Remedy Entertainment FY2025 Q4 Business Review

Remedy Entertainment Plc

February 10, 202 6
Financial Statement s Release
JANUARY – DEC EMBER 202 5

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 1 (20 )
Remedy Entertainment Plc | Stock exchange release | February 10 , 202 6, at 09:00
a.m. EET

Remedy Entertainment Plc | Financial Statements Release 202 5

Remedy reve aled its highly anticipated sequel: CONTROL
Resonant
Positive operating profit in Q4. Full year revenue and EBITDA increased
driven by rising game sales and royalties.
Figures in parentheses refer to the comparison period in the previous year, unless
otherwise stated.
Highlights from October –Dec ember 202 5
• Revenue increased by 46 .3% to EUR 1 7.0 (11.7) million.
• EBITDA was EUR 3.9 (-0.6) million.
• Operating profit (EBIT) was EUR 0.7 (-1.4) million, and the operating profit margin
was 4.3% ( -11.9%) of revenue.
• Cash flow from operations was EUR -3.3 (-1.2) million.
• In October 2025 , Tero Virtala stepped down as the CEO of Remedy Entertainment
Plc and Markus Mäki was appointed as the interim CEO. Markus Mäki stepped
down as the Chairman of the Board and the Board of Directors elected Henri
Österlund as the new Chairman.
• In October 2025, the Board of Directors decided on a new option plan 2025.
• During November –December 2025 Remedy repur chased 50,000 of the company’s
own share s.
• In December 2025, Remedy unveiled that CONTROL Resonant (previously known
as Control 2) will be published in 2026 .
• After the reporting period, o n February 9 th, 2026, Jean -Charles Gaudechon was
appointed as the CEO of Remedy Entertainment Plc as of March 1 st, 2026.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 2 (22)

Highlights from January –Dec ember 202 5
• Revenue increased by 17 .5% to EUR 59 .5 (50 .7) million.
• EBITDA was EUR 11 .3 (2.5) million.
• Operating profit (EBIT) was EUR -14.9 (-4.3) million, and the operating profit margin
was -25 .0% ( -8.4%) of revenue.
• Cash flow from operations was EUR 4.5 (11.0) million.
• In June 2025, Remedy launched FBC: Firebreak worldwide, a three -player co -op
FPS and the company’s first self -published game.
• In August 2025, Remedy celebrated its 30 th year of making video games.
• In September 2025, Remedy recognized a non -cash impairment for FBC: Firebreak
of EUR 14.9 million.
• In October 2025 , Tero Virtala stepped down as the CEO of Remedy Entertainment
Plc and Markus Mäki was appointed as the interim CEO. Markus Mäki stepped
down as the Chairman of the Board and the Board of Directors elected Henri
Österlund as the new Chairman.
• In October, the Board of Directors decided on a new option plan 2025.
• In December 2025, Remedy unveiled that CONTROL Resonant (previously known
as Control 2) will be published in 2026.
• The Board of Directors proposes that no dividend will be paid for the year 2025.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 3 (22)

Key Figures
MEUR, IFRS, Group 10 –12/2025 10 –12/2024 1–12/2025 1–12/2024
Revenue 17.0 11.7 59 .5 50.7
Growth in revenue, % 46 .3% 13.1% 17 .5% 49.3%
EBITDA 3.9 -0.6 11 .3 2.5
EBITDA, % of revenue 22 .7% -4.9% 19.1% 5.0%
Operating profit (EBIT) 0.7 -1.4 -14.9 -4.3
Operating profit, % of revenue 4.3% -11.9% -25 .0% -8.4%
Result for review period 0.4 -1.3 -13. 0 -3.6
Result for review period, % of revenue 2.4% -10. 8% -21.9% -7.1%
Balance sheet total 87.5 99 .3 87.5 99.3
Cash flow from operations -3.3 -1.2 4.5 11.0
Net cash 11.1 25.3 11.1 25.3
Cash and liquid investments 29 .4 41 .1 29 .4 41.1
Net gearing, % -19 .7% -36. 9% -19 .7% -36.9%
Equity ratio, % 67.4% 70.9% 67.4% 70.9%
Capital expenditures 2.8 1.7 14.3 26.6*
Average number of personnel during
review period (FTE) 37 5 35 2 371 351
Headcount at the end of period 387 36 7 387 367
Earnings per share, € 0.03 -0.09 -0.9 6 -0.27
Earnings per share, € (diluted) 0.03 -0.09 -0.9 6 -0,27
Number of shares at the end of period 13,640,451 ** 13,5 74,151 13,640,451 ** 13,574,151

*Contains 16.9 million invested in publishing rights of C ONTROL franchise .

