Pullup Entertainment recorded a solid performance in Q3 of 2025/26, with the two Dotemu titles, Absolum and Marvel Cosmic Invasion, performing particularly well. The entire back catalogue also grew strongly. Financial targets for the full year were confirmed.
In the third quarter, the French Pullup Entertainment group generated €64.8 million in revenue (unaudited), which was 35.7% less than in the previous year when the success of Warhammer 40,000: Space Marine II, launched in September 2024, was still being felt. From October to December 2025, Pullup generated €20.1 million from new releases, €43.4 million from its back catalogue and €1.3 million from 'other' sources.
Geoffroy Sardin, CEO, comments: "Our Back Catalogue, which represents a substantial share of our activity for the first nine months of the year, and the solid performance from our 2025/26 releases, reflect the first tangible results of our investments, with a more recurring business profile and the success of Absolum, an internally owned and developed new brand. The recurrence and the internalization of value, combined with our strong execution in terms of games’ quality, will drive our profitability and cash generation over the medium term."
Among the new releases, Absolum (Dotemu) stands out thanks to its "very positive player reviews and excellent performance", while Marvel Cosmic Invasion (also Dotemu) is highlighted for its "very positive player reviews and strong profitability". RoadCraft and Train Sim World 6 have also achieved solid business performances.
"Our Back Catalogue performed very solidly in the third quarter, posting a 41% growth, thanks in particular to excellent momentum for Warhammer 40,000: Space Marine 2 and its Live operations. It also benefited from its outstanding depth, with very steady activity levels for Atomic Heart, Insurgency: Sandstorm, SnowRunner and for the Train Sim World and A Plague Tale franchises. Our Back Catalogue provides us with a recurring foundation upon which we can build the Group's transformation strategy." - Geoffroy Sardin, CEO
In the first nine months of the current year (April to December), revenue amounted to €197.4 million. In the previous year, the bottom line for this period was €335.1 million, which was also strongly influenced by Space Marine II. Nevertheless, the result for the publisher remains very strong. "We have already exceeded our previous record of €194.1 million, which was achieved over a full year in 2022/23," said the company. Over the first nine months, Back Catalogue accounted for 69% of the group's total revenue.
The fourth quarter will be a key contributor to Pullup's annual financial performance. There will be four new releases, including John Carpenter's Toxic Commando, which will benefit from an increase in upcoming marketing activity, and Memories in Orbit, developed by the in-house studio Douze Dixième. The Back Catalogue is expected to maintain its momentum and benefit from existing partnerships. Pullup: "Lastly, we are maintaining disciplined cost management, continuing to adapt our organization to evolving market trends and confirming our 2025/26 financial targets."
For the 2025/26 financial year, Pullup Entertainment has confirmed that it expects to exceed its previous record performance in terms of both revenue and adjusted EBIT, set in FY 2022/23. This growth will be driven by strong back catalogue performance, as well as significant progress with Dotemu's revenue. Furthermore, the Group anticipates delivering growth in its adjusted EBIT over the 2026/27 and 2027/28 periods.
Line-up for 2025/26
Pullup Entertainment operates through Focus Entertainment Publishing and Dotemu. With over 600 employees across Europe and revenue of €390 million in the 2024/25 financial year, the group is a major player in the video game and entertainment industry. The group comprises five internal development studios: Dovetail Games (Train Sim World), Deck13 (The Surge), Blackmill Games (WW1 Game Series), Douze Dixièmes (Shady Part of Me and Memories in Orbit), and Carpool Studio (a new live service IP). Last but not least is one audiovisual structure: Scripteam, which adapts Pullup's licences for series and films.
