Remedy Entertainment FY2025 Q3 Business Review

Remedy Entertainment Plc

October 29, 202 5
Business Review
JANUARY – SEPTEMBER 202 5

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 1 (20 )
Remedy Entertainment Plc | Stock exchange release | October 29, 202 5, at 09:00 a.m.
EET

Remedy Entertainment Plc | Business Review January –September 202 5

Change of CEO : Focus on the success of our strong game
pipeline
Ris e in game sales and royaltie s, decli ne in revenue and profitability
The Business Re view is unaudited. Figures in parentheses refer to the comparison
period in the previous year, unless otherwise stated.
Highlights from July –September 202 5
• Revenue de creased by -32 .0% to EUR 1 2.2 (17.9) million.
• EBITDA was EUR 0.7 (6.6) million.
• Operating profit (EBIT) was EUR -16 .4 (2.4) million, and the operating profit margin
was -13 5.1% ( 13 .4%) of revenue.
• Cash flow from operations was EUR 11 .3 (8.0) million.
• In August 2025, Remedy celebrated its 30 th year of making video games .
• In September 2025, Remedy released Breakpoint , a first Major U pdate to improve
FBC: Firebreak and address selected core issues noticed in the game after its
launch in June 2025.
• Remedy recognized a non -cash impairment of EUR 14 .9 million for Q3 2025 ,
representing a majority of the capitalized development costs and allocated
purchased pub lishing and distribution rights for FBC: Firebreak .
• After the review period, Remedy updated its outlook for 2025. Remedy now
expects its revenue to increase from the previous year and operating profit (EBIT)
to be negative and below the previous year.
• After the review period, Tero Virtala stepped down as the CEO of Remedy and
Markus Mäki was appointed as the interim CEO. Markus Mäki stepped down as the
Chairman of the Board and the Board of Directors elected Henri Österlund as the
new Chairman.

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

Highlights from January –September 202 5
• Revenue increased by 8.9% to EUR 42 .5 (39 .0) million.
• EBITDA was EUR 7.5 (3.1) million.
• Operating profit (EBIT) was EUR -15 .6 (-2.9) million, and the operating profit margin
was -36 .7% ( -7.4%) of revenue.
• Cash flow from operations was EUR 7.8 (13 .5) million.
• In June 2025, Remedy launched FBC: Firebreak worldwide, a three -player co -op
FPS and the company’s first self -published game.
Key Figures
MEUR, IFRS, Group,
unaudited 7–9/202 5 7–9/202 4 1–9/202 5 1–9/202 4 1–12/202 4
Revenue 12.2 17.9 42 .5 39.0 50.7
Growth in revenue, % -32.0% 128.6% 8.9% 65.1% 49.3%
EBITDA 0.7 6.6 7.5 3.1 2.5
EBITDA, % of revenue 5.7% 37.2% 17 .6% 7.9% 5.0%
Operating profit (EBIT) -16 .4 2.4 -15 .6 -2.9 -4.3
Operating profit, % of revenue -135 .1% 13.4% -36 .7% -7.4% -8.4%
Result for review period -13 .5 1.9 -13 .4 -2.3 -3.6
Result for review period, % of
revenue -110 .7% 10.5% -31 .6% -6.0% -7.1%
Balance sheet total 88.0 87. 2 88 .0 87. 2 99.3
Cash flow from operations 11 .3 8.0 7.8 13.5 11.0
Net cash 19.2 24.4 19.2 24.4 25.3
Cash and liquid investments 36 .5 28.2 36 .5 28.2 41.1
Net gearing, % -34.0% -36.1% -34 .0% -36.1% -36.9%
Equity ratio, % 68 .9% 79.8% 68 .9% 79.8% 70.9%
Capital expenditures 2.2 1.9 11 .4 24.9 * 26.6*
Average number of personnel
during review period (FTE) 37 7 354 370 350 351
Headcount at the end of period 391 363 391 363 367
Earnings per share, € -0.99 0.14 -0.99 -0.17 -0.27
Earnings per share, € (diluted) -0.99 0.14 -0.99 -0.17 -0,27
Number of shares at the end of
period 13,640,451 13,569,151 13,640,451 13,5 69,151 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 interim CEO Markus Mäki
Change of Remedy’s CEO
As of October 22, I stepped into the role of CEO to raise the bar and the sense of
urgency across the organization , and to drive stronger results. Remedy’s strategy
remains unchanged, supported by a solid foundation to build on. My immediate focus is
on ensuring our commercial performance alongside successful development projects.
This requires improved coordination within the studio combined with a focus on gamers
and market demands. The gaming business is still a hit -driven business, and our return
to pro fitability can best be achieved by delivering great, distinctive and commercially
successful video games that players love.

