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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.Q2 2025 earnings summary12 Aug, 2025
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.
How did Firebreak's user testing fail to prioritize?
How will Control 2's development benefit from Firebreak?
What's driving Remedy's revenue stream diversification?
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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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