Remedy (REMEDY) Q4 2025 earnings summary

Executive summary

• Full year 2025 revenue was €59.5 million, up 17.5% year-over-year, with Q4 revenue at €17.0 million, up 46.3%, driven by strong game sales and royalties, especially from Alan Wake 2 and Control.

• EBITDA for 2025 was €11.3 million, with Q4 EBITDA at €3.9 million, and EBIT for the year at -€14.9 million due to a €14.9 million non-cash impairment for FBC: Firebreak.

• Major events included CEO and chairman transitions, with Jean-Charles Gaudechon appointed CEO from March 2026.

• Transition to self-publishing, securing full CONTROL franchise rights, and announcement of CONTROL Resonant for 2026 with positive early reception.

• 45% of annual revenue came from game sales and royalties, reflecting a strategic shift toward self-publishing.

Financial highlights

• Q4 2025 revenue grew 46.3% year-over-year to €17.0 million, with EBITDA at €3.9 million and EBIT at €0.7 million.

• Full year operating profit was -€14.9 million, impacted by a €14.9 million impairment for FBC: Firebreak.

• EBITDA margin for 2025 was 19.1%, with operating margin at -25.0% for the year and 4.3% in Q4.

• Cash and liquid investments at year-end were €29.4 million; net cash was €11.1 million.

• Full year operating cash flow was €4.5 million, a 59% decrease from 2024.

Outlook and guidance

• 2026 revenue and EBITDA are expected to increase from 2025, with CONTROL Resonant's launch as a key driver.

• Major marketing investments planned for CONTROL Resonant ahead of its 2026 launch, expected to impact near-term profitability.

• Long-term targets include doubling 2024 revenue by 2027 and achieving a 30% EBITDA margin.

• No major changes to strategy anticipated with the new CEO in the short to medium term.