Pullup Entertainment (ALPUL) H2 2026 earnings summary

Executive summary

• FY 2025/26 revenue reached €281.4 million, a record for a year without a major new Warhammer release, but represented a 27.8%–28% decline year-over-year due to lower new release revenue, partially offset by a strong back catalogue.

• Adjusted EBIT dropped 79% to €12.6 million, in line with revised guidance, while EBITDA was €79.6 million.

• Net loss was €12.8–12.9 million, compared to a profit in the prior year, reflecting lower sales and restructuring costs.

• Twelve games were released with an average 84% Steam satisfaction rate and strong Metacritic rankings.

• The company is focusing on expanding publishing, internalizing high-value assets, and a robust pipeline with over 10 titles for FY 2026/27 and 15 core projects in development.

Financial highlights

• Back catalogue revenue surged 52.9%–53% to €189 million, nearly triple FY 2022/23, now representing 67% of total revenue.

• New release revenue fell 68% to €82.3 million, with most Q4 sales materializing late in March.

• Gross margin was €68.3 million (24%), down from €115.3 million (30%) year-over-year, impacted by lower new release revenue and accelerated depreciation.

• Operating cash flow was €6.5 million, with €52 million in cash and cash equivalents at year-end.

• Net debt increased to €85.7–86 million from €70.1 million at the previous year-end.

Outlook and guidance

• Over 10 titles planned for release in FY 2026/27, including major launches and new IPs, with a continued focus on back catalogue contributions.

• No new guidance provided for the current fiscal year due to intense market competition.

• Consensus for FY 2027 adjusted EBIT at €21 million aligns with internal budget but is sensitive to release schedule.

• Strategic selectivity and rationalization will reduce videogame CAPEX to €70–80 million per year.

• The development pipeline beyond FY 2026/27 includes around 15 core titles, with a focus on proprietary IP.