CD Projekt SA (FRA:7CD)

Half Year 2025 CD Projekt SA Earnings Call Transcript

Aug 28, 2025 / 04:30PM GMT

Release Date Price: €60.24 (-1.15%)

Transcript

Key Points

Positve

CD Projekt SA (OTGLF) showcased a technical demo of The Witcher 4 at State of Unreal 2025, highlighting advancements in open-world game technology using Unreal Engine 5.
Cyberpunk 2077 Ultimate Edition launched as a debut title on the Nintendo Switch 2, marking the first time a CD Projekt game was a launch title on a new platform.
The company reported a 4% increase in group sales revenue for the first half of 2025 compared to the same period last year.
Cyberpunk 2077 Ultimate Edition was well-received on the Nintendo Switch 2, becoming one of the best-selling third-party games on the platform.
CD Projekt SA (OTGLF) announced a new standalone anime series, Cyberpunk Edgerunners 2, in collaboration with Studio Trigger, set to release exclusively on Netflix.

Negative

Sales on the Nintendo Switch 2 are currently dominated by Nintendo's first-party titles, which may limit the growth potential for Cyberpunk 2077 Ultimate Edition.
The company experienced a relatively high income tax in the first half of 2025 due to adjustments covering prior years, impacting net profitability.
Physical sales of Cyberpunk 2077 Ultimate Edition involve additional manufacturing and packaging costs, which yield lower net revenue compared to digital sales.
The financial reserves decreased by PLN45 million over the reporting period, reaching PLN1.43 billion as of the end of June.
The company did not disclose the number of copies sold for Cyberpunk 2077 on the Switch platform, which may indicate cautiousness about sales performance.

Operator

Ladies and gentlemen, thank you for standing by, and I would like to welcome you to CD Projekt first half 2025 earnings conference call on August 28. (Operator Instructions) The format of the call today will be a presentation by the management team, followed by a question-and-answer session.

So without further ado, I would now like to pass the line to Mr. Michal Nowakowski, the Joint Chief Executive Officer. Please go ahead.

Michal Nowakowski

CD Projekt SA - Joint Chief Executive Officer, Member of the Management Board

Thank you, and good afternoon. My name is Michal Nowakowski, and I'll be your host during today's conference where we will sum up the first half of 2025. I'll 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 the Head of Investor Relations.

So in the first half of 2025, we have taken important steps to show how The Witcher and Cyberpunk are evolving into more diversified experiences with an even

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