Pullup Entertainment

Pullup Entertainment achieved a historic financial turnaround during the first half of the 2024/2025 fiscal year, reporting record revenue of €234.3 million. This represents a 176% increase over the previous year’s €85.0 million, primarily catalyzed by the successful launch of Warhammer 40,000: Space Marine 2. This performance shifted the company from a prior net loss to a positive EBITA of €48.3 million and a consolidated net income of €22.1 million. The growth was heavily concentrated in digital channels, which accounted for 89% of sales, and the Americas, which represented 54% of total revenue.

Strategic restructuring and capital management were central to this period. The company rebranded from Focus Entertainment to Pullup Entertainment and completed a €23.1 million capital increase in May 2024. Portfolio optimization included the divestment of Streum On Studio following the cancellation of an unannounced project and the acquisition of minority stakes in Rundisc and Uppercut Games. Despite these successes, the financial position reflects the scale of recent operations, with accounts receivable surging to €196.3 million and studio-related supplier debt rising to €93.7 million due to royalty obligations. The group maintains a cash position of €22.7 million against a net debt of €127.2 million.

Operational risks remain a critical focus, particularly a high dependency on external partners; specifically, Saber Interactive represents 30% of projected investments over the next three years. Financial stability is further tied to managing significant currency exposure, as 60% of revenue is USD-denominated, and adhering to strict debt covenants linked to a €130 million syndicated credit facility. To secure these credit lines, the group has pledged significant stakes in key subsidiaries, including Focus Entertainment Publishing and Dovetail Games. As of September 30, 2024, Neology Holding remains the dominant shareholder, maintaining a controlling interest of 51.64% of net voting rights.

PULLUP Entertainment, formerly known as Focus Entertainment, underwent a significant strategic and structural transformation during the 2023-2024 fiscal year. The Group reorganized into three core pillars—Focus Entertainment Publishing, Dotemu, and PULLUP Studios—to manage a portfolio of seven internal studios and a pipeline of approximately 60 games. This transition included a leadership consolidation under Chairman and CEO Fabrice Larue and a major rebranding effort to reflect a shift toward a publisher-developer model focused on owned intellectual property and recurring revenue streams.

Financially, the period ending March 31, 2024, was characterized by a transition from a €7.3 million profit to a consolidated net loss of €19.9 million, despite a relatively stable revenue of €187.3 million. This downturn was primarily driven by the postponement of major titles like Warhammer 40,000: Space Marine 2, a doubling of depreciation and amortization costs to €67 million, and significant investments in game development and acquisitions. However, the back-catalogue proved resilient, surging 89% to represent 66% of total sales. To support this aggressive expansion, including the €40.2 million acquisition of Dovetail Games, the Group secured a €130 million syndicated loan and completed a €23 million capital increase in May 2024.

The Group’s operational scope expanded to 614 employees, largely due to international acquisitions in the UK. This growth triggered the requirement for a formal Non-Financial Performance Declaration, highlighting a Corporate Social Responsibility (CSR) strategy focused on talent retention, carbon footprint reduction, and combating toxic behavior in multiplayer gaming. While Scope 3 emissions represent over 98% of the Group's 4,778.6 TeqCO2 carbon footprint, management has implemented new environmental policies and social surveys to maintain a 91% employee satisfaction rate. Moving forward, the Group expects a strong financial recovery in 2024/25, underpinned by a robust release schedule and a diversified "III-AA" title strategy designed to reduce reliance on seasonal market peaks.