2
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Disclaimer
This English language translation has been prepared solely for the convenience of English speaking
readers. Despite all the efforts devoted to this translation, certain discrepancies, omissions or
approximations may exist. In case of any differences between the Polish and the English versions, the
Polish version shall prevail. CD PROJEKT, its representatives and employees decline all responsibility in
this regard.
3
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
CD PROJEKT Group - Selected financial data translated into EUR
PLN EUR
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025*
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025*
Net sales of products, goods for resale
and materials
191 107 180 091 45 052 43 035
Cost of sales of products, goods for resale
and materials
13 854 13 989 3 266 3 343
Operating profit 97 067 94 013 22 883 22 465
Profit before tax 112 882 112 539 26 611 26 892
Net profit from continuing operations 106 200 111 215 25 036 26 576
Net profit from discontinued operations - 580 - 139
Net profit 106 200 111 795 25 036 26 715
Net cash from operating activities 163 491 151 112 38 542 36 110
Net cash from investing activities (246 436) (57 766) (58 096) (13 804)
Net cash from financing activities (1 162) (950) (274) (227)
Net increase/(decrease) in cash and cash equivalents (84 107) 92 396 (19 828) 22 079
Number of shares (in thousands) 99 911 99 911 99 911 99 911
Net earnings per share (in PLN/EUR) 1.06 1.12 0.25 0.27
Diluted earnings per share (in PLN/EUR) 1.05 1.11 0.25 0.27
Book value per share (in PLN/EUR) 34.16 28.94 7.96 6.92
Diluted book value per share
(in PLN/EUR)
33.85 28.74 7.89 6.87
Dividend declared or paid per share
(in PLN/EUR)
- - - -
* restated data
PLN EUR
31.03.2026 31.12.2025 31.03.2026 31.12.2025
Total assets 3 643 417 3 503 320 849 400 828 855
Liabilities and provisions for liabilities
(excluding accruals)
207 109 195 715 48 284 46 304
Non-current liabilities 34 833 33 157 8 121 7 845
Current liabilities 195 859 180 304 45 661 42 658
Equity 3 412 725 3 289 859 795 618 778 352
Share capital 99 911 99 911 23 293 23 638
The financial data presented above was translated into EUR as follows:
 Items of the interim condensed consolidated income statement and the interim condensed consolidated statement of cash
flows were translated at exchange rates calculated as an arithmetic mean of the exchange rates announced by the National
Bank of Poland for the euro applicable as at the last day of each month in a given reporting period. These rates were,
respectively, as follows: from 1 January to 31 March 2026: 4.2419 PLN/EUR and from 1 January to 31 March 2025:
4.1848 PLN/EUR.
 Items of assets, liabilities and equity in the interim condensed consolidated statement of financial position were translated at
exchange rates announced by the National Bank of Poland for the euro applicable as at the last day of the reporting period.
These rates were, respectively, as follows: 4.2894 PLN/EUR as at 31 March 2026 and 4.2267 PLN/EUR as at 31 December 2025.
4
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Table of contents
Key financial data of the CD PROJEKT Group ................................................................................................................................................................. 6
Interim condensed consolidated income statement ................................................................................................................................................. 7
Interim condensed consolidated statement of comprehensive income ........................................................................................................... 9
Interim condensed consolidated statement of financial position ........................................................................................................................ 9
Interim condensed statement of changes in consolidated equity ...................................................................................................................... 12
Interim condensed statement of cash flows .............................................................................................................................................................. 14
Explanatory notes to the interim condensed consolidated financial statements................................................................................................. 17
General information........................................................................................................................................................................................................... 18
Presentation of the Group ............................................................................................................................................................................................... 18
Consolidation policies ...................................................................................................................................................................................................... 19
Basis of preparation of the interim condensed consolidated financial statements .....................................................................................20
Going concern assumption ............................................................................................................................................................................................20
Compliance with the International Financial Reporting Standards....................................................................................................................20
Functional currency and presentation currency ....................................................................................................................................................... 21
Assumption of comparability of the financial statements and consistency of accounting policies .......................................................... 21
Audit by the registered auditor ..................................................................................................................................................................................... 25
Notes – operations of the CD PROJEKT Group ............................................................................................................................................................ 26
Notes – other explanatory notes to the interim condensed consolidated financial statements .................................................................... 29
Note 1. Description of items affecting assets, liabilities, equity, net profit and cash flows which are not typical
in terms of their type, size and impact ................................................................................................................................................................ 30
Note 2. Sales revenue .............................................................................................................................................................................................. 30
Note 3. Operating expenses .................................................................................................................................................................................... 31
Note 4. Other operating income and expenses ................................................................................................................................................32
Note 5. Finance income and finance costs......................................................................................................................................................... 33
Note 6. Corporate income tax and deferred income tax................................................................................................................................ 34
Note 7. Discontinued operations .......................................................................................................................................................................... 36
Note 8. Dividends paid (or declared) and received ........................................................................................................................................ 36
Note 9. Property, plant and equipment................................................................................................................................................................ 37
Note 10. Intangible assets and expenditure on development projects .................................................................................................... 39
Note 11. Changes in the structure of the Group and Group companies during the reporting period .............................................. 40
Note 12. Investment properties ............................................................................................................................................................................. 40
Note 13. Prepayments and deferred costs ........................................................................................................................................................... 41
Note 14. Other financial assets ................................................................................................................................................................................ 41
Note 15. Inventories .................................................................................................................................................................................................... 41
Note 16. Trade receivables ......................................................................................................................................................................................42
Note 17. Other receivables ....................................................................................................................................................................................... 44
Note 18. Share capital ................................................................................................................................................................................................ 44
Note 19. Other non-current liabilities ................................................................................................................................................................... 45
Note 20. Other current liabilities ........................................................................................................................................................................... 45
Note 21. Deferred income ....................................................................................................................................................................................... 46
Note 22. Provision for retirement and similar benefits .................................................................................................................................. 46
Note 23. Other provisions ........................................................................................................................................................................................ 47
Note 24. Information on financial instruments ...................................................................................................................................................48
Note 25. Explanations to the condensed consolidated statement of cash flows ................................................................................... 51
Note 26. Cash flows and non-monetary changes resulting from changes in liabilities in financing activities...............................53
Note 27. Transactions with related entities ....................................................................................................................................................... 54
Note 28. Contingent liabilities ................................................................................................................................................................................ 57
Note 29. Employee benefit programmes ........................................................................................................................................................... 58
Note 30. Tax settlements ......................................................................................................................................................................................... 61
Note 31. Post balance sheet events ...................................................................................................................................................................... 61
Additional information ........................................................................................................................................................................................................... 62
Significant litigation pending before a court, a competent arbitration body or a public administration body .............................. 63
Shareholding structure .................................................................................................................................................................................................... 63
Parent Company’s shares held by Members of the Management and Supervisory Boards .............................................................. 64
Reference to published estimates ............................................................................................................................................................................... 64
Interim condensed separate financial statements of CD PROJEKT S.A. ............................................................................................................... 65
Interim condensed separate income statement ...................................................................................................................................................... 66
Interim condensed separate statement of comprehensive income ................................................................................................................. 66
Interim condensed separate statement of financial position .............................................................................................................................. 67
Interim condensed separate statement of changes in equity ............................................................................................................................. 69
5
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Interim condensed separate statement of cash flows............................................................................................................................................ 71
Assumption of comparability of the financial statements and consistency of accounting policies ......................................................... 73
Notes to the separate financial statements of CD PROJEKT S.A. ..................................................................................................................... 76
A. Corporate income tax and deferred income tax .......................................................................................................................................... 76
B. Dividends paid (or declared) and received .................................................................................................................................................... 77
C. Goodwill .................................................................................................................................................................................................................... 77
D. Trade receivables .................................................................................................................................................................................................. 78
E. Other receivables .................................................................................................................................................................................................. 80
F. Other provisions .................................................................................................................................................................................................... 80
G. Information on financial instruments ................................................................................................................................................................81
H. Transactions with related entities.....................................................................................................................................................................84
Statement of the Management Board of the Parent Company .......................................................................................................................... 86
Approval of the financial statements .......................................................................................................................................................................... 87
Key financial data of the
CD PROJEKT Group
1
7
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Interim condensed consolidated income statement
Note
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025*
Sales revenue 191 107 180 091
Sales of products 2 184 935 178 069
Sales of goods for resale and materials 2 6 172 2 022
Cost of sales of products, goods for resale and materials 13 854 13 989
Cost of products sold 3 11 440 11 212
Cost of goods for resale and materials sold 3 2 414 2 777
Gross profit on sales 177 253 166 102
Selling expenses 3 23 989 22 051
Total administrative expenses, including: 3 56 964 49 930
costs of research projects 3 8 945 8 186
Other operating income 4 3 602 3 133
Other operating expenses 4 2 832 3 248
(Impairment)/reversal of impairment
of financial instruments
(3) 7
Operating profit 97 067 94 013
Finance income 5 26 107 39 104
Finance costs 5 10 292 20 578
Profit before tax 112 882 112 539
Income tax 6 6 682 1 324
Net profit on continuing operations 106 200 111 215
Net profit on discontinued operations 7 - 580
Net profit 106 200 111 795
Net earnings per share (in PLN)
Basic for the reporting period 1.06 1.12
Diluted for the reporting period 1.05 1.11
Net earnings on continuing operations per share (in PLN)
Basic for the reporting period 1.06 1.11
Diluted for the reporting period 1.05 1.10
Net earnings on discontinued operations per share (in PLN)
Basic for the reporting period - 0.01
Diluted for the reporting period - 0.01
* restated data
The Group’s total Sales revenue in the first quarter of 2026 was higher than in the first quarter of last year, mainly due to continued
sales of Cyberpunk 2077, including the Phantom Liberty expansion and sales revenue related to introducing Cyberpunk 2077 and
The Witcher 3: Wild Hunt into the Game Pass service.
8
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Sales of products had the largest share in the CD PROJEKT Group’s sales revenue for the period under review and primarily related
to:
a) royalties resulting from the sale of Cyberpunk 2077, including the Phantom Liberty expansion;
b) royalties resulting from the sale of The Witcher 3: Wild Hunt with Hearts of Stone and Blood and Wine expansions;
c) licence revenue from CD PROJEKT RED studio franchises;
d) revenue related to other products of the CD PROJEKT RED segment: the GWENT games: The Witcher Card Game,
The Witcher 2: The Assassins of Kings, The Witcher and Thronebreaker: The Witcher Tales.
The Cost of products, goods for resale and materials sold of the Group comprised mainly the Cost of products sold, where mainly
the cost of amortization of expenditure on development projects (own games developed) is presented. The value of the said item
in the first quarter of 2026 comprised mainly the amortization of expenditure on Cyberpunk 2077, including its expansion Phantom
Liberty.
Sales of goods for resale and materials and the corresponding Cost of goods for resale and materials sold in the period under
analysis relate to the sales to distributors of the Parent Company’s finished physical game sets, their components and franchise
products, including mainly the sales to distributors of Cyberpunk 2077: Ultimate Edition on Nintendo Switch 2 cartridges.
In the first quarter of 2026, the largest component of the Selling expenses comprised costs relating to the publishing activities,
advertising and promotion of own titles released and planned, including salaries and wages of the internal publishing department
teams and other external services relating to promotion.
In addition, this item comprises costs of maintenance of released titles, mainly the maintenance costs of Cyberpunk 2077, including
its expansion Phantom Liberty.
