Remedy Entertainment Oy · OMXHEX:REMEDY
Remedy Entertainment Oy — Remedy Entmt — Q4 2025 Earnings Presentation
42 slides from Remedy Entertainment Oy's earnings presentation, Feb 10, 2026
Slide 1: Financial Statements January–December 2025
Financial Statements January–December 2025 February 10, 2026 © REMEDY ENTERTAINMENT 2026
Slide 2: Agenda
AGENDA © REMEDY ENTERTAINMENT 2026 1 Q4 and FY 2025 Review 2 Q4 and FY Financial Results 3 Outlook 4 Questions & Answers Markus Mäki Santtu Kallionpää Interim CEO CFO
Slide 3: Q4 and Full Year 2025 Review
Q4 and Full Year 2025 Review Markus Mäki, interim CEO
Slide 4: Q4 2025 Highlights
Q4 2025 HIGHLIGHTS ENDING THE YEAR ON A © REMEDY ENTERTAINMENT 2026 POSITIVE NOTE FINANCIAL HIGHLIGHTS €17.0M €3.9M in Revenue in EBITDA +46.3% from comparison period +€4.4M from comparison period (€11.7M) (-€0.6M) €0.7M -€3.3M in EBIT in Operating cash flow +€2.1M from comparison period -€2.1M from
Slide 5: Q4 2025 Highlights
Q4 2025 HIGHLIGHTS ENDING THE YEAR ON A © REMEDY ENTERTAINMENT 2026 POSITIVE NOTE FINANCIAL HIGHLIGHTS OTHER HIGHLIGHTS €3.9M In October 2025, Tero Virtala stepped down as the CEO €17.0M • of Remedy and Markus Mäki was appointed as the interim CEO. Markus Mäki stepped down as the Chairman of the in
Slide 6: Full Year Highlights
FULL YEAR HIGHLIGHTS THE YEAR REVOLVED AROUND OUR © REMEDY ENTERTAINMENT 2026 TRANSITION TO THE SELF-PUBLISHING MODEL FINANCIAL HIGHLIGHTS €59.5M €11.3M in Revenue in EBITDA +17.5% from comparison period +352% from comparison period (€50.7M) (€2.5M) -€14.9M €4.5M in EBIT in Operating cash flow -€10.
Slide 7: Full Year Highlights
FULL YEAR HIGHLIGHTS THE YEAR REVOLVED AROUND OUR © REMEDY ENTERTAINMENT 2026 TRANSITION TO THE SELF-PUBLISHING MODEL FINANCIAL HIGHLIGHTS OTHER SELECT HIGHLIGHTS €59.5M €11.3M in Revenue in EBITDA +17.5% from comparison period +352% from comparison period (€2.5M) ✓ Full rights for the ✓ FBC: Firebr
Slide 8: © REMEDY ENTERTAINMENT 2026
© REMEDY ENTERTAINMENT 2026
Slide 9: Control Resonant Overview of the Game
CONTROL RESONANT OVERVIEW OF THE GAME © REMEDY ENTERTAINMENT 2025 Timeline • Announcement at The Games Awards in December. • Scheduled for 2026 launch. Background • Sequel to the multi-award-winning Control. • Action-RPG, where players will explore a warped Manhattan on the brink of paranatural anni
Slide 10: Control Resonant Commercial Overview
CONTROL RESONANT COMMERCIAL OVERVIEW © REMEDY ENTERTAINMENT 2025 Reception, sentiment and traction • Excellent reception for the trailer. • Player and community sentiment very positive, with engaged fans and positive wishlist numbers. Core audiences and positioning • CONTROL fans as well as the ~20
Slide 11: How We Look at the Game
CONTROL RESONANT HOW WE LOOK AT THE GAME © REMEDY ENTERTAINMENT 2025 Our goal • A ‘must-have day-one purchase’ for the fans of Control and the action-roleplaying genre. Must-win-battles • Launch-window is critical for a game’s commercial success, and we want to capture the momentum. • We want to hav
