Rapport Financier Semestriel S1 2024/2025: France

PULLUP Entertainment achieved a significant financial turnaround during the first half of the 2024/2025 fiscal year, reporting a record revenue of €234.3 million compared to €85 million in the prior year. This growth was primarily driven by the commercial success of Warhammer 40,000: Space Marine 2, which propelled digital sales to account for 89% of total revenue. The company successfully transitioned to a net profit of €22.1 million, bolstered by a strategic capital increase of approximately €23 million and a comprehensive organizational restructuring that included the filialization of its publishing division.

The group’s financial health is supported by a diversified funding structure, including senior loans and BPI financing, alongside €20 million in undrawn credit lines. Operational stability is maintained through rigorous accounting practices, such as the amortization of development costs over 12 to 36 months and the consolidation of various studios under both full integration and equity methods. Despite these gains, the company maintains a net debt of €127.2 million and remains subject to specific risks, including a high dependency on partner studio SABER Interactive, which accounts for nearly 30% of projected investments. Exposure to currency fluctuations remains a factor, as 60% of revenue is generated in U.S. dollars.

Strategic portfolio management remains a priority, evidenced by recent minority stake acquisitions in Rundisc and Uppercut Games, contrasted with the divestment from Streum On Studio. While the company faces inherent industry challenges—such as intense competition and the volatility of development cycles—the current financial position is stable, with auditors confirming the accuracy of the consolidated accounts as of September 30, 2024. Future growth is supported by ongoing contractual options for the acquisition of minority interests in subsidiaries like Dovetail Games and Carpool Studio, ensuring a continued focus on long-term expansion within the global video game market.