Full Year 2024 CD Projekt SA Earnings Call Transcript
Key Points
- CD Projekt SA (OTGLF) achieved a major milestone with The Witcher 4 entering full-scale production, involving over 400 developers.
- The Witcher 4 trailer received significant attention, becoming the most watched at the game awards event with over 8 million views in 72 hours.
- Cyberpunk 2077 maintains a high rating on Steam and won a BAFTA award, indicating strong community appreciation.
- Sales of Cyberpunk 2077 and its expansion, Phantom Liberty, were robust, with over 13 million and 8 billion copies sold, respectively.
- CD Projekt SA (OTGLF) announced a strategic partnership with Scopely to develop a game within one of its IPs, indicating future growth opportunities.
- The Witcher 4 is not expected to be released by the end of 2026, raising concerns about the timeline for future releases.
- The reorganization of project teams around Sirius and The Witcher remake may impact project timelines.
- The company's net profit target for the 2023-2026 incentive program remains challenging, with over PLN1 billion still needed.
- There is uncertainty regarding the financial impact of the new amortization schemes on future results.
- The use of generative AI tools in development is limited due to legal and IP concerns, potentially affecting innovation.
Hello, and welcome to CD Projekt's FY 2024 earnings call. (Operator Instructions) I would now like to turn the call over to Michal Nowakowski, Joint CEO of CD Projekt.
Good afternoon. My name is Michal Nowakowski, and I'll be your host during today's conference dedicated to the CD Projekt Group's financial results for 2024. I will be co-presenting with Piotr Nielubowicz. And after the presentation, we will invite you to participate in a Q&A session, where we will be joined by Karolina Gnas, our VP and Head of Investor Relations.
2024 was the year during which we achieved a major milestone in the development of The Witcher 4, previously code named as Project Polaris. In November, we announced that a game had entered a full-scale production phase. A team consisting of over 400 developers is now focused on scaling up the solutions developed during preproduction and validating them across the entire game.
The cherry on top came in December, when
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