Remedy Entertainment FY2025 Q1 Earnings Release

Remedy Entertainment Plc

April 30, 202 5
Business review
JANUARY – MARCH 202 5

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 1 (16)
Remedy Entertainment Plc | Stock exchange release | April 30 , 202 5, at 09:00 a.m.
EE ST

Remedy Entertainment Plc | Business Review January –March 202 5

Remedy’s f irst self -published game to be released in June 2025

Solid revenue growth and operating profit turned positive

The Business Review is unaudited. Figures in parentheses refer to the comparison
period in the previous year, unless otherwise stated.
Highlights from January –March 202 5
• Revenue increased by 24 .1% to EUR 1 3.4 (10.8 ) million.
• EBITDA increased to EUR 2.6 (-1.2 ) million.
• Operating profit (EBIT) was EUR 1.3 (-2.1 ) million, and the operating profit margin
was 9.7% ( -19.3% ) of revenue.
• Cash flow from operations was EUR -6.6 (3.3 ) million.
• In March, Remedy announced its first self -published game FBC: Firebreak will
launch in summer 2025 . In April , the release date was confirmed to be June 17 th.
• During the first quar ter of 2025 Remedy made the final instalment in acquiring full
right s to the Control franchise from 505 Games .

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 2 (16)

Key Figures
MEUR, IFRS, Group,
unaudited 1–3/202 5 1–3/202 4 1–12/202 4
Revenue 13.4 10.8 50 .7
Growth in revenue, % 24 .1% 56.2% 49 .3%
EBITDA 2.6 -1.2 2.5
EBITDA, % of revenue 19.3% -10 .9% 5.0%
Operating profit (EBIT) 1.3 -2.1 -4.3
Operating profit, % of revenue 9.7% -19.3% -8.4%
Result for review period 0.6 -2.0 -3.6
Result for review period, % of
revenue 4.4% -18.5% -7.1%
Balance sheet total 97.4 90.4 99 .3
Cash flow from operations -6.6 3.3 11.0
Net cash 12 .3 21.0 25.3
Cash and liquid investments 28 .0 24 .4 41 .1
Net gearing, % -17 .6% -31.5% -36.9%
Equity ratio, % 73.9% 74.9% 70 .9%
Capital expenditures 3.8 19.6* 26.6 *
Average number of personnel
during review period (FTE) 363 345 351
Headcount at the end of period 373 360 367
Earnings per share, € 0.04 -0.15 -0.27
Earnings per share, € (diluted) 0.04 -0,15 -0,27
Number of shares at the end of
period 13, 585,151 13,516,401 13, 574 ,151
*Contains 16.9 million invested in publishing rights of Control franchise

Comments by CEO Tero Virtala

In the first quarter of 2025, Remedy’s revenue increased by 24 .1% from the
comparison period and was EUR 13.4 (10.8) million. Development fees and royalties
increased . Development fees were driven by higher fees from Control 2 and Max
Payne 1 & 2 remake while royalties increased with the sales of Alan Wake 2 . After
exceeding the 2 million units sold milestone at the end of Q4 , Alan Wake 2 has
continued to sell steadily and accru e royalties . In the first quarter the operating profit

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 3 (16)
was EUR 1.3 million, improving by EUR 3.4 million from the comparison period.
EBITDA was EUR 2.6 million, improving by EUR 3.8 million from the comparison
period.

During Q1 2025, our game projects continued to develop at a good velocity.

In the first quarter, a new FBC: Firebreak gameplay trailer was released in the Future
Games Show on March 20th to kick off the game’s marketing campaign. The trailer
was supported by previews of the game from members of the press as well as content
creators.

Based on the previews, t he early reception for the game has been positive . The g ame
was characterized as interesting and positively distinctive in relation to other
competitive titles on the market. We have carefully positioned FBC: Firebreak to
differentiate it from other similar games, and to offer an interesting proposition to
existing Control fans and to be relevant for a wider co-op audience .

