Good results of CD Projekt in the third quarter. The game producer's profit is much higher than the consensus

The net profit of the CD Projekt group in the third quarter of 2025 amounted to PLN 193.5 million, the company announced in the report. PAP Biznes consensus assumed a net result of PLN 163.2 million. The joint CEO of the game producer, Michał Nowakowski, announced during the results conference that the goal is for the Boston team working on Cyberpunk 2 to be doubled by the end of 2027.

The game producer's profit in the third quarter of 2025 increased by 147.8%. year to year and increased by 180.4%. on a quarterly basis.

Operating profit amounted to PLN 194.6 million and was 15.4 percent higher. higher than the consensus of PLN 168.6 million. EBIT increased by 141.4%. y/y and increased by 168.4%. compared to the previous quarter.

Revenues amounted to PLN 349.1 million and were 7 percent higher. higher than the consensus of PLN 326.1 million. Revenues increased by 53%. y/y and increased by 61%. kdk.

The company reported that the greatest impact on the group's sales revenues achieved in the third quarter of 2025 was due to the current, strong sales of released games, mainly Cyberpunk 2077 with the Phantom of Freedom expansion.

It was reported that the total sales of Cyberpunk 2077 exceeded 35 million.

“(…) Despite the passage of time, Cyberpunk 2077 is such a strong title and is finding new audiences. Over 35 million copies of this game sold are the best confirmation of the strength and potential of the franchise and allows us to plan its future with greater panache,” said CD Projekt's Joint CEO, Michał Nowakowski, quoted in the release.

During the results conference, Nowakowski pointed out that the sales of all versions of Cyberpunk 2077 reported by the company do not include copies available under the PlayStation Plus subscription program.

“In addition to the positive financial impact of the agreement with PlayStation on the results of Q3, we are very pleased that a large number of new players decided to purchase the Phantom of Freedom expansion,” Nowakowski said.

In Q3, the RED segment generated PLN 303.1 million in revenue, of which PLN 251.3 million was the result of sales of Cyberpunk 2077 with its expansion, and PLN 26 million was revenue from The Witcher saga. Net profit from the RED segment amounted to PLN 190.9 million.

In turn, the GOG segment generated almost PLN 49 million in revenues, which translated into PLN 1.7 million in net profit.

The report also indicated that boxed game distribution generated PLN 21.2 million in revenues in Q3 compared to PLN 4.1 million in the same period of the previous year.

In turn, digital distribution in Q3 was responsible for PLN 271 million of revenues compared to PLN 167.8 million a year earlier.

As stated in the result presentation, At the end of October 2025, 447 developers were working on The Witcher 4, which is three more than at the end of July. The team working on the continuation of Cyberpunk has increased by 19 people since the end of July and 135 developers are currently working on it.

The team working on the Sirius project increased from 51 to 56. At the end of October, 7 more people worked on CD Projekt's new IP, code-named Hadar, compared to July.

As reported, 851 developers worked in the company at the end of October, which is 52 more than at the end of July 2025.

The company's joint CEO, Michał Nowakowski, indicated during the results conference that the game producer's goal is to double the team working on Cyberpunk 2 by the end of 2027.

“Two years ago, we launched our studio in Boston (…). Currently, the Boston team working on Cyberpunk 2 has 80 employees, and over 90 percent of them are employed as senior members,” Nowakowski said.

“We plan to double the Boston team working on Cyberpunk 2077 over the next two years,” he added.

Nowakowski also announced that the Syrius and Hadar projects are still in the IP development phase.

In turn, the financial director of the game manufacturer, Piotr Nielubowicz, again maintained that the company's incentive program for 2023-2026, assuming a net result of PLN 2 billion, is demanding but achievable.

The result presentation indicated that 35% remained to achieve the goal of the incentive program for 2023-2026.

CD Projekt announced in a press release that the increase in revenues was influenced by both higher than last year revenues from the sales of Cyberpunk 2077 and Widm Wolności on existing platformsas well as the company making the base version of the game available in July 2025 as part of the PlayStation Plus Extra and Premium subscriptions and sales on new platforms – Nintendo Switch 2 consoles and Mac devices.

“A 2.5-fold increase in the Group's net profit and achieving 55% net profitability in the third quarter is proof of effective management of the life cycle of our games, which translates into continued excellent sales,” said CD Projekt's CFO, Piotr Nielubowicz, quoted in the press release.

It was reported that in the third quarter of 2025, the current operating activities of the CD Projekt group generated PLN 237 million of positive cash flows. At the end of September 2025, the total value of cash, deposits and liquid bonds held by the Group amounted to PLN 1.408 billion.

“Despite the payment of nearly PLN 100 million in the form of dividends, the purchase of own shares and intensive investments in new productions, the financial position of the CD Projekt Group remains strong,” the statement reads.

***The consensus is created on the basis of forecasts of brokerage houses previously collected by PAP. They are available in the full version of the PAP Biznes Economic Website. The PAP consensus database contains forecasts of quarterly and annual results for over 200 companies listed on the WSE. (PAP Business)

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