Remedy Entertainment Oyj

Q2 2026 revenue was EUR 10.2 million, down 40% year over year. EBITDA was minus EUR 2.4 million and EBIT was minus EUR 3.9 million. Operating cash flow was negative EUR 0.7 million. Santtu Kallionpaa said cash at the end of June 2026 was EUR 29.6 million, including EUR 9.6 million in cash and EUR 20 million in short-term cash management investments. He also said year-to-date revenue was EUR 23.3 million, first-half EBITDA was 2.3% positive, and first-half EBIT was 12.5% negative. Forward guidance was limited, but management said the full-year outlook is unchanged and they expect revenue and EBITDA to increase from the previous year; they also said marketing costs should be higher in the second half than in the first half, with the peak around the launch window.

Jean-Charles Gaudechon framed the quarter around CONTROL Resonant’s global launch preparations, emphasizing that the game is Remedy’s most ambitious self-published release to date. He said early previews, hands-on demos, and market response have been very encouraging, especially the positive reaction to the faster melee-oriented gameplay, localization, and atmosphere. His tone was upbeat and confident, but he repeatedly noted that previews are not reviews and that launch execution still matters.

Santtu Kallionpaa focused on accounting treatment and the cash impact of self-publishing. He explained that preorder revenue is not recognized until launch under IFRS, that Q2 had no cash-flow impact from preorders because platform payments usually lag by at least a month, and that cash flow from operations was negative EUR 0.7 million mainly because of the low revenue level. He also said cash flow from investments was minus EUR 3.8 million due to capitalized development, especially CONTROL Resonant, and highlighted EUR 3.7 million of capitalized development expenses, EUR 2.6 million of external work expenses, and EUR 9 million of personnel expenses.

Analysts focused heavily on CONTROL Resonant’s commercial indicators, including wishlists, preorders, platform split, China reception, and marketing spend. Management said the 1.5 million wishlists are net of cancellations and cumulative, that preorders are positive and tracking ahead of some prior games, and that interest is strong across platforms and especially encouraging in Chinese-speaking markets. They also said the second half of the year will have higher marketing costs than the first half, with the peak around launch, and that the marketing budget is flexible if reception warrants it.