Remedy Entertainment Plc Stock exchange release August 12, 2025, at 09:00 a.m. EEST
Remedy Entertainment Plc Half year financial report January-June 2025
Remedy's first self-published game FBC: Firebreak released
Continued growth with a rising share of game revenue
The Half-Year Financial Report is unaudited. Figures in parentheses refer to the comparison period in the previous year, unless otherwise stated.
Highlights from April-June 2025
- Revenue increased by 63.5% to EUR 16.9 (10.3) million.
- EBITDA was EUR 4.2 (-2.4) million.
- Operating profit (EBIT) was EUR -0.5 (-3.2) million, and the operating profit margin was -2.7% (-31.0%) of revenue.
- Cash flow from operations was EUR 3.1 (0.9) million.
- In June 2025, Remedy launched FBC: Firebreak worldwide, a three-player co-op FPS and the company's first self-published game.
- In May 2025, Remedy purchased 80% of key personnel's 2019 stock options (103,199 rights on May 8) and the sellers used remaining options to subscribe 25,800 shares.
Highlights from January-June 2025
- Revenue increased by 43.4% to EUR 30.3 (21.1) million.
- EBITDA was EUR 6.8 (-3.6) million.
- Operating profit (EBIT) was EUR 0.8 (-5.3) million, and the operating profit margin was 2.8% (-25.0%) of revenue.
- Cash flow from operations was EUR -3.5 (4.2) million.
- During the first quarter of 2025 Remedy made the final instalment in acquiring full rights to the Control franchise from 505 Games.
Key Figures
| MEUR, IFRS, Group, unaudited | 4-6/2025 | 4-6/2024 | 1-6/2025 | 1-6/2024 | 1-12/2024 |
| Revenue | 16.9 | 10.3 | 30.3 | 21.1 | 50.7 |
| Growth in revenue, % | 63.5% | 16.2% | 43.4% | 33.7% | 49.3% |
| EBITDA | 4.2 | -2.4 | 6.8 | -3.6 | 2.5 |
| EBITDA, % of revenue | 24.9% | -23.0% | 22.4% | -16.8% | 5.0% |
| Operating profit (EBIT) | -0.5 | -3.2 | 0.8 | -5.3 | -4.3 |
| Operating profit, % of revenue | -2.7% | -31.0% | 2.8% | -25.0% | -8.4% |
| Result for review period | -0.6 | -2.2 | 0.0 | -4.2 | -3.6 |
| Result for review period, % of revenue | -3.4% | -21.4% | 0.1% | -19.9% | -7.1% |
| Balance sheet total | 97.5 | 90.3 | 97.5 | 90.3 | 99.3 |
| Cash flow from operations | 3.1 | 0.9 | -3.5 | 4.2 | 11.0 |
| Net cash | 10.0 | 19.0 | 10.0 | 19.0 | 25.3 |
| Cash and liquid investments | 27.6 | 23.1 | 27.6 | 23.1 | 41.1 |
| Net gearing, % | -14.4% | -29.1% | -14.4% | -29.1% | -36.9% |
| Equity ratio, % | 72.8% | 73.5% | 72.8% | 73.5% | 70.9% |
| Capital expenditures | 5.5 | 3.4 | 9.2 | 23.0* | 26.6* |
| Average number of personnel during review period (FTE) | 370 | 350 | 366 | 348 | 351 |
| Headcount at the end of period | 385 | 361 | 385 | 361 | 367 |
| Earnings per share, € | -0.04 | -0.16 | 0.00 | -0.31 | -0.27 |
| Earnings per share, € (diluted) | -0.04 | -0.16 | 0.00 | -0.31 | -0,27 |
| Number of shares at the end of period | 13,640,451 | 13,552,651 | 13,640,451 | 13,552,651 | 13,574,151 |
*Contains 16.9 million invested in publishing rights of Control franchise
Comments by CEO Tero Virtala
In the second quarter of 2025, Remedy's revenue increased by 63.5% from the comparison period and was EUR 16.9 (10.3) million. Game sales and royalties increased while development fees decreased. Game sales increase was driven by the sales of FBC: Firebreak, including an initial accrual from subscription service agreements with Sony and Microsoft. Alan Wake 2 and Control continued to sell steadily and accrue royalties. Development fees were from Control 2 and Max Payne 1 & 2 remake. EBITDA was EUR 4.2 million, improving by EUR 6.6 million from the comparison period. Operating profit was EUR -0.5 million, improving by EUR 2.7 million from the comparison period.
