Pullup Entertainment (ALPUL) H1 2026 earnings summary

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.