Insider Gaming published an internal email from Ubisoft chief financial officer Frederick Duguet, who tried to sound composed while explaining the pause.

He wrote: “Hello everyone, I wanted to let you know that we are taking extra time to finalise the closing of the semester, and as a result, we will publish our first half earnings results in the coming days instead of tonight. Due to legal regulations, we cannot share more information with you at this time. To limit unnecessary speculation and market volatility during this short delay, we have asked Euronext to suspend the trading of our stock until the results are announced. We know this is likely to raise questions and drive media coverage. I encourage you all to listen to the conference call, which will be available in the Investor section of our site just after the results are released, so that you can get a more detailed view of our earnings. Thanks for your understanding.”

Ubisoft then told the market that it had asked Euronext to stop trading the company’s shares and bonds from 14 November 2025 until the results are finally announced.

Nobody needed a crystal ball to see that this does not signal smooth sailing. Ubisoft has endured layoffs, dud releases, and one functioning hit in Assassin’s Creed Shadows, which propped up an otherwise faltering lineup.

The company also set up Vantage Studios with Tencent after taking a sizeable investment, which allowed the Guillemot family to retain control for a while and kept private equity at bay.

Talk of a buyout has never fully died. EA's steps toward a deal with Saudi Arabia’s PIF and a pack of private equity shops have reportedly emboldened Ubisoft investors who fancy a similar exit.

Right now, it is all speculation. A sudden delay and a trading freeze rarely signal a quiet period ahead, but until Ubisoft speaks clearly, this looks like the prelude to a profound shift rather than harmless paperwork.