PULLUP Entertainment: Record Back-Catalogue but Lowered EBIT Forecast
PULLUP Entertainment demonstrates a successful transformation of its business model, achieving a record back-catalogue revenue of 189 million euros for the fiscal year 2025/26, up by 52.9%. Concurrently, the company has revised its adjusted EBIT forecast downwards to 10-15 million euros due to several underperforming title launches, highlighting the tension between solidifying recurring revenues and the challenges of executing new projects.
Record Growth in Back-Catalogue Revenue
The back-catalogue revenue reached 189.0 million euros in the fiscal year 2025/26, marking a 52.9% increase from the previous year and nearly tripling from the 2022/23 level of 65.2 million euros. This segment now accounts for 67% of the total revenue. In the fourth quarter, the back-catalogue saw an 87.2% increase, reaching 52.1 million euros. According to PULLUP, this growth reflects the quality of its titles, the expertise of its teams in long-term value creation, and the scaling up of Live Service operations. The total revenue for the year was 281.4 million euros, down 27.8% from 2024/25 (390.0 million euros), which had benefited from the exceptional release of Warhammer 40,000: Space Marine 2. In the fourth quarter, revenue reached 84.0 million euros, up 53.3% year-over-year.
Challenges with New Launches
Launches generated 82.3 million euros in revenue for the fiscal year 2025/26, a 68.1% decrease compared to 2024/25 (257.8 million euros). Twelve games were released with an average user satisfaction rate of 84% on Steam, five of which entered the top 10 sales: Absolum, Marvel Cosmic Invasion, Ninja Gaiden Ragebound, Roadcraft, and John Carpenter's Toxic Commando. However, the company noted that several fourth-quarter launches did not meet its commercial projections. Memories in Orbit and Starship Troopers: Ultimate Bug War! underperformed commercially, while John Carpenter's Toxic Commando had a strong launch but fell short of expectations. Absolum continued its excellent performance with over 500,000 copies sold, and Roadcraft sold over 1 million copies. PULLUP conducted a comprehensive review of its game development portfolio, leading to accelerated project write-downs. Dotemu was ranked in the top 10 publishers of 2025 according to the annual Metacritic ranking.
Adjusted EBIT Forecast and Financial Projections
The adjusted EBIT is now expected to be between 10 and 15 million euros for 2025/26, a revision reflecting the underperformance of this quarter's launches, asset write-downs related to project cancellations, and the postponement of Battlestar Galactica: Scattered Hopes to the fiscal year 2026/27. Net debt is projected to be between 85 and 90 million euros as of March 31, 2026. CAPEX is now expected to be between 70 and 80 million euros for 2025/26 and in the upcoming fiscal years, reflecting a more selective approach. The company has suspended the previously communicated targets for 2026/27 and will provide more details during the annual results announcement on June 11, 2026. Several high-quality projects are anticipated: Road Kings, Resonance: A Plague Tale Legacy, the sequel to Train Sim World, Warhammer 40,000: Space Marine 3, and a new Live Service IP from Carpool Studio.