**Includes 50,000 treasury shares.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 4 (22)

Comments by interim CEO Markus Mäki
In the fourth quarter of 2025, Remedy’s revenue increased by 46.3% from the
comparison period and was EUR 17.0 (11.7) million. Game sales and royalties kept on
increasing during the fourth quarter of 2025 and formed almost half of the total revenue
for Q4 2025 , the major contributors being royalties from Alan Wake 2 and game sales
of Control . Development fees were from Max Payne 1 & 2 remake and CONTROL
Resonant . EBITDA was EUR 3.9 ( -0.6) million. Operating profit (EBIT) was EUR 0.7 ( –
1.4) million. The impr ovement in profitability in the fourth quarter was mainly driven by
the higher revenue level compared to the comparison period.

Announcement of CONTROL Resonant
Remedy’s year culminated in our reveal of CONTROL Resonant in December.
CONTROL Resonant is the sequel to Remedy’s multi -award -winning Control , released
in 2019. CONTROL Resonant is an action -adventure role -playing game in which
players explore a warped Manhattan on the brink of paranatural annihilation.
Scheduled for release in 2026 and published by Remedy, it is our most ambitious
game to date. The game will be available on Play Station 5, Xbox Series X|S, PC via
Steam and Epic Games Store, and Mac via Steam and the App Store.

Early reception to the announcement has been excellent. Player and community
sentiment ha s been very positive, indicated by engaged f ans and positive wishlist
numbers . Our goal is to make the game a ‘must -have day -one purchase’ for the fans of
Control and the action role -playing genre. The announcement at The Game Awards in
December was a great kickstart to the ambitious global marketing campaign we have
planned for CONTROL Resonant .

Games in the market
Control sold well during the fourth quarter, and we continued the work started earlier in
the year after receiving the full publishing and distribution rights : expanding the reach of
the game and finding new addressable audiences for the whole CONTROL franchise.
Sales of Control also received a boost from the announcement of CONTROL Resonant .
In 2025, Control sold over 1 million copies.

Alan Wake 2 was one of PlayStation Plus’ monthly games of October during the
Halloween season , signaling its category -defining status and generat ing us platform –
deal royalt ies . In parallel with the subscription -based platform access on PlayStation
Plus , the game also continued steady royalty generation through unit sales . Other
games of the Alan Wake franchise continued steady sales during the quarter. In 2025,
Alan Wake 2 generated meaningful royalties , and the royalty generation strengthened
in the latter part of the year.

FBC: Firebreak continued in post -launch development during the fourth quarter with the
Major Update Rogue Protocol released in January 2026 after the review period . During
the fourth quarter, we introduced new discounts for the game. In 2025, we delivered
larger previously communicated updates to FBC: Firebreak . Smaller updates will still
be introduced to the game.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 5 (22)

En ding the year on a positive note
After a few challenging quarters, Q4 was both positive and profitable . Our single -player
games in the market performed well, and the announcement of CONTROL Resonant
was met with a great reception . For 2026, ensuring the successful launch of CONTROL
Resonant will be our top priority . Building on the traction from our announcement , we
will be making significant marketing investments towards the title, which will also affect
ou r near -term profitability profile prior to the launch of the game . We have all the
ingredients to make this a successful year for Remedy .
Games in development
Game Publisher Stage -gate status
FBC: Firebreak Remedy Entertainment Post -launch development
CONTROL Resonant Remedy Entertainment Full production
New project Remedy Entertainment Proof of concept
Max Payne 1&2 remake Rockstar Games Full production
Outlook 202 6
Remedy expects its full year revenue and EBITDA to increase from the previous year .
Long -term business prospects
We have two established own franchises, C ONTROL and Alan Wake, which are linked
through the Remedy Connected Universe. Remedy will self -publish upcoming games,
in which Remedy owns the IP. Growing and expanding the two franchises will be a key
part of our future. In addition, we work with a partner fra nchise Max Payne, originally
created by Remedy.

By 2030, we aim to be a highly regarded creative studio with sustainable, significant
commercial success. We have set ourselves the following financial targets:
1) Double the 2024 revenue by 2027 with continued growth beyond this milestone
and
2) EBITDA margin of 30% by 2027 and maintain that minimum level throughout
the strategy period.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 6 (22)

Financial disclosures in 202 6
February 10, 202 6 Financial Statements Report 202 5
May 5, 202 6 Business Review for January -March 202 6
August 11, 202 6 Half -Year Financial Report for January -June 202 6
November 3, 202 6 Business Review for January -September 202 6

Remedy’s Annual Report, Financial Statements and Board of Directors’ Report for
202 5 will be published on week 1 3 on company’s investor website at
https://investors.remedygames.com/ .

Webcast
Remedy will host a webcast in English on its full year 2025 financial results for
investors, analysts and media on February 10 , 202 6, at 12:00 p.m. (EET). Remedy’s
financial results will be presented by CEO Markus Mäki and CFO Santtu Kallionpää.

