FinancialPullup Entertainment
Pullup Entertainment Reports 2024/25 Full-Year Revenue
1 Jan 20255 pages~9 min full read
Pullup Entertainment reported record FY 2024/25 revenue of €390 million, a 108% increase year-on-year and a 101% rise over the previous 2022/23 record.
See it on page 2New releases were the primary growth driver, generating €257.8 million—a four-fold increase—while the back-catalogue remained stable at €123.6 million, supported by titles like SnowRunner and Insurgency: Sandstorm.
See it on page 3The company projects EBITA of €55–60 million for the fiscal year, approximately doubling its previous best result from 2022/23, while simultaneously reducing net debt.
See it on page 4Q4 revenue saw a 7.1% decline to €54.8 million, despite contributions from recent launches including Warhammer 40,000: Space Marine 2 and Train Sim World 5.
See it on page 3Strategic growth is anchored in partnerships with brands such as Marvel, Mattel, Koei Tecmo, and Games Workshop to expand the pipeline of licensed and original IPs.
See it on page 1The FY 2025/26 slate includes new titles such as Memories in Orbit, Roadcraft, Ninja Gaiden: Ragebound, and Marvel Cosmic Invasion.
See it on page 2Leadership changes include the appointment of Geoffroy Sardin as CEO and Marion Dufour as Chief People Officer to oversee operations across six studios and over 600 employees.
See it on page 3Pullup Entertainment announced a full‑year revenue of €390 million for FY 2024/25, representing a 108 % increase over the prior year and a 101 % rise compared with the previous record of €194 million in 2022/23. The surge was driven primarily by new releases, which generated €257.8 million—four‑fold growth year‑on‑year—while the back‑catalogue remained stable at €123.6 million, underscoring the resilience of live‑service titles such as SnowRunner and Insurgency: Sandstorm. Quarterly revenue fell 7.1 % to €54.8 million, reflecting a modest dip in Q4 sales despite strong performance from recent launches like Warhammer 40,000: Space Marine 2 and Train Sim World 5.
The company confirmed EBITA targets of €55‑60 million, roughly doubling the best result from FY 2022/23, and highlighted a significant reduction in net debt achieved through robust operational cash flow. Strategic positioning in the AA and independent segments, coupled with high‑quality, distinctive titles, was cited as the foundation of the growth, while partnerships with marquee brands—including Marvel, Mattel, Koei Tecmo and Games Workshop—expanded the pipeline of licensed and original IPs. Leadership changes reinforced governance, with Geoffroy Sardin appointed CEO and Marion Dufour joining the executive committee as Chief People Officer.
Looking ahead to FY 2025/26, the firm outlined a diversified slate of upcoming releases across its Focus Entertainment Publishing and Dotemu divisions, featuring new IPs such as Memories in Orbit, Roadcraft, Ninja Gaiden: Ragebound and Marvel Cosmic Invasion, alongside continued live‑service support. The outlook emphasizes exceeding the record revenue and EBITA levels set in 2022‑23, leveraging both fresh titles and the enduring strength of its back‑catalogue. The report covers Pullup’s European operations, encompassing over 600 employees and six development studios, and reflects data drawn from unaudited financial statements for the fiscal year ending 31 March 2025.
