Remedy Entertainment Plc Stock exchange release November 3, 2026, at 09:00 a.m. EET
Remedy Entertainment Plc Business Review January-September 2026
CONTROL Resonant launched, received excellent player reception and became the fastest-selling Remedy game to date
Revenue tripled, positive operating profit
The Business Review is unaudited. Figures in parentheses refer to the comparison period in the previous year, unless otherwise stated.
Highlights from July-September 2026
- Revenue increased by 226.0% to EUR 39.6 (12.2) million.
- EBITDA was EUR 6.8 (0.7) million.
- Operating profit (EBIT) was EUR 0.6 (-16.4) million, and the operating profit margin was 1.5% (-135.1%) of revenue.
- Cash flow from operations was EUR -0.1 (11.3) million.
- On September 24, 2026, Remedy launched CONTROL Resonant worldwide.
- In September 2026, the Board of Directors decided on a new option plan 2026.
- After the review period, on October 15, 2026, the physical edition of CONTROL Resonant was released, and Remedy announced the game had sold over one million copies.
Highlights from January-September 2026
- Revenue increased by 48.2% to EUR 62.9 (42.5) million.
- EBITDA was EUR 7.3 (7.5) million.
- Operating profit (EBIT) was EUR -2.3 (-15.6) million, and the operating profit margin was -3.7% (-36.7%) of revenue.
- Cash flow from operations was EUR 7.5 (7.8) 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 | 7-9/2026 | 7-9/2025 | 1-9/2026 | 1-9/2025 | 1-12/2025 |
| Revenue | 39.6 | 12.2 | 62.9 | 42.5 | 59.5 |
| Change in revenue, % | 226.0% | -32.0% | 48.2% | 8.9% | 17.5% |
| EBITDA | 6.8 | 0.7 | 7.3 | 7.5 | 11.3 |
| EBITDA, % of revenue | 17.1% | 5.7% | 11.6% | 17.6% | 19.1% |
| Operating profit (EBIT) | 0.6 | -16.4 | -2.3 | -15.6 | -14.9 |
| Operating profit, % of revenue | 1.5% | -135.1% | -3.7% | -36.7% | -25.0% |
| Result for review period | -0.1 | -13.5 | -2.9 | -13.4 | -13.0 |
| Result for review period, % of revenue | -0.3% | -110.7% | -4.6% | -31.6% | -21.9% |
| Balance sheet total | 97.1 | 88.0 | 97.1 | 88.0 | 87.5 |
| Cash flow from operations | -0.1 | 11.3 | 7.5 | 7.8 | 4.5 |
| Net cash | 6.5 | 19.2 | 6.5 | 19.2 | 11.1 |
| Cash and liquid investments | 24.1 | 36.5 | 24.1 | 36.5 | 29.4 |
| Net gearing, % | -11.9% | -34.0% | -11.9% | -34.0% | -19.7% |
| Equity ratio, % | 57.1% | 68.9% | 57.1% | 68.9% | 67.4% |
| Capital expenditures | 4.9 | 2.2 | 12.0 | 11.4 | 14.3 |
| Average number of personnel during review period (FTE) | 367 | 377 | 371 | 370 | 371 |
| Headcount at the end of period | 378 | 391 | 378 | 391 | 387 |
| Earnings per share, € | -0.01 | -0.99 | -0.21 | -0.99 | -0.96 |
| Earnings per share, € (diluted) | -0.01 | -0.99 | -0.21 | -0.99 | -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
In the third quarter, Remedy successfully launched CONTROL Resonant's digital version across all platforms on September 24, 2026. This is our first self-published game of this scale, built on our own CONTROL IP. Praised by players and critics alike, it marks a defining milestone for the company.
Revenue for this quarter was EUR 39.6 (12.2) million, and more than tripled from the comparison period. The increase was driven by the game sales of CONTROL Resonant, including preorders and first 7 days of game sales which fell within the quarter. The majority of the quarter's total revenue came from game sales and royalties, which amounted to EUR 35.3 (6.0) million. Development fees, originating from Max Payne 1&2 remake and the final development fee accrual for CONTROL Resonant under our agreement with Annapurna Pictures, totaled EUR 4.3 (6.1) million. As a self-publisher, we carry royalty expenses and platform fees directly. Our royalty expenses consist of Annapurna's share of CONTROL Resonant game revenue. As announced in August 2024, these royalty expenses will decrease once the initial investments have been recouped. With the launch, we began depreciating the game's capitalized development costs, and marketing spend peaked around the launch. EBITDA was EUR 6.8 (0.7) million and operating profit (EBIT) was EUR 0.6 (-16.4) million.