The Financial Statements Release will be available after publication on Remedy’s
Investor website: https://investors.remedygames.com/financials -and -reports/financial –
reports/ .
Webcast details:
Register in advance for the webcast:
https://remedy.videosync.fi/2025 -results/

After registering, you will receive a confirmation email containing information about
joining the webcast.

A recording of the webcast will be available afterwards on Remedy’s Investor website:
https://investors.remedygames.com/financials -and -reports/financial -reports/ .
More information
Aapo Kilpinen, Investor Relations & Business Development Manager
Phone: +358 44 522 0595
Email: aapo.kilpinen@remedygames.com

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 7 (22)

Remedy in brief
Remedy Entertainment Plc is a pioneering, globally renowned video game company
founded in 1995 and headquartered in Finland with an office in Stockholm, Sweden.
Known for its story -driven and visually stunning action games, Remedy has created
multiple succ essful, critically acclaimed franchises such as Control, Alan Wake and
Max Payne. Remedy also develops its own Northlight game engine and tools
technology that powers its games. Remedy’s shares are listed on Nasdaq Helsinki’s
main list.

www.remedygames.com

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 8 (22)

Result from business operations

October –Dec ember 202 5
In October ‒Dece mber 202 5, Remedy’s revenue increased by 46 .3% in relation to the
comparison period, amounting to EUR 17.0 (11.7) million , dri ven by a higher level of
game sales and royalties . Development fees decreased from the comparison period
and were EUR 8.7 (10.2) million . Game sales and royalties formed almost half of the
total revenue for Q4 2025 and were EUR 8.4 (1.5) million. For the reporting period, t he
main sources of revenue were development fees from Max Payne 1 & 2 remake and
CONTROL Resonant as well as Alan Wake 2 royalties and Control and FBC: Firebreak
related game sales.

In October ‒Dec ember 202 5, Remedy’s EBITDA was EUR 3.9 (-0.6) million and
operating profit (EBIT) was EUR 0.7 (-1.4) million. Depreciation expenses were EUR
3.1 million , being EUR 2.3 million higher than in the comparison period driven by Alan
Wake 2 and FBC: Firebreak related depreciations . Personnel expenses , at EUR 6.6
million , were 6.2% higher while materials and services expenses , at EUR 3.0 million,
were 28 .6% lower than in the comparison period . The other operating expenses
doubled from the comparison period , reaching EUR 3.6 million . The increase in other
operating expenses was mainly driven by self -publishing activities .
January –Dec ember 202 5
In January‒ Dec ember 202 5, Remedy’s revenue increased by 17 .5% to EUR 59 .5
(50 .7) million. Development fees were EUR 32 .9 (45.6) million . G ame sales and
royalties were EUR 26 .6 (5.1) million. The main sources of revenue were the
development fees from Max Payne 1 & 2 remake , Alan Wake 2 royalties , sales
reve nue from FBC: Firebreak including subscription service agreements and
CONTROL Resonant development fees. Control and older Remedy games ’ game
sales continued being on a higher level tha n in the comparison period .

In January‒ Dec ember 202 5, Remedy’s EBITDA was EUR 11 .3 (2.5) million and
operating profit (EBIT) EUR -14.9 (-4.3) million, -25 .0% ( -8.4%) of the revenue.
Operating profit (EBIT) was affected by the non -cash impairment of EUR 14.9 million
that was recognized on Q3 2025 related to FBC: Firebreak ’s capitalized development
costs and allocated purchased publishing and distribution rights. Materials and services
expenses , at EUR 12.2 million, were 26.1% lower while personnel expenses , at EUR
24 .9 million, were 0.9% higher than in the comparison period . Driven by self -publishing
related expenses , other operating expenses , at EUR 11 .0 million , were 59.4% higher
than in the comparison period .

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 9 (22)

Cash flow and financial position

Cash flow

October –Dec ember 202 5
In October ‒Dec ember 202 5, Remedy’s cash flow from business operations was EUR
-3.3 (-1.2) million. The operating cash flow was mainly affected by lower amount of
incoming development fee pay ment s during the reporting period compared to the
comparison period.

In October ‒Dec ember 202 5, Remedy’s cash flow from investing activities amounted to
EUR -4.8 (-12 .2) million . The cash flow from investing activities was impacted by EUR
2.0 million tra nsfer to liquid cash management investment s in 2025 and by EUR 10.0
million transfer in 2024 . Cash flow from financing activities amounted to EUR -1.0
(13 .3) million . In the comparison period, the cash flow from financing activities
contain ed EUR 15.0 million convertible loan payment to Remedy.
January –Dec ember 202 5
In January –Dece mber 202 5, Remedy’s cash flow from business operations amounted
to EUR 4.5 (11.0) million. Compared to the comparison period, Remedy received less
agreement -based development fee payments during 2025 . Outgoing payments related
to business operations were overall at a lower level than during the comparison period .

