Remedy Entertainment FY2025 Annual Report

REMEDY
ENTERTAINMENT PLC
ANNUAL REPORT
2025

CONTENT
Welcome
to our world
Remedy 2025 3
Remedy in brief 3
Highlights 2025 4
CEO review 2025 5
Why invest in Remedy 9
Strategy & operating environment 10
Business model 11
Self-publishing 13
Remedy’s commercial model 14
Strategy 15
Operating environment 18
Games 21
People and culture 31
Sustainability 35
Governance 39
Financials 42
2
REMEDY ANNUAL REPORT 2025
REMEDY fiffififf STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS

0
10
20
30
40 50
60
2021
2022 2023
36.0
39.3 28.7
8.7
4.3
5.2
44.7
43.6
33.9
M€
Historical revenue \nbreakdo\bn
2021–2025
DATA 2025
2024
2025
45.6
32.9
5.1
26.6
50.7 59.5
Development
fees \bame sales
and royalties
REMEDY
IN BRIEF
Creator of category-defining
games with immersive worlds,
unique characters, and
memorable stories.
Remedy Entertainment is a pioneering, globally renowned video
game company. Known for games with immersive worlds, memorable
characters, captivating stories, polished action gameplay and stunning
visuals. Remedy has created multiple successful, critically acclaimed
franchises, namely Alan Wake, CONTROL and Max Payne. Remedy
also develops its proprietary Northlight game engine and tools
technology that powers its games.
The company was founded in 1995 and is headquartered in Espoo,
Finland, with an office in Stockholm, Sweden. At the end of 2025,
Remedy employed 387 professionals from 38 different countries.
Remedy’s shares are listed on Nasdaq Helsinki’s main list with the
ticker REMEDY.
€ 5 9. 5M 45%
387
€11.3M
1 9. 1%
as a share of total revenue
(10% in 2024)
(50.7 M€ in 2024)
(367 at the end of 2024)
(2.5 M€ in 2024)
(5.0% in 2024)
Game sales and royalties
Revenue
Employees
EBITDA
EBITDA Margin
REMEDY 2025
3
REMEDY ANNUAL REPORT 2025
REMEDY 0102                STRATEGY & OPERATING ENVIRONMENT                 GAMES                 PEOPLE                 SUSTAINABILITY                 GOVERNANCE                 FINANCIALS

During the first quarter, Remedy received back the full publishing and distribution rights for the CONTROL franchise.
2025 marked Remedy’s transition to the self-publishing model. Remedy received the full publishing and
distribution rights for the CONTROL franchise, launched its first self-published game FBC: Firebreak,
and announced the release of its most ambitious game yet – CONTROL Resonant.
In June, we launched our first self-
published game, FBC: Firebreak. During the second quarter, Control
exceeded over 5 million copies sold in lifetime sales.
The year revolved around Remedy’s
transition to self-publishing.
In October, Remedy announced
a CEO transition and a new Chairman of the Board. In October, Alan Wake 2 was one of PlayStation Plus’ monthly games during Halloween. In December, Remedy announced
the launch of CONTROL Resonant for 2026.
In August, Remedy celebrated its
30th anniversary.
In October, Remedy advanced its
new undisclosed game project to the proof-of-concept stage.
HIGHLIGHTS 2025
4
REMEDY ANNUAL REPORT 2025
REMEDY fifffi2 STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS

CEO REVIEW 2025
Remedy had an eventful 2025. We launched our first self-published
game, celebrated our 30-year anniversary and the year culminated
in the announcement of Remedy’s most ambitious title to date:
CONTROL Resonant.
In the big picture, the past year revolved around our transition to
the self-publishing model. In the first quarter, we received the full
publishing and distribution rights of the CONTROL franchise and
worked on expanding the reach of the franchise. At the end of
the first half, we launched FBC: Firebreak. Despite a technically
successful launch, the game’s commercial performance was below
our expectations, and we wrote down most of our investment in the
game later in the year. In December, we announced the release of
CONTROL Resonant, previously known as our development project
Control 2. The game is by far Remedy’s most ambitious project ever
and we are incredibly excited about launching the game in 2026 in
collaboration with our strategic partner Annapurna.
In 2025 our revenue kept growing, reaching the highest level in
Remedy’s history. Signaling our transition to self-publishing, in
2025, 45% of our revenues came from game sales and royalties.
Our EBITDA also grew and was positive, but our EBIT was clearly
negative, driven by the large write-down related to FBC: Firebreak.
Our operating cash flow for the year was positive. Looking at our game portfolio, Remedy’s foundation kept
solidifying. Control reached over 5 million units in lifetime sales,
selling over 1 million units in 2025. Alan Wake 2 generated royalties
and the game was introduced to new audiences via platform
deals. A variety of commercial activities were done to broaden the
audiences for Control and Alan Wake 2 – making them available
on new platforms, entering new markets and introducing targeted
discounts.
Self-publishing in effect
We began our self-publishing chapter this year. Consequently, we
increasingly think about our business from a publisher’s point of
view.
As our business bedrock, we have Remedy’s most iconic
franchises – CONTROL and Alan Wake – marked by category-
defining games and established audiences. Here, we lean on
Remedy’s strengths, expand the franchises, and aim to bring
them to new media. To succeed here, we must bring captivating
experiences to our audiences.
5
REMEDY ANNUAL REPORT 2025
REMEDY fiffififf STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS

In this area, we are fully focused on delivering a stunning CONTROL
Resonant to the market in 2026 and we’re incredibly excited to be
self-publishing a sequel to the multi-award-winning Control. Our goal
is to make the game a ‘must-have day-one purchase’ for fans of the
CONTROL universe.
As our games on the market mature, they enter our back catalogue
category. We believe high-quality games can sell for a long time
on digital channels. On one hand, these games can provide our
business with a solid backbone, but on the other hand serve as
an easy entry-point to our franchises and the Remedy Connected
Universe at attractive price points. This year, we had specific focus
on expanding the reach of the CONTROL brand to widen the
audiences for CONTROL Resonant and get more players interested
in the world of CONTROL.
While doubling down on our strengths, we also recognize the need
to explore new opportunities. Gaming industry changes and evolves
rapidly, and so must we. FBC: Firebreak, launched this year, was
our first multiplayer venture, also being our first self-published
game. Unfortunately, the game didn’t perform commercially, and
our level of ambition is far higher than what we achieved with FBC:
Firebreak. On a positive note, the launch succeeded technically on
all platforms, we established platform deals with our partners and
learned a lot on self-publishing. Even in hindsight, I’m glad we had
the courage to take calculated risks to find new business, as we
have done in our 30-year history. Working hard, working smart
Our multi-project model is running with four simultaneous game
projects. As per our strategy for 2025 –2030, we aim to launch
one new game per year on average during the strategy period.
Exceptional professionals in our studio, strong franchises to work
with and Remedy’s proprietary Northlight technology help us
achieve this.
In 2025, we launched one game and brought major updates
to it, announced one game release for 2026, moved our new
development project to the proof-of-concept stage and continued
developing Max Payne 1&2 remake in line with the roadmap agreed
with Rockstar Games. In parallel with advancing our four game
productions, we made valuable improvements and updates to our
existing games — for example making Control accessible for Mac —
extending the commercial lifecycle of our portfolio.

All in all, I am satisfied with the quality and speed we’ve advanced
our projects in 2025.
Our strategy is clear, and we are focused on execution
Past few years, we have grown, built up our foundation and shaped
our strategic positioning. In 2026, our clear focus is on execution.
As the gaming industry evolves, it’s clear that the bar is higher
than ever for us. Players are more conscious of their time, they are
increasingly loyal to memorable IPs, new technologies increase the
supply of new games on the market whereas AAA game production
has become more costly. In addition, macroeconomic winds such as inflation affect the consumers’ willingness and opportunities to
spend on entertainment.
Remedy is positioned well for this shift. We own two iconic IPs –
CONTROL and Alan Wake – whose worlds and characters have a
devoted global audience. Our signature approach to storytelling,
powered by our proprietary Northlight engine, makes Remedy’s
games stand out in the market in a way that is difficult to replicate.
In parallel, we have established a track record of delivering AAA-
quality titles at a production cost that is structurally more efficient
than many of our peers.
For 2026, our focus is clear. We are committed to crafting
CONTROL Resonant to a spectacular product and launching
it successfully. We continue to have a special focus on our two
established franchises, aiming to expand them to new media while
also exploring ways to create new experiences for our audiences.
We have all the ingredients to make 2026 a successful year for
Remedy.
Our ability to make great games that players love remains strong.
In the end, that is what will lead us to significant, sustainable,
commercial success. We’ve made games – profitable ones – for
thirty years and intend on keep making them for at least another
thirty years.
I want to thank our team and partners for the year 2025 and I am
optimistic about what we can achieve in 2026.
MARKUS MÄKI
Interim Chief Executive Officer
6
REMEDY ANNUAL REPORT 2025
REMEDY fiffififf STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS

30 YEARS OF MAKING VIDEO GAMES
To make all of this happen, we built our own tech. Northlight, our in-
house engine, has become the backbone of our creativity. With every
game, Northlight grows stronger.
People make Remedy what it is. It’s our incredible team of hundreds
of developers who bring these worlds to life. We’ve moved offices a
few times, but the headquarters have always remained in Espoo.
Now, we are diving deeper into the worlds of Alan Wake and
CONTROL, working on expanding them and giving new life to the Max
Payne classics while also developing new projects in the shadows.
In 2025, Remedy celebrated its 30th anniversary, an exceptional
milestone for any video game company. What started from the
basement has turned into a globally recognized stock exchange
listed studio with 59.5 million euro in revenue, two own acclaimed
franchises with category-defining games and 387 professionals
from 38 nationalities working in its offices in Espoo and Stockholm.
Despite these milestones, we have a lot more to achieve, and we’re
looking forward to the next three decades of making video games.
In 2025, Remedy celebrated its 30th anniversary. Leading up to
this moment, Remedy has undergone multiple different phases of
development.
In 1995, a group of guys started making games in the basement of a
house in Espoo.
Our first game, Death Rally, established us as a developer, and
opened doors for our future. It set the tone for a studio pushing
boundaries and trying new things. Then came bullet time, noir
storytelling, and a whole lot of slow-motion dives. Max Payne put us
in the hands of players everywhere.
When we matched action with psychological thriller, Alan Wake’s
journey through darkness and light began. As time kept travelling,
Quantum Break fused gameplay with a live action show, creating a
whole new entertainment experience.
To keep building on action-adventure, we unleashed paranormal forces
with Control, and Remedy Connected Universe started to unfold.
7
REMEDY ANNUAL REPORT 2025
REMEDY fiffififf STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS

05
10 15
20 25
30 35
40 45
50 55
60 0
5
10
15
20
25
30
35
40
45
50
55
60 2014
20152016 2017 2019
2018 202020212022 2024
2023 2025
M€ %
-50%
4.2%
7.4%25.1%
12.9% 23.3%
5.0% 19.1%
34.8%
32.3%
4.4% 5.0%
11.9
13.7 16.4
17.220.1 31.6
41.1
44.7
43.6
33.950.7
59.5

2017–2019:
Growth phase begins 2020–2024:
Aim to scale-up and
reposition strategically 2025 –2030:
Becoming a highly regarded
creative studio with significant
sustainable commercial success
In its 30-year history, Remedy has undergone multiple lifecycles,
each bringing the studio closer to its form today and building the
foundation for our future.
2014–2016: PREPARATIONS FOR GROWTH
Decision to seek growth. A period of building the foundations for
future growth. Release of Quantum Break together with Microsoft.
2017–2019: GROWTH PHASE BEGINS
Successful IPO to First North Growth Market to fuel the growth.
Multi-project model established, aimed at delivering a more frequent
cadence of releases. Release of Remedy’s iconic Control.
2020 –2024: AIM TO SCALE-UP AND REPOSITION
STRATEGICALLY
Remedy moved to the main list of Nasdaq Helsinki. Multi-project
model operational. Significant investments to support a scale-up
phase, headcount increased by over 30%. Releases of CrossfireX
and Alan Wake Remastered as well as the category-defining
Alan Wake 2 in collaboration with Epic Games. New strategy defined.
2025 –2030: BECOMING A HIGHLY REGARDED CREATIVE
STUDIO WITH SIGNIFICANT SUSTAINABLE COMMERCIAL
SUCCESS
New strategy in place, centered on world-class franchises, creating
category leading games, self-publishing Remedy-owned titles and
operational excellence. First self-published game FBC: Firebreak
launched, our most ambitious game CONTROL Resonant announced
for release in 2026. Development portfolio contains Max Payne
1&2 remake in collaboration with Rockstar Games and Remedy’s
unannounced new project.
Revenue (M€)
IPO
EBITDA, %
FA S IFRS
2014–2016:
Preparations for growth
8
REMEDY ANNUAL REPORT 2025
REMEDY 0501                STRATEGY & OPERATING ENVIRONMENT                 GAMES                 PEOPLE                 SUSTAINABILITY                 GOVERNANCE                 FINANCIALS

WHY INVEST IN REMEDY
In the massive global gaming market, Remedy has a proven ability
to create distinctive world-class PC and console games. We have
a promising portfolio of game projects in development, as well as
category-defining games out on the market. Franchises are more
powerful than ever – as player loyalty is increasingly transitioning
towards strong IPs – and we own two acclaimed franchises: Alan
Wake and CONTROL. Supporting our success, we work with
leading partners like Rockstar Games and Epic Games, collaborate
with platform owners like Sony, Steam and Microsoft, and have a
strategic partnership with Annapurna Pictures to help us expand
our franchises, also beyond games. Operationally, we can bring a
steady cadence of high-quality launches to the market, targeting one
release per year on average. We self-publish our upcoming games
that are based on Remedy-owned franchises, aimed at maximizing
value creation for our shareholders. In addition, Remedy’s unique
creative DNA combined with our proprietary Northlight engine
technology makes Remedy and our games stand out in the market.
1
2
3
4
Proven ability to create distinctive
high-quality PC and console games
Portfolio of games and two own
franchises with great growth potential
World-class partners to expand our
franchises across media
Strong basis for profitable growth via regular
game launches and self-publishing
REMEDY ANNUAL REPORT 2025 9
REMEDY fiffififf STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS

STR ATEGY &
OPER ATI NG
ENVIRONMENT
Remedy executes its 2025–2030 strategy in a dynamic industry.
By 2030, Remedy will be a highly regarded creative studio with
sustainable, significant commercial success.
10
REMEDY ANNUAL REPORT 2025
REMEDY fifi STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS

