CD Projekt Group FY2025 Q3 Earnings Release

CD PROJEKT GROUP

Q3 2025 Earnings

2 6 N O V E M B E R 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

COPIES SOLD*

* as of 26 November 2025 – Cyberpunk 2077

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

2

400

October 31, 2024

3

Laying the foundations for Cyberpunk 2

The process of scaling up the Boston team

October 31, 2024

4

50

100

150

200

250

300

350

0

2026

2027

2025

10.2025

2023

2024

Cyberpunk 2 team size – Boston

Cyberpunk 2 team size – Warsaw & Vancouver

July 31, 2025

799

444

116

51

22

149

17

851

October 31, 2025

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

5

447

135

56

29

162

22

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

Financial Results

6

CD PROJEKT GROUP — Profit and loss account

All figures in PLN thousands

CD PROJEKT GROUP

RED

GOG

eliminations

Q3 2025 vs.

Q3 2025 vs.

Q3 2024

Q3 2025

Q3 2025

Q3 2025

Q3 2025

Q3 2024
[PLN]

Q3 2024
[%]

Sales revenue

227 449

349 072

303 133

48 982

-3 043

121 623

53%

Sales of products and services

181 064

291 438

288 685

252

2 501

110 374

61%

– CP 2077 + expansion *

115 672

252 737

251 278

137 065

118%

– The Witcher 1, 2, 3 + expansions *

54 428

26 160

26 020

-28 268

-52%

Sales of goods for resale and materials

46 385

57 634

14 448

48 730

-5 544

11 249

24%

Cost of sales

58 979

54 609

23 310

35 151

-3 852

-4 370

-7%

Cost of products and services sold

24 768

14 479

14 485

-6

-10 289

-42%

Cost of goods for resale and materials sold

34 211

40 130

8 825

35 151

-3 846

5 919

17%

Gross profit on sales

168 470

294 463

279 823

13 831

809

125 993

75%

Operating costs

87 860

99 833

87 664

12 206

-37

11 973

14%

Selling expenses

29 195

40 381

31 006

9 367

8

11 186

38%

Administrative expenses

61 285

64 309

61 454

2 873

-18

3 024

5%

– Research works costs

22 578

10 174

10 174

-12 404

-55%

Other operating income less expenses

2 620

4 857

4 796

34

27

2 237

85%

EBIT

80 610

194 630

192 159

1 625

846

114 020

141%

Financial income less costs

11 772

18 558

18 049

499

10

6 786

58%

Income tax

14 275

19 696

19 310

405

-19

5 421

38%

Net profit

78 107

193 492

190 898

1 719

875

115 385

148%

Net profitability

34.3%

55.4%

63.0%

3.5%

*estimation

7

CD PROJEKT GROUP — Profit and loss account

All figures in PLN thousands

CD PROJEKT GROUP

RED

GOG

eliminations

Q1-Q3 2025 vs.

Q1-Q3 2025 vs.

Q1-Q3 2024

Q1-Q3 2025

Q1-Q3 2025

Q1-Q3 2025

Q1-Q3 2025

Q1-Q3 2024
[PLN]

Q1-Q3 2024
[%]

