Ladies and gentlemen, thank you for standing by, and I would like to welcome you to CD PROJEKT full year 2025 earnings conference call on the nineteenth of March. At this time, all participants' lines are on listen-only mode. The format of the call today will be a presentation by the management team, followed by a question and answer session. Without further ado, I would now like to pass the line to Mr. Michał Nowakowski, the Joint Chief Executive Officer. Please go ahead, sir.
Good afternoon. Hello. My name is Michał Nowakowski. I'm the Joint CEO of CD PROJEKT, and I will be hosting today's conference dedicated to CD PROJEKT Group's financial results for 2025. I will be co-presenting with Piotr Nielubowicz, our Chief Financial Officer, and after the presentation, we will invite you to participate in a Q&A session where we will be joined by Karolina Gnaś, our VP and Head of Investor Relations. Starting off, I would like to briefly comment on an important event that took place at the end of 2025, namely the sale of GOG, the digital distribution segment of the CD PROJEKT Group. The rationale behind this deal is pretty straightforward. We want to focus entirely on game development and expansion of our franchises. As you know, we are upscaling our operations, working on multiple AAA projects simultaneously and developing new products around our IPs.
This dynamic growth demands our full attention and resources. What I do want to emphasize is that GOG remains an important distribution partner for us, and our plan is to continue releasing our future titles on this platform. Speaking of our games, moving to that subject, to the 10th anniversary, as we celebrated the 10th anniversary of The Witcher 3 release, we announced that the game has already sold over 60 million copies. If we include the first two installments of The Witcher trilogy, we arrive at a pretty nice figure of over 85 million copies sold worldwide. That is a stunning achievement. Seeing our games reach such a broad audience confirms that our stories and worlds continue to live on and resonate with gamers for years.
This, of course, makes the whole CD PROJEKT RED team very proud and motivated, especially as we continue to work on The Witcher 4, which will open a brand new saga in this universe. Yet we continue to explore new ways to introduce The Witcher games to new players. The inclusion of The Witcher 3: Wild Hunt - Complete Edition in the Xbox Game Pass library is a great opportunity to attract more gamers to our universe. In the 10 years since the release of The Witcher 3, an entirely new generation of players has emerged, many of whom have never fully experienced Geralt's story firsthand. Bringing the game to Game Pass allows us to bridge that gap and lets new players discover why The Witcher 3 became such an important title for so many others.
It's also a natural moment to reignite interest in the universe ahead of the new saga. Besides The Witcher games, we are also active in what we call the franchise flywheel area. What you see here is just a part of our recent achievements in this field. From a worldwide concert tour to merchandise, comic books, board games, and collaborations with other titles, we remain active on many fronts. By doing this, we offer our fans the opportunity to interact with The Witcher brand in various engaging ways, enabling them to stay immersed in the universe while anticipating our next major release. Importantly, in addition to the positive indirect effect of supporting sales of the games from The Witcher universe and helping keep the franchise relevant and visible to players, all these activities also have a direct material effect.
Since the release of The Witcher 3 in 2015, our franchise flywheel projects centered around The Witcher brand have brought in an extra PLN 100 million in revenue. Moving on to our second pillar, that is the Cyberpunk franchise. In 2025, we had the great pleasure of announcing further sales milestones. The base edition of Cyberpunk 2077 has sold over 35 million copies, whereas sales of the Phantom Liberty expansion crossed the 10 million mark. These numbers are the result of our continuous support for the title and commitment to enriching player experience. We still periodically roll out new smaller features and updates to the game, and we intend to continue doing so. Long-term support for our flagship titles is an important part of our strategy, and it's helping us sustain player interest and ensure that the game continues performing well in the long run.
Alongside our continuous support, bringing Cyberpunk 2077 Ultimate Edition to new platforms certainly boosted our sales figures as well. Last year, we released the game on Nintendo Switch 2 on the very day of the console's global launch. The title also made its debut on Mac devices with Apple silicon processors. Furthermore, last July, the base edition of the game was for the first time ever included in a subscription service entering the PlayStation Plus catalog. Following up on that, on Monday, we announced that Cyberpunk 2077 will get, in the following weeks, a free tech update that will take advantage of the expanded hardware capabilities offered by the PS5 Pro console. What's more, over a week ago, the game had joined the previously announced The Witcher 3: Wild Hunt in the Xbox Game Pass catalog.
