1 free read left. Create a free account for unlimited reading + AI research.

Pullup Entertainment FY 2024/25 Earnings Results

Key insights

6 takeaways

01
Pullup Entertainment achieved record financial performance in FY 2024/25, with revenue reaching €390.0 million (a 108% increase) and adjusted EBIT rising 112% to €60.3 million.See it on page 1
02
The company significantly improved its balance sheet by reducing net debt from €132.6 million to €70.1 million while generating €52.1 million in operating cash flow.See it on page 8
03
Growth was primarily driven by major title launches, specifically Warhammer 40,000: Space Marine 2, which surpassed 7 million unique players, and the successful debut of Roadcraft.See it on page 3
04
The company’s back catalogue remained a stable revenue pillar, contributing €123.6 million and matching the performance levels of the previous fiscal year.See it on page 3
05
Management forecasts continued growth in revenue and adjusted EBIT for FY 2025/26, supported by a pipeline including Marvel Cosmic Invasion and Memories in Orbit.See it on page 2
06
The firm’s strategic focus remains on the AA and independent games segment, leveraging its specialized development studios and publishing labels, Dotemu and Focus Entertainment.See it on page 5

Summary

Pullup Entertainment’s fiscal year 2024/25 earnings report highlights a period of significant financial recovery and operational growth. The company achieved an adjusted EBIT of €60.3 million, representing a 112% increase over its previous record set in 2022/23. Total revenue reached €390.0 million, a 108% increase compared to the prior fiscal year, driven largely by the successful launch of new titles. Net debt was substantially reduced to €70.1 million, down from €132.6 million in the previous year, while operating cash flow improved to €52.1 million.

The company’s performance was bolstered by the strong reception of key releases, most notably Warhammer 40,000: Space Marine 2, which has reached 7 million unique players, and Roadcraft, which recorded one of the most successful launches in the history of the Focus Entertainment publishing label. The back catalogue demonstrated resilience, contributing €123.6 million in revenue, effectively matching the previous year’s performance. These results underscore the effectiveness of the company’s focus on the AA and independent games segment, supported by a portfolio of specialized development studios and publishing divisions.

Looking ahead to fiscal year 2025/26, the company maintains a positive outlook, forecasting growth in both revenue and adjusted EBIT compared to the 2022/23 record. The strategic roadmap includes a robust pipeline of new releases from the Dotemu and Focus Entertainment labels, such as Marvel Cosmic Invasion and Memories in Orbit, alongside continued investment in live service content. Management remains committed to long-term value creation, supported by a solid financial position and a strategy centered on capitalizing on core franchises and highly engaged player communities.