Remedy Entertainment FY2025 H1 Earnings Release

Remedy Entertainment Plc

August 12 , 202 5
Half -Year Financial Report
JANUARY – JUNE 202 5

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 1 (20 )
Remedy Entertainment Plc | Stock exchange release | August 12 , 202 5, at 09:00 a.m.
EE ST

Remedy Entertainment Plc | Half -Year Financial Report January –June 202 5

Remedy ’s first self -published game FBC: Firebrea k released

Continued growth with a rising share of game revenue

The Half -Year Fina ncial Report is unaudited. Figures in parentheses refer to the
comparison period in the previous year, unless otherwise stated.
Highlights from April –June 202 5
• Revenue increased by 63 .5% to EUR 1 6.9 (10 .3) million.
• EBITDA was EUR 4.2 (-2.4 ) million.
• Operating profit (EBIT) was EUR -0.5 (-3.2 ) million, and the operating profit margin
was -2.7% ( -31.0% ) of revenue.
• Cash flow from operations was EUR 3.1 (0.9 ) million.
• In June 2025, Remedy launched FBC: Firebreak worldwide, a three -player co -op
FPS and the company’s first self -published game.
• In May 2025, Remedy purchased 80% of key personnel’s 2019 stock options
(103,199 rights on May 8) and the sellers used remaining options to subscribe
25,800 shares.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 2 (20 )

Highlights from January –June 202 5

• Revenue increased by 43.4% to EUR 30 .3 (21.1 ) million.
• EBITDA was EUR 6.8 (-3.6 ) million.
• Operating profit (EBIT) was EUR 0.8 (-5.3 ) million, and the operating profit margin
was 2.8% ( -25.0% ) of revenue.
• Cash flow from operations was EUR -3.5 (4.2 ) million.
• During the first quarter of 2025 Remedy made the final instalment in acquiring full
rights to the Control franchise from 505 Games .
Key Figures
MEUR, IFRS, Group,
unaudited 4–6/202 5 4–6/202 4 1–6/202 5 1–6/202 4 1–12/202 4
Revenue 16.9 10.3 30 .3 21.1 50.7
Growth in revenue, % 63.5% 16.2% 43.4% 33.7% 49.3%
EBITDA 4.2 -2.4 6.8 -3.6 2.5
EBITDA, % of revenue 24.9% -23.0% 22.4% -16.8% 5.0%
Operating profit (EBIT) -0.5 -3.2 0.8 -5.3 -4.3
Operating profit, % of revenue -2.7% -31.0% 2.8% -25.0% -8.4%
Result for review period -0.6 -2.2 0.0 -4.2 -3.6
Result for review period, % of
revenue -3.4% -21.4% 0.1% -19.9% -7.1%
Balance sheet total 97.5 90.3 97.5 90.3 99.3
Cash flow from operations 3.1 0.9 -3.5 4.2 11.0
Net cash 10.0 19.0 10.0 19.0 25.3
Cash and liquid investments 27.6 23.1 27.6 23.1 41.1
Net gearing, % -14 .4% -29.1% -14 .4% -29.1% -36.9%
Equity ratio, % 72. 8% 73.5% 72. 8% 73.5% 70.9%
Capital expenditures 5.5 3.4 9.2 23.0* 26.6 *
Average number of personnel
during review period (FTE) 370 350 366 348 351
Headcount at the end of period 385 361 385 361 367
Earnings per share, € -0.04 -0.16 0.00 -0.31 -0.27
Earnings per share, € (diluted) -0.04 -0.16 0.00 -0.31 -0,27
Number of shares at the end of
period 13, 640 ,451 13,552,651 13, 640 ,451 13,552,651 13,574,151
*Contains 16.9 million invested in publishing rights of Control franchise

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

Comments by CEO Tero Virtala
In the second quarter of 2025, Remedy’s revenue increased by 63.5% from the
comparison period and was EUR 16.9 (10.3) million. Game sales and r oyalties
increased while development fees decreased. Game sales increase was driven by the
sales of FBC: Firebreak , including a n initial accrual from subscription service
agreements with Sony and Microsoft . Alan Wake 2 and Control continued to sell
steadily and accrue royalties. Development fees were from Control 2 and Max Payne 1
& 2 remake . EBITDA was EUR 4.2 million, improving by EUR 6.6 million from the
comparison period. Operating profit was EUR -0.5 million, improving by EUR 2.7 million
from the comparison period.

