Remedy Entertainment Plc Stock exchange release May 5, 2026, at 09:00 a.m. EEST
Remedy Entertainment Plc Business Review January-March 2026
Remedy is focusing on its core strengths, CONTROL Resonant on track and marketing activity ramping up
Profitable quarter, increased game sales and royalties
The Business Review is unaudited. Figures in parentheses refer to the comparison period in the previous year, unless otherwise stated.
Highlights from January-March 2026
- Revenue decreased by -1.9% to EUR 13.1 (13.4) million.
- EBITDA was EUR 2.9 (2.6) million.
- Operating profit (EBIT) was EUR 1.0 (1.3) million, and the operating profit margin was 7.8% (9.7%) of revenue.
- Cash flow from operations was EUR 8.3 (-6.6) million.
- In February 2026, Jean-Charles Gaudechon was appointed as the CEO of Remedy as of March 1, 2026.
Key Figures
| MEUR, IFRS, Group, unaudited | 1-3/2026 | 1-3/2025 | 1-12/2025 |
| Revenue | 13.1 | 13.4 | 59.5 |
| Growth in revenue, % | -1.9% | 24.1% | 17.5% |
| EBITDA | 2.9 | 2.6 | 11.3 |
| EBITDA, % of revenue | 22.3% | 19.3% | 19.1% |
| Operating profit (EBIT) | 1.0 | 1.3 | -14.9 |
| Operating profit, % of revenue | 7.8% | 9.7% | -25.0% |
| Result for review period | 0.5 | 0.6 | -13.0 |
| Result for review period, % of revenue | 3.6% | 4.4% | -21.9% |
| Balance sheet total | 86.1 | 97.4 | 87.5 |
| Cash flow from operations | 8.3 | -6.6 | 4.5 |
| Net cash | 15.9 | 12.3 | 11.1 |
| Cash and liquid investments | 34.0 | 28.0 | 29.4 |
| Net gearing, % | -27.7% | -17.6% | -19.7% |
| Equity ratio, % | 68.6% | 73.9% | 67.4% |
| Capital expenditures | 3.3 | 3.8 | 14.3 |
| Average number of personnel during review period (FTE) | 374 | 363 | 371 |
| Headcount at the end of period | 391 | 373 | 387 |
| Earnings per share, € | 0.04 | 0.04 | -0.96 |
| Earnings per share, € (diluted) | 0.04 | 0.04 | -0.96 |
| Number of shares at the end of period | 13,640,451* | 13,585,151 | 13,640,451* |
*Includes 50,000 treasury shares.
Comments by CEO Jean-Charles Gaudechon
Remedy had a profitable first quarter of 2026, ahead of marketing ramp up and related spend to support the launch of CONTROL Resonant. Revenue was EUR 13.1 (13.4) million, with a decrease of -1.9% from the comparison period. Revenue from game sales and royalties increased, driven by royalties from Alan Wake 2, revenue from FBC: Firebreak and the sales of Control which improved from the comparison period. Development fees decreased but made over half of the total revenue in Q1. Development fees were received from Max Payne 1&2 remake and CONTROL Resonant. EBITDA improved to EUR 2.9 (2.6) million and operating profit (EBIT) was EUR 1.0 (1.3) million.
More of what makes us Remedy
After assuming the role of CEO in March and getting to know the company and our teams, my belief in Remedy's vision and future only continues to be reinforced.
The gaming industry and market have always been dynamic, now more volatile than ever. As the industry searches for its footing, Remedy will double down on what makes the studio unique: our creative identity, memorable IPs, and commitment to delivering exceptional quality and originality.
We are more focused than ever on moving forward with franchise expansion, self-publishing, and commercial discipline to improve our business performance. The studio is in good shape to deliver on these pillars.
CONTROL Resonant
In the first quarter, we took numerous steps in the ambitious global marketing campaign we have planned for CONTROL Resonant.
