Pullup Entertainment

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.

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). Back‑catalogue revenue, however, surged 52.9 % to €189.0 million, representing 67 % of total sales and reflecting the group’s shift toward recurring revenue streams and live‑service operations. Adjusted EBIT contracted 79 % to €12.6 million, while the group recorded a net loss of €12.9 million (diluted earnings per share –€1.62). EBITDA fell 43 % to €79.6 million, and operating cash flow dropped sharply to €6.5 million from €52.1 million the prior year, driven by higher working‑capital requirements and disciplined CAPEX of €84.4 million.

Net debt increased to €85.7 million, up from €70.1 million, as the company maintained a solid balance sheet to support future growth. The FY 2026/27 line‑up will feature more than ten titles across the group’s publishing divisions, including new releases such as Resonance: A Plague Tale Legacy, Road Kings, and Gallipoli WW1 Game Series, alongside continued live‑service content for Warhammer 40,000: Space Marine 2 and Marvel Cosmic Invasion. Beyond FY 2026/27, the pipeline contains roughly 15 core projects, notably Warhammer 40,000: Space Marine 3 and two in‑house IPs from Carpool Studio and Deck13.

Geographically, the group operates across Europe with a workforce of over 600 employees. The financial data derive from consolidated statements prepared under French accounting standards, with adjustments for goodwill amortisation, tax credits, and restructuring impacts. The report underscores a strategic pivot toward IP strengthening, live‑service monetisation, and disciplined capital allocation to sustain long‑term value creation.

1. FOCUS HOME INTERACTIVE presentation pages 5 to 9 2. Declaration by the person responsible page 11 3. Management Board’s report pages 15 to 33 4. Supervisory Board’s report pages 37 to 41 5.

ANNUAL FINANCIAL REPORT AT 31 MARCH 2021 1. Introduction pages 5 to 9 2. Declaration by the person responsible page 11 3. Management Board’s report pages 13 to 34 4. Supervisory Board’s report pages 35 to 43 5.

ANNUAL FINANCIAL REPORT AS OF 31 MARCH 2022 1. INTRODUCTION pages 3 to 7 2. DECLARATION BY THE PERSON RESPONSIBLE page 8 3. MANAGEMENT REPORT pages 9 to 24 4. BOARD REPORT ON CORPORATE GOVERNANCE pages 25 to 33 5. AUDITOR’S REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2022 pages 34 to 36 6.

ANNUAL FINANCIAL REPORT AS OF 31 MARCH 2023 1. INTRODUCTION pages 3 to 7 2. DECLARATION BY THE CHIEF EXECUTIVE OFFICER page 8 3. MANAGEMENT REPORT pages 9 to 24 4. REPORT ON CORPORATE GOVERNANCE pages 25 to 34 5. STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 MARCH 2023 pages 35 to 37 6.

ANNUAL FINANCIAL REPORT AS OF 31 MARCH 2024 1. INTRODUCTION pages 3 to 6 2. DECLARATION BY THE CHIEF EXECUTIVE OFFICER page 7 3. MANAGEMENT REPORT pages 8 to 26 4. REPORT ON CORPORATE GOVERNANCE pages 27 to 38 ON THE CONSOLIDATED FINANCIAL STATEMENTS AS OF 31 MARCH 2024 pages 39 to 40 6.

RAPPORT FINANCIER SEMESTRIEL S1 2025/2026 1. ATTESTATION DE LA PERSONNE RESPONSABLE page 3 2. RAPPORT DE GESTION pages 4 à 10 3. RAPPORT D’EXAMEN LIMITÉ DES COMMISSAIRES AUX COMPTES SUR LES COMPTES CONSOLIDÉS SEMESTRIELS page 11 4.

PULLUP Entertainment’s financial performance for the first half of the 2025/2026 fiscal year, ending September 30, 2025, reflects a transitional period characterized by a lack of major new releases compared to the previous year’s record-breaking results. Revenue declined 43% to €132.6 million, while net income dropped 91% to €2.1 million. Despite the absence of a blockbuster launch comparable to the prior year, the back-catalogue achieved record revenues of €93.7 million, a 44.4% increase. This shift toward digital dominance is evident, with digital sales now accounting for 94% of total turnover.

