CD PROJEKT Group: FY 2024 Earnings Presentation

Key insights

5 takeaways

01
CD PROJEKT Group reported a 2024 net profit of 469.9 million PLN, supported by lifetime sales of 30 million copies of Cyberpunk 2077 and 8 million copies of the Phantom Liberty expansion.See it on page 13
02
The company is shifting toward a multi-project development phase, evidenced by a 16% increase in total assets to 3.04 billion PLN and 695.4 million PLN in capitalized development expenditures.See it on page 16
03
Development resources are primarily focused on the next Witcher installment and the project codenamed Orion, supported by an internal development workforce that grew to 707 staff members by February 2025.See it on page 10
04
Despite a 20% year-over-year decline in sales revenue compared to 2023, the group maintains a strong liquidity position with 1.47 billion PLN in cash, deposits, and bonds.See it on page 13
05
The company’s long-term strategy includes diversifying its portfolio through the development of a new intellectual property, Hadar, and a strategic partnership with Scopely to expand existing franchises into new formats.See it on page 11

Summary

The CD PROJEKT Group fiscal year 2024 earnings presentation outlines the company’s financial performance and strategic development pipeline. The primary objective is to demonstrate the group's transition from the successful lifecycle management of established titles toward a robust, multi-project development phase. The company reports a net profit of 469.9 million PLN for 2024, supported by the continued commercial success of its flagship intellectual properties, including 30 million copies sold of Cyberpunk 2077 and 8 million copies of the Phantom Liberty expansion as of November 2024.

Operationally, the group is heavily invested in future growth, with total assets increasing by 16% to 3.04 billion PLN. A significant portion of this capital is directed toward research and development, with capitalized development expenditures reaching 695.4 million PLN. The development workforce has expanded to 707 internal staff as of February 2025, with the largest teams dedicated to the next installment of The Witcher series and the project codenamed Orion. The company’s long-term strategy involves a diversified portfolio, including the development of a new intellectual property, Hadar, and a strategic partnership with Scopely to expand its existing franchises into new formats.

The presentation highlights the strong market reception of upcoming titles, noting that The Witcher 4 generated significant engagement and press coverage following its reveal at The Game Awards 2024. While sales revenue saw a 20% year-over-year decline compared to 2023, the company maintains a strong liquidity position with 1.47 billion PLN in cash, deposits, and bonds. These results reflect a deliberate shift in resource allocation, prioritizing long-term production cycles over immediate product releases, while maintaining high engagement for existing titles through ongoing support and community initiatives.