Pullup Entertainment Posts Record Revenues and Splits From Streum on Studio

The success of Warhammer 40,000: Space Marine II is taking Pullup Entertainment to new heights. The French company has announced record revenues for the first half of the year, a share buyback programme and the split from Streum On Studio. The outlook is also very positive.

Pullup Entertainment has published its half-year report for 2024/25 (ending 30 September 2024). The French company formerly known as Focus Entertainment reports a record turnover of €234.3m (+176%) and an EBITA of €48.3m (previous year: -€1.5m). In the second quarter alone, the Group achieved record sales of €200.1m, compared with the previous 12-month record of €194.1m in 2022/23. Net profit for the period was €22.1m and earnings per share were €2.85, compared with €-11.5m and €-1.86 respectively in the first half of 2023/24.

The outlook is very positive, not only because of the continued strong performance of Space Marine II, but also because of the upcoming new releases. "For FY 2024/25, Pullup Entertainment expects very strong annual revenue growth, a very significant rebound in results and a significant reduction in net debt. The Group also expects to exceed, in the current fiscal year and the next two fiscal years, its record performance posted in fiscal year 2022/23 (revenue and EBITA). This performance will be driven by a powerful portfolio of new releases, a robust back catalogue and the development of Live operations," the company states.

Fabrice Larue, Chairman and CEO, said: "Our strategy is clear, execution comes first and we are demonstrating it. We have an ambitious line-up to deliver in the coming years, including, for next fiscal year, Memories in Orbit, Roadcraft, John Carpenter’s Toxic Commando, and particularly exciting Dotemu games that will be unveiled very soon. We are fully committed to creating strong value for the Group and all Pullup Entertainment shareholders."

The Board of Directors approved a share buyback programme on 10 December. In addition, Pullup Entertainment has sold its entire stake in Streum On Studio to the studio's founding partners. This decision was made by mutual agreement to allow each company to pursue its strategic goals independently. Space Hulk: Deathwing and Necromunda: Hired Gun, developed by Streum On Studio, will continue to be published by Focus Entertainment Publishing, a subsidiary of Pullup Entertainment Group. Focus Home acquired the French studio in April 2021.

Warhammer 40,000: Space Marine 2 was released in early September 2024 and continues to be a huge success. It has over 5 million unique players to date. As the game is not yet included in any subscription memberships, the five million players represent five million units sold. It was in the top 5 worldwide bestsellers on Steam over Thanksgiving, based on Steam and internal estimates. The company expects the game to be a long-term success - a major update was released on 10 December, and the Secret Level episode ("And They Shall Know No Fear") on Amazon Prime is likely to attract more attention.

Pullup Entertainment's games portfolio is positioned in the AA and independent segments. Train Sim World 5 continues to outperform previous versions thanks to its live model. The combined performance of the three independent games launched since the beginning of the third quarter has also been solid. These are Metal Slug Tactics from Leikir Studio (internal studio) and Dotemu, Void Crew from Hutlihut Games and Drova - Forsaken Kin. Drova is an action RPG that blends the dark, gritty tones of its genre with the mysticism of Celtic mythology from Just2D and Deck13 - both from Germany. The back catalogue continued to perform strongly as well. First-half revenues totalled €64.9m, up 11% on the same period last year.

Geoffroy Sardin, Deputy CEO of Pullup Entertainment, commented: "These excellent results reflect the relevance of Pullup Entertainment AA and indie games positioning, targeting particularly dynamic segments with passionate and highly engaged communities of players. Our titles, with their demanding gameplay, meet the current players' expectations for uncompromising experiences, as evidenced by the very high ratings on Steam for our last five releases. Our record-breaking results also illustrate the benefits gained from the organization's growing maturity and discipline. They further strengthen our visibility and confidence for the upcoming fiscal years."

Aurélien Briand, Chief Financial Officer, said: "Our record first-half financial results reflect the historical performance of Warhammer 40,000: Space Marine 2 and, to a lesser extent, the strong momentum of our back catalogue. EBITA amounted to €48.3m and came hand in hand with strong cash generation, excluding the WCR impact. As a result, earnings are expected to rise sharply over the year and net debt to be significantly reduced."