CD PROJEKT Group Q3 2025 Earnings Presentation

Key insights

6 takeaways

01
CD PROJEKT Group reported a 148% year-over-year increase in Q3 2025 net profit to 193.5 million PLN, driven by 349 million PLN in total quarterly revenue.See it on page 7
02
Cyberpunk 2077 and its expansion remain the primary revenue drivers, generating 252.7 million PLN in Q3 2025, while revenue from The Witcher series declined by 52% compared to the previous year.See it on page 7
03
The company has invested over 1 billion PLN in capitalized development expenditures for new projects as of the end of Q3 2025.See it on page 13
04
Total development headcount grew to 851 as of October 31, 2025, with the Cyberpunk 2 team expanding to 135 developers alongside strategic growth at the Boston studio.See it on page 5
05
The group maintains a strong liquidity position with 1.4 billion PLN in cash, bank deposits, and bonds to fund its long-term development roadmap.See it on page 13
06
Net profit for the first nine months of 2025 reached 348.4 million PLN, marking a 40% increase compared to the same period in 2024.See it on page 7

Summary

The CD PROJEKT Group Q3 2025 earnings presentation details the company’s financial performance and operational scaling, primarily driven by the ongoing development of its major intellectual properties. The core thesis centers on the company’s transition toward future production cycles, specifically the expansion of development teams for the next installment of the Cyberpunk franchise and the continued advancement of The Witcher 4.

Financial results for the third quarter of 2025 demonstrate significant growth, with sales revenue reaching 349 million PLN, a 53% increase compared to the same period in 2024. Net profit for the quarter rose to 193.5 million PLN, representing a 148% increase year-over-year. This performance is largely attributed to the sustained commercial success of Cyberpunk 2077 and its expansion, which generated 252.7 million PLN in Q3 2025. Conversely, revenue from The Witcher series declined by 52% compared to the previous year. For the first nine months of 2025, the group reported a net profit of 348.4 million PLN, reflecting a 40% increase over the first three quarters of 2024.

Operational focus remains on human capital investment and project development. As of October 31, 2025, the total number of developers across all projects reached 851, up from 799 in July. The Cyberpunk 2 team saw the most significant growth, increasing from 116 to 135 developers, alongside a strategic scaling of the Boston-based studio. Capitalized development expenditures for new projects reached over 1 billion PLN by the end of the third quarter. The company maintains a strong liquidity position, with cash, bank deposits, and bonds totaling approximately 1.4 billion PLN, supporting its long-term development roadmap and incentive programs for management.