Remedy Entertainment Plc Stock exchange release February 10, 2026, at 09:00 a.m. EET
Remedy Entertainment Plc Financial Statements Release 2025
Remedy revealed its highly anticipated sequel: CONTROL Resonant
Positive operating profit in Q4. Full year revenue and EBITDA increased driven by rising game sales and royalties.
Figures in parentheses refer to the comparison period in the previous year, unless otherwise stated.
Highlights from October-December 2025
- Revenue increased by 46.3% to EUR 17.0 (11.7) million.
- EBITDA was EUR 3.9 (-0.6) million.
- Operating profit (EBIT) was EUR 0.7 (-1.4) million, and the operating profit margin was 4.3% (-11.9%) of revenue.
- Cash flow from operations was EUR -3.3 (-1.2) million.
- In October 2025, Tero Virtala stepped down as the CEO of Remedy Entertainment Plc 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.
- In October 2025, the Board of Directors decided on a new option plan 2025.
- During November-December 2025 Remedy repurchased 50,000 of the company's own shares.
- In December 2025, Remedy unveiled that CONTROL Resonant (previously known as Control 2) will be published in 2026.
- After the reporting period, on February 9th, 2026, Jean-Charles Gaudechon was appointed as the CEO of Remedy Entertainment Plc as of March 1st, 2026.
Highlights from January-December 2025
- Revenue increased by 17.5% to EUR 59.5 (50.7) million.
- EBITDA was EUR 11.3 (2.5) million.
- Operating profit (EBIT) was EUR -14.9 (-4.3) million, and the operating profit margin was -25.0% (-8.4%) of revenue.
- Cash flow from operations was EUR 4.5 (11.0) million.
- In June 2025, Remedy launched FBC: Firebreak worldwide, a three-player co-op FPS and the company's first self-published game.
- In August 2025, Remedy celebrated its 30th year of making video games.
- In September 2025, Remedy recognized a non-cash impairment for FBC: Firebreak of EUR 14.9 million.
- In October 2025, Tero Virtala stepped down as the CEO of Remedy Entertainment Plc 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.
- In October, the Board of Directors decided on a new option plan 2025.
- In December 2025, Remedy unveiled that CONTROL Resonant (previously known as Control 2) will be published in 2026.
- The Board of Directors proposes that no dividend will be paid for the year 2025.
Key Figures
| MEUR, IFRS, Group | 10-12/2025 | 10-12/2024 | 1-12/2025 | 1-12/2024 |
| Revenue | 17.0 | 11.7 | 59.5 | 50.7 |
| Growth in revenue, % | 46.3% | 13.1% | 17.5% | 49.3% |
| EBITDA | 3.9 | -0.6 | 11.3 | 2.5 |
| EBITDA, % of revenue | 22.7% | -4.9% | 19.1% | 5.0% |
| Operating profit (EBIT) | 0.7 | -1.4 | -14.9 | -4.3 |
| Operating profit, % of revenue | 4.3% | -11.9% | -25.0% | -8.4% |
| Result for review period | 0.4 | -1.3 | -13.0 | -3.6 |
| Result for review period, % of revenue | 2.4% | -10.8% | -21.9% | -7.1% |
| Balance sheet total | 87.5 | 99.3 | 87.5 | 99.3 |
| Cash flow from operations | -3.3 | -1.2 | 4.5 | 11.0 |
| Net cash | 11.1 | 25.3 | 11.1 | 25.3 |
| Cash and liquid investments | 29.4 | 41.1 | 29.4 | 41.1 |
| Net gearing, % | -19.7% | -36.9% | -19.7% | -36.9% |
| Equity ratio, % | 67.4% | 70.9% | 67.4% | 70.9% |
| Capital expenditures | 2.8 | 1.7 | 14.3 | 26.6* |
| Average number of personnel during review period (FTE) | 375 | 352 | 371 | 351 |
| Headcount at the end of period | 387 | 367 | 387 | 367 |
| Earnings per share, € | 0.03 | -0.09 | -0.96 | -0.27 |
| Earnings per share, € (diluted) | 0.03 | -0.09 | -0.96 | -0,27 |
| Number of shares at the end of period | 13,640,451** | 13,574,151 | 13,640,451** | 13,574,151 |
*Contains 16.9 million invested in publishing rights of CONTROL franchise.
