Financial Statements: January–December 2024

The financial statements for the calendar year 2024 present a comprehensive view of Remedy Entertainment’s performance, highlighting significant revenue growth and strategic shifts toward self‑publishing. Revenue rose 49.3 % to €50.7 million, driven largely by development fees from the Max Payne 1 & 2 remake and robust sales of Alan Wake 2, which exceeded two million units and fully recouped its development and marketing costs. EBITDA improved to €2.5 million, representing 5.0 % of revenue, while operating profit moved to a negative €4.3 million with an operating margin of –8.4 %. Cash flow from operations turned positive at €12.3 million, reflecting improved working‑capital management and the impact of a €15 million convertible loan from Tencent.

Key developments include Remedy’s acquisition of full rights to the Control franchise, a strategic partnership with Annapurna Pictures, and the launch of FBC: Firebreak slated for self‑publication in 2025. The company has built robust self‑publishing capabilities across marketing, community engagement, and monetization, enabling greater control over revenue streams and accelerated development velocity. The transition to self‑publishing is expected to reduce financial investment needs and increase the share of sales retained by Remedy.

Looking ahead, Remedy targets a doubling of revenue by 2027 and an EBITDA margin of 30 % by the same year, with a focus on sustainable, profitable growth. The board has decided to forego dividend payments for 2024, allocating capital toward these strategic initiatives.