Ladies and gentlemen, thank you for standing by, and I would like to welcome you to CD Projekt's First Half 2025 Earnings Conference call on the 28th of August. At this time, all participant lines are in listen-only mode. The format of the call today will be a presentation by the management team, followed by a question -and -answer session. Without further ado, I would now like to pass the line to Mr. Michał Nowakowski, the Joint Chief Executive Officer. Please go ahead, sir. Thank you, and good afternoon. My name is Michał 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'll be joined by Karolina Gnas, our VP and Head of Investor Relations. 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 broader reach. June 3rd marked a milestone for CD Projekt. At State of Unreal 2025, we presented a technical demo of The Witcher 4, developed in partnership with Epic Games. The demo highlighted how our teams are pushing the boundaries of open-world game technology and enhancing Unreal Engine for the next generation of open-world games. The demo ran at 60 FPS on a standard PlayStation 5 console, showcasing the capabilities of Unreal Engine 5 and the tools our respective teams are developing to create large, immersive open worlds. This technical showcase reflects our ambition for The Witcher 4. Our goal is not simply to create another game using Unreal Engine, but to explore new possibilities in immersion, interactivity, and world-building. The innovations we are developing together with Epic Games today will shape the way we create experiences for our players, while also at the same time solidifying CD Projekt' s position at the forefront of technological progress in the gaming industry. We're extremely happy with the amazing reception from the community and gaming media that followed the showcase, and that motivates us, obviously, to carry on with our hard work on delivering The Witcher 4. Just two days after The Witcher 4 tech demo presentation, Cyberpunk 2077: Ultimate Edition had its premiere as one of the launch titles for the debuting Nintendo Switch 2 console. This event was another important milestone for us, marking the very first time one of our games would be a launch title on a new platform. Our developers truly made the most of the console's features, offering new, exclusive ways to play Cyberpunk 2077. We showcased them in a series of hands-on presentations, attracting praise from the player community and gaming media. Although we clearly see that sales on the new console are currently dominated by Nintendo's first-party titles, we were very pleased with Cyberpunk being among the best-selling third-party games. We believe that, thanks to its high quality and Nintendo Switch 2 exclusive enhancements, Cyberpunk 2077: Ultimate Edition is well-positioned to benefit from the console's growing user base. As of June, the vast majority of sales, which is around 70%, came from physical copies sold, and that reflects the strength of our offering. The entire game, along with its expansion, is fully contained on a 64 GB cartridge, providing a plug-and-play experience which players find particularly attractive. This dominance of physical sales continues into the current quarter, with additional stock orders coming in. In the long run, we expect the breakdown of sales between these channels to reflect our past experiences, with the share of digital sales progressively increasing as time goes by. It's worth noting that physical and digital sales channels have different economics. Digital sales naturally yield higher net revenue, while physical copies involve additional manufacturing and packaging costs, as well as distributor fees. Shortly after the release of Nintendo Switch 2, Cyberpunk 2077: Ultimate Edition appeared on yet another new platform. On July 17, the game became available on a wide range of Mac computers equipped with Apple silicon processors. Post-release reviews were very positive, with players and media praising the quality and performance of the port. The beginning of Q3 saw Cyberpunk 2077 included in PlayStation Plus Extra and PlayStation Plus Premium Service members, and this gives us an opportunity to reach a broad group of PlayStation players. Subscribers gain access to the base game, along with all previously released updates. If, after playing the base game, they wish to expand their adventures in Night City, they have the option to do so by purchasing the Phantom Liberty expansion. Moving on, while we continue to expand the reach of Cyberpunk through new platforms and subscription services, this is not the only path we're taking. We also continue to develop our core franchise through new transmedia projects and engage audiences beyond games. Last month, at the Anime Expo Convention in L.A., we were thrilled to announce that we were once again teaming up with Studio Trigger to create a new standalone anime series set in the world of Cyberpunk 2077. Cyberpunk: Edgerunners 2 is coming exclusively to Netflix, following the footsteps of the original, critically acclaimed series. Each of these initiatives, from The Witcher 4 tech demo through Cyberpunk 2077 arriving on new platforms to the announcement of Edgerunners 2, illustrates the way we're taking our strategy forward. Our goal is to combine technological innovation with multi-platform presence and transmedia storytelling to strengthen the long-term value of our brands and grow our global audience. As we approach the end of my part of the presentation, let me briefly walk you through our current workforce allocation. Our recruitment efforts have significantly sped up over the last three months, and as a result, the total number of talented developers working across our projects has grown by 10%, reaching almost 