CD Projekt Group FY2025 Earnings Release

CD PROJEKT GROUP

FY 2025 Earnings

Michał Nowakowski
|

J O I N T C H I E F E X E C U T I V E O F F I C E R , M E M B E R O F T H E B O A R D

Piotr Nielubowicz
|

C H I E F F I N A N C I A L O F F I C E R , M E M B E R O F T H E B O A R D

Karolina Gnaś
|

V I C E P R E S I D E N T , I N V E S T O R R E L A T I O N S

1 9 M A R C H 2 0 2 6

2

CD PROJEKT sells its digital distribution business

2

3

OF THE WITCHER TRILOGY, INCLUDING:

85

OF THE WITCHER 3: WILD HUNT

MILLION

COPIES SOLD
*

60

MILLION

COPIES SOLD
*

*as of 28 May 2025

(copies of the game sold separately & in GOTY/Complete edition bundles)

4

4

5

Recent activities in The Witcher franchise flywheel

*as of 26 November 2025
– Cyberpunk 2077

(copies of the game sold separately & in the Ultimate Edition bundle)

6

*as of 28 May 2025 – Cyberpunk 2077: Phantom Liberty

(copies of the expansion sold separately & in the Ultimate Edition bundle)

7

Driving player reach through new platforms and services

8

Driving player reach through new platforms and services

9

Recent activities in the Cyberpunk franchise flywheel

October 31, 2024

10

10

HADAR

Development update

IP foundations set – shifting focus to the game

October 31, 2025

851

933

February 28, 2026

Development teams engaged in ongoing projects

*e.g. Localization, Central Quality Assurance, Data, Insights & Experiences, Motion Capture

The Witcher 4

Cyberpunk 2

Sirius

Hadar

Shared Services*

Other

No. of

developers

October 31, 2024

11

499

149

71

26

169

19

February 28, 2025

447

135

56

29

162

22

411

84

49

17

124

22

707

O F T H E C D P R O J E K T G R O U P

Financial Results

12

CD PROJEKT GROUP — profit and loss account

All figures in PLN thousands

13

TBU

CD PROJEKT GROUP

2025 vs. 2024

2025 vs. 2024

2024

2025

[PLN]

[%]

Sales revenue

798 372

866 989

68 617

9%

Sales of products and services

790 697

827 311

36 614

5%

– Cyberpunk IP

598 674

671 918

73 244

12%

– Witcher IP

191 633

154 914

-36 719

-19%

Sales of goods for resale and materials

7 675

39 678

32 003

417%

Cost of sales

117 812

78 973

-38 839

-33%

Cost of products and services sold

110 513

53 210

-57 303

-52%

Cost of goods for resale and materials sold

7 299

25 763

18 464

253%

Gross profit on sales

680 560

788 016

107 456

16%

Operating costs

314 012

317 368

3 356

1%

Selling expenses

92 144

119 214

27 070

29%

Administrative expenses

237 338

224 031

-13 307

-6%

– Research works costs

78 504

38 601

-39 903

-51%

Other operating income less expenses

15 470

25 877

10 407

67%

EBIT

366 548

470 648

104 100

28%

Financial income less costs

61 888

67 671

5 783

9%

Income tax

-14 555

17 450

32 005

-220%

Net profit from continuing operations

442 991

520 869

77 878

18%

Net profit from discontinued operations*

1 262

73 839

72 577

5 751%

Net profit

444 253

594 708

150 455

34%

Net profitability

55.5%

60.1%

*net result of GOG.COM segment for the period, for FY 2025 it includes the after-tax gain on the disposal of GOG shares

Cyberpunk 2077 and Phantom Liberty

Sales revenue by hardware platform*

14

*For the years 2020-2022 only the sales of Cyberpunk 2077 are presented; for the years 2023-2025 the figures aggregate sales of the standalone base game, of the standalone Phantom Liberty expansion, and of both of those products

included in the Ultimate Edition bundle; for the year 2025 the figures include payments associated with inclusion of the base edition of the game in the PlayStation Plus Extra and Premium catalogues