Release of Remedy’s first self -published game FBC: Firebreak
Remedy’s first multiplayer game FBC: Firebreak launched on the 17th of June . The
launch succeeded technically , reaching over 1 million players in its first 10 days.
Majority of the players were Xbox Series X|S and PlayStation 5 users .

On Steam, which was planned as the primary consumer sales channel on PC, the
launch underperformed. The g ame’s initial onboarding experience and mission
structure resulted in high early player drop -offs and an influx of negative reviews . As
players spent more time in the game and we released updates improving the game ,
sentiment in reviews turned more positive .

Commercially, we were unsatisfied with the launch -phase consumer sales of FBC:
Firebreak . Thus far, FBC: Firebreak ’s commercial performance has largely been driven
by the Xbox and PlayStation subscription service agreements . A considerable portion
of the revenues from these agreements will still be recognized throughout the contract
period.

FBC: Firebreak was designed as a game that evolves over time . Despite the rocky
launch, we believe we have a solid game to build on. Players who spent over an hour
with the game reviewed the game mostly positive – showing us that the core
experience of the game is entertaining . We have already rolled out patches and
communicate d on how the game will continue to develop . Looking ahead, a larger
“Major U pdate ” late September will be the next key step for FBC: Firebreak . This will be
supported by targeted marketing activities , which we expect to drive interest in the title .
W e are committed to continuing to work on FBC: Firebreak , engaging with the
community, and expanding the game.

Games in development
Control 2 development is on track towards meeting its next milestones . The focus is
now on the gameplay, environments, and missions. Work continues on developing the
game into a strong commercial offering.

The Max Payne 1 & 2 remake project continues its progress and remains in full
production. In the second quarter, the team built on steady momentum from earlier in
the year . Collaboration with Rockstar Games remains close and productive, ensuring
alignment as the project advances toward its next major phase.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 4 (20 )

Games in the market
Control ’s lifetime sales exceeded 5 million copies during the second quarter. Control ’s
publishing, distribution and marketing rights were transferred to Remedy in the first
quarter of 2025 . W e’ve now been able to drive Control ’s sales activities fully by
ourselves and have seen positive development through our sales activities.

Alan Wake 2 continued to sell steadily and accrue royalties. The rest of the Alan Wake
franchise continued to sell in line with our expectations and generate small and steady
revenue streams.

First page in Remedy’s self -publishing chapter
We are delivering on our core strategic pillars, with a particular emphasis on self –
publishing all Remedy -owned titles and delivering great games with a steady cadence.
We have gained valuable experience in self -publishing our upcoming catalogue.

During the second quarter , over half of Remedy’s revenue was recognized from game
sales and royalties in comparison to development fees , which represented a lesser
share of the revenue. This mark s Remedy’s progressive transition to the self -publishing
model . W e will keep executing our strategy to reach the communicated targets for
2027.
Outlook 2025 (unchanged)
Remedy expects its revenue and operating profit (EBIT) to increase from the previous
year and operating profit (EBIT) to be positive.
Long -term business prospects
We have two established own franchises, Control 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 franchise 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
ma rgin of 30% by 2027 and maintain that minimum level throughout the strategy
period.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 5 (20 )

Webcast and conference call
Remedy will host a webcast in English on its H1 2025 financial results for investors,
analysts and media on August 12 , 2025, at 12:00 p.m. (EEST). Remedy’s financial
results will be presented by CEO Tero Virtala and CFO Santtu Kallionpää.