Administrative expenses of the CD PROJEKT Group comprise mainly:
a) remuneration of the administrative teams and the external costs of third party services classified in this category which,
in step with an increase in the scale of operations of the Group companies, are growing gradually;
b) remuneration of the management (including earnings-related remuneration for a given period);
c) the cost associated with the functioning of the Incentive Plans A and B which are based on entitlements to the Parent
Company’s shares;
d) the costs of research work on new technologies and the costs of work on the future games during the initial period of
their development (research phase) before moving on to the implementation of projects (development phase) and starting
to capitalize them within expenditure on development projects which is a part of Non-current assets.
The Group’s Other operating income and expenses comprise mainly income generated by CD PROJEKT from the rental of office
space (and accompanying maintenance costs) in the real estate complex at ul. Jagiellońska 74 and 76 in Warsaw, income from
utilizing the tax relief for innovative employees, reinvoicing income and expenses, as well as other sales.
In the period discussed, the Group reported an excess of Finance income over Finance costs. The excess comprised mainly interest
on bonds and deposits with banks, net foreign exchange gains, including the settlement and measurement of derivative financial
instruments hedging foreign exchange risk.
The Group’s consolidated Net profit for the first quarter of 2026 amounted to PLN 106 200 thousand and was 4.5% lower than Net
profit on continuing operations in the first quarter of 2025.
9
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Interim condensed consolidated statement of
comprehensive income
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025*
Net profit 106 200 111 795
Other comprehensive income subject to reclassification to gains or losses after specific
conditions have been met
3 850 (1 751)
Exchange differences on measurement of foreign operations 7 074 (2 875)
Measurement of financial instruments at fair value through other comprehensive income,
taking into account the tax effect
(3 224) 1 124
Total other comprehensive income 3 850 (1 751)
Total comprehensive income, including: 110 050 110 044
Total comprehensive income on continuing operations 110 050 109 464
Total comprehensive income on discontinued operations - 580
* restated data
Interim condensed consolidated statement of financial
position
Note 31.03.2026 31.12.2025* 31.03.2025*
NON-CURRENT ASSETS 2 466 808 2 168 647 1 729 873
Property, plant and equipment 9 349 274 334 779 284 656
Intangible assets 10 65 782 64 979 68 603
Expenditure on development projects 10 1 317 610 1 148 143 785 199
Investment properties 12 67 486 31 241 31 319
Goodwill 10 88 899 88 899 56 438
Shares in non-consolidated subordinated entities 24 10 933 10 770 40 598
Prepayments and deferred costs 13 7 138 3 233 23 305
Other financial assets 14.24 442 187 371 566 329 876
Deferred tax assets 6 117 060 114 603 109 474
Other receivables 17 439 434 405
CURRENT ASSETS 1 176 609 1 334 673 1 388 442
Inventories 15 2 076 2 279 660
Trade receivables 16.24 101 836 125 441 87 603
Current income tax receivable - 11 305 36
Other receivables 17 79 669 214 114 100 958
Prepayments and deferred costs 13 20 027 14 009 24 390
Other financial assets 14.24 396 217 332 597 470 167
Bank deposits over 3 months 24 546 776 520 813 487 346
Cash and cash equivalents 24 30 008 114 115 217 282
TOTAL ASSETS
3 643 417 3 503 320 3 118 315
* restated data
10
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Expenditure on development projects, in which the Group recognizes expenditure on the development of games, their versions
on new platforms and other products of a similar nature, incurred and deferred, had the largest share in the value of the Group’s
Non-current assets as at the end of the first quarter of 2026, as well as the largest impact on the increase in the balance thereof.
The increase in the item in question in the period discussed is mainly a result of incurring higher expenditure on the production of
future products than the amortization of completed productions. The largest expenditure incurred in the period analysed related to
The Witcher 4 and Cyberpunk 2.
The increase in the balance of CD PROJEKT Group’s Property, plant and equipment is associated mainly with expenditure on the
construction works on the CD PROJEKT campus in Warsaw (Assets under construction).
The balance of Investment properties increased during the period under analysis as a result of the purchase of an investment
property located in Warsaw in connection with the plans to develop the CD PROJEKT campus at Jagiellońska.
The balance of current and non-current Other financial assets consists primarily of domestic and foreign bonds acquired as part of
credit risk diversification, together with the measurement of derivative financial instruments hedging the currency risk of foreign
bonds.
The consolidated balance of current and non-current Prepayments and deferred costs recognized as at the end of the period
under analysis consisted mainly of prepaid subscriptions for business software and deferred marketing costs.
As at the end of March 2026, the Group’s Other receivables included, in particular, tax receivables and advance payments made
by CD PROJEKT RED in respect of purchases of goods for resale and services, and development projects. The decrease in the
balance is mainly due to a settlement of an amount receivable during the reporting period in connection with the disposal, at the
end of 2025, of shares in the subsidiary GOG sp. z o.o.
The total value of financial reserves in the form of Cash and cash equivalents, Bank deposits over 3 months and liquid financial
assets in the form of purchased bonds (collectively included in current and non-current Other financial assets) held by the Group
as at 31 March 2026 amounted to PLN 1 410 597 thousand (compared with PLN 1 324 910 thousand as at 31 December 2025).
11
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 31.03.2026 31.12.2025 31.03.2025*
EQUITY 3 412 725 3 289 859 2 891 762
Share capital 18 99 911 99 911 99 911
Supplementary capital 2 400 607 2 400 607 2 069 034
Share premium 116 700 116 700 116 700
Treasury shares (22 424) (22 424) -
Other reserves 143 145 133 553 57 748
Foreign exchange differences on translation 604 (6 470) (2 444)
Retained earnings/(Accumulated losses) 567 982 (26 726) 439 018
Net profit for the period 106 200 594 708 111 795
NON-CURRENT LIABILITIES 34 833 33 157 22 348
Other financial liabilities 24 20 676 21 743 17 243
Other liabilities 19 2 194 2 085 2 212
Deferred tax provision 6 - - 151
Deferred income 21 10 162 6 642 1 880
Provision for retirement and similar benefits 22 1 713 1 713 862
Other provisions 23 88 974 -
CURRENT LIABILITIES 195 859 180 304 204 205
Other financial liabilities 24 8 827 7 860 4 713
Trade payables 24 42 895 46 447 68 922
Current income tax liabilities 5 635 - 2 023
Other liabilities 20 8 738 7 297 9 476
Deferred income 21 13 421 11 104 17 226
Provision for retirement and similar benefits 22 17 854 12 442 11 898
Other provisions 23 98 489 95 154 89 947
TOTAL EQUITY AND LIABILITIES 3 643 417 3 503 320 3 118 315
* restated data
As at the end of the first quarter of 2026, the Equity of the CD PROJEKT Group amounted to PLN 3 412 725 thousand and was PLN
122 866 thousand higher than at the end of 2025, which was mainly influenced by the Net profit for the period.
The balance of current and non-current Other financial liabilities as at the 31 March 2026 the Group recognizes lease liabilities,
including in particular liabilities relating to the perpetual usufruct of land at Jagiellońska 74 and Jagiellońska 76 in Warsaw.
The sum of the Group’s Other liabilities in the period discussed comprised mainly current social security liabilities and tax liabilities
(PIT, withholding tax).
The CD PROJEKT Group’s Deferred income as at the end of March 2026 mainly includes the so-called minimum guarantees, i.e.
advances received or due from publishers and distribution partners towards royalties related to sales in future periods as well as
deferred income concerning subsidies.
The balance of current and non-current Provisions for retirement and similar benefits includes primarily a holiday pay provision.
The balance of the CD PROJEKT Group’s Other provisions as at the end of the first quarter of 2026 comprised mainly a provision
for unpaid remuneration contingent on the earnings for 2025 and for the current period, as well as provisions for external services
and other costs.
12
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Interim condensed statement of changes in consolidated equity
Share
capital
Supplementary
capital
Share premium
Treasury
shares
Other
reserves
Foreign
exchange
gains and
losses
differences on
translation
Retained
earnings /
(Accumulated
losses)
Net profit
for the
period
Total
equity
01.01.2026 – 31.03.2026
Equity as at 01.01.2026 99 911 2 400 607 116 700 (22 424) 133 553 (6 470) 567 982 - 3 289 859
Total comprehensive income - - - - (3 224) 7 074 - 106 200 110 050
Net profit - - - - - - - 106 200 106 200
Other comprehensive income - - - - (3 224) 7 074 - - 3 850
Costs of the incentive plan - - - - 12 816 - - - 12 816
Equity as at 31.03.2026 99 911 2 400 607 116 700 (22 424) 143 145 604 567 982 106 200 3 412 725
01.01.2025 – 31.12.2025
Equity as at 01.01.2025 99 911 2 069 034 116 700 - 49 017 431 465 574 - 2 800 667
Corrections of errors - - - - (52) - (26 556) - (26 608)
Equity, as adjusted 99 911 2 069 034 116 700 - 48 965 431 439 018 - 2 774 059
Total comprehensive income - - - - 1 921 (6 901) - 594 708 589 728
Net profit - - - - - - - 594 708 594 708
Other comprehensive income - - - - 1 921 (6 901) - - (4 980)
Costs of the incentive plan - - - - 42 347 - - - 42 347
Setting up reserve capital for the purchase of treasury shares
- (40 320) - - 40 320 - - - -
Purchase of treasury shares for the execution of
the incentive plan
- - - (22 424) - - - - (22 424)
Retained earnings/(Accumulated losses) of the acquired
entity
- - - - - - 6 060 - 6 060
Payment of dividend - - - - - - (99 911) - (99 911)
Appropriation of the net profit/offset of loss - 371 893 - - - - (371 893) - -
Equity as at 31.12.2025 99 911 2 400 607 116 700 (22 424) 133 553 (6 470) (26 726) 594 708 3 289 859
13
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Share
capital
Supplementary
capital
Share premium
Treasury
shares
Other
reserves
Foreign
exchange
gains and
losses
differences on
translation
Retained
earnings /
(Accumulated
losses)
Net profit
for the
period
Total
equity
01.01.2025 – 31.03.2025
Equity as at 01.01.2025 99 911 2 069 034 116 700 - 49 017 431 465 574 - 2 800 667
Corrections of errors - - - - (52) - (26 556) - (26 608)
Equity, as adjusted 99 911 2 069 034 116 700 - 48 965 431 439 018 - 2 774 059
Total comprehensive income - - - - 1 124 (2 875) - 111 795 110 044
Net profit - - - - - - - 111 795 111 795
Other comprehensive income - - - - 1 124 (2 875) - - (1 751)
Costs of the incentive plan - - - - 7 659 - - - 7 659
Equity as at 31.03.2025 99 911 2 069 034 116 700 - 57 748 (2 444) 439 018 111 795 2 891 762
14
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Interim condensed statement of cash flows
Note
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025*
OPERATING ACTIVITIES
Net profit 106 200 111 795
Total adjustments: 25 40 175 51 356
Depreciation and amortization of property, plant and equipment, intangible
assets and expenditure on development projects
2 845 2 968
Amortization of development projects recognized as cost of goods sold 10 325 13 775
Foreign exchange (gains)/losses (15 279) 17 921
Interest and shares in profits (12 113) (18 462)
(Gains)/losses on investing activities 10 212 (18 219)
Increase/(Decrease) in provisions 14 550 (10 397)
(Increase)/Decrease in inventories 203 1 142
(Increase)/Decrease in receivables 26 679 52 095
Increase/(Decrease) in liabilities, excluding loans and borrowings (7 838) (1 976)
Change in other assets and liabilities (4 146) 3 996
The costs of share-based incentive plans 11 334 7 565
Other adjustments 3 403 948
Cash from operating activities 146 375 163 151
Income tax expense 4 028 (3 239)
Withholding tax paid abroad 2 664 4 755
Income tax (paid)/refunded 10 424 (13 555)
Net cash from operating activities 163 491 151 112
* restated data
15
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025
INVESTING ACTIVITIES
Inflows 357 406 357 599
Sale of intangible assets and property, plant and equipment 7 191
Repayment of loans granted - 455
Sale of shares in a subsidiary 90 695 -
Expiry of bank deposits over 3 months 214 200 278 634
Redemption or sale of bonds 37 430 66 000
Interest on bonds 6 974 2 770
Interest received on deposits 4 215 9 136
Inflows from execution of forward contracts 3 885 366
Other inflows from investing activities - 47
Outflows 603 842 415 365
Acquisition of intangible assets and property, plant and equipment 30 924 36 314
Expenditure on development projects 149 743 99 711
Acquisition of investment properties and capitalization of expenditure 11 629 -
Placement of bank deposits over 3 months 237 379 248 194
Purchase of private equity interests in the gaming sector 29 -
Purchase of bonds and cost of their purchase 170 833 31 146
Transaction-related costs associated with the sale of shares 3 305 -
Net cash from investing activities (246 436) (57 766)
FINANCING ACTIVITIES
Inflows 1 9
Settlement of lease receivables 1 8
Interest received - 1
Outflows 1 163 959
Payment of lease liabilities 954 800
Interest paid 209 159
Net cash from financing activities 26
(1 162)
(950)
Net increase/(decrease) in cash and cash equivalents (84 107) 92 396
Change in cash and cash equivalents in the balance sheet (84 107) 92 396
Cash and cash equivalents as at the beginning of the period 114 115 124 886
Cash and cash equivalents as at the end of the period, including 30 008 217 282
restricted cash and cash equivalents 291 -
16
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
In the first quarter of 2026, the CD PROJEKT Group reported a positive balance of Net cash flows from operating activities of
PLN 163 491 thousand.
