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Pullup Entertainment (ALPUL) investor relations material
Pullup Entertainment Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 revenue was €64.8 million, down 36% year-over-year, with nine-month revenue at €197.4 million, surpassing the previous full-year record but down 41% from the prior year due to an exceptional release last year.
Back catalog represented 69% of nine-month revenue, showing robust growth of 41% in Q3 and 43% over nine months, driven by key franchises and live games.
New releases, including Absolum and Marvel Cosmic Invasion, contributed €20.1 million in Q3 and received highly positive player reviews.
Q4 is expected to be a major contributor to full-year guidance, with four new releases planned and continued catalog momentum.
Financial highlights
Nine-month revenue reached €197.4 million, surpassing the previous full-year record of €194 million set in FY2023.
Back catalog revenue hit a record €137.1 million for the first nine months, accounting for 69% of total revenue.
Q3 back catalog revenue was €43 million, up 41% year-over-year.
New releases generated €20.1 million in Q3, a 71% decline year-over-year due to the prior year's exceptional title launch.
Outlook and guidance
Q4 is anticipated to be the biggest ever, with strong back catalog and new releases including Toxic Commando and MIO: Memories in Orbit.
Financial targets for FY 2025/26 are confirmed, with expectations to exceed FY 2022/23 records in both revenue and Adjusted EBIT.
Adjusted EBIT growth is projected for 2026/27 and 2027/28.
Full-year adjusted EBIT margin expected to be close to H1 levels.
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