Remedy Entertainment Oyj (REMEDY.HE) Q3 2026 Earnings Call Transcript

Ieva Kovarskyte: Ladies and gentlemen, dear Remedy investors, a warm welcome to our webcast for Remedy's Q3 2026 Business Review. My name is Ieva Kovarskyte. I've been Legal Director here at Remedy for the last 6 years, and I will be hosting this webcast session. Joining me today are our CEO, JC; and our CFO, Santtu. JC will start by taking us through the quarter. First, we'll take a closer look at CONTROL Resonant, the launch, how the game has been received, our marketing campaign, where it found its audience and the road ahead. Then as usual, we'll look at our games in the market, Alan Wake 2, Control and FBC: Firebreak as well as our development pipeline. After that, Santtu will take a deeper dive into the financials and our outlook, and we'll end with a Q&A session. With that, over to you, JC.

Jean-Charles Gaudechon: Thank you, Ieva. Hello, everyone. All right. Let's start with the quarter in numbers. Revenue grew to EUR 39.6 million, more than 3x the level of a year ago. That increase came from CONTROL Resonant, even though only preorders and 7 days of game sales falls into that quarter. EBITDA rose to EUR 6.8 million and EBIT turned positive at EUR 0.6 million. Our costs also increased as normal in a launch quarter. Our marketing activity and spend peaked around the launch, platform fees and royalty expenses grew with sales. And we started depreciating the games development costs. In the comparison period, EBIT was weighed down by the FBC: Firebreak impairment. Operating cash flow was roughly breakeven at minus EUR 0.1 million. But as usual, Santtu will go through the numbers in more detail later. This quarter, we reached the moment we've been building towards for years, massive work to get to the launch of CONTROL Resonant. This is the first game of this scale that Remedy has both developed and self-published. It's the sequel to Control built on our own IP with our own voice and our most ambitious release to date. But rather than just telling you how it was received, let's let players and critics speak for themselves. Here's our Accolades trailer. [Presentation]