The consolidated net profit for the period was adjusted for:
a) Non-cash items (total increase):
 Amortization and depreciation;
 Amortization of development projects recognized as cost of sales, consisting mainly of the amortization of
expenditure on the development of Cyberpunk 2077 and the Phantom Liberty expansion;
 Foreign exchange (gains)/losses, a decrease resulting from the elimination of foreign exchange differences
recognized in the income statement on the measurement of foreign bonds and bank deposits;
 Increase/(Decrease) in provisions, an increase resulting mainly from the change in provisions for liabilities and
holiday pay;
 Costs of share-based incentive plans, an increase in the balance resulting from the elimination of the accounting
settlement of non-cash costs of share-based incentive plans;
 Other adjustments, an increase in net cash flows resulting mainly from the elimination of amortization and
depreciation included in the cost of sales and other operating expenses.
b) Items related to changes in current assets and current liabilities (a net increase):
 (Increase)/Decrease in inventories, an increase in net cash flows as a result of a decrease in inventories;
 (Increase)/Decrease in receivables, an increase in net cash flows resulting primarily from a decrease in the balance
of receivables at the end of the first quarter of 2026 related to the receipt of royalties reported for the fourth quarter
of 2025;
 Increase/(decrease) in liabilities, excluding loans and borrowings, a decrease in net cash flows as a consequence
of a decrease in the Group’s liabilities;
 Change in other assets and liabilities (a decrease).
c) Items recognized in other sections of the statement of cash flows – Interest and shares in profits, resulting in a decrease
in the cash flows reported under operating activities and (Gains)/Losses on investing activities, an increase.
d) A difference between the corporate income tax recognized in the income statement and the tax actually paid in the first
quarter of 2026, taking into account settlements related to withholding tax.
The main factor contributing to the negative balance of Net cash flows from investing activities during the first quarter of this year
were cash outflows related to transactions involving bank deposits and bonds, as well as outflows related to Expenditure on
development projects and the Acquisition of property, plant and equipment and investment properties. In addition, during the
reporting period, the Parent Company received payment for the shares in its subsidiary GOG sp. z o.o. that were sold at the end of
the last year.
In the first quarter of 2026, the CD PROJEKT Group did not generate any significant Net cash flows from financing activities.
The total Net decrease in cash and cash equivalents for the first quarter of the current year amounted to PLN 84 107 thousand. At
the same time, the total Cash and cash equivalents, Bank deposits over 3 months and liquid financial assets in the form of purchased
bonds increased by PLN 85 687 thousand, while financing outflows related to ongoing development projects amounting to
PLN 149 743 thousand.
Explanatory notes to the interim
condensed consolidated financial
statements
2
18
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
General information
Name of reporting entity:
CD PROJEKT S.A.
(there have been no changes in the name of the reporting entity since the end of
the prior reporting period)
Legal form: a joint stock company (spółka akcyjna)
Registered office: ul. Jagiellońska 74, Warszawa 03-301
Country of registration: Poland
Core activities:
CD PROJEKT S.A. is the holding company of the CD PROJEKT Group, whose core
business is the development and publication of video games
Principal place of business: Warsaw
Registration body:
District Court for the Capital City of Warsaw in Warsaw, 14th Business Department
of the National Court Register
Statistical number REGON: 492707333’’
Tax identification number (NIP): 7342867148’
Number in the BDO register (national
waste management database):
000141053’
Duration of the Group: unspecified
Name of parent entity: CD PROJEKT S.A.
Name of the ultimate parent of the
Group:
CD PROJEKT S.A.
Presentation of the Group
Related companies – as at 31 March 2026
CD PROJEKT S.A.
CD PROJEKT RED Inc.
CD PROJEKT SILVER Inc.
CD PROJEKT RED
Canada Ltd.
19
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Consolidation policies
Consolidated companies
As at 31.03.2026 % share in capital % share of voting rights consolidation method
CD PROJEKT S.A. parent entity - -
CD PROJEKT RED Inc. 100% 100% acquisition accounting
CD PROJEKT RED Canada Ltd. 100% 100% not consolidated
CD PROJEKT SILVER Inc. 100% 100% not consolidated
In accordance with the accounting policy adopted by the Group, the parent entity does not have to consolidate a subsidiary using
the acquisition accounting method, if:
 the subsidiary’s share in the parent entity’s total assets does not exceed 3%;
 the subsidiary’s share in the parent entity’s sales revenue and financial transactions does not exceed 3%,
where those transactions between the subsidiary and its parent entity which would be eliminated during consolidation are not taken
into account when determining whether the said thresholds have been exceeded.
In total, the financial data of the subsidiaries eliminated from consolidation may not exceed:
 6% of the share in the parent entity’s total assets;
 6% of the share in the parent entity’s sales revenue and financial transactions,
where those transactions between the subsidiary and its parent entity which would be eliminated during consolidation are not taken
into account when determining whether the said thresholds have been exceeded.
Subsidiaries
Subsidiaries are all and any entities over which the Group has control which manifests itself by, simultaneously:
 having power, consisting of having substantive rights that give the Group the current ability to manage the relevant activities,
i.e. those activities which significantly affect the entity’s financial results;
 being exposed or having rights to variable returns, consisting of having the potential to change the financial results of the Group
depending on the results of the subsidiary;
 having the ability to use the power exercised to affect its returns from the subsidiary by using its power in order to affect the
financial results attributable to the Group resulting from the involvement in the subsidiary.
Subsidiaries which meet the above-mentioned materiality criterion are fully consolidated from the date on which the Group assumed
control over them. They cease to be consolidated from the date that control ceases.
Revenue and costs, receivables and payables and unrealized gains on transactions between Group companies are eliminated for
the purposes of the consolidated financial statements. Unrealized losses are also eliminated, unless the transaction is an impairment
indicator of the asset transferred. The accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the accounting policies adopted by the Group.
20
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Basis of preparation of the interim condensed
consolidated financial statements
These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting
Standard No. 34 Interim Financial Reporting endorsed by the EU (“IAS 34”).
The interim condensed consolidated financial statements do not comprise all the information and disclosures which are required in
annual financial statements and should be read jointly with the consolidated financial statements of the Group for the year ended
31 December 2025 approved for publication on 18 March 2026.
Going concern assumption
These interim condensed consolidated financial statements have been prepared on the basis of the assumption that the Group and
the Parent Company will continue in operation as a going concern in the foreseeable future, i.e. in the period of at least 12 months
after the balance sheet date.
As at the date of signing these consolidated financial statements, the Management Board of the Parent Company did not identify
any facts or circumstances which indicated any threats to the Group continuing in operation as a going concern for a period of
12 months after the end of the reporting period as a result of intended or forced discontinuing or significant curtailment of its
operations to date.
By the date of preparing the consolidated financial statements for the period from 1 January to 31 March 2026, the Management
Board of the Parent Company did not become aware of any events which should have been but were not recognized in the
accounting records for the reporting period. At the same time, no significant prior year events have been disclosed in these
consolidated financial statements.
Compliance with the International Financial Reporting
Standards
These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting
Standard No. 34 Interim Financial Reporting and in accordance with the relevant International Financial Reporting Standards (IFRS),
as adopted by the European Union, applicable to interim financial reporting, endorsed by the International Accounting Standards
Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) as applicable as at 31 March 2026.
The Group intends to apply amendments to IFRS published but not yet binding by the date of publication of these interim condensed
consolidated financial statements in accordance with their effective dates. Information on standards and interpretations adopted
for the first time, early adoption of the standards, standards effective on or after 1 January 2026 and the assessment of the impact
of IFRS changes on the future consolidated financial statements of the Group has been presented in the second part of the
Consolidated Financial Statements for 2026.
Amendments to standards or interpretations effective from 1 January 2026 applicable and adopted
by the Group
 Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10, IAS 7 as part of Annual Improvements Volume 11 - applicable to the reporting
periods beginning on or after 1 January 2026;
 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures – amendments to classification
and measurement - applicable to the reporting periods beginning on or after 1 January 2026;
 Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial
Instruments: Disclosures – applicable to the reporting periods beginning on or after 1 January 2026.
The amendments do not have a material impact on the accounting policies adopted by the Group with regard to the Group’s
operations or its financial results.
21
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Standards published and endorsed by the EU which are not yet effective and their impact on the
Group’s financial statements
The Management Board analysed the impact of the application of the new standards on future financial statements. When approving
these financial statements, the Group did not apply the following standards, amendments and interpretations published and
endorsed by the EU, but not yet effective:
 IFRS 18 Presentation and Disclosure in Financial Statements - applicable to the reporting periods beginning on or after
1 January 2027.
The Group anticipates that the introduction of the new IFRS 18 standard will affect the Group’s accounting policies and the reporting
of its financial results.
Standards and interpretations adopted by the IASB but not yet endorsed by the EU
When approving these financial statements, the Group did not apply the following standards, amendments and interpretations
which have not yet been endorsed by the EU:
 IFRS 19 Subsidiaries without Public Accountability: Disclosures - applicable to the reporting periods beginning on or after
1 January 2027;
 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates – Translation to a Hyperinflationary Presentation
Currency - applicable to the reporting periods beginning on or after 1 January 2027;
 Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures - applicable to the reporting periods beginning
on or after 1 January 2027.
The Group is analysing the estimated impact of the standards and amendments listed above on the Group’s financial statements.
Functional currency and presentation currency
Functional currency and presentation currency
The items contained in the financial statements are valued in the currency of the basic economic environment in which the Group
conducts operations (“the functional currency”). The financial statements are presented in Polish zloty (PLN), which is the functional
currency of the Company and the presentation currency of the Group. The functional currency of CD Projekt RED Inc. is the US dollar
(USD).
