Business Model TransparencyThe company's business model becomes ever more opaque, making it challenging for investors to understand the company's economics.
Governance And Forecasting RisksIFRS 15 restatement, covenant breach, reliance on partnership revenue, and challenges in Rainbow Six Siege illustrate governance, forecasting, and execution risks.
Live-Service Franchise ConcernsOngoing weakness in Tom Clancy’s Rainbow Six Siege is a major concern, posing outsized risk to Ubisoft’s live-service profile, cash conversion, and medium-term earnings visibility.