Pullup Entertainment Q1 2025/26 Earnings Results

Key insights

6 takeaways

01
Pullup Entertainment achieved record-breaking Q1 2025/26 revenue of €79.3 million, a 132% year-over-year increase that surpassed the previous 2020/21 record by 23%.See it on page 1
02
The company's back catalogue was the primary growth driver, generating €58.4 million—a 91% increase—led by Warhammer 40,000: Space Marine 2, Train Sim World 5, and SnowRunner.See it on page 2
03
New releases contributed €18.6 million to the quarterly total, driven by the launch of Roadcraft, which outperformed internal expectations to become one of the most successful launches in Focus Entertainment Publishing history.See it on page 2
04
The Board of Directors proposed a dividend of €1 per share, citing strong operating cash flows and a commitment to shareholder returns.See it on page 3
05
Management confirmed its 2025/26 fiscal year targets, projecting that both total revenue and adjusted EBIT will exceed previous company records.See it on page 3
06
The upcoming pipeline includes Dotemu titles Ninja Gaiden: Ragebound and Abyssus, both of which saw high engagement with demos ranking in the top 50 most-played during Steam Néo Fest.See it on page 3

Summary

Pullup Entertainment reported record-breaking financial results for the first quarter of the 2025/26 fiscal year, ending June 30, 2025. The company achieved total revenue of €79.3 million, representing a 132% increase compared to the same period in the previous fiscal year. This performance surpassed the company’s previous first-quarter record set during the 2020/21 lockdown period by 23%. Driven by these results, the Board of Directors has proposed a dividend of €1 per share, reflecting strong operating cash flows and a commitment to shareholder returns.

The revenue growth was primarily fueled by a robust back catalogue, which generated €58.4 million—a 91% increase year-over-year. This segment was bolstered by the continued success of Warhammer 40,000: Space Marine 2, supported by new content deliveries, alongside steady performance from titles such as Train Sim World 5 and SnowRunner. Additionally, new releases contributed €18.6 million to the quarterly total, largely due to the launch of Roadcraft, which significantly outperformed initial internal expectations and stands as one of the most successful launches in the history of the Focus Entertainment Publishing division.

Looking ahead, the company confirmed its financial targets for the 2025/26 fiscal year, projecting that it will exceed previous records for both revenue and adjusted EBIT. The outlook for the second quarter and beyond remains positive, supported by a strong pipeline of upcoming titles from the Dotemu label, including Ninja Gaiden: Ragebound and Abyssus. These titles have already demonstrated high engagement, with several demos ranking among the top 50 most-played during the Steam Néo Fest. The company maintains its strategic focus on expanding its portfolio through both internal development and independent publishing labels.