Business performance
In the third quarter of 2025, Remedy’s revenue decreased by -32.0% from the
comparison period and was EUR 12.2 (17.9) million, mainly driven by lower
development fees compared to the comparison period, where we recognized revenue
from Annapur na related to development work done for Control 2 prior to entering into
the agreement. Development fees for Q3 2025 were from Max Payne 1 & 2 remake
and Control 2 . Game sales and royalties increased strongly, driven mainly by revenue
from FBC: Firebreak ’s subscription service agreements, royalties from Alan Wake 2
and game sales of Control . EBITDA was EUR 0.7 (6.6) million. Operating profit (EBIT)
was EUR -16.4 (2.4) million. Operating profit (EBIT) was affected by a non -cash
impairment of EUR 14.9 million, representing a majority of FBC: Firebreak ’s capitalized
development costs and allocated purchased publishing and distribution rights.

FBC: Firebreak
Remedy rolled out FBC: Firebreak ’s first Major Update titled ‘Breakpoint’ at the end of
the third quarter. Despite changes to the game, its sales improved only marginally . We
updated our long -term sales forecast for FBC: Firebreak , wrote down most of the
game’s capitalized development costs and purchased publishing and distribution rights,
as well as updated our outlook for 2025.

W e continue working on features which enhance player value, and which are justified
by our updated long -term sales expectations. W e have moved development resources
to our other in -development titles while respecting our communicated roadmap for
FBC: Firebreak .

We have also found positive sides from FBC : Firebreak . Our first multiplayer product
launch was technically successful in a cross -platform environment , and our publishing
team ha s built capabilities which support the releases of our future self -published titles.

Games in the market
Control ’s publishing, distribution and marketing rights were transferred to Remedy in
early 2025. Since then, we’ve focused on discovering new audiences for the game .
Markets outside the West ern countries have been one of the new focus areas , where
we have found good early traction. We believe this systematic work in building the
brand will also expand our addressable market for the whole franchise in the future.

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

Royalty revenue from Alan Wake 2 grew compared to this year’s previous quarters. In
collaboration with Epic Games, we expanded the game’s reach to the Chinese market
with encouraging initial results. Alan Wake 2 was announced to be a part of PlayStation
Plus’ monthly games for October. Rest of the Alan Wake franchise has continued to
sell steadily.

Looking ahead
Despite challenges with FBC: Firebreak , our other in -development projects are
progressing according to plan.
Majority of our effort goes into working with our established franchises – Control and
Alan Wake – which we continue to invest in and expand into other media as part of our
long -term strategy . In addition, we’re focused on the Max Payne 1&2 remake with
Rockstar Games. While carefully balancing our product risk, we also need to retain the
ability to create new experiences for our audiences, as we have for the past 30 years.
We aren’t satisfied with our recent financial performance, but we remain confident in
our ability to create great video games that resonate with players and which are
commercially successful, leading us back to profitability .
Games in development
Game Publisher Stage -gate status
FBC: Firebreak Remedy Entertainment Post -launch development
Control 2 Remedy Entertainment Full production
New project Remedy Entertainment Proof of Concept
Max Payne 1&2 remake Rockstar Games Full production
Outlook 2025 ( updated on October 10 th 2025 )
Remedy expects its revenue to increase from the previous year and operating profit
(EBIT) to be negative and below the previous year.
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

