Pullup Entertainment: Half Year 2024/2025 Results

Key insights

6 takeaways

01
Pullup Entertainment reported H1 2024/2025 revenue of €234.3 million, representing a 176% increase over the previous fiscal year driven by the launch of Warhammer 40,000: Space Marine 2.See it on page 9
02
The company achieved a record EBITA of €48.3 million, marking a significant turnaround from the €1.5 million loss recorded in H1 2023/2024.See it on page 10
03
Operational efficiency improved as a 25% increase in sales and marketing expenditure yielded a 176% rise in top-line revenue growth.See it on page 10
04
As of the end of the period, the company held €22.7 million in cash and cash equivalents against a net debt of €127.2 million, with further debt reduction expected by the end of the fiscal year.See it on page 12
05
The company is strategically pivoting to fill market gaps left by larger AAA studios by focusing on indie and AA-scale projects to maintain recurring revenue.See it on page 3
06
Future growth through FY2025–2027 will be supported by a release slate including Memories in Orbit and John Carpenter’s Toxic Commando, alongside continued monetization of existing IP.See it on page 7

Summary

Pullup Entertainment’s H1 2024/2025 financial results demonstrate a period of significant growth and operational success, driven primarily by the high-performance launch of Warhammer 40,000: Space Marine 2. The company reports group revenue of €234.3 million, a 176% increase compared to the same period in the previous fiscal year. This surge is attributed to the record-breaking performance of its flagship title, alongside strong contributions from its back catalog and the successful release of Train Sim World 5.

The company achieved a record EBITA of €48.3 million, a substantial turnaround from the €1.5 million loss reported in H1 2023/2024. This profitability was supported by efficient sales and marketing strategies, which saw a 25% increase in expenditure while yielding a 176% rise in top-line growth. Despite high development costs and amortization related to the successful launch of Space Marine 2, the group maintained a solid financial position, ending the period with €22.7 million in cash and cash equivalents and a net debt of €127.2 million, with further reductions anticipated by the end of the fiscal year.

Strategically, the company positions itself to capitalize on market gaps left by larger AAA studios, which are currently struggling with high production costs and market saturation. By focusing on indie and AA-scale projects, Pullup Entertainment leverages its internal production capabilities and diverse portfolio of studios to maintain recurring revenue streams. Looking ahead to FY2025–2027, the company plans to sustain this momentum through a robust release slate, including titles such as Memories in Orbit and John Carpenter’s Toxic Commando, while continuing to monetize its existing intellectual property through live operations and cross-media expansions.