Pullup Entertainment 2025/26 Full-Year Earnings

Key insights

6 takeaways

01
Pullup Entertainment reported annual revenue of €281.4 million for the 2025/26 fiscal year, representing a 27.8% decrease compared to the previous year.See it on page 4
02
The company achieved an adjusted EBIT of €12.6 million while recording a net loss of €12.9 million for the period ending March 31, 2026.See it on page 4
03
Back catalogue sales reached a record €189 million, accounting for 67% of total annual revenue as the company shifts toward recurring income streams.See it on page 4
04
Net debt was held at €85.7 million through disciplined capital expenditure and effective working capital management.See it on page 4
05
The development pipeline includes over 10 titles scheduled for the 2026/27 fiscal year, such as 'Resonance: A Plague Tale Legacy' and 'Warhammer Age of Sigmar: Deathmaster'.See it on page 2
06
Long-term growth is supported by 15 core projects in development, including 'Warhammer 40,000: Space Marine 3' and new proprietary IPs from Carpool Studio and Deck13.See it on page 2

Summary

Pullup Entertainment’s full-year earnings for the 2025/26 fiscal year, ending March 31, 2026, reflect a period of strategic transition and financial recalibration. The company reported annual revenue of €281.4 million, a 27.8% decrease from the previous year, which had been bolstered by the high-profile release of a major franchise title. Despite the decline in top-line growth, the company achieved an adjusted EBIT of €12.6 million, aligning with its revised financial guidance. Net debt was maintained at €85.7 million, supported by disciplined capital expenditure and effective working capital management.

A central pillar of the company’s current strategy is the increased reliance on its back catalogue, which generated a record €189 million in revenue, accounting for 67% of the total. This performance underscores a shift toward long-term player engagement and recurring revenue streams, particularly through live content updates for established titles. While the company recorded a net loss of €12.9 million for the fiscal year, management emphasizes that this result follows a period of structural optimization aimed at focusing resources on high-potential proprietary intellectual properties.

Looking toward the 2026/27 fiscal year and beyond, the company maintains a robust development pipeline. The upcoming schedule includes over 10 titles, such as Resonance: A Plague Tale Legacy and Warhammer Age of Sigmar: Deathmaster. Furthermore, the long-term outlook is supported by approximately 15 core projects currently in development, including Warhammer 40,000: Space Marine 3 and new proprietary IPs from in-house studios like Carpool Studio and Deck13. By prioritizing differentiating creative propositions and strengthening its brand portfolio, the company aims to navigate a competitive market and restore sustainable value for stakeholders.