SPÓŁKA AKCYJNA
CD Projekt
CD Projekt Spółka Akcyjna
SPÓŁKA AKCYJNA
Listed on the Warsaw Stock ExchangeCD Projekt Spółka Akcyjna
CD PROJEKT S.A. is a Warsaw Stock Exchange-listed (WIG20) video-game holding company whose key asset is CD PROJEKT RED, the studio behind the global Witcher and Cyberpunk franchises. After the 2025 GOG divestiture the group is focused on producing and publishing its own premium games and developing franchises beyond pure release windows. In 2025 it delivered PLN 867 million in revenue, PLN 521 million in net profit from continuing operations and PLN 1.325 billion in financial reserves against zero debt. The Witcher 4, Cyberpunk 2 and Hadar are in parallel development — the group's first attempt at a multi-project model.
What CD Projekt actually sells and operates.
The group's strongest brand. The Witcher 1-3 trilogy has sold over 85 million copies. The Witcher 4 is in production — the first major release in the universe since 2015.
Cyberpunk 2077 — over 35 million copies sold, plus 10 million copies of the Phantom Liberty expansion. Cyberpunk 2 is in early production.
The third project in the pipeline under an undisclosed working title. The first new IP since Cyberpunk — strategic portfolio diversification beyond The Witcher and Cyberpunk.
Books, animation (Netflix's Witcher), comics, merchandise, card and board games built on the Witcher and Cyberpunk brands. A growing but still secondary revenue stream.
Proprietary REDengine and production toolchain used to build large open worlds. A know-how asset of the group, deployed across three projects in parallel.
2025 revenue
PLN 867 m
Net profit, continuing ops
PLN 521 m
Cash reserves
PLN 1.325 bn
Debt
PLN 0
Witcher trilogy units sold
85m+
Cyberpunk 2077 units sold
35m+
Market capitalisation
22.73B PLN
Ranked #10 among the largest Polish companies in WIG-POLAND.
Negative equity
Negative equity in 2 of 27 available reporting years.
No arrears identified in the analyzed sources
No arrears or bankruptcy proceedings identified in the analyzed sources.
Main activity
62.10.AComputer programming, consultancy and related activities
Other activities
Selected excerpts from our analysis of CD Projekt. Full analysis on the Analysis tab.
CD PROJEKT S.A. is a Warsaw Stock Exchange-listed video-game holding company whose key asset is CD PROJEKT RED, the studio behind the global Witcher and Cyberpunk franchises. After the 2025 GOG divestiture, the group is more sharply focused on producing and publishing its own…
Read the full company profile CD ProjektCD PROJEKT runs a "premium IP" model - focused on a small number of high-budget games with global reach, long sales cycles and growing monetisation of franchise brands beyond the games themselves.
Explore the business model CD Projekt2025 was a strong year for CD PROJEKT, but one that requires careful reading because of the GOG divestiture effect.
See full financial performance CD ProjektGlobally recognised IP. The Witcher and Cyberpunk are franchises with global reach and decade-long commercial potential. The Witcher trilogy passed 85 million copies sold, Cyberpunk 2077 passed 35 million (plus 10 million Phantom Liberty). Strong capital position. PLN 1.325…
Credibility rating
75.4 / 100
Good credibility
Insolvency risk
Very low
Low threat
Closure risk
1
/ 100
Risk comparison - scale 0 (safe) → 100 (critical)
Spółka wykazuje sygnały niestabilności organizacyjnej: częste zmiany w zarządzie. Może to wskazywać na podwyższone ryzyko współpracy.
Shareholder changes
0
0/25 yrs
Board changes
34
34/25 yrs
PKD changes
3
3/25 yrs
Name changes
3
3/25 yrs
Data from 25 years of registry activity.
Payment reliability score from 1999–2025
Current: B (75/100)
Trend: stable (+0.1 pts/year)
High payment credibility - the company's financial condition is good and the risk of cooperating with it is low.
Standard limit from 1999–2025
Current: 236.9 M PLN
Safe: 154.0 M PLN
Difference between risk models
Closure - probability of ceasing operations (operational continuity). Insolvency - probability of formal bankruptcy / restructuring. The models use different data - results can diverge significantly when balance-sheet data is incomplete.
Listed on the Warsaw Stock Exchange
CDRISIN: PLOPTTC00011Główny Rynek
Ranked #10 in WIG-Poland
Founded
April 6, 2001
25 years in operation
Legal form
SPÓŁKA AKCYJNA
Registry: RejP
Headquarters
WARSZAWA
MAZOWIECKIE
Primary PKD
62.10.A
Computer programming, consultancy and related activities
Share capital
99.9 M PLN
Shareholders
N/A
Board
6 people
Sup. board: 5 · Proxies: 2
Filed years
27 years
1999–2025 · profitable: 17/27
Registry entries
164
latest: January 2, 2026
Risk signals
Revenue
867.0 M PLN
2025
Net profit
594.7 M PLN
2025
Assets
3.5 B PLN
2025
Equity
3.3 B PLN
2025
EBITDA
539.3 M PLN
2025
Listing data for CD Projekt on the Warsaw Stock Exchange (GPW) - share price, session change, market segment, industry sector, ISIN code and stock-index membership.
