Remedy (REMEDY) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached EUR 16.9 million, up 64% year-over-year, driven by the launch of FBC: Firebreak and strong Control sales.

• FBC: Firebreak, the first self-published and multiplayer title, launched in June, reached over 1 million players in 10 days, but underperformed in consumer and PC sales; console subscription deals drove revenue.

• Post-launch, rapid patches and communication improved player sentiment, with a major update planned for September to reignite sales momentum.

• Alan Wake 2 and Control continued steady sales, with Control surpassing 5 million lifetime units and new audiences found in non-Western markets.

• Four games are in development, including Control 2 and Max Payne 1 & 2 remakes, with all projects progressing well.

Financial highlights

• Q2 2025 revenue grew 63.5% year-over-year to EUR 16.9 million; game sales and royalties (EUR 9.5 million) surpassed development fees for the first time in the 2020s.

• EBITDA for Q2 was EUR 4.2 million (up from -EUR 2.4 million YoY); EBIT was –EUR 0.5 million (up from –EUR 3.2 million YoY).

• Cash flow from operations was EUR 3.1 million; total cash at quarter-end was EUR 27.6 million.

• H1 2025 revenue was EUR 30.3 million; EBIT margin 2.8%, EBITDA margin 22.4%.

• EPS for H1: EUR 0.00 (vs. -EUR 0.31 YoY).

Outlook and guidance

• 2025 outlook remains unchanged: revenue and operating profit/EBIT expected to increase from 2024, with positive operating profit.

• Strategic target to double 2024 revenue by 2027 and achieve at least 30% EBITDA margin by 2027.