Financials CD PROJEKT S.A.

Equities

CDR

PLOPTTC00011

Software

Market Closed - Warsaw S.E. Other stock markets 11:55:41 2025-12-12 am EST			5-day change	1st Jan Change
247.70 ^PLN	-2.09%		+3.73%	+29.38%

Dec. 10	VITURE x CD PROJEKT RED Unleash the First-Ever Official Limited Edition XR Glasses	CI
Dec. 08	CD Projekt S.A., Q3 2025 Earnings Call, Nov 26, 2025

Projected Income Statement: CD PROJEKT S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	2,139	888.2	952.6	1,230	985	1,013	914.4	3,745
Change	-	-58.47%	7.25%	29.14%	-19.93%	2.84%	-9.74%	309.58%
EBITDA ¹	1,425	337.6	494.8	714.1	485.3	495.1	393	2,662
Change	-	-76.3%	46.54%	44.33%	-32.05%	2.03%	-20.63%	577.32%
EBIT ¹	1,157	232.9	377.3	469	365.5	404.6	296.1	1,870
Change	-	-79.87%	62.02%	24.3%	-22.08%	10.71%	-26.83%	531.58%
Interest Paid ¹	-	-13.8	-55.66	-49.19	-18.92	-63.24	-35.7	-35.4
Earnings before Tax (EBT) ¹	1,165	219.1	393.2	538.5	430.1	476.2	356.2	1,973
Change	-	-81.19%	79.45%	36.96%	-20.13%	10.72%	-25.19%	453.85%
Net income ¹	1,154	208.9	347.1	481.1	469.9	417.6	327.3	1,762
Change	-	-81.9%	66.15%	38.61%	-2.33%	-11.12%	-21.63%	438.42%
Announcement Date	4/22/21	4/14/22	3/30/23	3/28/24	3/24/25	-	-	-

¹PLN in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	1,670	197.6	273	144.5	273.1	216.1	161.8	245.5	329.1	174.8	150.5	442.7	462.5	226.8	-	227.6	332.7	226.3	216.7	349.1	278.2	216.3	201.6	233	265	215	215	215
Change	-	-88.17%	38.13%	-47.07%	88.97%	-20.86%	-25.14%	51.77%	34.03%	-46.89%	-13.88%	194.14%	4.48%	-50.97%	-	-	46.19%	-31.97%	-4.23%	61.06%	-20.31%	-22.22%	-6.83%	15.6%	13.73%	-18.87%	0%	0%
EBITDA ¹	1,214	47.69	83.82	42.9	116.7	107.2	73.81	148.8	164.9	74.96	52.3	189.5	285.9	84.88	-	110.9	174.3	112.3	88.96	212.4	127.5	92.94	86.67	101	130.4	90.55	91.22	91.54
Change	-	-96.07%	75.76%	-48.82%	172.06%	-8.15%	-31.15%	101.6%	10.82%	-54.54%	-30.23%	262.36%	50.85%	-70.31%	-	-	57.23%	-35.56%	-20.81%	138.74%	-39.95%	-27.13%	-6.74%	16.55%	29.08%	-30.55%	0.73%	0.35%
EBIT ¹	972.8	43.2	79.42	15.6	94.65	85.3	52.16	97.1	142.8	71.54	27.5	186.2	187.9	81.3	-	80.61	144.6	95.59	72.47	194.6	104	72.86	66.5	80.76	109.7	71.96	72.46	72.61
Change	-	-95.56%	83.84%	-80.36%	506.75%	-9.88%	-38.85%	86.14%	47.05%	-49.9%	-61.56%	577.23%	0.89%	-56.73%	-	-	79.41%	-33.9%	-24.19%	168.57%	-46.54%	-29.98%	-8.72%	21.43%	35.85%	-34.4%	0.69%	0.21%
Charge d'intérêts ¹	-	-16.21	-9.426	-9.216	-7.812	-10.22	-13	-18.28	-18.15	-8.825	-19.51	-12.99	-38.4	-4.213	-4.618	-18.64	-1.964	-22.24	-20.92	-	-4.5	-4.5	-4.5	-4.5	-4.5	-4.5	-4.5	-4.5
Earnings before Tax (EBT) ¹	976.3	37.05	78.81	16.4	86.84	91.89	61.72	112	127.5	80.36	40.36	233.7	188.1	97.19	-	92.38	162.8	113.3	87.78	213.2	139.6	88.22	88.22	88.22	129.2	91.46	91.96	92.11
Change	-	-96.2%	112.72%	-79.19%	429.52%	5.82%	-32.83%	81.52%	13.84%	-36.99%	-49.77%	478.92%	-19.49%	-48.34%	-	-	76.23%	-30.4%	-22.53%	142.86%	-34.52%	-36.8%	0%	0%	46.47%	-29.21%	0.54%	0.16%
Net income ¹	984.2	32.49	72.56	16.3	87.52	68.9	44.83	98.7	134.6	69.67	21.6	202.9	191.1	100.1	-	78.11	221.7	86	68.95	193.5	115.9	71.45	71.45	71.45	104.7	72.26	72.65	72.76
Change	-	-96.7%	123.35%	-77.54%	436.92%	-21.27%	-34.94%	120.18%	36.4%	-48.25%	-69%	839.19%	-5.79%	-47.65%	-	-	183.87%	-61.21%	-19.82%	180.61%	-40.12%	-38.33%	0%	0%	46.47%	-30.96%	0.54%	0.16%
Announcement Date	4/22/21	5/31/21	9/1/21	11/29/21	4/14/22	5/26/22	9/7/22	11/28/22	3/30/23	5/29/23	8/30/23	11/28/23	3/28/24	5/28/24	8/28/24	11/25/24	3/24/25	5/28/25	8/28/25	11/26/25	-	-	-	-	-	-	-	-