PC

PlayStation

Nintendo Switch

Xbox

2020

2021

2022

2023

2024

2025

v

v

10%

9%

29%

51%

12%

26%

62%

13%

22%

65%

57%

25%

19%

58%

29%

13%

71%

13%

15%

The Witcher 3: Wild Hunt

Sales revenue by hardware platform*

15

TBU

PC

PlayStation

Nintendo Switch

Xbox

2015

2021

2022

2023

2024

2025

v

33%

44%

23%

2016

2017

2018

2019

2020

42%

42%

16%

43%

39%

18%

48%

35%

18%

28%

36%

37%

26%

9%

24%

21%

19%

23%

41%

25%

11%

25%

42%

20%

12%

16%

38%

34%

12%

11%

43%

38%

8%

10%

55%

25%

10%

*Figures present the sales of The Witcher 3: Wild Hunt, including base version of the game sold separately and in GOTY, Complete edition bundles

CD PROJEKT GROUP — profit and loss account

All figures in PLN thousands

16

TBU

CD PROJEKT GROUP

2025 vs. 2024

2025 vs. 2024

2024

2025

[PLN]

[%]

Sales revenue

798 372

866 989

68 617

9%

Sales of products and services

790 697

827 311

36 614

5%

– Cyberpunk IP

598 674

671 918

73 244

12%

– Witcher IP

191 633

154 914

-36 719

-19%

Sales of goods for resale and materials

7 675

39 678

32 003

417%

Cost of sales

117 812

78 973

-38 839

-33%

Cost of products and services sold

110 513

53 210

-57 303

-52%

Cost of goods for resale and materials sold

7 299

25 763

18 464

253%

Gross profit on sales

680 560

788 016

107 456

16%

Operating costs

314 012

317 368

3 356

1%

Selling expenses

92 144

119 214

27 070

29%

Administrative expenses

237 338

224 031

-13 307

-6%

– Research works costs

78 504

38 601

-39 903

-51%

Other operating income less expenses

15 470

25 877

10 407

67%

EBIT

366 548

470 648

104 100

28%

Financial income less costs

61 888

67 671

5 783

9%

Income tax

-14 555

17 450

32 005

-220%

Net profit from continuing operations

442 991

520 869

77 878

18%

Net profit from discontinued operations*

1 262

73 839

72 577

5751%

Net profit

444 253

594 708

150 455

34%

Net profitability

55.5%

60.1%

*net result of GOG.COM segment for the period, for FY 2025 it includes the after-tax gain on the disposal of GOG shares

All figures in PLN thousands

TŁO JAK NA SLAJDZIE OKŁADKOWO-FINANSOWYM

CD PROJEKT RED

Revenues – net profit vs. costs and expenses

17

60%

34%

44%

45%

55%

60%

47%

48%

CD PROJEKT GROUP – assets

Assets

31.12.2024

31.12.2025

change

change %

Non-current assets

1 574 164

2 168 647

594 483

38%

Expenditure on development projects

695 421

1 148 143

452 722

65%

– New development during 2025

512 392

– Amortization during 2025

57 348

Other financial assets *

292 137

371 566

79 429

27%

Property, plant and equipment, investment properties

294 583

366 598

72 015

24%

Deferred tax assets

101 989

114 603

12 614

12%

Other non-current assets

190 034

167 737

-22 297

-12%

Current assets

1 452 274

1 334 673

-117 601

-8%

Trade receivables

167 628

125 441

-42 187

-25%

Other financial assets *

540 620

332 597

-208 023

-38%

Cash and bank deposits *

647 410

634 928

-12 482

-2%

Other current assets

96 616

241 707

145 091

150%

Total assets

3 026 438

3 503 320

476 882

16%

*Cash, bank deposits and bonds – total

1 472 034

1 324 910

-147 124

-10%

All figures in PLN thousands

18

Equity and liabilities

31.12.2024

31.12.2025

change

change %

Equity

2 774 059

3 289 859

515 800

19%

Liabilities

252 379

213 461

-38 918

-15%

Liabilities

142 692

85 432

-57 260

-40%

Deferred income

16 840

17 746

906

5%

Provisions

92 847

110 283

17 436

19%

Total liabilities and equity

3 026 438

3 503 320

476 882

16%

19

All figures in PLN thousands

CD PROJEKT GROUP – equity and liabilities

Cost of product maintenance – released products (P&L – Selling costs)

