Condensed Interim Consolidated Financial Statements of the CD PROJEKT Group: H1 2025

Key insights

6 takeaways

01
CD PROJEKT Group revenue grew to 443 million PLN in H1 2025, up from 424.7 million PLN in the same period of 2024.See it on page 3
02
The group maintains a strong liquidity position with 1.55 billion PLN in financial assets and total assets valued at approximately 3.19 billion PLN.See it on page 31
03
Net profit for H1 2025 was 155 million PLN, impacted by a 23.1% effective tax rate, while operating profit reached 168.1 million PLN.See it on page 7
04
North America remains the dominant market at 66.5% of total sales, with digital distribution channels accounting for approximately 90% of revenue.See it on page 24
05
The integration of The Molasses Flood LLC into CD PROJEKT RED Inc. on April 1, 2025, increased goodwill by 32.5 million PLN and streamlined development structures.See it on page 60
06
The company confirmed a dividend payout of 1 PLN per share, totaling 99.9 million PLN, following the 2025 Ordinary Shareholders Meeting.See it on page 80

Summary

The CD PROJEKT Group demonstrated resilient financial performance during the first half of 2025, characterized by revenue growth and a robust balance sheet. Total sales reached 443 million PLN, marking an increase over the 424.7 million PLN recorded in the same period of 2024. While operating profit rose to 168.1 million PLN, net profit attributable to owners experienced a slight contraction to 155 million PLN, influenced in part by a 23.1% effective tax rate stemming from prior-year withholding tax adjustments. Despite this, the organization maintains a strong liquidity position, supported by 1.55 billion PLN in financial assets, including bonds and cash equivalents, and total assets valued at approximately 3.19 billion PLN.

Geographically, North America remains the primary market for the group, contributing 66.5% of total sales, while digital distribution channels continue to dominate the revenue mix, accounting for roughly 90% of turnover. The CD PROJEKT RED segment serves as the core driver of profitability. Operational efficiency was further enhanced through the integration of The Molasses Flood LLC into CD PROJEKT RED Inc. on April 1, 2025, a strategic move that resulted in a 32.5 million PLN increase in goodwill and streamlined development structures.

The group continues to operate under a stable financial framework, adhering to IFRS and IAS 34 standards. Notable accounting updates include a transition to the FIFO method for inventory valuation and the management of multi-year incentive plans tied to performance targets through 2027. Following the 2025 Ordinary Shareholders Meeting, the company confirmed a dividend payout of 1 PLN per share, totaling 99.9 million PLN. With minimal long-term liabilities and consistent cash inflows from operating activities, the group remains well-positioned to sustain its ongoing development projects and long-term strategic objectives.