¹PLN in Million

Estimates

Forecast Balance Sheet: CD PROJEKT S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-815	-937	-866	-859	-1,170	-1,306	-1,100	-2,843
Change	-	-14.97%	7.58%	0.81%	-36.2%	-11.59%	15.77%	-158.45%
Announcement Date	4/22/21	4/14/22	3/30/23	3/28/24	3/24/25	-	-	-

¹PLN in Million

Estimates

Cash Flow Forecast: CD PROJEKT S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	221.6	183.4	256.1	329.8	347.3	559	595.7	628.5
Change	-	-17.25%	39.67%	28.79%	5.29%	60.96%	6.56%	5.52%
Free Cash Flow (FCF) ¹	693.2	784.5	149.9	281	174	-104.5	-256.2	1,286
Change	-	13.17%	-80.89%	87.45%	-38.08%	-160.05%	-145.17%	602.11%
Announcement Date	4/22/21	4/14/22	3/30/23	3/28/24	3/24/25	-	-	-

¹PLN in Million

Estimates

Forecast Financial Ratios: CD PROJEKT S.A.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	66.61%	38.01%	51.94%	58.05%	49.26%	48.88%	42.98%	71.07%
EBIT Margin (%)	54.1%	26.22%	39.61%	38.13%	37.11%	39.94%	32.38%	49.93%
EBT Margin (%)	54.47%	24.67%	41.28%	43.77%	43.66%	47.01%	38.96%	52.68%
Net margin (%)	53.97%	23.52%	36.44%	39.11%	47.7%	41.22%	35.79%	47.05%
FCF margin (%)	32.41%	88.32%	15.74%	22.85%	17.67%	-10.32%	-28.02%	34.35%
FCF / Net Income (%)	60.05%	375.5%	43.19%	58.42%	37.03%	-25.02%	-78.29%	73.01%
Profitability
ROA	33.7%	8.28%	15.66%	19.68%	16.62%	11.52%	9.52%	35.27%
ROE	70.11%	10.25%	17.67%	21.7%	18.06%	13.42%	10.49%	42.36%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	10.36%	20.65%	26.89%	26.81%	35.26%	55.18%	65.14%	16.78%
CAPEX / EBITDA (%)	15.55%	54.31%	51.76%	46.19%	71.57%	112.9%	151.57%	23.61%
CAPEX / FCF (%)	31.97%	23.38%	170.82%	117.37%	199.57%	-534.92%	-232.5%	48.86%
Items per share
Cash flow per share ¹	7.084	9.605	4.03	6.091	5.188	5.495	4.909	14.02
Change	-	35.58%	-58.05%	51.17%	-14.83%	5.93%	-10.67%	185.67%
Dividend per Share ¹	5	5	-	1	1	0.9746	0.9304	1.926
Change	-	0%	-	-	0%	-2.54%	-4.54%	107.02%
Book Value Per Share ¹	21.73	18.81	-	23.97	28.03	30.9	33.72	49.23
Change	-	-13.44%	-	-	16.94%	10.24%	9.13%	46.01%
EPS ¹	11.49	2.07	3.44	4.8	4.68	4.265	3.474	17.98
Change	-	-81.98%	66.18%	39.53%	-2.5%	-8.87%	-18.55%	417.68%
Nbr of stocks (in thousands)	100,655	100,739	100,771	99,911	99,911	99,911	99,911	99,911
Announcement Date	4/22/21	4/14/22	3/30/23	3/28/24	3/24/25	-	-	-