Remedy Entmt Oyj

Hello, everyone, and thank you for joining this Remedy Entertainment webcast. My name is Sanna Kantelinen. I'm from the Remedy Communications team. Today, we will go through Remedy's business review for January, March 2025. With me here, I have Remedy CEO Tero Virtala and CFO Santtu Kallionpää. Tero and Santtu will present the Q1 business review, financial results and outlook, and then we will have a Q&A after the presentation. Pero, the floor is yours.

Thank you. Welcome everyone, also on my behalf. So let's have a look at our first quarter highlights. Our revenue, 13.4 million euro, which increased by 24% from a year ago. The quarter overall was profitable, EBIT being 1.3 million euro, EBITDA 2.6 million euro. Gas flow from operations was 6.6 million euro negative. Santtu will soon talk a bit more on that, but that was mainly due to payment timings. Then during the first quarter, the acquisition of the publishing rights to control franchise was finalized. And with that, we got back all the remaining control rights. In practice, this means that practicalities like access to different game stores where control is, were transferred to us. Due to this ongoing transfer in the first quarter, we couldn't do all the sales activities and the quarter was sales-wise bit slower for control. Now, despite of this, having now also Alan Wake 2 bringing us royalties and overall seeing our royalties grow quarter by quarter is a good sign for the future. Now, when control is fully in our hands, we can again fully drive its sales as well. In March, we also announced that FPC Firebreak will launch in summer. Then last week, we gave more detailed info for our players and launch is in June 17th. Overall, I'm personally very happy on our first quarter. This is the start of our new strategy phase and we have returned to profitability. Also, we have now become a self-publisher. Self-publishing is now in full operation. As we have said before, this is not a completely new territory to us. We have been involved in publishing our games since Quantum Break 10 years ago in 2016. All the games after that, we have been collaborating with our publishing partners, learning and also building our own publishing team step by step. We have still made a few team additions during the first quarter, and we now have a publishing team of 25 professionals. Main focus of the team has naturally been on the successful launch or preparations for a successful launch of FPC Firebreak, and also preparing for the game's post-launch phase. In addition, the publishing team works with our already launched games to drive their sales and to support the player communities of these games. Importantly, the publishing team also works with our development teams, preparing the basis for successful future games as well. Now, our development team naturally has been busy polishing FPC Firebreak, and at the same time, our publishing team has had a big focus on the game, driving its marketing and making preparations for the launch. This is going to be our first self-published game, launching in less than two months' time, June 17th. As a reminder, let's at this point see what the game is.

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