Half-Year Financial Report: S1 2025/2026

Key insights

7 takeaways · ~3 min read

01
PULLUP Entertainment refinanced its senior debt on July 30, 2025, securing €168 million in new bank financing, replacing an existing syndicated credit of €117.5 million that was due in 2028.See it on page 5
02
The company's equity (Capitaux propres) decreased from €166,475k on March 31, 2025, to €156,808k on September 30, 2025.See it on page 5
03
PULLUP Entertainment expanded its executive committee with the appointment of Geoffroy Sardin as Deputy CEO for operational management (effective April 1, 2025) and Marion Dufour as HR Director.See it on page 16
04
The Group's workforce increased from 606 employees on March 31, 2025, to 623 employees on September 30, 2025, with notable growth in Focus Entertainment Publishing (166 to 174), Deck13 (83 to 87), and Dovetail (182 to 186).See it on page 33
05
Commitments to studios and rights holders decreased from €111,806k on March 31, 2025, to €86,490k on September 30, 2025, with the majority (€81,077k) owed to studios.See it on page 33
06
The Group has a strong partnership with the Warhammer brand, having published 5 games since 2020 and announcing Warhammer 40,000: Space Marine 3 in March 2025.See it on page 7
07
The company has diversified its activities from a distributor/publisher model to an editor/developer model through ten acquisitions since June 2020, integrating internal studios across Europe.See it on page 7

Summary

RAPPORT FINANCIER SEMESTRIEL S1 2025/2026 1. ATTESTATION DE LA PERSONNE RESPONSABLE page 3 2. RAPPORT DE GESTION pages 4 à 10 3. RAPPORT D’EXAMEN LIMITÉ DES COMMISSAIRES AUX COMPTES SUR LES COMPTES CONSOLIDÉS SEMESTRIELS page 11 4.