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Ladies and gentlemen, dear Remedy investors, welcome to the webcast for Remedy's Q1 Business Review of 2026. My name is Alpo Kilpinen from Remedy's Investor Relations. Joining with me today are Remedy's new CEO, Jean-Charles Goreshon, also known as JC, and then our CFO, Santu Kalliampää. JC will briefly introduce himself and then guide us through the quarter. Santu will then do a deeper dive on the financials of the quarter. We'll then look at the outlook for the year, and then we'll end with the Q&A session at the end of the webcast. If you have any questions already, leave those at the text box below the webcast. But without further ado, JC, please, the stage is yours.

All right, thank you, Appo. And hello, everyone. Welcome to Remedy Q1 2026 Business Review. I guess I need to start by saying a few words about myself. So let me start with I think something that really defines me is my past as a software engineer. I think that's really what shapes how I think about games, how I think about running studios, companies like Remedy, and how I approach game development in general. Over the past 25 years, I've had the chance to work on games across many roles, on all platforms really, and across North America, Asia, and Europe, so quite global. That has given me a good overview of our craft, and now I have the immense privilege of bringing that experience to Remedy, one of the boldest, most original studios in gaming, with some of the best talents in the industry. which is excellent. What Remedy has achieved is rare. Over more than three decades, the studio has built a voice unlike any other, supported by a strong and engaged community, which is extremely rare, as I said, and a great asset now and for the future. More broadly, in our industry today, I think the creative craft is under real pressure. Games with a genuine soul, games that take risks, that have a point of view, are getting harder to find. And those are exactly the games that Remedy makes. My mission is not to change what Remedy is. My mission is to protect and grow that soul, and to help this studio grow without losing what makes it Remedy. All right, enough of me. Let's go through our business performance together. Q1, 2026 was a good start to what I believe is going to be a very exciting and pivotal year for Remedy. Revenue increased, driven by game sales and royalties that nearly doubled for the comparison period. EBITDA came in ahead of the same comp period at 2.9 million euros, and EBIT was positive at 1 million. Operating cash flow was on a healthy level, so good signals as we start that year. And a good share of that performance is being driven by our back catalog, which continues to find its audience. That is very encouraging, especially as we are building the self-publishing muscle at Remedy. We have a number of exciting projects in development, but the most immediate focus for Remedy, the one closest to our players' hands with a 2026 launch, is Control Resonant, obviously. So let's cover that. Our goal with Control Resonant is to deliver a great melee action RPG, a game that honors the Control universe, but also expands it, and that players will truly appreciate, because in the end, that is what really only matters. We're doing that for players and our fan base. A lot of interest was captured with our December 2025 announcement, and the leading indicators are on track. Looking ahead, we will ramp up the marketing campaign leading up to release and we expect the momentum to significantly intensify. We have an ambitious global campaign and a sizable marketing budget for execution. The reception has been incredible so far. We're extremely happy about traction. During Q1, we released two new trailers. The first was our gameplay reveal trailer, featured in the PlayStation State of Play. As you know, one of the highest profile venues in the industry for a reveal like this one. And putting our gameplay in front of that audience, in front of you all, for the first time, was a very important moment for us and for the game at Remedy. The second was produced with our long-term partner NVIDIA. This partnership shines a spotlight on the technical ambition behind Control Resonant. And of course, on our very own Northlight, our proprietary engine, which is what allows us to push the game's performance and cutting-edge graphics. Extremely important for Remedy Games, as you know. Beyond the Trailer, we released a developer diary for our community called Beyond the Oldest House. This is the kind of content that really matters, we believe, to our most dedicated fans. Direct access to the people making the game, our dev team, speaking in their own voices, speaking honestly about what they are building. Remedy's community has always liked authenticity, and I think that's really what we've been doing here and what we want to keep doing. We also hosted an exclusive showcase for media and creators. We had over 70 outlets that attended, generating more than 140 articles and around 2 billion impressions