Translation: Original published in Finnish on 8/4/2026 at 7:32 am EEST.

Remedy will publish its Q2 report on Tuesday, August 11, at 9:00 am EEST. We expect the company's revenue to have decreased year-on-year and earnings to have fallen significantly into the red, as the quarter falls into a quiet phase before the release of Control Resonant on September 24. Our focus is already fully on this upcoming game release, and we will be monitoring any comments and further information regarding the progress of the game's marketing campaign and pre-orders. We believe Control Resonant will sell well and that the game's release will boost Remedy's stock.

We expect a quiet quarter before the release of Control Resonant

We forecast Remedy's Q2 revenue to be 9.7 MEUR, which would represent a decrease of ~43% from the comparison, when FBC: Firebreak was released. We expect revenue to have mainly consisted of development fees recognized from Max Payne Remake and Control Resonant (6.5 MEUR). We forecast quarterly royalties (mainly from Alan Wake 2) to have been 1.4 MEUR. We estimate sales of own games (Control) to have been 1.8 MEUR. The original Control has received a boost this year from the marketing of Control Resonant, and we estimate the game continued to sell at a low price point in Q2.

Earnings are weighed down by low revenue and marketing investments in Control Resonant

We forecast Q2 EBITDA to have fallen significantly into the red, amounting to -5.5 MEUR. The weakening result is due to the quarter's low revenue, which is insufficient to cover the company's largely fixed cost structure. In addition, we estimate that the launch of the Control Resonant marketing campaign on September 24 has significantly increased the cost level. With the self-publishing model, Remedy is responsible for the game's marketing costs, which weighs on profitability in the short term before the game's release. In addition to the traditional large North American and European gaming markets, the company aims to reach players in, for example, China and Brazil. However, towards the end of the year, earnings should turn strongly positive as game sales begin.

All eyes on the upcoming game release

For this year, Remedy guides for revenue (2025: 59.5 MEUR) and EBITDA (2025: 11.3 MEUR) growth. The wording of the guidance is cautious, as, with the successful launch of Control Resonant, both revenue and EBITDA should, according to our calculations, grow significantly. We forecast Control Resonant to sell roughly 1.7 million copies in 2026 and about 2.2 million copies in 2027. As a result, we estimate Remedy's revenue to exceed 120 MEUR in 2026-2027, with EBITDA reaching ~24-26 MEUR. The starting points for strong game sales are good, as the original Control has sold over 6 million copies, and over 20 million players have played the game across various platforms. In the report, we will monitor any comments and additional information regarding the game's pre-order development and the overall progress of its marketing campaign.