Pullup Entertainment Full Year 2024/2025 Earnings

Key insights

7 takeaways

01
Pullup Entertainment achieved €390 million in total revenue for fiscal year 2024/2025, marking a 108% increase driven primarily by the launch of Warhammer 40,000: Space Marine 2.See it on page 5
02
Adjusted EBIT reached €60.3 million, hitting the top end of company guidance, while EBITDA rose to €138.9 million.See it on page 4
03
The company significantly strengthened its balance sheet by reducing net debt to €70.1 million, down from €132.6 million in the previous fiscal year.See it on page 8
04
Operating cash flow reached €52.1 million, bolstered by a €22.6 million capital increase and disciplined cost management.See it on page 7
05
The business maintains a 30% gross margin, supported by the monetization of Space Marine 2 royalties and the amortization of its back catalogue.See it on page 12
06
Future strategy focuses on expanding the publishing business, internalizing high-value intellectual property, and growing recurring revenue through live service expertise.See it on page 15
07
The fiscal 2026 outlook is supported by a pipeline of new releases from Dotemu and a long-term goal of increasing Adjusted EBIT through 2028.See it on page 9

Summary

Pullup Entertainment’s fiscal year 2024/2025 earnings report highlights a period of significant financial growth and operational success, anchored by the record-breaking launch of Warhammer 40,000: Space Marine 2. The company achieved a total revenue of €390 million, representing a 108% increase over the previous fiscal year. Adjusted EBIT reached €60.3 million, hitting the top end of the company’s guidance, while EBITDA rose to €138.9 million. This performance was bolstered by a strong back catalogue and the successful execution of a strategy focused on high-quality AA and indie titles.

The company’s financial position improved substantially, with net debt reduced to €70.1 million from €132.6 million in the prior year. Operating cash flow reached €52.1 million, supported by a €22.6 million capital increase and disciplined cost management. Gross margin stood at 30%, reflecting the successful monetization of Space Marine 2 royalties and the amortization of the back catalogue. The company’s editorial policy emphasizes distinct, audience-specific creative visions, which has led to notable successes such as Train Sim World, Drova, and Void Crew.

Looking ahead, the company is prioritizing the expansion of its publishing business, the internalization of high-value intellectual property, and the enhancement of recurring revenue through live service expertise. The fiscal 2026 outlook remains positive, driven by a robust pipeline of new releases from Dotemu and continued support for existing titles. The company maintains a long-term focus on delivering growth in Adjusted EBIT through 2028, supported by a diversified portfolio of owned and co-owned IPs and a commitment to stringent internal production controls.