Pujlup Entertainment

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. The company reported €64.8 million in revenue for the third quarter, a 36% decrease compared to the same period in the prior year, primarily due to the absence of the exceptional release performance seen in the previous fiscal cycle. However, the company has already surpassed its full-year revenue record from 2022/23 within the first nine months of the current fiscal year.

The primary driver of performance is the back catalogue, which grew by 41% in the third quarter and 43% over the first nine months. This segment now accounts for 69% of total group revenue, underscoring the success of long-term live operations and sustained engagement for titles such as Warhammer 40,000: Space Marine 2, SnowRunner, and the A Plague Tale franchise. New releases, including the internally developed brand Absolum and the profitable Marvel Cosmic Invasion, contributed €20.1 million to the quarter. Both titles received high critical acclaim, with Steam user reviews reaching 93% and 87% positive ratings, respectively.

Operating across Europe with over 600 employees, the group continues to refine its portfolio, recently deciding to discontinue operations at Leikir Studio to focus on higher-potential projects. Looking ahead, PULLUP Entertainment maintains its 2025/26 financial targets, anticipating that fourth-quarter releases—such as John Carpenter's Toxic Commando and Memories in Orbit—alongside continued back catalogue momentum, will ensure the company exceeds its 2022/23 performance benchmarks. The firm remains committed to disciplined cost management and the expansion of its internally owned intellectual property to drive medium-term profitability and cash generation.