CD PROJEKT Group H1 2025 Earnings: Chat Session with Individual Investors

Key insights

6 takeaways

01
CD PROJEKT is maintaining its strategic focus on large-scale, story-driven AAA open-world titles, rejecting a pivot toward smaller AA projects.See it on page 2
02
The company is managing a pipeline of nine active projects, including Project Sirius, a multiplayer title built on Unreal Engine 5 with a dedicated team of 51 developers.See it on page 2
03
Development of the Cyberpunk 2 project is scaling up, with management targeting a headcount of 150–160 staff by the end of 2025.See it on page 4
04
The transition to Unreal Engine 5 is officially considered a success, with ongoing technical collaboration with Epic Games to support future development.See it on page 3
05
Management reaffirmed its commitment to its established dividend policy and long-term net profit targets for the 2023–2027 period.See it on page 2
06
While AI is being utilized to streamline prototyping, the company maintains that human talent remains essential for its narrative-driven RPG development model.See it on page 4

Summary

The CD PROJEKT Group H1 2025 investor chat served as a forum for management to address financial performance, project development, and strategic direction. The primary objective was to provide transparency regarding the company’s ongoing operations and to clarify the status of its multi-project pipeline. Management reaffirmed its commitment to its established dividend policy and ambitious long-term net profit targets for the 2023–2027 period, emphasizing that these goals remain central to their financial planning.

Key operational updates revealed that the company currently manages nine projects in various stages of development. Among these, Project Sirius is confirmed as a multiplayer title built on Unreal Engine 5, currently supported by a team of 51 developers. Management also provided clarity on the Cyberpunk 2 project, targeting a headcount of 150–160 staff by the end of 2025. While the company continues to explore artificial intelligence to streamline prototyping, leadership maintained that human talent remains indispensable for their narrative-driven RPG focus. Regarding technical infrastructure, the transition to Unreal Engine 5 is considered a success, with ongoing collaborative development with Epic Games to support future titles.

The discussion highlighted the company’s disciplined approach to marketing and project disclosure, noting that announcements are strategically timed to maximize impact and maintain competitive advantage. Financial reporting discrepancies raised by analysts were attributed to the distinct accounting treatments of balance sheet costs versus cash flow payments. Despite inquiries regarding potential shifts toward smaller AA projects, the company reaffirmed its strategic focus on large-scale, story-driven AAA open-world titles, which will be progressively integrated with online and multiplayer features. The session concluded with a reaffirmation of the company’s commitment to its current listing on the Warsaw Stock Exchange and its long-term development roadmap.