In February, a new gameplay trailer made its debut during PlayStation's highly viewed State of Play. In March, NVIDIA, Remedy's longtime partner, released a new CONTROL Resonant trailer. We expanded beyond the trailers by showcasing exclusive content of CONTROL Resonant with the global press and content creators, with positive overall sentiment. The first episode of the CONTROL Resonant developer diary was also released for our community, continuing to build awareness ahead of the launch.
While our core markets remain a priority, we also want more players around the world to experience Remedy's games. Remedy launched well-received social media marketing in China to engage with the local community. We are working with local partners on addressing the Chinese and other Asian markets. After the reporting period, in May, Remedy also made an exclusive appearance at Gamescom Latam in São Paulo, Brazil, with key members of the team on the ground to connect with fans.
We remain committed to our goal of making the game a 'must-have day-one purchase' for the fans of Control and for gamers worldwide. A lot of interest was captured in connection with our December 2025 announcement, and we expect the momentum to intensify leading up to the launch. Leading indicators are on track for us to reach this goal. I play the game regularly; the gameplay and overall feel are coming together, and I am confident we have a strong product at hand.
Games in the market
Overall, our portfolio performed steadily in Q1, the year-on-year uplift driven by stronger publishing work on Control, royalties from Alan Wake 2 and revenue accruals from FBC: Firebreak, which was launched in the second quarter of 2025.
Control retained solid sales momentum during Q1 and sold better than in the comparison period, driven by promotions and added visibility from CONTROL Resonant. At attractive price points, Control provides an easy entry-point for new players to get involved in the CONTROL universe ahead of the sequel and expands our addressable audiences. Control has sold over 6 million lifetime copies.
Alan Wake 2 continued to earn royalties in the first quarter. Alan Wake 2 and Alan Wake Remastered became available in Amazon's Luna service, generating a platform-deal royalty. Other games of the Alan Wake franchise continued normal back-catalogue sales.
FBC: Firebreak received its last Major Update 'Open House' in March, and the game moved to maintenance mode. Friend's Pass feature was introduced to serve our community and to support the game's player base. FBC: Firebreak will remain live and playable. Upkeeping the infrastructure will not incur significant costs for Remedy. FBC: Firebreak remains available on both PlayStation Plus and Xbox Game Pass and is available for purchase on the PC and console platforms it was released on.
Good start to an exciting year
Remedy has a pivotal year ahead, and we are off to a good start. Our first quarter was profitable, our games on the market performed to our expectations and we're making steady progress with our development projects. Delivering a high-quality CONTROL Resonant with a successful launch is our top priority and we are on track for our 2026 launch. Our marketing activities and related spend will significantly intensify prior to the launch of the game.
Remedy has a strong portfolio of products with the potential to become larger, enduring franchises. Fans in new geographies are finding our games, CONTROL Resonant supports 8 audio languages, including e.g. Chinese and Brazilian Portuguese as new additions, and is the most localized Remedy game to date. Self-publishing enables us to direct the franchise strategy and marketing activities to our vision.
In a volatile and crowded market, Remedy's signature approach to storytelling and gameplay, our proprietary Northlight engine, the Remedy Connected Universe and a unique voice in the industry make Remedy's games stand out in a way that's impossible to replicate. In parallel, we have a studio with world-class talent and a track record in delivering multi-award-winning titles at structurally more efficient budgets compared to many of our peers. The studio is right sized for the ambitions ahead of us, and our focus now is on execution.
Remedy's DNA is a product of an ambitious creative culture that has been carefully built over three decades. Protecting and reinforcing that culture and letting it compound is ultimately how we create value and is a key priority for me as the CEO.
Games in development
| Game | Publisher | Stage-gate status |
| CONTROL Resonant | Remedy Entertainment | Full production |
| New project | Remedy Entertainment | Proof of concept |
| Max Payne 1&2 remake | Rockstar Games | Full production |
Outlook 2026 (unchanged)
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.
Webcast
Remedy will host a webcast in English on its Q1 2026 financial results for investors, analysts and media on May 5, 2026, at 12:00 p.m. (EEST). Remedy's financial results will be presented by CEO Jean-Charles Gaudechon 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/q1-2026/register
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
