Last week, Remedy released its Annual Reporting Package 2025, a bundle of four reports on the company reflecting on the past year. The set includes the Annual Report, Financial Statements, Board of Directors' Report, Remuneration Report, and Corporate Governance.
They're a little different from the usual reports we usually cover, the quarterly publications they post as a publicly owned company. However, these annual wrap-ups can also be more in-depth in some ways, featuring a wider range of voices. As a result, the format of these summaries is different, too; it's more of an overview of the company, and for newer fans.
The main document we're interested in is the Annual Report, which looks at the company as a whole, including its strategy, environment, games, people, sustainability, governance, and financials. The others we'll use to add extra details if they were missed. In green, we added extra context, but wanted to make it clear it's from us rather than the report. In blue are step-by-step breakdowns or sections. In orange, we quote directly from the report.
This year's publication features interviews with Markus Mäki (Interim CEO) and Leena Talvensaari (Sustainability Lead).
You can read the documentation in full on the Remedy Investors website, HERE!
Highlights (2025)
- Remedy purchased back the full publishing and distribution rights from 505 Games.
- The studio transitioned to a self-publishing model in 2025, with the release of FBC: Firebreak in June
- Control sold over 5 million in lifetime sales, with one million in 2025 alone
- Remedy celebrated its 30th anniversary
- Tero Virtala stepped down as CEO, with Markus Mäki brought in as Interim, while a search for a replacement continued
- Control's highly anticipated sequel, CONTROL Resonant, was announced at The Game Awards 2025.
Internal Developments (Games)
Northlight. Remedy uses its proprietary in-house game engine, Northlight, to power its titles.
Control. In 2025, Control's lifetime sales exceeded five million, with over a million sold in 2025 alone. As the game is an entry point to the series, though its successor is also positioned as a standalone title, Remedy has sought ways to expand it to new audiences. (Though not specifically mentioned in the report, this would include its expansion to Mac and bringing that version to Steam.) The game has generated net revenue (shareable revenue between studio and previous publisher, 505 Games) of over €100m.
FBC: Firebreak. Despite a "technically successful launch" across all platforms, FBC: Firebreak's commercial performance fell short of the studio's expectations; "we wrote down most of our investment in the game later in the year." Though the game didn't meet the studio's high ambitions for the project, it did allow Remedy to establish platform deals with partners and learn lessons in self-publishing. Mäki concludes, stating that, "Even in hindsight, I’m glad we had the courage to take calculated risks to find new business, as we have done in our 30-year history."
Alan Wake 2. By the end of 2025, Alan Wake 2 sold over two million units. After Epic Games Publishing recouped development and marketing costs, Remedy received 50% of the game's net revenue.
CONTROL Resonant. Described by the studio as being "Remedy's most ambitious project ever", CONTROL Resonant is set to launch in 2026. The developer's goal is to make the game "a 'must-have day-one purchase' for fans of the CONTROL universe." Annapurna Pictures is co-financing the game as part of a "strategic partnership", and their support allows them to gain rights to bring the Alan Wake and Control series to film and TV.
Max Payne 1&2 Remake. A development roadmap has been agreed upon with Rockstar Games. Remedy has the opportunity to collect royalties after Rockstar has recouped development and marketing fees.
Owned IPs. In the report, Remedy states that "By 2030, we will grow CONTROL and Alan Wake from great games into world-class franchises with more frequent sequels. "
Undisclosed Game. In October, a new undisclosed game project proceeded to the proof-of-concept stage. (While little is known about the title, the company has admitted its interest in growing two specific franchises. However, whether this title is part of them has not been revealed.)
State of the Studio (Developers & Personnel)
Employees. At the end of 2025, Remedy had 387 employees (407 including contractors) from 38 countries. The average length spent at the studio is 5.1 years, and the average age is 36.6. The gender divide is 73.6% male, 25.8% women, and 0.5% non-binary, other, or undisclosed. Employee turnover was 5.5%.
Culture. Remedy's culture is defined by three core pillars: Camaraderie, Pioneering Spirit and Smart Creativity.
Internal Publishing Team. At the end of 2025, the studio had 21 developers working in its self-publishing team.
Job Applications. The studio received over 5000 job applications for 42 jobs. The headcount increased by 5.4% last year.
Finland's Rankings. Remedy was ranked among the top five most attractive employers in Finland.
