Pullup Entertainment Boosted by Back-Catalogue in Third Quarter

Financial Performance Overview

Pullup Entertainment recorded quarterly revenue of 64.8 million euros in the third quarter of 2025/26, down from 100.8 million euros a year earlier, a contraction of 35.7%, according to the statement. Over nine months, revenues amounted to 197.4 million euros, a decline of 41.1% compared to the first nine months of the previous fiscal year. This decrease is explained by the exceptional base effect related to the release of Warhammer 40,000: Space Marine 2 in 2024/25, the company specifies. The Launches segment posted 20.1 million euros for the quarter, down from 68.5 million euros a year earlier. Conversely, the back-catalogue generated quarterly revenues of 43.4 million euros, up 40.9% year-on-year. Over nine months, this segment reached 137.1 million euros, a level described as record-breaking by the group, and now represents 69% of total revenue.

Strong Performances in New and Existing Titles

According to the company, several titles launched since the beginning of the fiscal year have recorded solid commercial performances. Absolum, a new brand owned and developed internally by Dotemu, has 93% positive reviews on Steam, as stated in the release. Marvel Cosmic Invasion also has 87% positive reviews on the platform and shows strong profitability, the company notes. Quarterly revenues were also supported by Roadcraft and Train Sim World 6. Additionally, the back-catalogue benefited from the Live activity of Warhammer 40,000: Space Marine 2, as well as the momentum of other titles such as Atomic Heart, Insurgency: Sandstorm, SnowRunner, and the franchises A Plague Tale and Train Sim World. CEO Geoffroy Sardin highlighted that these performances reflect the initial effects of the group's investments, with a more recurring activity spread across multiple titles.

Strategic Adjustments and Future Outlook

Pullup Entertainment announced the discontinuation of operations at its Leikir Studio, as part of an adaptation of its organization to focus on projects with higher potential, according to the statement. The group employs over 600 staff in Europe and relies on two publishing structures, Focus Entertainment Publishing and Dotemu, as well as five development studios. For the fourth quarter, the company anticipates the release of four games, including John Carpenter's Toxic Commando and Memories in Orbit, IP owned and developed internally by the studio Douze Dixième. The group confirms its objectives for the fiscal year 2025/26, aiming to exceed its previous record performance of 2022/23 in terms of revenue and adjusted EBIT. Pullup Entertainment also anticipates growth in its adjusted EBIT for the fiscal years 2026/27 and 2027/28, the statement indicates.