Pullup Entertainment (ALPUL) H2 2026 earnings summary

Executive summary

• Full-year revenue reached EUR 281.4 million, with back catalog revenue up 53% year-over-year to EUR 189 million, now representing 67% of total revenue and nearly triple FY 2023 levels.

• Released 12 titles with an average 84% Steam satisfaction rate and strong Metacritic rankings.

• Adjusted EBIT was EUR 12.6 million, in line with revised guidance.

• Net loss (Group share) was EUR 12.9 million, compared to a profit of EUR 19.4 million in the prior year.

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

Financial highlights

• Revenue declined 27.8% year-over-year, mainly due to the prior year’s exceptional Warhammer 40,000: Space Marine 2 release.

• Adjusted EBIT dropped 79% to EUR 12.6 million; EBITDA fell 43% to EUR 79.6 million.

• Net debt increased to EUR 86 million, including EUR 52 million in cash.

• Operating cash flow was EUR 6.5 million, aided by favorable royalty timing but down from EUR 52.1 million in the prior year.

• Diluted EPS was a loss of EUR 1.62, compared to a profit of EUR 2.49 last year.

Outlook and guidance

• Over 10 titles planned for release in FY 2027, including major launches and new IPs, with a development pipeline of around 15 core titles focused on proprietary IP.

• Back catalog and live content expected to provide strong revenue visibility.

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

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

• EBITDA for video games expected to exceed CapEx, indicating a trend toward positive free cash flow.