Today, Remedy Entertainment published their business review covering the third quarter of 2025. With the studio's CEO recently stepping down, this report is a little different to previous ones, with a greater focus on changes and immediate future plans.
As a publicly-owned company, the studio reports internal developments and financials every quarter, providing insight into the progress made by their development teams, alongside their financial standings. While their main audience for those reports are their investors, it also provides the community an opportunity to check in with the studio.If you've read our previous breakdowns on these reports (we are party people), you'll probably be very familiar of our setup. In this post, we'll examine the latest internal news and see what's next for the studio. Everything in black is what has been revealed in their previous H1 2025 Business Review, with new details written in red.
As always, if you're interested in the numbers, I recommend checking out the reports directly to ensure that you're getting the most accurate data. In our round ups, we look primarily at the company's changes, the projects it's working on, and the challenges and achievements it had in the reported time.
The original report was posted on the Remedy Investors website this morning. The publication was followed by a livestream hosted by Aapo Kilpinen (Investor Relations) and featuring Markus Mäki (Interim CEO) and Santtu Kallionpää (CFO). You can watch the full broadcast HERE.
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Highlights (Q3 2025)
FBC Firebreak. In late September, Remedy published Breakpoint, the first major update for FBC: Firebreak. The update combines brand-new content, along with system overhauls following press and player feedback.
Revenue. Revenue between July to September decreased by -32% which translates to €12.2 million. (Though from January to September, the Revenue increased by 8.9% overall to €42.5m.)
EBIT. Operating profit was -16.4, with the operating profit margin at -135.1%. (Taking in 2025 as a whole, the operating profit was -€2.9m, leading to Remedy to revise their estimates for the year after the review period.)
Development Fees. Development Fees for Q3 2025 were primarily for Max Payne 1&2 Remake and Control.
Game Sales & Royalties. Numbers “increased strongly” driven by FBC: Firebreak's subscription service agreements, alongside sales of Alan Wake 2 and Control.
After Review Period
Management Changes. Remedy's CEO, Tero Virtala, stepped down after nine years. Markus Mäki was appointed as Interim CEO, with Henri Österlund elected as the new Chairman of the Board. In the report, Mäki talks about the decision which prompted the change on October 22nd, stating, “I stepped into the role of CEO to raise the bar and the sense of urgency across the organization, and to drive stronger results.” He later adds, “My immediate focus is on ensuring our commercial performance alongside successful development projects.”
Management Changes. Remedy's CEO, Tero Virtala, stepped down after nine years. Markus Mäki was appointed as Interim CEO, with Henri Österlund elected as the new Chairman of the Board. In the report, Mäki talks about the decision which prompted the change on October 22nd, stating, “I stepped into the role of CEO to raise the bar and the sense of urgency across the organization, and to drive stronger results.” He later adds, “My immediate focus is on ensuring our commercial performance alongside successful development projects.”
Revised Outlook. As previously reported, Remedy has updated their outlook for 2025, with the studio expecting to increase its revenue, with the operating profit to be negative and below the previous year.
Internal Developments
Max Payne 1&2 Remake. The project is now in full-production mode and making steady progress towards important milestones.
Alan Wake 2. By the end of 2024, Alan Wake 2 sold over two million units. It has continued to sell steadily and accrue royalties, particularly in Q3 2025 which raised more compared to the rest of the year. This may be partly due to Epic Games' efforts to expand the game's reach “to the Chinese market, with encouraging initial results.” Alongside the expansion, Alan Wake 2 joined the PlayStation Plus catalogue for October.
FBC: Firebreak. FBC: Firebreak was self-published on June 17th via PC, PlayStation 5, and Xbox Series X|S. Money from game sales have begun to come in, as well as payments from the game being part of PlayStation Plus and Xbox Games Pass. The Breakpoint update was released in late September, to improve the onboarding experience and mission structure though results have been mixed; though their opinions come after the review period, the studio states that “sales improved only marginally”. As a result, they have also revealed that they've moved some developers and resources to alternative projects, though they have confirmed their continued support for the game and established roadmap. Though from a publishing perspective, the studio remains positive of their ability to self-publish future games.
Control 2. The game entered full production in February.
New Project. An unrevealed fourth game project is mentioned in the report, it is currently in the "Proof of Concept" stage.
State of the Studio
Established Franchises. The report doubles down on the studio's commitment to both Alan Wake and Control franchises, stating that “Majority of our effort goes into working with our established franchises – Control and Alan Wake – which we continue to invest in and expand into other media as part of our long-term strategy.” With “other media” mentioned in the report, ties can be seen to the recent agreement with Annapurna which opened up the potential to bring the franchises to film and TV.
Remedy's Identity. Remedy consists of 391 people, with an annual growth of 7.7%.
Core Management Team. At the end of the reporting period, Remedy's Core Management Team conisted of Tero Virtala (CEO), Santtu Kallionpää (CFO), Markus Mäki (Chief Product Officer), Sam Lake (Creative Director), Mikael Kasurinen Creative Director), Johannes Paloheimo (Chief Commercial Officer) and Mika Vehkala (Chief Technology Officer).
Core Management Team. At the end of the reporting period, Remedy's Core Management Team conisted of Tero Virtala (CEO), Santtu Kallionpää (CFO), Markus Mäki (Chief Product Officer), Sam Lake (Creative Director), Mikael Kasurinen Creative Director), Johannes Paloheimo (Chief Commercial Officer) and Mika Vehkala (Chief Technology Officer).
Financial Performance. The report ends its statement on future plans, writing that, “We aren’t satisfied with our recent financial performance, but we remain confident in our ability to create great video games that resonate with players and which are commercially successful, leading us back to profitability.”
2025-2030 Studio Goals
After completing their 2021-2025 plan, Remedy has revised goals based on strengthening the financial stability of the company. As well as expanding their two key franchises, listed directly as Alan Wake and Control, they also aim to self-published Remedy-owned titles going forward.
While those are set goals, they also have named targets which they have published. These targets include:
- Aim to have a sustainable and commercially successful studio by 2030.
- Exceed double the reported 2024 revenue by 2027.
- Have a EBITDA margin (a company's operating profit as a percentage of its revenue) of 30% by 2027, and maintain throughout the strategy period.
