Governance RisksThe IFRS 15 restatement, covenant breach, reliance on partnership revenue, and challenges in Rainbow Six Siege illustrate governance, forecasting, and execution risks.
Live-Service FranchiseOngoing 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.
Structural ChallengesStructural cash flow pressure and volatility in key live services contribute to a balanced-to-negative analyst stance.