Just as with the PlayStation Plus catalog, the game is offered to subscribers in its base version. Players who wish to delve even deeper into the Cyberpunk world have the option to do so by purchasing the Phantom Liberty expansion separately. As for the franchise flywheel area for the Cyberpunk world, we are just as active here as in The Witcher universe. Our creativity and ambitions go really far. Together with our partners, we step beyond standard categories, offering unique products such as dedicated AR glasses, arcade machines straight out of Night City, or an upcoming proprietary Cyberpunk trading card game, by the way, whose Kickstarter campaign launched this week, already being the most funded TCG campaign launched on this platform, and those are only a few examples.
Since the release of Cyberpunk 2077 in 2020, our franchise flywheel activities have generated nearly PLN 70 million in additional revenue, which clearly demonstrates the strength and appeal of this brand. That's not the end. We have an important development update regarding our third franchise, Hadar. Work on the project is progressing dynamically, and the team has established the foundations of this entirely new IP. Now, we have clearly defined distinguishing features of this world and established key pillars that will not only provide a foundation for the game itself, but also potentially for other future products. Of course, this does not mean the end of work on IP itself, which will naturally continue to evolve and develop on many fronts over time. The team is now actively designing specific elements that might be included in a game.
We are creating multiple prototypes and implementing them directly into our unreal engine. This allows us to live-test and verify how selected mechanics and gameplay elements can perform. To conclude my part, let's briefly discuss changes in the size of our development teams. As of the end of February 2026, we had over 900 developers on board, meaning that an impressive number of more than 220 developers have joined our teams over the past year. Compared to October last year, most new hires are now part of the team working on The Witcher 4, where they help improve quality and scale-up solutions presented in the Unreal Fest tech demo across the entire game.
Having gained greater visibility of the game's scope, we are strengthening our internal teams, while at the same time recruiting top-class talent to provide long-term support in delivering both The Witcher 4 and our future titles. Of course, these headcount numbers only reflect the projects we are developing internally. They do not include projects that we do in cooperation with our external partners, including the one we are working on with Fool's Theory. We plan to reveal more information about this specific project later this year. In the current year, we plan to continue strengthening our development teams, working on key projects, and we want to continually attract the best talent in the industry, offering them a space for safe and inspiring development. Now, that would be all from me, and I'm gonna pass you into the hands of the one and only Piotr Nielubowicz.
Thank you, Michał, and good evening, everyone. Let's start the presentation of our 2025 financials with the consolidated profit and loss account on slide 13. First, a technical remark. Following the sale of GOG, which Michał already mentioned, effective January first this year, the group is continuing with activities previously described as the CD PROJEKT RED segment, so we will no longer distinguish separate segments in the context of our business and reporting. Accordingly, the GOG segment has been excluded from the consolidated P&L, and in accordance with IFRS, is presented as discontinued operations. Thus, the group's figures for 2024 and 2025, down as far as the net profit from continuing operations line, do not include GOG and present CD PROJEKT RED exclusively. Now, after this technical introduction, we can move on to numbers.
Our CD PROJEKT RED sales revenue for 2025 reached PLN 867 million, a 9% increase year-on-year. The main revenue drivers were sales of our own products, especially the Cyberpunk franchise, which performed 12% better than in 2024. Cyberpunk 2077 and Phantom Liberty's long-term performance is visible on the next slide. In 2025, we recorded solid sales bolstered by two major events. As mentioned by Michał, the first was the June release of the game's Ultimate Edition on Nintendo Switch 2. The second event supporting our sales revenue was the introduction of the base edition of Cyberpunk to PlayStation Plus Extra and Premium subscription services. At the same time, visible on the next page, revenues from The Witcher 3 remained strong, though they were lower than the year before, when we booked significant revenue from making The Witcher 3 available on PlayStation +.
Coming back to our P&L, the Cyberpunk launch on Nintendo Switch 2 also visibly impacted our sales of goods and materials line, where the 5 times year-on-year increase was driven primarily by sales of physical cartridges for the Nintendo console. Cost of products and services sold were reduced by half in 2025, mainly for two reasons. First, the application of a declining amortization model, and second, the extension of the amortization scheme based on a re-estimation of the useful lives of our assets, which took place at the end of 2024. The cost of goods for resale and materials sold grew in line with the increased sales in this category and related to the Cyberpunk physical cartridges for Nintendo Switch 2. Moving to operating costs. Our selling expenses grew by PLN 27 million, reaching PLN 119 million.