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

the 2024 revenue by 2027 with continued growth beyond this milestone and 2) EBITDA
margin of 30% by 2027 and maintain that minimum level throughout the strategy
period.
Webcast and conference call
Remedy will host a webcast in English on its Q3 2025 financial results for investors,
analysts and media on October 29, 2025, at 12:00 p.m. (EET). Remedy’s financial
results will be presented by CEO Markus Mäki 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 -q3

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

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

July –September 202 5
In July ‒September 202 5, Remedy’s revenue de creased by -32 .0% in relation to the
comparison period, amounting to EUR 12.2 (17.9) million , dri ven by a lower level of
development fees . Development fees were EUR 6.1 (17 .0) million . In Q3 2024
development fees included a revenue received from Annapurna related to Control 2 ’s
development work that was conducted prior to entering the strategic partnership. Game
sales together with royalties from publishing partners increased to EUR 6.0 (0.8)
million. For the reporting period, t he main sources of revenue were development fees
from Max Payne 1 & 2 remake and Control 2 as well as sales revenue from FBC:
Firebreak related subscription service agreements , Alan Wake 2 royalties and Control
related game sales .

In July ‒September 202 5, Remedy’s EBITDA was EUR 0.7 (6.6) million and operating
profit (EBIT) was EUR -16 .4 (2.4) million. The operating profit was affected by the EUR
14.9 million impairment of FBC: Firebreak . Excluding the impairment , the operating
profit would have been EUR -1.5 million . Depreciation expenses were EUR 2.2 million ,
being EUR 2.0 million lower than in the comparison period . In Q3 2024 we recognized
EUR 3.4 million depreciation of capitalized expenses related to Con trol fran chise
products . This depreciation was related to the beginning of the strate gic partnership
with Annapurna . Personnel expenses were 9.0% higher and materials and services
expenses 30.2% lower than in the comparison period while other operating expenses
were 67 .9% higher. The increase in other operating expenses was mainly driven by
investments in self -publishing.
January –September 202 5
In January‒ September 202 5, Remedy’s revenue increased by 8.9% to EUR 42 .5 (39 .0)
million. Development fees were EUR 24 .3 (35 .4) million and game s ales together with
royalties from publishing partners were EUR 18.2 (3.6) million. The main sources of
revenue were the development fees from Max Payne 1 & 2 remake and sales reve nue
from FBC: Firebreak related subscription service agreements . Alan Wake 2 royalties
increased , and Control and older Remedy games ’ game sales were on a higher level
tha n in the comparison period . Remedy also received development fees related to
Control 2 for the reporting period .

In January‒ September 202 5, Remedy’s EBITDA was EUR 7.5 (3.1) million and
operating profit (EBIT) EUR -15 .6 (-2.9) million, -36 .7% ( -7.4%) of the revenue.
Excluding the impairment, the operating profit would have been EUR -0.7 million.
Materials and services expenses were 25.2% and personnel expenses 0.9% lower
than in the comparison period while other operating expenses were 45 .5% higher than
in the comparison period .

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

Cash flow and financial position

Cash flow

July –September 202 5
In July ‒September 202 5, Remedy’s cash flow from business operations amounted to
EUR 11 .3 (8.0) million. The im provement of operating cash flow was mainly driven by
higher incoming pay ment s during the reporting period compared to the comparison
period.

In July ‒Sep tember 202 5, Remedy’s cash flow from investing activities amounted to
EUR -2.2 (-8.9) million and cash flow from financing activities amounted to EUR -0.4 (-
0.3) million. In the comparison period , cash flow from inves ting activities was impacted
by EUR 7.0 million liquid cash management investment .
January –September 202 5
In January –September 202 5, Remedy’s cash flow from business o perations amounted
to EUR 7.8 (13 .5) million. Compared to the comparison period, Remedy received less
agreement -based development fee payments during Q1 –Q3 2025 . Outgoing payments
related to business operations remained at a similar level to the comparison period .

