Pullup Entertainment's 2025/26 revenue fell 28% to €281.4 million, with a net loss of €12.9 million for shareholders

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Pullup Entertainment reported on Jun 11, 2026 that its revenue for the 2025/26 fiscal year, which ended Mar 31, 2026, was €281.4 million, down 27.8% from the year before. The group had announced the revenue figure on Apr 16, 2026. The net loss attributable to the group’s shareholders was €12.9 million, or €1.62 a share on a diluted basis, against a net profit of €19.4 million, or €2.49 a share, in 2024/25.1^,2^,3^,4^,5

The release named Focus Entertainment Publishing and Dotemu as the group’s publishing divisions. The AMF, France’s financial markets regulator, lists the release as inside information, its label for news a listed company must publish as soon as it can because it may move its price.6^,7

New releases brought in €82.3 million, against €257.8 million a year earlier, a year the release said benefited from the exceptional release of Warhammer 40,000: Space Marine 2. Back catalogue revenue rose 52.9% to €189.0 million, which the release put at 67% of total revenue.8^,9^,10

Adjusted EBIT for the year, a measure the group defined itself, was €12.6 million against €60.3 million, in line with what the release called recently revised guidance. The release defined it as the current profit of consolidated companies before goodwill amortization, acquisition-related amortization and the effect of subsidiary disposals or restructuring, plus tax credits for research, video games, audiovisual work and cinema.11^,12^,13

At Mar 31, 2026, gross cash was €52.0 million and net debt, as the group defined it, was €85.7 million, against €70.1 million at Mar 31, 2025. The release defined net debt as financial debt plus highly probable earnouts, less cash and cash equivalents, treasury shares allocated to external growth and self-liquidating audiovisual production loans.14^,15

In the release, the group listed what it called its upcoming line-up of more than 10 titles for fiscal 2026/27, among them Resonance: A Plague Tale Legacy, Road Kings and Warhammer Age of Sigmar: Deathmaster. Beyond that year, it counted around 15 core titles then in development, including Warhammer 40,000: Space Marine 3, Bradley the Badger and Magicians: The Devil’s Deal. Chief financial officer Aurélien Briand said the group did not reach all its financial objectives, and chief executive Geoffroy Sardin said that, though still highly competitive, the video game market was gradually regaining positive momentum.16^,17^,18^,19

Pullup also said it had sold its entire stake in the studio Douze Dixièmes to the studio’s founding partners, and that Focus would keep publishing its games Shady Part of Me and MIO: Memories in Orbit.20^,21

The release said the audit procedures on the annual statements had been completed and the audit report would be issued once the annual financial report had been verified. Its appendix gave the statements under French accounting standards.22^,23

We hold the text of this one release as the issuer’s distributor filed it with the AMF, with its pictures, charts and layout left out, and none of the documents it refers to.24