Remedy Entertainment Oy · OMXHEX:REMEDY
Remedy Entertainment Oy — Remedy Entmt — Q2 2025 Earnings Presentation
41 slides from Remedy Entertainment Oy's earnings presentation, Aug 12, 2025
Slide 1: The webcast will begin soon
" ’ \ ; The webcast will nea soon SNIEHTEE: SSlinaanee + Gr Shamenes
Slide 2: Half-Year Financial Report January–June 2025
Half-Year Financial Report January–June 2025 AUGUST 12, 2025 © REMEDY ENTERTAINMENT 2024
Slide 3: Agenda
AGENDA © REMEDY ENTERTAINMENT 2024 1 Q2 2025 Business Review 2 Q2 Financial Results 3 Outlook 4 Questions & Answers Tero Virtala Santtu Kallionpää CEO CFO
Slide 4: Q2 2025 Review
Q2 2025 Review Tero Virtala, CEO
Slide 5: Q2 2025 Highlights
Q2 2025 HIGHLIGHTS CONTINUED GROWTH WITH A RISING SHARE OF GAME REVENUE © REMEDY ENTERTAINMENT 2024 FINANCIAL HIGHLIGHTS REVENUE EBITDA EBIT CASH FLOW from operations €16.9M €4.2M €-0.5M €3.1M +63.5% +€6.6M €+2.7M +244% (€10.3M) (€-2.4M) (€-3.2M) (€0.9M) OTHER HIGHLIGHTS ‒ In June 2025, Remedy launc
Slide 6: © REMEDY ENTERTAINMENT 2024
© REMEDY ENTERTAINMENT 2024
Slide 7: FBC: Firebreak Overview
FBC: FIREBREAK OVERVIEW © REMEDY ENTERTAINMENT 2025 • Three-player coop first-person shooter, in the world of Control • Remedy’s first self-published game • Remedy’s first multiplayer game • Launched on June 17th • PC (Steam and Epic Games Store) • PlayStation 5 and Xbox Series X|S • PlayStation Plu
Slide 8: FBC: Firebreak
FBC: FIREBREAK GAME HAS NOW BEEN OUT 2 MONTH. © REMEDY ENTERTAINMENT 2025 SEPTEMBER’S ‘MAJOR UPDATE’ IS THE NEXT LARGER STEP. Launch Patches and 1st Major June 17th updates Update June - August September
Slide 9: We carried out a focused marketing campaign
FBC: FIREBREAK WE CARRIED OUT A FOCUSED © REMEDY ENTERTAINMENT 2025 MARKETING CAMPAIGN. • Short, targeted marketing campaign was completed pre-launch. • Good visibility and interest was achieved, which also showed in Steam wishlist developments. • During launch day, together with platform holders, w
Slide 10: FBC: Firebreak Sales-Wise, a Disappointing Launch
FBC: FIREBREAK SALES-WISE, A DISAPPOINTING LAUNCH © REMEDY ENTERTAINMENT 2025
Slide 11: Sales-wise, a disappointing launch
FBC: FIREBREAK SALES-WISE, A DISAPPOINTING LAUNCH © REMEDY ENTERTAINMENT 2025 Share of positive daily user reviews on Steam during first week Source: Steam 81% 76% 74% 78% 75% 74% 72% 55% 17% Launch 17-Jun 18-Jun 19-Jun 20-Jun 21-Jun 22-Jun 23-Jun 24-Jun
Slide 12: Sales-wise, a disappointing launch
FBC: FIREBREAK SALES-WISE, A DISAPPOINTING LAUNCH © REMEDY ENTERTAINMENT 2025 Share of positive daily user reviews on Steam during first week Source: Steam 81% 76% 74% 78% 75% 74% 72% 55% • Exceptionally negative reviews during the early hours • Sales momentum was lost, despite of reviews starting 1
Slide 13: Sales-wise, a disappointing launch
FBC: FIREBREAK SALES-WISE, A DISAPPOINTING LAUNCH © REMEDY ENTERTAINMENT 2025 Share of positive daily user reviews on Steam during first week Source: Steam 81% 76% 74% 78% 75% 74% 72% • Day 2 onwards reviews were more positive 55% • Especially players that played over 1 hour have liked the game • Ex
Slide 14: Good Amount of Console Players
FBC: FIREBREAK GOOD AMOUNT OF CONSOLE PLAYERS © REMEDY ENTERTAINMENT 2025 • A healthy amount of players keep enjoying the game. • The crossplay feature connects players across platforms and ensures there are players to play with.
