Rapport Financier Semestriel S1 2024/2025

Pullup Entertainment achieved a historic financial turnaround during the first half of the 2024/2025 fiscal year, reporting record revenue of €234.3 million. This represents a 176% increase over the previous year’s €85.0 million, primarily catalyzed by the successful launch of Warhammer 40,000: Space Marine 2. This performance shifted the company from a prior net loss to a positive EBITA of €48.3 million and a consolidated net income of €22.1 million. The growth was heavily concentrated in digital channels, which accounted for 89% of sales, and the Americas, which represented 54% of total revenue.

Strategic restructuring and capital management were central to this period. The company rebranded from Focus Entertainment to Pullup Entertainment and completed a €23.1 million capital increase in May 2024. Portfolio optimization included the divestment of Streum On Studio following the cancellation of an unannounced project and the acquisition of minority stakes in Rundisc and Uppercut Games. Despite these successes, the financial position reflects the scale of recent operations, with accounts receivable surging to €196.3 million and studio-related supplier debt rising to €93.7 million due to royalty obligations. The group maintains a cash position of €22.7 million against a net debt of €127.2 million.

Operational risks remain a critical focus, particularly a high dependency on external partners; specifically, Saber Interactive represents 30% of projected investments over the next three years. Financial stability is further tied to managing significant currency exposure, as 60% of revenue is USD-denominated, and adhering to strict debt covenants linked to a €130 million syndicated credit facility. To secure these credit lines, the group has pledged significant stakes in key subsidiaries, including Focus Entertainment Publishing and Dovetail Games. As of September 30, 2024, Neology Holding remains the dominant shareholder, maintaining a controlling interest of 51.64% of net voting rights.