The largest share and growth were attributable to promotion and servicing costs dedicated to Cyberpunk 2077, especially on the new platforms. When it comes to administrative expenses, they were slightly lower than in 2024. This was mainly due to lower research costs for games in the early conceptual phase. For most of the comparative period, these included expenditures related to Cyberpunk 2, which started to be capitalized back in 2024. In 2025, the research works line item was driven mainly by work on Project Hadar and some other tech and AI development projects we run in-house. All of the above resulted in an operating profit of over PLN 470 million, a nearly 30% increase year-over-year.
In 2025, the group reported again over PLN 60 million surplus of financial income over financial expenses, resulting mainly from interest income on bonds and bank deposits. Moving further to our income tax. In 2025, we recorded an effective tax rate of 3.2% within consolidated continuing operations. This relatively low rate was primarily influenced by the application of IP Box and R&D tax reliefs. The offsetting of capital gains income against tax losses from previous years, resulting in no capital gains tax and an increase in deferred tax assets, resulting mainly from the expected future increased utilization of the R&D tax relief. On top of the above, we have adjusted from 2025 to 2024 the correction of withholding tax from previous years.
This resulted in a change of nearly PLN 26 million, which reduced the tax this year versus what we were presenting in our intermediate reports and increased the tax level in 2024. As part of the year-end closing process, we decided to change the presentation by restating the comparative period as this approach was deemed more appropriate. As a result, the reported tax and net profit for 2024 you see here differs slightly from the figures we presented a year ago. Finally, our net profit from continuing operations reached PLN 521 million, making 2025 the second-best year in our history. This is nearly one-fifth higher than in 2024, a result we are really happy with. The net profitability of over 60% speaks for itself.
Adding nearly PLN 74 million from discontinued operations, representing the after-tax gain on the sale of GOG and its 2025 net results, our total net profit reached an impressive PLN 595 million. I always like to look at results and trends in a longer perspective. Therefore, the next slide presents the financial performance of our continuing operations, basically the CD PROJEKT RED segment. Our sales revenues are represented by the height of each entire bar. The gray part represents costs and taxes, and the remaining green part shows our net profit for each year.
This perspective demonstrates not only that the past year was the second-best year in our history in terms of net profit, but also that our net profitability reached a historically high level of 60%, comparable only to 2020, the record-breaking year of Cyberpunk 2077's launch. The data reflect our continuing operations with no influence of the GOG transaction. Now we can move on to the next slide, number 18, our consolidated balance sheet. On the asset side, first, the core of our business, expenditures and development projects. The balance for the full year 2025 increased by PLN 453 million to nearly PLN 1.15 billion. New developments, mainly The Witcher 4, Cyberpunk 2, and Sirius, as well as several projects that are still unannounced, accounted for over half a billion PLN of new investments.
At the same time, there was a PLN 57 million decrease due to amortization, driven mainly by the already released Cyberpunk 2077 and Phantom Liberty. In line with the recent and planned expansion of our development activities, we continue to invest in our infrastructure, as seen in the PLN 72 million increase in the property, plant, and equipment line item. This was mainly driven by the investments at our Warsaw campus, namely the final touches to the construction and fit-out of our new office building, which since June houses The Witcher 4 team. The second investment has been our new performance capture studio, which is expected to be completed this year.
In 2025, we also expanded our Boston office, which required certain investments into fit-out and equipment. The significant growth of our added current assets is the result of increased balance of advance payments and advances to our contractors and suppliers and outstanding receivable from the sale of GOG shares at the very end of December. This receivable was paid at the beginning of the current year, which will naturally be reflected in the cash flow in Q1 2026. The total value of cash deposits and bonds included in the three asset items marked with an asterisk is summed up below the table and amounts to PLN 1.325 billion as of the end of 2025. I will have a separate slide to provide some more insight into our main cash flow drivers for this year.
Moving forward to equity and liabilities, slide 19. The most noticeable change here is the increase in our equity, driven by the strong financial performance of 2025 and the recognition of costs related to incentive programs, which together significantly offset the reduction in equity resulting from the 2024 dividend payout. Anticipating your possible next question, the board has not yet made a decision regarding the recommendation for the allocation of 2025 profits. When it comes to liabilities, the decrease is mainly due to the absence of GOG's trade liabilities at the end of 2025, as they were part of this line item at the end of the corresponding period. Now please move on to the next slide, number 20. CD PROJEKT RED's expenditures on research works, development and cost of product maintenance, presented here on a quarterly basis for 2025 and the comparative periods.
