Pullup Entertainment (ALPUL) Q1 2026 TU earnings summary

Executive summary

• Q1 revenue reached a record high of €79.3 million, up 132% year-over-year, driven by strong back catalog and the launch of RoadCraft, surpassing previous records from fiscal 2021.

• Back catalog revenue rose 91% to €58.4 million, led by Warhammer 40,000: Space Marine 2 and other live titles.

• New releases contributed €18.6 million, mainly from RoadCraft, which significantly outperformed expectations.

• The company is leveraging live management best practices and targeting a resilient, engaged player base with unique, high-value experiences.

• Board proposes a €1 per share dividend, reflecting strong operating cash flows, transformation strategy benefits, and recent share buybacks.

Financial highlights

• Q1 2025/26 group revenue reached €79.3 million, compared to €34.2 million in Q1 2024/25.

• New releases revenue surged to €18.6 million from €0.1 million year-over-year.

• Back catalog revenue set a record at €58.4 million, up from €30.6 million, with €19 million due to deferred revenue from Space Marine 2 content.

• Excluding €19.0 million deferred revenue, back catalog still achieved a record €39.4 million.

• Other revenue declined 34% to €2.3 million.

Outlook and guidance

• Fiscal 2026 top line and adjusted EBIT are expected to exceed FY2023 levels, with further adjusted EBIT growth in FY2027 and FY2028.

• FY2026 and FY2027 sales are projected to surpass the prior record of €194 million, with FY2026 expected above the consensus of €253 million.

• No significant deferred revenue is expected in upcoming quarters as Space Marine 2's Year One content is fully delivered.

• Upcoming releases include Ninja Gaiden: RageBound and Abyssus, with strong demo feedback and more titles to be announced.