Translation: Original published in Finnish on 10/27/2026 at 7:00 am EET.

Remedy will publish its Q3 report on Tuesday, November 3, at 9:00 am EET. We will review the results in a live reaction broadcast starting at 8:55 am (in Finnish). We expect revenue to have multiplied and EBITDA to have turned clearly positive, driven by Control Resonant, released on September 24. With this preview, we lower our assumptions for game sales falling in Q3. This reflects previously overly front-loaded sales assumptions for the final days of September and the timing of physical copies shifting into October, which will only show up in Q4 sales. Our full-year estimate for Resonant sales (1.9 million copies) is unchanged for now, and we will naturally review our assumptions again with the Q3 report. Our focus in the report will be on any further detail on Control Resonant sales and Remedy’s subsequent plans for both Resonant and its other game projects. We make no changes to our Accumulate recommendation or EUR 23.0 target price for Remedy ahead of the Q3 report.

Control Resonant release drives strong revenue growth

We forecast Remedy’s Q3 revenue to have grown by nearly 300% to 48 MEUR (Q3'25: 12.2 MEUR). Growth is driven by the release of Control Resonant, which we expect to have generated the majority of the quarter’s revenue (our forecast for self-published game sales: 41.8 MEUR). We estimate that Control Resonant sold ~0.9 million copies in Q3 (prev. 1.1 million) at an average price of EUR 55. On October 15, Remedy announced that the game had passed one million copies sold. Beyond self-published game sales, we expect revenue to include development fees of 5.0 MEUR, primarily from Max Payne 1&2 Remake. We expect royalty revenue of 1.2 MEUR, mostly from Alan Wake 2.

Resonant’s impact should also start to show in EBITDA

We forecast Remedy’s Q3 EBITDA to have jumped to 10.4 MEUR (Q3'25: 0.7 MEUR) on strong revenue growth. Considerable uncertainty surrounds the exact earnings for the quarter, however, as under the self-publishing model Remedy bears marketing and distribution costs itself, which weighs on profitability in the short term. Visibility into the scale of marketing spend is limited. Amortization of capitalized development costs also begins with the game’s release, which we expect to lift total depreciation and amortization for the quarter to 9.4 MEUR. We therefore forecast adjusted EBIT of only 1.0 MEUR. The scale and timing of depreciation and amortization are also uncertain. Cash flow may remain somewhat sluggish in Q3, as initial Resonant sales proceeds across the various console and PC platforms were presumably only paid out to Remedy in Q4.

Guidance is likely to remain unchanged, although minor refinements could be made

For this year, Remedy guides for revenue (2025: 60 MEUR) and EBITDA (2025: 11.3 MEUR) growth. Following the successful release of Control Resonant, meeting the current guidance is virtually certain. Some uncertainty naturally remains over game sales for the rest of the year, but in principle, Remedy could raise its guidance. We consider this rather unlikely, however. For full-year 2026, we expect revenue to rise to 125 MEUR and EBITDA to 25.3 MEUR, driven by Control Resonant. The game passed one million copies sold in ~3 weeks, making it Remedy’s fastest-selling game to date. In our view, this provides an excellent foundation for a long sales tail, especially given the strong reviews from players and critics alike.