The bars speak for themselves. Our production capacity is gaining more and more momentum. Investments in our projects, some public, some unannounced, are constantly growing. The majority of what we present here in green relates to capitalized projects, which reflects their stage of advancement as well as our confidence in their future economic potential. Finally, our main aggregated cash flow drivers on slide 21. Cash wise, the PLN 521 million book net profit from continuing operations was supported by PLN 112 million in amortization, depreciation, and non-cash costs of our share-based incentive programs. At the same time, PLN 125 million was spent on the acquisition of tangible and intangible assets. As discussed on the balance sheet slide, our typical cash flow working capital corrections largely offset each other.
Summing it all up, we generated an estimated positive cash flow of PLN 512 million from our ongoing business. This figure is almost equal to our spending on development projects for the full year, which amounted to PLN 513 million. We can therefore say that our current cash flows allowed us to fund nearly 100% of our development expenditures in 2025. On top of that, at the beginning of July last year, we shared with our shareholders a nearly PLN 100 million dividend, which was later followed by a PLN 22 million share buyback. The last position here reflects the cash at GOG. Before the transaction, we received a PLN 44 million dividend from GOG. Following that, on the transaction day, GOG had PLN 23 million on its bank accounts, and we sold the company with that cash balance.
Therefore, both the company and its cash left the group, and we have reflected this, that in the calculation. All in all, our financial reserves held in cash, bank deposits and bonds decreased by PLN 147 million over the reporting period, which was by far the year of the most intensive investment in development projects in our history. Our financial reserves stood at a solid PLN 1,325 million at the end of 2025. Moving on, as we are concluding another year, I would like to show you where we currently stand in terms of achieving the goals of our share-based incentive programs, especially the first stage, which concludes at the end of the current year. Please move to slide 22.
The earnings condition for 2023-2026 was set at PLN 2 billion in cumulative net profit from continuing operations. After three out of four years, we are at 74% of the goal. PLN 527 million still remains to be earned this year to reach the target. As always, I'd like to emphasize we still see it as a very ambitious goal. We continue to believe that with strong back catalog sales performance this year and the new content we are planning to release, we have a fair chance of reaching it. That concludes my part of the presentation. We can now move on to the Q&A session.
Thank you. Thank you very much for the presentation. We are now opening the floor for questions. If you are connected via the phone and you would like to ask a voice question, please press star two on your phone keypad and wait for your name to be prompted. If you are connected via the web, you can also request to ask a voice question or send your question as a text. Okay, our first voice question comes from Nick Dempsey from Barclays. Nick, please go ahead. Your line is now open.
Good evening guys. The first one, just sort of based on the current trajectory of hiring and your further plans for that as we get closer to the launch of The Witcher 4, would you expect the cash expenditure on development projects to step up notably in 2026 versus the PLN 513 that you reported in 2025? Second question, in terms of what the project that Fool's Theory is working on, if that is going to contribute to your revenues this year, when would we need to first hear about it? In other words, what is the gap between it being launched and it being first mentioned to the world what they're working on?
The last question, yeah, in terms of hitting the PLN 2 billion from incentive programs, I guess the Game Pass inclusions will be one help. Fool's Theory may be another. Could there be anything else that will be helping to fill up that 26% that's remaining?
Hello, Nick. Piotr here. The first question was on the increased expenditures on developing our games further to getting closer to The Witcher 4 launch. The general answer is yes. As it was presented during my presentation over the last two years, we were stably growing the expenditures on research and development of our games. As we also guided some time ago, we plan to increase the total developers' headcount of the company. This will naturally translate into higher expenditures over time. You ask whether the step up will be noticeable. This is obviously somehow subjective, but we are not planning to do something unexpected or going out of the trends that historically applied for the company.
In terms of the project from Fool's Theory, as it was said, we will come back with more news later this year. For now, we have nothing to share. We're not sharing anything yet. Having said that, and already moving to the third question, as far as the incentive program goal is mentioned, in order to reach it, we need good sales of the existing back catalog, we need new products to launch successfully, and we need continuation of the great monetization of our franchise flywheel and all of the supporting products. With all that run successfully, we believe we can help for reaching the goal. As I said, it's ambitious and nothing's guaranteed.
Thank you.
Okay. Thank you. Thank you very much. Our next voice question comes from Piotr Poniatowski from mBank. Please go ahead. Your line is now open.
