Report of the Board of Directors and Financial Statements 2024

Remedy 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.