PulluP Entertainment lost more than a quarter of its revenue over the year, with FY 2025/26 revenue falling to €281.4 million from €390.0 million in FY 2024/25, a 27.8% decline. The top-line drop, however, came alongside a much stronger finish to the year: fourth-quarter revenue rose 53.3% year over year to €84.0 million, and back catalogue sales reached a record €189.0 million for the full year.
That combination explains why the story is more nuanced than the headline suggests. FY 2024/25 was inflated by the exceptional launch of Warhammer 40,000: Space Marine 2, while FY 2025/26 relied more heavily on recurring revenue and a broader mix of launches. The bigger problem came late in the year, when several March releases underperformed management’s internal forecasts, forcing the group to cut adjusted EBIT guidance to €10 million-€15 million, guide net debt to €85 million-€90 million at March 31, 2026, and suspend its previously communicated 2026/27 targets until the full-year earnings update scheduled for June 11, 2026.
PulluP Entertainment FY 2025/26 revenue results
On the face of it, FY 2025/26 was a reset year after an extraordinary prior period. Revenue of €281.4 million was down sharply against FY 2024/25, but it was still 45.0% above the group’s previous record year of FY 2022/23, when revenue reached €194.1 million. Management also said FY 2025/26 was, by far, the company’s strongest year without a new Space Marine release, which matters because it shows the group can now generate a much larger base of revenue without depending on a single blockbuster launch cycle.
Quarter by quarter, the year followed a clear pattern. The first half generated €132.6 million, the first nine months reached €197.4 million, and the final quarter added €84.0 million. By January, the company had already exceeded its old FY 2022/23 full-year record on a nine-month basis, even before the March quarter was booked. That is why the annual decline is best read as a normalization from an exceptional comparison year rather than evidence that PULLUP’s business model stopped working.
PulluP Entertainment fourth-quarter revenue breakdown
The March quarter was split across three revenue buckets: €27.0 million from new releases, €52.1 million from back catalogue, and €4.9 million from other revenue, for total quarterly revenue of €84.0 million. Back catalogue was the dominant driver, growing 87.2% year over year and doing most of the work behind the quarter’s 53.3% total growth.
PULLUP said four titles launched during the quarter: Memories In Orbit, Starship Troopers: Ultimate Bug War!, Thomas & Friends: Wonders of Sodor, and John Carpenter’s Toxic Commando. Even with those launches, the company’s fourth-quarter message was that recurring catalogue revenue and signed partnerships were stronger than expected, while new-release revenue came in below internal ambitions.
Why PulluP Entertainment revenue declined year over year
The biggest reason PULLUP Entertainment revenue declined year over year was the absence of another Warhammer 40,000: Space Marine 2-sized launch. In FY 2024/25, new releases generated €257.8 million. In FY 2025/26, new releases generated just €82.3 million. That single change explains most of the annual revenue drop.
The second reason was that the company’s late-year launch slate did not meet its own targets. Management said Toxic Commando had a solid start but still came in below ambitious expectations, while Memories In Orbit and Starship Troopers disappointed despite positive player ratings. On the call, executives said visibility was not the main issue; the larger problem was intense competition around those release windows.
Warhammer 40,000: Space Marine 2 comparison effect on revenue
Space Marine 2 distorted the comparison base because FY 2024/25 was a genuinely exceptional launch year. In the company’s FY 2024/25 materials, PULLUP described Space Marine 2 as the best launch in its history, said it had reached 7 million players by June 2025, and linked its success directly to the huge jump in annual revenue and profit.
By April 2026, Space Marine 2 had not stopped contributing. Management said the game had reached more than 12 million unique players and that a meaningful share of its revenue was now coming from extra content, helping turn what was once launch revenue into long-tail catalogue revenue. That is why Space Marine 2 appears in both sides of the story: it made the comparison brutally hard, but it also helped cushion the decline through live content and catalogue sales.
