March 2025. In October, a voluntary severance plan and restructuring plan were implemented at Nordic studios."
While the restructuring is progressing as planned, it remains an ongoing process. Ubisoft said it will fully disclose the details of the new operating model in January next year.
"By the end of the year, the group will complete the design of a new operating model with creative workshops as the core. These independent business units are designed to strengthen creative vision, focus, efficiency, autonomy and responsibility."
Tencent currently holds a 26.32% economic interest in Vantage Studio, which is still exclusively controlled by Ubisoft and consolidated financial statements.