Pullup Entertainment (ALPUL) investor relations material

Executive summary

• Q4 revenue grew 53.3% year-over-year to €84.0 million, driven by a strong back catalog, though new releases underperformed internal targets due to intense competition and high expectations for key titles like Toxic Commando, Memories in Orbit, and Starship Troopers.

• Full-year back catalog revenue reached €189.0 million, up 52.9% year-over-year and nearly triple 2022/23 levels, reflecting the success of the portfolio and a shift toward recurring revenue.

• Twelve games were released this year, averaging 84% positive player ratings on Steam; five new games ranked in Steam's top 10 premium games by revenue at launch, with Roadcraft surpassing 1 million units sold and MARVEL Cosmic Invasion showing strong long-term sales potential.

• Warhammer 40,000: Space Marine 2 exceeded 12 million unique players, with over 30% of its revenue now from live content.

• Notable launches included John Carpenter's Toxic Commando (below expectations), Absolum (over 500,000 copies sold), and Roadcraft (over 1 million sold).

Financial highlights

• Q4 back catalog revenue was €52.1 million, up 87.2% year-over-year and above expectations.

• Q4 new releases generated €27.0 million, below internal expectations, mainly due to underperformance in March.

• Adjusted EBIT guidance for fiscal 2025/26 revised to €10–15 million, down from prior expectations, reflecting underperformance of some new releases and accelerated amortizations.

• Net debt expected between €85–90 million at March-end, with cash around €50 million.

• Other group revenue in Q4 was €4.9 million, up 2.7x year-over-year.

Outlook and guidance

• Adjusted EBIT for fiscal 2025/26 expected between €10–15 million, reflecting lower new release revenue, accelerated depreciation, and project cancellations.

• CapEx guidance for video games set at €70–80 million for fiscal 2026 and beyond, down from a previous range of €70–100 million.

• Prior targets for fiscal 2027 suspended; more details to be provided in June.

• Focus on prudence, selectivity, and visibility in new project investments to ensure profitable growth and cash flow generation.