Financial · March 1, 2024

CD Projekt Group FY 2023 Earnings

Summary

The presentation delivers CD Projekt Group’s fiscal‑year‑2023 financial performance and strategic outlook, emphasizing the company’s continued growth as a leading developer and publisher of interactive entertainment. It outlines revenue generation, profitability, cash‑flow dynamics, and the pipeline of upcoming titles, while recommending a dividend payout of PLN 99.9 million at a rate of one złoty per share. Revenue rose 29 percent to PLN 1.23 billion, driven by a 36 percent increase in product and service sales to PLN 1.04 billion. Gross profit improved 20 percent to PLN 849.6 million, while operating expenses grew 15 percent to PLN 331.9 million, yielding EBIT of roughly PLN 376.7 million. Net profit reached PLN 346.5 million, supporting a net‑profit margin near 28 percent. Cash, deposits and Treasury bonds increased by PLN 218.5 million, ending the year at PLN 1.31 billion, and total assets rose 15 percent to PLN 2.61 billion with equity up 18 percent to PLN 2.40 b

From the report

CD PROJEKT GROUP FY 2023 Earnings BEATE SPO 2 8 MARCH 2 0 2 4 IROSHI 7/T | Michał Nowakowski | JOINTCHIEFEXECUTIVEOFFICER , MEMBEROFTHEBOARD | | --- | --- | | Piotr Nielubowicz | CHIEFFINANCIALOFFICER , MEMBEROFTHEBOARD | | Adam Kiciński | CHIEFSTRATEGYOFFICER , MEMBEROFTHEBOARD |AdaM KiCiSkIICHIEF STRATEGY OFFICER, MEMBER OF THE BOARD

Sales of Cyberpunk 2077 and Phantom Liberty 1 404 [PLN millions] Cumulative revenue since CP 2077 release 2020 2021 2022 2023 Revenue from Cyberpunk 2077 and Phantom Liberty

Our pipeline 2 000 000 Polaris Sirius The Witcher Remake Developed by: -272 655 Developed by: Developed by: CD PROJEKT RED The Molasses Flood Fool’s Theory 1 750 000 Supported by: CD PROJEKT RED Supported by: CD PROJEKT RED 481 105 Project stage: Project stage: Project stage: Pre-production Pre-production Concept 1 500 000 -57 615 -99 911 -19 270 1 250 000 Orion Developed by: CD PROJEKT RED 1000 000 Project stage: Concept 1 309 459 1 091005 750 000 Hadar NEW IP Net profit Developed by: CD PROJEKT RED Change in Dividend Other Cash, deposits and T-bonds for the period and development intangible and receivables, paid out (cumulated) and T-bonds 2023.01.01 Project stage: IP concept phase liabilities, 2023.12.31 provisions

Development teams engaged in ongoing projects No. of 29 February 2024 17 403 47 37 20 95 8 developers Cyberpunk 2077 Polaris Orion Sirius Hadar Shared Services* Other projects *General Development Services (e.g. Localization, Quality Assurance), Data, Insights & Experiences, Artificial Intelligence *General Development Services (e.g. Localization, Quality Assurance), Data, Insights & Experiences, Artificial Intelligence

> **[Chart page]** This page contains visual data — view in PDF for the best experience. Changes in cash, deposits & T-bonds CD PROJEKT GROUP RED GOG eliminations 2023 vs. 2023 vs. 2022 2023 2023 2023 2023 2022 [PLN] 2022 [%] Sales revenue 952 576 1 230 199 1 037 873 234 969 -42 643 277 623 29% Sales of products and services 769 459 1 043 446 1 024 559 880 18 007 273 987 36% 2 000 000 – CP 2077 + expansion * 469 338 852 097 835 213 – The Witcher 1, 2, 3 + expansions * 245 082 208 163 158 774 157 896 Sales of goods for resale and materials 183 117 186 753 13 314 234 089 -60 650 3 636 2% Cost of sales 243 974 380 567 254 972 168 136 -42 541 136 593 56% Cost of products and services sold 111 562 239 760 239 914 4 -158 128 198 115% Cost of goods for resale and materials sold 132 412 140 807 15 058 168 132 -42 383 8 395 6% Gross profit on sales 708 602 -58 282 849 632 782 901 66 833 -102 141 030 20% 1 500 000 Operating costs 331 915 380 592 325 446 55 245 -99 48 677 15% Selling expenses 189 551 243 796 198 832 45 063 -99 54 245 29% – CP IP publishing costs 47 421 115 762 115 762 -19 270 68 341 144% Administrative expenses 108 995 166 507 158 381 8 364 -238 57 512 53% – Stock based incentive programs 4 274 16 776 16 642 134 12 502 293% – Research phase costs 4 593 20 002 20 002 15 409 335% Other operating income less expenses -33 369 29 711 31 767 -1 818 -238 63 080 -189% – Project Sirius - impairment/adjustment (balance) -33 375 18 786 18 786 1 309 459 52 161 -156% EBIT 1 091005

ntive programs 4 274 16 776 16 642 134 12 502 293% – Research phase costs 4 593 20 002 20 002 15 409 335% Other operating income less expenses -33 369 29 711 31 767 -1 818 -238 63 080 -189% – Project Sirius - impairment/adjustment (balance) -33 375 18 786 18 786 1 309 459 52 161 -156% EBIT 1 091005 376 687 469 040 457 455 11 588 -3 92 353 25% Financial income less costs 15 838 69 452 69 300 -13 165 53 614 339% – Spokko shares write-off due to merger -27 271 27 271 27 271 54 542 -200% 750 000 Income tax Cash, deposits Net profit Depreciation 46 034 57 387 56 007 1 320 60 11 353 25% Expenditure on Acquisition of Dividend Net profit and T-bonds for the period and 346 491 481 105 470 748 10 255 102 134 614 39% Net profitability 2023.01.01 amortization 36.4% 39.1% 45.4% 4.4% 2023.12.31 provisions

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