Management Board Report on the Activities of the CD PROJEKT Group: H1 2025

Key insights

6 takeaways

01
CD PROJEKT generated 443 million PLN in consolidated sales revenue and 155 million PLN in net profit during H1 2025, maintaining a debt-free balance sheet with 90.1% equity.See it on page 22
02
Net profit declined 7.7% year-over-year, primarily driven by tax adjustments and increased promotional spending for the Nintendo Switch 2 release of Cyberpunk 2077.See it on page 25
03
Development expenditures rose by 29.1% as the company prioritized the pre-production of Cyberpunk 2 and the ongoing development of The Witcher 4.See it on page 23
04
Distribution remains heavily centralized, with Valve and Sony accounting for over 56% of the company's total sales.See it on page 15
05
The company is expanding its multimedia footprint through the announcement of Cyberpunk: Edgerunners 2 and a new strategic partnership with Scopely.See it on page 16
06
The Group maintains a workforce of 1,248 employees, with operations supported by strong cash flow despite a minor net loss in the GOG.COM division and ongoing legal disputes.See it on page 10

Summary

The CD PROJEKT Group maintained a robust financial and operational position during the first half of 2025, characterized by a strategic focus on its core intellectual properties, The Witcher and Cyberpunk. The company generated 443 million PLN in consolidated sales revenue and a net profit of approximately 155 million PLN. While net profit experienced a marginal year-over-year decline of 7.7% due to elevated promotional expenditures for the Nintendo Switch 2 release of Cyberpunk 2077 and specific tax adjustments, the organization remains debt-free with equity comprising 90.1% of its balance sheet.

Operational activity centered on the "franchise flywheel" strategy, which prioritizes long-term development of major titles. Significant resources were directed toward the pre-production of Cyberpunk 2 and the ongoing development of The Witcher 4, evidenced by a 29.1% increase in development project expenditures. The company also expanded its multimedia footprint with the announcement of Cyberpunk: Edgerunners 2 and solidified its market presence through a strategic partnership with Scopely and the integration of its titles into subscription services like PlayStation Plus. Distribution remains concentrated, with Valve and Sony accounting for over 56% of total sales.

The Group’s workforce of 1,248 employees remains heavily concentrated within the CD PROJEKT RED development segment. Despite a minor net loss in the GOG.COM division, the overall corporate structure remains stable, supported by consistent leadership from the founding shareholders and the execution of long-term incentive programs tied to performance targets. While the company navigates ongoing legal and tax matters, including a pending dispute before the Supreme Administrative Court, its strong cash flow from operating activities continues to fund both internal development pipelines and infrastructure projects like the new Warsaw campus.