Pullup Entertainment (ALPUL) H1 2026 earnings summary

Executive summary

• H1 2025/26 revenue was €133 million, the second-best first half in company history, but down 43% year-over-year due to the prior year's exceptional Warhammer 40,000: Space Marine 2 release.

• Record back-catalogue sales reached €93.7 million, up 44.4% year-over-year, with strong live games and portfolio management.

• Adjusted EBIT for H1 was €14.2 million; net income/group share was €2.1 million.

• The company increased its stake in Carpool Studio to 58.9%, to be fully consolidated in H2.

• Dotemu and Dovetail franchises delivered strong results, with Absolum nominated for Best Independent Game at The Game Awards.

Financial highlights

• Revenue: €132.6M (-43% YoY); launches €35.1M, back-catalogue €93.7M (+44.4% YoY), other €3.7M.

• Gross margin: 30.4% (down from 32.9% YoY); Adjusted EBIT: €14.2M; EBITDA: €39.5M.

• Net income/group share: €2.1M; EPS: €0.27; net profit group share fell 91% YoY.

• Cash and equivalents: €44.9M (down from €61.7M at March 2025); net debt: €84.8M.

• CapEx for H1 was €36.3M, with full-year CapEx expected below €85M.

Outlook and guidance

• Financial targets for FY 2025/26 and the next two years are confirmed, with expectations to exceed 2022/23 records in revenue and Adjusted EBIT.

• H2 expected to outperform H1 due to a dense release slate, including Memories in Orbit, John Carpenter's Toxic Commando, and Marvel Cosmic Invasion.

• Gross margin improvement anticipated mid-term as in-house development increases.

• CapEx will remain above D&A for the next 18 months due to ongoing investment in internal studios and IP.