Self -publishing
Marketing and publishing for FBC: Firebreak is being driven by Remedy’s internal
publishing team. With the publishing rights to Control fully returned to Remedy, our
publishing team has expanded to include team members focused on supporting our
existing portfolio — a group we call ‘back catalog support’. Their work includes, for
example, releasing limited updates for older titles and adapting them for new platforms,
such as the Control Ultimate Edition for Mac, developed in collaboration with Apple .
The importance of long -tail sales has kept on incr easing for digital games. For that, we
have a dedicated team to ensure our games’ longevity in the digital storefronts
and continue to also actively support and promote Alan Wake 2 with our partner Epic
Games.

Games in development Q1 2025
FBC: Firebreak is in full production. The development team has been primarily focused
on balancing the metagame. Quality assurance support is being ramped up as the day
1 experience is being polished.

Control 2 moved to full production in February and is tracking well toward s its next
milestone s. Team is working on expanding the content from Vertical and Horizontal
Slices to the whole game.

Max Payne 1 & 2 remake project has made great progress and remains in full
production. In Q1 , the team has advanced steadily toward major development stages in
several critical areas, working alongside the game’s publisher, Rockstar Games.
As highlighted during our Capital Markets Day in November 2024, Remedy embarked
on a new strategic chapter in Q1 2025. We are delivering on our core strategic pillars,
with a particular emphasis on self -publishing all Remedy -owned titles. FBC: Firebreak
will lead the way as the first in a series of regular game launches, signaling our
commitment to a steady cadence of releases. This upcoming title is both exciting and
distinctive . I’m eager to see it in the hands of players.

On the financial front, I’m delighted to report that Remedy returned to profitability in Q1
2025. This result aligns with our stated outlook for the year and supports our longer –
term financial objectives, reinforcing the strength of our strategic direction.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 4 (16)

Outlook 202 5 (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
margin of 30% by 2027 and maintain that minimum level thr oughout the strategy
period.
Events after the end of the reporting period
The 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 adopted the
Financial Statements for 202 4, discharged the members of the Board of Directors and
the CEO from liability, adopted the company’s Remuneration Report and approved all
proposals made to the Annual General Meeting in the form included in the notice to the
Annual General Meeting. The Ann ual General Meeting resolved that no dividend s shall
be distributed for the financial period ended on December 31, 202 4. Markus Mäki ,
Henri Österlund , Kaisa Salakka, Sonja Ängeslevä and Kai Tavakka were elected to the
Board of Directors . At its organizing meeting held after the Annual General Meeting,
the Board of Directors elected Markus Mäki to continue as the Chairman of the Board
of Directors.

Further information about the resolutions made by the Annual General Meeting can be
found in Remedy’s Annual General Meeting resolutions release dated April 10, 2025,
available on https://investors.remedygames.com/annual -general -meeting -2025/ .

Between January 1 and March 31, 202 5, a total of 2,00 0 new shares of Remedy were
subscribed for with the company’s stock option s 2019. The shares subscribed for under
the stock options were registered in the Trade Register on April 25 , 202 5, after which
the total number of shares is 13, 587 ,151 .

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 5 (16)
Webcast
Remedy will host a webcast in English on its Q1 202 5 financial results for investors,
analysts and media on April 30 , 202 5, at 12:00 p.m. (EE ST). Remedy’s financial results
will be presented by CEO Tero Virtala and CFO Santtu Kallionpää.

The Business review 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 -q1 -review

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

A recording of the webcast will be available after wards on Remedy’s Investor website:
https://investors.remedygames.com/financials -and -reports/financial -reports/ .
More information
Santtu Kallionpää , CFO
Phone: +358 40 5768060
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 (16)
Result from business operations

January -March 2025
In January ‒March 202 5, Remedy’s revenue increased by 24 .1% in relation to the
comparison period, amounting to EUR 13.4 (10.8 ) million. Development fees were EUR
10 .7 (9.0 ) million and royalties and Remedy game sales were EUR 2.6 (1. 8) million.
The main source of revenue was the development fees from Max Payne 1 & 2 remake
and Control 2. In royalties and Remedy game sales the main source was Alan Wake 2
related royalties.