Game sales and r oyalty revenue cash flow is based on agreed payment terms with
partners and can differ significantly during certain periods from accrual -based revenue
recognized within a period. Cash flow from business operations is also affected by the
timing of signific ant incoming project development fee payments, which vary according
to invoicing milestones.

In January –Dec ember 202 5, Remedy’s cash flow from investing activities amounted to
EUR -13 .6 (-22.9) million . In the comparison period, the cash flow from investing
activities was affected by the first two instalments of acquiring the C ONTROL franchise
publishing and distribution rights. The last instalment was made in Q1 2025. Cash flow
from financing activities was EUR -2.2 (12 .9) million .

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 10 (22)

Financial position
Remedy’s non -current assets on Dec ember 31, 202 5, totalled EUR 42.8 (52.0) million.
The decrease in non -current assets from the compa rison period is largely due to the
recognized non -cash impairment related to FBC: Firebreak . Remedy has several
projects under development , and the product development costs , as well as the
publishing rights of C ONTROL franchise , are capitalized according to IFRS standards.
The total amount of capitalized product development expenses was EUR 20 .2 (26.8)
million on Dec ember 31, 202 5. Majority of the capitalized product development
expenses are related to CONTROL Resonant . Other intangible assets were EUR 7.8
(13.0) million , comprise d of purchased CONTRO L related publishing and distribution
rights , of which the majority are allocated to CONTROL Resonant . The company does
not have any goodwill on its balance sheet.

On Dec ember 31, 202 5, Remedy’s cash position was EUR 9.6 (21.0) million and other
current financial assets were EUR 19.8 (20 .1) million. Other current financial assets
include Remedy’s liquid cash management investments.

The company’s liabilities on Dec ember 31, 202 5, amounted to EUR 31.0 (30 .8) million.
The amount contains EUR 1 4.8 million convertible loan liabilities related to the
agreement Remedy entered with Tencent in September 2024.

Remedy’s balance sheet total on Dec ember 31, 202 5, was EUR 87.5 (99 .3) million and
equity was EUR 56 .6 (68.5) million. The company’s equity ratio was 67.4% ( 70.9%)
and net gearing -19 .7% ( -36 .9%).
Personnel, management and governance
The number of the company’s personnel (headcount) was 3 87 (36 7) at the end of the
period under review, with an annual growth of 5.4%. 53% of the personnel represent 37
nationalities and 47 % are Finnish .

At the end of the period under review, the company’s Core Management Team
comprised interim CEO Markus Mäki , CFO Santtu Kallionpää , Creative Director Sami
Järvi, Creative Director Mikael Kasurinen, Chief Commercial Officer Johannes
Paloheimo and Chief Technology Officer Mika Vehkala .
Annual General Meeting
The Annual General Meeting was held on April 1 0, 202 5, in Espoo.

The Annual General Meeting elected Markus Mäki, Henri Österlund, Kaisa Salakka,
Sonja Ängeslevä and Kai Tavakka as members of the company’s Board of Directors.
The members of the Board of Directors were elected for the term lasting until the 202 6
Annual General Meeting.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 11 (22)

The Annual General Meeting decided on the matters belonging to the Annual General
Meeting, and
• adopted the financial statements for the financial period ended December 31, 202 4,
• discharged the members of the Board of Directors and the CEO from liability for the
financial year 202 4,
• adopted the company’s Remuneration Report,
• decided, based on the Board of Directors’ proposal, that no dividend will be paid for
the year 202 4,
• confirmed that the remuneration payable to the Chairman of the Board of Directors
is EUR 4,500 per month and to each Board member EUR 3,000 per month, and
• re-elected KPMG Oy Ab as the auditor of the company with Petri Sammalisto, APA,
acting as the auditor with the principal responsibility.

In addition, the Annual General Meeting resolved to authorize the Board of Directors to
resolve on
• the directed repurchase of a maximum of 700,000 of the company’s own shares in
one or more instalments using the company’s unrestricted equity, and
• the issuance of shares for a fee or without a fee or issuances of option rights or
special rights so that the number of shares to be issued can be at maximum
1,0 00,000, and shares can be issued in deviation from the shareholders’ pre –
emptive rights.

Both t he authorization for the directed repurchase of own shares and the authorization
to decide on share issues or issuance of option rights or other special rights are valid
until the closing of the next Annual General Meeting, however, no longer than until
October 1 0, 202 6, and they replace the previous authorizations .

At its organizing meeting held after the Annual General Meeting, the Board elected
Markus Mäki to continue as the Chairman of the Board of Directors. His term as the
Chairman of the Board lasted until October 22, 2025, when he stepped down from his
role as the Chairman following his appointment as Remedy’s interim CEO. The Board
elected Henri Österlund, who has been a member of Remedy’s Board since 2017, as
the new Chairman of the Board.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 12 (22)

Shares, shareholders and share -based incentive schemes
Reme dy’s shares are traded in Nasdaq Helsinki with the trading code REMEDY. The
closing price of Remedy’s shares on the last trading day of the review period was 15.20
euros.

