CD PROJEKT GROUP
Q3 2023 Earnings
28 NOVEMBER 2023

Adam Kiciński | 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 DPiotr 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
Michał Nowakowski | C H I E F C O M M E R 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4.3M
COPIES SOLDsince the launch of the game

20%
ATTACHMENTR A T I O*
*Estimate2

“3VERYPOSITIVE
92% reviews from last
30 days are positive”

“4VERYPOSITIVE
92% reviews from last
30 days are positive”

BEST GAMEEXPANSION

5BEST GAMETRAILERNOMINATIONSBestNarrative

Best Performance
Idris Elba as Solomon Reed

Best Ongoing
6Players'VoiceBest Community
Supportth

5 DECEMBER

7

Development teams engaged in ongoing projects*At the end of July 2023, “The Witcher: Monster Slayer (SPOKKO)” & “W3 next-gen version” were included in “Other projects” due to small number of devs in its own categories (<10)

8Financial Results
OF THE CD PROJEKT GROUP

9CD PROJEKT GROUP — Proﬁt and loss accountCD PROJEKT GROUP
Q3 2022
Q3 2023RED
Q3 2023

GOG
Q3 2023

eliminations

Q3 2023 vs.
Q3 2022 [PLN]

Q3 2023 vs.
Q3 2022 [%]245 514442 682

382 04283 700-23 060

197 168

80%

Sales of products

203 189

390 534

380 646

09 888187 345

92%

Sales of services

308

455

191

307

-4314748%

42 01751 693

1 205

83 393-32 905

9 676

23%

79 200143 167

105 689

60 579-23 101

63 967

81%

Cost of products and services sold48 602104 410104 494

0-84

55 808115%– CP77 boxed edition provisions

013 041

13 04130 59838 757

1 195

60 579-23 017

8 159

27%

Gross proﬁt on sales

166 314299 515276 353

23 121

41

133 20180%

Operating costs

69 010113 276

98 28814 92563

44 26664%

45 06466 14053 27512 883-18

21 07647%

13 51539 86439 86426 349195%

Administrative expenses

26 97351 30049 031

2 119

150

24 32790%

Other operating income less expenses

3 027

4 164

4 018

7769

1 137

38%

97 304186 239

178 065

8 196-2288 935

91%

14 94347 43047 171219

40

32 487217%

027 271

27 27113 35830 80529 980027 271
17 447131%

08 2748 274

Net proﬁt

98 889202 864

195 256

7 590

Net proﬁtability

40.3%

45.8%

51.1%

9.1%

Sales revenue

Sales of goods for resale and materials
Cost of sales

Cost of goods for resale and materials soldSelling expenses– CP IP publishing costs

EBIT
Financial income less costs– Reversal of Spokko shares write-oﬀ due to merger
Income tax– Non recoupable withholding tax for current year

10All ﬁgures in PLN thousands

13 041825

8 274
18103 975

105%

CD PROJEKT RED
Depreciation scheme of Cyberpunk projects
Expenditures on development of Cyberpunk 2077 base game that have not yet been depreciated……(including edition for newest-gen consoles)
Expenditures on development of Phantom Liberty

The value of expenditures on development projects to be depreciated

Period11178m PLN
273m PLN

451m PLN% of asset to be quarterly depreciatedQ3-Q4 2023

20.0%

Q1-Q4 2024

5.0%

Q1-Q4 2025

3.5%

Q1-Q4 2026

2.5%

Q1-Q4 2027

2.0%

Q1-Q4 2028

2.0%

CD PROJEKT GROUP
Revenues, proﬁt vs. costs and expenses

12All ﬁgures in PLN thousands

CD PROJEKT GROUP – assets
Assets30.06.2023

30.09.2023

changechange %1 300 586

1 274 924

-25 662-2%

600 099575 418-24 681-4%

Non-current assets
Expenditure on development projects– New development during Q3 2023

70 903– Depreciation during Q3 2023

-94 026

Other ﬁnancial assets *242 203

254 687

12 4845%

Property, plant and equipment, investment properties

198 438

206 231

7 793

4%Deferred tax assets

47 04422 897-24 147-51%

Other non-current assets

212 802215 6912 889

1%883 921

1 137 807

253 88629%

Trade receivables

83 557287 833

204 276

244%

Other ﬁnancial assets *249 576

268 043

18 467

7%

Cash and bank deposits *466 461

499 482

33 021

7%

Other current assets

84 32782 449-1 878-2%

2 184 507

2 412 731

228 22410%

930 657

1 014 652

83 995

9%

Current assets

Total assets*Cash, bank deposits and T-bonds – total

13

All ﬁgures in PLN thousands

CD PROJEKT GROUP – equity and liabilities

Equity and liabilities

30.06.2023

30.09.2023

changechange %Equity2 030 808

2 208 144

177 3369%

153 699

204 587

50 88833%

Liabilities

89 814

117 551

27 73731%

Deferred income

28 36415 176-13 188-46%

Provisions

35 521

71 86036 339102%– Bonuses

9 254

31 56922 315241%– Costs/Expenses

26 26740 291

14 02453%

Total liabilities and equity

2 184 507

2 412 731

228 224

10%

Liabilities14All ﬁgures in PLN thousands

CD PROJEKT RED
Product research, development & service costs

15

All ﬁgures in PLN thousands

CD PROJEKT GROUP
Changes in cash, deposits & T-bonds

97 206-64 83160 080-198 161

202 864-13 163

Total increase of cash, deposits and T-bonds during Q3 2023: 83 995
930 657

16

All ﬁgures in PLN thousands

1 014 652

Q&A

17

Thank you
ir@cdprojekt.com
karolina.gnas@cdprojekt.com

18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 ormodiﬁcations 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 asoﬀering investment advice. Information contained in this presentation must not be construed as assurances, projections or forecasts regarding futureaccomplishments 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 thispresentation 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 thecondition and potential future earnings of CD PROJEKT which may be based on information contained herein. CD PROJEKT wishes to advise all partiesaccessing this presentation that the sole authoritative source of information concerning the Company’s earnings, projections, events and indicators isrepresented 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 tolegal 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 orimplied, as to the accuracy, adequacy or completeness or any of the information connected with the Financial Instruments, (ii) support or encourage thecreation of any kind of the Financial Instruments. CD PROJEKT does not represent any depository institution, bank or anyone nor should any suchentity/person.
CD PROJEKT shall have no responsibility or liability for the Financial Instruments. In case of any question, the holder of any Financial Instruments (asdeﬁned above) shall receive all the essential information at the institution issuing such Financial Instruments or any institution supporting such issuanceof the Financial Instruments.

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