across global media. which we believe are good numbers at this stage of the campaign. And more importantly, the coverage was not just broad and just volume, it was also quality. And it was positive, which obviously for us is very encouraging and kind of how we want to lend the product. Outlets like Edge, Polygon, Gaming Bible, IGN, just to name a few. I don't want to hurt anyone in the process. But I've all come away from their previews with a clear message, to be clear. This was an hands-off preview. But still very encouraging. And people really said, this is a Remedy game that takes risks and has its own identity. And that's always what we want to make at Remedy. And you'll see that more and more as I talk strategy moving forward, it's very, very important that these games feel Remedy and are more Remedy than ever. There are, of course, fair questions being raised. Action RPG is a new genre for Remedy, and the press, the fans, are right to scrutinize how the gameplay holds up. We welcome that scrutiny, but we are also confident that as players and press get their hands on the game, they will see how serious we are about earning our place in the action RPG space. I have the chance to play the game daily and I can tell you that it's coming very well together. I'm very happy. Beyond the press, the broader signals heading into launch are healthy. Sentiment among fans and content creators has held up globally, which is great to see. That audience is sizable. The Control Universe has been played by close to 20 million people over its lifetime. We are also making a deliberate push beyond our traditional strongholds, the US and Europe, This time around, Asia and Latin America are real priorities for this launch, and we have invested in localization at a level we have never done before. Our thinking here is simple. Remedy's voice deserves to reach further, and we are giving it the means to do so. All right, so turning over to our games currently in market, Alan Wake 2 became available on Amazon's Luna service during Q1 alongside Alan Wake Remastered, generating a platform deal royalty. The game also continued to perform across other platforms throughout the quarter, and Centu will explain a bit more how that impacted Q1 positively. Very happy to announce that the game has passed 6 million benchmark in lifetime copies sold. Control retained its solid sales momentum in Q1. In fact, Control actually sold better than the comparison period driven by promotions and added visibility from Control Resonant, obviously. This is a dynamic we plan for at attractive price points. Control is a great vehicle for new players to enter the world of Control ahead of the sequel. Alright, FBC Firebreak. The last major update, Open House, was released in March and the game has moved to maintenance mode after that. The game will remain online and a Friends Pass feature was introduced to support the player base. It is very important for us at Remedy to let players enjoy the game for as long as they can and as long as they want. The game remains available on PlayStation Plus, on Xbox Game Pass, and can be purchased on PC and console platforms. All right, our development pipeline has three active projects. Control Resonant, obviously in full production. We already discussed about this one at length. Max Payne, one and two remake, is also in full production in partnership with our beloved partner, Rockstar Games. And you know how close to our heart is Max Payne. So something that we're putting a lot of effort on also. And we have a new project currently in proof of concept, which unfortunately I cannot tell much more about today. So building on what I shared earlier, three areas where we are sharpening our focus. One, focus on core strength. Remedy is exceptional at building single player narrative experiences on core platforms. This is what we do best, and we need to double down on that expertise. We cannot take it for granted, not our craft and certainly not our players. This does not mean we stand still. We will innovate and we will explore new ways of reaching players when the case is right. But every step beyond our core has to build on what we already do best. Franchise expansion as the second pillar. Today, we tend to think about our games one after another. I want us to evolve that mindset, managing more franchises. I think our IPs today can really give a lot more than what they already do. We need to think as long-term strategies that let us be bolder, to connect the dots further within and between our worlds. That is something very important to me for the future of Remedy. And three, self-publishing. I think this is a unique opportunity to hone the old chain. No one can really speak about Remedy games better than Remedy. I want our publishing voice to be as unique and distinctive as our games themselves. It's a chance to be heard like never before. And we are not going to play safe. You will see that with the Control Resonance campaign. With that, I will hand over to Sentu to walk you through the Q1 financial results.

