Pullup Entertainment Q3 2024/25 Revenue

Key insights

6 takeaways

01
Pullup Entertainment reported Q3 2024/25 revenue of €100.8 million, a significant increase from €43.3 million in the same period last year.See it on page 1
02
Total revenue for the first nine months of the fiscal year reached €335.1 million, representing a 161% year-over-year growth rate.See it on page 2
03
Warhammer 40,000: Space Marine 2 served as a primary growth driver, surpassing 6 million unique players and achieving Platinum status on Steam.See it on page 2
04
The company generated €68.5 million in catalog revenue for the quarter, while the back catalog contributed €30.8 million, a 4.5% increase year-over-year.See it on page 1
05
Management reaffirmed annual guidance for an EBITA between €55 million and €60 million, alongside a projected reduction in net debt.See it on page 3
06
Future growth is supported by a pipeline including Ninja Gaiden: Ragebound and Memories in Orbit, with expectations to exceed historical performance over the next two fiscal years.See it on page 3

Summary

Pullup Entertainment reported record-breaking financial results for the third quarter of the 2024/25 fiscal year, achieving revenue of €100.8 million. This performance represents a significant increase compared to the €43.3 million generated in the same period of the previous year. For the first nine months of the fiscal year, the company reached a total revenue of €335.1 million, marking a 161% growth rate. These results underscore the effectiveness of the company’s current publishing strategy and the strength of its diversified portfolio of video game titles.

The primary drivers of this growth include the exceptional performance of Warhammer 40,000: Space Marine 2, which has surpassed 6 million unique players and attained Platinum status on Steam. Additionally, the Train Sim World 5 franchise and the successful release of indie titles such as Metal Slug Tactics, Drova, and Void Crew contributed to a catalog revenue of €68.5 million for the quarter. The company’s back catalog also demonstrated resilience, generating €30.8 million in revenue, a 4.5% increase year-over-year, supported by ongoing content updates for established titles like SnowRunner and Insurgency: Sandstorm.

Based on these results, management has reaffirmed its annual guidance, projecting an EBITA between €55 million and €60 million and a substantial reduction in net debt. Looking ahead, the company is preparing for the 2025/26 fiscal year with a robust pipeline of new releases, including Ninja Gaiden: Ragebound and Memories in Orbit. The company maintains a positive outlook, anticipating that its combination of new launches, live operations, and a strong back catalog will allow it to exceed previous historical performance records in the coming two fiscal years.