Remedy (REMEDY) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached €17.0 million, up 46.3% year-over-year, with EBITDA at €3.9 million and EBIT at €0.7 million, marking a return to profitability for the quarter.

• Full year 2025 revenue was €59.5 million, a 17.5% increase from 2024, with EBITDA at €11.3 million but EBIT at -€14.9 million due to a €14.9 million non-cash impairment for FBC: Firebreak.

• Transitioned to a self-publishing model, securing full rights to the CONTROL franchise and announcing CONTROL Resonant for 2026.

• CEO and chairman transitions occurred in Q4 2025, with Markus Mäki as interim CEO, Henri Österlund as chairman, and Jean-Charles Gaudechon appointed CEO from March 2026.

• 45% of annual revenue came from game sales and royalties, reflecting a strategic shift toward self-publishing.

Financial highlights

• Q4 2025 EBITDA improved by €4.4 million year-over-year, and EBIT improved by €2.1 million.

• Full year operating profit was -€14.9 million, impacted by a non-cash impairment for FBC: Firebreak.

• EBITDA margin for 2025 improved to 19.1%; Q4 EBITDA margin was 22.7%.

• Cash flow for the year was €4.5 million positive, but cash position declined to €29.4 million due to investments in IP and share buybacks.

• Cash and cash equivalents at year-end were €18.8 million.

Outlook and guidance

• 2026 revenue and EBITDA are expected to increase from 2025, with CONTROL Resonant's launch being a key driver.

• Major marketing investments planned for CONTROL Resonant ahead of its 2026 launch, expected to impact near-term profitability.

• Strategic targets for 2027 include doubling 2024 revenue and achieving a 30% EBITDA margin.