Annual Financial Report: 2025-2026

PULLUP Entertainment’s 2025-2026 fiscal year was defined by a strategic transition toward a federated holding company model, characterized by significant financial restructuring and a pivot toward long-term, recurring revenue. The company reported annual revenue of €281.4 million, a 28% decline from the previous year, primarily attributed to the absence of a major blockbuster release comparable to the prior year’s Warhammer 40,000: Space Marine 2. This revenue contraction, compounded by a €29.1 million impairment charge on its investment in Dotemu and other asset write-downs, resulted in a net loss of €45.1 million.

Despite these financial headwinds, the company achieved record back-catalogue performance of €189 million, validating its shift toward live-service content and a diversified portfolio of AA and indie titles. To stabilize its operations, the Group successfully refinanced its debt through a new €168 million syndicated loan facility and maintained a stable liquidity position, supported by €41 million in undrawn credit lines. Operational adjustments included the consolidation of studio interests, the liquidation of Leikir Studio, and the strategic acquisition of a majority stake in Carpool Studio.

The Group’s scope remains international, managing a workforce of 649 employees with a digital-first business model that generates 93% of revenue through online platforms. Governance and sustainability have become central to the company’s long-term strategy, with the Board of Directors formalizing an ESG roadmap aligned with CSRD and ESRS frameworks. Key non-financial priorities include reducing carbon intensity, enhancing cybersecurity, and fostering inclusive gaming through accessibility initiatives. Moving forward, the Group aims to leverage its pipeline of over 10 upcoming titles and a unified corporate code of conduct to balance creative autonomy across its subsidiaries with rigorous financial and ethical oversight.