Hi guys. Congratulations on the financial results. If we can go one by one because I got a set of questions, and probably the first ones are for Michał, I think. First of all, could you share your take from GDC? What were the main topics there?
Okay. You wanna go one by one like that? I thought you're gonna list all of them first, and then we're gonna go. That's probably easier, actually. Talk from GDC. Well, we had a bunch of actually business meetings which are kind of confidential, so I cannot share. If you're asking more of what was, you know, the main word on the streets, then obviously, you know, the main subject in the industry continues to be AI. Of course, this is the thing that everybody has been talking about.
A little bit on consolidation sides, as we've seen quite, you know, quite big moves, quite big acquisitions happening last year, of course, EA and so on. I'd say like on the street level, big, small developers, everybody's been talking about AI, where it's gonna take us, what's the future ahead and so on. This was definitely the main thing.
All right. Like a follow-up, what's your opinion on the direction the market might take given the, let's say, leadership change at Microsoft Gaming? Would it be more AI in the development of games or?
Can I ask again? That was a question about the change of leadership at Microsoft specifically?
Yeah. Yeah.
Okay. You know, it's very hard to say. I mean, I had a chance to, you know, both say goodbye to Phil and meet Asha Sharma while there. It was literally, you know, she's very fresh in the role. She's just taking the reins of the Xbox division and figuring out what's what and so on. She's a super smart person, and Phil has been very welcoming her. The team has been very welcoming to her. She took the time to meet, I think, a lot of people from the industry, which is always a good sign. It's not that stage yet where they share like thoughts as in, is there gonna be more AI, less AI, or any specific moves.
I think what we all heard from her, and also from Phil Spencer, who is sort of stepping down, is that they do want to go behind the Xbox brand a lot, and that this was the main take from that meeting, but nothing really deeper than that just yet. I'm sure we're gonna hear more in the future.
All right. Thanks. Could you comment anything on your meeting with Kojima? Are you cooking anything with them, with him?
We didn't meet Kojima at GDC, but I'm understanding you're referring to.
November, yeah.
Last year's meeting. Well, if we were cooking anything, of course, as is typically the case, conferences are not the place to confirm that at all. To be frank, you know, our relationship with Kojima goes way back. He visited us in the past. You know, when we're in Japan, we like to pay him a visit. We did collaborations, you know, like an Easter egg in CDPR. I'm specifically toning down the expectations here because, you know, this is more the direction of our relations with Kojima so far. We admire him. He's a great creator. I think he likes us as well. But that's about that.
Okay, thanks. I had to ask. Yeah, some questions regarding your, let's say, projects you have announced, but we don't know what's going on there. Maybe with live action project, are you already capitalizing costs of it or what's the stage of it?
The question is about unannounced projects.
Unannounced
in general
You had already announced that you are, let's say, thinking about live action project.
Oh, live action. Okay, you mean like
Yeah.
Yeah, I mean, there's nothing new we can announce, sadly. I really would love to, you know, share more with you. But this is not the moment where I can, you know, add any crisp details for you to chew into. We are working towards it. We see some movement that's, you know, we think is interesting, but it's far from the point where we'd be able to kind of, you know, go out of the tube and say, "This is what's happening." So unfortunately, you're gonna still have to bear with us. And there is no capitalization going on of any kind in that regard. Like, our list of unannounced projects does not include that specific one.
Okay. Does it include mobile project made with Scopely or also not?
So the s... uh, Scopely-
I can take this one. Unless, Michał, you want. Scopely does the job on their side, and we're obviously not capitalizing work done by a third party who is running the job and who will be finally publishing the game.
All right. Can we expect it to happen this year, the release, or you don't want to share anything yet?
I mean, we don't have anything specific when it comes to dates to be shared, but I would really rather assume this is something to look forward to later than a year from now. I mean, these things take a lot of time to iterate, you know, test internally with test scripts and so on. I would really not expect anything very soon.
All right. Thank you.
Thank you.
Okay. Thank you. Thank you very much. We don't have any other voice questions at the moment, so I'm gonna pass the line to the management team for the text questions.
The first question is from Krzysztof Kot from Erste. "What does the quality control process look like for projects developed by external studios such as Fool's Theory? Are you satisfied with the cooperation with this studio?" In case of this cooperation and a few others, actually, we have a dedicated internal QA team that monitors development progress on an ongoing basis and of course participates in checking out these projects for playtest and so on.
