Pullup Entertainment Half Year 2022/2023 Results

Key insights

6 takeaways

01
Pullup Entertainment reported 65.5 million euros in total revenue for the first half of 2022/2023, driven by the launch of Teenage Mutant Ninja Turtles: Shredder's Revenge and the acquisition of BlackMill Games.See it on page 3
02
EBITA grew by nearly 50% year-over-year to 10.9 million euros, while EBITDA reached 18.9 million euros, representing a 29% margin.See it on page 3
03
The company invested 37.5 million euros into intangible assets for game development, signaling an accelerated commitment to its production pipeline.See it on page 4
04
The group maintains a strong liquidity position with 65.7 million euros in cash and cash equivalents, supplemented by an undrawn credit line of 60.5 million euros.See it on page 5
05
Gross margin for the period was 25.1 million euros, accounting for 38% of total revenue.See it on page 3
06
The 2023/2024 growth strategy is anchored by a pipeline featuring Warhammer 40,000: Space Marine 2, Atlas Fallen, and Aliens: Dark Descent.See it on page 6

Summary

Pullup Entertainment’s half-year results for the 2022/2023 fiscal period demonstrate a robust financial performance aligned with group expectations. The company reported total revenues of 65.5 million euros, bolstered by the successful launch of Teenage Mutant Ninja Turtles: Shredder's Revenge, strong back-catalog performance, and the initial contribution from the newly acquired BlackMill Games. Despite a challenging year-over-year comparison against a period featuring multiple major releases, the group achieved a gross margin of 25.1 million euros, representing 38% of total revenue.

Operational efficiency remained a focal point, with EBITA reaching 10.9 million euros, a nearly 50% increase compared to the previous year’s first half. EBITDA stood at 18.9 million euros, or 29% of revenue. While operating costs remained stable, the company strategically invested 37.5 million euros in intangible assets related to game development, reflecting an accelerated commitment to its ambitious production pipeline. The group maintains a solid liquidity position with 65.7 million euros in cash and cash equivalents, supported by an undrawn credit line of 60.5 million euros.

The company’s strategic positioning was further validated by the high-quality reception of A Plague Tale: Requiem and Evil West, released shortly after the close of the reporting period. Looking ahead, the group remains on track with its 2022/2023 roadmap, including the upcoming launch of Atomic Heart. Future growth is anchored by a strong pipeline for the 2023/2024 fiscal year, featuring high-profile titles such as Warhammer 40,000: Space Marine 2, Atlas Fallen, and Aliens: Dark Descent. These results confirm the group's ongoing transition toward high-quality, ambitious game development supported by both internal studio acquisitions and external partnerships.