Pullup Entertainment (ALPUL) Q2 24/25 TU earnings summary

Executive summary

• Achieved record Q2 2024/25 revenue of €200.1m, surpassing previous annual records.

• Warhammer 40,000: Space Marine 2 launch attracted over 4.5 million unique players and is among the top 5 launches of the year.

• Train Sim World 5 outperformed previous franchise entries in revenue and engagement.

Financial highlights

• H1 2024/25 revenue reached €234.3m, up 176% year-over-year.

• Q2 catalog revenue was €164.0m, up from €12.6m in Q2 2023/24, driven by new releases.

• Back catalog revenue grew 6% to €34.3m in Q2, with strong recurring contributions from established franchises.

• Other revenue increased 35% to €1.8m in Q2.

Outlook and guidance

• Expects very strong revenue growth and a significant rebound in earnings for FY 2024/25.

• Anticipates exceeding record revenue and EBITA from 2022/23 in the current and next two fiscal years.

• Upcoming releases include Metal Slug Tactics in Q3 2024/25; some titles delayed to 2025/26 for quality.