Core Insights - Ubisoft has postponed the release of its financial report for the first half of the fiscal year 2025-26, leading to concerns about its $1.3 billion partnership with Tencent, but the report was eventually released on time and trading was completed smoothly [1] - The company announced a significant restructuring plan earlier this year, establishing independent studios focused on major IPs such as Assassin's Creed, Far Cry, and Tom Clancy's Rainbow Six, led by Christophe Derennes and Charlie Guillemot under the name Vantage Studios [3] - The delayed financial report indicates that after a significant loss in 2024, Ubisoft may be returning to profitability, with second-quarter net bookings reaching €490.8 million, exceeding the €450 million expectation and showing a 39% year-over-year increase [5] - With Tencent's $1.3 billion investment in place, second-quarter performance exceeding expectations, and continued focus on major IPs, Ubisoft's outlook is improving, albeit at the cost of significant cost reductions [7] - The restructuring process is ongoing, with a complete disclosure of the new operational model expected in January next year, focusing on creative workshops aimed at enhancing creativity, focus, efficiency, autonomy, and accountability [9] - Tencent currently holds a 26.32% economic interest in Vantage Studios, which remains under Ubisoft's exclusive control and consolidated financial reporting [9]