Full Year 2025 CD Projekt SA Earnings Call Transcript

Mar 19, 2026 / NTS GMT

Release Date Price: $66.5

Transcript

Key Points

Positve

CD Projekt SA (OTGLF) reported a 9% increase in sales revenue for 2025, reaching PLN867 million, driven by strong performance of the Cyberpunk franchise.
The Witcher 3 celebrated its tenth anniversary with over 60 million copies sold, contributing to a total of over 85 million copies sold for the entire Witcher trilogy.
The company successfully launched Cyberpunk 2077 on new platforms, including Nintendo Switch 2 and Mac devices, boosting sales figures.
Franchise flywheel activities for The Witcher and Cyberpunk have generated significant additional revenue, with PLN100 million and PLN70 million respectively.
CD Projekt SA (OTGLF) achieved a net profit from continuing operations of PLN521 million, marking 2025 as the second-best year in its history with a net profitability of over 60%.

Negative

The sale of GOG, a digital distribution segment, indicates a strategic shift but also removes a revenue stream from the company's portfolio.
Revenues from The Witcher 3 were lower compared to the previous year due to significant revenue from PlayStation Plus in 2024.
Selling expenses increased by PLN27 million, primarily due to promotion and servicing costs for Cyberpunk 2077 on new platforms.
The company anticipates increased expenditures on development projects in 2026, which may impact cash flow and profitability.
Despite strong financial performance, the company has not yet made a decision regarding the allocation of 2025 profits, creating uncertainty for investors.

Operator

Ladies and gentlemen, thank you for standing by, and I would like to welcome you to CD Projekt full-year 2025 earnings conference call March 19.

(Operator Instructions)

Without further ado, I would now like to pass the line to Mr. MichaÅ Nowakowski, the Joint Chief Executive Officer. Please go ahead, sir.

Michal Nowakowski

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

Good afternoon. Hello. My name is MichaÅ Nowakowski. I'm the Joint CEO of CD Projekt, and I will be hosting today's conference dedicated to CD Projekt Group's financial results for 2025. I will be co-presenting with Piotr Nielubowicz, our Chief Financial Officer, 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.

Starting off, I would like to briefly comment on an important event that took place at the end of 2025, namely the sale of GOG, the digital distribution segment of the CD Projekt Group. The rationale behind this deal is

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