January –
Dec ember 202 5
Highest share
price, €
Lowest
share price, €
Closing
share price, €
Volume -weighted
average price, €
Remedy 18 .98 12.72 15.20 14 .73

December 31,
2025
December 31,
2024
Market capitalization, € 206 ,574 ,855 190,852,563
Number of shareholders 16, 365 17,107
Number of shares at the end of period 13,640,451 13,574,151
Number of shares outstanding at the end of period 13, 590,451 13,574,151
Number of shares outstanding at the end of period,
diluted (IFRS)* 13, 590, 451 13,632,379
Number of shares outstanding at the end of period,
diluted 13, 590,451 13,743,650
Average number of shares outstanding within period 13,610, 679 13,550,901
Average number of shares outstanding within period,
diluted (IFRS)* 13,6 37,784 13,64 5,229
Average number of shares outstanding within period,
diluted 13, 680 ,971 13,761,275
Value of share turnover within period 27,742 ,810 40,425,084
Total number of traded shares within period 1,883 ,682 2,318,893
*Calculated according to International Financial Reporting Standards (IFRS)

The company has one series of shares (ISIN: FI4000251897). The number of shares in
the company was 13, 640 ,451 on Dec ember 31, 202 5, of which Remedy held 50 ,000
treasury shares. Excluding treasury shares , the number of shares at the end of period
was 13,590,451.

Between Januar y 1 and March 31, 202 5, a total of 2, 00 0 new shares of Remedy were
subscribed for with the company’s stock options 2019 . These shares were registered in
the Trade Register on April 25 , 202 5. As an outcome, the number of the company’s
shares increased from 13, 58 5,151 to 13, 587 ,15 1.

Between April 1 and Ma y 31, 202 5, a total of 53 ,30 0 new shares of Remedy were
subscribed for with the company’s stock options 2019. These shares were registered in
the Trade Register on June 13, 202 5. As an outcome, the number of the company’s
shares increased from 13, 587 ,151 to 13, 640 ,451 .

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 13 (22)

Between November 3 and December 5, 2025, based on the authorisations given by the
Annual General Meeting on April 10, 2025 , Remedy repurchased a total of 50,000 own
shares , corresponding to approximately 0.37% of the total number of shares. After the
repurchase, Remedy Entertainment Plc holds a total of 50,000 own shares. As an
outcome, the number of the company’s outstanding shares de creased from 13, 640 ,451
to 13, 59 0,451.

On April 1 0, 202 5, the Annual General Meeting granted the Board of Directors an
authorisation to resolve on the issuance of new shares, treasury shares and option
rights or other special rights to shares in one or several instalments either against
payment or without payme nt so that the number of shares to be issued can be at
maximum 1,0 00,000. On December 31, 2025, 650,000 shares are left to be issued
under the authorization of the Annual General Meeting on said date.

Major shareholders on Dec ember 31, 202 5
Name Shares Percentage
1. Mäki Markus 3,197,000 23. 4
2. Järvi Sami 560,000 4.1
3. Virtala Tero 30 1,000 2.2
4. Lehtinen Saku 204,000 1.5
5. Evli Finnish Small Cap Fund 19 4,099 1.4
6. Sijoitusrahasto Aktia Capital 188 ,807 1.4
7. Varma Mutual Pension Insurance Company 150 ,000 1.1
8. Proprius Partners Micro Finland (non -ucits) 149,7 50 1.1
9. Paloheimo Johannes 106 ,000 0.8
10 . Pulkkinen Janne 10 0,000 0.7
10 largest shareholders total 5,150,656 37. 8
Accendo Capital SICAV RAIF (nominee registered) 2,063,162 15. 1
Other nominee registered 2,596 ,036 19.0
Other shares 3,78 0,597 27.7
Treasury shares 50,000 0.4
Total 13, 640 ,451 100.0%

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 14 (22)

Option plans
During the reporting period, Remedy has had six option plans directed to Remedy’s
key persons: Option Plan 20 20 , Option Plan 202 1, Option Plan 202 2, Option Plan
202 3, Option Plan 202 4 and Option Plan 2025 . The table below illustrates the key
information about the option plans. More information about the option plans can be
found on Remedy’s website at https://investors.remedygames.com/remuneration/ .

