Pullup Entertainment: Back-Catalogue Hits Record €189M, But EBIT Drops to €12.6M
Pullup Entertainment reported mixed results for the fiscal year 2025/26 on Thursday. While back-catalogue revenue reached a record €189.0M (up 52.9%), adjusted operating income plummeted to €12.6M from €60.3M the previous year, impacted by the absence of major launches like Warhammer 40,000: Space Marine 2. The company highlighted the growth of the back-catalogue, which now represents 67% of total revenue, alongside a significant decline in adjusted EBIT for the year.
Revenue Decline Due to Lack of Blockbuster
Pullup Entertainment's annual revenue amounted to €281.4M, down 27.8% from the 2024/25 fiscal year. This decline reflects the impact of not having a major launch comparable to Warhammer 40,000: Space Marine 2, which was released the previous year. Revenue from new releases was €82.3M, while the back-catalogue generated €189.0M, accounting for 67% of the total revenue. This proportion underscores the company's structural shift towards more recurring revenue, fueled by live operations and the monetization of titles several years after their initial releases.
Operating Profitability Squeezed in Absence of Blockbuster
Adjusted EBIT fell to €12.6M from €60.3M in 2024/25, reflecting the compressed margin in a year without a blockbuster. The group recorded a net loss attributable to the company of €12.9M, compared to a net income of €19.4M the previous year. EBITDA decreased from €138.9M to €79.6M. Operational cash flow dropped to €6.5M from €52.1M previously. Net debt stood at €85.7M as of March 31, 2026, slightly higher than the €70.1M on March 31, 2025, despite a gross cash position of €52.0M.
Over Ten Titles Scheduled for Launch in 2026/27
The company announced the launch of more than ten titles during the fiscal year 2026/27, including Resonance: A Plague Tale Legacy, Road Kings, Gallipoli WW1 Game Series, and Warhammer Age of Sigmar: Deathmaster. Pullup Entertainment emphasized the importance of its development portfolio, enriched with fifteen key projects including Warhammer 40,000: Space Marine 3. Concurrently, the company divested its stake in Douze Dixièmes to the founding partners of the studio on Thursday, allowing each party to focus on its strategic objectives independently. The games Shady Part of Me and MIO: Memories in Orbit continue to be published by Focus Entertainment Publishing, a subsidiary of the group.