Dealing with Crunch. With the industry often driven by crunch culture (requiring developers to work to unreasonable deadlines, requiring long hours and overtime to hit internal milestones), Remedy hopes to break that tradition and to "prioritize the mental and physical well-being of our employees by fostering an environment of safety, where distinct voices are heard, and creativity thrives without burnout."
Sounding Board. Remedy has established a Sounding Board team "to gather diverse perspectives on employee and culture-related matters."
State of the Studio (Investments & Future Prospects)
Revenue & Royalties. Remedy's revenue for 2025 is €59.5M (up from €50 M in 2024). Game sales and royalties, as a share of total revenue, stood at 45% (up from 10% in 2024). The studio received €25.5m in development fees during the twelve months, with an extra €32.9m from game sales and royalties. The revenue for 2025 is the highest in Remedy's history.
Annual Releases. The studio's goal for the next four years is to release one new game per year on average. CONTROL Resonant is due to be released in 2026. The roadmap for the Max Payne 1&2 remakes has been agreed with Rockstar Games. And a new project has moved to the proof-of-concept stage. Mäki concludes, "All in all, I am satisfied with the quality and speed we’ve advanced our projects in 2025."
Studio Milestones. The studio detailed a roadmap from 2014 to 2030, underlining their goals and expansions
2014 - 2016 : Preparations for Growth.
The foundations for future growth, alongside the development and release of Quantum Break.
(Though not mentioned in the report, Remedy had previously had a multi-project operation, with a group dedicated to mobile adventures. In collaboration with other studios, they worked on Death Rally and Agents of Storm before the mobile side was closed down sometime between 2015 and 2017. The intention behind those original plans was to help with development costs while the "next big thing" was underway. Though this area, is likely considered as prepartions towards their current setup.)
2017 - 2019 : Growth Phase Begins
Remedy became a publicly owned studio, with the goal of becoming a multi-project studio. Control was released near the end of this phase.
2020 - 2024 : Aim to Scale-Up and Reposition Strategically.
Remedy's multi-project goals became reality, with the release of Alan Wake Remastered (2021), CrossfireX (2022), and Alan Wake 2 (2023).
2025 - 2030 : Highly Regarded Creative Studio with Sustainable Commercial Success
Owned & Partner IPs. The studio's business model can be split between two areas: its own franchises and partner franchises. Remedy's current focus is on self-publishing its own titles and, in the case of the Max Payne 1 & 2 remake, developing partner-franchise games. For self-published games, the financial risk is stronger with Remedy funding developing and marketing; however, the rewards would also be higher. For partner franchise games, Remedy receives development funds at specified milestones and delivers an experience in accordance with the agreed specifications. Commercial success isn't as vital, though there's a royalty opportunity once the fees have been recouped.
Remedy's self-publishing has three guiding principles:
- Focused internal team on critical publishing areas, with operational scale and global reach through selected key partners
- Only publishes their own titles
- Publishing must be integrated with the dev teams throughout the games' lifecycles.
Commercial Model. Remedy has one primary commercial model for future game sales and royalty revenue: premium, fixed-priced games with the possibility of additional downloadable content for purchase. We've seen this before with Control, Alan Wake 2, and FBC: Firebreak. There's also the option of deals that make titles available on a subscription service, in return for a larger payment to Remedy from the platform owner.
Return on Investment. The goal for each published game is to double the money invested into the project.
Board of Directors. The Board of Directors consists of Henri Österlund (current Chairman of the Board since October 10th), Markus Mäki (former Chairman of the Board since October 10th), Kaisa Salakka, Kai Tavakka, and Sonja Ängeslevä.
Core Management Team. The Core Management Team consists of Markus Mäki (Interim CEO), Sami Järvi (Creative Director), Mikael Kasurinen (Creative Director), Santtu Kallionpää (CFO), Mika Vehkala (CTO), and Johannes Paloheimo (CCO). Changes outside of the reporting area include Jean-Charles Gaudechon, who became CEO as of March 1st 2026, and Tero Virtala, who was CEO until 21st October 2025.
Recap / Studio Goals 2025 - 2030
Remedy’s 2025-2030 strategy is concentrated on our four strategic pillars:
- Creating and growing world-class gaming franchises
- Making distinctive category-leading games
- Working in ways that enable successful productions
- Self-publishing the games we own
The goal is to at least double the 2024 revenue and have an EBITDA margin of 20% by 2027.
