Management Board Report on CD PROJEKT Group Activities in 2025

Key insights

6 takeaways

01
CD PROJEKT Group divested its GOG.com segment in 2025 to focus exclusively on its internal AAA development pipeline, including the new Witcher saga, Cyberpunk 2, and the Hadar IP.See it on page 8
02
The company reported a net profit of PLN 594.7 million for 2025 and ended the year debt-free with cash reserves exceeding PLN 1.3 billion.See it on page 36
03
Strong operating cash flows from The Witcher 3 and Cyberpunk 2077 enabled the company to internally fund its R&D-heavy development cycle and distribute dividends.See it on page 17
04
The Group integrated The Molasses Flood into its primary studio structure and maintained a dual-CEO governance model while preparing to expand its Management Board in 2026.See it on page 15
05
Sustainability efforts in 2025 included the launch of a 2030 Decarbonization Plan and a transition to renewable energy sources, supported by alignment with CSRD and ESRS reporting frameworks.See it on page 96
06
The company implemented mitigation strategies for identified risks, including a gender pay gap and climate-related challenges, while securing EMAS certification and strengthening cybersecurity and ethics policies.See it on page 101

Summary

The 2025 Management Board Report details a pivotal year for the CD PROJEKT Group, characterized by a strategic narrowing of focus toward its core AAA development operations. The most significant organizational shift was the divestment of the GOG.com segment, allowing the company to concentrate exclusively on its internal development pipeline, which includes the new Witcher saga, Cyberpunk 2, and the internal "Hadar" IP. Supported by the continued commercial success of The Witcher 3 and Cyberpunk 2077, the Group maintained a robust financial position, reporting a net profit of PLN 594.7 million and ending the year debt-free with over PLN 1.3 billion in cash reserves.

Operationally, the Group leveraged its "franchise flywheel" model to drive long-term value while integrating The Molasses Flood into its primary studio structure. Financial stability was bolstered by strong operating cash flows, enabling the company to fund its R&D-heavy development cycle internally and distribute dividends. Governance remained stable, with the company maintaining a dual-CEO structure and preparing for an expanded Management Board in 2026. Risk management is handled through a decentralized internal control model, with oversight provided by the Supervisory Board and Audit Committee.

Sustainability and social responsibility emerged as core pillars of the 2025 strategy, with the Group aligning its disclosures with the CSRD and ESRS frameworks. Key achievements included a 2030 Decarbonization Plan, a transition to renewable energy sources, and the maintenance of high employee engagement levels. While the company reported a gender pay gap and identified specific climate-related risks, it implemented comprehensive mitigation strategies, including EMAS certification and rigorous cybersecurity and ethics policies. Overall, the Group enters the next fiscal period with a streamlined structure, strong liquidity, and a clear commitment to its long-term AAA development roadmap.