Sales revenue

652 140

792 112

658 575

143 285

-9 748

139 972

21%

Sales of products and services

525 473

631 615

626 181

1 071

5 363

106 142

20%

– CP 2077 + expansion *

373 338

516 829

513 093

143 491

38%

– The Witcher 1, 2, 3 + expansions *

115 713

88 734

88 138

-26 978

-23%

Sales of goods for resale and materials

126 667

160 497

33 394

142 214

-15 111

33 830

27%

Cost of sales

171 813

153 867

61 307

103 075

-10 515

-17 946

-10%

Cost of products and services sold

78 449

38 619

38 654

-35

-39 830

-51%

Cost of goods for resale and materials sold

93 364

115 248

22 653

103 075

-10 480

21 884

23%

Gross profit on sales

480 327

638 245

597 268

40 210

767

157 918

33%

Operating costs

259 453

275 570

237 994

37 577

-1

16 117

6%

Selling expenses

90 073

118 172

89 674

28 462

36

28 099

31%

Administrative expenses

179 094

166 640

157 808

8 878

-46

-12 454

-7%

– Research works costs

68 496

28 051

28 051

-40 445

-59%

Other operating income less expenses

9 714

9 242

9 488

-237

-9

-472

-5%

EBIT

220 874

362 675

359 274

2 633

768

141 801

64%

Financial income less costs

46 405

51 589

52 779

-1 234

44

5 184

11%

Income tax

19 129

65 834

65 337

489

8

46 705

244%

Net profit

248 150

348 430

346 716

910

804

100 280

40%

Net profitability

38.1%

44.0%

52.6%

0.6%

*estimation

8

All figures in PLN thousands

CD PROJEKT RED

Net profit vs. costs and expenses

53%

47%

45%

42%

27%

50%

33%

47%

9

CD PROJEKT GROUP – assets

Assets

30.06.2025

30.09.2025

change

change %

Non-current assets

1 841 892

2 095 752

253 860

14%

Expenditure on development projects

897 726

1 019 742

122 016

14%

– New development during Q3 2025

136 595

– Amortization during Q3 2025

14 579

Other financial assets *

321 129

443 428

122 299

38%

Property, plant and equipment, investment properties

334 121

352 804

18 683

6%

Deferred tax assets

97 239

90 476

-6 763

-7%

Other non-current assets

191 677

189 302

-2 375

-1%

Current assets

1 351 491

1 203 332

-148 159

-11%

Trade receivables

90 967

76 398

-14 569

-16%

Other financial assets *

569 271

421 903

-147 368

-26%

Cash and bank deposits *

557 803

556 047

-1 756

0%

Other current assets

133 450

148 984

15 534

12%

Total assets

3 193 383

3 299 084

105 701

3%

*Cash, bank deposits and bonds – total

1 426 772

1 407 581

-19 191

-1%

All figures in PLN thousands

10

Equity and liabilities

30.06.2025

30.09.2025

change

change %

Equity

2 877 060

3 061 479

184 419

6%

Liabilities

316 323

237 605

-78 718

-25%

Liabilities

209 862

109 993

-99 869

-48%

Deferred income

31 553

29 614

-1 939

-6%

Provisions

74 908

97 998

23 090

31%

Total liabilities and equity

3 193 383

3 299 084

105 701

3%

11

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

12

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

Q3 2025

CD PROJEKT GROUP

Changes in cash, deposits & bonds

13

All figures in PLN thousands

Cash, deposits

and bonds

01.07.2025

Net profit

for the period

Acquisition of

intangible and

tangible assets

Change in

receivables,

liabilities,

provisions,

deferrals

Other

(cumulated)

“Ongoing

business”

cash flow

Expenditure

on development

projects

Cash, deposits

and bonds

30.09.2025

Amortization,

depreciation,

costs of

incentive

programs

1 426 772

-40 210

31 850

193 492

30 606

5 284

221 022

-117 878

1 407 581

Total cash flow from “ongoing business” during Q3 2025:
+221 022k PLN

Total decrease (including development expenses, dividend, share buy back) during Q3 2025:
-19 191k PLN

Dividend

paid out

Share

buy back

-99 911

-22 424

14

All figures in PLN thousands

CD PROJEKT GROUP – incentive program B

Consolidated net profit goals of the motivational program to align top managers goals with the CD PROJEKT Group Objectives

2023-2026

2024-2027

2025-2028

1 000 000

0

2 000 000

3 000 000

4 000 000

35%

remaining

73%

remaining

91%

remaining

2023 FY Net profit

2024 FY Net profit

Remaining results

2025 Q1-Q3 Net profit

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.

16