CD Projekt Looks Back at 2023

Key insights

6 takeaways

01
CD Projekt achieved its second-best financial performance in history in 2023, with consolidated sales revenues of 1,230 million PLN (a 29% increase) and a net profit of 481 million PLN (a 39% increase).See it on page 1
02
The Cyberpunk franchise generated over 3 billion PLN in cumulative revenue over the last three years, bolstered significantly by the Phantom Liberty expansion and the 2.0 update.See it on page 1
03
The company maintains a strong fiscal position with over 1.3 billion PLN in cash reserves, bank deposits, and T-bonds, leading to a proposed dividend payout of 1 PLN per share.See it on page 2
04
Development resources are heavily focused on the next Witcher trilogy entry, Polaris, which is currently supported by a team of over 400 people.See it on page 1
05
CD Projekt established a new Boston-based studio in late 2023 to lead the conceptual phase of Project Orion, the next major installment in the Cyberpunk universe.See it on page 1
06
The company is expanding its intellectual property beyond gaming through a partnership with Anonymous Content to develop a live-action project based on the Cyberpunk franchise.See it on page 1

Summary

CD PROJEKT achieved its second-best financial performance in company history during 2023, driven primarily by the successful release of the Phantom Liberty expansion and the 2.0 update for Cyberpunk 2077. Consolidated sales revenues reached 1,230 million PLN, marking a 29% increase over the previous period, while net profit rose by 39% to 481 million PLN. This performance resulted in a net profitability margin of 39%, with cumulative revenues from the Cyberpunk franchise surpassing 3 billion PLN over the last three years.

The company’s strategic focus remains on the expansion of its core intellectual properties through both gaming and multimedia ventures. A new development team based in Boston was established in late 2023 to lead Project Orion, the next major installment in the Cyberpunk universe, which is currently in the conceptual phase. Simultaneously, the studio is advancing its Witcher franchise, with the first installment of a new trilogy, titled Polaris, currently supported by a development team of over 400 people. Beyond gaming, the company is pursuing a live-action project based on the Cyberpunk franchise in collaboration with Anonymous Content.

Financial stability remains a priority, as evidenced by the growth of the group’s cash reserves, bank deposits, and T-bonds to over 1.3 billion PLN by the end of 2023. This liquidity was maintained despite an investment of 273 million PLN into new project development. Reflecting this robust fiscal health, the management board recommended a dividend payout of nearly 100 million PLN, or 1 PLN per share, to shareholders. These results underscore the effectiveness of the company’s long-term strategy of building and sustaining widely recognized global brands.