Half-Year Financial Report: January–June 2025

Remedy Entertainment reported a robust first‑half performance for 2025, with revenue climbing 43.4 % to €30.3 million. The surge was largely driven by sales and royalties from its flagship titles Control and Alan Wake 2, alongside the launch of its inaugural self‑published game, FBC: Firebreak. EBITDA improved markedly to €6.8 million from a loss of €3.6 million in the prior year, and operating profit turned positive at €0.8 million; however, cash flow from operations remained negative (€–3.5 million) due to the timing of development‑fee receipts and investment outflows.

The balance sheet at June 30, 2025 shows total assets of €97.5 million and liabilities of €27.9 million, yielding an equity ratio of 72.8 % and a net gearing of –14.4 %. Cash and equivalents stood at €10.0 million, while other current assets were €17.5 million. Equity increased to €69.6 million, supported by a €1.0 million net rise in share‑based and cash equity transactions during the period. The workforce expanded to 385 employees, a 6.6 % year‑over‑year increase, and the company’s market capitalization reached €202 million at year‑end.

Operating cash outflows of €3.48 million and net investment outflows of €6.66 million were largely attributable to capitalised development costs of €6.10 million. Revenue for the half‑year rose to €16.9 million from €13.4 million in H1 2024, with development fees comprising the majority of sales. Overall, Remedy’s shift toward self‑publishing has begun to pay off, as more than half of its revenue now derives from game sales and royalties rather than external development fees.