PulluP Entertainment new releases performance and revenue impact
The year’s new-release performance was mixed rather than uniformly weak. In the first half, PULLUP said Abyssus, Drop Duchy, Ninja Gaiden: Ragebound, and Roadcraft drove €35.1 million in new-release revenue and were met with an excellent response from players. In the third quarter, Absolum and Marvel Cosmic Invasion helped generate €20.1 million in new-release revenue, while management described Marvel Cosmic Invasion as strongly profitable and Absolum as an excellent performer.
The trouble arrived in the March quarter. Toxic Commando still produced a solid launch and management said it should remain a profitable investment, but the company had set its expectations too high for a crowded March market. Memories In Orbit and Starship Troopers were weaker than expected commercially, even though both benefited from positive player feedback. Thomas & Friends, by contrast, performed in line with expectations.
That is what makes the revenue impact important: the problem was not simply a lack of quality. Management said the group released 12 titles during the year with an average positive player rating of 84% on Steam, and five of its new games ranked in Steam’s top 10 premium titles by revenue at launch. In other words, PULLUP produced several commercially relevant releases, but not enough of them scaled to offset the prior year’s blockbuster effect.
PulluP Entertainment biggest game launches in FY 2025/26
Roadcraft was one of the clearest winners of the year. PULLUP said in Q1 that the game significantly outperformed initial expectations, and by the April 2026 conference call management said it had crossed 1 million units sold. That makes it one of the company’s most meaningful FY 2025/26 releases both strategically and commercially.
Absolum was another standout. It launched on October 9, 2025, was one of the top 10 best sellers on Steam in its first days, later passed 500,000 copies sold, and helped Dotemu earn a place among the year’s best-reviewed publishers. Marvel Cosmic Invasion also mattered because management described it as strongly profitable and a likely long-term seller rather than a short-lived spike.
Train Sim World 6 and Toxic Commando were important in different ways. Train Sim World 6 extended one of the group’s most durable recurring franchises, while Toxic Commando showed that PULLUP can still launch higher-profile AA projects at scale, even if this one landed below ambitions. The weakest commercial outcomes among the late-year launches were Memories In Orbit and Starship Troopers: Ultimate Bug War!, which mattered disproportionately because they arrived in a quarter that management had expected to be a major contributor to full-year performance.
PulluP Entertainment back catalogue revenue growth explained
The strongest part of the year was the back catalogue. PULLUP reported record back-catalogue revenue of €58.4 million in Q1, €93.7 million in the first half, €137.1 million in the first nine months, and €189.0 million for the full year. By year-end, catalogue revenue represented 67% of total sales, up 52.9% year over year and nearly three times the level achieved in FY 2022/23.
Management consistently linked that growth to three things: the depth of the portfolio, better monetization years after launch, and the ramp-up of live operations. Across different quarters the company specifically cited Warhammer 40,000: Space Marine 2, SnowRunner, Train Sim World, Atomic Heart, Insurgency: Sandstorm, A Plague Tale, Void Crew, and other evergreen titles as key contributors. The Q4 call also said signed partnerships helped the catalogue outperform expectations in the final quarter.
PulluP Entertainment biggest game launches in FY 2025/26
The biggest launches were not all equivalent in scale, but they formed a clear hierarchy. Roadcraft and Absolum were the most obvious commercial wins, Marvel Cosmic Invasion and Train Sim World 6 strengthened the mid-tier of dependable performers, and Toxic Commando landed in the middle ground as a release that appears commercially viable but not transformative. Memories In Orbit and Starship Troopers ended up on the opposite side of that divide.
From an investor perspective, the most important takeaway is that PULLUP now has multiple titles capable of delivering meaningful launch revenue, but it still lacks a second FY 2024/25-style super-hit to replace Space Marine 2 at the top of the stack. That is why the company could post a record back catalogue and a stronger Q4, yet still end the year down sharply on revenue and with lower profit expectations. This is an interpretation grounded in the company’s reported mix of €82.3 million in new-release revenue versus €189.0 million in back-catalogue revenue for FY 2025/26.
