This week, Remedy Entertainment published its business review covering the final quarter of 2025.
As a publicly owned company, the studio reports internal developments and financials every quarter, providing insight into the progress of its development teams and its financial standing. While their main audience for those reports is their investors, it also provides the community with an opportunity to check in with the studio.If you've read our previous breakdowns on these reports, you'll probably be very familiar with 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 Q3 2025 Business Review, with new details written in red. Extra details revealed in the webcast will be in green.
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. The publication was followed by a livestream hosted Aapo Kilpinen (Investor Relations) and featuring Markus Mäki (Interim CEO), Santtu Kallionpää (CFO). You can watch the full broadcast HERE.
Highlights (Q4 2025)
Interim CEO. In October, Tero Virtala stepped down as CEO, with Markus Mäki becoming its interim CEO. As a result, Henri Österlund was elected as the new Chairman by the Board of Directors.
Revenue. Revenue increased by 46.3% to €17 million (up from €11.7m in Q3).
EBIT. Operating profit was €0.7 million, with an operating profit margin of 4.3%.
Development Fees. Development Fees for Q4 2025 were primarily for Max Payne 1&2 Remake and CONTROL Resonant.
Shares. Remedy repurchased 50,000 of the company's shares.
New Game Announcement. In December, Remedy revealed the sequel to Control, CONTROL Resonant, on the international stage at The Game Awards.
After Review Period
Management Changes. On Monday, Remedy revealed that they will appoint Jean-Charles Gaudechon as CEO, effective March 1st. In the press release, Gaudechon writes, "I’m excited and honored to join Remedy at a pivotal time. The studio has a unique creative identity and a strong pipeline. My commitment is to protect what makes it special, deliver exceptional games, and scale Remedy in a way that builds lasting value. Remedy has the voice and the ambition to be a pillar of the industry’s future. We will stay close to players, earn their time and trust, and strengthen our independence in how we build and publish our games, while continuing to work closely with the partners who have supported us along the way. I will be moving to Finland with my family and I’m incredibly excited about getting to work directly with the team at the studio."
Management Changes. On Monday, Remedy revealed that they will appoint Jean-Charles Gaudechon as CEO, effective March 1st. In the press release, Gaudechon writes, "I’m excited and honored to join Remedy at a pivotal time. The studio has a unique creative identity and a strong pipeline. My commitment is to protect what makes it special, deliver exceptional games, and scale Remedy in a way that builds lasting value. Remedy has the voice and the ambition to be a pillar of the industry’s future. We will stay close to players, earn their time and trust, and strengthen our independence in how we build and publish our games, while continuing to work closely with the partners who have supported us along the way. I will be moving to Finland with my family and I’m incredibly excited about getting to work directly with the team at the studio."
In the webcast following the announcement, Mäki fielded some questions about the direction the company would take under Gaudechon's lead. He clarified that the studio's strategies are governed by the board and that, both in the short and medium terms, the studio's goals remain unchanged. Though the CEO will have some input into the targets and how the company operates, it would be to make Remedy's plans "more ambitious".
He later adds, answering a second question on the new appointment, "It's the teams and the creatives that develop the games and, of course, the CEO is a critical part of the company and the decision making, but we also chose a CEO that can nurture and take care of our culture and loves the kind of games that we are doing. So I don't expect any radical changes on that side."
During the call, they also highlighted that they felt Gaudechon would be a perfect fit for the role, given his self-publishing experience. With Remedy transitioning to self-publishing its games, many of its senior leadership and longtime Remedy developers haven't dealt with that side of the industry before. Usually, it's been handled by the publishing partners. As a result, being able to bring in an external force that has learned from experience and the best practices is extremely beneficial to the company.
Internal Developments
Max Payne 1&2 Remake. The project is in full production mode. In the webcast, Mäki states that the company is happy with the progress of development. However, Rockstar will be in control of public communications for the game.
Alan Wake 2. Since its release, many of the developers from Alan Wake 2 have moved on to support CONTROL Resonant. The game has been an important source of revenue for the studio. Remedy continues to receive regular royalties from Alan Wake 2. In addition to game sales, the game joined PlayStation Plus for October, generating additional platform-deal royalties.
FBC: Firebreak. The FBC Firebreak team has officially released all previously communicated updates to the game. The latest one, Rogue Protocol, launched after the review period in late January. The report concludes 2025 updates and adds, "Smaller updates will still be introduced to the game."
The webcast provides a bit more detail on the game's future. As a bit of background, when FBC: Firebreak launched in mid-June, only two updates were mentioned in their post-launch roadmap. The first was Codenamed "Outbreak" (which became Breakpoint) and the second was "Blackout" (Rogue Protocol). The developers have yet to reveal what's coming up next for the game.