The half -year financial report 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 -q2

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
Santtu Kallionpää, CFO
Phone: +358 40 576 8060
Email: santtu.kallionpaa@remedygames.com
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 many of its games. Remedy’s shares are listed on Nasdaq
Helsinki’s main list.
www.remedygames.com

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 6 (20 )

Result from business operations

April –June 202 5
In April‒June 202 5, Remedy’s revenue increased by 63.5% in relation to the
comparison period, amounting to EUR 16.9 (10.3 ) million. Development fees were EUR
7.4 (9.4 ) million and game sales together with royalties from publishing partners were
EUR 9.5 (0.9 ) million. The main sources of revenue were from FBC: Firebreak related
subscription service agreements , including a n initial accrual , and game sales as well as
development fees from Max Payne 1 & 2 remake . Additionally , Alan Wake 2 accrued
royalties and Remedy received Control 2 related development fees.

In April‒June 202 5, Remedy’s EBITDA was EUR 4.2 (-2.4 ) million and operating profit
(EBIT) was EUR -0.5 (-3.2 ) million, -2.7% ( -31.0% ) of the revenue. The increase was
mainly due to higher revenue level . The operating costs in total also increased from
comparison period . Depreciation expenses were EUR 4.7 million , being EUR 3.8
million higher than in the comparison period . Increase in depreciation was mainly
caused by the beginning of depreciation of capitalized development expenses of FBC:
Firebreak and purchased Control franchise distribution rights . Personnel expenses
were 3.9% and materials and services expenses 13 .4% lower than in the comparison
period while other operating expenses were 43 .3% higher. The increase in other
operating expenses was mainly driven by investments in self -publishing.
January –June 202 5
In January‒June 202 5, Remedy’s revenue increased by 43.4% to EUR 30 .3 (21.1 )
million. Development fees were EUR 1 8.1 (18.4 ) million and game sales together with
royalties from publishing partners were EUR 12.2 (2.7 ) million. The main sources of
revenue were the development fees from Max Payne 1 & 2 remake and FBC:
Firebreak game sales. Also , Alan Wake 2 continued to accrue royalties and Control 2
contributed to the reporting period ’s development fees .

In January‒June 202 5, Remedy’s EBITDA was EUR 6.8 (-3.6 ) million and operating
profit (EBIT) EUR 0.8 (-5.3 ) million, 2.8% ( -25.0% ) of the revenue. Materials and
services expenses were 22 .5% and personnel expenses 4.9% lower than in the
comparison period while other operating expenses were 35 .7% higher than in the
comparison period . Materials and services expenses as well as personnel expenses
decreased compared to H1 2024 mainly due to larger share of these costs being
capitaliz ed as development costs during th is reporting period . During January ‒June
2024 Remedy also still had project s codename Kestrel as well as Alan Wake 2 DLC s
ongoing which explain s the higher materials and services expenses in the first half of
2024. The increase in other operating expenses in the first half of 2025 was mainly
driven by self -publishing related expenses.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 7 (20 )

Cash flow and financial position

Cash flow

April –June 202 5
In April‒June 202 5, Remedy’s cash flow from business operations amounted to EUR
3.1 (0.9 ) million. The im provement of operating cash flow was mainly driven by higher
revenue related payments during the reporting period compared to last year’s
comparison period.

In April‒June 202 5, Remedy’s cash flow from investing activities amounted to EUR -3.3
(4.5 ) million and cash flow from financing activities amounted to EUR -0.6 (0.0) million.
In the comparison period , cash flow from inves ting activities was impacted by EUR 6.8
million liquidation of cash management investments. In the reporting period financing
cash flow was impacted by the purchase of 2019 stock option rights by EUR -0.5
million , taking into account also the subscription price received from the exercise of
25,800 option right s held by key personnel that participated in the transaction.
January –June 202 5
In January –June 202 5, Remedy’s cash flow from business operations amounted to
EUR -3.5 (4.2 ) million. Compared to the comparison period, Remedy received less
agreement -based development fee payments as well as royalty payments during the
first half of 2025 . Outgoing payments related to business operations were also slightly
higher than in the comparison period .

