PulluP Entertainment FY24 Annual Report

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PULLUP ENTERTAINMENT REPORTS 2024 /25 FULL -YEAR REVENUE
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Full -year revenue of €3 90.0 million,
up 101% from the previous record year 1

Broad and diversified performance:
Very strong growth from new releases
and remarkably resilient back catalogue, driven by Live games
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Targets confirmed for EBITA and a significant reduction in financial net debt

Focus Entertainment Publishing ranked as one of Metacritic’s 2 Top 5 publishers for
quality in 2024

Organization’s growing maturity and major partnerships :
– Geoffroy Sardin appointed as Chief Executive Officer
– Marion Dufour , Chief People Officer , appointed as a member of the Executive Committee
– Announcement of the development of Warhammer 40,000: Space Marine 3 , reaffirming
our long -term partnership with Games Workshop and Saber Interactive
– Major partnerships with leading names from the world of entertainment and creators of
iconic franchises: Marvel, Mattel, Koei Tecmo and Games Workshop

Rich and diversified line -up for FY 2025 /26, driven by Dotemu, Dovetail Games and
Focus Entertainment Publishing

2024 /25 full -year revenue – unaudited
In million € Q4 2024 /25 Q4 2023 /24 Change FY 2024 /25 FY 2023 /24 Change
New releases 3 25.2 21.6 +16.3% 257.8 53.6 x4.8
Back catalogue 27.9 35.4 -21. 2% 123.6 123.5 +0.1%
Other 1.8 2.0 -10.1 % 8.6 10.2 -15.3 %
Group revenue 54 .8 59.0 -7.1% 390.0 187.3 +108.2%
1 Revenue of €194.1 million in 2022/23 2 The Metacritic site is a leading aggregator of reviews and ratings for video games in particular. 3 Previously “Catalogue”

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PARIS, FRANCE – April 16, 2025 – PULLUP Entertainment (FR0012419307 – ALPUL) is reporting its full –
year revenue for FY 2024 /25 (unaudited) , ended 31 March, 2025.

Geoffroy Sardin, PULLUP Entertainment CEO, commented : “2024/25 was a remarkable year for PULLUP
Entertainment. Our full -year revenue came in 101% above our previous record year, Focus Entertainment
Publishing was named as one of the world’s top 5 publishers for game quality in the Metacritic 2024
rankings, and we significantly reduced our net debt.
These successes were built around a broad and diversified performance: very strong growth from new
releases and a notably resilient back catalogue, supported by our Live games, driving recurrent revenues .
Two key pillars underpin this performance: first, our strategic positioning on the AA and independent
segments, enabling us to reach passionate and highly engaged player communities. Second, the quality
and distinctiveness of our titles, built around uncompromising gameplay s, are perfectly aligned with
what players are looking for today ”.

Aurélien Briand, Chief Financial Officer, adds: “Today, we confirm our EBITA targets and a significant
reduction in financial net debt for FY 2024 /25. Looking ahead to FY 2025 /26, we have already unveiled
a very rich line -up of games. Next month will see the release of the highly anticipated Roadcraft
simulation game that builds on the legacy of our blockbuster SnowRunner . Alongside this, our
investments in Dotemu will start to bear fruit, with several upcoming new releases. During a recent
“Nintendo Direct ”, Dotemu notably revealed the eagerly awaited Marvel Cosmic Invasion, developed by
Tribute Games, the studio behind Teenage Mutant Ninja Turtles: Shredder’s Revenge which has reached
more than 3 million players. PULLUP Entertainment will also be launching two new titles for which we
own the intellectual property, Memories in Orbit and Absolum, to enhance our brand portfo lio. For
2025 /26, we confirm that we are on track to exceed our prior record levels of revenue and EBITA achieved
in 2022 -23”.

Geoffroy Sardin concludes: “Building on this excellent strategic and commercial momentum, we are
enhancing the maturity and discipline of our organization. This progress is reflected in our governance,
further strengthened through key leadership appointments, as well as the major partnerships signed
during the year with leading names from the world of entertainment, including Marvel, Mattel, Koei
Tecmo as well as Games Workshop with the development of Warhammer 40,000: Space Marine 3 . We
are strengthening f urther PULLUP Entertainment’s value creation potential .”
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Revenue for FY 2024 /25 reached €3 90.0 million, up 108% from the previous year and 101% compared
with our record performance of €194.1 million from 2022 /23.
For the fourth quarter, revenue were €54. 8 million, down 7. 1% year -on -year , which had seen the release
of Banishers: Ghosts of New Eden and Expeditions: A MudRunner Game .

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Revenue generated by our new releases came to €257.8 million for FY 2024 /25 and €25.2 million for the
fourth quarter, compared with €53.6 million and €21.6 million the previous year. FY 2024/25 saw the
following new releases: Warhammer 40,000: Space Marine 2, Train Sim World 5, Drova and Metal Slug
Tactics .
Warhammer 40,000: Space Marine 2 continues to deliver record -breaking performances and is
supported by a robust Live plan with free content for all players, as well as paid cosmetic items. Train
Sim World 5, developed by Dovetail Games, continues to outperform the previous versions in terms of
revenue, acquisition and activity thanks to regular Live content, including the dedicated DLC for Mattel’s
Thomas & Friends brand, securing very high levels of engageme nt.

