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Remedy (REMEDY) investor relations material
Remedy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 revenue was €12.2 million, down 32% year-over-year, mainly due to lower development fees after a one-time payment in Q3 2024 for Control 2.
EBITDA for Q3 was €0.7 million, down 89% from the prior year, and EBIT was -€16.4 million, impacted by a €14.9 million non-cash impairment for FBC: Firebreak.
Operating cash flow improved to €11.3 million in Q3, with cash reserves at quarter-end reported between €27.6 million and €36.5 million.
CEO and Chairman transitions occurred during or after the quarter, with Markus Mäki as interim CEO and Henri Österlund as Chairman.
Remedy celebrated its 30th anniversary in August 2025, with related marketing activations.
Financial highlights
Q3 2025 revenue: €12.2 million (down 32% year-over-year); FX-neutral change was -29%.
Q3 EBITDA: €0.7 million (down from €6.6 million in Q3 2024); EBIT: -€16.4 million, mainly due to the FBC: Firebreak impairment.
Year-to-date revenue: €42.5 million, up 8.9% from €39 million in Q1–Q3 2024.
Game sales and royalties accounted for 43% of total revenue year-to-date, up from 9% in the prior year.
Cash and liquid investments at quarter-end ranged from €27.6 million to €36.5 million.
Outlook and guidance
Revenue for 2025 is expected to increase from the previous year, but operating profit (EBIT) will remain negative and below last year.
Strategic targets include doubling 2024 revenue by 2027 and achieving a 30% EBITDA margin.
Confident in financial position and ability to fund ongoing projects due to strong cash reserves and pipeline.
FBC: Firebreak's long-term sales outlook?
Path to profitability given current outlook?
Tencent convertible loan utilization?
How will Remedy increase speed and decisiveness?
Impact of self-publishing on revenue mix?
Will future games use live service or multiplayer?
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Q4 202512 Feb, 2026
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Frequently asked questions
Remedy Entertainment Oyj, a game development company, develops and sells computer and console games. The company offers Control, a third-person action-adventure video game; Quantum Break, which is an entertainment experience that combines intense action with a suspenseful storyline; Alan Wake, a psychological thriller; and Alan Wake’s American Nightmare. It has a license agreement with Remedy for the use of the name HMD for mobile gaming helmets. The company serves customers in Finland, North America, Europe, China, Japan and other Asian countries.
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