CD PROJEKT Group Q1 2025 Earnings Conference Transcript

Key insights

6 takeaways

01
CD PROJEKT reported Q1 2025 revenue of 226 million PLN and a net profit of 86 million PLN, maintaining financial consistency with the same period in 2024.See it on page 3
02
The company maintains a strong liquidity position with 1.49 billion PLN in cash, deposits, and bonds, supporting a proposed dividend of 1 PLN per share and a new share buy-back program.See it on page 4
03
The Witcher 3: Wild Hunt has surpassed 60 million units sold, while the Cyberpunk 2077: Phantom Liberty expansion has reached 10 million copies sold in under two years.See it on page 1
04
Development is currently focused on a pipeline of over 730 staff, with the next Cyberpunk installment entering pre-production and the next Witcher title continuing in active production.See it on page 2
05
The company is diversifying its portfolio with three unannounced projects currently in development, two of which are gaming-related.See it on page 6
06
CD PROJEKT will serve as a launch title partner for the Nintendo Switch 2 with the release of Cyberpunk 2077: Ultimate Edition.See it on page 1

Summary

The CD PROJEKT Group’s first-quarter 2025 earnings report highlights a period of operational stability and strategic transition, characterized by the continued commercial success of established franchises and the advancement of new development projects. The company reported quarterly sales revenue of 226 million PLN, consistent with the same period in 2024, while achieving a net profit of 86 million PLN. This financial performance was bolstered by the enduring popularity of The Witcher 3: Wild Hunt, which has surpassed 60 million units sold, and the Phantom Liberty expansion for Cyberpunk 2077, which reached 10 million copies sold in under two years.

The company is currently focused on a multi-project development pipeline, with over 730 developers engaged across various initiatives. Key milestones include the transition of the next Cyberpunk installment, formerly Project Orion, into the pre-production phase, and the ongoing production of the next Witcher title. The organization is also diversifying its portfolio, noting that it has three unannounced projects currently in the development stage, two of which are gaming-related. Additionally, the company is preparing for the launch of Cyberpunk 2077: Ultimate Edition on the Nintendo Switch 2, marking its first instance of serving as a launch title for a new hardware platform.

Financially, the group maintains a robust position with 1.49 billion PLN in cash, deposits, and bonds. This liquidity has enabled the proposal of a dividend payout of 1 PLN per share and the initiation of a share buy-back program. Operating costs remained stable, though the company noted a shift in expenditure structure due to the capitalization of development costs for major projects and investments in new infrastructure, including a facility expansion at the Warsaw campus. The company continues to prioritize long-term franchise growth while maintaining independent creative control over its intellectual properties.