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

In January –September 202 5, Remedy’s cash flow from investing activities amounted to
EUR -8.8 (-12.0) million . Cash flow from financing activities amounted to EUR -1.2 (-
0.4) million . In the comparison period , the c ash flow from i nve sting activities was
affected by the first two instalments of ac qui ring the Control fran chise publishing and
distribution rights . The last instalment was made in Q1 2025 .

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

Financial position
Remedy’s non -current assets on September 30, 202 5, totalled EUR 43 .1 (53.8) million.
The decrease in non -current assets from the compa rison period is largely due to the
recognized non -cash impairment of FBC: Firebreak related capitalized game
development costs and allocated purchased pu blishing and distribution right s. Remedy
has several projects under development , and the product development costs , as well
as the publishing rights of Control franchise , are capitalized according to IFRS
stand ards. The total amount of capitalized product development expenses was EUR
19.7 (24.9) million on September 30, 202 5. The company does not have any goodwill
on its balance sheet.

On September 30, 202 5, Remedy’s cash position was EUR 18.8 (21.2) million and
other current financial assets were EUR 17 .7 (7.0) million. Other current financial
assets include Remedy’s liquid cash management investments.

The company’s liabilities on September 30, 202 5, amounted to EUR 31 .4 (19 .6) million.
The amount contains EUR 13.5 million convertible loan liabilities and EUR 0. 9 million of
interest accruals related to the agreement Remedy entered with Tencent in September
2024.

Remedy’s balance s he et total on September 30, 202 5, was EUR 88 .0 (87 .2) million
and equity EUR 56 .6 (67.6) million. The company’s equity ratio was 68 .9% ( 79.8%) and
net gearing -34.0% ( -36.1% ).
Pers onnel, management and governance
The number of the company’s personnel (headcount) was 3 91 (36 3) at the end of the
period under review, with an annual growth of 7.7%.

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 .

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 REMED Y. The
closing price of Remedy’s shares on the last trading day of the review period was 15.46
euros.

January –
September 202 5
Highest share
price, €
Lowest
share price, €
Closing
share price, €
Volume -weighted
average price, €
Remedy 18 .98 12.88 15.46 14 .92

September 30,
202 5
September 30,
202 4
December 31,
202 4
Market capitalization, € 210 ,881 ,372 229 ,861 ,418 190,852,563
Number of shareholders 16,874 17, 111 17,107
Number of shares at the end of period 13, 640 ,451 13,5 69,151 13,574,151
Number of shares at the end of period, diluted
(IFRS)* 13, 640 ,451 13, 651 ,303 13,632,379
Number of shares at the end of period, diluted 13,640 ,451 13,749,650 13,743,650
Average number of shares within period 13, 610 ,173 13,5 43,151 13,550,901
Average number of shares within period,
diluted (IFRS)* 13, 648,390 13, 645 ,695 13,6 44,325
Average number of shares within period,
diluted 13,703 ,895 13,764,706 13,761,275
Value of share turnover within period 20 ,325,765 31 ,062 ,893 40,425,084
Total number of traded shares within period 1,362 ,29 7 1,661 ,253 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 September 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.

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 10 (20 )

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 .

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 Septem ber 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 September 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 206,000 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 5,165,656 37. 9
Accendo Capital SICAV RAIF (nominee registered) 2,063,162 15. 1
Other nominee registered 2,508 ,385 18.4
Other shares 3,903 ,24 8 28.6
Total 13, 640 ,451 100.0%

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

Option plans
During the reporting period, Remedy has had five option plans directed to Remedy’s
key persons: 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/ .

Key information about the option plans as of September 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
2020
179,500 179,500 170,500 June 1, 2023 – May 31, 2026 22.21
Option
Plan
2021
270,000 270,000 270,000 June 1, 2024 – May 31, 2027 47.09
Option
Plan
2022
292 ,000 292 ,000 292 ,000 June 1, 2025 – May 31, 2028 26.64
Option
Plan
2023
350,000 279 ,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 .

