FinancialRemedy Entertainment
Report of the Board of Directors and Financial Statements 2024
1 Mar 202572 pages~174 min full read
Remedy Entertainment grew revenue by 49.3% to €50.7 million in 2024, driven by a 58% increase in development fees for projects like the Max Payne 1&2 remake and Control 2.
See it on page 4The company significantly narrowed its operating loss to €4.3 million in 2024, down from a €28.6 million loss in 2023, and expects to reach positive operating profit in 2025.
See it on page 54Management is transitioning toward a self-publishing model, highlighted by the acquisition of full rights to the Control franchise and a new multimedia partnership with Annapurna.
See it on page 3To support development and liquidity, the company secured a €15 million convertible bond from a Tencent subsidiary and maintains a cash position of €21 million with a 70.9% equity ratio.
See it on page 46The Board of Directors has proposed no dividend for 2024, prioritizing capital allocation for ongoing projects to meet the long-term goal of doubling 2024 revenue by 2027.
See it on page 12Personnel expenses were reduced to €24.7 million despite an increase in average headcount to 351 employees, supported by the absence of major project write-downs.
See it on page 59Remedy Entertainment demonstrated a significant financial recovery in 2024, with revenue growing 49.3% to €50.7 million. This growth was primarily driven by a 58% increase in development fees for high-profile projects, including the Max Payne 1&2 remake and Control 2. While the company recorded an operating loss of €4.3 million, this represents a substantial narrowing from the €28.6 million loss reported in 2023. This improvement was supported by the absence of major project write-downs and a reduction in personnel expenses to €24.7 million, even as the average headcount increased to 351 employees.
Strategically, the year was defined by a shift toward a self-publishing model and franchise ownership. Key milestones included the acquisition of full rights to the Control franchise and a partnership with Annapurna for multimedia expansions. To fund these initiatives and maintain liquidity, the company secured a €15 million convertible bond from a Tencent subsidiary and maintained a solid equity ratio of 70.9%. Despite the narrowed loss and a cash position of €21 million, the Board of Directors proposed no dividend for the fiscal year, prioritizing capital allocation for ongoing development projects.
The company’s long-term outlook targets a doubling of 2024 revenue by 2027, with an expectation to reach positive operating profit in 2025. Management continues to utilize share-based incentive programs to align key personnel with these growth objectives, recently implementing Option Plan 2024. Operating primarily through its Finnish parent company and a Swedish subsidiary, the group remains focused on managing high customer concentration and foreign exchange risks as it transitions into its next phase of commercial independence.
