The thing about Ubisoft is that they're at the government tit. Skull & Bones was the product of subsidies in Singapore, because canceling would have voided the subsidy agreements and triggered penalty clauses. My search of "Ubisoft subsidies" also kicked up Quebec and Berlin as further hits.

Even if the company is digging into operating profits, Ubisoft is large enough that creative accounting marking losses against taxes and suckling on subsidies can keep their moribund corpse trundling along for years. Yeah, they're walking wounded, but that just means they need to kowtow for more ESG money, right?