Remedy Entertainment Oy · OMXHEX:REMEDY
Remedy Entertainment Oy — Q3 2025 Earnings Presentation
30 slides from Remedy Entertainment Oy's earnings presentation, Oct 29, 2025
Slide 1: The webcast will begin soon
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Slide 2: Business Review July–September 2025
Business Review July–September 2025 OCTOBER 29, 2025 © REMEDY ENTERTAINMENT 2024
Slide 3: Agenda
AGENDA © REMEDY ENTERTAINMENT 2024 1 Q3 2025 Business Review 2 Q3 Financial Results 3 Outlook 4 Questions & Answers Markus Mäki Santtu Kallionpää Interim CEO CFO
Slide 4: Q3 2025 Review
Q3 2025 Review Markus Mäki, interim CEO
Slide 5: Short look at the history
SHORT LOOK AT THE HISTORY REMEDY HAS BEEN BUILT ON EXCEPTIONAL HISTORY © REMEDY ENTERTAINMENT 2024 OF PROFITABLE GAMES Game Return for Remedy • Latest game projects haven’t worked out commercially. Death Rally • As we’ve rapidly grown, we haven’t been able to Max Payne manage projects as successfull
Slide 6: Q3 2025 Highlights: Financial highlights
Q3 2025 HIGHLIGHTS SHARPENING FOCUS AFTER A DIFFICULT © REMEDY ENTERTAINMENT 2024 QUARTER FINANCIAL HIGHLIGHTS €12.2M €0.7M in Revenue in EBITDA -32% from comparison period -89% from comparison period (€17.9M) (€6.6M) €-16.4M €11.3M in EBIT in Operating cash flow €-18.8M from comparison period +41%
Slide 7: Q3 2025 Highlights: Financial and other highlights
Q3 2025 HIGHLIGHTS SHARPENING FOCUS AFTER A DIFFICULT © REMEDY ENTERTAINMENT 2024 QUARTER FINANCIAL HIGHLIGHTS OTHER HIGHLIGHTS €0.7M In August 2025, Remedy celebrated its 30th year of €12.2M • making video games. in Revenue in EBITDA • In September 2025, Remedy released Breakpoint, a first -32% fro
Slide 8: © REMEDY ENTERTAINMENT 2024
© REMEDY ENTERTAINMENT 2024
Slide 9: FBC: Firebreak Overview
FBC: FIREBREAK OVERVIEW © REMEDY ENTERTAINMENT 2025 • Game was launched in June. • Numerous updates and patches introduced. • “Breakpoint” Major Update rolled out in September. • First discounts were implemented. • Player metrics improved after the update. • Sales unfortunately remained on a low lev
Slide 10: FBC: Firebreak Longer-term benefits for us
FBC: FIREBREAK LONGER-TERM BENEFITS FOR US © REMEDY ENTERTAINMENT 2025 • Our first multiplayer game works well in a cross- platform environment. • We’ve been able to operate the game as a live service. • We’ve gained valuable experience in self-publishing, which will lower the risk-profile for our f
Slide 11: Games in Market: Alan Wake
GAMES IN MARKET ALAN WAKE 2 © REMEDY ENTERTAINMENT 2025 Royalties grew compared to previous quarters this year in Q3. Announced as October’s monthly game for PlayStation Plus. High quality games with critical acclaim, like Alan Wake 2, have the ability to sell for a long time in digital marketplaces
Slide 12: Games in Market: Control
GAMES IN MARKET CONTROL © REMEDY ENTERTAINMENT 2025 We have focused on our marketing and sales since receiving full Control’s publishing rights in early 2025. Good sales traction continued in Q3, supported by large discounts and Remedy’s 30-year anniversary celebrations. Growing focus on generating
Slide 13: Games in Development
GAMES IN DEVELOPMENT © REMEDY ENTERTAINMENT 2025 FBC: Control 2 Max Payne New project Firebreak 1&2 remake POST-LAUNCH FULL FULL PROOF OF DEVELOPMENT PRODUCTION PRODUCTION CONCEPT WITH
Slide 14: 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 15: Strategy and Targets: 2027 targets