Key information about the option plans as of Dec ember 31, 202 5
Option
Plan
Maximum
number of
option rights
issued
Number of
allocated
option
rights
Number of
unexercised
option rights
Share subscription period Share
subscription
price, EUR
Option
Plan
2020
179,500 179,500 170,500 June 1, 2023 – May 31, 2026 22.21
Option
Plan
2021
270,000 270,000 270,000 June 1, 2024 – May 31, 2027 47.09
Option
Plan
2022
292 ,000 292 ,000 292 ,000 June 1, 2025 – May 31, 2028 26.64
Option
Plan
2023
350,000 259,000 259,000 June 1, 2026 – May 31, 2029 27.31
Option
Plan
202 4
350,000 305 ,000 305 ,000 June 1, 202 7 – May 31, 20 30 19 .76
Option
Plan
2025
350,000 308 ,000 308 ,000 June 1, 202 8 – May 31, 203 1 16.66

Option Plan 2019 ended on May 31, 2025 . Option Plan 202 2 vested on June 1, 202 5.
Originally, a total number of 350 ,000 option rights 202 2 were issued of which Remedy
cancel led a total of 58 ,000 option rights held by the company. The remaining 292 ,000
option rights entitle their holders to subscribe for a corresponding amount of company
shares.

On October 30 , 202 5, The Board of Directors of Remedy decided to adopt a new
option plan “Option Plan 202 5” directed to the key persons. The maximum total number
of option rights issued is 350,000, entitling their holders to subscribe for a maximum of
350,000 new shares of the company or existing shares held by the company. The
number of the company’s shares m ay increase at maximum by 350,000 shares as a
result of the share subscriptions with the option rights, equaling 2.5 6 percent of all
shares and votes in the company after the possible share subscription, if only new
shares are issued in the subscription.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 15 (22)

Dividend proposal
On December 31 , 202 5, Remedy Entertainment Plc ’s parent company’s non -restricted
equity was EUR 34 ,217 ,132 .98 , of which the parent company’s result for the financial
year was EUR -13,145,666.29 .

The Board of Directors proposes to the Annual General Meeting that no dividend be
paid based on the balance sheet to be adopted for the financial year 202 5.
Annual General Meeting 2026
Remedy’s Annual General Meeting is planned to be held on week 21 in 2026 . The
company will give notice to the Annual General Meeting separately in accordance with
its Articles of Association.
Risks and uncertainties
The most substantial short -term risks and uncertainties are:

• Remedy’s game development efforts may fail if the company is unable to develop
its games within set mandates, such as release schedule, quality, and budget.
Additionally, the company’s games may not generate sufficient sales after their
release, even if we ll received and of high quality, thus generating less than
estimated game revenue for Remedy.
• Remedy has entered into long -term agreements with its partners related to game
projects in development and game sales . If the company failed to satisfy key
contract obligations, its partners could terminate their agreements with, or present
claims to, the company.
• Remedy is self -publish ing its games based on fully owned IPs and is in this way
taking more financing risk in game development. In case the self -published games
are not successful and do not generate sufficient sales, Remedy carries the risk of
the games not becoming profitable.
• Remedy’s success depends significantly on its ability to hire, train, and retain skilled
personnel. If the company fails in these areas, it will be unable to effectively
conduct its business.
• Remedy’s business is subject to economic, market, and geopolitical conditions,
which are beyond its control. Possible significant fluctuations in currencies,
especially USD exchange rate, could have effects on Remedy’s profitability.

The above -mentioned risks might, if they materialize, have a significant negative
impact on Remedy’s business operations, result, financial position, outlook and share
price.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 16 (22)

Events after the end of the reporting period
After the reporting period, o n Fe bruary 9 th, 2026 , Jean -Charles Gaudechon was
appointed as the CEO of Remedy Entertainment Plc as of March 1 st, 2026.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 17 (22)

Tables

Consolidated statement of comprehensive income
EUR thousand 10 –12/2025 10 –12/2024 1–12/2025 1–12/2024
REVENUE 17,041 11,651 59 ,510 50,661
Development fees 8,687 10,184 32,947 45,609
Game sales and royalties 8,354 1,467 26 ,562 5,052
Other operating income 0 0 0 2
Materials and services -3,010 -4,217 -12 ,240 -16,557
Game development related materials and
services -2,457 -4,217 -10 ,471 -16,552
Revenue related partner expenses -553 -1 -1,769 -4
Personnel expenses -6,588 -6,203 -24 ,896 -24,672
Depreciation and impairment -3,138 -819 -26,206 -6,791
Other operating expenses -3,578 -1,801 -11 ,031 -6,922
OPERATING PROFIT (LOSS) 726 -1,39 0 -14,863 -4,280
Financial income 155 279 1,150 879
Financial expenses -428 -248 -1,991 -420
PROFIT (LOSS) BEFORE INCOME TAXES 453 -1,359 -15,703 -3,820
Income tax -53 98 2,673 224
PROFIT (LOSS) FOR THE FINANCIAL YEAR 401 -1,261 -13, 030 -3,596
OTHER COMPREHENSIVE INCOME
(EXPENSE)
Items that may be subsequently reclassified to
profit or loss 0 0 0 0
Total other comprehensive income (expense)
for the financial year 0 0 0 0
TOTAL COMPREHENSIVE INCOME
(EXPENSE) FOR THE FINANCIAL YEAR 401 -1,261 -13, 030 -3,596
PROFIT (LOSS) FOR THE FINANCIAL YEAR
ATTRIBUTABLE TO OWNERS OF THE
COMPANY 401 -1,261 -13, 030 -3,596

