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 have been legal director here at Remedy for the last six 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 will 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 will 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 will end with a Q&A session. With that, over to you, JC.
Thank you, Ieva. Hello, everyone. All right, let us start with the quarter in numbers. Revenue grew to EUR 39.6 million, more than three times the level of a year ago. That increase came from CONTROL Resonant, even though only pre-orders and seven 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 is 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 game's development costs. In the comparison period, EBIT was weighted down by the FBC: Firebreak impairment. Operating cash flow was roughly break-even at -EUR 0.1 million. But as usual, Santtu will go through the numbers in more detail later.
This quarter, we reached a moment we had 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 is 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 us let players and critics speak for themselves. Here is our accolades trailer. 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 a physical copy. We hear that quite a bit these days.
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. With the sequel, CONTROL is no longer just a much-beloved game, it is now a true franchise, and one that we are 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 gameplay 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 have answered these questions. And one that kept our creative identity intact, and that is 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 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 at 4.7, 4.8 for EGS, and the Metacritic user score today stands at 8.8. Player sentiment is what drives word of mouth, long-term sales, and it's where the game performs best at the moment. Great to see.
CONTROL Resonant got the largest marketing campaign in Remedy's history, and it peaked in Q3, as we said, around launch, which was, you see also, some high spend during that quarter. In order to exist, it's extremely important that you have the right budget and the right activity behind it. 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, or 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. and everywhere else, but this was a first for us, so happy with that. We brought the game to regional events. In Shanghai, fans met the team in person. 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. 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. 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 onto the streets. 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. 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 markets, 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 three. Again, pushing in Asia, pushing in Latin America was quite important to us that time, and be truly global, trying to be truly global. A quick word on the platform. 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 a 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 wishlists. That's a substantial audience to tap into, and converting it is our focus for the month 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. 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. 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 three years after launch. One milestone worth noting, Alan Wake 2's development costs were fully depreciated during Q3. From here on, its royalties flow to 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 two 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 two games are reinforcing each other, and that's exactly what you want to see from a franchise. Finally, FBC: Firebreak. The game remains live and playable, with revenue coming mainly from subscription service agreements. It's now in its second year on the market, sorry. 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. With that, over to Santtu for the financials. Thank you.
Thank you, JC, and good afternoon. 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 or 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 disc 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 partner's royalty share and record depreciation, which brings us to the EBIT contribution from physical sales. 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.
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. 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 royalties 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. 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. 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. In this quarter, the share of game sales has grown with the launch of CONTROL Resonant. I think it is clear that we are proceeding with the self-publishing strategy. Overall, profitability improved from the comparison period and was positive. EBITDA was +EUR 6.8 million 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. After that, Remedy will retain a greater share of game sales. So, overall, profitability improved from the comparison period and was positive. At peak of marketing activity, it 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 non-cash impairment of EUR 14.9 million related to FBC: Firebreak that was recognized in Q3 last year. 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. 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. Moving on to depreciation. 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, and of this, EUR 5.5 million was game project-related. Other game project depreciations included a final depreciation of Alan Wake 2's 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. As a reminder, the comparison period Q3 2025, we recognized non-cash impairment of EUR 14.9 million related to FBC: Firebreak. 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 . Incoming and outcoming operative 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. These together affected the cash flow from investments, which was +EUR 0.2 million. Cash flow from financing at -EUR 0.4 million 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 major part of the launch marketing included. Year-to-date EBIT is still -EUR 2.3 million , 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.
Thank you, Santtu. Our full-year outlook isn't changed. We expect revenue and EBITDA to increase from the previous year.
Thank you JC, and thank you, Santtu. Now it is time for our questions and answers session. Please type in your questions to the field below the webcast. We already have several good questions waiting, so let us jump right in. All right, first question for you, JC. 50% of Resonant players were new to CONTROL. Are the audience expansion efforts financially worth it if core CONTROL fans do not comprise the majority of launch sales?
Very good question. I want to say 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 is a great way to share our thinking. When it comes to the 50%, it is absolutely good news for us, and it is absolutely good news for Remedy. I think there is no question around, is this a positive ROI? Does that make sense? Two things. One, I do not think we have left any of our core fans behind. We have been ambitious, bold with this game, but also we are pleased, and the feedback was really that CONTROL fans were here, and if they did not convert day one, they will convert. They are close to us, and Remedy has a very strong user fan base. That is extremely important to us.
Now, I think it is 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 is absolutely worth it to go after a larger player base.
Thank you. Next question also for you, JC. How did the Resonant launch go from a publishing operations perspective?
As we said multiple times, it was probably the first, or it was the first at this scale. It is also not a newbie team. It is a team that learned a lot over the years, not just on FBC: Firebreak, but even before working with third party. It is a team, when I came, that I really felt that had what it take to do well, and that is exactly what we saw. I think the plan was executed as planned, and really well, to be honest. It was not an easy campaign, and even a less easy window. Despite that, we have seen and we have clear data showing us that we were able to drive a lot of attention on that game.
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?
It is a bit early to say. Why? Because what we are 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 have learned, when people have that game, they love it. So it is really about making the jump and acquiring the game, and that is why we need to help players by supporting the positive word. That is really important for Q4 and after, by putting the game into more hands, we mentioned that. 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 is basically the goal here.
Fantastic. Thank you. Then a question for you, Santtu. Were there any B2B deals in our Q3 revenue?
Yes. We accrue B2B deals in our revenue when they happen and become active. For example, the related game being available for the players. The answer is that yes, we had active B2B deal with NVIDIA during Q3, and it was fully included in our Q3 figures.
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?
Yeah, 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. Q4 marketing will continue, but it will be on a clearly lower level compared to Q3.
Fantastic. 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. Can you comment and clarify on how far along Resonant is toward recouping our initial development and marketing investment today or at the end of Q3?
Yeah. 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. It's good to remember that in Q3, we had only seven days of sales and also the pre-sales, which happened before launch of the game.
Thank you. Then a question for you, JC. Were marketing investments scaled back after critic reviews did not surpass relevant launch window competitors?
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% 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.
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?
No, I don't think we are, but that's about-- You said Europe, right?
Yes.
You mentioned, yeah.
Yes, Europe. Yeah.
No, that's very astute comment, because as you see the ranking, you're like, "Well, where is France? Where is Germany?" We're all like, "We were in Berlin." 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? Were we very focused on other regions, not enough on Europe? This is part of being, again, a publisher on top of being a developer. 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.
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 share?
Yeah. Well, 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. It is good to remember that the royalties paid out to our partner will decrease when the recoup is full.
Fantastic. Then another question for you, Santtu. Did the 1 million copies sold milestone include physical sell-through or sell-in copies?
Yeah. 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.
Excellent. All right. Next, we have a question for you, JC. Could you please explain the business rationale for an exclusive advance access to a single platform, which can then lower attach rates of deluxe editions on other platforms?
That's a good question. I mean, at the time, I think when you have the opportunity to partner with one of the dominant platforms, like Sony and 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.
Fantastic. Then, JC, can you perhaps tell us or comment on the performance of the physical game? Do you want to tell anything on the delay on that?
Yeah. 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 our 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, is important to our players. They very much liked, and we've seen interest on the physical front, both actually selling and sell-through. So, that's pretty much what I can say today.
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? Have you seen any meaningful differences in conversion rates from wishlist to purchases? Yeah.
Yeah. 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. In terms of conversion, we touched on that too on a previous question, would have liked to see a higher conversion in Europe.
All right. Thank you. Next, we have a question for Santtu. Are the 2.4 million wishlists reported in Q3 net or gross? In other words, are they converted to sales deducted?
Yeah. So it's the outstanding wishlist amount, which means it's the net amount. So in practice, if someone has first wishlisted the game and then later purchased it has been deducted from the figure. So 2.4 million is actually what we have left at the moment.
Fantastic. 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 into that project?
Yeah. 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. If we calculate all that cost together with the actual investment, we can say that it hasn't been yet fully covered.
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? What's the rationale behind the current monetization strategy, and is this something we can improve or change in the future?
Mm-hmm. I mean, 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 one 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 point. There are things we can do.
We don't want to. We're not going to have microtransaction into the game just for the sake of having so. 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.
Excellent. 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%?
Okay, so these are the long-term targets that have been set by our Board in November 2024, I believe. Today, the one thing I can comment on is obviously the current outlook, and I've 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.
Fantastic. Thank you. A bit of a longer question for you, JC, still. You've now led Remedy for six months plus, and you've seen CONTROL Resonant launch. What would you say are the biggest focus points for the company currently? 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?
Yeah. 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 I was able to have an impact in some areas, and then being to post-launch and be much closer to all the products, the teams that are currently in flight at Remedy.
What I would say is that if I would summarize it in three 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. 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? That's the self-publishing part. 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 units, as simple as that. We got to get better at this. Again, excellent effort on CONTROL Resonant. Much more to come. 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. The third one I would say is grow sustainability. What I mean by growing sustainability, it's really turn commercial successes, or sorry, creative successes into commercial successes. 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.
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. 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 email to the address on the screen, and we'll be back in our next earnings call, which is our financial statement release 2026. With that, it's bye-bye from us.
Thank you, Ieva.
Thank you.
Thank you, everyone.
Thank you.