Remedy Entertainment Plc Stock exchange release October 29, 2025, at 09:00 a.m. EET
Remedy Entertainment Plc Business Review January-September 2025
Change of CEO: Focus on the success of our strong game pipeline
Rise in game sales and royalties, decline in revenue and profitability
The Business Review is unaudited. Figures in parentheses refer to the comparison period in the previous year, unless otherwise stated.
Highlights from July-September 2025
- Revenue decreased by -32.0% to EUR 12.2 (17.9) million.
- EBITDA was EUR 0.7 (6.6) million.
- Operating profit (EBIT) was EUR -16.4 (2.4) million, and the operating profit margin was -135.1% (13.4%) of revenue.
- Cash flow from operations was EUR 11.3 (8.0) million.
- In August 2025, Remedy celebrated its 30th year of making video games.
- In September 2025, Remedy released Breakpoint, a first Major Update to improve FBC: Firebreak and address selected core issues noticed in the game after its launch in June 2025.
- Remedy recognized a non-cash impairment of EUR 14.9 million for Q3 2025, representing a majority of the capitalized development costs and allocated purchased publishing and distribution rights for FBC: Firebreak.
- After the review period, Remedy updated its outlook for 2025. Remedy now expects its revenue to increase from the previous year and operating profit (EBIT) to be negative and below the previous year.
- After the review period, Tero Virtala stepped down as the CEO of Remedy and Markus Mäki was appointed as the interim CEO. Markus Mäki stepped down as the Chairman of the Board and the Board of Directors elected Henri Österlund as the new Chairman.
Highlights from January-September 2025
- Revenue increased by 8.9% to EUR 42.5 (39.0) million.
- EBITDA was EUR 7.5 (3.1) million.
- Operating profit (EBIT) was EUR -15.6 (-2.9) million, and the operating profit margin was -36.7% (-7.4%) of revenue.
- Cash flow from operations was EUR 7.8 (13.5) million.
- In June 2025, Remedy launched FBC: Firebreak worldwide, a three-player co-op FPS and the company's first self-published game.
Key Figures
| MEUR, IFRS, Group, unaudited | 7-9/2025 | 7-9/2024 | 1-9/2025 | 1-9/2024 | 1-12/2024 |
| Revenue | 12.2 | 17.9 | 42.5 | 39.0 | 50.7 |
| Growth in revenue, % | -32.0% | 128.6% | 8.9% | 65.1% | 49.3% |
| EBITDA | 0.7 | 6.6 | 7.5 | 3.1 | 2.5 |
| EBITDA, % of revenue | 5.7% | 37.2% | 17.6% | 7.9% | 5.0% |
| Operating profit (EBIT) | -16.4 | 2.4 | -15.6 | -2.9 | -4.3 |
| Operating profit, % of revenue | -135.1% | 13.4% | -36.7% | -7.4% | -8.4% |
| Result for review period | -13.5 | 1.9 | -13.4 | -2.3 | -3.6 |
| Result for review period, % of revenue | -110.7% | 10.5% | -31.6% | -6.0% | -7.1% |
| Balance sheet total | 88.0 | 87.2 | 88.0 | 87.2 | 99.3 |
| Cash flow from operations | 11.3 | 8.0 | 7.8 | 13.5 | 11.0 |
| Net cash | 19.2 | 24.4 | 19.2 | 24.4 | 25.3 |
| Cash and liquid investments | 36.5 | 28.2 | 36.5 | 28.2 | 41.1 |
| Net gearing, % | -34.0% | -36.1% | -34.0% | -36.1% | -36.9% |
| Equity ratio, % | 68.9% | 79.8% | 68.9% | 79.8% | 70.9% |
| Capital expenditures | 2.2 | 1.9 | 11.4 | 24.9* | 26.6* |
| Average number of personnel during review period (FTE) | 377 | 354 | 370 | 350 | 351 |
| Headcount at the end of period | 391 | 363 | 391 | 363 | 367 |
| Earnings per share, € | -0.99 | 0.14 | -0.99 | -0.17 | -0.27 |
| Earnings per share, € (diluted) | -0.99 | 0.14 | -0.99 | -0.17 | -0,27 |
| Number of shares at the end of period | 13,640,451 | 13,569,151 | 13,640,451 | 13,569,151 | 13,574,151 |
*Contains 16.9 million invested in publishing rights of Control franchise
Comments by interim CEO Markus Mäki
Change of Remedy's CEO
As of October 22, I stepped into the role of CEO to raise the bar and the sense of urgency across the organization, and to drive stronger results. Remedy's strategy remains unchanged, supported by a solid foundation to build on. My immediate focus is on ensuring our commercial performance alongside successful development projects. This requires improved coordination within the studio combined with a focus on gamers and market demands. The gaming business is still a hit-driven business, and our return to profitability can best be achieved by delivering great, distinctive and commercially successful video games that players love.
