Pullup Entertainment First-Half 2025/26 Earnings

Key insights

6 takeaways

01
Pullup Entertainment reported H1 2025/26 revenue of €132.6 million, a 43% decline from the previous year due to the prior-period impact of Warhammer 40,000: Space Marine 2.See it on page 4
02
The company achieved an adjusted EBIT of €14.2 million while maintaining its financial targets for the current and next two fiscal years.See it on page 3
03
Back catalogue revenue grew by 44.4% to €93.7 million, driven by live operations and sustained engagement with proprietary brands like Train Sim World and Absolum.See it on page 4
04
Management is prioritizing a transition toward in-house IP development, supported by increasing their stake in CarPool Studio to 58.9%.See it on page 5
05
The company secured financial flexibility by refinancing credit lines and extending their maturity by four years.See it on page 2
06
Pullup Entertainment is targeting the expanding PC segment, which is projected to grow at a 6.6% CAGR through 2028, with upcoming titles including Memories in Orbit and John Carpenter's Toxic Commando.See it on page 5

Summary

Pullup Entertainment reported revenue of €132.6 million for the first half of the 2025/26 fiscal year, representing the second-best first-half performance in the group’s history. While this figure reflects a 43% decline compared to the same period in the previous year—which was bolstered by the exceptional release of Warhammer 40,000: Space Marine 2—the company achieved an adjusted EBIT of €14.2 million. A notable highlight was the record performance of the back catalogue, which grew by 44.4% to €93.7 million, driven by successful live operations and sustained engagement with proprietary brands such as Train Sim World and Absolum.

The company’s strategic focus remains on transitioning toward in-house development of intellectual properties to improve long-term profitability and cash generation. Recent operational milestones include the successful launch of Marvel Cosmic Invasion and the expansion of the group’s development capabilities through an increased stake in CarPool Studio to 58.9%. Management maintains a positive outlook, confirming financial targets for the current and upcoming two fiscal years, supported by a robust pipeline of upcoming releases including Memories in Orbit and John Carpenter's Toxic Commando.

Industry trends provide a favorable backdrop for these objectives, as market forecasts for 2025 have been upgraded to 7.5% growth. The PC segment, in particular, is projected to see significant expansion, with a compound annual growth rate of 6.6% expected through 2028. Pullup Entertainment is positioning its portfolio of AA and indie titles to capitalize on this demand, emphasizing high-quality, targeted experiences for dedicated player communities. Financial flexibility has been further secured through the recent refinancing of credit lines, extending their maturity by four years.