Train Sim World
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Annual Financial Report: 2025-2026
PULLUP Entertainment’s 2025-2026 fiscal year was defined by a strategic transition toward a federated holding company model, characterized by significant financial restructuring and a pivot toward long-term, recurring revenue.
- PULLUP Entertainment reported a net loss of €45.1 million for the 2025-2026 fiscal year, driven by a 28% revenue decline to €281.4 million and a €29.1 million impairment charge on Dotemu and other assets.
- The revenue contraction was primarily attributed to the lack of a major blockbuster release comparable to the previous year's Warhammer 40,000: Space Marine 2.
- The company achieved a record €189 million in back-catalogue performance, validating its strategic pivot toward live-service content and a diversified portfolio of AA and indie titles.
Pullup Entertainment First-Half 2025/26 Earnings
Pullup Entertainment reported revenue of €132.6 million for the first half of the 2025/26 fiscal year, representing the second-best first-half performance in the group’s history.
- Pullup Entertainment reported H1 2025/26 revenue of €132.6 million, a 43% decline from the previous year due to the prior-period impact of Warhammer 40,000: Space Marine 2.
- The company achieved an adjusted EBIT of €14.2 million while maintaining its financial targets for the current and next two fiscal years.
- Back catalogue revenue grew by 44.4% to €93.7 million, driven by live operations and sustained engagement with proprietary brands like Train Sim World and Absolum.
Pullup Entertainment 2025/26 First-Half Revenue
Pullup Entertainment reported revenue of €132.6 million for the first half of the 2025/26 fiscal year, marking the second-best performance in the company’s history.
- Pullup Entertainment reported H1 2025/26 revenue of €132.6 million, a 43.4% decline from the previous year due to the absence of a major launch comparable to Warhammer 40,000: Space Marine 2.
- Back catalogue revenue reached a record €93.7 million, representing a 44.4% year-over-year increase driven by live operations for titles like SnowRunner, Insurgency: Sandstorm, and the Train Sim World franchise.
- The Train Sim World franchise has officially surpassed €100 million in lifetime consumer spending, underscoring the success of the company's long-term revenue recurrence strategy.
Pullup Entertainment Q1 2025/26 Earnings Results
Pullup Entertainment reported record-breaking financial results for the first quarter of the 2025/26 fiscal year, ending June 30, 2025.
- Pullup Entertainment achieved record-breaking Q1 2025/26 revenue of €79.3 million, a 132% year-over-year increase that surpassed the previous 2020/21 record by 23%.
- The company's back catalogue was the primary growth driver, generating €58.4 million—a 91% increase—led by Warhammer 40,000: Space Marine 2, Train Sim World 5, and SnowRunner.
- New releases contributed €18.6 million to the quarterly total, driven by the launch of Roadcraft, which outperformed internal expectations to become one of the most successful launches in Focus Entertainment Publishing history.
Pullup Entertainment Full Year 2024/2025 Earnings
Pullup Entertainment’s fiscal year 2024/2025 earnings report highlights a period of significant financial growth and operational success, anchored by the record-breaking launch of Warhammer 40,000: Space Marine 2.
- Pullup Entertainment achieved €390 million in total revenue for fiscal year 2024/2025, marking a 108% increase driven primarily by the launch of Warhammer 40,000: Space Marine 2.
- Adjusted EBIT reached €60.3 million, hitting the top end of company guidance, while EBITDA rose to €138.9 million.
- The company significantly strengthened its balance sheet by reducing net debt to €70.1 million, down from €132.6 million in the previous fiscal year.
Pullup Entertainment Q3 2024/25 Revenue
Pullup Entertainment reported record-breaking financial results for the third quarter of the 2024/25 fiscal year, achieving revenue of €100.8 million.
- Pullup Entertainment reported Q3 2024/25 revenue of €100.8 million, a significant increase from €43.3 million in the same period last year.
- Total revenue for the first nine months of the fiscal year reached €335.1 million, representing a 161% year-over-year growth rate.
- Warhammer 40,000: Space Marine 2 served as a primary growth driver, surpassing 6 million unique players and achieving Platinum status on Steam.
Pullup Entertainment: Half Year 2024/2025 Results
Pullup Entertainment’s H1 2024/2025 financial results demonstrate a period of significant growth and operational success, driven primarily by the high-performance launch of Warhammer 40,000: Space Marine 2.
- Pullup Entertainment reported H1 2024/2025 revenue of €234.3 million, representing a 176% increase over the previous fiscal year driven by the launch of Warhammer 40,000: Space Marine 2.
- The company achieved a record EBITA of €48.3 million, marking a significant turnaround from the €1.5 million loss recorded in H1 2023/2024.
- Operational efficiency improved as a 25% increase in sales and marketing expenditure yielded a 176% rise in top-line revenue growth.
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