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Ubisoft Says Tencent’s €1.16 Billion Vantage Studios Deal Is Imminent as Restated Results Beat Forecasts

The deal strengthens Ubisoft’s balance sheet to support a focused push on its three flagship franchises.

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Yves Guillemot, chief executive officer of Ubisoft SA, at the company's headquarters in Paris, France, on Wednesday, Jan. 18, 2023. The five Guillemot brothers have forged a common vision for Ubisoft which they founded in the 1980s in a sleepy northwestern French town, catapulting it into one of the largest stand-alone studios in the $200 billion global video games industry. Photographer: Nathan Laine/Bloomberg via Getty Images
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Overview

  • Q2 FY2025-26 net bookings rose 39% year over year to €490.9 million, topping guidance, with H1 bookings up about 20% to €772 million.
  • Tencent will take roughly 25% of Vantage Studios, which will house Assassin’s Creed, Far Cry, and Rainbow Six under co-CEOs Christophe Derennes and Charlie Guillemot.
  • Ubisoft said the earnings delay stemmed from auditor-driven revenue recognition changes, with any covenant breach to be addressed using proceeds from the Tencent transaction.
  • The company plans to finalize its Creative Houses structure by year-end with a full reveal in January 2026, positioning Vantage as the first unit.
  • Cost-cutting remains on track with about 1,500 exits over 12 months and a target of at least €100 million in additional fixed cost savings by FY2026-27; Assassin’s Creed outperformed as Rainbow Six hit cheating-related softness.