Overview
- Second-quarter net bookings reached €490.8 million, up 39% year on year and ahead of guidance, helped by catalogue strength and TV adaptations.
- New auditors required a change to recognize usage‑based partnership revenue over time, which pushed the leverage ratio to 1.81 versus a 1.5 covenant threshold as of Sept. 30.
- Ubisoft said roughly €1 billion from Tencent’s minority stake in Vantage Studios will fund early repayment of about €286 million in loans to address the breach.
- Net debt was €1.15 billion at end-September with €210 million due in December, and trading in shares resumed with sharp swings, falling up to 6% before rising about 10% intraday.
- Full-year guidance was maintained, the company forecast Q3 net bookings of around €305 million, and detailed plans for the “Creative Houses” reorganization will be unveiled in January 2026.