Research works costs – new projects (P&L – G&A costs)

Development expenditures – new products (Assets – capitalised)

CD PROJEKT RED

Research, development & product maintenance costs

20

All figures in PLN thousands

0

20 000

80 000

140 000

180 000

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

160 000

120 000

100 000

60 000

40 000

CD PROJEKT GROUP

Main changes in cash, deposits & bonds

21

All figures in PLN thousands

1 472 034

-124 857

111 864

520 869

3 785

511 661

-99 911

-22 424

1 324 910

Total cash from “ongoing business”:
+511 661k PLN

Total decrease (including development expenses, dividend, share buy-back):
-147 124k PLN

-513 241

-23 209

Cash, deposits

and bonds

01.01.2025

Net profit

from

continued

operation

Amortization,

depreciation,

costs

of incentive

programs

Acquisition

of intangible

and tangible

assets

Other

(cumulated)

“Ongoing

business”

cash flow

Expenditure

on development

projects

Dividend

paid out

Cash, deposits

and bonds

31.12.2025

Share

buy-back

Cash

held by GOG

at moment of

sale

2 000 000

0

1 500 000

1 000 000

500 000

2 500 000

All figures in PLN thousands

CD PROJEKT GROUP – Incentive Program B

Earnings conditions

Consolidated net profit from continuing operations, adjusted by costs of Incentive Program B booked for a given stage

2023-2026

2024-2027

2025-2028

1 000 000

0

2 000 000

3 000 000

4 000 000

26%

remaining

67%

remaining

87%

remaining

2023

2024

Remaining results

2025

5 000 000

2026-2029

22

Thank you

ir@cdprojekt.com

karolina.gnas@cdprojekt.com

23

Legal Disclaimer

This presentation was created by CD PROJEKT S.A. (“CD PROJEKT”).

Data contained in this presentation is valid as of the day of its preparation. Consequently, this presentation will not be subject to changes, updates or

modifications to account for events which might occur after this day.

The presentation outlines the activities of CD PROJEKT and the CD PROJEKT Group. It is purely informative in scope and should not be regarded as

offering investment advice. Information contained in this presentation must not be construed as assurances, projections or forecasts regarding future

accomplishments or earnings of CD PROJEKT or of the CD PROJEKT Group.

Although due diligence was applied in preparing this presentation, it may nevertheless contain ambiguities. Under no circumstances should this

presentation be construed as a purchase recommendation, an invitation to subscribe to, or an offer to recommend purchase or subscription to any

securities issued by CD PROJEKT.

The recipients of this presentation bear all responsibility for their own analyses and assessments regarding the status of the market as well as the

condition and potential future earnings of CD PROJEKT which may be based on information contained herein. CD PROJEKT wishes to advise all parties

accessing this presentation that the sole authoritative source of information concerning the Company’s earnings, projections, events and indicators is

represented by the current and periodic reports published by CD PROJEKT in the course of discharging its reporting obligations under Polish law.

This presentation is not to be circulated in territories and states where public circulation and sharing of information contained herein may be subject to

legal restrictions. Parties accessing this presentation are advised to familiarize themselves with any such restrictions beforehand.

CD PROJEKT S.A. or any of its affiliates in the capital group (“CD PROJEKT”) with regards to any kind of, either sponsored or unsponsored ADR

(“alternative depositary receipts”) or any other financial instruments of this kind (“Financial Instruments”) does not (i) make any warranties, expressed or

implied, as to the accuracy, adequacy or completeness or any of the information connected with the Financial Instruments, (ii) support or encourage the

creation of any kind of the Financial Instruments. CD PROJEKT does not represent any depository institution, bank or anyone nor should any such

entity/person.

CD PROJEKT shall have no responsibility or liability for the Financial Instruments. In case of any question, the holder of any Financial Instruments (as

defined above) shall receive all the essential information at the institution issuing such Financial Instruments or any institution supporting such issuance

of the Financial Instruments.

24