Remedy has two business areas, Remedy’s own franchises and partner franchises, with different business
models. Within Remedy’s own franchises, the value creation logic depends on how the game is published.
Remedy’s current strategy is focused on self-publishing its own titles.
Self-published own franchise games are our primary business model for Remedy-owned IPs. In self-published
projects, Remedy is fully responsible for arranging the funding of game development and marketing. The funding
may come directly from Remedy, or from different financing arrangements, which can involve paybacks with interest
or selected game revenue-share components, for example. As Remedy acts as the game publisher, all sales are
directly realized as revenues after deducting sales related taxes and discounts. Platform fees, quality assurance,
and localization are recognized as expenses in Remedy’s P&L. In this model, Remedy carries the full financial
risk and has the highest revenue potential. At the end of 2025, Control and FBC: Firebreak are self-published in
Remedy’s portfolio. CONTROL Resonant is being developed and is scheduled to be self-published in 2026.
In own franchise games co-published with a partner, Remedy and its partner co-fund the development of the
game. Remedy carries the main responsibility for the development, while publishing, distributing, and marketing
responsibilities are distributed between the two companies as per the agreed terms. In these projects Remedy is
also involved in the commercialization of the game. Revenue is split as royalty between the two companies as per
the agreed terms. Typically, the royalty potential is reflective of the split in the project financing. For Remedy, co-
publishing projects carry a relatively high financial risk but also a significant royalty potential. At the end of 2025,
Remedy held no co-published games in its portfolio and had no co-publishing projects in development.
BUSINESS MODEL
In own franchise games with a publishing partner, Remedy’s partner typically funds the game development,
partially or in full. Remedy creates and retains the intellectual property rights of the game and is responsible
for the development of the game. The partner publishes, distributes, and markets the game. As the game
development progresses, Remedy receives development fees upon reaching the agreed milestones. Unlike in
partner franchise projects, these development fees are typically without margin, as they are intended to only
cover Remedy’s development expenses to the level agreed with the publisher. Publisher has the right for game
sale revenue, whereas Remedy has a royalty opportunity. Once the game is launched, development expenses,
the partner’s marketing costs, and other agreed costs may be recouped against game sales. After these costs
are covered, Remedy starts receiving royalties from game sales. These projects carry a moderate financial risk
and revenue potential for Remedy. At the end of 2025, Alan Wake Remastered and Alan Wake 2 are published by
Epic Games Publishing in Remedy’s portfolio. Remedy had no projects with this model in development.
In partner franchise games, Remedy’s partner funds the development of the game and Remedy develops it
according to agreed specifications. Remedy receives development fees, typically with a margin, as the game
development reaches jointly agreed milestones. Typically, the game is based on the partner’s existing IP, to which
Remedy creates a new game concept, which is iterated with the partner. In this model, the partner retains control
of the intellectual property rights to the game and publishes, distributes, and markets the game. The project
can include a royalty opportunity, typically after recouping development and marketing investments. The size
of the royalty for Remedy is tied to the game’s success. Partner franchise games carry a lower financial risk for
Remedy, but participation in the game’s success is also limited. Max Payne 1&2 remake with Rockstar Games
follows this model.
11
REMEDY fiffififf STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS
REMEDY ANNUAL REPORT 2025

* Possible recoupment has an impact on the timing of royalties
Self-publishing strengthens our position and enables financial upside, but requires more from us
Investment needs from RemedyShare of sales to Remedy
DEVELOPMENT FEES
DEVELOPMENT FEES
DEVELOPMENT FEES GAME SALES
ROYALTIES*
ROYALTIES*
ROYALTIES*
Concept Proof-of-concept Production
readiness Full production
+ + +
+ +
+
?
– –
–
+ –
+
Self-publishing
Co-publishing
Own franchise with a
publishing partner
Partner franchise
12
REMEDY fiffififf STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS
REMEDY ANNUAL REPORT 2025

In 2025, Remedy entered a new era of self-publishing its own IPs. This business model has the highest financial
risk but also the greatest revenue potential. In self-publishing projects, Remedy fully funds or is responsible for
finding financing for game development and marketing and acts as the game publisher. We have been building
our self-publishing capabilities over a longer period, while working closely with our publishing partners. Our
publishing team at the end of 2025 consisted of 21 professionals.
We have three guiding principles on how we approach self-publishing at Remedy. First, we want to have a
focused internal team and own the critical publishing areas, as well as achieve operational scale and global reach
through selected key partners. Second, we only publish our own games. Third, we want publishing to be closely
integrated with our development teams throughout the lifecycle of our games.
Increased potential and alignment
Self-publishing unlocks a larger short and long-term financial upside for our games. In the case of a hit game,
Remedy directly benefits from the sales and the game’s success. With self-publishing, we have the freedom to
decide and execute the best strategy for maximizing the return from our games, and to select optimal partners
for those strategies. By publishing our games ourselves, we build close integration between game development
and publishing, to help align our games for attractive and sizeable target audiences. We want to be close to our
players, as we are responsible for making the decision on added game development, updates and fixes based
on player feedback and analytics. Additionally, self-publishing brings our whole organization to think more
commercially, as we are solely responsible for the financial success of our games.
SELF-PUBLISHING
Franchise ownership
Franchise ownership is one of the targets in Remedy’s transition to self-publishing, designed to capture the
compounding value of our creative assets. By securing full rights to our brands, we have the autonomy to dictate
the pace and direction of franchise expansion, ensuring that future releases align with our long-term vision
rather than external publishing cycles. Franchises and audiences are more important than ever as consumers
increasingly subscribe to IPs, and we want to retain and grow audiences across multiple releases, platforms and
media formats. Self-publishing is not just a distribution or monetization strategy for us, but a means to secure the
strategic optionality and value chain positioning that only full ownership can provide.
13
REMEDY fiffififf STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS
REMEDY ANNUAL REPORT 2025