Slide 12: Games in Market: Alan Wake
GAMES IN MARKET ALAN WAKE 2 © REMEDY ENTERTAINMENT 2025 Featured as PlayStation Plus’ monthly games in October during Halloween; generating us a platform-deal royalty, while signaling the game’s category-defining status. Continued to sell well in parallel and after the subscription access on PlaySta
Slide 13: Games in Market: Control
GAMES IN MARKET CONTROL © REMEDY ENTERTAINMENT 2025 Over 1 million copies sold during 2025. In Q4, we continued the publishing work started earlier in the year. Control was offered at attractive price points to provide an easy entry point for new audiences to enter the world of CONTROL. Announcement
Slide 14: Games in Market: FBC: Firebreak
GAMES IN MARKET FBC: FIREBREAK © REMEDY ENTERTAINMENT 2025 FBC: Firebreak continued in post-launch development. Major Update “Rogue Protocol” launched after the review period in January. New discounts were introduced for the game. Player count remained on a stable but low level. In 2026, smaller upd
Slide 15: Games in Development
GAMES IN DEVELOPMENT © REMEDY ENTERTAINMENT 2025 Post-launch Pre-launch FBC: CONTROL Max Payne New project Firebreak Resonant 1&2 remake POST-LAUNCH FULL FULL PROOF OF DEVELOPMENT PRODUCTION PRODUCTION CONCEPT WITH
Slide 16: Strategy and Targets
STRATEGY AND TARGETS OUR STRATEGY REMAINS UNCHANGED, AND WE HAVE A SOLID FOUNDATION TO BUILD ON CREATE AND MAKE WORK IN WAYS SELF-PUBLISH GROW WORLD- DISTINCTIVE THAT ENABLE THE GAMES CLASS GAMING CATEGORY- SUCCESSFUL WE OWN FRANCHISES LEADING PRODUCTIONS GAMES
Slide 17: Strategy and Targets
STRATEGY AND TARGETS OUR STRATEGY REMAINS UNCHANGED, AND WE HAVE A SOLID FOUNDATION TO BUILD ON CREATE AND MAKE WORK IN WAYS SELF-PUBLISH GROW WORLD- DISTINCTIVE THAT ENABLE THE GAMES CLASS GAMING CATEGORY- SUCCESSFUL WE OWN FRANCHISES LEADING PRODUCTIONS GAMES
Slide 18: Strategic Development 2025: Grow World-Class Franchises
STRATEGIC DEVELOPMENT 2025 CREATING AND GROWING WORLD-CLASS GAMING FRANCHISES Control has sold over 5 million units cumulatively, with 1 million units sold during 2025. We brought Control to new markets, new audiences and expanded the reach of the CONTROL franchise. Sequel to Control – CONTROL Reson
Slide 19: Strategy and Targets
STRATEGY AND TARGETS OUR STRATEGY REMAINS UNCHANGED, AND WE HAVE A SOLID FOUNDATION TO BUILD ON CREATE AND MAKE WORK IN WAYS SELF-PUBLISH GROW WORLD- DISTINCTIVE THAT ENABLE THE GAMES CLASS GAMING CATEGORY- SUCCESSFUL WE OWN FRANCHISES LEADING PRODUCTIONS GAMES
Slide 20: Strategic Development 2025: Distinctive Category-Leading Games
STRATEGIC DEVELOPMENT 2025 MAKING DISTINCTIVE CATEGORY LEADING GAMES Alan Wake 2 selected as October’s monthly game for PlayStation Plus; signaling the category-defining status. CONTROL Resonant’s trailer was received as a distinctive game with a unique look. Northlight enables us to make games that
