Remedy Entertainment Plc Stock exchange release August 11, 2026, at 09:00 a.m. EEST
Remedy Entertainment Plc Half-Year Financial Report January-June 2026
CONTROL Resonant set to launch on September 24th
Marketing ramped up while revenue decreased
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 2026
- Revenue decreased by 40.0% to EUR 10.2 (16.9) million.
- EBITDA was EUR -2.4 (4.2) million.
- Operating profit (EBIT) was EUR -3.9 (-0.5) million, and the operating profit margin was -38.8% (-2.7%) of revenue.
- Cash flow from operations was EUR -0.7 (3.1) million.
- In June 2026, Remedy announced that CONTROL Resonant will launch worldwide on September 24, 2026.
Highlights from January-June 2026
- Revenue decreased by 23.1% to EUR 23.3 (30.3) million.
- EBITDA was EUR 0.5 (6.8) million.
- Operating profit (EBIT) was EUR -2.9 (0.8) million, and the operating profit margin was -12.5% (2.8%) of revenue.
- Cash flow from operations was EUR 7.6 (-3.5) 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 | 4-6/2026 | 4-6/2025 | 1-6/2026 | 1-6/2025 | 1-12/2025 |
| Revenue | 10.2 | 16.9 | 23.3 | 30.3 | 59.5 |
| Change in revenue, % | -40.0% | 63.5% | -23.1% | 43.4% | 17.5% |
| EBITDA | -2.4 | 4.2 | 0.5 | 6.8 | 11.3 |
| EBITDA, % of revenue | -23.6% | 24.9% | 2.3% | 22.4% | 19.1% |
| Operating profit (EBIT) | -3.9 | -0.5 | -2.9 | 0.8 | -14.9 |
| Operating profit, % of revenue | -38.8% | -2.7% | -12.5% | 2.8% | -25.0% |
| Result for review period | -3.2 | -0.6 | -2.8 | 0.0 | -13.0 |
| Result for review period, % of revenue | -31.9% | -3.4% | -11.9% | 0.1% | -21.9% |
| Balance sheet total | 85.1 | 97.5 | 85.1 | 97.5 | 87.5 |
| Cash flow from operations | -0.7 | 3.1 | 7.6 | -3.5 | 4.5 |
| Net cash | 11.8 | 10.0 | 11.8 | 10.0 | 11.1 |
| Cash and liquid investments | 29.6 | 27.6 | 29.6 | 27.6 | 29.4 |
| Net gearing, % | -21.4% | -14.4% | -21.4% | -14.4% | -19.7% |
| Equity ratio, % | 65.3% | 72.8% | 65.3% | 72.8% | 67.4% |
| Capital expenditures | 3.8 | 5.5 | 7.1 | 9.2 | 14.3 |
| Average number of personnel during review period (FTE) | 372 | 370 | 373 | 366 | 371 |
| Headcount at the end of period | 379 | 385 | 379 | 385 | 387 |
| Earnings per share, € | -0.24 | -0.04 | -0.20 | 0.00 | -0.96 |
| Earnings per share, € (diluted) | -0.24 | -0.04 | -0.20 | 0.00 | -0.96 |
| Number of shares at the end of period | 13,640,451* | 13,640,451 | 13,640,451* | 13,640,451 | 13,640,451* |
*Includes 50,000 treasury shares.
Comments by CEO Jean-Charles Gaudechon
Remedy's second quarter was defined by our announcement of the launch date for CONTROL Resonant. Marketing for CONTROL Resonant ramped up during the second quarter, reducing the profitability of the reporting period, as anticipated.
Revenue was EUR 10.2 (16.9) million, decreasing 40.0% from the comparison period. Revenue from game sales and royalties was EUR 3.8 (9.5) million. The comparison period included revenue related to the launch of FBC: Firebreak, including initial accruals from subscription service agreements. Development fees, originating from Max Payne 1&2 remake and CONTROL Resonant, were EUR 6.4 (7.4) million. EBITDA was EUR -2.4 (4.2) million and operating profit (EBIT) was EUR -3.9 (-0.5) million.
CONTROL Resonant
CONTROL Resonant's September 24, 2026, launch date was revealed in a trailer at a State of Play presentation in June, followed shortly after by a second trailer at Summer Game Fest 2026. These trailer reveals lifted our media embargo, and the first hands-on previews of the game were published.
The early reception has been very strong. CONTROL Resonant drew a lot of praise as media and content creators went hands-on with a significant portion of the game during Q2. The move to faster, melee-led action was the most debated aspect following the announcement, and it has since become one of the most consistently acclaimed elements of the game, alongside its atmosphere, storytelling and overall feel. Throughout the second quarter, our development team has continued to raise the quality of the whole experience, and we are confident that these elements are coming together into a spectacular title.
Interest in the game reflects the positive feedback on its quality. As of August 11th, 2026, we have over 1.5 million wishlists across platforms. Pre-orders opened with healthy momentum, and our data indicates the game is tracking well against comparable titles in its launch window. We are seeing positive traction both in our traditional and growth markets. During the campaign window after the pre-order announcement, on PlayStation, our analytics show CONTROL Resonant ranking among the top three pre-ordered games in the US, Germany and Brazil. It has been encouraging to see Remedy's voice resonate broadly with players as we advance in our self-publishing strategy.
Our first priority is to ship an outstanding game, and that guided how we selected the release date. We position CONTROL Resonant as a must-have day-one purchase while also building CONTROL into a lasting franchise. In a competitive autumn window, we believe the distinctiveness and quality of the game will make it stand out. CONTROL Resonant will be available across all major platforms from day one and is priced attractively for an AAA title. Combined with the release window becoming slightly less crowded since our original reveal, we remain confident in our positioning.
Games in the market
Control continued its sales momentum in Q2 and delivered growth to the comparison period. Trailer reveals, release date and live pre-orders for CONTROL Resonant are renewing interest in the original game which continues to be an important entry point into the CONTROL franchise for new fans.
Alan Wake 2's consumer sales continued at an expected pace alongside Alan Wake Remastered. In the second quarter, royalties from both titles were generated entirely by consumer sales and there were no platform deal accruals. Alan Wake 2's lifetime sales exceeded 3 million copies during Q2. Rest of the games in the Alan Wake franchise sold at a normal back-catalogue pace.
Decline in game sales and royalties was mainly caused by FBC: Firebreak's launch in the comparison period. In the second quarter, most of FBC: Firebreak's sales were revenue accruals from subscription service agreements.
Heading to an important second half
In the second half of 2026, years of work come together in September with the release of CONTROL Resonant: expanding the CONTROL franchise by developing and self-publishing the sequel, with our own voice. Our early indicators put the game alongside the industry's major releases.
The weeks ahead are about execution. Early signals and commercial metrics give us confidence in the game's potential, but our focus remains on bringing an outstanding game to the market and letting the results speak. I personally see the game getting stronger week by week and our marketing accelerates further in the third quarter.
Along the road to our largest and most ambitious release to date, our existing catalogue has provided a solid backbone and our other development projects advanced in line with plans, with our new project moving to production readiness. I want to thank the entire studio for its outstanding work and dedication.
Games in development
| Game | Publisher | Stage-gate status |
| CONTROL Resonant | Remedy Entertainment | Full production |
| New project | Remedy Entertainment | Production readiness |
| 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 H1 2026 financial results for investors, analysts and media on August 11, 2026, at 12:00 p.m. (EEST). Remedy's financial results will be presented by CEO Jean-Charles Gaudechon 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/q2-2026/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
