Pullup Entertainment: 2025/26 Fourth-Quarter Revenue

Key insights

6 takeaways

01
Pullup Entertainment reported €281.4 million in total annual revenue for fiscal year 2025/26, representing a 27.8% year-over-year decline compared to the previous period.See it on page 2
02
The company’s back catalogue generated €189.0 million, accounting for 67% of total annual revenue and marking a nearly threefold increase since the 2022/23 fiscal year.See it on page 1
03
Management updated its financial guidance to an adjusted EBIT of €10 million to €15 million for the 2025/26 fiscal year, citing a highly competitive market and mixed performance from new releases.See it on page 2
04
Several new titles, including John Carpenter’s Toxic Commando, Memories In Orbit, and Starship Troopers: Ultimate Bug War!, failed to meet internal commercial expectations.See it on page 3
05
The company is implementing stricter cost discipline and a more selective investment strategy, which includes delaying the release of Battlestar Galactica: Scattered Hopes.See it on page 3
06
Future growth strategy centers on established brands and upcoming projects, specifically Warhammer 40,000: Space Marine 3, while managing a projected net debt between €85 million and €90 million.See it on page 2

Summary

Pullup Entertainment, a Paris-based video game publisher and developer, reported its financial results for the fourth quarter and full fiscal year 2025/26. The company generated €84.0 million in revenue for the final quarter and €281.4 million for the full year. While the company experienced a 27.8% year-over-year decline in total annual revenue compared to the previous fiscal year—which was bolstered by the major release of Warhammer 40,000: Space Marine 2—it successfully transitioned toward a more recurring revenue model.

A central finding of the report is the significant growth of the company’s back catalogue, which reached €189.0 million for the year, representing 67% of total revenue. This figure is nearly three times higher than the 2022/23 fiscal year, underscoring the effectiveness of the group’s strategy to prioritize long-term player engagement and live operations. Despite this stability, the company faced challenges with new releases; while titles like Absolum and Roadcraft performed well, other launches, including John Carpenter’s Toxic Commando, Memories In Orbit, and Starship Troopers: Ultimate Bug War!, failed to meet internal commercial expectations.

In response to these mixed results and a highly competitive market environment, the company has updated its financial guidance, now forecasting an adjusted EBIT of €10 million to €15 million for the 2025/26 fiscal year. Management is implementing stricter cost discipline and a more selective investment strategy, including a review of its development pipeline and the delay of the title Battlestar Galactica: Scattered Hopes. Moving forward, the company intends to focus on its established brands and upcoming projects, such as Warhammer 40,000: Space Marine 3, while maintaining a robust balance sheet with projected net debt between €85 million and €90 million.