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CD PROJEKT GROUP Q1 2025 Earnings 2 8 M A Y 2 0 2 5 Michał Nowakowski | J O I N T C H I E F E X E C U T I V E O F F I C E R , M E M B E R O F T H E B O A R D Piotr Nielubowicz | C H I E F F I N A N C I A L O F F I C E R , M E M B E R O F T H E B O A R D Karolina Gnaś | V I C E P R E S I D E N T , I N V E S T O R R E L A T I O N S
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400October 31, 2024 3 *as of 28 May 2025 - Cyberpunk 2077: Phantom Liberty (copies of the expansion sold separately & in the Ultimate Edition bundle)
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CYBERPUNK 2 HAS ENTERED PRE-PRODUCTION PHASE 400October 31, 2024 4
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*as of 28 May 2025 - The Witcher 3: Wild Hunt copies sold (base game & GOTY version // not including expansions sold separately) 6
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*as of 28 May 2025 - revenue from The Witcher 3: Wild Hunt (base game & GOTY version & expansions sold separately) 7
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February 28, 2025 Development teams engaged in ongoing projects *e.g. Localization, Quality Assurance, Data, Insights & Experiences, Artificial Intelligence **including unannounced projects developed internally or by third parties (the number of third-party developers involved is not included in this count) The Witcher 4 Cyberpunk 2 Sirius Hadar Shared Services* Other projects** No. of developers April 30, 2025 730 400October 31, 2024 8 422 96 48 19 131 14 707411 84 49 17 124 22
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O F T H E C D P R O J E K T G R O U P Financial Results 9
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CD PROJEKT GROUP — Profit and loss account All figures in PLN thousands CD PROJEKT GROUP RED GOG eliminations Q1 2025 vs. Q1 2025 vs. Q1 2024 Q1 2025 Q1 2025 Q1 2025 Q1 2025 Q1 2024 [PLN] Q1 2024 [%] Sales revenue 226 785 226 305 181 101 48 682 -3 478 -480 0% Sales of products and services 186 219 181 201 179 079 420 1 702 -5 018 -3% – CP 2077 + expansion * 146 235 143 996 142 737 -2 239 -2% – The Witcher 1, 2, 3 + expansions * 28 226 29 434 29 213 1 208 4% Sales of goods for resale and materials 40 566 45 104 2 022 48 262 -5 180 4 538 11% Cost of sales 62 053 46 463 15 046 35 026 -3 609 -15 590 -25% Cost of products and services sold 31 631 12 281 12 269 26 -14 -19 350 -61% Cost of goods for resale and materials sold 30 422 34 182 2 777 35 000 -3 595 3 760 12% Gross profit on sales 164 732 179 842 166 055 13 656 131 15 110 9% Operating costs 83 436 84 248 71 470 12 838 -60 812 1% Selling expenses 31 229 31 670 22 051 9 650 -31 441 1% Administrative expenses 54 359 53 028 49 930 3 127 -29 -1 331 -2% – Research works costs 20 643 8 186 8 186 -12 457 -60% Other operating income less expenses 2 152 450 511 -61 -1 702 -79% EBIT 81 296 95 594 94 585 818 191 14 298 18% Financial income less costs 15 894 17 717 17 954 -255 18 1 823 11% Income tax -2 872 27 308 27 116 154 38 30 180 -1 051% – Adjustments relating to prior years 21 847 21 847 21 847 Net profit 100 062 86 003 85 423 409 171 -14 059 -14% Net profitability 44.1% 38.0% 47.2% 0.8% *estimation10
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CD PROJEKT GROUP – assets Assets 31.12.2024 31.03.2025 change change % Non-current assets 1 574 164 1 729 873 155 709 10% Expenditure on development projects 695 421 785 199 89 778 13% – New development during Q1 2025 103 814 – Amortization during Q1 2025 14 036 Other financial assets * 292 137 329 876 37 739 13% Property, plant and equipment, investment properties 294 583 316 006 21 423 7% Deferred tax assets 101 989 109 474 7 485 7% Other non-current assets 190 034 189 318 -716 0% Current assets 1 468 260 1 389 258 -79 002 -5% Trade receivables 167 628 87 603 -80 025 -48% Other financial assets * 540 620 470 167 -70 453 -13% Cash and bank deposits * 647 410 704 628 57 218 9% Other current assets 112 602 126 860 14 258 13% Total assets 3 042 424 3 119 131 76 707 3% *Cash, bank deposits and bonds – total 1 472 034 1 489 078 17 044 1% All figures in PLN thousands11
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Equity and liabilities 31.12.2024 31.03.2025 change change % Equity 2 800 667 2 892 578 91 911 3% Liabilities 241 757 226 553 -15 204 -6% Liabilities 120 827 84 999 -35 828 -30% Deferred income 16 840 19 106 2 266 13% Provisions 104 090 122 448 18 358 18% Total liabilities and equity 3 042 424 3 119 131 76 707 3% 12 All figures in PLN thousands CD PROJEKT GROUP – equity and liabilities
