Pullup Entertainment: Revenue Down 44%, Back-Catalogue Stable
On July 16, PULLUP Entertainment reported a revenue of €44.4 million for the first quarter of 2026/27, a 44% decrease year-over-year. This decline is primarily due to the absence of a major launch similar to the first quarter of 2025/26. However, the back-catalogue remains stable excluding deferred revenues, at €39.3 million compared to €39.4 million a year earlier. The video game publisher continues its strategic shift towards owning intellectual property, with 14 projects currently in development.
Quarterly Decline Explained by Lack of Major Launch
Revenue stands at €44.4 million in Q1 2026/27, down from €77.0 million a year earlier (€18.6 million from Launches and €58.4 million from Back-catalogue). This 44% contraction is largely due to the comparison with Q1 2025/26, which benefited from the launch of RoadCraft and a deferred revenue of €19.0 million. The Launch segment only generated €1.9 million this time (compared to €18.6 million in Q1 2025/26), while the back-catalogue dropped to €40.1 million (from €58.4 million previously). Excluding deferred revenues, the back-catalogue shows remarkable stability at €39.3 million, compared to €39.4 million in Q1 2025/26. According to the management, this solidity reflects the quality of the titles and the team's expertise in long-term game monetization, particularly through Live content.
Live Operations Support the Back-Catalogue
Key contributors to the back-catalogue include Absolum, A Plague Tale, Atomic Heart, Marvel Cosmic Invasion, John Carpenter's Toxic Commando, RoadCraft, SnowRunner, TrainSim World, and Warhammer 40,000: Space Marine 2. According to CEO Geoffroy Sardin, this stability demonstrates 'the quality and depth' of the portfolio and reflects the scaling up of ongoing content operations, which engage players over the long term. This visibility generated by the back-catalogue is, according to the management, an asset that allows investment in the group's transformation towards greater asset ownership and recurring revenue, a central goal of the strategy.
14 Proprietary or Co-Owned IP Projects in Development
PULLUP Entertainment currently has 14 projects in development involving proprietary or co-owned intellectual properties. Upcoming titles include Resonance: A Plague Tale Legacy (co-IP, releasing on August 27, 2026), Gallipoli (proprietary IP), Road Kings, Warhammer 40,000: Space Marine 3, Warhammer Age of Sigmar: Deathmaster, as well as Bradley The Badger and Magicians: The Devil's Deal (co-IP), which have already received excellent player reception. The company will round out its schedule with independent titles under its labels 'The Arcade Crew' (Dotemu) and 'Deck 13 Spotlight'. Investing in proprietary intellectual property aims to reduce dependence on third-party publishing contracts and increase revenue predictability, a key issue for investors monitoring the group's profitability trajectory after a net loss of €12.9 million in 2025/26.