Jean-Charles Gaudechon: Very nice. So on September 24, CONTROL Resonant launched digitally across PlayStation 5, Xbox Series X|S and PC. This was a big moment for Remedy, obviously. We delivered it on schedule with very high quality and players welcomed it with real excitement. Three weeks later, on October 15, the physical edition arrived in stores. Many players still prefer physical copy. We hear that quite a bit these days. And some were waiting for exactly that. On the same day, CONTROL Resonant passed 1 million copies sold worldwide. That makes it officially the fastest-selling game in Remedy's history. And with the sequel, Control is no longer just a much beloved game. It's now a true franchise and one that we're going to keep building on. Reviews were strong overall. Three themes came through consistently. Our best work yet, which is not nothing. reviewers called it Remedy's strongest game and the best game play we have ever made, a confident new direction. The move into action-RPG was seen as a deliberate step forward, not a risk anymore, which initially there were questions around that. I think we've answered these questions and one that kept our creative identity intact, and that's really, really important for Remedy, as you know. But also AAA ambition. Critics placed Remedy amongst the few studios working at this level of quality and boldness this year. This matters beyond just one game. It shows that Remedy -- what Remedy does best, evolving as a studio, pushing its franchises into new territory and delivering at the top of the industry. Across all reviews, that adds up to a Metacritic score of 83. Players have been even more positive than that. On Steam, 91% of reviews are positive, which is quite incredible. PlayStation 5 players rated it 4.7, 4.8 for EGS and the Metacritic user score today stands at 8.8. And it's not nothing because player sentiment is what drives word of mouth, long-term sales, and it's where the game performs best at the moment. So great to see. So CONTROL Resonant got the largest marketing campaign in Remedy's history, and it peaked in Q3, as we said, around launch, which why you see also like some high spend during that quarter. But in order to exist, it's extremely important that you have the right budget and the right activity behind it. So we went bigger than ever across digital channels on billboards. You've seen us in major U.S. cities. You've seen us in London, in Berlin. PlayStation and NVIDIA joined us as partners and leading content creators also took the game to their audiences, all that part of the plan of our campaign. We also went local in some of the strategic territories for us, geos, I should say, in Asia, in Latin America, where press and creators were able to play the game early also, which was a bit more of a focus, not that it wasn't the case in the U.S., everywhere else, but this was a first for us. So happy with that. And we brought the game to regional events in Shanghai, fans met the team in person. So we kind of went the extra mile is the best way to put it in some of these regions. The goal was obviously to get the world talking about Control and our analytics data and the numbers that we see show us that it did. So again, great attention at launch, very happy with how it landed. A few highlights also from the out-of-home campaign. In New York, we projected CONTROL Resonant onto the 33 Thomas Street building. And if you don't know that building, then you're not a lover of Remedy. But of course, that was everything but random. It got people talking well beyond New York, which was our goal, obviously. There was a stunt, but also trying to push it and make it viral. In London, you've seen large-scale murals brought the game's world on to the streets. And of course, we were in Times Square right in the middle of the launch. Moments like these and what we're trying to do really is to make that campaign feel like an event, a cultural phenomenon, not just an ad buy campaign and very proud of the team again on that push. Now let's look at where the sales came from. The United States was by far our biggest market for CONTROL Resonant, both in terms of PC and console, accounting for nearly half of all sales. That's the world's biggest and one of the most premium games market. And it tells us that our campaign there landed really well. Same for the game, which did good. On PC, Chinese-speaking regions came second ahead of the U.K. We went further than ever before to welcome Chinese-speaking players, local partners, events in the region, and a full Chinese localization, as you know, text and voice. Happy with the result there. On consoles, the U.K. and Canada followed the U.S. and in consoles units, happy to see Brazil, which made the top 3. So again, pushing in Asia, pushing in Latin America was quite important to us at that time and be truly global, trying to be truly global. A quick word on the platform. So it's roughly a 50-50 between PC and consoles, which is overall a healthy mix. Something worth noting and really important to us is that close to half of our players are new to Control and new to Remedy actually. We can see that they never played the Remedy game. That was one of the key goals for this launch. The mandate initially for this game was to broaden the player reach. And it's clearly what happened. The game is bringing new players into the franchise and again, into the Remedy ecosystem. We currently have outstanding 2.4 million wish lists. That's a substantial audience to tap into and converting it is our focus for the rest -- for the months ahead. Several options are on the table to do that to increase conversion from putting the game in hands of more players for additional conversion once again to promotions. As you know, this is the promotion time, which could come a bit fast for some. We're well aware of that, but it will also help us stay top of mind to exist in a very crowded market with a pretty big game coming up. So we have to be active on that front for many different reasons. But again, we'll choose the right mix based on what the data tells us. So that's it for CONTROL Resonant. Let's turn to our other games in the market, starting with Alan Wake. The franchise had a quieter quarter, which is natural for a game 3 years after launch. One milestone worth noting, Alan Wake 2 development costs were fully depreciated during Q3. From here on, its royalties flow through our results with no associated depreciation. Then the original Control, its sales in Q3 were higher than a year ago and higher than in either of the first 2 quarters of this year. Interest in the franchise has stayed strong ever since we announced CONTROL Resonant last December and the run-up to launch along with promotions on the original game gave it another lift. The 2 games are reinforcing each other, and that's exactly what you want to see from a franchise. And finally, FBC: Firebreak. The game remains live and playable with revenue coming mainly from subscription service agreements. It's now in its second year of the market -- on the market, sorry. And as you'd expect at this stage, revenue is lower than earlier in its life cycle. Now a look at our development pipeline as a whole. CONTROL Resonant has moved into post-launch development. Part of the team continues to support the game and its players, while others have moved on to other projects. Max Payne 1 & 2 Remake remains in full production with Rockstar Games as publisher. And our new project continues in production readiness. And with that, over to Santtu for the financials. Thank you.