REMEDY’S
COMMERCIAL MODEL
Premium fixed-price games + possible additional payable downloadable content is the model used
in Remedy’s games both in AAA (e.g. Control, Alan Wake 2) and AA (FBC: Firebreak) titles. Historically
Remedy’s games have been published and distributed by a publishing partner. Now, we have entered an
era of self-publishing Remedy-owned IPs.
Premium fixed-price games with a possibility of additional payable downloadable content 1
Remedy has one primary commercial model for its future game sales and royalty revenue.
Remedy receives revenue from the consumer sales of its games on marketplaces and can engage in B2B
deals with platform owners, where, for example, Remedy’s games are made available on their subscription
service in return for a larger payment to Remedy by the platform owner.
14
REMEDY fiffififf STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS
REMEDY ANNUAL REPORT 2025

STRATEGY
2025 revolved around Remedy’s self-publishing, which was established as a core component in our strategy
period of 2025-2030. At the beginning of 2025, we received the full publishing and distribution rights of the
CONTROL franchise and worked on expanding the reach of the franchise. We launched FBC: Firebreak, our first
self-published game. In December, we announced the release of CONTROL Resonant – sequel to the multi-
award-winning Control – which is Remedy’s most ambitious game project to date. Remedy will self-publish the
game in 2026 in co-operation with our strategic partner Annapurna.
Remedy’s 2025-2030 strategy is concentrated on our four strategic pillars:
1. Creating and growing world-class gaming franchises
2. Making distinctive category-leading games
3. Working in ways that enable successful productions
4. Self-publishing the games we own
In 2025, we made progress within each respective pillar.
We grew the CONTROL and Alan Wake franchises and brought them to new audiences. Alan Wake 2 was
selected as one of PlayStation Plus’ monthly games of October during the Halloween season, signaling its
category-defining status. FBC: Firebreak was published and CONTROL Resonant was announced to be
published in 2026, marking our ability to bring games to the market with a steady cadence. In addition, we
brought meaningful updates to our existing game catalogue, effectively extending their commercial lifecycles
while serving our players. Having advanced in our strategy, we also recognize the need to constantly sharpen and
improve our execution going forward. Over recent years, we have created and established two world-class gaming franchises with Alan Wake and
CONTROL, managed to adopt the multi-project model, strengthened our role in the value chain and began
self-publishing our own IPs. Now, we are starting to see early results of this work. In 2025, 45% of our revenue
came from game sales and royalties, which marks the progress in our strategy to become a game publisher for
Remedy-owned IPs. Our game projects progressed in schedule and in budget and we aim to launch on average
one new game per year during the strategy period.
By 2030, we will be a highly
regarded creative studio
with sustainable, significant
commercial success.
15
REMEDY fiffififf STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS
REMEDY ANNUAL REPORT 2025

We create and grow world-class gaming franchises that attract growing audiences and build a growing business.
At the core of these franchises are great games that stand out in the eyes of the players and have potential to be
the leading games in their respective categories. We keep on developing the ways we work, so that great games
are developed in line with our business objectives, budgets and schedules, enabling recurring and successful game
launches. We aim to self-publish Remedy-owned IPs and select strategic partners to support us in specific areas.
CREATE AND
GROW WORLD –
CLASS GAMING FRANCHISES SELF-PUBLISH

THE GAMES WE OWN
WORK IN WAYS
THAT ENABLE SUCCESSFUL
PRODUCTIONS
MAKE DISTINCTIVE
CATEGORY- LEADING
GAMES
Four strategic pillars
Double the 2024 revenue by 2027
WITH CONTINUED GROWTH BEYOND THIS MILESTONE
EBITDA margin of 30% by 2027
AND MAINTAIN THAT MINIMUM LEVEL THROUGHOUT THE STRATEGY PERIOD
Financial targets:
16
REMEDY fiffififf STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS
REMEDY ANNUAL REPORT 2025

Larger game catalogue, self-publishedGrowing sales and profitsExpanding audience and stronger franchises
STEADY RELEASE OF GAMES WITH
GOOD PROFIT POTENTIAL
WE ARE BUILDING A STRENGTHENING CYCLE
HIGHER INVESTMENT CAPABILITIES, WITH LESS RISKS
We have two business areas that support one another: own franchises and a partner franchise. Our own
franchises – CONTROL and Alan Wake – both have their own worlds and expansion opportunities but are also
connected by the Remedy Connected Universe (RCU). This provides fans with an additional content layer, and
for us an additional creative and commercial opportunity. By 2030 we will grow CONTROL and Alan Wake from
great games into world-class franchises with more frequent sequels. We want to make games that are highly
appreciated by their wider target audiences and well-known by players overall. Player loyalty is increasingly
transitioning to strong IPs, and we believe owning world-class franchises will be a key strategic asset for Remedy
in the future.
Our partner franchise, Max Payne, was originally created by Remedy and is a great fit for us. Our objective with
the project is to create a commercially successful Max Payne remake and build a strong Remedy action-game
team. We are balancing our game project portfolio with a partner IP project that can both utilize and build us
synergies in the same way that any other Remedy game does. Partner franchises stay as an option in our toolbox,
although the focus is on our own franchises.
We utilize smart creativity to balance creative ambitions, production orientation and technology capabilities with
the business mindset. This means that no individual part can flourish without the others. When all are aligned,
significant successes can take place. A guiding principle for our games is that we make them with credible plans
to reach 100% return on investment (ROI). This means that each game should have development plans that
enable Remedy to double the money invested.
CONTROL ALAN WAKE M A X PAY N E
Control
CONTROL Resonant FBC: Firebreak Max Payne 1&2 remake
Alan Wake
Alan Wake 2
Alan Wake Remastered American Nightmare
OWN FRANCHISES PARTNER FRANCHISES
We are building a strengthening cycle with every game. Steady release of games with attractive profit profiles
provides new revenue generating assets and expands our overall game catalogue. Combined with self-
publishing, the growing catalogue provides more cross-sales opportunities. With a larger game catalogue,
the sales and profits grow, leading to expanding audiences and fan base. Every game provides more building
blocks for our future games and strengthens the franchises. All these benefits together mean better investment
capabilities to Remedy with a lower risk-profile, as future games have larger fan bases, and the underlying
franchises are stronger.
17
REMEDY fiffififf STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS
REMEDY ANNUAL REPORT 2025