Dotemu releases and contribution to PulluP Entertainment revenue
Dotemu was central to PULLUP’s FY 2025/26 plan from the beginning. In quarterly reports across the year, management repeatedly said FY 2025/26 would be supported by significant progress in Dotemu revenue. The label’s line-up included Absolum, Abyssus, Drop Duchy, Marvel Cosmic Invasion, Ninja Gaiden: Ragebound, Battlestar Galactica: Scattered Hopes, and later Starship Troopers: Ultimate Bug War!
By Q3, management said Dotemu had shown it could release numerous high-quality titles within a single fiscal year. By Q4, the label had produced one of the group’s most successful new games in Absolum, a profitable and durable title in Marvel Cosmic Invasion, and enough critical momentum to rank No. 9 in Metacritic’s 2025 publisher rankings. That ranking did not eliminate commercial misses such as Starship Troopers, but it reinforced the idea that Dotemu is increasingly important to the group’s release cadence, owned-IP ambitions, and review strength.
Focus Entertainment Publishing pipeline and upcoming titles
Focus Entertainment Publishing’s next wave extends beyond FY 2025/26. The near-term slate already included Memories In Orbit, Roadcraft, and John Carpenter’s Toxic Commando, while the broader pipeline now features Road Kings for 2026, Resonance: A Plague Tale Legacy for 2026, and Warhammer 40,000: Space Marine 3 in development. PULLUP’s Q4 call also referenced unannounced Focus titles as part of the coming years.
That pipeline matters because it shows how the company wants to replace one-off volatility with a steadier mix of established franchises, co-owned IP, and internally developed titles. Space Marine 3 extends the company’s biggest current franchise, Resonance keeps A Plague Tale active as a premium narrative-action brand, and Road Kings gives Focus another simulation project with franchise potential. At the same time, Space Marine 2 itself will continue receiving updates, so the pipeline is not just about new launches but also about extending the life of existing hits.
PulluP Entertainment profitability outlook and adjusted EBIT guidance
The sharpest downgrade in the April update was not revenue but profit expectations. Earlier in FY 2025/26, PULLUP had repeatedly said it expected to exceed its FY 2022/23 record in both revenue and adjusted EBIT. That previous adjusted EBIT record was €28.4 million. By April 2026, the company had cut FY 2025/26 adjusted EBIT guidance to €10 million-€15 million.
Management gave unusually direct color on the downgrade. More than half of the EBIT miss came from March launches falling short, including the related accelerated depreciation, while the rest came from projects canceled after the portfolio review. The update also reflected the postponement of Battlestar Galactica: Scattered Hopes to FY 2026/27. In Q&A, management specifically said the most impacted titles were mainly Starship Troopers, Memories In Orbit, and Toxic Commando, and that Starship Troopers was close to being fully depreciated.
PulluP Entertainment cost-cutting and investment strategy changes
PULLUP’s response to the weaker quarter is a tighter operating model rather than a strategy rewrite. Geoffroy Sardin said the group had completed a full review of sales projections, planning, and portfolio assumptions, and that it was moving to an even more selective approach focused on prudence, visibility, healthy growth, and cash-flow generation. The company also said it would keep stricter cost discipline and sign fewer new projects.
The clearest numerical sign of that shift is the CapEx framework. Management cut its multi-year video-game CapEx range to €70 million-€80 million from the previous €70 million-€100 million. Some games in development were canceled after the review, and the earlier Q3 release had already said Leikir Studio activity would be discontinued as PULLUP adapted its portfolio toward the projects with the highest potential.
PulluP Entertainment net debt update and balance sheet outlook
Net debt is expected to end FY 2025/26 between €85 million and €90 million, with cash around €50 million, according to management’s April 2026 comments. That compares with €84.8 million of net debt at September 30, 2025 and €70.1 million at March 31, 2025. So leverage is higher than a year ago, but it is still being managed inside a balance-sheet strategy that was strengthened by refinancing earlier in the fiscal year.
