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Remedy (REMEDY) investor relations material
Remedy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for Q2 2025 was €16.9M, up 63.5–64% year-over-year, driven by the launch of FPC/FBC Firebreak and strong sales of Control and Alan Wake 2.
EBITDA improved to €4.2M in Q2, with EBIT at -€0.5M, a significant improvement from the previous year.
FPC/FBC Firebreak, the first self-published and multiplayer title, launched with over 1M players in 10 days but underperformed in sales, especially on PC; console subscription deals drove revenue.
Control exceeded 5M lifetime sales, with regained publishing rights boosting performance, and Alan Wake 2 continued steady sales.
Early negative reviews, especially from non-Western markets, impacted Firebreak's sales momentum, though post-launch updates improved sentiment.
Financial highlights
Q2 2025 revenue: €16.9M (+63.5% YoY); H1 2025 revenue: €30.3M (+43.4% YoY).
EBITDA was €4.2M in Q2 (vs. -€2.4M YoY); H1 EBITDA: €6.8M (vs. -€3.6M YoY).
EBIT was -€0.5M in Q2 (vs. -€3.2M YoY); H1 EBIT: €0.8M (vs. -€5.3M YoY).
Cash and liquid investments at quarter-end were €27.6M; cash flow from operations was €3.1M positive.
FX-neutral revenue growth for Q2 was 69%.
Outlook and guidance
2025 outlook unchanged: revenue and EBIT expected to increase from 2024, with positive EBIT forecasted.
Strategic targets: double 2024 revenue by 2027 and achieve at least a 30% EBITDA margin by 2027.
Multiple revenue streams and continued investment in Firebreak reduce dependency on any single title.
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