Pullup Entertainment Half-Year Earnings: 2025/26

Key insights

6 takeaways

01
Pullup Entertainment reported H1 2025/26 revenue of €132.6 million and an adjusted EBIT of €14.2 million, reflecting a decline from the prior year due to the absence of a major release comparable to Space Marine 2.See it on page 11
02
The company is executing a strategic pivot toward internal IP ownership, increased in-house production, and a focus on live-service gaming to improve long-term cash flow and profitability.See it on page 9
03
Despite the revenue decline, the company maintained a 30% gross margin and successfully reduced general and administrative expenses by 2% year-over-year.See it on page 11
04
As of September 2025, Pullup Entertainment holds €44.9 million in cash and cash equivalents, with operating cash flow reaching break-even when excluding working capital changes.See it on page 12
05
Management anticipates growth in both revenue and adjusted EBIT for the full 2025/26 fiscal year, targeting performance levels that exceed the company's previous record set in 2023.See it on page 14
06
The company plans to capitalize on a projected 4.9% compound annual growth rate in the gaming sector by launching a dense release slate including Roadcraft and Absolum.See it on page 15

Summary

Pullup Entertainment’s half-year earnings report for the 2025/26 fiscal period outlines a strategic transition toward internal intellectual property ownership, increased in-house production capabilities, and a greater focus on live-service gaming. The company aims to leverage its established publishing reputation to enhance long-term profitability and cash flow generation. This strategic pivot is supported by a robust portfolio of new releases and a strong back-catalog performance, particularly driven by titles such as Space Marine 2.

Financial results for the first half of the 2025/26 fiscal year show revenue of €132.6 million and an adjusted EBIT of €14.2 million. While these figures represent a decline compared to the same period in the previous fiscal year—largely attributed to the high-profile release of Space Marine 2 in the prior year—the company maintains that its 30% gross margin remains consistent with historical performance. Operating cash flow was break-even when excluding working capital changes, and the company reported €44.9 million in cash and cash equivalents as of September 2025. General and administrative expenses were successfully reduced by 2% year-over-year.

The broader industry context, as cited from November 2025 market data, indicates a resilient gaming sector with a projected 4.9% compound annual growth rate. Growth is increasingly driven by premium titles and a rising appetite for mid-priced games, which are benefiting from consumer adjustments to higher price points in the AAA segment. Pullup Entertainment intends to capitalize on these trends through a dense release slate, including titles like Roadcraft, Absolum, and various expansions for its existing live-service games. The company maintains a positive outlook for the remainder of the fiscal year, anticipating growth in both revenue and adjusted EBIT compared to its previous record set in fiscal year 2023.