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Cost of product maintenance - released products (P&L - Selling costs) Research works costs - new projects (P&L - G&A costs) Development expenditures - new products (Assets - capitalised) CD PROJEKT RED Research, development & product maintenance costs 13 All figures in PLN thousands 0 20 000 60 000 100 000 120 000 Q1 2024 Q2 2024 Q3 2024 Q4 2024 40 000 80 000 Q1 2025
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Cash, deposits and bonds 31.12.2024 Net profit for the period Acquisition of intangible and tangible assets Change in receivables, liabilities, provisions Other (cumulated) Cash flow excluding expenditure on development projects Expenditure on development projects Cash, deposits and bonds 31.03.2025 CD PROJEKT GROUP Changes in cash, deposits & bonds 14 All figures in PLN thousands 1 472 034 -36 31424 308 86 003 39 722 3 036 116 755 -99 711 1 489 078 Cash flow excluding development expenses during Q1 2025: +116 775k PLN Total increase including development expenses during Q1 2025: +17 044k PLN Amortization, depreciation, costs of incentive programs
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-TOTAL DIVIDEND -DPS 99 910 510 PLN 1 PLN BOARD RECOMMENDATION CONCERNING DIVIDEND PAYOUT 15
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Thank you ir@cdprojekt.com karolina.gnas@cdprojekt.com 16
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Legal Disclaimer This presentation was created by CD PROJEKT S.A. (“CD PROJEKT”). Data contained in this presentation is valid as of the day of its preparation. Consequently, this presentation will not be subject to changes, updates or modifications to account for events which might occur after this day. The presentation outlines the activities of CD PROJEKT and the CD PROJEKT Group. It is purely informative in scope and should not be regarded as offering investment advice. Information contained in this presentation must not be construed as assurances, projections or forecasts regarding future accomplishments or earnings of CD PROJEKT or of the CD PROJEKT Group. Although due diligence was applied in preparing this presentation, it may nevertheless contain ambiguities. Under no circumstances should this presentation be construed as a purchase recommendation, an invitation to subscribe to, or an offer to recommend purchase or subscription to any securities issued by CD PROJEKT. The recipients of this presentation bear all responsibility for their own analyses and assessments regarding the status of the market as well as the condition and potential future earnings of CD PROJEKT which may be based on information contained herein. CD PROJEKT wishes to advise all parties accessing this presentation that the sole authoritative source of information concerning the Company’s earnings, projections, events and indicators is represented by the current and periodic reports published by CD PROJEKT in the course of discharging its reporting obligations under Polish law. This presentation is not to be circulated in territories and states where public circulation and sharing of information contained herein may be subject to legal restrictions. Parties accessing this presentation are advised to familiarize themselves with any such restrictions beforehand. CD PROJEKT S.A. or any of its affiliates in the capital group (“CD PROJEKT”) with regards to any kind of, either sponsored or unsponsored ADR (“alternative depositary receipts”) or any other financial instruments of this kind (“Financial Instruments”) does not (i) make any warranties, expressed or implied, as to the accuracy, adequacy or completeness or any of the information connected with the Financial Instruments, (ii) support or encourage the creation of any kind of the Financial Instruments. CD PROJEKT does not represent any depository institution, bank or anyone nor should any such entity/person. CD PROJEKT shall have no responsibility or liability for the Financial Instruments. In case of any question, the holder of any Financial Instruments (as defined above) shall receive all the essential information at the institution issuing such Financial Instruments or any institution supporting such issuance of the Financial Instruments. 17