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

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
On October 10, 2025, Remedy announced that it w ill recogniz e a non -cash impairment
of EUR 14.9 million for Q3 2025, representing a majority of the capitalized development
costs and allocated purchased publishing and distribution rights for FBC: Firebreak .

On October 10, 2025 , Remedy updated its outlook for 2025.

On October 22, 2025, Remedy announced that Tero Virtala will step down from CEO
position of Remedy with immediate effect and Markus Mäki w as appointed as the
interim CEO. Markus Mäki stepped down as the Chairman of the Board and the Board
of Directors elected Henri Österlund as the new Chairman.

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

Tables

Consolidated statement of comprehensive income
EUR thousand 7–9/202 5 7–9/202 4 1–9/202 5 1–9/202 4 1–12/202 4
REVENUE 12,156 17,866 42 ,469 39 ,010 50,661
Development fees 6,11 5 17 ,028 24 ,261 35 ,425 45,609
Game sales and royalties 6,041 839 18,208 3,585 5,052
Other operating income 0 1 0 2 2
Materials and services -3,010 -4,312 -9,230 -12 ,340 -16,557
Game development related
materials and services -2,399 -4,309 -8,014 -12 ,336 -16,55 2
Revenue related partner
expenses -611 -3 -1,21 6 -4 -4
Personnel expenses -5,842 -5,359 -18,307 -18,469 -24,672
Depreciation and impairment -17 ,113 -4,242 -23 ,068 -5,972 -6,791
Other operating expenses -2,615 -1,557 -7,453 -5,121 -6,922
OPERATING PROFIT (LOSS) -16 ,424 2,398 -15, 589 -2,890 -4,280
Financial income 271 15 3 995 601 879
Financial expenses -543 -104 -1,563 -172 -420
PROFIT (LOSS) BEFORE
INCOME TAXES -16, 696 2,447 -16 ,157 -2,461 -3,820
Income tax 3,242 -570 2,72 5 12 6 224
PROFIT (LOSS) FOR THE
FINANCIAL YEAR -13 ,454 1,877 -13, 431 -2,335 -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 -13,4 54 1,877 -13,431 -2,335 -3,596
PROFIT (LOSS) FOR THE
FINANCIAL YEAR
ATTRIBUTABLE TO OWNERS
OF THE COMPANY -13,4 54 1,877 -13,4 31 -2,335 -3,596

EARNINGS PER SHARE
Basic earnings per share, euro -0.99 0.1 4 -0.99 -0.17 -0.27
Diluted earnings per share, euro -0.99 0.1 4 -0.99 -0.17 -0.27

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

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

NON -CURRENT ASSETS
Intangible assets 27 ,631 38 ,405 39,815
Tangible assets 2,648 3,513 3,357
Right -of-use assets 3,727 2,814 2,471
Investments 0 3,000 0
Non -current receivables 74 5 91 1 987
Deferred tax assets 8,343 5,132 5,355
TOTAL NON -CURRENT ASSETS 43,094 53,775 51,985

CURRENT ASSETS
Trade and other receivables 8,360 5,248 6,237
Other current financial assets 17,7 09 7,00 0 20,115
Cash and cash equivalents 18,811 21,173 20,996
TOTAL CURRENT ASSETS 44,881 33,4 21 47 ,348

TOTAL ASSETS 87,975 87 ,196 99,333

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

EUR thousand September 30, 2025 September 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, 243 58,344
Retained earnings (losses) 11,015 11, 600 13,661
Profit (loss) for the financial year -13,4 31 -2,335 -3,596
TOTAL EQUITY 56,5 56 67,626 68,527

LIABILITIES

NON -CURRENT LIABILITIES
Convertible bonds 13, 544 0 13,331
Lease liabilities 2,45 9 1,475 1,127
Accrued expenses 900 0 0
Deferred tax liabilities 203 20 127
TOTAL NON -CURRENT
LIABILITIES 17,105 1,495 14, 585

CURRENT LIABILITIES
Government loan 0 918 0
Lease liabilities 1,297 1,3 67 1,376
Trade and other payables 13 ,016 15 ,790 14,844
TOTAL CURRENT LIABILITIES 14,314 18 ,076 16, 221

