Updated Mar 17, 2026 by Pullup Entertainment
PULLUP Entertainment reported a 43% revenue decline to €132.6 million and a 91% drop in net income to €2.1 million for H1 2025/2026, primarily due to the absence of major new releases.
The company’s back-catalogue achieved record revenues of €93.7 million, a 44.4% increase, with digital sales now accounting for 94% of total turnover.
To support growth and manage liquidity, the Group secured a €168 million syndicated loan in July 2025, supplementing €48 million in undrawn credit lines to cover €86.5 million in outstanding commitments.
The company is actively working to reduce its 30% dependency on Saber Interactive through internal studio acquisitions and partnerships, including a collaboration with Games Workshop.
Net debt rose to €84.8 million, while the Group maintains a strong asset base of €181.3 million in net intangible assets driven by ongoing game development.
Management confirmed its outlook to exceed 2022/2023 record performance for the full fiscal year, supported by a disciplined capitalization strategy and the consolidation of subsidiaries like Dotemu, Blackmill Games, and Carpool Studio.
PULLUP Entertainment reported a 43% revenue decline to €132.6 million and a 91% drop in net income to €2.1 million for H1 2025/2026, primarily due to the absence of major new releases.
The company’s back-catalogue achieved record revenues of €93.7 million, a 44.4% increase, with digital sales now accounting for 94% of total turnover.
To support growth and manage liquidity, the Group secured a €168 million syndicated loan in July 2025, supplementing €48 million in undrawn credit lines to cover €86.5 million in outstanding commitments.
The company is actively working to reduce its 30% dependency on Saber Interactive through internal studio acquisitions and partnerships, including a collaboration with Games Workshop.
Net debt rose to €84.8 million, while the Group maintains a strong asset base of €181.3 million in net intangible assets driven by ongoing game development.
Management confirmed its outlook to exceed 2022/2023 record performance for the full fiscal year, supported by a disciplined capitalization strategy and the consolidation of subsidiaries like Dotemu, Blackmill Games, and Carpool Studio.