CD PROJEKT Group H1 2025 Earnings Presentation

Key insights

6 takeaways

01
CD PROJEKT reported H1 2025 sales revenue of 443 million PLN, a 4% year-over-year increase, with a net profit of 155 million PLN and a 35% net profitability margin.See it on page 10
02
Development expenditure is a primary focus, with 230.5 million PLN in new spending during H1 2025 and a 29% increase in capitalized development expenditures contributing to total assets of 3.19 billion PLN.See it on page 14
03
The company is expanding the Cyberpunk 2077 franchise with upcoming releases for the Nintendo Switch 2 and Apple Silicon Mac models.See it on page 4
04
As of July 31, 2025, the group employs 799 developers, with the largest teams currently assigned to The Witcher 4 and Cyberpunk 2.See it on page 8
05
The Witcher 4 is confirmed to be in active development utilizing Unreal Engine 5 as part of the company's long-term franchise flywheel strategy.See it on page 2
06
The company maintains a stable equity position of 2.88 billion PLN despite a decrease in cash and bank deposits resulting from heavy investment in future titles.See it on page 14

Summary

The CD PROJEKT Group H1 2025 earnings presentation outlines the company’s financial performance and operational progress for the first half of the year. The primary focus remains on the ongoing development of major intellectual properties, specifically The Witcher 4, which is currently utilizing Unreal Engine 5, and the expansion of the Cyberpunk 2077 franchise through new platform releases, including the Ultimate Edition for Nintendo Switch 2 and a version for Apple Silicon Mac models.

Financially, the group reported sales revenue of 443 million PLN for the first half of 2025, representing a 4% increase compared to the same period in 2024. Net profit for the period reached 155 million PLN, with a net profitability margin of 35%. While the company saw a 10% increase in gross profit on sales, total assets grew by 5% to 3.19 billion PLN, driven largely by a 29% increase in capitalized development expenditures. As of July 31, 2025, the organization employed 799 developers across various projects, with the largest teams dedicated to The Witcher 4 and Cyberpunk 2.

The operational strategy emphasizes a "franchise flywheel" model, integrating core gaming experiences with transmedia efforts, merchandise, and third-party licensing. Development activity remains robust, with significant capital allocation toward new projects, as evidenced by the 230.5 million PLN in new development spending during the first half of the year. Despite a slight decrease in cash and bank deposits—partially attributed to these heavy development investments—the company maintains a stable equity position of 2.88 billion PLN. The data reflects a period of transition characterized by high investment in future titles while maintaining steady revenue streams from established franchises.