CD PROJEKT Group FY 2022 Earnings Presentation

Key insights

6 takeaways

01
CD PROJEKT Group reported a net profit of 347 million PLN in 2022, a 66% increase over the previous year, with total sales revenue growing 7% to 952 million PLN.See it on page 11
02
The company transitioned to a parallel development model, supporting multiple concurrent projects including the Phantom Liberty expansion and the next installment in The Witcher series.See it on page 8
03
Operating costs decreased by 18% in 2022, driven by lower selling expenses and reduced service costs associated with Cyberpunk 2077.See it on page 6
04
The Group ended 2022 with a strong liquidity position, holding over 1 billion PLN in cash, bank deposits, and treasury bonds.See it on page 15
05
To maintain competitiveness, the company increased base salaries by an average of 27% while growing its headcount to over 1,000 employees and reducing staff turnover by 6%.See it on page 7
06
The company entered a strategic partnership with Epic Games to adopt Unreal Engine for future titles, shifting its technical infrastructure to support long-term production cycles.See it on page 2

Summary

The CD PROJEKT Group fiscal year 2022 earnings presentation outlines the company’s strategic transition toward parallel development cycles and long-term product growth. The primary thesis centers on stabilizing the organization through improved internal processes, team scaling, and the successful revitalization of existing intellectual property, specifically through major updates to Cyberpunk 2077 and the release of next-generation console versions for both The Witcher 3: Wild Hunt and Cyberpunk 2077.

Financial performance for 2022 remained robust, with the Group reporting a net profit of 347 million PLN, representing a 66% increase compared to the previous year. Total sales revenue reached 952 million PLN, a 7% year-over-year growth. This financial health was supported by a disciplined approach to operating costs, which decreased by 18% due to reduced selling expenses and lower service costs for Cyberpunk 2077. The company maintained a strong liquidity position, ending the year with over 1 billion PLN in cash, bank deposits, and treasury bonds.

Operational focus during this period shifted toward strengthening the workforce and refining development pipelines. The company grew its headcount to over 1,000 employees while simultaneously reducing staff turnover by 6% compared to 2021. To remain competitive in a high-inflation environment, the Group implemented significant base salary increases, averaging 27% in 2022. Development efforts are now distributed across multiple concurrent projects, including the expansion Phantom Liberty, the next installment in The Witcher series, and other new intellectual properties. The strategic partnership with Epic Games to utilize Unreal Engine for future titles marks a significant shift in the company’s technical infrastructure, intended to support long-term, sustainable production cycles across its global operations.