800 people. This growth was primarily driven by our two largest development teams. The Witcher 4 team grew to over 440 developers, while the Cyberpunk 2 project, which transitioned into pre-production recently in Q2, as you may remember, added 20 new team members. We anticipate further gradual growth in our total developer headcount by the end of the year, particularly for the teams working on projects in the most advanced stages of production. That will be all from me, and now it's time for financials, and I hand it over to Piotr. Thank you, Michał. Good evening, everyone. Let's start with our consolidated profit and loss account on slide 10. Our group sales revenue for the first half of 2025 reached PLN 443 million, 4% more than in the corresponding period last year. Most of the revenues came from sales of our own product. It's worth noting that both the Cyberpunk and The Witcher product families this year generated slightly higher sales than in the corresponding period last year. Our sales of goods and materials reached PLN 103 million and recorded 28% growth. Both segments recorded visible increases versus last year. In the case of sales of goods and materials in our CD Projekt segment, the figure reached nearly PLN 19 million. This was driven by our sales of physical cartridges of Cyberpunk 2077: Ultimate Edition for Nintendo Switch 2. Our cost of products and services sold was lower in H1 2025 compared to H1 2024, mainly for two reasons. First, due to the use of a declining amortization model, and second, because we extended the amortization scheme based on an estimation of the useful lives of our assets that was updated at the end of last year. The cost of goods for resale and materials sold grew in line with the discussed increase of sales in this category. Moving on to operating costs. In 2025 H1, they remained relatively stable versus last year, however, their structure changed. We had higher selling expenses due to our promotional activity related to the Cyberpunk 2077: Ultimate Edition launch on Nintendo Switch 2, as well as celebration of the 10th anniversary of The Witcher 3: Wild Hunt and The Witcher 4 tech demo presentation. At the same time, the administrative expenses decreased, which was mainly driven by the decrease in research work costs after the Cyberpunk 2 project changed its IFRS status in September 2024 from research to development, which qualifies for capitalization from that point onward. All in all, our EBIT reached PLN 168 million, 20% more than a year ago. The low income tax for the first half of the previous year was not typical for our business, as neither is the relatively high income tax we recorded in the first half of this year. As discussed during our last earnings call dedicated to the results of the first quarter, most of this amount, nearly PLN 22 million, came from adjustments covering prior years, driven mainly by corrections of our bookings related to withholding taxes, events of a one-off nature. Finally, our net profit for the first half of this year reached PLN 155 million. The overall net profitability of the group was 35%. However, it's worth noting that if we eliminated the non-monetary adjustments related to historical taxes booked in Q1 this year, the net profit would be higher than last year, and the net profitability ratio would amount to a comparable 39.9%. Now, let's take a look at the next slide, number 11, our consolidated balance sheet. On the asset side, first, the core of our business, expenditures on development projects. The balance here increased by PLN 202 million. The new developments, mainly The Witcher 4, Cyberpunk 2, and Project Sirius, but also some projects that are still unannounced, were responsible for a PLN 230 million increase, parallel to the PLN 28 million decrease coming from amortization of the already launched games. We also continue investing in our local physical assets, as visible in the nearly PLN 40 million increase of the property, plant, and equipment line item. This was mainly driven by the final phase of the construction and fit-out of a new building at our Warsaw campus, where The Witcher 4 team has already moved in and continues the development of the game. Our trade receivables decreased as of the end of June, which is natural when we compare it with the year-end value, which is usually quite high. Other current assets increased by nearly PLN 22 million, mainly due to a higher balance of our prepayments, including prepayments for development projects. The total value of cash, deposits, and bonds included in the three asset items marked with an asterisk is summed up under the table and amounts to PLN 1,427,000,000 as of the end of June. Our financial position decreased by PLN 45 million this time. Within this change, GOG.com was responsible for a decrease of PLN 11 million, driven by prepayments to its game suppliers, most related to Q4 sales. At the same time, CD Projekt RED reported a PLN 34 million decrease in its financial reserves, which corresponds to 2.4%. As usual, I will have a separate slide to provide some more insight on our main cash flow drivers this year. Moving forward to equity and liabilities, slide 12. The decision of our general meeting adopted before the end of June to pay out a PLN 99.9 million dividend at the beginning of July was the main driver of the growth of our liabilities. This dividend payout obligation boosted our other liabilities line as of the end of June. The decrease in provisions results mainly from payments or bonuses dependent on 2024 results, for which appropriate provisions had been created back then. Now, please move on to the next slide, number 13, CD Projekt RED's expenditures on research works, development, and cost of product maintenance, presented