The cash flow from operating activities does not yet include payments rel ated to FBC:
Firebreak game sales. 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 –June 202 5, Remedy’s cash flow from investing activities amounted to EUR
-6.7 (-1.8) million . Cash flow from financing activities amounted to EUR -0.8 (-0.1)
million.
Financial position
Remedy’s non -current assets on June 30, 202 5, totalled EUR 54.7 (56.8 ) million. The
decrease in non -current assets from the compa rison period is largely due to changes in
cash management investments , that were liqu idated during the last quarter of 2024 .
Remedy has several projects under development and their product development costs ,
as well as the publishing rights of Control franchise , are capitalized according to IFRS
stan dards. The total amount of capitalized product development expenses was EUR

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 8 (20 )

29.4 (23.2 ) million on June 30, 202 5. The company does not have any goodwill on its
balance sheet.

On June 30, 202 5, Remedy’s cash position was EUR 10 .0 (22.4 ) million and other
current financial assets EUR 17 .5 (0.7) million.

The company’s liabilities on June 30, 202 5, amounted to EUR 27.9 (25.0 ) million . The
amount contains EUR 13.5 million convertible loan liabilities and EUR 0.6 million of
interest accruals related to the agreement Remedy entered with Tencent in September
2024.

Remedy’s balance sheet total on June 30, 202 5, was EUR 9 7.5 (90.3 ) million and
equity EUR 69.6 (65.3 ) million. The company’s equity ratio was 72 .8% ( 73 .5%) and net
gearing -14 .4% ( -29.1% ).
Personnel, management and governance
The number of the company’s personnel (headcount) was 3 85 (361 ) at the end of the
period under review, with an annual growth of 6.6 %. Of the personnel , 5 4% represent
37 different nationalities , and the rest ( 46 %) are Finn ish.

At the end of the period under review, the company’s Core Management Team
comprised CEO Tero Virtala, CFO Santtu Kallionpää, Chief Product Officer Markus
Mäki, Creative Director Sami Järvi, Creative Director Mikael Kasurinen, Chief
Commercial Officer Johannes Paloheimo and Chief Technology Officer Mika Vehkala .
Annual General Meeting
Remedy’s Annual General Meeting was held on April 1 0, 202 5, at the company’s office
at Luomanportti 3, 02200 Espoo, Finland.

The Annual General Meeting approved all proposals made to the Annual General
Meeting in the form included in the notice to the Annual General Meeting. Among other
things, the Annual General Meeting resolved to adopt the company’s Financial
Statements for 2 02 4, not to distribute a dividend for the financial period ended on
December 31, 202 4, to elect Markus Mäki, Henri Österlund, Kaisa Salakka , Sonja
Ängeslevä and Kai Tavakka to the Board of Directors, to discharge the members of the
Board of Directors and t he CEO from liability and to adopt the company’ s
Remuneration Report.

Further information about the resolutions made by the Annual General Meeting can be
found in Remedy’s Annual General Meeting resolutions release dated April 1 0, 202 5,
available on https://investors.remedygames.com/annual -general -meeting -2025/ .

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 9 (20 )

Shares, shareholders and share -based incentive schemes
Remedy’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 14.82
euros.