During the webcast, Mäki stated that there's been progress, as new players have joined and older players have returned. Despite this, the numbers are considered to be on a "low but stable level." He goes on to add that, "We are now still working on some smaller updates and balancing for the game, and the game will continue to live on and be playable for gamers in the future as well."
Later in the webcast, the topic returns to the future of FBC: Firebreak, in the Q&A session, with Mäki explaining that the future will be determined by the gamers, though he's passionate about ensuring that their games remain available as long as possible. While there aren't any large investments for the project planned, there's an interested fanbase, "I want to keep it available for them, because the cost of keeping it available is not significant for us at all."
Control. Game sales for Control increased in Q4, following the announcement of CONTROL Resonant at The Game Awards. The boost accounted for almost half of Q4 2025's total revenue. As a result, Control sold over one million copies in 2025 alone, pushing overall units sold to over five million.
CONTROL Resonant. Formerly publicly known as Control 2, CONTROL Resonant was revealed at The Game Awards in December, kickstarting the project's marketing campaigns. Those marketing plans are described as "ambitious" and target both Western and non-Western markets, as there's a big international interest in the series.
The game is scheduled for a 2026 release, and will be self-published by the developers who describe it as "our most ambitious game to date". The game is set to launch on PlayStation 5, Xbox Series X|S, PC via Steam and Epic Games Store, and Mac via Steam and the App Store. Early reception to the game has been extremely positive, as indicated by the community and wishlist numbers. Remedy's goal ahead of its launch will make it "a 'must-have day-one purchase' for the fans of Control and the action role-playing genre." The webcast revealed that there have been approximately 20 million lifetime Control players.
Resonant was also a favourite topic in the Q&A session, with a viewer asking about the game's change in tone. Mäki explains that the change was partly due to the distance between the titles, "I don't think you can do the exact same thing and expect good results." Though he made a point of saying that it's perhaps best to leave it ot the game and marketing to show what the game is about and what to be excited for.
Regarding Annapurna, the project's recoupments will be based on the investments made. If Remedy invests more in the game's development costs (including marketing), that will affect the revenue share.
New Project. A fourth, unannounced game project is mentioned in the report; it is currently in the "Proof of Concept" stage. There was no further news at this stage.
State of the Studio
Self Publishing. For the studio, the year revolved around their transition to the self-publishing model. They feel confident about the move, particularly as in 2025, 45% of the studio's revenue came from game sales and royalties, "larger than ever before".
Back Catalogue. In addition to future games, Remedy is also looking at its back catalogue and exploring new ways to grow it in new markets.
Future of AI. On the topic of AI, Markus Mäki was asked specifically for his thoughts on Google Genie, a subscription service that generates an AI interactive virtual world from their DeepMind research lab. While he stated it was impressive how the technology has been evolving, the games industry is still far away from creating an entertainment experience with AI. Naturally, Remedy is following its progress "I do believe that, at some point, we'll probably, I don't know whether it's five years or ten years, we might stop rendering triangles and start to generate the final image. With some kind of control and direction, that's fine. When the time comes, when the platforms are there, we are in a good position to do that as well." Though he concludes by saying that it doesn't impact their strategy at the current time.
Generative AI. A follow-up question on AI focused more on the potential of generative AI in Remedy's work. Taking the question, Mäki answers, "I'm a big believer in player value. So, doing things that really adds something to the gameplay experience, to the player experience. And I'm also a big believer in creative people in our teams, and that they know the best ways how to add that value. There is a variety of interests in different crafts at Remedy, doing investigating into these AI tools. I do know, and I can say that, for example that CONTROL Resonant does not use generative AI content at all. But making far-reaching promises about the future, I think, is pretty hard at this point." Though he adds that the teams are actively following the progress, any tools would need to be ethically in the right place, adding player value, and something the teams
Remedy's Identity. Remedy consists of 387 people. 53% of the company represents 37 nationalities, with the remaining 47% being Finnish.
Core Management Team. At the end of the reporting period, Remedy's Core Management Team consisted of Markus Mäki (interim CEO), Santtu Kallionpää (Chief Financial Officer), Sami Järvi/Sam Lake (Creative Director), Mikael Kasurinen (Creative Director), Johannes Paloheimo (Chief Commercial Officer) and Mika Vehkala (Chief Technology Officer).
2025-2030 Studio Goals
After completing its 2021-2025 plan, Remedy has revised its goals to strengthen the company's financial stability. As well as expanding their two key franchises, listed directly as Alan Wake and Control, they also aim to self-publish 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 an EBITDA margin (a company's operating profit as a percentage of its revenue) of 30% by 2027, and maintain throughout the strategy period.
