Pullup Entertainment (ALPUL) Q3 24/25 TU earnings summary

Executive summary

• Q3 2024/25 revenue reached a record €100.8 million, up 2.3x year-over-year, driven by strong new releases and robust back catalog performance.

• Warhammer 40,000: Space Marine 2 surpassed 6 million unique players and achieved Platinum status on Steam.

• Train Sim World 5 delivered record sales and engagement, with the franchise showing continued growth.

• Three indie games—Metal Slug Tactics, Drova, and Void Crew—collectively exceeded expectations.

Financial highlights

• Group revenue for the first nine months was €335.1 million, up 161% year-over-year.

• Catalog revenue in Q3 was €68.5 million, up from €8.9 million in Q3 2023/24; back catalog revenue grew 4.5% to €30.8 million.

• Other revenue declined 69.1% to €1.5 million in Q3.

• EBITA for FY 2024/25 is expected between €55 million and €60 million, nearly double the previous record year.

Outlook and guidance

• Annual revenue growth and a significant rebound in results are expected for FY 2024/25, with EBITA guidance reaffirmed.

• Anticipates exceeding prior record performance in both revenue and EBITA over the next two fiscal years, supported by new launches and a strong back catalog.

• 2025/26 will feature major launches including NINJA GAIDEN: Ragebound, Memories in Orbit, Roadcraft, and John Carpenter's Toxic Commando.