January –June
202 5
Highest share
price, €
Lowest
share price, €
Closing
share price, €
Volume -weighted
average price, €
Remedy 18 .98 12.88 14.82 14 .84

June 30,
202 5
June 30,
202 4
December 31,
202 4
Market capitalization, € 202 ,151 ,484 237,984,552 190,852,563
Number of shareholders 17, 008 17,352 17,107
Number of shares at the end of period 13, 640 ,451 13,552,651 13,574,151
Number of shares at the end of period, diluted
(IFRS)* 13, 640 ,451 13,741,150 13,632,379
Number of shares at the end of period, diluted 14, 972,951 14,773,650 13,743,650
Average number of shares within period 13,5 95,034 13,530,151 13,550,901
Average number of shares within period,
diluted (IFRS)* 13, 641 ,860 13,771,733 13,619,843
Average number of shares within period,
diluted 15,068,450 14,795,983 13,761,275
Value of share turnover within period 15 ,152 ,290 27,258,580 40,425,084
Total number of traded shares within period 1,020 ,780 1,440,904 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 June 30, 202 5. The company held no treasury
shares.

Between September 16 and December 31, 2024, a total of 11,000 new shares of
Remedy were subscribed for with the company’s stock options 2019. These shares
were registered in the Trade Register on January 27, 2025. As an outcome, the
number of the company’s shares increased from 13,574,151 to 13,585,151

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 10 (20 )

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 June 30, 202 5, the authorization had not been used and thus,
a total maximum of 1,0 00,000 new shares could be issued under the authorization on
said date.
Major shareholders on June 30, 202 5
Name Shares Percentage
1. Mäki Markus 3,197,000 23. 4
2. Järvi Sami 560,000 4.1
3. Virtala Tero 30 4,000 2.2
4. Lehtinen Saku 207 ,000 1.5
5. Evli Finnish Small Cap Fund 204 ,099 1.5
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 5,166 ,656 37. 9
Accendo Capital SICAV RAIF (nominee registered) 2,063,162 15. 1
Other nominee registered 2,444 ,175 17.9
Other shares 3,966 ,458 29 .1
Total 13, 640 ,451 100.0%

Option plans
During the reporting period, Remedy has had six option plans directed to Remedy’s
key persons: Option Plan 201 9, Option Plan 20 20 , Option Plan 202 1, Option Plan
202 2, Option Plan 202 3 and Option Plan 202 4. 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/ .

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 11 (20 )

Key information about the option plans as of June 30, 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
2019
371,000 371,000 0 June 1, 2022 – May 31, 2025 9.23
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
350 ,000 292 ,000 292 ,000 June 1, 2025 – May 31, 2028 26.64
Option
Plan
2023
350,000 279 ,000 279 ,000 June 1, 2026 – May 31, 2029 27.31
Option
Plan
202 4
350,000 321,000 321,000 June 1, 202 7 – May 31, 20 30 19 .76

Option Plan 2019 ended on May 31, 2025 .

On May 2, 2025, Remedy announced that its Board of Directors had resolved that the
company will offer to purchase 80 percent of its 2019 options held by key personnel,
and a fter the purchase, the sellers of the option rights will use part of the cash
proceeds received to subscribe Remedy shares with their remaining 2019 options.
Based on the offer, Remedy purchased a total of 103,199 stock option rights on May 8,
2025, and the sellers subscribed for a total of 25,800 new Remedy shares with their
remaining 2 019 option rights.

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 will cancel 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.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 12 (20 )

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. 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.   

Events after the end of the reporting period
There haven’t been any significant events after the end of the review period.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 13 (20 )

