Remedy Entertainment has shared a detailed update on its business performance and game portfolio alongside its Q4 2025 and full-year 2025 financial results. The company reported a return to profitability in the fourth quarter, marking a turnaround after several challenging periods, while also outlining the current status of Control, Alan Wake, and the Max Payne remake project.
For Q4 2025, Remedy generated revenue of €17.0 million, representing a 46.3 percent increase year over year. EBITDA for the quarter reached €3.9 million, with an operating profit of €0.7 million. On a full-year basis, revenue grew 17.5 percent to €59.5 million, while EBITDA rose sharply to €11.3 million, translating to a 19.1 percent margin. Despite this improvement, the company recorded a full-year operating loss of €14.9 million, largely driven by a non-cash impairment charge related to FBC Firebreak that was recognized in the third quarter.
A notable shift in revenue composition was highlighted in the report. Game sales and royalties accounted for 45 percent of total 2025 revenue, reaching €26.6 million, a significant increase from €5.1 million in 2024. This change reflects Remedy’s ongoing transition toward self-publishing. Development fees declined to €32.9 million from €45.6 million as the company moved away from a work for hire focused model. In Q4 alone, game sales and royalties reached €8.4 million, compared to €1.5 million in the same period last year, supported primarily by Alan Wake 2 royalties and continued Control sales.
Control delivered a strong performance throughout 2025, selling more than one million copies during the year and surpassing five million lifetime sales. The announcement of CONTROL Resonant in December provided an additional sales uplift. Alan Wake 2 generated steady royalties across the year, strengthening in the second half, with its inclusion as a PlayStation Plus monthly title in October contributing platform deal royalties. In contrast, FBC Firebreak underperformed expectations, leading to the impairment charge, and is now in a limited post-launch support phase with stable but low player counts.
From a strategic perspective, Remedy announced CONTROL Resonant, previously known as Control 2, at The Game Awards in December, targeting a 2026 release. The action role-playing sequel will be self-published globally on PC, PlayStation 5, Xbox Series X and S, and Mac. The Max Payne 1 and 2 remake remains in full production under publishing by Rockstar, while a new project is in the proof of concept stage.
The company ended the year with €29.4 million in cash and liquid investments and reaffirmed its goal of doubling 2024 revenue by 2027, alongside targeting a 30 percent EBITDA margin, with further growth expected in 2026 despite higher marketing investments.
