Pullup Entertainment · EURONEXT:ALPUL
Pullup Entertainment — FY2023/24 Earnings Presentation
39 slides from Pullup Entertainment's earnings presentation, Jun 20, 2024
Slide 1: FY Results 2023/2024 Presentation
FY RESULTS 2023/2024 PRESENTATION (EURONEXT: ALFOC) June 20, 2024
Slide 2: Watch the FY Results 2023/24 Recording
WATCH THE FY RESULTS 2023/24 RECORDING CLICK HERE CLICK HERE 2
Slide 3: Pullup Entertainment FY 2023/24 Annual Results
PULLUP ENTERTAINMENT FY 2023/24 ANNUAL RESULTS JUNE 20, 2024 Speakers Fabrice LARUE - Chairman of the Board & CEO Geoffroy SARDIN – Deputy CEO Laure d’HAUTEVILLE – Chief Financial Officer 3
Slide 4: Key Figures FY 2023-24
KEY FIGURES FY 2023-24 • A year of consolidation and integration of new entities in an industry seeking optimization • Net rev : 187,3 Meuros , EBITA: -0,3 Meuros, EBITDA : 65,3 Meuros • Back-catalog outperformance notably driven by live portofolio games : +89% vs FY2022/23 • Back-catalog represents
Slide 5: Key Group Highlights FY 2023-24
KEY GROUP HIGHLIGHTS FY 2023-24 • Acquisition of DOVETAIL Games, the world leader in video games railway simulation, an activity with high recurring revenues • Creation of SCRIPTEAM, audiovisual production platform whose purpose is to produce series and films based on the group's IP • A new organiza
Slide 6: Agenda
AGENDA 1 MARKET TRENDS 2 PULLUP ENTERTAINMENT TODAY 3 2023-2024 FULL YEAR RESULTS 4 OUTLOOK 5 Q&A 6
Slide 7: Market Trends
MARKET TRENDS 7
Slide 8: A growing market driven by PC and console, while mobile is flat
A GROWING MARKET DRIVEN BY PC AND CONSOLE, WHILE MOBILE IS FLAT CONSOLE GAMES MOBILE GAMES +2% FLAT 28% Video games estimated revenue in FY24 52% 166B€ +2% vs FY23 20% PC GAMES +5% SOURCES: Newzoo / Internal estimations 8
Slide 9: Breaking record of consoles install base
BREAKING RECORD OF CONSOLES INSTALL BASE + 7 M FY 24 27M + 17 M FY 24 FY24 CONSOLE INSTALL BASE + 21 M FY 24 57M 225Munits + 25% vs FY 23 141M SOURCES: Panels / Internal estimations 9
Slide 10: PC & Console games market: a rebound after the post-COVID period
PC & CONSOLE GAMES MARKET : A REBOUND AFTER THE POST COVID PERIOD DRIVEN BY EXTRA CONTENT TOTAL WORDWIDE PC & CONSOLE GAMES MARKET (In B€) 66,1 B€ 63,9 B€ 66,4 B€ 68,4 B€ -3% +4% +3% 34,1 33,1 35,5 37,4 Extra Content Base Game 32 30,8 30,8 31,1 FY21 FY22 FY23 FY24 SOURCES: Panels / Internal estimati
Slide 11: A massive adoption of subscription model
A MASSIVE ADOPTION OF SUBSCRIPTION MODEL NUMBER OF SUBSCRIBERS BY 1st PARTY FY 24 (In M users) 45,6 39,0 34,6 More than 1 of 2 consol owner has subscribed to a 1st party service as of today Game Pass NSW Online PS+ SOURCES: Earning calls /Internal estimations 11
Slide 12: Cloud gaming becomes more and more a game changer
CLOUD GAMING BECOME MORE & MORE A GAME CHANGER Full launch 2008 2012 2013 2015 2016 2017 2019 2020 2021 2022 2023 12
Slide 13: FY25 Outlook: increase in console install base in a flat market
FY 25 OUTLOOK : INCREASE IN CONSOLE INSTALL BASE IN A FLAT MARKET CONTEXT WHERE EXTRA CONTENT OFFSETS BASE GAME LOSS CONSOLE INSTALL BASE EVOLUTION FY25 TOTAL GAMES MARKET OUTLOOK (in M units) (In B€) 63,9 B€ 66,4 B€ 68,4 B€ 68,4 B€ +4% +3% +0% 260 M FY 25 35,6 37,3 38,4 33,1 Extra Content 225 M + 3