TOTAL LIABILITIES 31 ,419 19 ,571 30,806

TOTAL EQUITY AND
LIABILITIES 87,975 87 ,196 99,333

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

Condensed consolidated statement of cash flow
EUR thousand 1–9/202 5 1–9/202 4 1–12/202 4
Cash flow from business operations 7,846 13 ,463 11,001
Cash flow from investments * -8,847 -11,963 -22,939
Cash flow from financing -1,1 84 -392 12,868

Liquid assets – opening balance 20, 996 20,066 20,066
Change in liquid assets -2,185 1,108 930
Liquid assets – closing balance 18,811 21,173 20,996
* Includes capitalized development costs in January -September 2025 EUR -12,582 (in January -Septem ber
2024 EUR -5,967 ) thousand .

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

Consolidated statement of changes in equity
Changes in shareholders’
equity 1 –9/202 5
Share
capital
Share
premium
account
Invested
unrestricted
equity fund
Retained
earnings
SHARE –
HOLDERS’
EQUITY TOTAL
EUR thousand
Balance January 1, 202 5 80 38 58,344 10 ,065 68,527
Comprehensive income
Profit (Loss) for the financial
year -13,4 31 -13,4 31
Other comprehensive income
Total comprehensive
income -13,4 31 -13,431
Transactions with owners
of the company
Share options granted 1,659 1,659
Share issue and other share
subscriptions 510 510
Purchase of option rights -710 -710
Total transactions with
owners 510 949 1,460
BALANCE
September 30, 202 5 80 38 58,855 -2,417 56 ,556

Changes in shareholders’
equity 1 –9/202 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 -2,335 -2,335
Other comprehensive income
Total comprehensive
income -2,335 -2,335
Transactions with owners
of the company
Share options granted 1,782 1,782
Share issue and other share
subscriptions 428 42 8
Total transactions with
owners 42 8 1,782 2,210
BALANCE
September 30, 2024 80 38 58, 243 9,265 67,626

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

Notes to the Business Review January –September 2025

Revenue breakdown per quarter
EUR thousand 7–9/2025 4–6/2025 1–3/2025 10 –12/2024 7–9/2024
Development fees 6,115 7,396 10,749 10,184 17,028
Game sales and
royalties 6,041 9,519 2,648 1,467 839
Total 12,15 6 16,915 13,398 11,651 17,866

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 42 3 825 0 0 42 3 825
Balance September 30 9,972 9,329 1,9 88 1,988 11 ,960 11, 317

Accumulated depreciation and
impairment
Balance January 1 -6,233 -4,762 -1,947 -1,923 -8,180 -6,686
Depreciation -1,11 4 -1,101 -18 -18 -1,132 -1,11 8
Balance September 30 -7,34 7 -5,863 -1,9 65 -1,9 41 -9,31 2 -7,804

Carrying amount on January 1 3,316 3,742 41 65 3,357 3,806
Carrying amount on September 30 2,625 3,466 23 47 2,648 3,513

REMEDY ENTERTAINMENT PLC. LUOMANPORTTI 3, 02200 ESPOO, FINLAND 19 (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 8,22 5 5,967 529 16,947 8,754 22,915
Balance September 30 54,250 43,985 16,945 16,947 71 ,195 60 ,932

Accumulated amortization and
impairment
Balance January 1 -19,197 -18,709 -3,430 0 -22 ,626 -18,709
Amortization -4,765 -388 -1,254 -3,430 -6,019 -3,818
Impairment losses -10 ,563 0 -4,357 0 -14,919 0
Balance September 30 -34 ,524 -19,0 97 -9,040 -3,43 0 -43 ,564 -22 ,527

Carrying amount on January 1 26 ,829 19,308 12,986 0 39,8 15 19,308
Carrying amount on September 30 19,726 24,888 7,905 13,517 27 ,631 38 ,405

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, October 29, 202 5
Remedy Entertainment Plc
Board of Directors