Pullup Entertainment (ALPUL) Q3 2026 TU earnings summary

Executive summary

• Q3 revenue was €64.8 million, down 36% year-over-year, but nine-month revenue reached €197.4 million, surpassing the previous full-year record, despite a 41% decline from the prior year due to an exceptional release impact.

• Back catalog accounted for 69% of nine-month revenue, up 41% in Q3 and 43% over nine months, highlighting recurring business strength and robust growth from key franchises and live games.

• New releases, including Absolum and Marvel Cosmic Invasion, contributed to profitability and received highly positive player reviews.

• Live games contributed to long-term player engagement and revenue stability, with market trends favoring live games and long-term engagement.

• Q4 is expected to be a major contributor to full-year guidance, with four new releases planned.

Financial highlights

• Nine-month revenue reached €197.4 million, surpassing the previous full-year record of €194 million from FY2023.

• Back catalog revenue hit a record €137.1 million for the first nine months, accounting for 69% of total revenue.

• Q3 back catalog revenue was €43 million, up 41% year-over-year.

• New releases generated €20.1 million in Q3, a 71% decline year-over-year due to the prior year's exceptional title launch.

• Space Marine 2's live content represented 25% of its Q3 revenue.

Outlook and guidance

• Q4 is anticipated to be the biggest ever, with strong back catalog and new releases including Toxic Commando and MIO: Memories in Orbit.

• Financial targets for FY 2025/26 are confirmed, with expectations to exceed FY 2022/23 records in both revenue and Adjusted EBIT.

• Adjusted EBIT growth is projected for 2026/27 and 2027/28.

• Full-year adjusted EBIT margin expected to be close to H1 levels.