PulluP Entertainment Q4 FY25 Revenue Report

PulluP Entertainment’s fourth-quarter revenue report for fiscal year 2025/26 outlines a period of strategic transition characterized by a shift toward recurring revenue streams and a recalibration of financial expectations. The company reported quarterly revenue of €84.0 million, contributing to a full-year total of €281.4 million. While the full-year figure represents a 27.8% decline compared to the previous year—largely due to the absence of the high-performing Warhammer 40,000: Space Marine 2—the company successfully grew its back catalogue revenue to a record €189.0 million, which now accounts for 67% of total annual revenue.

The company’s performance in the final quarter was mixed. While the back catalogue saw an 87.2% increase in revenue, several new releases, including Memories In Orbit and Starship Troopers: Ultimate Bug War!, failed to meet commercial expectations despite positive player feedback. John Carpenter’s Toxic Commando also underperformed relative to internal forecasts. Consequently, the company has updated its fiscal year 2025/26 adjusted EBIT guidance to a range of €10 million to €15 million and has suspended previously communicated targets for 2026/27.

Operating across Europe with over 600 employees, PulluP Entertainment continues to emphasize cost discipline and a selective investment strategy. Future growth is expected to be driven by a pipeline of upcoming titles, including Road Kings and Warhammer 40,000: Space Marine 3, alongside a focus on live service operations. The company maintains a net debt projection of €85 million to €90 million as of March 31, 2026, and has recently strengthened its executive leadership to better navigate the evolving legal and data-driven landscape of the global gaming industry.