Back catalogue revenue totaled €123.6 million for the year and €27.9 million for the fourth quarter,
compared with €123.5 million and €35.4 million the previous year. This outstanding resilience, despite
a significant downturn in new releases the previous year, was supported by the performance and depth
of our games portfolio, including: SnowRunner, Insurgency: Sandstorm, Atomic Heart, Expeditions: A
MudRunner Game, Train Sim World, A Plague Tale and Teenage Mutant Ninja Turtles: Shredder’s
Revenge.

Geoffroy Sardin appointed as PULLUP Entertainment’s Chief Executive Officer
On 6 March, 2025, t he Board of Directors of PULLUP Entertainment appointed Geoffroy Sardin as a
corporate officer and Chief Executive Officer, with a delegation of the Company’s operational
management, effective April 1, 2025.

Marion Dufour, Chief People Officer , appointed to PULLUP Entertainment’s
Executive Committee
To support PULLUP Entertainment’s ambitions, the Group has further strengthened its Executive
Committee with the appointment of Marion Dufour , Chief People Officer . A Sciences Po Paris graduate,
and with a master’s in human resources, Marion Dufour brings deep expertise in HR strategy and
management. She has extensive experience leading HR operations in international environments,
supporting organizational transformations and talent development. Marion began her career with Lo uis
Vuitton, then Ubisoft befor e moving to PULLUP Entertainment in 2023.

Development of Warhammer 40,000: Space Marine 3 announced
Building on Warhammer 40,000: Space Marine 2 success, Focus Entertainment Publishing, Games
Workshop and Saber Interactive announced the development of Warhammer 40,000: Space Marine 3 ,
the next installment in the legendary franchise set in the Warhammer 40,000 universe. Focus
Entertainment Publishing will maintain an ambitious content roadmap for Space Marine 2 in the coming
years.

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Focus Entertainment Publishing takes 5th place in Metacritic’s 2024 global game
publisher rankings
Highlighting the relevance of its publishing strategy, Focus Entertainment Publishing was ranked fifth
best video game publisher worldwide for 2024 by Metacritic.

Targets confirmed
PULLUP Entertainment confirms a very significant rebound in results in FY 2024 /25, with EBITA to range
between €55 million and €60 million, approximately doubling its previous best performance from FY
2022 /23. The Group also confirm s a sharp reduction in net debt at the end of FY 2024 /25, thanks in
particular to a strong operational cash flow generation.

PULLUP Entertainment also expects to exceed , in the next two fiscal years, its p rior record performance
posted in FY 2022 /23 in terms of both revenue and EBITA. This performance will be driven by a strong
portfolio of new releases, a robust back catalogue and the development of Live operations.

Titles announced for FY 2025 -26
• Focus Entertainment Publishing: Memories in Orbit (a Group’s new IP, developed by DOUZE
DIXIÈMES, a Group studio), Roadcraft and John Carpenter’s Toxic Commando
• Dotemu: NINJA GAIDEN: Ragebound, Marvel Cosmic Invasion and Absolum (a Group’s new IP)
Other games will be unveiled during the year. The line -up will be further strengthened with new releases
from the Dovetail Games studio and independent titles from the Deck 13 Spotlight and The Arcade Crew
labels, as well as an ambitious Live content program.

Share buyback program
Following the announcement on 12 December, 2024, 241,616 PULLUP Entertainment shares were
purchased by 31 March, 2025 at an average price of €19.92. This illustrates management’s confidence
in the Group’s perspectives .

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About PULLUP Entertainment
With over 600 employees across Europe and revenue of €390 million in 2024 -25, PULLUP Entertainment
is a major player in the video game and entertainment industry. The Group operates through:
Two Publishing Divisions:
• FOCUS ENTERTAINMENT PUBLISHING , a global leader in publishing, known for successful
titles such as A Plague Tale , SnowRunner and Warhammer 40,000: Space Marine 2 .
• DOTEMU , a specialist in independent and retro gaming, publisher of TMNT: Shredder’s
Revenge and Streets of Rage 4 .

Six Development Studios & One Audiovisual Structure:
• DOVETAIL GAMES (Train Sim World ), DECK13 (The Surge ), BLACKMILL GAMES (WW1 Game
Series ), LEIKIR STUDIO (Metal Slug Tactics ), DOUZE DIXIÈMES (Shady Part of Me and
Memories in Orbit ), and CARPOOL STUDIO (new Live Service IP).
• SCRIPTEAM , dedicated to adapting our licenses into series and films.

For all PULLUP Entertainment financial information, visit www.pullupent.com .

Upcoming event: 2024 -25 annual results : June 12, 2025 (after market close)

Contacts
Investor Relations
Aurélien Briand – Chief Financial Officer
Tel: +33 (0)1 55 26 85 00
Email: IR@pullupent.com

Jean Benoît Roquette
Tel: +33 (0)6 33 67 79 49
Email: jeanbenoit@balboaconseil.com

Press Relations
Clémence Bigeon
Tel: +33 (0)1 55 26 85 00
Email: Clemence.BIGEON@focusent.com

Constance Baudry
Tel: +33 (0)6 82 43 69 62
Email: constance.baudry@agence -constance.fr