Transactions and balances
Transactions expressed in foreign currencies are translated into the functional currency based on the exchange rate as at the
transaction date. Foreign exchange gains and losses on the settlement of these transactions and on the balance sheet valuation of
monetary assets and liabilities denominated in foreign currencies are recognized in the Income statement.
Assumption of comparability of the financial statements
and consistency of accounting policies
The accounting policies applied in these interim consolidated financial statements, material judgements made by the Management
Board with regard to the accounting policies applied by the Group and the main sources of estimating uncertainties are consistent,
in all material respects, with the policy adopted for preparing the annual consolidated financial statements of the CD PROJEKT
Group for 2025, with the exception of the presentation changes described. These interim condensed consolidated financial
statements should be read in conjunction with the consolidated financial statements for the year ended 31 December 2025.
Presentation changes and corrections of errors
In these interim condensed consolidated financial statements for the period from 1 January to 31 March 2026, selected financial
data were corrected. In order to ensure comparability of the financial data in the reporting period, the data for the period from
1 January to 31 March 2025 and as at 31 March 2025 and 31 December 2025 were adjusted.
22
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Interim condensed consolidated income statement for the period from 1 January to 31 March 2025
 The Group adjusted the accounting treatment of withholding tax (WHT) for the prior years, adjusting the Income tax by
PLN 25 792 thousand and thereby increasing the Net profit. Due to an error in the income tax estimate, the withholding tax
refunded in 2024 was incorrectly deducted in the amounts of PLN 11 082 thousand for 2022 and PLN 14 710 thousand for
2023. Originally, in the interim consolidated financial statements for the period from 1 January to 31 March 2025, the Group
adjusted this recognition in the current period. As part of the work to close the financial year 2025, the Group considered it
more appropriate to restate the historical periods to which the tax related. Consequently, in the comparative figures presented
for the first quarter of 2025, the income tax item was adjusted, resulting in an increase in net profit for that period of
PLN 25 792 thousand.
 The presentation of operating income and expenses was amended, with Sale of services amounting to PLN 1 010 thousand
being reclassified to Other operating income and the corresponding Cost of products sold amounting to PLN 1 057 thousand
being reclassified to Other operating expenses.
 The presentation of foreign exchange differences arising from operating activities was changed, with PLN 572 thousand being
transferred from Finance costs to Other operating expenses.
 Following the sale of a subsidiary (see Note 7 for details), the operations of the former GOG.COM segment were reclassified
to discontinued operations.
01.01.2025 – 31.03.2025
published data
presentation
changes
restated data
Sales revenue 226 305 (46 214) 180 091
Sales of products 179 832 (1 763) 178 069
Sales of services 1 369 (1 369) -
Sales of goods for resale and materials 45 104 (43 082) 2 022
Cost of products, goods for resale and materials sold 46 463 (32 474) 13 989
Cost of products sold 12 281 (1 069) 11 212
Cost of goods for resale and materials sold 34 182 (31 405) 2 777
Gross profit on sales 179 842 (13 740) 166 102
Selling expenses 31 670 (9 619) 22 051
Administrative expenses 53 028 (3 098) 49 930
Other operating income 1 937 1 196 3 133
Other operating expenses 1 494 1 754 3 248
(Impairment)/reversal of impairment
of financial instruments
7 - 7
Operating profit 95 594 (1 581) 94 013
Finance income 39 953 (849) 39 104
Finance costs 22 236 (1 658) 20 578
Profit before tax 113 311 (772) 112 539
Income tax 27 308 (25 984) 1 324
Net profit on continuing operations 86 003 25 212 111 215
Net profit on discontinued operations - 580 580
Net profit 86 003 25 792 111 795
Net earnings per share (in PLN)
Basic for the reporting period
0.86 0.26 1.12
Diluted for the reporting period
0.85 0.26 1.11
Net earnings on continuing operations per share (in PLN)
Basic for the reporting period
0.86 0.25 1.11
Diluted for the reporting period
0.85 0.25 1.10
Net earnings on discontinued operations per share (in PLN)
Basic for the reporting period
- 0.01 0.01
Diluted for the reporting period
- 0.01 0.01
23
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Interim condensed consolidated statement of comprehensive income for the period from 1 January to
31 March 2025
01.01.2025 – 31.03.2025
published data
presentation
changes
restated data
Net profit 86 003 25 792 111 795
Total other comprehensive income (1 751) - (1 751)
Total comprehensive income, including: 84 252 25 792 110 044
Total comprehensive income on continuing operations 84 252 25 212 109 464
Total comprehensive income on discontinued operations - 580 580
Interim condensed consolidated statement of financial position as at 31 December 2025
 The presentation of certain non-current assets held by the Group was amended, with an amount of PLN 578 thousand being
reclassified from Property, plant and equipment to Intangible assets.
 The presentation of advance payments for marketing campaigns was amended within current assets by reclassifying
PLN 1 080 thousand from Other receivables to Prepayments and deferred costs.
31.12.2025
published data
presentation
changes
restated data
NON-CURRENT ASSETS 2 168 647 - 2 168 647
Property, plant and equipment 335 357 (578) 334 779
Intangible assets 64 401 578 64 979
CURRENT ASSETS 1 334 673 - 1 334 673
Other receivables 215 194 (1 080) 214 114
Prepayments and deferred costs 12 929 1 080 14 009
TOTAL ASSETS 3 503 320 - 3 503 320
24
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Interim condensed consolidated statement of financial position as at 31 March 2025
 The presentation of certain non-current assets held by the Group was amended, with an amount of PLN 31 thousand being
reclassified from Property, plant and equipment to Intangible assets.
 Trade payables amounting to PLN 19 590 thousand were reclassified from Other current provisions to Trade payables.
 An adjustment was made to the accounting treatment of actuarial gains from previous years, reducing Other reserves by
PLN 52 thousand and increasing Retained earnings/(Accumulated losses) by PLN 52 thousand.
 The Group adjusted the accounting treatment of withholding tax (WHT) from previous years, increasing the Net profit for the
current period by PLN 25 792 thousand, with a corresponding decrease in Retained earnings/(Accumulated losses) of
PLN 25 792 thousand.
 Following the recognition in 2023 of excessively high income from the recovery of overpaid US sales tax, the Group reduced
the opening balance of Retained earnings/(Accumulated losses) by PLN 816 thousand, with a corresponding decrease in the
balance of Prepayments and deferred costs.
31.03.2025
published data
presentation
changes
restated data
NON-CURRENT ASSETS 1 729 873 - 1 729 873
Property, plant and equipment 284 687 (31) 284 656
Intangible assets 68 572 31 68 603
CURRENT ASSETS 1 389 258 (816) 1 388 442
Prepayments and deferred costs 25 206 (816) 24 390
TOTAL ASSETS 3 119 131 (816) 3 118 315
31.03.2025
published
data
presentation
change
restated
data
EQUITY 2 892 578 (816) 2 891 762
Other reserves 57 800 (52) 57 748
Retained earnings / (Accumulated losses) 465 574 (26 556) 439 018
Net profit for the period 86 003 25 792 111 795
NON-CURRENT LIABILITIES 22 348 - 22 348
CURRENT LIABILITIES 204 205 - 204 205
Trade payables 49 332 19 590 68 922
Other provisions 109 537 (19 590) 89 947
TOTAL EQUITY AND LIABILITIES 3 119 131 (816) 3 118 315
25
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Interim condensed consolidated statement of cash flows for the period from 1 January to 31 March
2025
 As a result of an adjustment to the accounting treatment of withholding tax (WHT) from previous years amounting to
PLN 25 792 thousand, Net profit and Income tax expense were amended.
 As a result of the reclassification of balance sheet items, Increase/(Decrease) in provisions decreased by PLN 19 590 thousand,
at the same time, Increase/(decrease) in liabilities, excluding loans and borrowings was increased.
01.01.2025 – 31.03.2025
published data
presentation
changes
restated data
OPERATING ACTIVITIES
Net profit 86 003 25 792 111 795
Total adjustments: 51 356 - 51 356
Increase/(Decrease) in provisions 9 193 (19 590) (10 397)
Increase/(Decrease) in liabilities, excluding loans and borrowings (21 566) 19 590 (1 976)
Cash from operating activities 137 359 25 792 163 151
Income tax expense 22 553 (25 792) (3 239)
Net cash from operating activities 151 112 - 151 112
Audit by the registered auditor
These interim condensed consolidated financial statements, including the selected elements of the interim condensed separate
financial statements were not audited or reviewed by an independent registered auditor.
Notes – operations of the
CD PROJEKT Group
3
27
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Presentation of the financial statements taking into account operating segments
The Group did not make any changes in the determination of segments or in the measurement of the profits or losses of the
individual segments in relation to the financial statements for the year ended 31 December 2025. The Group’s business is
homogeneous and, as a result, no operating segments are identified.
The scope and model of operations
The operations of the CD PROJEKT RED studio are executed within the structures of CD PROJEKT S.A. (the domestic holding
company of the CD PROJEKT Group), CD PROJEKT RED Inc. (USA), CD PROJEKT SILVER Inc. (USA) and CD PROJEKT RED Canada
Ltd. (Canada).
These operations consist of creating and publishing video games, selling licences for their distribution, coordinating sales
promotions, and of producing, selling, licensing and releasing the accompanying products which use the brands owned –
The Witcher and Cyberpunk. Apart from their development, the studio conducts internal concept work on the third original IP with
the code name of Hadar.
As part of the publishing activities, the Parent Company is responsible for the design of the campaigns which promote its own
products and independently maintains direct communication with players via electronic media channels and social media and by
participating in industry events.
Key products
Currently, the portfolio of the studio’s main products includes video games which comprise the Witcher trilogy: The Witcher,
The Witcher 2: Assassins of Kings, The Witcher 3: Wild Hunt with two expansions: Hearts of Stone and Blood and Wine, and
Cyberpunk 2077 with an expansion the Phantom Liberty.
Description of the Issuer’s major achievements or failures in the first quarter of 2026
Events relating to Cyberpunk 2077
On 10 March, the standard edition of Cyberpunk 2077 became available on Xbox Game Pass as part of the Premium and Ultimate
plans on Xbox Series X|S and Xbox One consoles.
On 17 March, a Kickstarter campaign was launched for the card game Cyberpunk Trading Card Game, developed by WeirdCo in
collaboration with CD PROJEKT RED. The project attracted a great deal of interest from the community. The campaign ended on
18 April (after the period under discussion) having raised over USD 28 million from 50 773 supporters. As a result, Cyberpunk TCG
became the best-funded game campaign in Kickstarter’s history and the third-largest project ever on the platform.
On 8 April, CD PROJEKT RED released a free update for Cyberpunk 2077, specifically for the PS5 Pro. The update makes full use
of the console’s capabilities, offering smoother gameplay, a range of visual improvements and enhanced ray-tracing effects.
On 14 May, as a result of a collaboration between CD PROJEKT RED and Epic Games, another character from the world of
Cyberpunk 2077 – Adam Smasher – was added to Fortnite. The new skin is automatically awarded to players who have purchased
Cyberpunk 2077 via the Epic Games Store and is also available for purchase in the game’s shop.
Events relating to The Witcher series games
On 19 February, The Witcher 3: Wild Hunt – Complete Edition was added to Xbox Game Pass as part of the Premium and Ultimate
plans on Xbox Series X|S and Xbox One consoles.