In January ‒March 202 5, Remedy’s EBITDA was EUR 2. 6 (-1.2 ) million and operating
profit (EBIT) was EUR 1.3 (-2.1) million, 9.7% ( -19.3 %) of the revenue. The increase
was mainly due to higher revenue level. Depreciation expenses were 42 .2% higher
than in the comparison period, which was mainly due to depreciation of capitalized
development expenses related to Alan Wake 2. Materials and services expenses were
32 .5% and personnel expenses 6.0% lower than in the comparison period while other
operating expenses were 27 .7% higher.
Cash flow and financial position

January -March 2025

Cash flow
In January ‒March 202 5, Remedy’s cash flow from business operations amounted to
EUR -6.6 (3.3) million . Operating cash flow was impacted by a smaller amount of
incoming payments from partners even though the outgoing payments for operating
expenses were also smaller than in the comparison period . Royalty 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 significant incoming project
development fee payments, which vary according to invoicing milestones.

In January ‒March 202 5, Remedy’s cash flow from investing activities amounted to
EUR -3.4 ( -6.3) million and cash flow from financing activities amounted to EUR -0.3 (-
0.1) million. Cash flow from investing activities contained the final instalment to 505
Games EUR 3.2 million as well as liquidation of cash management investment s of EUR
3.0 million .
Financial position
Remedy’s non -current assets on March 31, 202 5, totalled EUR 5 3.9 (53 .6) million.
Remedy has several projects under development and their product development costs
are capitalized according to IFRS standards as well as the publishing rights of Control
franchise . The total amount of capitalized product development expenses was EUR

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 7 (16)
29.3 (21.1) million on March 31, 202 5. The company does not have any goodwill on its
balance sheet. On March 31, 202 5, Remedy’s cash position was EUR 10 .7 (17 .0)
million and other current financial assets EUR 17 .3 (7.4) million.

The company’s liabilities on March 31, 202 5, amounted to EUR 2 7.6 (23.8) million. The
amount contains EUR 1 3.4 million convertible loan liabilities related the agreemen t
Remedy entered with Tencent in September 2024. The final instalment of EUR 3,2
million Control franchise publishing rights was paid during Q1 2025. Remedy’s balance
sheet total on March 31, 202 5, was EUR 9 7.4 (90.4) million and equity EUR 6 9.8 (66 .6)
million. The company’s equity ratio was 7 3.9% ( 74.9%) and net gearing -17 .6% (-
31.5%).
Personnel, management and governance
The number of the company’s personnel (headcount) was 3 73 (360 ) at the end of the
period under review, with an annual growth of 3.6 %.

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.
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 1 4.00
euros.

January –March
202 5
Highest share
price, €
Lowest
share price, €
Closing
share price, €
Volume -weighted
average price, €
Remedy 14 .66 12 .88 14.00 13.72

March 31,
2025
March 31,
2024
December 31,
202 4
Market capitalization, € 190 ,192 ,114 220 ,857 ,992 190,852,563
Number of shareholders 17, 251 17,640 17,107
Number of shares at the end of period 13,585,151 13, 516 ,401 13,574,151
Number of shares at the end of period, diluted
(IFRS)* 13, 642 ,220 13, 607 ,563 13,632,379
Number of shares at the end of period, diluted 13,752,650 13,721 ,400 13,743,650
Average number of shares within period 13, 585 ,151 13, 507 ,651 13,550,901
Average number of shares within period,
diluted (IFRS)* 13, 642 ,561 13, 615 ,301 13,619,843

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 8 (16)
Average number of shares within period,
diluted 13,753,650 13,742 ,900 13,761,275
Value of share turnover within period 6,714 ,398 16,005 ,339 40,425,084
Total number of traded shares within period 489 ,247 847 ,393 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, 585,151 on March 31 , 202 5. The company held no treasury
shares.

Between September 16 and December 31, 202 4, a total of 11 ,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 Janu ary 27 , 202 5. As an outcome, the
number of the company’s shares increased from 13, 574,151 to 13, 585,151 .

