Pullup Entertainment (ALPUL) H2 2025 earnings summary

Executive summary

• Record revenue of €390 million for FY24/25, doubling the previous best year, driven by Space Marine 2, strong new releases, and a robust back catalogue.

• Adjusted EBIT (EBITA) reached €60.3 million, up 112% from the 2022/23 record and at the top end of guidance, with strong operating cash flow and net debt reduced to €70.1 million.

• Net profit reached €20.1 million, a turnaround from a €19.2 million loss the previous year, and EBITDA more than doubled to €138.9 million.

• Space Marine 2 achieved 7 million unique players, and Roadcraft exceeded 600,000 players in three weeks, both outperforming expectations.

• Management expects further growth in revenue and adjusted EBIT for 2025/26, supported by Dotemu, new releases, and back-catalogue performance.

Financial highlights

• Revenue grew 108% year-over-year to €390 million, with new releases contributing €257.8 million, nearly 5x the prior year.

• Gross margin rose to 30% of revenue, consistent with historical levels and reflecting strong topline performance.

• EBITDA reached a record €138.9 million; CapEx was €94.4 million, including initial payments for Space Marine 2.

• Cash and cash equivalents increased to €61.7 million from €18 million year-over-year.

• Net debt reduced sharply from €132.6 million to €70.1 million.

Outlook and guidance

• FY26 is expected to deliver further revenue and Adjusted EBIT growth, supported by a rich line-up of new games and continued strong back catalogue performance.

• Q1 FY26 will be particularly strong due to new releases and deferred revenue recognition from Space Marine 2's season pass.

• Full-year revenue is expected to exceed the €254 million analyst consensus, with gross margin remaining around 30%.

• CapEx for FY26 is projected in the €80–100 million range, reflecting new project starts.

• EBITA growth targeted for 2026/27 and 2027/28, with continued focus on value creation for shareholders.