Warhammer 40,000: Space Marine

Pullup Entertainment 2026/27 First-Quarter Revenue

Pullup Entertainment recorded €44.4 million in revenue for the first quarter of the 2026/27 fiscal year, representing a 44.0% decrease compared to the same period in the previous year.

2025/26 Third-Quarter Revenue: Solid Performance from Back Catalogue, Live Games and Absolum

PULLUP Entertainment’s third-quarter revenue report for fiscal year 2025/26 highlights a strategic shift toward recurring revenue through a robust back catalogue, despite a year-over-year decline in total quarterly revenue.

• PULLUP Entertainment reported €64.8 million in Q3 revenue, a 36% year-over-year decline attributed to the lack of major releases compared to the previous fiscal cycle.
• The back catalogue segment grew by 41% in Q3 and now accounts for 69% of total group revenue, driven by sustained engagement in titles like Warhammer 40,000: Space Marine 2 and SnowRunner.
• Despite the quarterly decline, the company has already surpassed its total revenue record from the 2022/23 fiscal year within the first nine months of 2025/26.

PulluP Entertainment FY25 Earnings Release

PulluP Entertainment reported full-year earnings for FY 2025/26, ending March 31 2026. Revenue fell 27.8% to €281.4 million, largely due to a sharp decline in new-release sales (down 68% to €82.3 million).

• PulluP Entertainment reported a 27.8% revenue decline to €281.4 million for FY 2025/26, driven by a 68% drop in new-release sales to €82.3 million.
• The company recorded a net loss of €12.9 million and an adjusted EBIT contraction of 79% to €12.6 million, while operating cash flow plummeted from €52.1 million to €6.5 million.
• Back-catalogue revenue grew 52.9% to €189.0 million, now accounting for 67% of total sales as the company shifts focus toward recurring revenue and live-service operations.

PulluP Entertainment Q4 FY25 Revenue Report

PulluP Entertainment’s fourth-quarter revenue report for fiscal year 2025/26 outlines a period of strategic transition characterized by a shift toward recurring revenue streams and a recalibration of financial expectations.

• PulluP Entertainment reported full-year revenue of €281.4 million, marking a 27.8% decline compared to the previous year due to the absence of Warhammer 40,000: Space Marine 2.
• Back catalogue revenue reached a record €189.0 million, growing 87.2% in Q4 and now accounting for 67% of the company's total annual revenue.
• The company lowered its fiscal year 2025/26 adjusted EBIT guidance to a range of €10 million to €15 million and suspended all previously communicated financial targets for 2026/27.

Half-Year Financial Report: S1 2025/2026

PULLUP Entertainment’s financial performance for the first half of the 2025/2026 fiscal year reflects a period of transition characterized by a significant year-over-year revenue decline.

• PULLUP Entertainment refinanced its senior debt on July 30, 2025, securing €168 million in new bank financing, replacing an existing syndicated credit of €117.5 million that was due in 2028.
• The company's equity (Capitaux propres) decreased from €166,475k on March 31, 2025, to €156,808k on September 30, 2025.
• PULLUP Entertainment expanded its executive committee with the appointment of Geoffroy Sardin as Deputy CEO for operational management (effective April 1, 2025) and Marion Dufour as HR Director.