On 25 February, Reigns: The Witcher was released, developed by Nerial in collaboration with CD PROJEKT RED and Devolver
Digital. The game combines the decision-making mechanics characteristic of the Reigns series with the rich world of The Witcher.
The game has been released on iOS, Android, Mac and PC.
On 27 May the Parent Company announced the third expansion for The Witcher 3: Wild Hunt, titled Songs of the Past, developed
in collaboration with the Fool’s Theory studio. The expansion will be launched in 2027.
Other
At the turn of February and March, CD PROJEKT RED’s studio hosted the final of the fourth edition and the launch of the fifth edition
of “Girls in the Game” — a mentoring and scholarship programme run since 2020 in collaboration with Perspektywy Women in
Tech, addressed to female secondary school students interested in starting a career in the games industry.
Other corporate events
On 7 January 2026, the share capital of CD PROJEKT RED Inc. was increased by USD 627 thousand to USD 9 255 thousand.
The increased value of the existing shares was paid up in full by a cash contribution made by the Parent Company. The purpose of
the capital increase was to enable the payment of the second and last tranche of the price for the total of 100 thousand shares in
The Molasses Flood LLC, the ownership of which, pursuant to agreements concluded with its minority shareholders on 12 and
18 March 2025, was passed on to CD PROJEKT RED Inc. on 31 March 2025.
28
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
The Extraordinary Shareholders’ Meeting of the Company was held on 11 March 2026. The General Shareholders’ Meeting passed
a resolution setting the Performance Target for the years 2026–2029 under the Incentive Plan B, corresponding to the total
consolidated net profit from continuing operations of the CD PROJEKT Group for the years 2026–2029 of 5 billion zloties.
Factors affecting the Group’s future performance
The financial results posted by the CD PROJEKT Group in 2026 will be primarily driven by sales of back catalogue games, revenues
from new releases of varying scope and character, as well as other projects, initiatives, and partnerships.
On 27 May 2026 the Parent Company revealed that one of the heretofore unannounced projects is the third expansion for
The Witcher 3: Wild Hunt, titled Songs of the Past, developed in collaboration with the Fool’s Theory studio. It is scheduled for
release in 2027. Some of the other unannounced projects previously disclosed by the Parent Company in its past periodic reports
are also at an advanced stages of development, which may potentially lead up to their release in the coming quarters of the current
year and the following year.
Seasonality or cyclicality of the Group’s operations
CD PROJEKT RED’s revenue and results are significantly influenced by the releases of the studio’s new games. Their frequency is
influenced, among other things, by the length of the production cycle of a given title, with the standard game production cycle of
CD PROJEKT RED being between 3 and 6 years.
Historically, the studio focused on the development of one major production, with conceptual work on the next game starting even
before the production and market release of the previous game was completed. At the moment, the CD PROJEKT studio is working
in parallel on several productions (also in collaboration with external development teams) and supporting products, which is
expected to translate into shorter periods between releases of subsequent titles in the future.
With regard to the games which have already been released, their yearly sales breakdown is dependent on the timing of periodic
sale campaigns. In most cases, strong sales are reported in the second and fourth quarters, whereas the first and the third quarters
(the latter of which overlaps with the summer vacation season) see weaker sales.
Key customers
The CD PROJEKT Group cooperates with external customers whose share in the consolidated revenues of the Group exceeds 10%.
The commercial activities carried out by CD PROJEKT S.A. in cooperation with three customers generated cumulative sales
exceeding 10% of the CD PROJEKT Group’s total consolidated sales revenue by the end of the first quarter of 2026:
 customer 1: PLN 64 658 thousand, which accounted for 34% of the Group’s total consolidated sales revenue;
 customer 2: PLN 62 694 thousand, which accounted for 33% of the Group’s total consolidated sales revenue;
 customer 3: PLN 25 600 thousand, which accounted for 13% of the Group’s total consolidated sales revenue.
The customers referred to above are not related to CD PROJEKT S.A. or its subsidiaries.
Other information
In light of the political and economic situation in the Middle East, the Group is monitoring developments and analysing the potential
impact of geopolitical and macroeconomic factors on its operations, financial performance and supply chain. As at the date of these
financial statements, the Group has not identified any direct material impact of this situation on its operations or on the financial
results presented.
Notes – other explanatory notes to
the interim condensed consolidated
financial statements
4
30
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 1. Description of items affecting assets, liabilities, equity, net profit and
cash flows which are not typical in terms of their type, size and impact
In the first quarter of 2026, there were no significant unusual events affecting the Group's results of operations.
Note 2. Sales revenue
Sales revenue – geographical structure*
01.01.2026 – 31.03.2026 01.01.2025 – 31.03.2025**
in PLN in % in PLN in %
Domestic sales 9 084 4.8% 8 419 4.7%
Export sales, including: 182 023 95.2% 171 672 95.3%
Europe 17 096 8.9% 21 851 12.1%
North America 145 947 76.4% 142 915 79.4%
Asia 18 921 9.9% 6 526 3.6%
Australia 59 0.0% 380 0.2%
Total 191 107 100% 180 091 100%
* The data presented relates to the place of residence of the Group’s customers (distributors) and not the end users.
** restated data
Sales revenue – by distribution channel
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025*
Games - box issues 13 141 6 794
Games - digital issues 167 866 168 506
Other revenue 10 100 4 791
Total 191 107 180 091
* restated data
In Other revenue, the Group recognized mainly revenue from franchise agreements.
31
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Sales revenue – by brand
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025
The Witcher 45 435 33 496
Sales of products 44 723 32 825
Sales of goods for resale and materials 712 671
Cyberpunk 145 573 146 547
Sales of products 140 113 145 196
Sales of goods for resale and materials 5 460 1 351
Other 99 48
Sales of products 99 48
Total 191 107 180 091
Note 3. Operating expenses
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025*
Depreciation of property, plant and equipment and amortization of intangible
assets, including:
2 845 2 524
depreciation of leased buildings 1 044 363
depreciation of leased vehicles 44 49
Materials and energy used 729 955
External services 16 129 19 932
Taxes and fees 626 466
Salaries and wages, social insurance and other benefits 57 916 45 913
Cost of goods for resale and materials sold 2 414 2 777
Cost of products sold 11 440 11 212
Other costs 2 708 2 191
Total 94 807 85 970
Selling expenses, including: 23 989 22 051
cost of product maintenance 4 182 5 534
Total administrative expenses, including: 56 964 49 930
costs of research projects 8 945 8 186
Costs of sales 13 854 13 989
Total 94 807 85 970
* restated data
32
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 4. Other operating income and expenses
Other operating income
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025*
Rental income 1 100 919
Tax relief for innovative employees 972 753
Other sales 807 1 023
Income from re-invoicing 581 234
Subsidies 101 128
Gains on disposal of non-current assets 7 -
Other 34 76
Total other operating income 3 602 3 133
* restated data
Other operating expenses
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025*
Cost of rental 609 496
Costs relating to re-invoicing 581 234
Net foreign exchange losses on operating activities 448 572
Depreciation of investment properties 384 387
Donations and charity 350 372
Cost of sales of other sales 220 1,100
Scrapping of property, plant and equipment items and intangible assets 169 -
Loss on disposal of non-current assets - 64
Other 71 23
Total other operating expenses 2 832 3 248
* restated data
33
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 5. Finance income and finance costs
Finance income
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025*
Interest income
12 322
18 183
on bonds
8 107
9 447
on current bank deposits
4 215
8 699
on loans
-
37
Other finance income
13 785
20 921
net foreign exchange gains
13 756
-
measurement of private equity interests in the gaming sector
29
-
settlement and measurement of derivative financial instruments
-
20 921
Total finance income
26 107
39 104
* restated data
Finance costs
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025*
Interest expense
213
164
on lease contracts
209
158
on liabilities to the State Treasury
4
5
on trade payables
-
1
Other finance costs
10 079
20 414
settlement and measurement of derivative financial instruments
10 007
-
commission and fees on purchase of bonds
72
71
net foreign exchange losses
-
20 337
measurement of private equity interests in the gaming sector
-
6
Total finance costs
10 292
20 578
Net finance income/expense
15 815
18 526
* restated data
34
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 6. Corporate income tax and deferred income tax
The deferred part of the income tax for the Polish companies was determined either at the corporate income tax rate of 19% for the
tax base corresponding to income from other sources, or at the rate of 5% for the tax base corresponding to income from qualifying
intellectual property (the so-called IP BOX), and in the case of the activities conducted in the USA by CD PROJEKT RED Inc, based
on the applicable rates of the federal and state taxes. When determining the appropriate tax rate for temporary differences, the
Group relied on forecasts of which tax base will give rise to the realization of the temporary differences recognized.
The main items of income tax expense for the years ended 31 March 2026 and 31 March 2025 are as follows:
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025*
Current income tax 9 139 8 539
For the financial year 6 475 8 107
Withholding tax paid abroad 2 664 4 748
Adjustments relating to prior years - (4 316)
Deferred income tax (2 457) (7 215)
Related to temporary differences arising and reversed (2 457) (7 215)
Income tax expense shown in the income statement 6 682 1 324
Effective tax rate 5.92% 1.18%
* restated data
Deferred tax shown in the income statement is the difference between the balance of deferred tax provisions and assets as at the
end and the beginning of the reporting periods.
Deductible temporary differences underlying the deferred tax asset
31.12.2025
Differences affecting
the deferred tax
recognized in the
profit or loss
31.03.2026
Provision for other employee benefits 7 273 3 056 10 329
Provision for costs of earnings-related and other
remuneration
54 422 11 050 65 472
Tax loss 14 617 (2 924) 11 693
Foreign exchange losses 23 942 (3 582) 20 360
Difference between the carrying and tax amounts of
expenditure on development projects
21 813 2 825 24 638
Salaries and wages and social security payable
in future periods
4 43 47
Other provisions 37 186 (1 912) 35 274
Research and development relief 613 604 (1 613) 611 991
Tax value of leased non-current assets 26 037 (638) 25 399
Prepayments recognized as revenue for tax purposes 9 860 1 781 11 641
Difference between the carrying and tax amounts of
property, plant and equipment and intangible assets
12 - 12
Total deductible differences, including: 808 770 8 086 816 856
taxed at 5% 105 916 14 102 120 018
taxed at 19% 669 731 (3 991) 665 740
deferred tax charged abroad 33 123 (2 025) 31 098
Deferred income tax assets 139 694 (450) 139 244
35
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Taxable temporary differences underlying the deferred tax provision
31.12.2025
Differences affecting
the deferred tax
recognized in the
profit or loss
31.03.2026
Difference between the net carrying amount and tax
amount of property, plant and equipment and
intangible assets
54 844 (2 903) 51 941
Current period revenue invoiced in the subsequent
period/accrued income
114 888 (23 540) 91 348
Foreign exchange gains 39 391 430
Difference between the carrying and tax amounts of
expenditure on development projects
70 354 14 078 84 432
Carrying amount of leased non-current assets 24 720 (856) 23 864
Goodwill 3 185 (660) 2 525
Other 222 4 226
Total taxable differences, including: 268 252 (13 486) 254 766
taxed at 5% 190 588 (62) 190 526
taxed at 19% 45 308 (8 002) 37 306
deferred tax charged abroad 32 356 (5 422) 26 934
Deferred tax provisions 25 091 (2 907) 22 184
Net deferred tax assets/provisions
31.03.2026 31.12.2025 31.03.2025
Deferred tax assets 139 244 139 694 119 541
Deferred tax provisions 22 184 25 091 10 218
36
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 7. Discontinued operations
On 29 December 2025, the Parent Company entered into an agreement with Mr Michał Kiciński, a significant shareholder of the
Parent Company, for the sale of shares in GOG sp. z o.o. Pursuant to the Sale Agreement, Michał Kiciński acquired 2 715 shares in
GOG from the Parent Company on 31 December 2025, representing 100% of the shares in GOG and 100% of the votes at the
Shareholders’ Meeting of GOG.