STRATEGY AND TARGETS WE REMAIN COMMITTED TO DELIVERING ON OUR COMMUNICATED 2027 TARGETS. DOUBLE THE 2024 REVENUE BY 2027 WITH CONTINUED GROWTH BEYOND THIS MILESTONE EBITDA MARGIN OF 30% BY 2027 AND MAINTAIN THAT MINIMUM LEVEL THROUGHOUT THE STRATEGY PERIOD
Slide 16: Q3 Financial Results
Q3 Financial Results Santtu Kallionpää, CFO
Slide 17: Q3 2025: Revenue
Q3 2025: REVENUE SIGNIFICANT GROWTH IN GAME SALES © REMEDY ENTERTAINMENT 2024 -32%** 17.9 0.8 12.2 6.0 7.8 17.0* 1.1 Notes *Includes revenue related to the development work done 6.7 for Control 2 before entering into the strategic partnership 6.1 with Annapurna **FX neutral change for Q3 revenue cal
Slide 18: Historical Breakdown of Revenue
HISTORICAL BREAKDOWN OF REVENUE © REMEDY ENTERTAINMENT 2025 -32% 17.9 0.8 16.9 13.4 11.7 12.2 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 7.4 6.1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 *Includes revenue related to the development work done for Control 2 before Game Sal
Slide 19: Q3 2025: Profitability
Q3 2025: PROFITABILITY PROFITABILITY AFFECTED BY FBC: FIREBREAK IMPAIRMENT © REMEDY ENTERTAINMENT 2025 EBIT EBITDA % % EURm 4 EURm 7 6.6 2.4 20 6 40 2 5 -5.5 -16.4 0 30 0 4 3 20 -2 -20 2 -4 0.7 10 1 -6 -40 -4.2 0 0 -60 -1 -8 -10 -2 -10 -80 -3 -20 -12 -4 -100 -30 -5 -14 -6 -40 -120 -16 -7 -50 -18 -14
Slide 20: External development, capitalized development and personnel costs
Q3 2025: PROFITABILITY EXTERNAL DEVELOPMENT COST, CAPITALIZED DEVELOPMENT COST AND © REMEDY ENTERTAINMENT 2025 PERSONNEL COSTS 3.0 3.1 2.0 2.2 1.7 2.0 2.1 -3.4 -3.1 -4.6 -4.5 -4.3 -5.0 -4.9 -6.5 -7.6 -7.2 -8.1 -8.0 -8.1 -8.4 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Ext Dev (EURm) unne
Slide 21: FBC: Firebreak impairment included in total depreciations
Q3 2025: PROFITABILITY FBC: FIREBREAK IMPAIRMENT INCLUDED IN TOTAL DEPRECIATIONS © REMEDY ENTERTAINMENT 2025 -0.9 -0.8 -0.8 -1.3 -4.2 -4.7 -17.1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Other depreciations One-time depreciations and impairments Depreciations related to game projects
Slide 22: Q3 2025: Cash Flow
Q3 2025: CASH FLOW TIMING OF SALES PAYMENTS RESULTED IN A STRONG OPERATING © REMEDY ENTERTAINMENT 2025 CASH FLOW 11.3 8.0 3.3 3.1 0.9 -1.2 -6.6 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Operating Cash Flow (EURm)
Slide 23: Q3 2025: Cash Position
Q3 2025: CASH POSITION CASH POSITION STRENGTHENED BY POSITIVE OPERATING CASH FLOW © REMEDY ENTERTAINMENT 2025 41.1 36.5 31.2 27.4 26.1 20.1 28.0 27.6 10.0 17.7 3.7 10.4 17.3 17.5 22.4 21.2 21.0 17.0 18.8 10.7 10.0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Financial Instruments (EURm) C
Slide 24: Historical Revenue and Profitability Profile
HISTORICAL REVENUE AND PROFITABILITY PROFILE © REMEDY ENTERTAINMENT 2024 Revenue FAS IFRS M€ EBITDA, 55 100 EBIT % 50.7 50 90 44.7 43.6 45 42.5 80 41.1 40 70 35 33.9 31.6 60 30 50 25 20.1 40 20 17.2 15.5 16.4 13.7 30 15 11.9 10.5 20 10 5 3.8 10 0 0 -5 -10 -10 -40 -15 -50 -20 2011 2012 2013 2014 2015
Slide 25: Outlook
Outlook Markus Mäki, interim CEO
Slide 26: Outlook for 2025
OUTLOOK FOR 2025 (UPDATED ON 10 TH OF OCTOBER 2025) © REMEDY ENTERTAINMENT 2025 Remedy expects its revenue to increase from the previous year and operating profit (EBIT) to be negative and below the previous year.
Slide 27: Questions & Answers
Questions & Answers
Slide 28: Q&A Instructions
Q&A INSTRUCTIONS © REMEDY ENTERTAINMENT 2024 ‒ Speakers will now take questions from the investors, analysts and media representatives ‒ Web participants: type in your question(s)
Slide 29: Contact
Contact: ir@remedygames.com investors.remedygames.com RemedyGames
Slide 30: Slide 30