Financial PerformanceUbisoft reported Q1 net bookings of €282M, below the €310M target and down 2.9% YoY, driven by a weaker than expected showing from Rainbow Six Siege, delayed B2B revenues now expected in Q2, and FX headwinds.
Leadership And Governance ConcernsExecution risk remains elevated given uncertainty around leadership, capital control, and long-term governance in the Tencent transaction.
Operational Control ConcernsThe presence of Charlie Guillemot suggests that the family intends to retain effective operational control of the company and associated assets for the foreseeable future, which is viewed as a negative given the series of missteps over the last half-dozen or so years.