Record Revenues for Pullup Entertainment With Space Marine 2

Pullup Entertainment, formerly Focus Entertainment, has announced record revenues. Thanks to Warhammer 40,000: Space Marine 2, the French company has generated more revenue in a single quarter than in its previous record year of 2022/23. Space Marine 2 has now been played by more than 4.5 million unique players.

In the first half of the year, the revenues of Pullup Entertainment reached €234.3m (+176%). In the second quarter alone, the group's revenues reached a record level of €200.1m, compared to a record full year revenues of €194.1m in 2022/23, driven by the releases of Warhammer 40,000: Space Marine 2 and Train Sim World 5.

"Our second-quarter revenue exceeds the previous record set for the full 2022-23 fiscal year. The launch of Warhammer 40,000: Space Marine 2 is remarkable in terms of numbers and execution. Meanwhile, Train Sim World 5 continued the franchise's growth trajectory in its first few weeks of release," Geoffroy Sardin, Deputy CEO of Pullup Entertainment, commented. "The back catalog, which reflects the recurring nature of our business, continued its solid performance. These excellent performances allow us to consider our capital allocation with confidence, focusing on three key areas. Firstly, the de facto reduction in the Group's net debt. Secondly, the mobilisation of our resources in favour of higher-potential internal and publishing projects. Thirdly, we are listening to any high-quality external growth opportunities that may arise."

Warhammer 40,000: Space Marine 2, published by Focus Entertainment Publishing and developed by Saber Interactive, is the best launch in the Group's history. The game has already attracted more than 4.5 million unique players to date, making it one of the top 5 launches of the year - based on GSD and company communications as of the end of September 2024. Train Sim World 5, developed by Dovetail Games, has outperformed previous instalments in terms of revenue, acquisition and activity. Both games are receiving "substantial live support" in order to build a catalogue of games with recurring revenue, which is the company's goal. Incidentally, Dovetail Games and Mattel have entered into a multi-year partnership to bring Mattel's licensed IP to the Dovetail Games portfolio.

Fabrice Larue, Chairman and CEO of Pullup Entertainment, said: "The dynamic performance of the AA market and independent games, where Pullup Entertainment is perfectly positioned, is confirmed. This quarter excellent results, both for our launches and for our back catalog, bolster our strategy, based on three pillars: amplifying the value of our historical publishing activity, internalising high-value assets and developing the recurrence of our revenues. These three pillars are the driving force behind strong value creation for all Pullup Entertainment shareholders."

Revenues from the back catalogue amounted to €34.3m, up 6%. "This good performance is all the more remarkable given that Banishers: Ghosts of New Eden, despite being hailed by the press and players, did not deliver the expected commercial success," the company states. "Pullup Entertainment continues to engage its players' with regular updates and content (...)". The publisher also states that the free and complete update for Atlas Fallen: Reign of Sand, developed by Deck13, has been "very well received by players".

The third quarter of fiscal year 2024/25 will see the release of Metal Slug Tactics, based on an SNK licence, published by Dotemu and developed by Leikir. John Carpenter's Toxic Commando, developed by Saber Interactive, and Mio: Memories in Orbit, developed by Douze Dixieme and published by Focus Entertainment Publishing, will now be released in fiscal year 2025/26. This additional development time should improve the quality of the games.

The half-yearly fiscal report also states: "Given the performance of Warhammer 40,000: Space Marine 2 and the updated game release schedule, Pullup Entertainment now expects very strong revenue growth and a very significant rebound in its earnings for the 2024/25 fiscal year. The Group also expects to exceed, in the current fiscal year and the following two fiscal years, its record performance established during the 2022/23 fiscal year in revenue and EBITA."

Pullup Entertainment employs over 600 people, mainly in Europe. The company has two publishing arms: Focus Entertainment Publishing (AA video game publisher) and Dotemu (indie publisher and developer). The group has seven development studios: Dovetail Games (UK), Deck13 Interactive (Germany), Blackmill Games (Netherlands), Leikir Studio (France), Streum on Studio (France), Twelve Tenths (France) and Carpool Studio (France). Last but not least, there is Scripteam, an audiovisual production company specialising in the adaptation of the Group's video game licences into series or feature films.

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