Slide 15: Community Feedback and Learnings
FBC: FIREBREAK COMMUNITY FEEDBACK AND LEARNINGS © REMEDY ENTERTAINMENT 2025 Positive themes Core experience is solid. Fun to play with friends. Technically works well and early updates were well received.
Slide 16: Community Feedback and Learnings
FBC: FIREBREAK COMMUNITY FEEDBACK AND LEARNINGS © REMEDY ENTERTAINMENT 2025 Positive themes Negative themes Early game experience was slow and Core experience is solid. unenjoyable. Players overall expect more playable Fun to play with friends. content. Our gated progression makes the game look smal
Slide 17: September's Major Update
FBC: FIREBREAK SEPTEMBER’S ‘MAJOR UPDATE’ IS THE NEXT LARGER STEP FOR THE © REMEDY ENTERTAINMENT 2025 GAME. Launch Patches and 1st Major June 17th updates Update June - August September
Slide 18: Remedy's Self-Publishing
REMEDY’S SELF-PUBLISHING WE ARE COMMITTED ON SELF-PUBLISHING OUR UPCOMING CATALOGUE. © REMEDY ENTERTAINMENT 2024 WE NOW HAVE VALUABLE LEARNINGS FROM PUBLISHING FBC: FIREBREAK. • Publishing operation-wise, our marketing plan was clear and targeted, was carried out efficiently and built interest and t
Slide 19: Games in Market: Alan Wake
GAMES IN MARKET ALAN WAKE 2 © REMEDY ENTERTAINMENT 2025 End of 2024, we exceeded 2 million units sold and game started to generate royalties. In Q2 sales have continued steadily. High quality games, like Alan Wake 2, sell for a long time in digital channels. We continue to support, promote and sell
Slide 20: Games in Market: Control
GAMES IN MARKET CONTROL © REMEDY ENTERTAINMENT 2025 Control broke 5 million copies in lifetime sales during Q2/2025 We received all of Control’s publishing rights during Q1/2025. We have succeeded in finding new audiences and boosting the sales since then. In Q2 sales continued well. Quality games c
Slide 21: Games in Development
GAMES IN DEVELOPMENT GOOD PROGRESSION AMONG ALL TITLES DURING Q2 © REMEDY ENTERTAINMENT 2025 FBC: Control 2 Max Payne New project Firebreak 1&2 remake FULL FULL POST-LAUNCH PRODUCTION PRODUCTION DEVELOPMENT WITH
Slide 22: Strategy and Targets
STRATEGY AND TARGETS 2025 MARKED THE BEGINNING OF AN ERA FOCUSED ON SUSTAINABLE, PROFITABLE GROWTH 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 23: Strategy and Targets
STRATEGY AND TARGETS 2025 MARKED THE BEGINNING OF AN ERA FOCUSED ON SUSTAINABLE, PROFITABLE GROWTH 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 24: Q2 and H1 Financial Results
Q2 and H1 Financial Results Santtu Kallionpää, CFO
Slide 25: New P&L Elements in Self-Publishing
NEW P&L ELEMENTS IN SELF-PUBLISHING GAME SALES, PLATFORM FEES AND PARTNER ROYALTIES © REMEDY ENTERTAINMENT 2024 Revenue, TOTAL Development fees Included as earlier Game sales and royalties Game sales before platform fees, royalties and game related B2B income Green color = new item
Slide 26: New P&L Elements in Self-Publishing
NEW P&L ELEMENTS IN SELF-PUBLISHING GAME SALES, PLATFORM FEES AND PARTNER ROYALTIES © REMEDY ENTERTAINMENT 2024 Revenue, TOTAL Development fees Included as earlier Game sales and royalties Game sales before platform fees, royalties and game related B2B income Materials and services Game development
Slide 27: New P&L Elements in Self-Publishing