**Includes 50,000 treasury shares.
Comments by interim CEO Markus Mäki
In the fourth quarter of 2025, Remedy's revenue increased by 46.3% from the comparison period and was EUR 17.0 (11.7) million. Game sales and royalties kept on increasing during the fourth quarter of 2025 and formed almost half of the total revenue for Q4 2025, the major contributors being royalties from Alan Wake 2 and game sales of Control. Development fees were from Max Payne 1 & 2 remake and CONTROL Resonant. EBITDA was EUR 3.9 (-0.6) million. Operating profit (EBIT) was EUR 0.7 (-1.4) million. The improvement in profitability in the fourth quarter was mainly driven by the higher revenue level compared to the comparison period.
Announcement of CONTROL Resonant
Remedy's year culminated in our reveal of CONTROL Resonant in December. CONTROL Resonant is the sequel to Remedy's multi-award-winning Control, released in 2019. CONTROL Resonant is an action-adventure role-playing game in which players explore a warped Manhattan on the brink of paranatural annihilation. Scheduled for release in 2026 and published by Remedy, it is our most ambitious game to date. The game will be available on PlayStation 5, Xbox Series X|S, PC via Steam and Epic Games Store, and Mac via Steam and the App Store.
Early reception to the announcement has been excellent. Player and community sentiment has been very positive, indicated by engaged fans and positive wishlist numbers. Our goal is to make the game a 'must-have day-one purchase' for the fans of Control and the action role-playing genre. The announcement at The Game Awards in December was a great kickstart to the ambitious global marketing campaign we have planned for CONTROL Resonant.
Games in the market
Control sold well during the fourth quarter, and we continued the work started earlier in the year after receiving the full publishing and distribution rights: expanding the reach of the game and finding new addressable audiences for the whole CONTROL franchise. Sales of Control also received a boost from the announcement of CONTROL Resonant. In 2025, Control sold over 1 million copies.
Alan Wake 2 was one of PlayStation Plus' monthly games of October during the Halloween season, signaling its category-defining status and generating us platform-deal royalties. In parallel with the subscription-based platform access on PlayStation Plus, the game also continued steady royalty generation through unit sales. Other games of the Alan Wake franchise continued steady sales during the quarter. In 2025, Alan Wake 2 generated meaningful royalties, and the royalty generation strengthened in the latter part of the year.
FBC: Firebreak continued in post-launch development during the fourth quarter with the Major Update Rogue Protocol released in January 2026 after the review period. During the fourth quarter, we introduced new discounts for the game. In 2025, we delivered larger previously communicated updates to FBC: Firebreak. Smaller updates will still be introduced to the game.
Ending the year on a positive note
After a few challenging quarters, Q4 was both positive and profitable. Our single-player games in the market performed well, and the announcement of CONTROL Resonant was met with a great reception. For 2026, ensuring the successful launch of CONTROL Resonant will be our top priority. Building on the traction from our announcement, we will be making significant marketing investments towards the title, which will also affect our near-term profitability profile prior to the launch of the game. We have all the ingredients to make this a successful year for Remedy.
Games in development
| Game | Publisher | Stage-gate status |
| FBC: Firebreak | Remedy Entertainment | Post-launch development |
| CONTROL Resonant | Remedy Entertainment | Full production |
| New project | Remedy Entertainment | Proof of concept |
| Max Payne 1&2 remake | Rockstar Games | Full production |
Outlook 2026
Remedy expects its full year revenue and EBITDA to increase from 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:
- Double the 2024 revenue by 2027 with continued growth beyond this milestone and
- EBITDA margin of 30% by 2027 and maintain that minimum level throughout the strategy period.
Financial disclosures in 2026
February 10, 2026 Financial Statements Report 2025
May 5, 2026 Business Review for January-March 2026
August 11, 2026 Half-Year Financial Report for January-June 2026
November 3, 2026 Business Review for January-September 2026
Remedy's Annual Report, Financial Statements and Board of Directors' Report for 2025 will be published on week 13 on company's investor website at https://investors.remedygames.com/.
Webcast
Remedy will host a webcast in English on its full year 2025 financial results for investors, analysts and media on February 10, 2026, at 12:00 p.m. (EET). Remedy's financial results will be presented by CEO Markus Mäki and CFO Santtu Kallionpää.
The Financial Statements Release 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-results/
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 its games. Remedy's shares are listed on Nasdaq Helsinki's main list.
www.remedygames.com