Business performance
In the third quarter of 2025, Remedy's revenue decreased by -32.0% from the comparison period and was EUR 12.2 (17.9) million, mainly driven by lower development fees compared to the comparison period, where we recognized revenue from Annapurna related to development work done for Control 2 prior to entering into the agreement. Development fees for Q3 2025 were from Max Payne 1 & 2 remake and Control 2. Game sales and royalties increased strongly, driven mainly by revenue from FBC: Firebreak's subscription service agreements, royalties from Alan Wake 2 and game sales of Control. EBITDA was EUR 0.7 (6.6) million. Operating profit (EBIT) was EUR -16.4 (2.4) million. Operating profit (EBIT) was affected by a non-cash impairment of EUR 14.9 million, representing a majority of FBC: Firebreak's capitalized development costs and allocated purchased publishing and distribution rights.
FBC: Firebreak
Remedy rolled out FBC: Firebreak's first Major Update titled 'Breakpoint' at the end of the third quarter. Despite changes to the game, its sales improved only marginally. We updated our long-term sales forecast for FBC: Firebreak, wrote down most of the game's capitalized development costs and purchased publishing and distribution rights, as well as updated our outlook for 2025.
We continue working on features which enhance player value, and which are justified by our updated long-term sales expectations. We have moved development resources to our other in-development titles while respecting our communicated roadmap for FBC: Firebreak.
We have also found positive sides from FBC: Firebreak. Our first multiplayer product launch was technically successful in a cross-platform environment, and our publishing team has built capabilities which support the releases of our future self-published titles.
Games in the market
Control's publishing, distribution and marketing rights were transferred to Remedy in early 2025. Since then, we've focused on discovering new audiences for the game. Markets outside the Western countries have been one of the new focus areas, where we have found good early traction. We believe this systematic work in building the brand will also expand our addressable market for the whole franchise in the future.
Royalty revenue from Alan Wake 2 grew compared to this year's previous quarters. In collaboration with Epic Games, we expanded the game's reach to the Chinese market with encouraging initial results. Alan Wake 2 was announced to be a part of PlayStation Plus' monthly games for October. Rest of the Alan Wake franchise has continued to sell steadily.
Looking ahead
Despite challenges with FBC: Firebreak, our other in-development projects are progressing according to plan.
Majority of our effort goes into working with our established franchises - Control and Alan Wake - which we continue to invest in and expand into other media as part of our long-term strategy. In addition, we're focused on the Max Payne 1&2 remake with Rockstar Games. While carefully balancing our product risk, we also need to retain the ability to create new experiences for our audiences, as we have for the past 30 years.
We aren't satisfied with our recent financial performance, but we remain confident in our ability to create great video games that resonate with players and which are commercially successful, leading us back to profitability.
Games in development
| Game | Publisher | Stage-gate status |
| FBC: Firebreak | Remedy Entertainment | Post-launch development |
| Control 2 | Remedy Entertainment | Full production |
| New project | Remedy Entertainment | Proof of Concept |
| Max Payne 1&2 remake | Rockstar Games | Full production |
Outlook 2025 (updated on October 10th 2025)
Remedy expects its revenue to increase from the previous year and operating profit (EBIT) to be negative and below the previous year.
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 Q3 2025 financial results for investors, analysts and media on October 29, 2025, at 12:00 p.m. (EET). Remedy's financial results will be presented by CEO Markus Mäki and CFO Santtu Kallionpää.
The Business Review 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-q3
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
Aapo Kilpinen, Investor Relations & Business Development Manager
Phone: +358 44 522 0595
Email: aapo.kilpinen@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