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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Pullup Entertainment (ALPUL) investor relations material
Pullup Entertainment H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary9 Dec, 2025
Executive summary
H1 revenue reached EUR 133 million, the second-best first half in company history, driven by a record back catalog and strong live games performance, though down year-over-year due to the prior exceptional release of Space Marine 2.
Adjusted EBIT for H1 was EUR 14.2 million; net income for H1 was EUR 2.1 million, with diluted EPS at EUR 0.26.
Dotemu delivered solid results with Marvel Cosmic Invasion and Absolum, with Absolum nominated for Best Independent Game at The Game Awards.
The company is focused on mid-priced AA and indie games, with a strategy to increase IP ownership and internal development for higher profitability.
Recent acquisition increased stake in Carpool Studio to 58.9%, to be fully consolidated in H2.
Financial highlights
Revenue declined 43% year-over-year due to the prior year's exceptional Warhammer 40,000: Space Marine 2 release.
Back catalogue revenue rose 44.4% to EUR 93.7 million, a record, while new releases generated EUR 35.1 million.
Adjusted EBIT for H1 was EUR 14.2 million, down 71% year-over-year; EBITDA was EUR 39.5 million, down 59%.
Net income for H1 was EUR 2.1 million after goodwill amortization, financial expenses, and taxes.
CapEx for H1 was EUR 36.3 million, with full-year CapEx expected below the midpoint of the EUR 70–100 million guidance.
Cash position decreased from EUR 62 million to EUR 45 million during H1, mainly due to working capital changes and financing flows.
Net debt increased from EUR 70 million to EUR 85 million, with gross debt stable at EUR 143 million and maturity extended to 2032.
Outlook and guidance
Fiscal 2026 targets confirmed: top line and adjusted EBIT above FY 2023 record levels, with growth in Adjusted EBIT projected for 2026/27 and 2027/28.
H2 expected to outperform H1 due to a dense release slate, with several major titles launching in Q3 and Q4.
Gross margin improvement anticipated mid-term as in-house development increases, but not meaningfully next year.
CapEx will remain above D&A for the next 18 months due to ongoing investment in internal studios and IP.
Upcoming releases include Memories in Orbit, John Carpenter's Toxic Commando, and several Dotemu titles.
When is Carpool Studio's new IP game expected?
Q4 releases' cash flow impact on FY26
Marvel Cosmic Invasion long-term monetization strategy?
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Next Pullup Entertainment earnings date
Q3 2026 TU15 Jan, 2026
Next Pullup Entertainment earnings date
Q3 2026 TU15 Jan, 2026
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Frequently asked questions
Pullup Entertainment Société anonyme is a French company that specializes in the development, publishing, and distribution of video games. The company produces games across various genres, including action, strategy, and sports, and releases these on multiple platforms such as PCs, consoles, and mobile devices. Pullup Entertainment collaborates with game development studios to support the entire production process, including financing, marketing, and sales. The company is headquartered in Paris, France, and its shares are listed on the Euronext Paris.
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