CD PROJEKT SA - UNSP ADR Business Summary

CD PROJEKT SA operates a dual-core business model centered on high-budget AAA video game development through its CD PROJEKT RED studio and digital storefront operations via GOG.com. The company generates the vast majority of its revenue from the sale of its proprietary franchises, most notably The Witcher and Cyberpunk 2077, across PC and console platforms, supplemented by transaction fees from its DRM-free distribution platform and licensing of its intellectual property for transmedia projects. As of mid-2026, the firm is heavily invested in "Project Polaris" (the next Witcher saga) and "Project Orion" (the Cyberpunk sequel), maintaining a market position as a premier specialist in story-driven, open-world RPGs. Its primary direct competitors include Bethesda Softworks, BioWare, and Rockstar Games, against whom CD PROJEKT distinguishes itself through a "player-first" philosophy and a concentrated focus on a small number of high-value, long-lifecycle IPs. The company was co-founded by Marcin Iwiński and Michał Kiciński, with Iwiński remaining a dominant figure as a major shareholder and member of the supervisory board. The current executive leadership is structured under a joint-CEO model featuring Michał Nowakowski, who oversees business strategy and sales, and Adam Badowski, a veteran developer who leads the creative and studio direction. They are supported by long-standing Chief Financial Officer Piotr Nielubowicz and Joint COOs Piotr Karwowski and Paweł Zawodny, who manage the group's operational and technological infrastructure. Notable institutional backing includes significant positions held by Nationale-Nederlanden, BlackRock, and Vanguard, alongside the substantial personal stakes maintained by the founding partners.