The 33% collapse in Ubisoft’s stock market after announcing in January 2026 the cancellation of six projects and the closure of several studios marks a turning point for one of the most emblematic publishers in the industry. With a valuation of 11,000 million euros in 2018, Its market value has fallen to just 606 millionwhile projecting operating losses of €1 billion for fiscal year 2026.
Project massacre. The official list includes six games in development, including the remake of ‘Prince of Persia: The Sands of Time‘, a project that had gone through multiple studies and reboots. The leaks point to a greater drain: an ‘Assassin’s Creed’ set after the American Civil War was shelved due to political fears. They have also dropped a ‘Splinter Cell’ in early development, a sequel to ‘Star Wars Outlaws’ and the ‘Watch Dogs’ franchise, definitively buried after the failure of ‘Legion’.
Added to these titles are seven delayed games. The most significant, according to industry speculation, would be ‘Assassin’s Creed IV: Resynced’, a remake of ‘Black Flag’ now scheduled for 2027. The financial impact amounts to 650 million euros in amortizations.
How we got here. The last two years have been a string of setbacks for Ubi. ‘Skull and Bones’, after over a decade of development since 2013arrived in February 2024 with a cost between 200 and 850 million dollarswhich did not prevent a certainly lukewarm reception. Guillemot called it an “AAAA” game, but months later it barely had 400 simultaneous players on Steam. ‘Star Wars Outlaws’ sold less than a million copies40% below expectations. ‘XDefiant’, the shooter free-to-play, It was closed in December 2024 after only seven months on the market. Despite its 15 million players, it did not retain enough audience. The closure caused 277 layoffs.
‘Assassin’s Creed Shadows‘, the last game in the company’s quintessential saga, and still the main best-seller along with ‘Just Dance’, also had a complicated trajectory. suffered multiple delays since November 2024 and was involved in an unusual controversy for the franchise, around cultural inaccuracies and technical problems. And above all: more than 3,000 employees laid off from 2023a figure much more painful than any puncture in lists. Tencent had to inject $1.16 billion in 2025 to keep the company afloat.
Debatable business decisions. Ubisoft has announced a strong commitment to “player-oriented” generative AIsuggesting that it will appear directly in the games. The measure has generated rejection in the community, increasingly sensitive to the use of AI for creative issues. As a cherry on top, Ubi has given the order to return to the office five days a week, which contrasts with trends in the sector and is another obstacle when it comes to retaining talent. Many employees consider these measures “hidden layoffs.”
The houses. Ubi has reorganized its franchises into five “Creative Houses” with financial responsibility over specific genres, but has already raised doubts about its effectiveness. The appointment of Charlie Guillemot, son of the CEO, as co-CEO of Vantage Studios, the first of these houses, nepotism accusations reopen. From there they will be in charge of ‘Assassin’s Creed’, ‘Far Cry’ and ‘Rainbow Six Siege’.
The second house will have ‘The Division’, ‘Ghost Recon’ and ‘Splinter Cell’. The third, ‘For Honor’, ‘The Crew’, ‘Riders Republic’, ‘Brawlhalla’ and ‘Skull & Bones’. The fourth, ‘Anno’, ‘Might & Magic’, ‘Rayman’, ‘Prince of Persia’ and ‘Beyond Good & Evil’. The fifth, ‘Just Dance’, ‘Idle Miner Tycoon’, ‘Ketchapp’, ‘Hungry Shark’, ‘Invincible: Guarding the Globe’, ‘Uno’ and the Hasbro games.
The future for Ubisoft. The projects that have survived are few. ‘Assassin’s Creed’ has acquired existential overtones: it must work or the star franchise will be damaged. ‘The Division 3’ is the commitment to keep another important saga going. Four unannounced IPs are added, including ‘March of Giants’, acquired from Amazon, although all these massive cancellations have begun to raise doubts.
Ubisoft has withdrawn its forecasts for 2026-2027recognizing that the situation is too volatile. Project cuts of an additional 200 million until March 2028, which implies more layoffs. Fixed costs should fall from 1,750 million in 2023 to 1,250 million in 2028. The results of February 2026 will determine if the plan is viable or if the company ends up absorbed by Tencent, fragmented or worse, on sale. The Guillemot family had considered purchase offers in 2024, and the deterioration means that option is back on the table. It only remains to be seen if Ubisoft, capable of creating iconic franchises, continues to retain some of what made it great.
GIPHY App Key not set. Please check settings