Pullup Entertainment With Second-Best Quarterly Results, Drova Beats Expectations

Thanks to Warhammer 40,000: Space Marine 2 with six million players to date, Pullup Entertainment continues to do very well. Metal Slug Tactics, Void Crew and Drova have also exceeded expectations.

In the third quarter of 2024/25 (October to December 2024), Pullup Entertainment, formerly Focus Entertainment, achieved revenues of €100.8 million, the company's second-best quarterly result ever - only the previous quarter was stronger thanks to the release of Warhammer 40,000: Space Marine 2. Compared to Q3 2023/24, revenues grew by almost 133% year-on-year.

Just over two-thirds of revenues were generated by games released in the current fiscal year, with the remaining third coming from the back catalogue. Geoffroy Sardin, Deputy CEO of Pullup Entertainment, commented: "The performance of Warhammer 40,000: Space Marine 2 is exceptional: the game concludes 2024 among the best-selling titles on major platforms, with 6 million unique Players [at 16 January 2025]."

Train Sim World 5 reached "record-breaking sales and engagement figures" and the three indie games Metal Slug Tactics, Drova and Void Crew collectively exceeded management's expectations. The Action-RPG Drova - Forsaken Kin, developed by Just2D in Magdeburg and published by Deck13 Spotlight in Frankfurt, launched better than expected.

Aurélien Briand, Chief Financial Officer, said: "Revenue for the quarter, which exceeds €100 million, represents our second-best historical performance after the record set in the previous quarter. These very positive trends allow us to reaffirm our annual targets, including EBITA expected to range between €55 million and €60 million, approximately doubling our previous best year in 2022/23. The Group also confirm its expectation of a sharp reduction in net debt."

Geoffroy Sardin concludes: "The 2025/26 fiscal year will notably feature the launch of Ninja Gaiden: Ragebound, unveiled during the opening of the Game Awards 2024. The community engagement KPIs already make it one of the most anticipated titles in Dotemu's history. This game joins a very rich line-up for the next fiscal year, which will be further enhanced by upcoming announcements and an ambitious Live content program." Dotemu is the group's indie publishing arm.

For the first nine months of the year, revenues reached €335.1 million, representing a significant growth of +161%. The strength of the back catalogue is driven by the performance of SnowRunner, Insurgency: Sandstorm and Expeditions: A MudRunner Game, as well as A Plague Tale (franchise co-owned with Asobo Studio) and Teenage Mutant Ninja Turtles: Shredder's Revenge (Dotemu).

Pullup is forecasting strong annual revenue growth, with EBITA expected to be between €55 million and €60 million, approximately double the previous best year (2022/23). The group also confirms its expectation of a significant reduction in net debt.

"The Group also expects to exceed, in the next two fiscal years, its prior record performance posted in fiscal year 2022/23 (revenue and EBITA). This performance will be driven by a powerful portfolio of new launches, a robust back catalog and the development of Live operations," the company states. Fiscal year 2025/26 will see the launch of Memories in Orbit, developed by Douze Dixièmes (a group studio), Roadcraft, John Carpenter's Toxic Commando and Ninja Gaiden: Ragebound. The line-up will be further enhanced by upcoming announcements and live content.

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