There's also a group within CDPR that supports external teams, provides them with feedback, anything else they may need in terms of, I don't know, lore or any specific assets, helps them to, you know, to develop project solutions and ensures any lore consistency troubles they may run into are solved as well efficiently. We also usually work according to some milestone schedule, you know, projects like that. There is quite a bit of our involvement, and we actually prepped a setup for that. Yeah, we're quite satisfied specifically with Fool's Theory, where we are with them, and when the project we're working on with them is heading. I'll actually stay online.
The second question is from Grzegorz Balcerski from Trigon. When do you plan to ramp up marketing efforts for the new game content you've announced for this year? Should we expect a longer marketing campaign, several months or weeks? Or is a shadow drop still a possibility? I like to say everything is a possibility. Having said that, our experience and our preference for the type of games we make is a little bit longer term marketing campaigns. We think they tend to work a little bit better than a simple, you know, mic drop at some conference or event. Yeah, I would rather point in that direction.
The next one is from Michał Wojciechowski, IPOFEMA Securities, and I will take this one. The question is, good evening. Could you comment on the increase in The Witcher 4 team? During previous calls, you suggested that the team size should not expand. Has your approach changed? Do you expect further increase? What I'm about to say I think is true to all projects. The further you go, the more visibility you get. As for The Witcher 4, we are adjusting the size of team to meet our production needs. Right now, The Witcher 4 team is around 500 people, and we are now hiring where we see gaps. But also we take some opportunities when exceptional talent becomes available, obviously. One more important point here, we are currently using less outsourcing that was planned.
cost-wise, these two things like naturally balance each other.
The next question comes from Nicolas Langlais, BNP Paribas. Can you update on the number of unannounced projects you have and how many might release in 2026? In general, we probably have a wider number of unannounced projects, but those ones in the more advanced stage, so those ones that are being capitalized. As of December 31, 2025, in the books we discussed under the expenditures on development projects in progress, we actually had four such projects, unannounced, already capitalized, out of which one was non-gaming and three were gaming projects. Okay. The next one is also from Krzysztof Kaczmarek from Erste. The question is: Is the technological update for Cyberpunk 2077 being developed by Virtuos?
I'm assuming this is about the PS5 Pro update we discussed in the conference. The answer is no. This is developed with a different partner. It's actually the answer is we're partly developing it in-house in collaboration with the external partner. Specifically, this is Yigsoft from Hungary. Another question from Nicolas Langlais, BNP Paribas. Do you need more than one unannounced project to match the 2023-2026 management incentive program? Unfortunately, I cannot comment on that as probably there is no good answer that could be definitive and sure. Another one also from Nicolas Langlais. Game CapEx reached PLN 153 million in Q4 2025 and PLN 513 million for the financial year 2025.
How should we think about the evolution of development spend and headcount in 2026? I partially already covered that. Although we are not guiding precisely, or we are not guiding the future, the natural law of development is that the closer you get to launch and the more advanced the projects are, usually the team also grows. Right now, we're running multiple projects, some at an earlier phase, some more advanced. In general, the investments that we will be making into them will most probably naturally grow. Okay. The next one is from Grzegorz Balcerski from Trigon. Why did you decide to make The Witcher 3: Wild Hunt - Complete Edition available on Xbox Game Pass? Typically, in such partnerships, you've made the base game available, hoping to boost DLC sales.
Could this be related to the planned new content for existing games? I like that question. It's very detailed. You know, the truth is, you know, the game has been out there for almost 11 years. 11 will be, I think, made this year. You know, we've been selling for most of that time GOTY version with so the one with 2 expansions, as you noted, for many years as well. I think we just came to that moment in the life cycle of the game where this was more attractive from the new players' perspective. As we mentioned, we wanna kind of bridge that generational gap, perspective.
This is more attractive offering to allow them to familiarize themselves with you know, with The Witcher adventures before you know, the upcoming release of The Witcher 4. The next question came from Sebastian Golkowski, ISBnews. Could you comment on current year's expenditures in comparison to 2025? Actually, we do not guide on future costs. However, together with accelerating projects and new recruitments, you can naturally expect the expenditures to increase this year comparing to the historical 2025. Okay. Since we see no further questions, I think that's gonna be it for today. We really appreciate your attendance and should any questions arise after this call, any afterthoughts, any additional inquiries, you know, please direct them to our magnificent investor relations team.
I'm sure they will be happy to pick them up and come back to you. Otherwise, I wish you all a wonderful evening and goodbye and till the next time. Thank you.
Thank you. This concludes our call for today. We are now closing all the lines. Goodbye