Business Review January-March 2024

APRIL 29, 2024

© REMEDY ENTERTAINMENT 2024

AGENDA

1 Q1 2024 Business Review

2 Q1 Financial Results

3 Outlook

4 Questions & Answers

© REMEDY ENTERTAINMENT 2024

Tero Virtala

Terhi Kauppi

CEO

CFO

Q1 2024

Business Review

Tero Virtala, CEO

Q1 2024 HIGHLIGHTS

  • Revenue increased by 56.2% to EUR 10.8 (6.9) million
  • EBITDA increased to EUR -1.2(-4.9) million
  • Operating profit was EUR -2.1(-5.6) million, and the operating profit margin was -19.3%(-81.0%)
  • Cash flow from operations was EUR 3.3 (-3.9) million
  • In February, Remedy acquired full rights to the Control franchise from 505 Games. Upon the transaction, all publishing, distribution, marketing and other rights to Control, codename Condor, Control 2, and all future Control products reverted to Remedy.

© REMEDY ENTERTAINMENT 2024

CURRENT PROJECT PORTFOLIO

© REMEDY ENTERTAINMENT 2024

Alan Wake

Alan Wake II

Condor*

Control 2

Max Payne

Kestrel *

Remastered

1&2 remake

*

LAUNCHED

LAUNCHED

LAUNCHED

FULL PRODUCTION

PROOF-OF-CONCEPT

PRODUCTION READINESS

CONCEPT

WITH

WITH

WITH

* project codename

ACQUIRING THE FULL RIGHTS TO THE CONTROL FRANCHISE FROM 505 GAMES

  • Remedy's aim is to systematically grow Control into a major

gaming franchise. This aim, and actions required, were not aligned with our partner's interest and abilities.

  • In February 2024, we acquired all publishing, distribution, marketing and other rights to Control, codename Condor, Control 2, and all future Control products from 505 Games.
  • The maximum purchase price for the transaction is approximately EUR 17 million, which equals the amount that 505 Games has paid for the development of codename Condor and Control 2 to date including a minor premium.
  • This deal allows us to decide the best way forward, both for Remedy and Control, and opens major growth opportunities in the mid and long term.

© REMEDY ENTERTAINMENT 2024

EVALUATING THE MODEL TO SUCCEED WITH A GAME, GROW THE FRANCHISE AND MAINTAIN CONTROL

© REMEDY ENTERTAINMENT 2024

PUBLISHING BY PARTNER

CO-

PUBLISHING

SELF-

PUBLISHING

REMEDY'S CORE MANAGEMENT TEAM

© REMEDY ENTERTAINMENT 2024

TERO VIRTALA

MARKUS MÄKI

SAMI JÄRVI

MIKAEL KASURINEN

Chief Executive Officer

Chief Product Officer

Creative Director

Creative Director

TERHI KAUPPI

JOHANNES PALOHEIMO

MIKA VEHKALA

Chief Financial Officer

Chief Commercial Officer

Chief Technology Officer

WE EVALUATE AND DEVELOP OUR BUSINESS WITH THESE GUIDING PRINCIPLES

1

Increase focus and synergies

2

Make great games earning back at least double the money invested

3 Grow franchises

4

Strengthen position to maximize the franchise potential

© REMEDY ENTERTAINMENT 2024

Q1 Financial Results

Terhi Kauppi, CFO

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Remedy Entertainment Oyj published this content on 29 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2024 13:02:12 UTC.