Pullup Entertainment (ENXTPA:ALPUL) TTM Net Loss Undercuts Bullish Margin-Turnaround Narrative

Pullup Entertainment Société anonyme (ENXTPA:ALPUL) opened H1 2026 with trailing twelve month revenue of about €288 million and a small net loss of €0.7 million, translating to TTM EPS of roughly -€0.09, setting a cautious backdrop for its latest update. The company has seen reported half year revenue move from €102 million in H2 2024 to €234 million in H1 2025 and €156 million in H2 2025, while EPS swung from -€1.36 to €2.90 and then -€0.36, a choppy pattern that puts the spotlight firmly on how sustainable any margin progress might be from here.

See our full analysis for Pullup Entertainment Société anonyme.

With the headline numbers on the table, the next step is to see how this earnings path squares with the key narratives around Pullup Entertainment, and which stories about its margins and future profitability really hold up under the data.

Curious how numbers become stories that shape markets? Explore Community Narratives

67.5% Forecast Earnings Growth Without Revenue Lift

• Analysts expect earnings to grow about 67.51% per year over the next three years, even though revenue is forecast to edge down by roughly 0.3% per year over the same period.
• Bulls focus on this projected earnings rebound, yet the data show the business is still loss making on a trailing 12 month basis with net income of about €0.7 million in the red. The optimistic view therefore depends heavily on margins improving rather than sales expanding.
  • Consensus narrative notes a path back to profitability within three years, but the latest trailing 12 month EPS is still slightly negative at about €-0.09, which means that turnaround is not visible in reported profit yet.
  • What stands out is that trailing 12 month revenue of roughly €288 million is already higher than any single half year in the historical series. The debate is therefore less about growing the top line and more about how efficiently that revenue can be converted into earnings.

Over the last year, the real question is whether this margin led story can deliver fast enough to justify the growth outlook analysts are building in. 📊 Read the full Pullup Entertainment Société anonyme Consensus Narrative.

Cheap 0.4x Sales Multiple With DCF Upside

• The shares trade at about 0.4 times sales, compared with roughly 0.8 times for peers and 1.8 times for the wider European entertainment group, and sit near €15.28 versus a DCF fair value estimate of about €17.46.
• Supporters argue this discount creates a value angle, but the same data set flags that the company has been unprofitable over the last 12 months and that losses have expanded by around 14.9% per year over five years. The low multiple therefore comes with clear execution risk.
  • From a bullish perspective, trading roughly 12.5% below the DCF fair value and with a consensus upside implication of about 105.5% to a €31.40 target price leaves room for a re rating if profitability materialises.
  • Critics highlight that the stock also carries a high level of debt and a 6.54% dividend not covered by earnings, which means the apparent bargain on sales and DCF is balanced against balance sheet and payout pressures that need to be managed.

Volatile Swings Between Profit And Loss

• Recent halves show sharp shifts, from net income of about €22.1 million in H1 2025 to a loss of roughly €2.8 million in H2 2025, with EPS moving from about €2.90 to approximately €-0.36 over that period.
• Bears point to this choppy track record as evidence of fragile profitability, and the trailing 12 month figures back that up by showing net income slipping just below breakeven and EPS slightly negative, even after a strong H1 2025. This underlines how dependent the story is on stabilising margins across different halves rather than relying on one standout period.
  • Looking further back, H2 2024 already showed a deeper loss of about €8.4 million and EPS of roughly €-1.36, so the pattern across three halves mixes one very profitable stretch with two loss making ones rather than a steady improvement.
  • This inconsistency means that while analysts model a move into sustained profitability, the historical halves available still read like a business where earnings can quickly swing back into the red if conditions or cost control slip.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Pullup Entertainment Société anonyme's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

Explore Alternatives

Pullup Entertainment combines volatile earnings, ongoing losses and rising debt with an uncovered dividend, leaving its turnaround heavily dependent on stabilising margins rather than proven resilience.

If that fragility makes you uneasy, use our solid balance sheet and fundamentals stocks screener (1942 results) to quickly focus on financially stronger companies built on healthier leverage, sturdier cash flows and more dependable performance through setbacks.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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