Release of Remedy's first self-published game FBC: Firebreak
Remedy's first multiplayer game FBC: Firebreak launched on the 17th of June. The launch succeeded technically, reaching over 1 million players in its first 10 days. Majority of the players were Xbox Series X|S and PlayStation 5 users.
On Steam, which was planned as the primary consumer sales channel on PC, the launch underperformed. The game's initial onboarding experience and mission structure resulted in high early player drop-offs and an influx of negative reviews. As players spent more time in the game and we released updates improving the game, sentiment in reviews turned more positive.
Commercially, we were unsatisfied with the launch-phase consumer sales of FBC: Firebreak. Thus far, FBC: Firebreak's commercial performance has largely been driven by the Xbox and PlayStation subscription service agreements. A considerable portion of the revenues from these agreements will still be recognized throughout the contract period.
FBC: Firebreak was designed as a game that evolves over time. Despite the rocky launch, we believe we have a solid game to build on. Players who spent over an hour with the game reviewed the game mostly positive - showing us that the core experience of the game is entertaining. We have already rolled out patches and communicated on how the game will continue to develop. Looking ahead, a larger "Major Update" late September will be the next key step for FBC: Firebreak. This will be supported by targeted marketing activities, which we expect to drive interest in the title. We are committed to continuing to work on FBC: Firebreak, engaging with the community, and expanding the game.
Games in development
Control 2 development is on track towards meeting its next milestones. The focus is now on the gameplay, environments, and missions. Work continues on developing the game into a strong commercial offering.
The Max Payne 1 & 2 remake project continues its progress and remains in full production. In the second quarter, the team built on steady momentum from earlier in the year. Collaboration with Rockstar Games remains close and productive, ensuring alignment as the project advances toward its next major phase.
Games in the market
Control's lifetime sales exceeded 5 million copies during the second quarter. Control's publishing, distribution and marketing rights were transferred to Remedy in the first quarter of 2025. We've now been able to drive Control's sales activities fully by ourselves and have seen positive development through our sales activities.
Alan Wake 2 continued to sell steadily and accrue royalties. The rest of the Alan Wake franchise continued to sell in line with our expectations and generate small and steady revenue streams.
First page in Remedy's self-publishing chapter
We are delivering on our core strategic pillars, with a particular emphasis on self-publishing all Remedy-owned titles and delivering great games with a steady cadence. We have gained valuable experience in self-publishing our upcoming catalogue.
During the second quarter, over half of Remedy's revenue was recognized from game sales and royalties in comparison to development fees, which represented a lesser share of the revenue. This marks Remedy's progressive transition to the self-publishing model. We will keep executing our strategy to reach the communicated targets for 2027.
Outlook 2025 (unchanged)
Remedy expects its revenue and operating profit (EBIT) to increase from the previous year and operating profit (EBIT) to be positive.
Long-term business prospects
We have two established own franchises, Control and Alan Wake, which are linked through the Remedy Connected Universe. Remedy will self-publish upcoming games, in which Remedy owns the IP. Growing and expanding the two franchises will be a key part of our future. In addition, we work with a partner franchise Max Payne, originally created by Remedy.
By 2030, we aim to be a highly regarded creative studio with sustainable, significant commercial success. We have set ourselves the following financial targets: 1) Double the 2024 revenue by 2027 with continued growth beyond this milestone and 2) EBITDA margin of 30% by 2027 and maintain that minimum level throughout the strategy period.
Webcast and conference call
Remedy will host a webcast in English on its H1 2025 financial results for investors, analysts and media on August 12, 2025, at 12:00 p.m. (EEST). Remedy's financial results will be presented by CEO Tero Virtala and CFO Santtu Kallionpää.
The half-year financial report will be available after publication on Remedy's Investor website: https://investors.remedygames.com/financials-and-reports/financial-reports/.
Webcast details:
Register in advance for the webcast:
https://remedy.videosync.fi/2025-q2
After registering, you will receive a confirmation email containing information about joining the webcast.
A recording of the webcast will be available afterwards on Remedy's Investor website: https://investors.remedygames.com/financials-and-reports/financial-reports/.
More information
Santtu Kallionpää, CFO
Phone: +358 40 5768060
Email: santtu.kallionpaa@remedygames.com
Remedy in brief
Remedy Entertainment Plc is a pioneering, globally renowned video game company founded in 1995 and headquartered in Finland with an office in Stockholm, Sweden. Known for its story-driven and visually stunning action games, Remedy has created multiple successful, critically acclaimed franchises such as Control, Alan Wake and Max Payne. Remedy also develops its own Northlight game engine and tools technology that powers many of its games. Remedy's shares are listed on Nasdaq Helsinki's main list.
www.remedygames.com
