Pullup Entertainment (ALPUL) Q1 2027 TU earnings summary

Executive summary

• Q1 revenue reached €44.4 million, down 44% year-over-year, mainly due to lower deferred revenue and fewer new releases.

• Back catalog sales remained robust, with Space Marine 2 unit sales exceeding Q1 last year, driven by strong brand, live operations, and pricing strategy.

• Plague Tale franchise saw renewed momentum, selling over 500,000 units since June and the announcement of Resonance: A Plague Tale Legacy, ahead of expectations.

• Upcoming releases include Resonance: A Plague Tale Legacy, Gallipoli, BioEden, Road Kings, and a new Train Sim World iteration in Q2.

• Key contributors included Absolum, Atomic Heart, John Carpenter's Toxic Commando, Marvel Cosmic Invasion, RoadCraft, SnowRunner, Train Sim World, and Warhammer 40,000: Space Marine 2.

Financial highlights

• Group revenue for Q1 was €44.4 million, a 44% decrease from the previous year, attributed to last year's RoadCraft release and Space Marine 2 deferred revenue.

• Back catalog revenue was €40.1 million versus €58.4 million last year; excluding deferred revenue, both periods were €39.3 million.

• New releases generated €1.9 million, a sharp decline from €18.6 million year-over-year.

• Deferred revenue impact: €0.9 million in Q1 2026/27 vs €19.0 million in Q1 2025/26.

• Space Marine 2 sales volume increased year-over-year, though absolute value was slightly below last year due to pricing and content mix.

Outlook and guidance

• Q1 back catalog performance, excluding deferred revenue, is considered sustainable for the rest of the year, with some quarterly fluctuations expected.

• No expectation of a continued 30% decline in back catalog for the full year; trend is not extrapolated.

• Focus on transformation towards asset ownership, with 14 projects in development based on proprietary or co-owned IP.

• Emphasis on recurring revenue streams, particularly through Live content.

• Resonance: A Plague Tale Legacy is expected to perform well, with wishlists and pre-orders ahead of previous franchise entries.