Slide 14: Pullup Entertainment Today
PULLUP ENTERTAINMENT TODAY 14
Slide 15: A collective of world-renowned creative talents under a powerful brand name
PULLUP ENTERTAINMENT : A COLLECTIVE OF WORLD-RENOWNED CREATIVE TALENTS UNDER A POWERFUL AND INSPIRING BRAND NAME PUBLISHING A/AA+ PUBLISHING Indie/rétro ASSOCIATE STUDIOS Support services: Scripteam, Data and support functions (HR, Legal, Finance) 15
Slide 16: 2 new associate studios join Pullup Group
2 NEW ASSOCIATE STUDIOS JOIN PULLUP GROUP Studio that developed the multi-award-winning Founded in 2011 by industry veterans, whose game Chants of Sennaar, including best video teams specialize in creating successful game at Pegasus 2024 franchises such as BioShock, XCOM, Borderlands It demonstrates
Slide 17: Our ambition: become a global leader in AA & indie games
OUR AMBITION : BECOME ONE OF THE GLOBAL LEADERS IN THE DEVELOPMENT AND PUBLISHING OF AA & INDIE GAMES 4 strategic pillars The PULLUP model 1 Develop IP/co-IP to create franchises that will contribute to Agility through shorter, less risky the Group's results (target +50% of sales in own IP/co-IP) pr
Slide 18: New COMEX of Pullup Entertainment
NEW COMEX OF PULLUP ENTERTAINMENT Fabrice Larue Chairman & CEO Geoffroy Sardin DEPUTY CEO John Bert Cyrille Imbert Ahmed Boukhelifa Laure d’Hauteville Philippe Perthuis MD CEO DEPUTY CEO CFO General Secretary STUDIOS 18
Slide 19: 2023-2024 Full Year Results
2023-2024 FULL YEAR RESULTS 19
Slide 20: A robust line up: 11 releases across the group
A ROBUST LINE UP : 11 RELEASES ACROSS THE GROUP 20
Slide 21: Video 2023-2024
VIDEO 2023-2024 CLICK HERE CLICK HERE 21
Slide 22: FY 2023/24 - Revenue
FY 2023/24 - REVENUE (in millions of euros) FY 2023/2024 FY 2022/2023 Var. Catalogue 53.6 126.4 -58% Back-catalogue 123.5 65.2 +89% Other 10.2 2.5 X4 Total Revenue 187.3 194.1 -4% • FY revenue of €187.3m out of which two-thirds from the robust back catalog • Back-catalog : €123.5m + 89% thanks to Te
Slide 23: FY 2023/24 - Revenue
FY 2023/24 - REVENUE PULLUP Entertainment Gamers by geography Video Game market growth vs PULLUP Entertainment EMEA 42% CAGR PULLLUP: 7.0% of revenue CAGR MARKET: 5.3% Asia-ROW 12% of revenue Americas 46% of revenue 2019 2020 2021 2022 2023 Video Game Market* PulluP Source: NewZoo PC & Console Gamin
Slide 24: FY 2023/24 – Profit & Loss
FY 2023/24 – PROFIT & LOSS Gross Margin at 24% • Below FY 2022/2023, a year marked by the remarkable success, among (in millions of euros) FY 2023/24 FY 2022/23 other successful launches, of Teenage Mutant Ninja Turtles: Shredder's Revenge launched that year Revenue 187,3 100% 194,1 100% • Marked in
Slide 25: FY 2023/24 – Balance Sheet
FY 2023/24 – BALANCE SHEET Goodwill increase driven by DOVETAIL Games’ acquisition and to a lesser extent SCRIPTEAM Intangible Assets represent €162m 03/31/2024 03/31/2023 03/31/2024 03/31/2023 - Games related at €150m to be compared to €118m in 2022/23 +27% Total Total Total Total YoY €350.5m €307.