here on a quarterly basis for this and last year. In line with our strategy, we continue to expand our development activity both internally and through collaboration with external partners. The visible increase in development expenditures is therefore a natural outcome of accelerating work on our projects. One of the key contributors to this growth was the strengthening of the Boston team, our main recruitment focus, which is responsible for developing Cyberpunk 2. This project, as Michał Nowakowski has already mentioned, entered the pre-production phase in Q2. Finally, our aggregated cash flow drivers are on slide 14. The PLN 155 million book net profit was supported by PLN 55 million in amortization, depreciation, and non-cash costs of our share-based incentive programs. The overall change in receivables, liabilities, provisions, and deferrals boosted our cash flows by PLN 47 million. At the same time, PLN 64 million was expensed on the acquisition of tangible and intangible assets. Putting investments into currently developed products aside, our ongoing business generated PLN 197 million during the first half of 2025. During the same time, most of our team was engaged in working on new projects, hence the investment of PLN 242 million into new development projects. All in all, our financial reserves kept in cash, bank deposits, and bonds decreased by the already mentioned PLN 45 million over the reporting period, reaching PLN 1.43 million as of the end of June. That's all from me for now. We can move on to the Q&A session. Thank you. Thank you. Thank you very much for the presentation. We are now opening the question -and -answer section. If you're connected via the phone and would like to ask a voice question, please press star two on your phone, keep it, and wait for your name to be prompted. If you're connected via the web, you can also request to ask a voice question or send your question as a text. We'll just give a moment or so for the questions to come in. As we are seeing no voice questions, I will pass the line to the CD Projekt team to read out the text questions. Okay, so the first question comes from Grzegorz Balcerski from TRIGON. Expenditure on development projects jumped to over PLN 140 million in Q2 versus about PLN 100 million in Q1. Could you please explain the growth? Should we expect this amount to be repeated in the subsequent quarters, or was there a one-off element in this matter? Actually, PLN 140 million, it's not just the development expenses, it's all together, so research, development, and service. Therefore, for pure development expenses, the amount would be slightly lower. To answer the core of the question, in general, as we progress with the development of our projects, the expenditures will naturally increase, and we also expect the increase in the coming quarter. The expenses reflect both the growth of our internal teams, but also accelerating cooperation with external partners. Okay, and I'll take the second question also from TRIGON, from Grzegorz Balcerski. The question is, are you able to determine whether this year's marketing beat so far related to the presentation of The Witcher tech demo and the promotion of Cyberpunk on Switch and others were the most important market events this year? There's a second sub-question. Are you planning any more communications related to yet undisclosed projects this year? Whether these beats were important, yes. I mean, we felt that The Witcher tech demo was an important milestone, also marketing-wise. Of course, it was a tech demo first and foremost, predominantly from our perspective, but the way it resonated with the players, with the audience, was proof that it was impactful in terms of being a marketing beat as well. As for Cyberpunk launch on Nintendo Switch 2, it was also an important thing for us, especially taking into account that this was the first time we were launching day-to-day with the console debut. Yes, this was also an important beat. In terms of us planning any more communications on undisclosed projects, that's the part we cannot comment on because we can't share details ahead of something that would be a surprise. It's neither yes nor no, basically. I think there's a second question, which I can take, which comes from Michał Wojciechowski from InfoPerma. The question is, are you going to make any decisions regarding Project Hadar future by the end of this year? By the end of this year or 2026, I think. Project Hadar is basically still an IP concept, so not a game development yet. We're working on the game's story, the game's background, so to say. There is some prototyping going on in terms of gameplay because it's hard not to do that when the end goal is to make a video game, of course. I'm not sure what you mean by the decisions. I mean, decision as in progress into development or whether we're going to make one or not. We want to make this IP happen, so that decision is sort of made in terms of where we're going to go with the development. We're going to announce that in due time, I think. There's actually another question. This one is from Konrad Krasowski from Bloomberg. Can you reveal the number of copies of Cyberpunk 2077: Ultimate Edition sold to Nintendo Switch 2 platform? Unfortunately, no. This is not information we're sharing. All right. Since it seems there are no more questions in text form or on the call in voice, I think we would like to thank you for joining us today. Of course, as always, if you have any follow-up questions, feel free to get in touch with our marvelous investor relations team. We wish you a very pleasant evening. Goodbye, and till the next call. Thank you. Thank you. This concludes the call for today. We are now closing all the lines.