At the time of the sale, the Group began to present the entire former GOG.COM segment as a discontinued operation in accordance
with the principles set out in IFRS 5. Given the changes described above, comparative data in the income statement and in the
statement of comprehensive income were restated in accordance with IFRS 5.
Data of GOG sp. z o.o. (after taking into account consolidation adjustments allocated to the segment) for the restated period from
1 January 2025 to 31 March 2025:
Income statement
01.01.2025 –
31.03.2025
Sales revenue 45 204
Sales of products 1 763
Net sales of services 359
Sales of goods for resale and materials 43 082
Cost of products, services, goods for resale and materials sold 31 417
Cost of products sold 12
Cost of goods for resale and materials sold 31 405
Gross profit on sales 13 787
Selling expenses 9 619
Administrative expenses 3 098
Other operating income (186)
Other operating expenses (125)
Operating profit 1 009
Finance income 849
Finance costs 1 086
Profit before tax 772
Income tax 192
Net profit on discontinued operations 580
Other comprehensive income from discontinued operations -
Comprehensive income on discontinued operations 580
Net cash inflows from disposals for the reporting period
The proceeds from the sale of shares, amounting to PLN 90 695 thousand, were received by the Parent Company on 8 January
2026.
Note 8. Dividends paid (or declared) and received
During the period from 1 January to 31 March 2026, the Group companies did not pay or receive dividends.
37
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 9. Property, plant and equipment
Changes in property, plant and equipment (by category) for the period 01.01.2026 – 31.03.2026
Land
Buildings and
structures
Civil and hydraulic
engineering
facilities
Plant and
machinery
Vehicles
Other fixed assets
Assets
under construction
Total
Gross carrying amount
as at 01.01.2026*
41 859 209 689 25 754 142 947 3 708 15 873 25 771 465 601
Increase due to: - 2 730 - 3 834 3 - 18 630 25 197
purchase - - - 3 538 - - 18 550 22 088
lease contracts
concluded
- 80 - - - - - 80
transfer from assets
under construction
- 1 754 - - - - - 1 754
other - 896 - 296 3 - 80 1 275
Decrease due to: - - - 557 - 1 1 754 2 312
sale - - - 176 - 1 - 177
scrapping - - - 381 - - - 381
transfer from assets
under construction
- - - - - - 1 754 1 754
Gross carrying amount
as at 31.03.2026
41 859 212 419 25 754 146 224 3 711 15 872 42 647 488 486
Accumulated
depreciation as
at 01.01.2026*
3 573 47 314 1 397 68 720 2 375 5 944 - 129 323
Increase due to: 147 3 767 291 4 254 156 354 - 8 969
depreciation charge 147 3 551 291 4 254 156 354 - 8 753
other - 216 - - - - - 216
Decrease due to: - - - 578 - 1 - 579
sale - - - 176 - 1 - 177
scrapping - - - 381 - - - 381
other - - - 21 - - - 21
Accumulated
depreciation as
at 31.03.2026
3 720 51 081 1 688 72 396 2 531 6 297 - 137 713
Impairment write-downs
as at 01.01.2026
- 1 285 214 - - - - 1 499
Increase - - - - - - - -
Decrease - - - - - - - -
Impairment write-downs
as at 31.03.2026
- 1 285 214 - - - - 1 499
Net carrying amount as
at 01.01.2026*
38 286 161 090 24 143 74 227 1 333 9 929 25 771 334 779
Net carrying amount as
at 31.03.2026
38 139 160 053 23 852 73 828 1 180 9 575 42 647 349 274
* restated data
38
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Amounts of contractual commitments to purchase property, plant and equipment in the future
31.03.2026 31.12.2025 31.03.2025
Construction of facilities on the CD PROJEKT campus 3 446 6 245 16 441
Leasing of passenger cars 101 101 120
Total 3 547 6 346 16 561
Right-of-use assets relating to property, plant and equipment
31.03.2026
Gross amount
Accumulated
depreciation
Net amount
Land 15 964 1 393 14 571
Real properties 16 279 7 506 8 773
Vehicles 737 218 519
Total 32 980 9 117 23 863
31.12.2025
Gross amount
Accumulated
depreciation
Net amount
Land 15 964 1 337 14 627
Real properties 15 806 6 262 9 544
Vehicles 730 182 548
Total 32 500 7 781 24 719
31.03.2025
Gross amount
Accumulated
depreciation
Net amount
Land 15 964 1 170 14 794
Real properties 12 975 9 946 3 029
Plant and machinery 48 47 1
Vehicles 845 359 486
Total 29 832 11 522 18 310
39
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 10. Intangible assets and expenditure on development projects
Changes in intangible assets and expenditure on development projects for the period 01.01.2026 –
31.03.2026
Expenditure on
development projects in
progress
Expenditure on
completed development
projects
Trademarks
Patents and licenses
Copyrights
Computer software
Goodwill
Intangible assets
under construction
Total
Gross carrying amount
as at 01.01.2026*
992 347 1 177 459 37 377 8 033 19 218 47 771 88 899 - 2 371 104
Increase due to: 179 783 - 161 1 658 - 125 - 258 181 985
purchase - - - 1 658 - 82 - 258 1 998
internally generated
assets
179 783 - - - - - - - 179 783
other - - 161 - - 43 - - 204
Decrease due to: - - - 292 25 4 668 - - 4 985
scrapping - - - 292 25 4 668 - - 4 985
Gross carrying amount
as at 31.03.2026
1 172 130 1 177 459 37 538 9 399 19 193 43 228 88 899 258 2 548 104
Accumulated
amortization as
at 01.01.2026*
- 1 021 663 1 913 6 833 1 484 35 181 - - 1 067 074
Increase due to: - 10 316 74 351 31 696 - - 11 468
amortization charge - 10 316 - 351 31 689 - - 11 387
other - - 74 - - 7 - - 81
Decrease due to: - - - 279 25 4 512 - - 4 816
scrapping - - - 279 25 4 512 - - 4 816
Accumulated
amortization as
at 31.03.2026
- 1 031 979 1 987 6 905 1 490 31 365 - - 1 073 726
Impairment write-
downs as at 01.01.2026
- - 2 009 - - - - - 2 009
Increase due to: - - 78 - - - - - 78
other - - 78 - - - - - 78
Decrease - - - - - - - - -
Impairment write-
downs as at 31.03.2026
- - 2 087 - - - - - 2 087
Net carrying amount as
at 01.01.2026
992 347 155 796 33 455 1 200 17 734 12 590 88 899 - 1 302 021
Net carrying amount as
at 31.03.2026
1 172 130 145 480 33 464 2 494 17 703 11 863 88 899 258 1 472 291
* restated data
40
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 11. Changes in the structure of the Group and Group companies during
the reporting period
On 7 January 2026, the share capital of the subsidiary CD PROJEKT RED Inc. was increased by USD 627 thousand to
USD 9 255 thousand. The increased value of the existing shares was paid up in full by a cash contribution made by the Parent
Company. The purpose of the capital increase was to enable the payment of the second and last tranche of the price for the total
of 100 thousand shares in The Molasses Flood LLC, the ownership of which, pursuant to agreements concluded with its minority
shareholders on 12 and 18 March 2025, was passed on to CD PROJEKT RED Inc. on 31 March 2025.
Note 12. Investment properties
Investment properties include properties held for rental income, appreciation in value or both. Consequently, the cash flows
generated by investment properties are largely independent of other assets held by the Group Company.
Investment properties are measured at cost less accumulated depreciation.
The Parent Company owns a real estate complex located at ul. Jagiellońska 74 and 76 in Warsaw. Given that part of the properties
owned is leased out to other entities, the Group decided to partly classify these properties as investment properties. The remaining
part of the properties is used for own needs of the activities conducted.
At each reporting date, the companies belonging to the Group review the investment properties to determine whether there are
indications of their impairment.
Changes in investment properties for the period 01.01.2026 – 31.03.2026
Gross carrying amount as at 01.01.2026 40 414
Increase due to: 36 629
purchase of a property 36 629
Decrease -
Gross carrying amount as at 31.03.2026 77 043
Accumulated depreciation as at 01.01.2026 9 102
Increase due to: 384
depreciation charge 384
Decrease -
Accumulated depreciation as at 31.03.2026 9 486
Impairment write-downs as at 01.01.2026 71
Increase -
Decrease -
Impairment write-downs as at 31.03.2026 71
Net carrying amount as at 31.03.2026 67 486
Amounts of contractual liabilities in respect of purchase of investment properties
As at 31 March 2026 and 31 March 2025, the Group had no contractual liabilities relating to purchases of investment properties. For
the comparative period as at 31 December 2025, the amount was PLN 10 000.
41
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 13. Prepayments and deferred costs
31.03.2026 31.12.2025* 31.03.2025*
Software, licences 14 237 10 686 8 358
Marketing campaigns 4 768 1 080 -
Property and personal insurance 2 471 1 037 1 470
Costs of future marketing services 1 156 1 189 1 289
Fees for pre-emptive rights 924 951 1 031
Business travel (tickets, hotels, insurance) 644 311 289
Fees for perpetual usufruct of land 228 - 230
Costs of repairs and maintenance 186 229 422
Minimum guarantees, advance payments, GOG.COM prepayments and
other settlements with publishers
- - 32 468
Costs of IT security resources - - 522
Other prepayments and deferred costs 2 551 1 759 1 616
Prepayments and deferred costs, including: 27 165 17 242 47 695
current 20 027 14 009 24 390
non-current 7 138 3 233 23 305
* restated data
Note 14. Other financial assets
31.03.2026 31.12.2025 31.03.2025
Bonds 833 813 689 982 784 450
Private equity interests in the gaming sector 4 313 4 114 4 770
Derivative financial instruments 278 10 067 8 646
Loans granted - - 2 177
Other financial assets, including: 838 404 704 163 800 043
current 396 217 332 597 470 167
non-current 442 187 371 566 329 876
Note 15. Inventories
31.03.2026 31.12.2025 31.03.2025
Goods for resale 2 285 2 521 976
Other materials - - 4
Gross inventories 2 285 2 521 980
Inventory write-downs 209 242 320
Net inventories 2 076 2 279 660
42
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Changes in inventory write-downs
01.01.2026 –
31.03.2026
Write-downs of goods for resale as at the beginning of the period 242
Increase -
Decreases, including: 33
utilization of inventory write-downs 33
Total write-downs of goods for resale as at the end of the period 209
Note 16. Trade receivables
31.03.2026 31.12.2025 31.03.2025
Trade receivables, gross 102 098 125 696 87 713
Impairment write-downs 262 255 110
Trade receivables, net 101 836 125 441 87 603
from related entities 3 477 2 752 2 554
from other entities 98 359 122 689 85 049
Changes in write-downs of trade receivables
01.01.2026 –
31.03.2026
OTHER ENTITIES
Write-downs as at the beginning of the period 255
Increases, including: 7
recognition of write-downs of overdue and disputed receivables 7
Decreases -
Write-downs as at the end of the period 262
43
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Current and overdue trade receivables as at 31.03.2026
Total
Not
overdue
Overdue, in days
1 – 60 61 – 90 91 – 180 181 – 360 >360
RELATED ENTITIES
gross receivables 3 477 3 302 175 - - - -
default ratio
0% 0% 0% 0% 0% 0%
write-down resulting
from the ratio
- - - - - - -
write-down
determined
individually
- - - - - - -
total expected credit
losses
- - - - - - -
Net receivables 3 477 3 302 175 - - - -
Total
Not
overdue
Overdue, in days
1 – 60 61 – 90 91 – 180 181 – 360 >360
OTHER ENTITIES
gross receivables 98 621 98 126 200 - 35 227 33
default ratio 0% 0% 0% 0% 0% 0%
write-down resulting
from the ratio
- - - - - - -
write-down
determined
individually
262 - 3 - 35 191 33
total expected credit
losses
262 - 3 - 35 191 33
Net receivables 98 359 98 126 197 - - 36 -
Total
gross receivables 102 098 101 428 375 - 35 227 33
impairment write-
downs
262 - 3 - 35 191 33
Net receivables 101 836 101 428 372 - - 36 -
44
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 17. Other receivables
31.03.2026 31.12.2025* 31.03.2025
Other gross receivables 80 108 214 548 101 363
Impairment write-downs - - -
Other net receivables 80 108 214 548 101 363
from related entities 4 4 4 303
from other entities 80 104 214 544 97 060
* restated data
31.03.2026 31.12.2025* 31.03.2025
Other gross receivables, including: 80 108 214 548 101 363
tax receivables, other than corporate income tax 40 978 39 057 58 036
prepayments for inventories 23 054 32 672 26 154
prepayments for development projects 12 587 24 417 15 580
prepayments for property, plant and equipment and intangible assets 1 484 1 177 887
security deposits 741 730 681
settlements with employees 42 51 24
settlements with members of the Management Boards of the Group
companies
4 4 -
disposal of shares in a subsidiary - 90 695 -
prepayments for investment properties - 25 000 -
other 1 218 745 1
Impairment write-downs - - -
Other net receivables, including: 80 108 214 548 101 363
current 79 669 214 114 100 958
non-current 439 434 405
* restated data
Note 18. Share capital
Share capital – structure as at 31.03.2026
Series Number of shares Value of the series/issue at par Manner of covering share capital
A - M
99 910 510
99 910 510
Fully paid up
Total
99 910 510
99 910 510
-
As at 31 March 2026, the Parent Company’s share capital amounted to PLN 99 910 510 and consisted of 99 910 510 ordinary bearer
shares with a par value of PLN 1 each, designated as A – M series shares. The total number of votes resulting from all shares of the
Parent Company is 99 910 510.