The strategic focus remains on long-term stability and portfolio diversification to mitigate operational risks. A significant portion of the Group’s projected investments over the next three years is tied to Saber Interactive, representing a 30% dependency that the company is addressing through internal studio acquisitions and partnerships, such as the ongoing collaboration with Games Workshop. To support this growth and manage liquidity, the Group secured a new €168 million syndicated loan in July 2025. This financing package, combined with €48 million in undrawn credit lines, positions the company to pursue external growth and meet its €86.5 million in outstanding commitments to studios and rights holders.

Operational adjustments include the appointment of a new Deputy CEO and the consolidation of ownership in key subsidiaries like Dotemu, Blackmill Games, and Carpool Studio. While net debt rose to €84.8 million due to a decrease in cash reserves, the Group maintains a robust asset base with €181.3 million in net intangible assets, primarily driven by ongoing game development. Despite the first-half downturn, the Group confirms its outlook to exceed the 2022/2023 record performance for the full fiscal year, supported by a disciplined capitalization strategy and a stable international studio network.

PULLUP Entertainment, formerly Focus Entertainment, achieved a transformative financial recovery during the 2024/25 fiscal year, characterized by record-breaking growth and a strategic corporate reorganization. The Group reported a 108% year-over-year revenue increase to €390.0 million, swinging from a €19.9 million loss in the previous period to a consolidated net profit of €19.4 million. This performance was primarily catalyzed by the massive commercial success of Warhammer 40,000: Space Marine 2, which reached over 7 million players, alongside a resilient back-catalogue strategy where digital sales now account for 91% of total turnover.

The Group’s financial position strengthened significantly, with net debt nearly halved from €132.6 million to €70.1 million. This deleveraging was supported by a €23.1 million capital increase and robust cash generation, leaving the company with €61.7 million in available liquidity. Strategically, the period marked a transition to an operational holding model following the spin-off of its publishing business. The Group is now organized into three core divisions—Publishing, Dotemu, and Development Studios—supported by ten acquisitions since 2020. While the company faces risks from a 30% investment dependency on Saber Interactive and reliance on digital platforms like Steam, it has mitigated these through increased ownership of internal intellectual property and a multi-year partnership with Mattel.

Geographically, the Americas remains the dominant market, representing 53% of sales following a 137% regional surge. Beyond financial metrics, the Group improved its social and governance performance, reducing employee attrition from 17.2% to 9.8% and maintaining a 100% implementation rate for player safety systems in multiplayer titles. Despite an increase in total greenhouse gas emissions to 9,889.3 TeqCO2 due to expanded reporting and physical product success, the Group remains committed to its CSR strategy focusing on talent retention, climate action, and cybersecurity. With the announcement of Warhammer 40,000: Space Marine 3 and a proposed dividend of €1 per share, the Group has positioned itself for long-term sustainable growth.

Pullup Entertainment announced a full‑year revenue of €390 million for FY 2024/25, representing a 108 % increase over the prior year and a 101 % rise compared with the previous record of €194 million in 2022/23. The surge was driven primarily by new releases, which generated €257.8 million—four‑fold growth year‑on‑year—while the back‑catalogue remained stable at €123.6 million, underscoring the resilience of live‑service titles such as SnowRunner and Insurgency: Sandstorm. Quarterly revenue fell 7.1 % to €54.8 million, reflecting a modest dip in Q4 sales despite strong performance from recent launches like Warhammer 40,000: Space Marine 2 and Train Sim World 5.

The company confirmed EBITA targets of €55‑60 million, roughly doubling the best result from FY 2022/23, and highlighted a significant reduction in net debt achieved through robust operational cash flow. Strategic positioning in the AA and independent segments, coupled with high‑quality, distinctive titles, was cited as the foundation of the growth, while partnerships with marquee brands—including Marvel, Mattel, Koei Tecmo and Games Workshop—expanded the pipeline of licensed and original IPs. Leadership changes reinforced governance, with Geoffroy Sardin appointed CEO and Marion Dufour joining the executive committee as Chief People Officer.

Looking ahead to FY 2025/26, the firm outlined a diversified slate of upcoming releases across its Focus Entertainment Publishing and Dotemu divisions, featuring new IPs such as Memories in Orbit, Roadcraft, Ninja Gaiden: Ragebound and Marvel Cosmic Invasion, alongside continued live‑service support. The outlook emphasizes exceeding the record revenue and EBITA levels set in 2022‑23, leveraging both fresh titles and the enduring strength of its back‑catalogue. The report covers Pullup’s European operations, encompassing over 600 employees and six development studios, and reflects data drawn from unaudited financial statements for the fiscal year ending 31 March 2025.