Tables

Consolidated statement of comprehensive income
EUR thousand 4–6/202 5 4–6/202 4 1–6/202 5 1–6/202 4 1–12/202 4
REVENUE 16,915 10,349 30 ,313 21,143 50,661
Development fees 7,3 96 9,436 18,146 18,397 45,609
Game sales and royalties 9,519 912 12,167 2,746 5,052
Other operating income 0 0 0 1 2
Materials and services -3,636 -4,198 -6,22 0 -8,028 -16,557
Game development related
materials and services -3,162 -4,19 7 -5,616 -8,02 7 -16,55 2
Revenue related partner
expenses -474 -1 -60 5 -1 -4
Personnel expenses -6,429 -6,687 -12,465 -13,110 -24,672
Depreciation and impairment -4,667 -825 -5,955 -1,730 -6,791
Other operating expenses -2,643 -1,845 -4,838 -3,564 -6,922
OPERATING PROFIT (LOSS) -459 -3,205 835 -5,288 -4,280
Financial income 458 323 724 448 879
Financial expenses -559 -60 -1,020 -67 -420
PROFIT (LOSS) BEFORE
INCOME TAXES -560 -2,942 539 -4,907 -3,820
Income tax -7 723 -516 696 224
PROFIT (LOSS) FOR THE
FINANCIAL YEAR -568 -2,219 23 -4,212 -3,596
OTHER COMPREHENSIVE
INCOME (EXPENSE)
Items that may be subsequently
reclassified to profit or loss 0 0 0 0 0
Total other comprehensive
income (expense) for the financial
year 0 0 0 0 0
TOTAL COMPREHENSIVE
INCOME (EXPENSE) FOR THE
FINANCIAL YEAR -568 -2,219 23 -4,212 -3,596
PROFIT (LOSS) FOR THE
FINANCIAL YEAR
ATTRIBUTABLE TO OWNERS
OF THE COMPANY -568 -2,219 23 -4,212 -3,596

EARNINGS PER SHARE
Basic earnings per share, euro -0.04 -0.16 0.00 -0.31 -0.27
Diluted earnings per share, euro -0.04 -0.16 0.00 -0.31 -0.27

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 14 (20 )

Consolidated balance sheet
EUR thousand June 30, 202 5 June 30, 202 4 December 31, 202 4
ASSETS

NON -CURRENT ASSETS
Intangible assets 41,916 40,194 39,815
Tangible assets 2,919 3,731 3,357
Right -of-use assets 4,061 3,159 2,471
Investments 0 3,000 0
Non -current receivables 744 1,000 987
Deferred tax assets 5,071 5,697 5,355
TOTAL NON -CURRENT ASSETS 54,711 56 ,781 51,985

CURRENT ASSETS
Trade and other receivables 15 ,211 10,362 6,237
Derivative financial instruments 21 0 0
Other current financial assets 17,527 749 20,115
Cash and cash equivalents 10 ,029 22,374 20,996
TOTAL CURRENT ASSETS 42 ,789 33,486 47 ,348

TOTAL ASSETS 97,500 90,266 99,333

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 15 (20 )

EUR thousand June 30, 2025 June 30, 2024 December 31, 2024
EQUITY AND LIABILITIES

EQUITY
Share capital 80 80 80
Share premium 38 38 38
Invested non -restricted equity
reserve 58, 855 58,196 58,344
Retained earnings (losses) 10 ,578 11,202 13,661
Profit (loss) for the financial year 23 -4,212 -3,596
TOTAL EQUITY 69,573 65,305 68,527

LIABILITIES

NON -CURRENT LIABILITIES
Convertible bonds 13,473 0 13,331
Lease liabilities 2,790 1,821 1,127
Accrued expenses 60 0 0 0
Deferred tax liabilities 181 30 127
TOTAL NON -CURRENT LIABILITIES 17,044 1,851 14, 585

CURRENT LIABILITIES
Government loan 0 918 0
Lease liabilities 1,288 1,358 1,376
Trade and other payables 9,595 20,833 14,844
TOTAL CURRENT LIABILITIES 10,883 23, 110 16, 221

TOTAL LIABILITIES 27,927 24,961 30,806

TOTAL EQUITY AND LIABILITIES 97,500 90,266 99,333

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 16 (20 )

Condensed consolidated statement of cash flow
EUR thousand 1–6/202 5 1–6/202 4 1–12/202 4
Cash flow from business operations -3,482 4,177 11,001
Cash flow from investments * -6,661 -1,788 -22,939
Cash flow from financing -824 -81 12,868