Slide 21: Strategy and Targets
STRATEGY AND TARGETS OUR STRATEGY REMAINS UNCHANGED, AND WE HAVE A SOLID FOUNDATION TO BUILD ON CREATE AND MAKE WORK IN WAYS SELF-PUBLISH GROW WORLD- DISTINCTIVE THAT ENABLE THE GAMES CLASS GAMING CATEGORY- SUCCESSFUL WE OWN FRANCHISES LEADING PRODUCTIONS GAMES
Slide 22: Strategic Development 2025: Ways That Enable Successful Productions
STRATEGIC DEVELOPMENT 2025 WORKING IN WAYS THAT ENABLE SUCCESSFUL PRODUCTIONS • One game launch + larger updates • One game announcement • New project advanced to POC stage • Value-adding improvements made to our existing catalogue (e.g. Control for Mac), extending our catalogue’s life cycle • On tr
Slide 23: Strategy and Targets
STRATEGY AND TARGETS OUR STRATEGY REMAINS UNCHANGED, AND WE HAVE A SOLID FOUNDATION TO BUILD ON CREATE AND MAKE WORK IN WAYS SELF-PUBLISH GROW WORLD- DISTINCTIVE THAT ENABLE THE GAMES CLASS GAMING CATEGORY- SUCCESSFUL WE OWN FRANCHISES LEADING PRODUCTIONS GAMES
Slide 24: Strategic Development 2025: Self-Publish the Games We Own
STRATEGIC DEVELOPMENT 2025 SELF-PUBLISHING THE GAMES WE OWN • Full CONTROL publishing and distribution rights received early in the year, enabling us to steer the franchise • FBC: Firebreak self-published • CONTROL Resonant announced to be self-published in 2026 with an ambitious and global campaign
Slide 25: Strategy and Targets: 2027 Targets
STRATEGY AND TARGETS WE REMAIN COMMITTED TO DELIVERING ON OUR COMMUNICATED 2027 TARGETS. 2024 2025 2027T DOUBLE THE 2024 REVENUE BY 2027 WITH CONTINUED GROWTH BEYOND THIS MILESTONE REVENUE €50.7M €59.5M €101.4M EBITDA MARGIN OF 30% BY 2027 AND MAINTAIN THAT MINIMUM LEVEL THROUGHOUT THE STRATEGY PERI
Slide 26: Q4 and Full Year Financial Results
Q4 and Full Year Financial Results Santtu Kallionpää, CFO
Slide 27: Q4 2025: Revenue
Q4 2025: REVENUE SIGNIFICANT GROWTH IN GAME SALES © REMEDY ENTERTAINMENT 2026 +46%* 17.0 8.4 11.7 10.3 1.5 2.7 10.2 8.7 7.6 Notes *FX neutral change for Q4 revenue calculated with 2024 average FX rates for USD, GBP and SEK is +54%. Q4 2023 Q4 2024 Q4 2025 Game Sales and Royalties (EURm) Development
Slide 28: Historical Breakdown of Revenue
HISTORICAL BREAKDOWN OF REVENUE © REMEDY ENTERTAINMENT 2025 +46% 17.9 0.8 16.9 17.0 13.4 11.7 12.2 8.4 2.6 9.5 10.8 10.3 1.5 1.8 0.9 6.0 17.0* 10.2 10.7 9.0 9.4 8.7 7.4 6.1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 *Includes revenue related to the development work done for CONT
Slide 29: Q4 2025: Profitability
Q4 2025: PROFITABILITY YEAR ENDS WITH A PROFITABLE QUARTER © REMEDY ENTERTAINMENT 2025 EBIT EBITDA % % EURm 6 60 EURm 4 3.9 30 3 4 40 20 2 2 20 10 0.7 1 -12.8 -1.4 -3.9 -0.6 0 0 0 0 -2 -20 -1 -10 -4 -40 -2 -20 -3 -6 -60 -4 -30 -8 -80 -5 -40 -10 -100 -6 -50 -12 -120 -7 -14 -140 -8 -60 Q4 2023 Q4 2024
