CD PROJEKT Group: FY 2025 Earnings Presentation

Key insights

7 takeaways

01
CD PROJEKT Group reported a 2025 net profit of 594.7 million PLN, a 34% year-over-year increase, with a net profitability margin of 60.1%.See it on page 16
02
Total sales revenue grew by 9% to 866.9 million PLN, with the Cyberpunk IP serving as the primary driver at 671.9 million PLN, up 12% from the previous year.See it on page 14
03
Capitalized development expenditures rose by 65%, fueling a workforce expansion from 707 developers in early 2025 to 933 by February 2026.See it on page 11
04
Total assets reached 3.5 billion PLN, reflecting a 16% growth driven primarily by the company's increased investment in long-term development projects.See it on page 18
05
The Witcher IP generated 154.9 million PLN in revenue, supported by a lifetime sales volume of 60 million copies for The Witcher 3: Wild Hunt.See it on page 3
06
Cyberpunk 2077 has reached a total of 35 million copies sold, maintaining its position as the company's lead revenue engine.See it on page 6
07
The company is prioritizing long-term franchise sustainability by allocating its largest development teams to the next installments of The Witcher and Cyberpunk franchises.See it on page 11

Summary

The CD PROJEKT Group fiscal year 2025 earnings presentation outlines the company’s financial performance, franchise development, and operational scaling. The primary thesis centers on the continued commercial viability of the Cyberpunk and Witcher intellectual properties, supported by a strategic shift toward long-term development projects and expanded platform reach. The company reported a net profit of 594.7 million PLN for 2025, representing a 34% increase over the previous year, with net profitability reaching 60.1%.

Key financial drivers included a 9% increase in total sales revenue to 866.9 million PLN. The Cyberpunk IP remained the primary revenue engine, contributing 671.9 million PLN, a 12% year-over-year increase, while the Witcher IP generated 154.9 million PLN. The company’s balance sheet reflects a 16% growth in total assets, reaching 3.5 billion PLN, largely driven by a 65% increase in capitalized development expenditures. This investment aligns with the company’s scaling of its workforce, which grew from 707 developers in early 2025 to 933 by February 2026, with the largest team allocations dedicated to the next installment of The Witcher and the Cyberpunk franchise.

The scope of the report covers global operations for the 2025 fiscal year, focusing on the company’s internal development projects and the lifecycle management of its existing game portfolio. Methodology relies on internal financial accounting, sales data tracking for major titles—including the 35 million copies sold of Cyberpunk 2077 and the 60 million copies sold of The Witcher 3: Wild Hunt—and project-specific resource allocation metrics. The company continues to leverage franchise "flywheels" to maintain player engagement, utilizing new platform integrations and service expansions to sustain long-term revenue streams.