CD项目2025年第一季度业绩不太可能成为主要催化剂

1Q25 results unlikely to be majorcatalyst We make no changes to our FY numbers or price target butshow our 1Q25 forecasts ahead of this evening's results. Wedo not assume a notable boost in Q2 from Cyberpunk 2077 onSwitch 2 in Q2 - but it is possible. We expect 2025 and 2026 tobe low years before The Witcher 4 releases in 2027. CDR.WA/CDR PWUNDERWEIGHTUnchanged European MediaNEUTRALUnchanged CD Projekt's momentum has been decent in recent quarters and we have ongoing goodprogress in 1Q25, considering the lack of catalysts, but this is still below 1Q24 and definitelybelow 4Q24. With the same operating profit margin as FY24, our 1Q25 profits are above aquarter of our FY forecasts for sure - we assume lower revenue in 2H25. We have modestlypositive net interest but we have them paying some tax in the P&L in 1Q25. Overall that leavesthe numbers below. Other factors for these results are: •How helpful the launch of Switch 2 on 5th June can be for Cyberpunk 2077 unit sales; •Whether there will be any other trailers or other content for The Witcher 4 coming up; •Anything new on the timing of the project to deliver The Witcher 4(aftermanagement makingit clear at the FY24 results that it would not land in 2026). Price PerformanceExchange-WSE52 Week rangePLN 257.80-126.50 Source: IDCLink to Barclays Live for interactive charting European Media Nick Dempsey+44 (0)20 3134 5888nick.dempsey@barclays.comBarclays, UK Aytaj Khalilli+44 (0)20 3134 2536aytaj.khalilli1@barclays.comBarclays, UK Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that couldaffectthe objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA. Please see analyst certifications and important disclosures beginning on page 7.Completed: 27-May-25, 15:59 GMTReleased: 28-May-25, 03:00 GMTRestricted - External Key forecasts Barclays | CD Projekt Analyst(s) Certification(s): I, Nick Dempsey, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subjectsecurities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT. Availability of Disclosures: Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072. The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst. Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account. Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits. Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise. In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch