Remedy reported revenue of EUR 24.1 million in H2, in-line with our estimates of EUR 23.2 million. The profitability however exceeded our expectation with an EBIT of EUR 10.1 million (EBIT margin of 42%) versus our forecast of EUR 7.8 million. We believe the platform owners such as the tech giants Amazon and Microsoft paid more lucrative up-front payments than expected for Remedy-content in their subscription services. Remedy also gave some guidance regarding 2021, where we due to uncertainty of future game releases have been conservative. We have increased our base-case and our fair value range.