During the reporting period and after the balance sheet date there were no changes in the amount of the Parent Company’s share
capital.
45
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 19. Other non-current liabilities
31.03.2026 31.12.2025 31.03.2025
Other non-current liabilities, including: 2 194 2 085 2 212
liabilities in respect of marketing costs 1 022 1 056 1 155
liabilities in respect of pre-emptive rights 818 844 924
security deposits received 354 185 133
Note 20. Other current liabilities
31.03.2026 31.12.2025 31.03.2025
Liabilities in respect of taxes, customs duties, social security and other,
with the exception of corporate income tax
8 002 6 604 9 041
VAT - - 2 956
Withholding tax 233 272 23
Personal income tax 732 1 895 695
Social security contributions 6 892 4 296 5 174
PFRON (State Fund for Rehabilitation of Disabled People) 118 108 101
PIT-8AR (personal income tax) settlements 27 33 27
Other - - 65
Other liabilities 736 693 435
Wages and salaries payable - 109 64
Liabilities in respect of pre-emptive rights and costs of future
marketing services
240 240 -
Other settlements with employees 18 11 93
Other settlements with the members of the Management Board 1 4 -
Prepayments received from foreign customers - - 136
Security deposits 90 90 -
Liabilities to related entities 37 8 -
Other liabilities 350 231 142
Total other current liabilities 8 738 7 297 9 476
46
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 21. Deferred income
31.03.2026 31.12.2025 31.03.2025
Subsidies 10 540 7 029 2 355
Cinematic Experience 8 670 5 059 -
Animation Excellence (GameINN) 307 332 429
City Creation (GameINN) 615 666 861
Cinematic Feel (GameINN) 295 319 412
The Witcher 4 653 653 653
Deferred income 13 043 10 717 16 751
Sales relating to future periods 12 986 10 665 11 262
Virtual wallet (e-wallet, store credit) - - 5 443
Rental of company phones 57 52 46
Total deferred income, including: 23 583 17 746 19 106
current 13 421 11 104 17 226
non-current 10 162 6 642 1 880
Note 22. Provision for retirement and similar benefits
31.03.2026 31.12.2025 31.03.2025
Provision for retirement and disability bonuses 1 739 1 739 875
Holiday pay provision 17 828 12 416 11 885
Total, including: 19 567 14 155 12 760
current 17 854 12 442 11 898
non-current 1 713 1 713 862
Provisions for
retirement and
disability bonuses
Holiday pay
provision
Total
As at 01.01.2026 1 739 12 416 14 155
Provisions recognized during the year - 17 828 17 828
Provisions utilized/released - 12 416 12 416
As at 31.03.2026, including: 1 739 17 828 19 567
current 26 17 828 17 854
non-current 1 713 - 1 713
47
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 23. Other provisions
31.03.2026 31.12.2025 31.03.2025*
Provision for liabilities, including: 98 577 96 128 89 947
provision for costs of earnings-related and other remuneration 72 127 59 862 66 335
provision for costs of the audit and review of the financial
statements
126 104 211
provision for costs of external services 12 256 21 889 7 964
provision for other costs 14 068 14 273 15 437
Total, including: 98 577 96 128 89 947
current 98 489 95 154 89 947
non-current 88 974 -
* restated data
Changes in other provisions
Provision for costs
of earnings-related
and other
remuneration
Provision for costs
of the audit and
review of the
financial
statements
Provision for costs
of external
services
Provision for other
costs
Total
As at 01.01.2026 59 862 104 21 889 14 273 96 128
Provisions recognized
during the year
12 265 116 59 587 1 114 73 082
Provisions
utilized/released
- 94 69 220 1 319 70 633
As at 31.03.2026, including: 72 127 126 12 256 14 068 98 577
current 72 127 126 12 168 14 068 98 489
non-current - - 88 - 88
48
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 24. Information on financial instruments
Fair values of specific classes of financial instruments
The fair value of financial instruments for which there is no active market is determined using appropriate valuation techniques.
The Group companies use professional judgement in selecting appropriate methods and assumptions.
Financial instruments measured at fair value are classified according to a three-level fair value hierarchy:
Level 1 – quoted prices in active markets for identical assets or liabilities.
Level 2 – fair value based on observable market data.
Level 3 – fair value based on data that is not observable in the market.
The Management Boards of the Group companies analysed specific classes of financial instruments. Based on the analysis, it was
concluded that the carrying amounts of the instruments do not differ from their fair values, as at both 31 March 2026, 31 December
2025 and 31 March 2025.
31.03.2026 31.12.2025 31.03.2025
LEVEL 1
Assets measured at fair value
Assets measured at fair value through
other comprehensive income
257 219 217 863 227 254
foreign bonds – EUR 22 266 21 971 21 782
foreign bonds – USD 234 953 195 892 205 472
LEVEL 2
Assets measured at fair value through profit or loss
Derivative instruments 278 10 067 8 646
currency forwards - EUR 278 506 872
currency forwards - USD - 9 561 7 774
Private equity interests in the gaming sector 4 313 4 114 4 770
private equity interests in the gaming sector - SEK 635 561 966
private equity interests in the gaming sector - USD 3 678 3 553 3 804
Liabilities measured at fair value through profit or loss
Derivative instruments 4 102 - 205
currency forwards - EUR - - 24
currency forwards - USD 4 102 - -
currency forwards - JPY - - 181
49
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Financial assets – classification and measurement
In accordance with the requirements of IFRS 9 Financial Instruments, the Parent Company has analysed the business model for
managing financial assets and examined the characteristics of contractual cash flows for each component of the bond portfolio,
and concluded that:
- the purpose of investments in domestic and foreign bonds is to hold them to maturity and to collect contractual cash flows;
- investment mandates for managing the foreign bonds portfolio allow selling bonds before maturity as part of the adopted
strategy;
- all bonds purchased meet the SPPI test.
As a result of the analysis conducted, purchased bonds were classified into two financial asset management models which differ in
terms of the entity managing the bond portfolio. Polish bonds that are managed directly on the level of the Parent Company are
measured at amortized cost, because they are held to collect contractual cash flows. Foreign bonds managed by an external entity
in accordance with the investment mandate granted are measured at fair value through other comprehensive income.
With regard to equity interests in other entities, the Group estimates the fair values of the shares held using the method which
consists in forecasting future cash flows generated by a cash-generating unit and requires determining a discount rate to be used
to calculate the present value of these cash flows. In justified cases, the Group adopts historical cost as an acceptable approximation
of the fair value.
The Group did not determine the fair values of receivables, trade payables, cash and cash equivalents, bank deposits over 3 months
and loans granted with variable interest, because their carrying amounts are considered by the Group to be a reasonable
approximation of their fair values.
There were no movements between levels in the fair value hierarchy in the reporting period and in the comparative period.
The Group does not apply hedge accounting and therefore the regulations of IFRS 9 in this respect do not apply to it.
31.03.2026 31.12.2025 31.03.2025
Financial assets measured at amortized cost 1 255 653 1 232 922 1 352 009
Other non-current receivables 439 434 405
Trade receivables 101 836 125 441 87 603
Cash and cash equivalents 30 008 114 115 217 282
Bank deposits over 3 months 546 776 520 813 487 346
Domestic bonds 576 594 472 119 557 196
Loans granted - - 2 177
Financial assets measured at cost 10 933 10 770 40 598
Shares in non-consolidated subordinated entities 10 933 10 770 40 598
Financial assets measured at fair value through
other comprehensive income
257 219 217 863 227 254
Foreign bonds 257 219 217 863 227 254
Financial assets measured at fair value through profit or loss 4 591 14 181 13 416
Derivative financial instruments 278 10 067 8 646
Private equity interests in the gaming sector 4 313 4 114 4 770
Total financial assets 1 528 396 1 475 736 1 633 277
In accordance with the requirements of IFRS 13 Fair Value Measurement, the Group analysed the valuation of financial instruments
measured at amortized cost in the consolidated statement of financial position to determine their fair value and their classification
in the fair value hierarchy.
50
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Listed debt securities were classified as Level 1. They include Domestic bonds whose fair value was determined on the basis of
a market valuation provided by the brokerage office as part of the applicable agreement for the provision of brokerage services.
31.03.2026 31.12.2025 31.03.2025
LEVEL 1
Fair value of assets measured at amortized cost 571 886 473 607 557 815
Domestic bonds 571 886 473 607 557 815
Other items of financial assets and financial liabilities measured at amortized cost were classified to Level 3.