Slide 30: Full Year 2025: Revenue
FULL YEAR 2025: REVENUE SIGNIFICANT GROWTH IN GAME SALES © REMEDY ENTERTAINMENT 2025 +17%* 59.5 50.7 5.1 26.6 33.9 5.2 45.6 32.9 28.7 Notes *FX neutral change for FY revenue calculated with 2024 average FX rates for USD, GBP and SEK is +21%. FY 2023 FY 2024 FY 2025 Game Sales and Royalties (EURm) De
Slide 31: Full Year 2025: Profitability
FULL YEAR 2025: PROFITABILITY PROFITABILITY AFFECTED BY FBC: FIREBREAK IMPAIRMENT © REMEDY ENTERTAINMENT 2025 EBIT EBITDA -28.6 -4.3 -14.9 % 11.3 % EURm 0 0 EURm 30 10 -2 -10 8 20 -4 6 -6 -20 4 10 -8 2.5 2 -10 -30 -17.0 0 0 -12 -40 -2 -14 -10 -4 -16 -50 -6 -18 -20 -8 -20 -60 -10 -22 -30 -70 -12 -24
Slide 32: Q4 2025: Internal and External Expenses
Q4 2025: INTERNAL AND EXTERNAL EXPENSES PERSONNEL COSTS, EXTERNAL DEVELOPMENT COST AND CAPITALIZED © REMEDY ENTERTAINMENT 2025 DEVELOPMENT COST 3.0 3.1 2.7 2.0 2.2 1.7 2.0 2.1 -3.4 -3.1 -3.5 -4.6 -4.5 -4.3 -5.0 -4.9 -6.5 -7.6 -7.2 -8.1 -8.0 -8.1 -8.4 -8.3 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2
Slide 33: Q4 2025: Depreciations
Q4 2025: DEPRECIATIONS FBC: FIREBREAK AND ALAN WAKE 2 DEPRECIATIONS RUNNING © REMEDY ENTERTAINMENT 2025 -0.9 -0.8 -0.8 -1.3 -3.1 -4.2 -4.7 -17.1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Other depreciations One-time depreciations and impairments Depreciations related to game pr
Slide 34: Q4 2025: Operating Cash Flow
Q4 2025: OPERATING CASH FLOW TIMING OF SALES PAYMENTS AFFECTED THE OPERATING CASH FLOW © REMEDY ENTERTAINMENT 2025 QUARTERLY FULL YEAR 11.3 11.0 8.0 3.3 3.1 0.9 4.5 -1.2 -3.3 -6.6 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2024 2025 Operating Cash Flow (EURm)
Slide 35: Q4 2025: Cash Position
Q4 2025: CASH POSITION CASH POSITION REMAINED STRONG © REMEDY ENTERTAINMENT 2025 41.1 36.5 31.2 29.4 27.4 26.1 20.1 28.0 27.6 10.0 17.7 3.7 10.4 17.3 17.5 19.8 22.4 21.2 21.0 17.0 18.8 10.7 10.0 9.6 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Financial Instruments (EURm) Cash and
Slide 36: Historical Revenue and Profitability Profile
HISTORICAL REVENUE AND PROFITABILITY PROFILE © REMEDY ENTERTAINMENT 2024 Revenue FAS IFRS M€ EBITDA % 70 70 EBIT % 59.5 60 60 50.7 50 50 44.7 43.6 41.1 40 40 33.9 31.6 30 30 20.1 20 16.4 17.2 20 15.5 13.7 10.5 11.9 10 10 3.8 0 0 -10 -10 -50 -50 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Slide 37: Outlook
Outlook Markus Mäki, interim CEO
Slide 38: Outlook for 2026
OUTLOOK FOR 2026 © REMEDY ENTERTAINMENT 2025 Remedy expects its full year revenue and EBITDA to increase from the previous year.
Slide 39: Questions & Answers
Questions & Answers
Slide 40: Q&A Instructions
Q&A INSTRUCTIONS © REMEDY ENTERTAINMENT 2026 ‒ Speakers will now take questions from the investors, analysts and media representatives ‒ Web participants: type in your question(s)
Slide 41: Contact
Contact: ir@remedygames.com investors.remedygames.com RemedyGames
Slide 42: Slide 42