PULLUP Entertainment achieved a record revenue of €234.3 million in H1 2024/2025, a significant increase from €85 million in the prior year, driven primarily by the success of Warhammer 40,000: Space Marine 2.
02
The company transitioned to a net profit of €22.1 million, supported by a €23 million capital increase and an organizational restructuring that included the filialization of its publishing division.
03
Digital sales now account for 89% of total revenue, though the company remains exposed to currency fluctuations with 60% of its revenue generated in U.S. dollars.
04
Despite improved profitability, the group carries a net debt of €127.2 million and maintains a high dependency on partner studio SABER Interactive, which represents nearly 30% of projected investments.
05
Financial stability is bolstered by a diversified funding structure, including senior loans, BPI financing, and €20 million in undrawn credit lines.
06
Strategic portfolio management continues through the recent acquisition of minority stakes in Rundisc and Uppercut Games, alongside the divestment from Streum On Studio.
07
Future expansion plans include contractual options to acquire remaining minority interests in subsidiaries such as Dovetail Games and Carpool Studio.
Insights
01
PULLUP Entertainment achieved a record revenue of €234.3 million in H1 2024/2025, a significant increase from €85 million in the prior year, driven primarily by the success of Warhammer 40,000: Space Marine 2.
02
The company transitioned to a net profit of €22.1 million, supported by a €23 million capital increase and an organizational restructuring that included the filialization of its publishing division.
03
Digital sales now account for 89% of total revenue, though the company remains exposed to currency fluctuations with 60% of its revenue generated in U.S. dollars.
04
Despite improved profitability, the group carries a net debt of €127.2 million and maintains a high dependency on partner studio SABER Interactive, which represents nearly 30% of projected investments.
05
Financial stability is bolstered by a diversified funding structure, including senior loans, BPI financing, and €20 million in undrawn credit lines.
06
Strategic portfolio management continues through the recent acquisition of minority stakes in Rundisc and Uppercut Games, alongside the divestment from Streum On Studio.
07
Future expansion plans include contractual options to acquire remaining minority interests in subsidiaries such as Dovetail Games and Carpool Studio.