EARNINGS PER SHARE
Basic earnings per share, euro 0.03 -0.09 -0.9 6 -0.27
Diluted earnings per share, euro 0.03 -0.09 -0.9 6 -0.27

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 18 (22)

Consolidated balance sheet
EUR thousand December 31, 2025 December 31, 2024
ASSETS

NON -CURRENT ASSETS
Intangible assets 27, 933 39,815
Tangible assets 2,369 3,357
Right -of-use assets 3,391 2,471
Non -current receivables 751 987
Deferred tax assets 8,3 08 5,355
TOTAL NON -CURRENT ASSETS 42,752 51,985

CURRENT ASSETS
Trade and other receivables 15 ,402 6,237
Current financial assets 19,754 20,115
Cash and cash equivalents 9,64 1 20,996
TOTAL CURRENT ASSETS 44, 797 47,348

TOTAL ASSETS 87,5 48 99,333

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 19 (22)

EUR thousand December 31, 2025 December 31, 2024
EQUITY AND LIABILITIES

EQUITY
Share capital 80 80
Share premium 38 38
Invested non -restricted equity reserve 58, 169 58,344
Retained earnings (losses) 11, 337 13,661
Profit (loss) for the financial year -13, 030 -3,596
TOTAL EQUITY 56, 594 68,527

LIABILITIES

NON -CURRENT LIABILITIES
Convertible bonds 14,838 13,331
Lease liabilities 2,123 1,127
Deferred tax liabilities 196 127
TOTAL NON -CURRENT LIABILITIES 17,15 7 14,585

CURRENT LIABILITIES
Lease liabilities 1,306 1,376
Trade and other payables 12,491 14,844
TOTAL CURRENT LIABILITIES 13,797 16,221

TOTAL LIABILITIES 30,954 30,806

TOTAL EQUITY AND LIABILITIES 87,5 48 99,333

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 20 (22)

Condensed consolidated statement of cash flow
EUR thousand 1–12/2025 1–12/2024
Cash flow from business operations 4,513 11,001
Cash flow from investments* -13 ,646 -22,939
Cash flow from financing -2,222 12,868

Liquid assets – opening balance 20,996 20,066
Change in liquid assets -11 ,356 930
Liquid assets – closing balance 9,64 1 20,996

* Includes capitalized development costs in January -Dec ember 2025 EUR -10,962 (in January -Dec ember
2024 EUR -8,008 ) thousand .

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 21 (22)

Consolidated statement of changes in equity
Changes in shareholders’
equity 1 –12/202 5
Share
capital
Share
premium
account
Invested
unrestricted
equity fund
Retained
earnings
SHARE –
HOLDERS’
EQUITY TOTAL
EUR thousand
Balance January 1, 202 5 80 38 58,344 10 ,065 68,527
Comprehensive income
Profit (Loss) for the financial year -13, 030 -13, 030
Total comprehensive income -13, 030 -13, 030
Transactions with owners of the
company
Share options granted 1,982 1,982
Share issue and other share
subscriptions 510 510
Purchase of option rights -710 -710
Purchase of o wn shares -686 -686
Total transactions with owners -175 1,272 1,097
BALANCE
Dec ember 31, 202 5 80 38 58,169 -1,693 56 ,594

Changes in shareholders’
equity 1 –12/202 4
Share
capital
Share
premium
account
Invested
unrestricted
equity fund
Retained
earnings
SHARE –
HOLDERS’
EQUITY TOTAL
EUR thousand
Balance January 1, 2024 80 38 57,815 9,817 67,750
Comprehensive income
Profit (Loss) for the financial year -3,596 -3,596
Total comprehensive income -3,596 -3,596
Transactions with owners of the
company
Share options granted 2,392 2,39 2
Share issue and other share
subscriptions 529 529
Equity component of convertible
bond issue 1,452 1,452
Total transactions with owners 529 3,844 4,373
BALANCE
Dec ember 31, 2024 80 38 58, 344 10 ,065 68,527

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 22 (22)

Notes to the Financial Statements January –Dec ember 2025

Accounting policies applied in the Financial Statement s
The Financial Statement s ha ve been prepared in accordance with IAS 34 ‘Interim
Financial Reporting’ while adhering to related IFRS standards applicable within the EU
on December 31, 202 5. The accounting policies of the interim report are similar to the
accounting policies applied in the financial statements according to IFRS for the period
ended December 31, 202 4. The disclosed figures have been rounded off from the
accurate figures.

