FinancialPullup Entertainment
Annual Financial Report and Non-Financial Performance Statement 2024-2025
1 Jan 2025101 pages~312 min full read
PULLUP Entertainment achieved a financial turnaround in 2024/25, reporting a 108% revenue increase to €390.0 million and a net profit of €19.4 million, compared to a €19.9 million loss the previous year.
The commercial success of *Warhammer 40,000: Space Marine 2*, which attracted over 7 million players, served as the primary catalyst for the company's record-breaking growth.
The company significantly improved its balance sheet by nearly halving net debt from €132.6 million to €70.1 million, supported by a €23.1 million capital increase and strong cash generation.
PULLUP transitioned to an operational holding model structured into three core divisions—Publishing, Dotemu, and Development Studios—following the spin-off of its publishing business.
The Americas region remains the company's largest market, accounting for 53% of total sales after experiencing a 137% year-over-year surge.
Digital sales now comprise 91% of total turnover, though the company faces strategic risks from a 30% investment dependency on Saber Interactive and reliance on platforms like Steam.
The Group improved internal stability by reducing employee attrition from 17.2% to 9.8% and has announced the development of *Warhammer 40,000: Space Marine 3* alongside a proposed dividend of €1 per share.
PULLUP Entertainment, formerly Focus Entertainment, achieved a transformative financial recovery during the 2024/25 fiscal year, characterized by record-breaking growth and a strategic corporate reorganization. The Group reported a 108% year-over-year revenue increase to €390.0 million, swinging from a €19.9 million loss in the previous period to a consolidated net profit of €19.4 million. This performance was primarily catalyzed by the massive commercial success of *Warhammer 40,000: Space Marine 2*, which reached over 7 million players, alongside a resilient back-catalogue strategy where digital sales now account for 91% of total turnover.
The Group’s financial position strengthened significantly, with net debt nearly halved from €132.6 million to €70.1 million. This deleveraging was supported by a €23.1 million capital increase and robust cash generation, leaving the company with €61.7 million in available liquidity. Strategically, the period marked a transition to an operational holding model following the spin-off of its publishing business. The Group is now organized into three core divisions—Publishing, Dotemu, and Development Studios—supported by ten acquisitions since 2020. While the company faces risks from a 30% investment dependency on Saber Interactive and reliance on digital platforms like Steam, it has mitigated these through increased ownership of internal intellectual property and a multi-year partnership with Mattel.
Geographically, the Americas remains the dominant market, representing 53% of sales following a 137% regional surge. Beyond financial metrics, the Group improved its social and governance performance, reducing employee attrition from 17.2% to 9.8% and maintaining a 100% implementation rate for player safety systems in multiplayer titles. Despite an increase in total greenhouse gas emissions to 9,889.3 TeqCO2 due to expanded reporting and physical product success, the Group remains committed to its CSR strategy focusing on talent retention, climate action, and cybersecurity. With the announcement of *Warhammer 40,000: Space Marine 3* and a proposed dividend of €1 per share, the Group has positioned itself for long-term sustainable growth.