Quotes, shareholders, announcements
CDR
ISIN: PLOPTTC00011
Global Legal Entity Identifier (LEI) for CD Projekt from the GLEIF database - code, status, BIC, registered address and registration details.
LEI code
259400TYO5Q8SH8TL437
Legal name
CD PROJEKT SPÓŁKA AKCYJNA
Registry number
0000006865
Jurisdiction
PL
Registered address
Warszawa Jagiellońska 7403-301 WarszawaPLHeadquarters
Same as registered address.
Rate business credibility - CD Projekt.
Consumer brands owned by this company.
studio
Studio deweloperskie odpowiedzialne za serie The Witcher i Cyberpunk 2077.
Visit website
Explainer
Warsaw-based 11 bit studios S.A. (KRS 0000350888) enters 2026 on the back of two AAA-tier launches: Frostpunk 2 (September 2024) and The Alters (summer 2025). The studio has been publicly listed since 2010, sits in the mWIG40 mid-cap index, and is headquartered at ul. Brzeska 2 in Warsaw's Praga district.
News
The CD Projekt SA management board remains in an investment phase - production of Witcher IV (codename Polaris) and Cyberpunk Orion means burning cash rather than distributing it. The realistic 2025-profit dividend forecast is PLN 1–2 per share (yield around 0.5%) or none. Regular payouts only return after the next flagship releases - at the earliest in 2027–2028.
High portfolio concentration. Three main projects (The Witcher 4, Cyberpunk 2, Hadar) account for the vast majority of future revenue. A delay or weak launch of any one of them materially affects results - unlike diversified global publishers. Long production cycles.…
Explore the weaknesses CD ProjektThe Witcher 4 as a growth anchor. The first major release since Cyberpunk 2077, in the franchise with the strongest fan base. Commercial success could rebuild a multi-year cycle of revenue and share-price growth. Cyberpunk 2 - franchise rehabilitation. After Cyberpunk 2077's…
Explore the opportunities CD ProjektProduction-delay risk. Three large projects in parallel (The Witcher 4, Cyberpunk 2, Hadar) - the first time CD PROJEKT operates at this scale. Industry history shows delays are the rule, not the exception. Launch-quality risk. After the Cyberpunk 2077 experience, technical…
Explore the key risks CD ProjektCD PROJEKT competes globally, not only with Polish gaming companies. The real battleground is premium PC/console: narrative RPGs, open-world games, large single-player productions, expansions and franchise ecosystems. Polish listed peers are useful as investor benchmarks, but…
See the competitive analysis CD ProjektThe next 24–36 months will settle CD PROJEKT's strategic question: will the company use its strong balance sheet to build a repeatable three-franchise pipeline, or remain a cyclical blockbuster studio with long cash-burn periods.
Explore the outlook CD ProjektCD PROJEKT has paid dividends for many years, but the policy is tied to the game-production cycle - payouts rise in years with major releases and shrink during periods of intensive development.
See the dividend policy CD ProjektGLEIF data, retrieved 2026-05-10.
View 259400TYO5Q8SH8TL437 on GLEIFRegistered shareholders of CD Projekt, the chain leading to the ultimate owner, and the geographic origin of the capital.
Share capital
99.9 M PLN
Natural persons exercising effective control over CD PROJEKT and authorised representatives - data from the Polish Central Register of Beneficial Owners (CRBR) maintained by the Ministry of Finance.
CD PROJEKT is a public company listed on the Warsaw Stock Exchange and is not required to file beneficial-owner information with the CRBR.
Exemption: The obligation does not apply to joint-stock companies that are public companies within the meaning of the Polish Act on Public Offerings.
Why? The risk of concealing the identity of controlling persons in listed companies is considered lower thanks to the transparency of the shareholding structure.
Note: If a company is a joint-stock company but is not public (not listed on a stock exchange), the obligation to file with the CRBR still applies.
Answers to questions about the company's activity, registered office, identifiers, financial data, capital and control.
Both. The long-term upside is growth from The Witcher 4, Cyberpunk 2, Hadar and franchise expansion. The risk is cyclicality: profits can be very strong when catalog sales or major launches perform well, but weaker during heavy development periods with no big release.
