CD PROJEKT Group Condensed Interim Consolidated Financial Statements: Q3 2025

Key insights

6 takeaways

01
CD PROJEKT Group reported a net profit of 348.4 million PLN for the first nine months of 2025, a significant increase from the 248.2 million PLN recorded during the same period in 2024.See it on page 37
02
Total sales revenue for the nine-month period reached 792.1 million PLN, driven primarily by the continued commercial performance of the Cyberpunk 2077 franchise and the GOG.COM segment.See it on page 7
03
The Group maintains a strong liquidity position with 1.51 billion PLN in cash, deposits, and Treasury bonds, against total assets of approximately 3.3 billion PLN.See it on page 10
04
Despite heavy R&D investment in The Witcher 4 and Cyberpunk 2, the company successfully funded a 99.9 million PLN dividend payout and a share buyback program.See it on page 7
05
Strong positive cash flow from operating activities continues to offset negative net cash flows from ongoing investing and financing initiatives.See it on page 18
06
Operational developments in Q3 2025 included the announcement of Cyberpunk: Edgerunners 2 and the expansion of the GOG Preservation Program.See it on page 47

Summary

The CD PROJEKT Group demonstrated robust financial growth during the first nine months of 2025, characterized by a significant increase in profitability and a strengthened balance sheet. For the period ending September 30, 2025, the Group reported a net profit of 348.4 million PLN, a substantial rise from the 248.2 million PLN recorded during the same timeframe in 2024. This performance was largely propelled by the sustained commercial success of the Cyberpunk 2077 franchise, including its expansion and new platform releases, alongside stable contributions from the GOG.COM segment. Total sales revenue for the nine-month period reached 792.1 million PLN, with the CD PROJEKT RED segment serving as the primary engine for operating profit.

The Group maintains a solid financial foundation, reporting total assets of approximately 3.3 billion PLN and liquid reserves—comprising cash, deposits, and Treasury bonds—of 1.51 billion PLN. While the company continues to invest heavily in future development projects, specifically The Witcher 4 and Cyberpunk 2, it successfully balanced these expenditures with a dividend payout of 99.9 million PLN and the execution of a share buyback program. Despite negative net cash flows from investing and financing activities, the Group’s operating activities generated strong positive cash flow, ensuring continued stability and the ability to fund long-term strategic initiatives.

Operational highlights for the third quarter included the announcement of Cyberpunk: Edgerunners 2 and the expansion of the GOG Preservation Program. The Group continues to optimize its fiscal position through R&D tax incentives and the IP Box tax regime, while maintaining a conservative approach to financial resource management. Although the company remains involved in legacy legal proceedings and faces seasonal revenue fluctuations, its financial position remains secure. The Group operates under a going concern assumption, with accounting policies consistent with prior periods, reflecting a stable trajectory as it advances its major development pipeline.