Updated Mar 17, 2026 by Pullup Entertainment
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 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.