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.
Major shareholders on March 31 , 202 5
Name Shares Percentage
1. Mäki Markus 3,197,000 23. 5
2. Järvi Sami 560,000 4.1
3. Virtala Tero 300,000 2.2
4. Lehtinen Saku 21 3,000 1.6
5. Evli Finnish Small Cap Fund 19 8,390 1.5
6. Sijoitusrahasto Aktia Capital 182 ,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 103 ,000 0.8
10. Pulkkinen Janne 10 0,000 0.7
10 largest shareholders total 5,1 53 ,947 37. 9
Accendo Capital SICAV RAIF (nominee registered) 2,063,162 15.2
Other nominee registered 2,310 ,066 17. 0
Other shares 4,057 ,976 29. 9
Total 13,5 85,151 100.0%

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 9 (16)
Option plans
During the reporting period, Remedy has had six option plans directed to Remedy’s
key persons: Option Plan 2019, Option Plan 2020, Option Plan 2021, Option Plan
2022 , Option Plan 2023 and Option Plan 2024 . 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 March 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
2019
371,000 371,000 167 ,499 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
2024
350,000 322,000 322,000 June 1, 202 7 – May 31, 20 30 19.76

Remedy’s option rights 2019 are listed on the Nasdaq Helsinki Ltd First North Growth
Market marketplace.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 10 (16)
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 planning to self -publish its games based on fully owned IPs and is this
way taking more financing risk in game development. In case the self -published
games are not succe ssful 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 fluctuation s 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 11 (16)
Tables

Consolidated statement of comprehensive income
EUR thousand 1–3/2025 1–3/2024 1–12/2024

REVENUE 13,398 10 ,795 50 ,661
Other operating income 0 0 2
Materials and services -2,585 -3,830 -16, 557
Personnel expenses -6,036 -6,423 -24,672
Depreciation and impairment -1,288 -905 -6,791
Other operating expenses -2,195 -1,719 -6,922
OPERATING PROFIT (LOSS) 1,294 -2,082 -4,280
Financial income 266 125 879
Financial expenses -461 -7 -420
PROFIT (LOSS) BEFORE
INCOME TAXES 1,099 -1,965 -3,820
Income tax -509 -27 224
PROFIT (LOSS) FOR THE
FINANCIAL YEAR 590 -1,992 -3,596
OTHER COMPREHENSIVE
INCOME (EXPENSE)
Items that may be subsequently
reclassified to profit or loss 0 0 0
Total other comprehensive
income (expense) for the
financial year 0 0 0
TOTAL COMPREHENSIVE
INCOME (EXPENSE) FOR THE
FINANCIAL YEAR 590 -1,992 -3,596
PROFIT (LOSS) FOR THE
FINANCIAL YEAR
ATTRIBUTABLE TO OWNERS
OF THE COMPANY 590 -1,992 -3,596

EARNINGS PER SHARE
Basic earnings per share, euro 0.04 -0.15 -0.27
Diluted earnings per share, euro 0.04 -0.15 -0.27

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 12 (16)
Consolidated balance sheet
EUR thousand March 31 , 202 5 March 31 , 202 4 December 31, 202 4

NON -CURRENT ASSETS
Intangible assets 42,682 38 ,075 39 ,815
Tangible assets 3,1 27 3,943 3,357
Right -of-use assets 2,298 2,523 2,471
Investments 0 3,000 0
Non -current receivables 794 1,0 06 987
Deferred tax assets 5,040 5,027 5,355
CURRENT ASSETS
Inventory 0 5 0
Trade and other receivables 15,492 12 ,352 6,237
Other current financial assets 17,265 7,435 20 ,115
Cash and cash equivalents 10 ,704 16 ,992 20, 996
TOTAL ASSETS 97, 402 90,358 99,333

EQUITY
Share capital 80 80 80
Share premium 38 38 38
Invested non -restricted equity reserve 58,363 57,815 58,344
Retained earnings (losses) 10 ,714 10,654 13 ,661
Profit (loss) for the financial year 590 -1,992 -3,596
LIABILITIES
Non -current liabilities
Convertible bonds 13,402 0 13,331
Lease liabilities 865 1,272 1,127
Accrued expenses 300 0 0
Current liabilities
Government loan 0 918 0
Lease liabilities 1,440 1,259 1,376
Trade and other payables 11,467 20,205 14,844
Deferred tax liabilities 143 107 127
TOTAL EQUITY AND LIABILITIES 97, 402 90,358 99,333