Latest reporting year
2025
Available years
27
Filing entries
0
20 historical registry entries for CD Projekt
Change in Section 1 (basic data)
WA.XIV NS-REJ.KRS/64171/24/89/ADE
Board change
WA.XIV NS-REJ.KRS/4485/25/278
Filing documents submitted (9 documents)
Articles of association amended, Change in Section 1 (basic data), Primary PKD code change, Secondary PKD code change
WA.XIV NS-REJ.KRS/43063/25/387
Change in Section 1 (basic data)
WA.XIV NS-REJ.KRS/43063/25/387/ADE
Public-procurement proceedings in which CD Projekt appears as contractor or contracting authority - total contract value, signing dates, procedures and links to the official notices.
3 most recent proceedings
PROMISED LAND ART FESTIWAL – open days
Udzielenie przez CD Projekt Red licencji do materiałów pochodzących z gier stworzonych przez tego dewelopera
Organizacja festiwalu Promised Land Art Festival 7-10.09.2024
Capital origin
kapitał krajowy
Ownership chain
Share capital
99,910,510.00 PLN
Shares outstanding
99,910,510
| Shareholder | Shares | Capital share | Votes | Vote share |
|---|---|---|---|---|
| Marcin Iwiński | 12,650,000 | 12.66% | 12,650,000 | 12.66% |
| Michał Kiciński | 9,989,363 | 10.00% | 9,989,363 | 10.00% |
| Piotr Nielubowicz | 6,858,717 | 6.86% | 6,858,717 | 6.86% |
| NATIONALE-NEDERLANDEN Powszechne Towarzystwo Emerytalne S.A. | 5,417,124 | 5.42% | 5,417,124 | 5.42% |
| Other minor shareholders | 64,995,306 | 65.06% | - | - |
* z podmiotami zależnymi
Source: GPW (shareholders with ≥5% of capital or votes). Other minor shareholders are the public float.
Trademarks filed or registered by CD Projekt in the Polish Patent Office (UPRP) - filing dates, status, Nice classes and graphical marks.
3 most recent trademarks
The Witcher Book Series
Filing date: 2019-05-07
active
(no name)
Filing date: 2016-08-31
activeAverage annual headcount for CD Projekt and its capital group by year - figures disclosed in the issuer's annual reports.
Number of employees hired directly by the company.
As of 2024
524
| Year | Headcount | YoY change |
|---|---|---|
| 2024 | 524 | +4 (+0.8%) |
| 2023 | 520 | +67 (+14.8%) |
| 2022 | 453 | +69 (+18%) |
| 2021 | 384 | +64 (+20%) |
| 2020 | 320 | +82 (+34.5%) |
| 2019 | 238 | +26 (+12.3%) |
| 2018 | 212 | +27 (+14.6%) |
| 2017 | 185 | +7 (+3.9%) |
| 2016 | 178 | +47 (+35.9%) |
| 2015 | 131 | +37 (+39.4%) |
| 2014 | 94 | +21 (+28.8%) |
| 2013 | 73 | +30 (+69.8%) |
| 2011 | 43 | +28 (+186.7%) |
| 2010 | 15 | -4 (-21.1%) |
| 2009 | 19 | -36 (-65.5%) |
| 2008 | 55 | -63 (-53.4%) |
| 2007 | 118 | -36 (-23.4%) |
| 2006 | 154 | -66 (-30%) |
| 2004 | 220 | -24 (-9.8%) |
| 2003 | 244 | -129 (-34.6%) |
| 2002 | 373 | +362 (+3,290.9%) |
| 2001 | 11 |
Consolidated headcount across the capital group.
As of 2024
634
| Year | Headcount | YoY change |
|---|---|---|
| 2024 | 634 | +19 (+3.1%) |
| 2023 | 615 | +71 (+13.1%) |
| 2022 | 544 | +51 (+10.3%) |
| 2021 | 493 | +87 (+21.4%) |
| 2020 |
GPW data, retrieved June 4, 2026.
| 406 |
| +104 (+34.4%) |
| 2019 | 302 | +39 (+14.8%) |
| 2018 | 263 | +37 (+16.4%) |
| 2017 | 226 | +12 (+5.6%) |
| 2016 | 214 | +56 (+35.4%) |
| 2015 | 158 | +40 (+33.9%) |
| 2014 | 118 | -14 (-10.6%) |
| 2013 | 132 | +9 (+7.3%) |
| 2012 | 123 | +21 (+20.6%) |
| 2011 | 102 | -10 (-8.9%) |
| 2010 | 112 | +93 (+489.5%) |
| 2009 | 19 | -36 (-65.5%) |
| 2008 | 55 | -67 (-54.9%) |
| 2007 | 122 | -41 (-25.2%) |
| 2006 | 163 | -71 (-30.3%) |
| 2004 | 234 | -26 (-10%) |
| 2003 | 260 | -318 (-55%) |
| 2002 | 578 |
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