Ubisoft is a deeply distressed but IP-rich turnaround where execution risk is extreme, yet private-market asset value suggests asymmetric upside.
Overview
Ubisoft is a global video game publisher built around premium franchises such as Assassin’s Creed, Far Cry, and Rainbow Six. FY2025–26 showed a major digital and recurring-revenue shift: digital bookings were 87.3%, PRI was 60.6%, and back-catalog titles generated 84.0% of bookings. Despite weak recent execution, Ubisoft retains valuable IP, loyal player ecosystems, and global reach across North America, Europe, and the rest of the world.