Liquid assets – opening balance 20, 996 20,066 20,066
Change in liquid assets -10 ,967 2,308 930
Liquid assets – closing balance 10 ,029 22,374 20,996

* Includes capitalized development costs in January -June 2025 EUR -6,105 (in January -June 2024 EUR –
4,230 ) thousand euro s.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 17 (20 )

Consolidated statement of changes in equity
Changes in shareholders’
equity 1 –6/202 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 23 23
Other comprehensive income
Total comprehensive
income 23 23
Transactions with owners
of the company
Share options granted 1,223 1,223
Share issue and other share
subscriptions 510 510
Purchase of option rights -710 -710
Total transactions with
owners 510 513 1,023
BALANCE June 30, 202 5 80 38 58,855 10 ,601 69,573

Changes in shareholders’
equity 1 –6/202 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 -4,212 -4,212
Other comprehensive income
Total comprehensive
income -4,212 -4,212
Transactions with owners
of the company
Share options granted 1,385 1,385
Share issue and other share
subscriptions 381 381
Total transactions with
owners 381 1,385 1,767
BALANCE June 30, 202 4 80 38 58,196 6,991 65,305

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 18 (20 )

Notes to half -year financial report

Accounting policies applied in the half -year financial report
The Financial Statement report has been prepared in accordance with IAS 34 ‘Interim
Financial Reporting’ while adhering to related IFRS standards applicable within the EU
on June 30, 202 5. The accounting policies of the half -year financial 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 information presented in this half -year report is unaudited.

Revenue breakdown per quarter
EUR thousand 4–6/2025 1–3/2025 10 –12/2024 7–9/2024 4–6/2024
Development fees 7,396 10,749 10,184 17,028 9,436
Game sales and
royalties 9,519 2,648 1,467 839 912
Total 16,915 13,398 11,651 17,866 10,349

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.

June 30, 202 5 Carrying
amount Fair value

EUR thousand Level 1 Level 2 Level 3 Total

Financial assets measured at fair value
Investments to equity funds 17,527 17,527 – – 17,527
Derivative financ ial instruments 21 21 – – 21
17 ,548 17 ,548 – – 17 ,548
Financial liabilities not measured at fair value
Convertible bonds 13,473 – – 13,473 13,473
13,473 – – 13,473 13,473

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 19 (20 )

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 – – 20,115
20,115 20,115 – – 20,115
Financial liabilities not measured at fair value
Convertible bonds 13,331 – – 13,331 13,331
13,331 – – 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 318 672 -6 0 31 2 672
Balance June 30 9,868 9,176 1,9 82 1,988 11 ,850 11,164

Accumulated depreciation and
impairment
Balance January 1 -6,233 -4,762 -1,947 -1,923 -8,180 -6,686
Depreciation -745 -736 -6 -12 -751 -748
Balance June 30 -6,978 -5,498 -1,9 53 -1,935 -8,931 -7,433

Carrying amount on January 1 3,316 3,742 41 65 3,357 3,806
Carrying amount on June 30 2,890 3,678 29 53 2,919 3,731

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

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 6,105 4,230 529 16,947 6,635 21,177
Balance June 30 52,131 42,247 16,945 16,947 69,076 59,194

Accumulated amortization and
impairment
Balance January 1 -19,197 -18,709 -3,430 0 -22 ,626 -18,709
Amortiza tion -3,4 91 -291 -1,042 0 -4,533 -291
Balance June 30 -22 ,688 -19,001 -4,472 0 -27 ,160 -19,001

Carrying amount on January 1 26 ,829 19,308 12,986 0 39,8 15 19,308
Carrying amount on June 30 29,443 23,247 12,47 3 16,947 41,916 40,194

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 at 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. The indicators from comparison periods have also been
corrected according to this principle.

Espoo, August 12 , 202 5
Remedy Entertainment Plc
Board of Directors