Pullup Entertainment (ALPUL) H1 2026 TU earnings summary

Executive summary

• Achieved the second-best first half in company history with revenue of EUR 133 million, driven by strong execution, integration of owned IP development, and robust back catalog performance.

• Released five new titles in H1, including Roadcraft and Abyssus, with plans for more than five in H2; new releases and live game updates contributed to growth.

• Back catalog revenue hit a record EUR 94 million, up 44% year-on-year and 48% at constant exchange rates, reflecting strong recurring business and successful live operations.

Financial highlights

• H1 revenue reached EUR 133 million, down year-on-year due to last year's exceptional Space Marine 2 release, but still the second-best first half ever.

• New releases generated EUR 35 million in revenue, led by Roadcraft and supported by Abyssus, Drop Duchy, Ninja Gaiden: RageBond, and Transcend World 6.

• Back catalog revenue hit EUR 94 million, up 44% year-on-year and 48% at constant exchange rates, marking a record six-month performance.

• Q2 back catalog revenue was EUR 35.3 million, up 3% year-on-year and 6% at constant exchange rates.

• Other revenue streams declined 29.8% year-on-year in H1.

Outlook and guidance

• Fiscal 2026 top line and adjusted EBIT are expected to exceed FY2023 record levels, with growth projected for both fiscal years 2027 and 2028.

• H2 back catalog revenue is expected to be similar to H1, excluding EUR 19 million deferred revenue from Space Marine 2 season pass.