All right. Thank you, JC. And good afternoon also on my behalf. Let's start reviewing the financials from the revenue. So in Q1 2026, our revenue was 13.1 million euros, which is 2% lower than in the comparison period. Game sales and royalties almost doubled from the comparison period, being 5 million for the first quarter. This was driven by the royalties from Alan Wake 2, which include also the one-time royalty accrual from the game becoming available in Amazon Luna. Also, control game sales performed well in Q1 and partly drove the game sales and royalties above previous year. Q1 2026 also includes revenue accruals from FPC, Firebreaks, subscription service deals, which we didn't have last year, Q1. Development fees, they decreased from the comparison period and still made over half of the total revenue for Q1 3026. Development fees were for the projects Max Payne 102 Remake and Control Resonant. Revenue was impacted negatively by weak USD rate. With the FX neutral revenue, we would have had a growth of 0.2%. Then looking at the longer perspective, the share of game sales and royalties of the total revenue has started to increase during 2025. Alan Wake 2 started accruing royalties in the end of 2024, and as said during the first quarter, 2026, control game sales and sales related to our older game titles were on a higher level than in Q1 2025. And FPC Firebreak started accruing revenue from Q2 2025 onwards. Development fees have remained roughly on a similar range for the last four quarters, but there has been also variation between the quarters due to the development milestones of Control, Resonant and Max Payne 102 Remake. Then I'm moving on to profitability. So the operating profit in Q1 2026 was 1.0 million euros positive, being 0.3 million less than in the comparison period. This decrease is mainly due to higher depreciations and investments to self-publishing in Q1 2026. EBITDA improved from the comparison period and was 2.9 million euros positive. growth from the comparison period is largely due to the decrease of external development expenses. Then let's look at the costs in more detail for transparency. So unnetted external development and personal expenses in total decreased by 11% from 11.5 million in Q1 2025 to 10.3 million euros in Q1 2026. External work expenses were 1.9 million euros in Q1 2026, being 44% lower than in the comparison period. This was driven by lower external development needs in the game projects. The unnetted personal expenses were 8.4 million euros in Q1 2026, increasing by 3% from the comparison period. This growth matches the growth of average number of personnel during the reporting period, which also increased by 3%. The amount of capitalized development expenses at 3 million euros was on a similar level than in the previous year. The amount of capitalization is higher than in the previous quarters, mainly due to increased efforts on control resonance. In Q1 2026 depreciation expenses in total were 1.9 million of which 1.2 million euros were related to game projects. These included Alan Wake 2 and FPC Firebreak depreciations. Q1 depreciations are on a lower level than in the previous quarter and this is due to the depreciations following the level of game sales of the games which we are depreciating. Currently, a major part of Remedy's intangible assets is from capitalized development costs of Control Resonant. Also, the remaining capitalization of Control's publishing and distribution rights has been mainly allocated to Control Resonant. Once the game is launched later this year, the depreciations related to Control Resonant will start, which will impact the quarterly depreciation levels. So at the end of Q1 2026 our total cash level was 34 million euros, including 14.4 million euros in cash and 19.6 million euros in short-term cash management investments. During Q1 2026 the cash flow from operations was 8.3 million euros positive, Besides the cash flow from operations, our cash position was affected by a €3.2 million negative cash flow related to investments and €0.3 million negative cash flow from financing. Cash flow from investments that includes payments related to capitalized development costs and machine acquisitions. Cash flow from financing includes IFRS lease liability payments. The cash position improved in relation to both the comparison period Q1 2025 as well as to what the situation was at the end of year 2025. Then if you look at the cash flow from operations closer, there has been variation in timing of payments from quarter to quarter. Q1 2026 cash flow from operations was 14.9 million euros higher than in the comparison period. Our outflowing operative payments were 23% higher than in the comparison period. Due to timing of sales payments, we at the same time received significantly more inflowing sales payments than a year ago. Timing of development fee payments are agreement-based and there is difference compared to revenue accruals. Royalty and game sales related payments follow the revenue accruals with delay. So in overall, year 2026 started with profitable quarter for us, with both EBIT and EBITDA being positive. This is, of course, ahead of marketing ramp-up and related spend to support the launch of Control Resonance during 2026. And now JC will continue with Outlook.