"This position now applied by the Group going forward has also resulted in a partnership signed in Q2 FY2025-26 not being recognized in IFRS15 revenues," the company said. "The above results in the Company not complying with its leverage covenant ratio under certain existing financing agreements at September 30, 2025. However, this is being addressed by the aforementioned actions relating to the concerned debt instruments."
The first was a big injection of new cash, say from a sovereign wealth fund like Saudi Arabia's. The second was an outright sale of a major portion of the company, maybe to its current backstop investor Tencent. The third was much more mundane: an accounting error. After a week of speculation, the Assassin's Creed publisher confirmed that was indeed the reason for the delay.