A sizeable, growing and global
market for video games
Based on Newzoo estimates, the global games market across all
platforms in 2025 is USD 188.8 billion, representing a 3.4% YoY growth.
Further growth in the market is expected in the upcoming years,
estimated to reach USD 206.5 billion by 2028 with a CAGR of 3.0% over
the period.
61.5% of the global population with internet access played games in 2025
based on Newzoo estimates. In 2025, there are estimated to be 3.6 billion
players globally, up 4.4% from 2024. Of these players, 936 million are
PC players and 645 million are Console players. The number of players
is expected to increase in all gaming segments in the upcoming years,
totaling 3.9 billion in 2027. Of all players, 1.6 billion are estimated to be
payers (players who spend money on video games), representing 4.9%
YoY growth and outpacing the total player growth as well as revenue
growth, meaning the willingness to spend on games is increasing but on
the other hand the average spend per payer is lower.
OPERATING
ENVIRONMENT
Data from Newzoo 18
REMEDY fiffififf STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS
REMEDY ANNUAL REPORT 2025

Data from Bain, Newzoo, VG Insights, and Remedy.
In 2025 the PC segment is estimated to continue YoY revenue growth
by 2.5%, while the Console segment is estimated to bounce back from a
previous decline by growing 5.5%. The size of the PC and Console game
markets are estimated to be USD 39.9 billion and USD 45.9 billion, with
market shares of 21% and 24% respectively. For the years 2025-2028,
Console segment is estimated to grow the fastest with a CAGR of 4.7%,
followed by the PC segment with a CAGR of 3.3%.
An alternative measure of market size is Monthly Active Users (MAU)
or units sold. Steam and Epic Games Store are large PC online game
platforms. Steam has reported a MAU of over 130 million and Epic Games
Store has reported a MAU of over 70 million. On consoles, PlayStation
5 has sold over 80 million units and Xbox X|S is estimated to have sold
over 30 million units. In 2026, a development to the gaming hardware
market is expected, as Valve’s Steam Machine is expected to come out,
diversifying the install-base.
For PC, the top three genres in terms of revenue are estimated by
Newzoo to be Shooter, Role Playing and Adventure, together making
up approximately half of the segment’s revenues. For Consoles, the top
three genres are estimated by Newzoo to be Sports, Adventure and Role
Playing, making up slightly over half of the segment’s revenues.
Remedy makes games for the PC and Console segments. Remedy’s
game portfolio positions in Adventure, Role Playing and Shooter genres. Industry trends
Over the years players have become more selective about where they
spend their playtime and overall media consumption. Evergreen games
and platforms, launched years ago, continue to retain a large number
of players. On the other hand, there are franchises, where new games
are known to be released on an annual basis. Across PC and Consoles,
players have typically played roughly 10 titles per year over the past
5 years. On Steam, the share of players engaging with three or fewer
games annually rose from 22% in 2021 to 34% in 2024. Share of players
that play 11+ titles per year has been in decline across all platforms. In
2024, 50% of total playtime went to around 10 titles across all platforms.
Brands and franchises are now more important than ever in gaming and
transmedia. Gamers and non-gamers increasingly subscribe to strong
brands and IPs. In addition, IPs transcend across platforms, indicated by
long-term rise in cross-platform play. This is evolvement from the history
of industry, where platform loyalty has historically played a big part. Bain
notes that gamers and fans are increasingly falling in love with universes,
stories, and characters rather than the entertainment format itself.
Following, the power of transmedia grows as films and TV adaptations
can both re-engage fans and attract new players to the franchises. Opportunities for new distinctive games from reputable studios
Despite the consolidation trend towards strong IPs, players are still
playing a diverse array of titles. In 2024, 12% (7% in 2021) of total
playtime went to new titles and 57% (39% in 2021) went to titles that
were over 6 years old. High-quality games on the market are retaining
their presence, but there is also appetite for new releases.
In an environment where players concentrate time into fewer titles,
opportunities improve for releases that offer a clear point of difference
in gameplay, narrative, production values, or overall experience. Newzoo
links the challenges facing new IPs to the need for differentiation,
underscoring the importance of a focused creative vision and clear
market positioning—areas where Remedy’s strengths are evident.
As game supply and selection is increasing due to technological
advancements in game production, studio reputation backed by high-
quality, distinctive releases will play a crucial role as distribution and
discovery dynamics continue to evolve in the market. Newzoo highlights
discoverability as a persistent challenge in major digital storefront
ecosystems, reinforcing the importance of marketing efficiency, platform
partnerships, and sustained visibility strategies around launches.
19
REMEDY fiffififf STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS
REMEDY ANNUAL REPORT 2025