That refinancing was important. In July 2025, PULLUP secured €168 million of new bank financing, including a €120 million senior loan, a €20 million revolving credit facility, and a €28 million line for external growth and investment needs, with maturities extending into 2031 and 2032. On the April 2026 call, management still described the balance sheet as solid and explicitly said deleveraging would be one of the uses of future cash generation.
PulluP Entertainment game delays and schedule changes
Schedule changes shaped the fiscal year long before the April downgrade. In October 2024, the company said John Carpenter’s Toxic Commando and MIO: Memories in Orbit would be released in FY 2025/26 instead of the prior fiscal year, with the extra development time intended to help both projects reach their full potential and deliver higher-quality player experiences.
The schedule moved again inside FY 2025/26. Gamescom 2025 positioned Battlestar Galactica: Scattered Hopes, Toxic Commando, and Gallipoli for early 2026, but by April 2026 PULLUP said Battlestar Galactica had been delayed to FY 2026/27 and also confirmed that some projects in development had been canceled after the portfolio review. Management further said it would stay agile on future launch timing depending on the confirmation of Grand Theft Auto VI’s release date, underscoring how competitive timing now matters as much as raw game quality.
Live operations strategy driving recurring revenue at PulluP Entertainment
The back-catalogue surge was not accidental; it was tied to a deliberate live-operations strategy. In its annual report, PULLUP said one of its three core strategic pillars is to enhance recurrence by building live expertise. The company highlighted Train Sim World as an evergreen ecosystem with more than 100 DLCs accounting for 50% of franchise revenue, and said multiple FY 2025/26 releases would also receive long-term live support.
Space Marine 2 sits at the center of that model. PULLUP’s June 2025 presentation described 16 free updates, eight paid DLC packs, roughly 250 cosmetic items, and an approximately 30% first-year season-pass attach rate for the game, while the April 2026 call said a meaningful share of Space Marine 2 revenue was already coming from extra content. That is the clearest sign that the group is trying to convert hits from short-lived launch spikes into recurring revenue assets.
What investors should watch in PulluP Entertainment’s next earnings update
The next major milestone is the June 11, 2026 full-year earnings update. Investors will likely focus first on the exact bridge from revenue to adjusted EBIT: how much of the shortfall came from launch underperformance, how much came from cancellations and impairments, and whether any additional portfolio clean-up is still to come. That matters because the company has already suspended its previously communicated 2026/27 targets.
The second focus is cash generation and leverage. Management has made free cash flow, CapEx selectivity, and deleveraging central to its new message, so the June update needs to show what a more cautious capital-allocation model looks like in practice. The third focus is the release calendar: investors will want clearer timing and commercial framing for Road Kings, Resonance: A Plague Tale Legacy, the next Train Sim World cycle, the Carpool Studio live game, and the longer-term role of Space Marine 3, especially if industry timing around GTA VI changes the competitive landscape in late 2026. This is an inference based on the issues management repeatedly highlighted in the April call and the official pipeline already announced.
Frequently Asked Questions (FAQs)
- What was PulluP Entertainment’s FY 2025/26 revenue?
PULLUP Entertainment reported FY 2025/26 revenue of €281.4 million. - How much did PulluP Entertainment revenue decline year over year?
Revenue fell 27.8% from €390.0 million in FY 2024/25 to €281.4 million in FY 2025/26. - Did PulluP Entertainment’s fourth quarter grow or decline?
Fourth-quarter revenue grew 53.3% year over year, rising to €84.0 million from €54.8 million. - What was PulluP Entertainment back catalogue revenue in FY 2025/26?
Back catalogue revenue reached a record €189.0 million for the year, up 52.9% year over year and equal to 67% of total revenue. - Why did PulluP Entertainment revenue decline despite strong Q4 growth?