Santtu Kallionpaa: Thank you, JC, and good afternoon. So as this is now the first time we are reporting revenue from a self-published game done with a partner, I will start by briefly walking us through how game sales flow through our P&L. Starting from the top. For digital game sales, the revenue we report is the sales figure after the sales-related taxes such as VAT have been deducted. Next, under the line revenue-related partner expenses, we accrue platform fees and partner royalties. These costs are directly linked to the game sales revenue, so they move in step with it. The final element is depreciation. Here, we record the depreciation of capitalized development costs for the game as well as the publishing rights we have acquired. Taken together, these steps give us the EBIT contribution from digital game sales. Let's then turn to physical unit sales. For physical copies, the logic is different. A copy of CONTROL Resonant is sold to a retailer, our distributor. And before any revenue reaches remedy, a number of costs are deducted along the way. Sales related taxes, the retailer and distributor margins, other distribution costs and the manufacturing costs of the disk itself. What is left is the royalty we receive, and this is what we accrue on our revenue line based on the sell-in of physical units. From that royalty revenue, we then deduct our partners' royalty share and record depreciation, which brings us to the EBIT contribution from physical sales. So to summarize the difference briefly, for digital sales, we recognize the full consumer sales after taxes. For physical units, we recognize the royalty that remains after the third-party costs. Finally, a note on cash flow. So in most cases, related to digital sales, the actual payments to us arrive during the month following the sales transaction. For physical sales, we receive payments with longer delay after the initial investment to manufacturing batch has been paid back. Then let's move to actual figures and look first at Q3 revenue. So in Q3 2026 revenue, it was EUR 39.6 million. The year-on-year growth for the quarter was EUR 27.5 million. The growth came from game sales and royalty side and was driven by the game sales of CONTROL Resonant. Also, original Control game sales picked up with the launch of the new game in Control franchise and Q3 2026 game sales and royalties included also some revenue from FBC: Firebreak and Alan Wake games. Development fees decreased from the comparison period following the agreed development milestones. We received development fees from Max Payne 1 & 2 Remake and the final development fee accruals from CONTROL Resonant. And as a note, Q3 2026, the exchange rates had a small positive impact on the comparable revenue growth. Looking to longer history in Q3 2026, the quarterly revenue was on an all-time high level. And in this quarter, the share of game sales has grown with the launch of CONTROL Resonant, and I think it's clear that we are proceeding with the self-publishing strategy. In overall, profitability improved from the comparison period and was positive. EBITDA was EUR 6.8 million positive in Q3 2026, improving by EUR 6.1 million from the comparison period. EBITDA improvement was driven by higher year-on-year revenue level, even if royalty expenses and platform fees as well as marketing expenses also increased from the comparison period. As said in the beginning, platform fees are connected to the sales of Remedy old games and will follow the sales trend of those games. Royalty expenses includes mainly Annapurna's share of the CONTROL Resonant game sales. These expenses will be proportional to each party's investment amounts until the initial investments will be paid back. And after that, Remedy will retain a greater share of game sales. So in overall, profitability improved from the comparison period and was positive and a peak of marketing activity is concentrated around the CONTROL Resonant game launch. Marketing will continue in Q4 as well, but on a smaller scale. The operating profit was EUR 0.6 million in Q3 2026, and it improved by EUR 17 million from the comparison period. Besides revenue being on a higher year-on-year level in Q3 2026, the EBIT improved also because of noncash impairment of EUR 14.9 million related to FBC: Firebreak that was recognized in Q3 last year. So if you look at the expenses in more detail, we can see a year-on-year expense growth in the development expenses. Gross external development and personnel expenses increased by 4.2% from EUR 10.4 million in Q3 2025 to EUR 10.8 million in Q3 2026. Personnel expenses at EUR 7.2 million remained on a similar level as in the comparison period. The expense growth came from the external development expenses that increased by 13.7% from the comparison period to EUR 3.6 million. The increase was mainly connected to the launch of CONTROL Resonant at this phase of the game development, localization and quality assurance were done with external partners. For the remaining year, we expect external development costs to be on a clearly lower level. And due to the efforts put into CONTROL Resonant, the capitalized development expenses at EUR 4.8 million were on a higher level than in the comparison period. Then moving on to depreciation. So during the reporting period, we started to depreciate CONTROL Resonant, which accounted for a majority of the total Q3 depreciation. Depreciation of capitalized development costs begins at the time of the game launch and its schedule follows the game's expected sales life cycle as well as its sales curve during the depreciation period. Depreciation typically lasts from 2 to 5 years, depending on the game. Total depreciation in Q3 2026 was EUR 6.2 million, out of this EUR 5.5 million was game project related. Other game project depreciations included a final depreciation of Alan Wake 2 development expenses. Going forward, all royalties received for the game will land directly to our bottom line. In this quarter, we also had a moderate depreciation related to FBC: Firebreak that depreciation will continue for the time being. And still, as a reminder, the comparison period Q3 2025, we recognized noncash impairment of EUR 14.9 million related to FBC: Firebreak. So at the end of September, our total cash level was EUR 24.1 million. This included EUR 9.3 million in cash and EUR 14.8 million in short-term cash management investments. Cash flow from operations was EUR 0.1 million negative. Incoming and outcoming operating cash flows were on a similar level during the quarter. Our trade and other receivables that mainly includes CONTROL Resonant sales increased by EUR 19.2 million to EUR 27.7 million. Trade and other payables amounted to EUR 23.3 million. They were also on a higher level than previously, mainly because of future Annapurna royalty expense payments and upcoming marketing-related payments. During the quarter, we realized EUR 5 million of our investments, which is included in our cash flow from investments as a positive element. Additionally, we capitalized EUR 4.8 million of development costs. This together affected the cash flow from investments, which was positive EUR 0.2 million. Cash flow from financing at EUR 0.4 million negative remained on a similar level as in previous quarters. As we can see, historically, our year-to-date Q3 revenue at EUR 62.9 million is now at an all-time high level. Year-to-date EBITDA, EUR 7.3 million, declining from 2025. And it's good to remember, we have now a major part of the launch marketing included. Year-to-date EBIT is still EUR 2.3 million negative, and it has improved from 2025. Finally, it's clear that Q4 is important for us and will define Remedy's profitability development for the whole year 2026. Now back to JC for outlook.

Jean-Charles Gaudechon: Thank you, Santtu. All right. So our full year outlook is unchanged. We expect revenue and EBITDA to increase from the previous year.

Ieva Kovarskyte: Thank you, JC and thank you, Santtu. Now it's time for our question-and-answer session. [Operator Instructions] We already have several good questions waiting, so let's jump right in. All right. First question for you, JC. 50% of Resonant players are new to Control. Are the audience expansion efforts financially worth it if core Control fans don't comprise the majority of launch sales?

Jean-Charles Gaudechon: Very good question. I want to see something real quick. Very happy to see that many questions flow in. Thank you to everyone following these questions. Very happy to see that. It's a great way to share our thinking. When it comes to the 50%, it's absolutely good news for us. It's absolutely good news for Remedy. I think there's no question around is this a positive ROI? Does that make sense? Two things. One, I don't think we've left any of our core fans behind. We've been ambitious bold with this game, but also we're pleased and the feedback was really that Control fans were here. And if they didn't convert day 1, they will convert, they're close to us and Remedy has a very strong user fan base. That's extremely important to us. Now I think it's extremely healthy for both the studio and a franchise to grow into a new reach of player into a new player base, into a bigger player base. So I think it's absolutely worth it to go after a larger player base.

Ieva Kovarskyte: Thank you. Next question also for you, JC. How did the Resonant launch go from a publishing operations perspective?

Jean-Charles Gaudechon: So as we said multiple times, it was probably the first -- or it was the first at this scale. It's also not a new team. It's a team that learned a lot over the years, not just on a FBC: Firebreak, but even before working with third party. It's a team when I came that I really felt that had what it takes to do well. And that's exactly what we saw. I think the plan was executed as planned and really well, to be honest. And it was not an easy campaign and even a less easy window. Despite that, we've seen and we have clear data showing us that we were able to drive a lot of attention on that game.

Ieva Kovarskyte: Fantastic. One more question for you, JC. CONTROL Resonant is now in post-launch development. Is there any paid content such as an expansion perhaps planned?

Jean-Charles Gaudechon: It's a bit early to say. Why? Because what we're focused on right now is converting the large number of players that are whether still on the fence or waiting a little bit to get the game or these are players we need to convert. Something we've learned, when people have that game, they love it. So it's really about making the jump and acquiring the game. And that's why we need to help players by supporting the positive word. That's really important for Q4 and after, by putting the game into more hands, we mentioned that. And also, as I said, using some of the promotions, not just to tweak with price, but also to stay top of mind out there and reachable. So that's basically the goal here.

Ieva Kovarskyte: Fantastic. Thank you. Then a question for you, Santtu. Were there any B2B deals into our Q3 revenue?

Santtu Kallionpaa: Yes. So we accrue B2B deals in our revenue when they happen and become active, for example, the related game being available for the players. And the answer is that, yes, we had active B2B deal with NVIDIA during Q3, and it was fully included in our Q3 figures.

Ieva Kovarskyte: Fantastic. One more question for you, Santtu. Other operating expenses were at EUR 8 million in Q3. And how much of that was CONTROL Resonant marketing? And do we expect Q4 marketing to be at a clearly lower level?

Santtu Kallionpaa: Yes, we can say it's fair to assume that the increase in our other operating costs in Q3 were driven by CONTROL Resonant-related publishing activities, mostly marketing. And Q4 marketing will continue, but it will be on a clearly lower level compared to Q3.

Ieva Kovarskyte: Fantastic. And one more question for you, Santtu. In Q3, revenue-related partner expenses were EUR 18.9 million against EUR 35.3 million in game sales and royalties. So can you comment and clarify on how far along Resonant is towards recouping our initial development and marketing investment today or at the end of Q3?

Santtu Kallionpaa: Yes. I think it's good to note first that the revenue-related partner expenses, they include the fees paid to our platforms and our partner, in this case, Annapurna. Regarding the development cost, we can say that the significant part of them is still end of Q3, not paid back. And it's good to remember that in Q3, we had only 7 days of sales and also the presales, which happened before launch of the game.

Ieva Kovarskyte: Thank you. Then a question for you, JC. Were marketing investments scaled back after critic reviews did not surpass relevant recent launch window competitors?

Jean-Charles Gaudechon: No, no. I mean the marketing spend and marketing plan was pretty much executed as planned. However, the budget moves was planned, of course, we react to the market. We react to the data we see, but not necessarily the review score. Also, I would say that today, when we landed in an 83 against an 84, it's pretty much the same in people's mind. This is an excellent high-quality maybe top 15% of products out there of the year. So I think we're clearly seen as a high-quality product, AAA, and that's not going to change or impact directly the marketing spend.

Ieva Kovarskyte: Fantastic. The next question again for you, JC. The commentator is wondering that Europe seems to have been missing in our Q3 comments despite being traditionally strong for Remedy or a strong area for Remedy. Are we perhaps losing a core demographic of our games?

Jean-Charles Gaudechon: No, I don't think we are, but that's -- you said Europe, right?

Ieva Kovarskyte: Yes. Yes.

Jean-Charles Gaudechon: You mentioned -- that's a very astute comment because as you see the ranking, you're like, well, where is France, where is Germany? We're like we were in Berlin. So I would say it's true that I would have liked to see Europe closer to our heart, closer to our culture to be higher in this ranking. That's something we've obviously identified. That's something we're trying to understand. Is it product? Is it marketing campaign? Did we -- were we very focused on other regions, not enough on Europe? These are -- this is part of being, again, a publisher on top of being a developer. So yes, a very good comment. I would agree Europe could have been higher, and that's going to be some of the effort that we put forward in months to come.

Ieva Kovarskyte: Thank you. Then a question for you, Santtu. Revenue-related partner costs were EUR 18.9 million in Q3. Roughly how much of that were platform fees and how much was Annapurna's share?

Santtu Kallionpaa: Yes. We can say that platform fees and partner royalties were roughly on the same level in our Q3 figures. Partner royalties were maybe slightly higher than platform fees. And it's good to remember that the royalties paid out to our partner will decrease when the recoup is full.

Ieva Kovarskyte: Fantastic. And then another question for you, Santtu. Did the 1 million copies sold milestone include physical sell-through or sell-in copies?

Santtu Kallionpaa: Yes. When counting the units sold, we count the units in when they are sold from Remedy's point of view. It means that we have used sell-in figure when counting that 1 million amount.

Ieva Kovarskyte: All right. Next, we have a question for you, JC. Could you please explain the business rationale for an exclusive advanced access to a single platform, which can then lower attach rates of Deluxe Editions on other platforms?

Jean-Charles Gaudechon: Good question. I mean, at the time, I think when you have the opportunity to partner with one of the dominant platforms like Sony PlayStation, that's something that obviously is interesting. I think it makes all the sense in the world. Today and moving forward, we will do a deep analysis on whether this is something we want to keep doing or not.

Ieva Kovarskyte: Fantastic. Then JC, can you perhaps tell us or comment on the performance of the physical game? And do you want to tell anything on the delay on that?

Jean-Charles Gaudechon: Yes. No. Well, delay, not happy by such delays. Obviously, we want to be and have the launch at the same time as simultaneous as you can. We don't like to have players wait for a specific platform. I want to apologize for players that felt that they had to wait longer. That said, physical is important to us. It's important to our players. They very much liked and we've seen interest on the physical front, both actually sell-in and sell-through. So that's pretty much what I can say today.

Ieva Kovarskyte: Lovely. Then JC, how would you comment on CONTROL Resonant sales mix since the launch geographically speaking? In particular, how has the Asia Pacific market, China, Japan performed relative to our expectations? And have you seen any meaningful differences in conversion rates, wish list to purchases?

Jean-Charles Gaudechon: Yes. Well, I think we saw during the presentation that we were positively surprised by the U.S., the United States, obviously, where the game worked really well. The campaign resonated really well. So obviously, positive surprise on that front. There was a push to be more in Chinese-speaking countries. Why? Because also that was based on data, we could see that Control and our games do resonate in Chinese-speaking territories. So happy to see that getting up on that rank also. And in terms of conversion, we touched on that too on a previous question, would have liked to see a higher conversion in Europe.

Ieva Kovarskyte: All right. Thank you. Next, we have a question for Santtu. Are the 2.4 million wish lists reported in Q3 net or gross? In other words, are they converted to sales, deducted?

Santtu Kallionpaa: Yes. So it's the outstanding wish list amount, which means it's a net amount. So in practice, if someone has first wish listed the game and then later purchased it, it has been deducted from the figure. So 2.4 million is actually 2.4 million is what we have left at the moment.

Ieva Kovarskyte: Fantastic. Then Santtu, could you comment on the fact that Epic has already recouped its cost for Alan Wake 2, but how about Remedy? Have we recouped our own investment in that project?

Santtu Kallionpaa: Yes. So there is no Alan Wake 2-related costs left in our balance sheet anymore. However, when Alan Wake 2 was launched in 2023, Remedy was spending on finalizing the game and all of that was not capitalized. And if we calculate all that cost together with the actual investment, we can say that it hasn't been yet fully covered.

Ieva Kovarskyte: Thank you very much. Next, JC, could you comment on our monetization strategy, which according to this commentator seems both historically and currently less aggressive compared to other comparable single-player competitors. So what's the rationale behind the current monetization strategy? And is this something we can improve or change in the future?