Revenue  2025*
Per Region
North America
Latin America
Europe
Middle East &
Africa
Asia\bPacific
28%
4%
18%
4%
46%
DATA 2025
$52.7Bn (+4.2% YoY\d)
$8.3Bn (+6.4% YoY)
$33.1Bn (+3.6% YoY)\d
$7.1Bn (+7.5% YoY)\d
$87.6Bn (+2.3% YoY)\d
Global Games Marke\St 2025*
Per Segment
DA\bA 2025
PC
Console
Mobile
21%
24%
55%
$39.8Bn (+2.5% YoY\b
$45.9Bn (+5.5% YoY\b
$103.0Bn (+2.9% YoY\b
$188.8Bn
$188.8Bn
0 1
2
3
kolme vertailuvuot\sta
2023
2024 2025 2028F
3.33.43.6 3.9
Global player fore\scast*
2023\b2028
Bn
players
0
50
100
150
200
DATA 2025
Global Games Marke\tt Forecast*
2022–202\b
* Source: Newzoo G\blobal Games Mar\bet Rep\bort 2025.
2022
2023 20242025 2028F
Bn $
$173.8 $176.8 $182.5
$188.8$206.5
*Data from Newzoo.
Revenues are estimated
to have grown in
all markets in 2025
“
”
20
REMEDY ReRv                STRATEGY & OPERATING ENVIRONMENT                 GAMES                 PEOPLE                 SUSTAINABILITY                 GOVERNANCE                 FINANCIALS
REMEDY ANNUAL REPORT 2025

GA MES
Remedy’s games are known for immersive worlds,
iconic characters and memorable stories, combined
with high-quality action gameplay. We strive for
games that stand out in the market and offer players
a unique experience.
21
REMEDY ANNUAL REPORT 2025
REMEDY fifi STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS

with
REMEDY’S GAME PORTFOLIO 2025
ControlFBC: Firebreak CONTROL
Resonant New Project
Launched
Full production* Proof of concept Launched
with
Max Payne
1&2 remake
Full production
Alan Wake
Remastered Alan Wake 2
Launched
Launched
* Scheduled for a 2026 launch 22
REMEDY ANNUAL REPORT 2025
REMEDY fiffififf STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS

STAGE GATE PROCESS
Our stage gate process describes Remedy’s way of taking a game from an idea into reality.
The process is divided into six development stages and a live stage. The model described below
applies to AAA games with budgets ranging approximately from EUR 30 million to EUR 60 million,
in which Remedy owns the IP. The process for games based on partner IPs may differ from this
description. Also, the development of games with service elements may deviate from this process.
Remedy’s stage gate process*
A disciplined way to turn a vision into reality.
MANDATE CONCEPTPROOF-OF
-CONCEPT PRODUCTION
READINESS FULL
PRODUCTION
INDICATIVE TEAM SIZEStudio and Project Management

TARGET D URATION
1–2 months
INDICATIVE TEAM SIZE Less than 20

TARGET D URATION
3–6 months
INDICATIVE TEAM SIZE Less than 50

TARGET D URATION
4–12 months
INDICATIVE TEAM SIZE Less than 75

TARGET D URATION
3–6 months
INDICATIVE TEAM SIZE 75+ and with external staff
can total up to 200

TARGET D URATION
15–26 months
LIVE STAGE
TEAM SIZE AND
DURATION
Depends on the game and
chosen business model
* This stage gate process applies to traditional AAA games in which Remedy owns the IP. The process and its
duration for games with service elements or games based on partner IPs may differ from this description.
23
REMEDY ANNUAL REPORT 2025
REMEDY fiffififf STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS

MANDATECONCEPTPROOF-OF
-CONCEPT PRODUCTION
READINESS FULL
PRODUCTION LIVE STAGE
The Mandate stage is the start
of the game project. Here, we
set the high-level goals of the
game, as well as its constraints.
This phase typically involves the
Executive Producer of the game
and key members of the future
core leadership team, sharing the
vision with the studio management.
We strive to align what we are
aspiring to create, what is the target
audience, why do we want to make
the game and how we will execute
the project. In addition, we define
the initial project budget, timeline,
motive, and the required resources. In the concept stage we define
precise and comprehensive
creative vision. We define what the
game is all about, including a more
detailed description of the narrative,
the theme, and the key characters.
We go further into determining
the artistic style, game design
and core gameplay elements.
Following these decisions, we
make a simplified game prototype
that allows us to test and iterate
the concept further. On top of
this, we build understanding
of the project’s business and
technical requirements to assess
the feasibility of the project and
to determine the project budget
in more detail. Typically, the first
concrete partner discussions are
initiated in the concept stage. In the proof-of-concept stage it is
all about producing a piece of the
game to prove the core experience.
This is our way of validating the
game concept and determining
how the game will be developed.
We map out the biggest risks and
potential bottlenecks to the game
project. In addition, we define the
components and the capabilities
that are needed to complete the
project. We outline a detailed
project management plan and
create a playable demo of the game
to further iterate the idea. These
are presented to our potential
partners in publishing negotiations,
which are typically concluded at
this stage. In the production readiness stage,
we define the crafts needed for the
project and set up the game team
accordingly. We optimize staffing
both internally and externally. We
finalize the production plan and
finish designing and implementing
the production pipelines to fully
understand the requirements for
scaling up the project into full
production. The full production stage is divided
into the Alpha and the Beta stage.
In the Alpha stage we execute
the production plan and focus on
passing the development gates at
a high-quality timely manner. The
goal is to create a full game with
complete content, matching the
creative vision of the team. In the
Beta stage, we carry out the final
quality assurance and clear up
bugs, resulting in a finetuned and
polished gameplay experience. Following the commercial
launch, the live stage focuses
on maximizing the long-term
potential of our titles. We utilize
sales performance, engagement
metrics and community feedback
to identify opportunities for
meaningful updates and strategic
content expansions. Our objective
is to sustain sales momentum
over a multi-year period, ensuring
our games continue to generate
revenue and maintain cultural
relevance well beyond their initial
release.
Note: This stage gate process applies to traditional AAA games in which Remedy owns the IP. The process and its
duration for games with service elements or games based on partner IPs may di2er from this description. 24
REMEDY ANNUAL REPORT 2025
REMEDY fifffi2 STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS

Fair warning: this is going to be weirder than usual.
Control is a third-person action-adventure game
that challenges the player to master a combination
of supernatural abilities, modifiable loadouts and
reactive environments. It blends open-ended
environments with Remedy’s signature world-
building and storytelling, creating an impressively
immersive gameplay experience.
Leaning on its creative independence, Remedy
is not afraid of taking risks, pushing their games
to stand out in the marketplace through unique
stylistic choices. Control introduces a world filled
with mind-bending events, iconic characters, and
unforgettable stories. Unexpected, unsettling, yet
compelling and approachable, the experiences in
Control stay with you.
The game is available on PlayStation 5, Xbox
Series S|X, PlayStation 4, Xbox One, PC, Mac,
Nintendo Switch (Cloud Version) as well as the streaming platforms Amazon Luna and
discontinued Google Stadia. Control has received
numerous free updates, and in 2020 Remedy
released two paid expansions and the Ultimate
Edition of the game.
Control has received high praise from critics and
players alike, and its extensive fanbase continues
to grow. Since its original release, Control was
nominated for 11 BAFTA® Games Awards and
received over 20 “Game of the Year” awards. By
the end of 2025, Control has sold over 5 million
units and generated net revenue (shareable
revenue between Remedy and a previous
publishing partner, excluding taxes and platform
fees) of over EUR 100 million.
Remedy owns the game’s intellectual property.
Control was launched in 2019.
25
REMEDY ANNUAL REPORT 2025
REMEDY fiffififf STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS

CONTROL Resonant is a full-blown sequel to
the award-winning game Control. With the highly
anticipated sequel, Remedy once again pushes
the boundaries of action and storytelling, creating
an unparalleled journey within a world that defies
expectations. Players will explore a warped
Manhattan on the brink of paranatural annihilation
in this thrilling action-adventure RPG.
CONTROL Resonant will be published by
Remedy Entertainment. Annapurna Pictures
are co-financing the game as part of a strategic
partnership with Remedy Entertainment; financing
50% of the development budget and gaining rights
to expand the award-winning CONTROL and Alan
Wake franchises into film and television. CONTROL Resonant will be available on
PlayStation 5, Xbox Series X|S, PC via Steam
and Epic Games Store, and Mac via Steam and
the App Store. CONTROL Resonant is built on
Remedy’s proprietary Northlight technology and
toolset.
Remedy owns the game’s intellectual property.
CONTROL Resonant will be launched in 2026.
With the sequel, Remedy will again push the
boundaries of creativity and storytelling, creating
an unparalleled journey within a world that defies
expectations.
26
REMEDY ANNUAL REPORT 2025
REMEDY fiffififf STRATEGY & OPERATING ENVIRONMENT GAMES PEOPLE SUSTAINABILITY GOVERNANCE FINANCIALS

FBC: Firebreak is a session-based, multiplayer
PvE (player versus environment) stand-alone
experience set within the acclaimed CONTROL
universe, delivering intense cooperative online
action. As the Bureau’s headquarters faces a
deadly and prolonged siege by otherworldly
forces, only Firebreak—its most adaptable
response unit—has the skills and courage to
restore order.
FBC: Firebreak immerses players in a strange
and unpredictable world where Firebreakers
confront crises together within the paranatural-
infested halls of the Oldest House. To fend off the
otherworldly threats, players use a variety of tools
and abilities. Customizable “crisis kits” enable
players to choose their weapons, tools, and
powerful paranatural augments, which are strange
items with very unique powers th