CONTROL Resonant
CONTROL Resonant was launched in great quality to an enthusiastic player reception. On October 15, 2026, the day of the physical release, and three weeks after launch, it passed one million copies sold worldwide, making CONTROL Resonant the fastest-selling game in Remedy's history.
The game received a combined Metacritic rating of 83. Players have responded even more positively with a Metacritic user score of 8.8/10, the latest Steam user rating at 91% positive and 4.7/5 user rating on average on PlayStation 5. Ratings are based on November 2, 2026 data. Players also voted CONTROL Resonant the top new game of September 2026 in PlayStation's Players' Choice poll.
Critics highlighted the gameplay, strong level design, artistic ambition, and Remedy's willingness to take creative risks and surprise its players. We see the game as an excellent entry into the large action-RPG genre. We are also pleased with the game's technical performance and the positive commentary over its scalability across a variety of PC hardware which meant a larger audience could enjoy CONTROL Resonant. This is a testament to our in-house Northlight game engine, which enables the distinctive look and feel that has come to define Remedy's games.
We backed the launch with the largest marketing investment in our history. As planned, the campaign peaked in Q3, and it included many firsts for Remedy. Around the launch, we ran global digital campaigns alongside out-of-home advertising and partnered with PlayStation, NVIDIA and leading content creators. We also reached out to our growing communities in Asia and Latin America for the first time at this scale, giving local press and creators early access and bringing CONTROL Resonant to live events. The campaign achieved global attention and was further amplified by significant organic media coverage.
The United States was CONTROL Resonant's largest market on both PC and consoles, by revenue and units alike, accounting for nearly half of all sales. On PC, Chinese-speaking regions and the United Kingdom ranked second and third, while on consoles the United States was followed by the United Kingdom and Canada. By console units, Brazil also reached the top three, reflecting the traction we have seen in growth markets since the pre-order campaign.
Based on analytic data, close to 50% of players were new to CONTROL. Reaching new players was a key goal for this game, and these early result indicates a growing audience for the franchise and for Remedy. Outstanding wishlists currently stand at 2.4 million, providing a substantial potential audience for the future.
Games in the market
Control's game sales in Q3 exceeded both the comparison period and the first two quarters of this year. Interest in the CONTROL franchise has been strong and consistent since CONTROL Resonant was announced in December 2025. The build-up to the launch of CONTROL Resonant, supported by promotions for the original game, gave Control a further lift.
The Alan Wake franchise had a quieter quarter. Alan Wake 2's capitalized development costs were fully depreciated during Q3.
FBC: Firebreak remains available, sales mainly originating from subscription service agreements. In its second year on the market, the total revenue level is lower than earlier in the game's life cycle.
Building on solid momentum for the final quarter
Our priority now is to get CONTROL Resonant into the hands of more players. Excellent player reviews, penetration in all our target markets and a substantial outstanding wishlist base give a solid foundation for the game's longer-term sales potential, supported by both organic visibility as well as our targeted marketing activities. As with the launch, we will invest with discipline, prioritizing actions with a clear return.
In the larger picture, with the sequel we have now established CONTROL as a true franchise. Alongside the launch of CONTROL Resonant, our other projects are proceeding in the pipeline.
Sales over the remainder of the year will ultimately define our financial year 2026. CONTROL Resonant gives us a solid foundation for growth.
Finally, a sincere thank you to everyone at Remedy and our partners. CONTROL Resonant is the result of years of dedication from the whole studio, and I am very proud of what we have achieved together.
Games in development
| Game | Publisher | Stage-gate status |
| CONTROL Resonant | Remedy Entertainment | Post-launch development |
| 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 Q3 2026 financial results for investors, analysts and media on November 3, 2026, at 12:00 p.m. (EET). 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/q3-2026/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
Santtu Kallionpää, CFO
Phone: +358 40 576 8060
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 its games. Remedy's shares are listed on Nasdaq Helsinki's main list.
www.remedygames.com
