Pullup Entertainment (ALPUL) H1 24/25 earnings summary

Executive summary

• Revenue for H1 2024/25 reached €234.3M, up 176% year-over-year, driven by Warhammer 40,000: Space Marine 2 and strong back-catalogue performance.

• EBITA surged to €48.3M from -€1.5M, and net income attributable to the group was €22.1M, compared to a loss of €11.5M in the prior year; diluted EPS was €2.85.

• Over 5 million unique players for Warhammer 40,000: Space Marine 2, which ranked among the Top 5 global Steam sellers over Thanksgiving.

• Cash flow from operations improved to -€12.2M from -€41.3M, despite a €55M working capital outflow linked to the Space Marine 2 launch.

• Net debt stood at €127.2M, slightly improved from €132.6M at March 31, 2024; gross cash was €22.7M.

Financial highlights

• Revenue by geography: Americas 54%, EMEA (ex-France) 30%, France 5%, Asia 6%, Others 5%.

• Digital sales accounted for 89% of revenue, retail 9%, and other channels 2%.

• EBITDA reached €95.5M, up from €23.9M year-over-year.

• Operating margin (EBITA/revenue) was 21%, up from negative in the prior year.

• Major one-off: €4.3M impairment for a non-announced Streum On Studio game and €1.8M goodwill write-down.

Outlook and guidance

• FY 2024/25 guidance reaffirmed: strong annual revenue growth, sharp earnings rebound, and significant net debt reduction expected.

• Q3 2024/25 to feature launches of Metal Slug Tactics, Drova: Forsaken Kin, and Void Crew 1.0.

• Additional content planned for Warhammer 40,000: Space Marine 2 and other franchises.

• John Carpenter's Toxic Commando and MIO: Memories in Orbit delayed to FY 2025/26 for quality reasons.

• Anticipates exceeding FY 2022/23 record revenue and EBITA in the current and next two fiscal years, supported by new releases and live operations.