FinancialPullup Entertainment
Rapport Financier Semestriel S1 2024/2025
1 Dec 202431 pages~97 min full read
Pullup Entertainment achieved record H1 2024/2025 revenue of €234.3 million, a 176% year-over-year increase driven primarily by the launch of Warhammer 40,000: Space Marine 2.
The company transitioned from a net loss to a positive EBITA of €48.3 million and a consolidated net income of €22.1 million.
Operational risk is concentrated in a high dependency on Saber Interactive, which accounts for 30% of the company's projected investments over the next three years.
The group faces a net debt of €127.2 million against a cash position of €22.7 million, with credit lines secured by pledged stakes in subsidiaries like Focus Entertainment Publishing and Dovetail Games.
Digital channels dominate the revenue mix at 89% of sales, while the Americas remain the primary market, contributing 54% of total revenue.
Financial exposure is significant, with 60% of revenue denominated in USD and accounts receivable reaching €196.3 million alongside €93.7 million in supplier debt.
Strategic restructuring included a rebranding from Focus Entertainment to Pullup Entertainment, a €23.1 million capital increase in May 2024, and the divestment of Streum On Studio.
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.