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 13 (16)

Condensed consolidated statement of cash flow

EUR thousand 1–3/202 5 1–3/202 4 1–12/202 4

Cash flow from business operations -6,624 3,292 11,001
Cash flow from investments -3,396 -6,263 -22,939
Cash flow from financing -272 -10 4 12 ,868

Liquid assets – opening balance 20, 996 20 ,066 20 ,066
Change in liquid assets -10 ,292 -3,074 930
Liquid assets – closing balance 10 ,704 16 ,992 20, 996

Consolidated statement of changes in equity
Changes in shareholders’
equity 1 –3/202 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 590 590
Other comprehensive income
Total comprehensive
income 590 590
Transactions with owners
of the company
Share options granted 649 649
Share issue and other share
subscriptions 18 18
Total transactions with
owners 18 649 667
BALANCE March 31, 202 5 80 38 58, 363 11,305 69,785

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 14 (16)

Changes in shareholders’
equity 1 –3/202 4
Share
capital
Share
premium
account
Invested
unrestricted
equity fund
Retained
earnings
SHARE –
HOLDERS’
EQUITY
TOTAL
EUR thousand
Balance January 1, 202 4 80 38 57, 815 9,817 67 ,750
Comprehensive income
Profit (Loss) for the financial
year -1,992 -1,992
Other comprehensive income
Total comprehensive
income -1,992 -1,992
Transactions with owners
of the company
Share options granted 815 815
Share issue and other share
subscriptions
Prior period error correction 22 22
Total transactions with
owners 837 837
BALANCE March 31, 2024 80 38 57, 815 8,662 66 ,595

Notes to the Business review January –March 2025

Revenue breakdown per quarter
EUR thousand 1–3/2025 10 –12/2024 7–9/2024 4–6/2024 1–3/202 4
Development fees 10 ,749 10 ,184 17 ,028 9,436 8,961
Royalties 2,648 1,467 839 912 1,834
Total 13,398 11,651 17,8 66 10,349 10,795

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 15 (16)
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 1,988 1,9 88 11,538 10 ,492
Additions 150 518 0 0 150 518
Balance March 31 9,700 9,022 1,988 1,9 88 11, 688 11 ,010

Accumulated depreciation and
impairment
Balance January 1 -6,233 -4,76 2 -1,9 47 -1,923 -8,180 -6,686
Depreciation -375 -376 -6 -6 -381 -382
Balance March 31 -6,608 -5,138 -1,95 3 -1,9 29 -8,561 -7,068

Carrying amount on January 1 3,316 3,742 41 65 3,357 3,806
Carrying amount on March 31 3,092 3,884 35 59 3,127 3,943

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 3,049 1,996 391 16 ,947 3,440 18 ,943
Balance March 31 49,075 40 ,014 16, 807 16,947 65 ,881 56,961

Accumulated amortization and
impairment
Balance January 1 -19,197 -18 ,709 -3,430 0 -22 ,626 -18 ,709
Amortization -573 -177 0 0 -573 -177
Balance March 31 -19, 769 -18 ,886 -3,430 0 -23 ,199 -18 ,886

Carrying amount on January 1 26 ,829 19 ,308 12,986 0 39,8 15 19 ,308
Carrying amount on March 31 29,305 21,128 13,377 16,947 42,682 38 ,075

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 16 (16)
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. The indicators from comparison
periods have also been corrected according to this principle.

Espoo, April 30 , 202 5
Remedy Entertainment Plc
Board of Directors

This is not an interim report as defined in IAS 34. Remedy follows the half -year
reporting schedule according to Finnish Securities Market Act and publishes business
reviews off the first three and nine months of the fiscal year. These business reviews
wil l include the most essential information regarding the company’s financial
performance. The financial figures presented in this business review are unaudited.