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Redeye comment on Remedy’s Q1 business review. Sometimes milestone payments do not adapt to the quarterly economy so well, which is shown in the Q1-business review. Reported revenue during Q1 was EUR6.9m versus our estimated EUR11.1m. With a cost base largely fixed this resulted in an EBIT of EUR-5.6m in contrast to our expected EBIT of EUR-0.7m. The much anticipated Max Payne Remake has progressed into “proof of concept” stage during Q1. We believe our previous estimate of a H2 2025 release for this game is likely too conservative.
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