Separate Financial Statements of CD PROJEKT S.A. for 2025

Key insights

6 takeaways

01
CD PROJEKT S.A. reported a net profit of 635.2 million PLN for 2025, a significant increase from the restated 445.1 million PLN in 2024.See it on page 10
02
The company maintains a debt-free status, relying entirely on internal reserves to fund operations and development rather than external interest-bearing loans or bonds.See it on page 71
03
Research and development investment totaled 504.6 million PLN in 2025, supported by the company’s status as a certified R&D center and the application of preferential IP Box tax rates.See it on page 82
04
Total assets reached 3.51 billion PLN with equity rising to 3.29 billion PLN, reflecting a strengthened balance sheet and disciplined financial management.See it on page 3
05
Operational performance included 866.9 million PLN in net sales and 477.9 million PLN in operating profit.See it on page 3
06
Strategic corporate actions in 2025 included the integration of The Molasses Flood LLC into North American operations and the implementation of a treasury share buyback program for incentive plans.See it on page 83

Summary

CD PROJEKT S.A. demonstrated robust financial performance throughout the 2025 fiscal year, characterized by significant growth in profitability and a strengthened balance sheet. The company reported a net profit of 635.2 million PLN, a substantial increase from the restated 445.1 million PLN in 2024. This growth was supported by net sales of 866.9 million PLN and an operating profit of 477.9 million PLN. Total assets expanded to 3.51 billion PLN, while equity rose to 3.29 billion PLN, underscoring the firm’s solid financial foundation. Management confirms that the company remains a going concern, maintaining a debt-free status regarding external interest-bearing loans and bonds, and relying instead on internal reserves to fund long-term operations and development.

The company’s financial strategy in 2025 focused on sustained investment in research and development, which reached 504.6 million PLN, and the strategic management of its intellectual property. Significant capital was directed toward property and equipment, alongside the continued amortization of major titles like Cyberpunk 2077. Financial stability was further bolstered by a conservative risk management policy, utilizing hedging strategies and diversified cash investments to mitigate currency and interest rate volatility. The firm also streamlined its corporate structure, including the integration of The Molasses Flood LLC into its North American operations, and implemented a treasury share buyback program to support its 2023–2027 incentive plans.

Operational efficiency was enhanced by the company’s status as a certified research and development center, allowing for the application of preferential tax treatments such as the IP Box rate. While the 2024 figures were subject to minor restatements due to tax adjustments and actuarial losses, the 2025 results reflect a period of disciplined growth and strategic alignment. Looking forward, the company has established ambitious performance targets for its 2026–2029 incentive programs, signaling continued confidence in its long-term development pipeline and market position within the global gaming industry.