Pullup Entertainment: Sales Up 7% in Second Quarter, But Down 23.5% Over the Half-Year
Pullup Entertainment reported on October 22, 2026 revenue of €57.0 million for the second quarter of its 2026/27 fiscal year, ended September 30, 2026. This represents an increase of 7.0%. However, the half-year reading differs: over the first six months, sales stood at €101.5 million, down 23.5%.
This gap is explained in large part by the comparison base. The first half of 2025/26 had included €16.1 million in deferred revenues, linked to the delivery of additional content pre-sold in "season passes", compared to €2.7 million this year. The fiscal year calendar remains concentrated on the fourth quarter, where the main launches are scheduled.
Catalog Catalog Fund Up 8.1% for the Quarter
In the second quarter, revenue from the catalog fund (games released in previous fiscal years) increased by 8.1%. Chief Executive Officer Geoffroy Sardin emphasizes that this increase occurred "despite a high comparison base".
Two franchises contributed to this. According to the company, Warhammer 40,000: Space Marine 2 recorded a new player acquisition cycle and record engagement on Steam, driven by promotions and the launch of its third year of online content ("Year 3"), which took place on October 1, 2026. The first two episodes of A Plague Tale saw their quarterly revenue increase by 164%, following the release of the new installment.
The A Plague Tale franchise is approaching €150 million in player spending over its lifetime, a metric that includes VAT, platform commissions, and partnerships.
Half-Year Sales Down 23.5% Due to Deferred Revenues
Over the entire half-year period, revenue from new launches amounted to €17.0 million, compared to €35.1 million a year earlier. The catalog fund reached €78.3 million, compared to €93.7 million in the first half of 2025/26. Excluding deferred revenues, it is described as "virtually stable" by the group, which attributes this to the enhancement of titles several years after their release and the growing strength of online operations.
On the new releases front, Resonance: A Plague Tale Legacy received 92% positive reviews on Steam, but its launch "was not as dynamic as hoped", according to Geoffroy Sardin, who believes the game will contribute to the catalog fund. The performance of Gallipoli is described as meeting expectations, and the Train Sim World ecosystem as stable.
To put these figures in perspective, Pullup Entertainment had achieved revenue of €281 million for fiscal year 2025/26. The group indicates it is continuing its transformation towards greater revenue recurrence.
Road Kings Expected March 11, 2027, Clutch Spring 2027
Upcoming launches remain concentrated, as planned, on the fourth fiscal quarter. Road Kings, scheduled for release on March 11, 2027, is entering its final production phase and will benefit from a playable demo before its commercial release. Several titles from Dotemu and Focus Entertainment Publishing will follow, including Wardens of Avalon, Dungeons & Dragons: Long Rest Tavern and Acornia: Mirror Worlds.
Beyond that, Focus Entertainment Publishing will release Clutch in spring 2027, a new open-world racing franchise designed by Forza Horizon veterans. The group has also announced in recent months Warhammer 40,000: Space Marine 3, Bradley the Badger, Magicians: the Devil's Deal and Warhammer Age of Sigmar: Deathmaster. More than ten titles were presented at conferences such as Gamescom's Opening Night Live and the Future Games Show.
The program will be complemented by independent games under the "Deck 13 Spotlight" label and online content. Results for the first half of 2026/27 will be published on December 16, 2026, after the close of the stock exchange. Until then, the established fact from this publication remains a second quarter at €57.0 million, up 7.0%.