The disc losed financial statements figures presented in this financial statements
release are based on the company’s audited financial statements. The audit report was
issued on February 9, 2026.

Revenue breakdown per quarter
EUR thousand 10 –12/2025 7–9/2025 4–6/2025 1–3/202 5 10 –12/2024
Development fees 8,687 6,115 7,396 10,749 10,184
Game sales and
royalties 8,354 6,041 9,519 2,648 1,467
Total 17,041 12,156 16,915 13,398 11,651

Fair value measurement and hierarchy of financial instruments
Currently Remedy’s financial assets and liabilities measured at fair value comprise of
derivative assets and derivative liabilities and investments to equity funds.

December 31, 2025 Carrying
amount Fair value

EUR thousand Level 1 Level 2 Level 3 Total

Financial assets measured at fair value
Investments to equity funds 19,754 19,754 0 0 19,754
19,754 19,754 0 0 19,754
Financial liabilities not measured at fair value
Convertible bonds 14,838 0 0 14,838 14,838
14,838 0 0 14,838 14,838

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 23 (22)

December 31, 2024 Carrying
amount Fair value

EUR thousand Level 1 Level 2 Level 3 Total
Financial assets measured at fair value
Investments to equity funds 20,115 20,115 0 0 20,115
20,115 20,115 0 0 20,115
Financial liabilities not measured at fair value
Convertible bonds 13,331 0 0 13,331 13,331
13,331 0 0 13,331 13,331

• Level 1: fair value is calculated on the basis of quoted prices (unadjusted) in active
markets for identical assets or liabilities that Remedy can access at the
measurement date.
• Level 2: fair value is calculated on the basis of inputs other than quoted prices
included in Level 1 that are observable for the asset or liability; either directly (i.e.
as prices) or indirectly (i.e. derived from prices).
• Level 3: fair value is calculated on the basis of inputs for the asset or liability that
are not based on observable market data (unobservable inputs).

When measuring the fair value of an asset or a liability, Remedy uses observable
market data as far as possible.
Changes in property, plant and equipment
EUR thousand
Machinery and
equipment
Other tangible
assets Total
202 5 202 4 202 5 202 4 202 5 202 4
Cost
Balance January 1 9,550 8,504 1,9 88 1,988 11,538 10,492
Additions 510 1,046 0 0 510 1,046
Balance Dec ember 31 10 ,059 9,550 1,9 88 1,988 12,048 11, 538

Accumulated depreciation and
impairment
Balance January 1 -6,233 -4,762 -1,947 -1,923 -8,180 -6,686
Depreciation -1,475 -1,471 -24 -24 -1,499 -1,495
Balance Dec ember 31 -7,708 -6,23 3 -1,9 71 -1,9 47 -9,679 -8,180

Carrying amount on January 1 3,316 3,742 41 65 3,357 3,806
Carrying amount on Dec ember 31 2,351 3,316 17 41 2,369 3,357

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 24 (22)

Changes in intangible assets
EUR thousand
Capitalized
development
costs Other intangible
assets Total
202 5 202 4 202 5 202 4 202 5 202 4
Cost
Balance January 1 46 ,026 38,017 16,416 0 62,441 38, 017
Additions 10 ,962 8,008 529 16,4 16 11 ,491 24,424
Balance Dec ember 31 56,988 46,026 16,945 16, 416 73,932 62,441

Accumulated amortization and
impairment
Balance January 1 -19,197 -18,709 -3,430 0 -22 ,626 -18,709
Amortization -7,059 -487 -1,394 -3,430 -8,454 -3,917
Impairment losses -10 ,563 0 -4,357 0 -14,919 0
Balance Dec ember 31 -36,819 -19, 197 -9,181 -3,43 0 -45,999 -22 ,626

Carrying amount on January 1 26 ,829 19,308 12,986 0 39,8 15 19,308
Carrying amount on Dec ember 31 20 ,169 26,829 7,764 12,986 27 ,933 39,81 5

Calculation formulas used for the indicators
EBITDA: Operating profit (EBIT) + depreciation and amortization
Operating profit (EBIT): Profit (loss) before taxes and financial items
Operating profit, % of revenue: Operating profit (EBIT) / revenue
Net cash: Cash in hand and banks + liquid investments* – interest -bearing liabilities
Net gearing, %: (Interest -bearing liabilities – cash in hand and banks – liquid
investments*) / shareholders’ equity
Equity ratio , % : Shareholders’ equity / (balance sheet total – advances received)
Capital Expenditures: Change in tangible and intangible assets added by
depreciation of these assets

*Liquid investments include Remedy’s liquid investments to equity funds. All of these investments are in
cash, money market, or fixed income instruments.

Espoo, February 10 , 202 6
Remedy Entertainment Plc
Board of Directors