Financial

Rapport Financier Semestriel S1 2025/2026

1 September 202536 pages22,818 words

Summary

PULLUP Entertainment’s financial performance for the first half of the 2025/2026 fiscal year, ending September 30, 2025, reflects a transitional period characterized by a lack of major new releases compared to the previous year’s record-breaking results. Revenue declined 43% to €132.6 million, while net income dropped 91% to €2.1 million. Despite the absence of a blockbuster launch comparable to the prior year, the back-catalogue achieved record revenues of €93.7 million, a 44.4% increase. This shift toward digital dominance is evident, with digital sales now accounting for 94% of total turnover. The strategic focus remains on long-term stability and portfolio diversification to mitigate operational risks. A significant portion of the Group’s projected investments over the next three years is tied to Saber Interactive, representing a 30% dependency that the company is addressing through internal studio acquisitions and partnerships, such as the ongoing collaboration with Games Workshop. To support this growth and manage liquidity, the Group secured a new €168 million syndicated loan in July 2025. This financing package, combined with €48 million in undrawn credit lines, positions the company to pursue external growth and meet its €86.5 million in outstanding commitments to studios and rights holders. Operational adjustments include the appointment of a new Deputy CEO and the consolidation of ownership in key subsidiaries like Dotemu, Blackmill Games, and Carpool Studio. While net debt rose to €84.8 million due to a decrease in cash reserves, the Group maintains a robust asset base with €181.3 million in net intangible assets, primarily driven by ongoing game development. Despite the first-half downturn, the Group confirms its outlook to exceed the 2022/2023 record performance for the full fiscal year, supported by a disciplined capitalization strategy and a stable international studio network.

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