The full-year comparison was weighed down by the exceptional FY 2024/25 launch of Space Marine 2, while several March 2026 releases came in below internal expectations. - Which FY 2025/26 games performed best for PulluP Entertainment?
Management highlighted Roadcraft, Absolum, Train Sim World 6, and Marvel Cosmic Invasion as strong performers, with Roadcraft passing 1 million units sold and Absolum topping 500,000 copies sold. - Which games underperformed expectations?
PULLUP said Toxic Commando had a solid launch but landed below ambitious expectations, while Memories In Orbit and Starship Troopers: Ultimate Bug War! disappointed commercially despite positive player feedback. - What is PulluP Entertainment’s new adjusted EBIT guidance?
The company now expects FY 2025/26 adjusted EBIT of €10 million to €15 million. - What is PulluP Entertainment’s expected net debt at March 31, 2026?
Management expects net debt between €85 million and €90 million, with cash around €50 million. - When is PulluP Entertainment’s next earnings update?
The company said it expects to provide its FY 2025/26 full-year earnings update on June 11, 2026.
conclusion
PulluP Entertainment lost more than a quarter of its revenue over the year, but FY 2025/26 was not a simple collapse story. It was a year in which a record €189.0 million back catalogue, stronger live operations, and several successful releases were still not enough to match the one-off power of Space Marine 2’s launch year. The result was a business that looked stronger in recurrence, but weaker in near-term profit conversion when late-quarter releases missed targets.
That leaves the company at an important crossroads. The recurring-revenue model is clearly working better than it did a few years ago, yet the April reset showed that release timing, portfolio selectivity, and capital discipline are now just as important as creative quality. June’s earnings update will matter because it should show whether PULLUP can turn a deeper back catalogue and broader pipeline into more predictable cash flow, lower leverage, and a more resilient earnings profile.
sources and citation
- PULLUP Entertainment reports its 2025/26 fourth-quarter revenue
https://drive.google.com/file/d/13bVRyFGIdU8n3UHIBfIOcmz-NRtxCxTi/view?usp=sharing - Earnings call transcript: Pullup Entertainment Q4 2025-2026 sees strong back catalog growth
https://ng.investing.com/news/transcripts/earnings-call-transcript-pullup-entertainment-q4-20252026-sees-strong-back-catalog-growth-93CH-2444895 - PULLUP Entertainment reports its first-half 2025/26 earnings / Q2 revenue materials
https://cdn.focus-home.com/admin/investor/website/desktop/_FILES/Resultats_Semestriels/Communiques_de_presse/pullup_pr_fy26_half_year_earnings_english_vdef.pdf - PULLUP Entertainment Q3 2025/26 revenue release
https://cdn.focus-home.com/admin/investor/website/desktop/_FILES/Resultats_Trimestriels/Communiques_de_presse/pullup_q3_fy26_pr_english_final.pdf - PULLUP Entertainment FY 2024/25 earnings and annual report / presentation
https://cdn.focus-home.com/admin/investor/website/desktop/_FILES/Assemblees_Generales/rfa_pullup_2024_25_en_20250911.pdf - PULLUP Entertainment refinancing announcement
https://cdn.focus-home.com/admin/investor/website/desktop/_FILES/Communiques/cp_pullup_refinancement_bancaire_30072025_en_clean.pdf - Gamescom 2025 announcement slate and Focus Entertainment Publishing pipeline updates
https://cdn.focus-home.com/admin/investor/website/desktop/_FILES/Communiques/cp_pullup_entertainment_gamescom_2025_eng.pdf - Financial calendar and next earnings date
https://pullupent.com/en/ir/financial-calendar-contact - Dotemu’s 2025 publisher ranking on Metacritic
https://www.metacritic.com/pictures/2026-game-publisher-rankings/ - October 2024 schedule shift moving Toxic Commando and MIO into FY 2025/26
https://cdn.focus-home.com/admin/investor/website/desktop/_FILES/Communiques/fy25q2_pe_rev_eng_16202024.pdf
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