NEW P&L ELEMENTS IN SELF-PUBLISHING GAME SALES, PLATFORM FEES AND PARTNER ROYALTIES © REMEDY ENTERTAINMENT 2024 Revenue, TOTAL Development fees Included as earlier Game sales and royalties Game sales before platform fees, royalties and game related B2B income Materials and services Game development
Slide 28: Q2 2025: Revenue
Q2 2025: REVENUE GROWTH DRIVEN BY THE LAUNCH OF FBC: FIREBREAK © REMEDY ENTERTAINMENT 2024 +64%* Notes 16.9 *FX neutral growth for Q2 revenue calculated with 2024 average FX rates for USD, GBP and SEK is 69%. 9.5 10.3 8.9 0.9 1.0 9.4 7.9 7.4 Q2 2023 Q2 2024 Q2 2025 Game Sales and Royalties (EURm) De
Slide 29: Historical Breakdown of Revenue
HISTORICAL BREAKDOWN OF REVENUE © REMEDY ENTERTAINMENT 2025 +64% 17.9 0.8 16.9 13.4 11.7 2.6 9.5 10.3 10.8 10.3 1.5 1.8 0.9 2.7 7.8 17.0 1.1 10.2 10.7 9.0 9.4 7.6 7.4 6.7 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Game Sales and Royalties (EURm) Development Fees (EURm)
Slide 30: Q2 2025: Profitability
Q2 2025: PROFITABILITY PROFITABILITY CONTINUES TO IMPROVE © REMEDY ENTERTAINMENT 2025 EBIT EBITDA % % EURm -4.8 -3.2 -0.5 EURm 5 30 0 0 4.2 4 20 3 -20 2 10 1 -2 -4.1 -2.4 0 0 -40 -1 -10 -2 -60 -3 -20 -4 -4 -5 -30 -80 -6 -40 -7 -6 -100 -8 Q2 2023 Q2 2024 Q2 2025 Q2 2023 Q2 2024 Q2 2025 EBIT(EURm) EBI
Slide 31: Q2 2025: Profitability
Q2 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 1.4 1.1 -3.4 -4.6 -4.5 -4.3 -4.9 -5.0 -4.9 -5.7 -6.8 -6.5 -7.6 -7.6 -8.0 -8.1 -8.1 -8.4 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 20
Slide 32: Q2 2025: Profitability
Q2 2025: PROFITABILITY DEPRECIATIONS ON A HIGHER LEVEL DUE TO START OF FBC: FIREBREAK © REMEDY ENTERTAINMENT 2025 RELATED DEPRECIATIONS -0.9 -0.8 -0.8 -1.3 -1.3 -4.2 -4.7 -8.9 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Depreciations and impairments related to game projects Other
Slide 33: Q2 2025: Cash Flow
Q2 2025: CASH FLOW POSITIVE OPERATING CASH FLOW DURING THE SECOND QUARTER © REMEDY ENTERTAINMENT 2025 8.0 3.3 3.1 0.9 0.1 -1.2 -5.1 -6.6 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Operating Cash Flow (EURm)
Slide 34: Q2 2025: Cash Position
Q2 2025: CASH POSITION OUR CASH POSITION REMAINS STABLE © REMEDY ENTERTAINMENT 2025 41.1 31.7 30.4 31.2 27.4 26.1 20.1 28.0 27.6 10.0 10.3 10.0 3.7 10.4 17.3 17.5 21.7 20.1 22.4 21.2 21.0 17.0 10.7 10.0 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Cash and Cash Equivalents (EURm)
Slide 35: Historical Revenue and Profitability Profile
HISTORICAL REVENUE AND PROFITABILITY PROFILE © REMEDY ENTERTAINMENT 2024 FAS IFRS M€ 55 50 % 50.7 50 45 44.7 43.6 45 40 41.1 40 35 35 33.9 31.6 30.3 30 30 25 25 20.1 20 20 17.2 15.5 16.4 13.7 15 15 11.9 10.5 10 10 5 3.8 5 0 0 -5 -5 -10 -10 -15 -20 -85 2011 2012 2013 2014 2015 2016 2017 2018 2019 202
Slide 36: Outlook
Outlook Tero Virtala, CEO
Slide 37: Outlook for 2025
OUTLOOK FOR 2025 (UNCHANGED) © REMEDY ENTERTAINMENT 2025 Remedy expects its revenue and operating profit (EBIT) to increase from the previous year and operating profit (EBIT) to be positive
Slide 38: Questions & Answers
Questions & Answers
Slide 39: 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 40: Contact
Contact: ir@remedygames.com investors.remedygames.com RemedyGames
Slide 41: Slide 41