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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 and a significant one-time payment in Q3 2024 affecting the comparison.
EBITDA for Q3 2025 was €0.7 million, down 89% from the prior year; operating profit (EBIT) was -€16.4 million, impacted by a €14.9 million non-cash impairment related to FBC: Firebreak.
Positive operating cash flow was achieved, rising to €11.3 million in Q3, and cash reserves at quarter-end were €36.5 million.
CEO and Chairman transitions occurred during and after the quarter, with Markus Mäki appointed interim CEO and Henri Österlund as Chairman.
Remedy celebrated its 30th anniversary in August 2025.
Financial highlights
Game sales and royalties rose, reaching €6.0 million, driven by FBC: Firebreak subscriptions, Alan Wake 2 royalties, and Control sales.
Game sales and royalties accounted for 43% of total revenue year-to-date, up from 9% in the prior year.
Operating expenses (excluding depreciation) remained stable year-over-year; external development costs fell 36.5%, while personnel expenses rose 11.7%.
Cash and liquid investments at quarter-end were €36.5 million.
Capital expenditures for January–September were €11.4 million, including investments in Control franchise publishing rights.
Outlook and guidance
Revenue for full year 2025 is expected to increase from 2024, but operating profit (EBIT) will remain negative and below the previous year.
Long-term targets include doubling 2024 revenue by 2027 and achieving a 30% EBITDA margin.
Strong cash position and a robust pipeline of games support confidence in future funding needs.
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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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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