Slide 26: FY 2023/24 – Cash Flow
FY 2023/24 – CASH FLOW EBITDA 65,2 Non cash items 0,2 Tangible & Intangible assets acquisitions (82,3) Intangible Asset Investment in line with expectations and totalling (19,3) €81m in FY 2023/24 Change in working capital Operating cash-flow (36,2) Net cash resulting from change in perimeter (69,6)
Slide 27: May 2024 – Successful capital increase
MAY 2024 – SUCCESSFULL CAPITAL INCREASE A strengthened financial position and is in better position to seize PulluP Entertainment successfully completes its capital new development opportunities increase with a total gross amount of €23.08m after full exercise of the extension clause and the over-al
Slide 28: Outlook
OUTLOOK 28
Slide 29: Next releases (publicly announced)
NEXT RELEASES ( publicly announced) Space Marine 2 Toxic Commando Metal Slug Tactics DOUZE-DIXIÈMES City Transport Sim: Train Sim World Memories In Orbit Tram Tycoon 29
Slide 30: Metal Slug Tactics
METAL SLUG DOTEMU / LEIKIR RELEASE DATE: FALL 2024 PLATFORMS: NS | PS | XBOX | PC TACTICS A GREAT COMEBACK AN AWAITED INDIE GEM +180 500K 1M 250K PRESS TRAILERS SOCIAL MEDIA STEAM WISHLISTS ARTICLES VIEWS IMPRESSIONS #98 Top #10 MOST WISHLISTED GAMES OF MOST PLAYED DEMOS OF THE VERY POSITIVE STEAM N
Slide 31: Space Marine 2
RELEASE DATE: Sept 9, 2024 SPACE MARINE 2SABER INTERACTIVE | FOCUS PLATFORMS: PS5 | XSX | PC A GIANT HYPE AAvery positive POSITIVE commercial COMMERCIAL start START 8M TOP 5 VIEWS on multiplayers mode reveal SELLING GAME ON STEAM trailer the first Pre-order week TOP 5 1.3 M WISHLISTS ON STEAM & MOST
Slide 32: Lifetime potential revenue of games to be launched over the next 3 years
LIFETIME POTENTIAL REVENUE OF GAMES TO BE LAUNCHED OVER THE NEXT 3 YEARS Chained Echoes Metal Slug Tactics TOXIC COMMANDO Train Sim Classic City Transport Sim Tram Train Sim World Roblox MIO SPACE MARINE 2 01/04/2024 Legend: >€10m Lifetime Potential Revenue > €50m to 26 projects in Co & Own IP & 33
Slide 33: In a nutshell
IN A NUTSHELL Transformation Mid term since 2020target to on A strong back An independent increasetrack Co-IP & catalogue with key player on ownown IP, new iconic franchises & indies, retro 50% IP or co- growth heavy live gaming and AA+ owned IP opportunities management focus markets Transformation
Slide 34: What's next? Investor Day October 17
WHAT’S NEXT ? PULLUP Entertainment INVESTOR DAY Thursday, October 17 34
Slide 35: Video Next Releases
VIDEO NEXT RELEASES CLICK HERE CLICK HERE 35
Slide 36: Q&A
Q&A 36
Slide 37: Appendixes
APPENDIXES 37
Slide 38: Disclaimer
DISCLAIMER This presentation (“Presentation”) has been produced by PULL UP ENTERTAINMENT (the "Company") for the sole purpose of being used at investor presentations. By receiving this Presentation, and/or attending this meeting, you acknowledge yourself to be acquainted with the following restricti
Slide 39: Douze-Dixièmes / Carpool Studio
DOUZE-DIXIÈMES CARPOOL STUDIO
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