CD Projekt Group FY2025 H1 Earnings Release

CD PROJEKT GROUP

H1 2025 Earnings

2 8 A U G U S T 2 0 2 5

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

October 31, 2024

2

The Witcher 4 Tech Demo showcase

Setting new open-world standards with Unreal Engine 5

3

4

Cyberpunk 2077: Ultimate Edition

on Nindendo Switch 2

Copies sold in June 2025 – channel split

(75.4%)

(24.6%)

Digital

Physical [sell in]

5

400

October 31, 2024

6

7

Products and services developed by third

party under a license granted by CD PROJEKT

(incl. location-based entertainment)

EXTENDED GAMING EXPERIENCE

MERCHANDISE

LICENSING

TRANSMEDIA

CORE GAMING EXPERIENCE

|
FRANCHISE FLYWHEEL

7

730

April 30, 2025

422

96

48

19

131

14

April 30, 2025

Development teams engaged in ongoing projects

*e.g. Localization, Quality Assurance, Data, Insights & Experiences, Artificial Intelligence

**including unannounced projects developed internally or by third parties (the number of third-party developers involved is not included in this count)

The Witcher 4

Cyberpunk 2

Sirius

Hadar

Shared Services*

Other projects**

No. of

developers

July 31, 2025

799

400

October 31, 2024

444

116

51

22

149

17

8

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

Financial Results

9

CD PROJEKT GROUP — Profit and loss account

All figures in PLN thousands

CD PROJEKT GROUP

RED

GOG

eliminations

H1 2025 vs.

H1 2025 vs.

H1 2024

H1 2025

H1 2025

H1 2025

H1 2025

H1 2024
[PLN]

H1 2024
[%]

Sales revenue

424 683

443 039

355 442

94 304

-6 707

18 356

4%

Sales of products and services

344 401

340 176

336 496

820

2 860

-4 225

-1%

– CP 2077 + expansion *

257 667

264 092

261 815

6 425

2%

– The Witcher 1, 2, 3 + expansions *

61 284

62 575

62 118

1 290

2%

Sales of goods for resale and materials

80 282

102 863

18 946

93 484

-9 567

22 581

28%

Cost of sales

112 845

99 258

37 996

67 924

-6 662

-13 587

-12%

Cost of products and services sold

53 682

24 140

24 169

0

-29

-29 542

-55%

Cost of goods for resale and materials sold

59 163

75 118

13 827

67 924

-6 633

15 955

27%

Gross profit on sales

311 838

343 781

317 446

26 380

-45

31 943

10%

Operating costs

171 615

175 719

150 314

25 370

35

4 104

2%

Selling expenses

60 875

77 797

58 675

19 095

27

16 922

28%

Administrative expenses

117 834

102 306

96 329

6 005

-28

-15 528

-13%

– Research works costs

45 918

17 878

17 878

0

0

-28 040

-61%

Other operating income less expenses

7 094

4 384

4 690

-270

-36

-2 710

-38%

EBIT

140 223

168 062

167 132

1 010

-80

27 839

20%

Financial income less costs

34 634

33 032

34 731

-1 733

34

-1 602

-5%

Income tax

4 851

46 138

46 028

83

27

41 287

851%

– Adjustments relating to prior years

21 847

21 847

21 847

Net profit

170 006

154 956

155 835

-806

-73

-15 050

-9%

Net profitability

40.0%

35.0%

43.8%

-0.9%

*estimation

10

CD PROJEKT GROUP – assets

Assets

31.12.2024

30.06.2025

change

change %

Non-current assets

1 574 164

1 841 892

267 728

17%

Expenditure on development projects

695 421

897 726

202 305

29%

– New development during H1 2025

230 501

– Amortization during H1 2025

28 196

Other financial assets *

292 137

321 129

28 992

10%

Property, plant and equipment, investment properties

294 583

334 121

39 538

13%

Deferred tax assets

101 989

97 239

-4 750

-5%

Other non-current assets

190 034

191 677

1 643

1%

Current assets

1 468 260

1 352 307

-115 953

-8%

Trade receivables

167 628

90 967

-76 661

-46%

Other financial assets *

540 620

569 271

28 651

5%

Cash and bank deposits *

647 410

557 803

-89 607

-14%

Other current assets

112 602

134 266

21 664

19%

Total assets

3 042 424

3 194 199

151 775

5%

*Cash, bank deposits and bonds – total

1 472 034

1 426 772

-45 262

-3%

All figures in PLN thousands

11

Equity and liabilities

31.12.2024

30.06.2025

change

change %

Equity

2 800 667

2 877 876

77 209

3%

Liabilities

241 757

316 323

74 566

31%

Liabilities

120 827

209 862

89 035

74%

Deferred income

16 840

31 553

14 713

87%

Provisions

104 090

74 908

-29 182

-28%

Total liabilities and equity

3 042 424

3 194 199

151 775

5%

12

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

13

All figures in PLN thousands

0

20 000

60 000

100 000

120 000

Q1 2024

Q2 2024

Q3 2024

Q4 2024

40 000

80 000

Q1 2025

Q2 2025

140 000

160 000

CD PROJEKT GROUP

Changes in cash, deposits & bonds

14

All figures in PLN thousands

Cash, deposits

and bonds

31.12.2024

Net profit

for the period

Change in

receivables,

liabilities,

provisions

Acquisition of

intangible and

tangible assets

Other

(cumulated)

Cash flow excluding

expenditure

on development

projects

Expenditure

on development

projects

Cash, deposits

and bonds

30.06.2025

Amortization,

depreciation, costs

of incentive

programs

1 472 034

47 424

55 429

154 956

-63 756

2 675

196 728

-241 990

1 426 772

Cash flow excluding development expenses during H1 2025:
+196 728k PLN

Total decrease including development expenses during H1 2025:
-45 262k PLN

Thank you

ir@cdprojekt.com

karolina.gnas@cdprojekt.com

15

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.

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