A cash-fortress, hit-driven RPG powerhouse betting its valuation on a flawless Unreal Engine 5 transition and the next Witcher super-cycle.
Overview
CD Projekt S.A. is a globally recognized premium RPG developer headquartered in Warsaw, operating through CD PROJEKT RED (core value driver) and the smaller GOG.com storefront. The investment case is anchored in two blockbuster IPs—The Witcher and Cyberpunk—monetized primarily via premium base games and large expansions across PC and major consoles rather than heavy live-service microtransactions. The company’s revenue quality is distinguished by an unusually long-lived back catalog: in Q3 2025 sales rose to **349M PLN (+53% YoY)** driven largely by Cyberpunk 2077 and Phantom Liberty, aided by platform expansion (Mac, Nintendo Switch 2) and subscription inclusion (PlayStation Plus tiers). Franchise scale is proven: Cyberpunk 2077 has sold **>35M units**, and The Witcher 3 has exceeded **60M units** despite being ~10 years old. GOG.com is strategically useful for direct-to-consumer economics but financially smaller (~14% of revenue in 2024) and near break-even. Geographically, CD Projekt is export-heavy: North America typically contributes ~66%–72% of sales, Europe ex-Poland ~18%–21%, Asia ~5%–7%, leaving it exposed to global consumer demand and FX (USD/PLN, EUR/PLN).