Jean-Charles Gaudechon: I mean, so for this one, for CONTROL Resonant, there was a lot of work going into analysis and finding the right price point. We wanted to take into account, to be honest, the current buying power, which is not unlimited out there to make it like a product that should be a no-brainer day 1 and after. We still stand by this. I think that in a very crowded window and for a studio and a product like from Remedy, we should be aggressive. Will that stay like that? No, same thing. We're going to have to -- or maybe yes, but what I mean is we're going to have to analyze it. And when we launch the next game, the context will be different, and then we'll have another analysis to see what is the best price points. But there are things we can do. We don't want to -- and no, we're not going to have microtransaction into the game just for the sake of having so. But we can find ways also to be smart about monetization. What's important again today is to make excellent games that can be bought day one by anyone out there. That remains the top priority for us.

Ieva Kovarskyte: Excellent. Then next question for you, JC. With Resonant's current trajectory, is Remedy on path to reach its 2027 financial targets of doubling our 2024 revenue with an EBITDA margin of at least 30%...

Jean-Charles Gaudechon: Okay. So these are the long-term targets that have been set by our Board in 2024 -- November 2024, I believe. Today, the one thing I can comment on is obviously the current outlook. And I said where we stand there. The 2027 outlook would come from the Board around February, I believe, and that will give you a better sense of what the future holds in terms of long-term targets.

Ieva Kovarskyte: Fantastic. Thank you. And then a bit of a longer question for you, JC, still. You've now led Remedy for 6 months plus, and you've seen CONTROL Resonant launch. So what would you say are the biggest focus points for the company currently? And in connection with that, could you also comment on our ability to then self-fund projects in the future unannounced projects and so forth if we choose to do so?

Jean-Charles Gaudechon: Yes. No, very good. Well, first, whether that's important or not, I love my time at Remedy so far. It's an incredible studio, not just what people see externally, but when you actually have a chance to be in that studio every day is incredible. That's one thing. But there's a lot of work ahead of us. I was indeed able to learn a ton as I tell the team, it's my first rodeo, and it was great for me to be able to come in March and really see the whole ramp-up the releasing of the game and there was -- I was able to have an impact in some areas and then be to post-launch and be much closer to all the products, the teams that are currently in flight at Remedy. And what I would say is that if I would summarize it in 3 things on what I want to focus on and keep focusing on. The first thing is deliver. We keep delivering incredible products. We can't take it for granted. It's -- and the track record of the studio is pretty impressive if you go from the very start. But that's something that can always change. That means having incredible people, keeping the most important people in the studio, which allow us to make these games. Without them, we can't deliver on any of that. So the whole development side delivery remains a top priority, also the quality of the game we make, right? I would say the second piece there is really to own our future, right? And that's the self-publishing part. How do we keep -- how do we retain the value that we create even more moving forward. That's what self-publishing give us is getting more revenue per unit as simple as that. We've got to get better at this, again, excellent effort on CONTROL Resonant, much more to come. And it's not just an effort that happens at every game launch. It's an everyday effort to grow a community, to groom a community, to talk to our players to understand how the games we're making will resonate out there. So that's really what I mean by owning our future. And the third one I would say is grow sustainability. And what I mean by growing sustainability, it's really turn commercial successes -- or sorry, creative successes into commercial success, that's something I've said before, something very important to me. We know this studio can release incredible games. Me as a CEO, my leadership team and then the leadership of each game and all the way to deep into the teams, we need to think about how we turn that into strong commercial successes because that gives us a sustainable future. You don't make that great games without having the financial freedom, and that's something very important to us moving forward and to me.

Ieva Kovarskyte: All right. Looking at the clock here, I believe we've taken a number of questions. There were so many good questions out there. We didn't have time to answer every single one. But I would like to hope and believe that we did answer more or less all of the topics that our audience was interested in. So thank you so much for being on the line and listening. Thank you for the call. For any additional questions, please send those over by e-mail to the address on the screen, and we'll be back in our next earnings call, which is our financial statement release 2026. And with that, it's bye-bye from us. Thank you.

Jean-Charles Gaudechon: Thank you, Ieva. Thank you, everyone.

Santtu Kallionpaa: Thank you.