Pullup Entertainment 2025/26 First-Half Revenue

Key insights

6 takeaways

01
Pullup Entertainment reported H1 2025/26 revenue of €132.6 million, a 43.4% decline from the previous year due to the absence of a major launch comparable to Warhammer 40,000: Space Marine 2.See it on page 1
02
Back catalogue revenue reached a record €93.7 million, representing a 44.4% year-over-year increase driven by live operations for titles like SnowRunner, Insurgency: Sandstorm, and the Train Sim World franchise.See it on page 2
03
The Train Sim World franchise has officially surpassed €100 million in lifetime consumer spending, underscoring the success of the company's long-term revenue recurrence strategy.See it on page 1
04
New releases, including RoadCraft and Abyssus, contributed €35.1 million to the total revenue for the first half of the fiscal year.See it on page 2
05
The company successfully refinanced €168 million in bank debt and confirmed its financial targets, projecting growth in adjusted EBIT through the 2027/28 fiscal year.See it on page 3
06
Recent title Absolum achieved a Metacritic score of 87, while the upcoming release pipeline includes Battlestar Galactica: Scattered Hopes and John Carpenter's Toxic Commando.See it on page 2

Summary

Pullup Entertainment reported revenue of €132.6 million for the first half of the 2025/26 fiscal year, marking the second-best performance in the company’s history. While this figure represents a 43.4% decline compared to the same period in the previous year—which was bolstered by the exceptional launch of Warhammer 40,000: Space Marine 2—the results underscore a strategic shift toward long-term revenue recurrence. The company confirmed its financial targets for the current fiscal year and beyond, projecting growth in adjusted EBIT through 2027/28.

A primary driver of this performance was a record-breaking back catalogue, which generated €93.7 million in revenue, a 44.4% increase over the prior year. This growth highlights the effectiveness of the company’s focus on live operations and the sustained engagement of player communities for titles such as SnowRunner, Insurgency: Sandstorm, and the Train Sim World franchise, the latter of which has surpassed €100 million in lifetime consumer spending. New releases, including RoadCraft and Abyssus, also contributed €35.1 million to the total revenue.

The company continues to execute its strategy through a mix of proprietary brand development and disciplined financial management. Recent operational milestones include the successful refinancing of €168 million in bank debt and a strong start for the newly released title Absolum, which achieved a Metacritic score of 87. With a robust pipeline of upcoming releases—including Battlestar Galactica: Scattered Hopes and John Carpenter's Toxic Commando—the group remains focused on delivering targeted, high-quality gaming experiences across PC and console platforms to maintain its competitive position in the global market.