Pullup Entertainment (ALPUL) Q1 24/25 TU earnings summary

Executive summary

• First-quarter 2024/25 revenue reached €34.2m, down 11% year-over-year due to lack of major new releases compared to the prior year.

• Back-catalogue revenue grew 17%, highlighting the strength of established franchises and ongoing content updates.

• International sales represented 95% of total revenue, with nearly half from North America.

Financial highlights

• Back-catalogue revenue was €30.6m, up from €26.1m year-over-year.

• Catalogue revenue was €0.1m, not significant compared to the prior year.

• Other revenue increased 75% to €3.5m.

• Like-for-like revenue, excluding Scripteam, was €32.8m.

Outlook and guidance

• Second quarter expected to benefit from the launch of Expeditions: A MudRunner Game multiplayer mode and a major update for Atlas Fallen.

• Warhammer 40,000: Space Marine 2 set for release in September 2024, supported by a major marketing campaign.

• Management anticipates revenue growth and earnings rebound for full-year 2024/25, leveraging portfolio strength and new releases.