CD Projekt (CDR) Q4 2024 earnings summary

Executive summary

• The Witcher 4 entered full-scale production with over 400 developers, leading trailer views and press coverage after The Game Awards 2024, generating strong fan anticipation.

• Cyberpunk 2077 surpassed 30 million copies sold, with the Phantom Liberty expansion exceeding 8 million units and maintaining a 95% recent review score on Steam.

• Strategic partnership announced with Scopely to develop a new game based on company IP.

• The company is advancing multiple projects: The Witcher 4 (in production), Sirius (pre-production), Orion (concept), and Hadar (IP concept phase).

Financial highlights

• 2024 group sales revenue reached PLN 985 million, down 20% year-over-year from PLN 1,230 million, driven mainly by Cyberpunk and Phantom Liberty (PLN 589 million) and Witcher products (PLN 163 million).

• Net profit for 2024 was PLN 470 million, only 2% lower than the prior year, with net profitability at 48% for the group and 58% for CD Projekt RED.

• Financial reserves in cash, deposits, and bonds increased by PLN 163 million, totaling PLN 1.472 billion at year-end, up 12% from the previous year.

• EBIT for 2024 was PLN 365.5 million, down 22% year-over-year; gross profit on sales declined 13% to PLN 737.9 million.

Outlook and guidance

• The Witcher 4 will not launch before the end of 2026; no precise release date announced.

• Orion (next Cyberpunk game) is entering pre-production, with plans to double the team by end of 2025.

• Cyberpunk 2077 Ultimate Edition is set to launch on Macs in 2025; new Cyberpunk animation projects are in development with Netflix.

• Management aims to continue growth, with a long-term incentive program targeting PLN 2 billion cumulative net profit for 2023–2026 (48% achieved after two years).