Financial liabilities – classification and measurement
31.03.2026 31.12.2025 31.03.2025*
Financial liabilities measured at amortized cost 68 296 76 050 90 673
Trade payables 42 895 46 447 68 922
Lease liabilities and other financial liabilities 25 401 29 603 21 751
Financial liabilities measured at fair value
through profit or loss
4 102 - 205
Derivative financial instruments 4 102 - 205
Total financial liabilities 72 398 76 050 90 878
* restated data
51
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 25. Explanations to the condensed consolidated statement of cash flows
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025*
Cash and cash equivalents reported in the statement
of cash flows
30 008 217 282
Cash and cash equivalents in the balance sheet 30 008 217 282
Foreign exchange (gains)/losses result from the following items: (15 279) 17 921
Foreign exchange gains/(losses) on measurement of bonds (12 590) 13 050
Foreign exchange gains/(losses) on measurement of private equity interests
in the gaming sector
(141) 204
Foreign exchange (gains)/losses on measurement of loans granted as
at the balance sheet date
- 106
Foreign exchange gains/(losses) losses on measurement of bank deposits
over 3 months
(2 784) 4 738
Foreign exchange gains/(losses) on measurement of leases 236 (177)
Interest and shares in profits comprise: (12 113) (18 462)
Interest on bank deposits (4 215) (9 136)
Interest on bonds (8 107) (9 447)
Interest accrued on loans granted - (37)
Interest on lease contracts 209 158
(Gains)/losses on investing activities result from the following items: 10 212 (18 219)
Sale of property, plant and equipment (7) (421)
Net carrying amount of property, plant and equipment - 483
Net carrying amount of scrapped intangible assets and expenditures
on development projects
169 -
Settlement and measurement of derivative financial instruments 10 007 (18 358)
Measurement of private equity interests in the gaming sector (29) 6
Commission and fees on purchase of bonds 72 71
Changes in provisions result from the following items: 14 550 (10 397)
Increase/(Decrease) in provisions for liabilities 2 449 (4 474)
Increase/(Decrease) in provisions for employee benefits 5 412 3 158
Increase/(Decrease) in provision for costs of earnings-related and other
remuneration recognized under expenditure on development projects
6 689 (9 081)
* restated data
52
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025*
(Increase)/Decrease in receivables result from the following items: 26 679 52 095
(Increase)/Decrease in current receivables in the balance sheet 169 355 63 963
(Increase)/Decrease in non-current receivables in the balance sheet (5) 2
(Increase)/Decrease in prepayments for investment properties (25 000) -
Withholding tax paid abroad (2 664) (4 748)
Adjustment for current income tax (11 305) (15 175)
(Increase)/Decrease in prepayments for development projects (11 830) 7 395
(Increase)/Decrease in prepayments for property, plant and equipment
and intangible assets
(1 177) 658
(Increase)/Decrease in receivables due to disposal of shares in a subsidiary (90 695) -
Increase/(Decrease) in liabilities, excluding loans and borrowings, result
from the following items:
(7 838) (1 976)
Increase/(Decrease) in current liabilities in the balance sheet 4 491 (15 713)
Adjustment for current income tax (5 635) (1 241)
Increase/(Decrease) in other current financial liabilities (3 235) 7 695
Increase/(Decrease) in liabilities in respect of security deposits 170 -
Increase/(Decrease) in liabilities resulting from purchase of property,
plant and equipment
8 305 7 278
Increase/(Decrease) in liabilities resulting from purchase of intangible assets (289) 5
Increase/(Decrease) in liabilities arising from increased expenditure
on development projects
(14 950) -
Increase/(Decrease) in liabilities relating to costs of the sale of shares 3 305 -
Changes in other assets and liabilities result from the following items: (4 146) 3 996
Change in prepayments and accruals in the balance sheet (9 923) 1 788
Increase/(Decrease) in deferred income in the balance sheet 5 837 2 266
Adjustment for prepayments and deferred costs with the corresponding entry
in liabilities
(60) (58)
“Other adjustments” comprise: 3 403 948
Measurement of derivative financial instruments - (9)
Amortization and depreciation reported under cost of sales
and other operating expenses
2 637 708
Foreign exchange differences on translation 738 236
Other adjustments 28 13
* restated data
53
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 26. Cash flows and non-monetary changes resulting from changes in liabilities in financing activities
01.01.2026 Cash flows
Non-monetary changes
31.03.2026
Takeover of fixed
leased assets
Termination of
a lease contract
Foreign exchange
differences
Interest accrued
Lease liabilities 26 038 (1 162) 80 - 236 209 25 401
Total 26 038 (1 162) 80 - 236 209 25 401
01.01.2025 Cash flows
Non-monetary changes
31.03.2025
Takeover of fixed
leased assets
Termination of
a lease contract
Foreign exchange
differences
Interest accrued
Lease liabilities 20 150 (950) 61 (229) (177) 158 19 013
Total 20 150 (950) 61 (229) (177) 158 19 013
54
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 27. Transactions with related entities
Terms and conditions of transactions with related entities
The terms and conditions of intra-group transactions were determined on the arm’s length basis. The essence of this principle is
based on the premise that the terms and conditions agreed in transactions between related parties should not differ from those
that would be agreed between independent parties in a comparable situation. Controlled transactions entered into by related
entities belonging to the CD PROJEKT Group are verified to determine whether the agreed terms of the transactions are similar to
the market terms, based on the recommendations and methods provided for in the OECD Guidelines as well as in national
legislation.
55
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Transactions with related entities after consolidation eliminations
Sales to related entities Purchases from related entities
01.01.2026 – 31.03.2026 01.01.2025 – 31.03.2025* 01.01.2026 – 31.03.2026 01.01.2025 – 31.03.2025
NON-CONSOLIDATED SUBSIDIARIES
CD PROJEKT RED Canada Ltd. 738 261 6 224 4 402
The Molasses Flood LLC - 736 - 10 545
CD PROJEKT SILVER Inc. - - - 183
OTHER RELATED PARTIES
Members of the Management Boards
of Group companies
23 2 - -
Members of the Supervisory Board 5 - - -
Other members of the senior
management
26 2 - -
Other related parties - 174 - -
* restated data
56
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Receivables from related entities Liabilities to related entities
31.03.2026 31.12.2025 31.03.2025* 31.03.2026 31.12.2025 31.03.2025*
NON-CONSOLIDATED SUBSIDIARIES
CD PROJEKT RED Canada Ltd. 3 477 2 752 2 432 2 666 2 184 3 306
The Molasses Flood LLC - - 6 602 - - 7 156
OTHER RELATED ENTITIES
Members of the Management Boards of
the Group companies
4 4 - 1 4 -
Other members of the senior
management
12 6 4 23 16 24
* restated data
57
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 28. Contingent liabilities
Contingent liabilities in respect of granted guarantees, sureties and collateral
Specification Currency 31.03.2026 31.12.2025 31.03.2025
mBank S.A.
Bill of exchange agreement Framework agreement on financial market transactions PLN 50 000 50 000 50 000
Bill of exchange agreement Bank guarantee securing a rental contract PLN - - 427
Bill of exchange agreement Bank guarantee securing a rental contract PLN 248 248 -
National Centre for Research and Development
Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0105/16 PLN - 7 711 7 711
Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0110/16 PLN 3 846 3 846 3 846
Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0112/16 PLN 3 962 3 692 3 692
Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0118/16 PLN 1 358 1 358 1 358
Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0120/16 PLN - - 1 204
Bill of exchange agreement Subsidy agreement FENG.01.01-IP.01-006A/23-00 PLN 14 765 14 765 14 765
Erste Bank Polska S.A. (formerly: Santander Bank Polska S.A.)
Bill of exchange agreement Framework agreement on financial market transactions PLN 23 500 23 500 23 500
Bank Polska Kasa Opieki Spółka Akcyjna
Bill of exchange agreement Framework agreement on financial market transactions PLN 50 000 50 000 50 000
BNP Paribas Bank Polska S.A.
Bill of exchange agreement Framework agreement on financial market transactions PLN 26 600 26 600 26 600
58
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 29. Employee benefit programmes
Incentive plans for the years 2023-2027
Based on the resolutions of the Parent Company’s General Meeting of 18 April 2023, two new incentive plans for the financial years
2023-2027 were introduced on that date: the Incentive Plan A and the Incentive Plan B.
Incentive Plan A
The Incentive Plan A is addressed to persons who are not members of the Management Board of the Parent Company.
The assumptions are that the entitlements in this plan will be granted in each of the financial years 2023-2027 (i.e. in five phases).
A maximum of 1 500 000 entitlements may be granted under the entire Incentive Plan A, however, the total number of entitlements
granted to participants in this plan and entitlements granted to participants in the Incentive Plan B may not exceed 5 000 000.
The entitlements will be realized alternatively through: (i) offering the participants to subscribe for warrants entitling them to
subscribe for an identical number of shares in the Parent Company issued as part of the conditional share capital increase, or (ii)
offering the participants to purchase from the Parent Company Treasury shares acquired by the Parent Company as part of a buy-
back carried out for this purpose. The exercising of the entitlements under the Incentive Plan A will be conditional upon the Parent
Company determining that the loyalty condition (understood as the participants in the Incentive Plan A remaining in a legal
relationship with the Parent Company or its related entity during the vesting period) has been met. The price of taking up or acquiring
the Parent Company’s shares as part of executing entitlements under Plan A shall correspond to the nominal value of the Parent
Company’s shares. The vesting period shall be at least 3 years in each case.
By the date of preparation of these financial statements:
(i) as part of Phase 1 of the Incentive Plan A (in 2023), 100 444 entitlements were granted, of which 80 636 entitlements remain
active;
(ii) as part of Phase 2 of the Incentive Plan A (in 2024), 183 189 entitlements were granted, of which 157 351 entitlements remain
active;
(ii) as part of Phase 3 of the Incentive Plan A (in 2025), 123 186 entitlements were granted, of which 111 249 entitlements remain
active;
(ii) as part of Phase 4 of the Incentive Plan A (in 2026), 144 457 entitlements were granted, of which 142 819 entitlements remain
active.
Changes in entitlements granted under the Incentive Plan A for the years 2023-2027 – Phases 1-4
Specification
01.01.2026 – 31.03.2026 01.01.2025 – 31.12.2025
Number of entitlements in pcs
Granted, unrealized as at the beginning of the period 354 128 260 660
Granted during the period 144 457 123 186
Forfeited during the period* 6 530 29 718
Granted, unrealized as at the end of the period 492 055 354 128
* All forfeitures for a given period by the date of publication of these financial statements
59
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Assumptions made for the measurement of the Incentive Plan A for the years 2023-2027 – Phase 1
Date of vesting CDR volatility ratio Risk-free interest rate
Entitlements granted on 26.05.2023 44% 6.2%
Entitlements granted on 27.05.2023 44% 6.2%
Entitlements granted on 29.05.2023 44% 5.9%
Entitlements granted on 07.06.2023 44% 5.8%
Assumptions made for the measurement of the Incentive Plan A for the years 2023-2027 – Phase 2
Date of vesting CDR volatility ratio Risk-free interest rate
Entitlements granted on 08.03.2024 43% 5.1%
Entitlements granted on 10.03.2024 43% 5.1%
Assumptions made for the measurement of the Incentive Plan A for the years 2023-2027 – Phase 3
Date of vesting CDR volatility ratio Risk-free interest rate
Entitlements granted on 09.03.2025 40% 5.2%
Entitlements granted on 16.03.2025 40% 5.4%
* All forfeitures by the date of publication of the financial statements for a given period
Assumptions made for the measurement of the Incentive Plan A for the years 2023-2027 – Phase 3
Date of vesting CDR volatility ratio Risk-free interest rate
Entitlements granted on 15.03.2026 36% 4.4%
Entitlements granted on 28.03.2026 36% 4.8%
Incentive Plan B
The Incentive Plan B is addressed to both persons who are members of the Parent Company’s Management Board and persons
who are not members of the Management Board. The assumptions are that the entitlements in this plan will be granted in each of
the financial years 2023-2027 (i.e. in five phases). According to the amendments made by way of Resolution No. 23 of the
Company’s General Meeting of 23 June 2025, a maximum of 4 100 000 entitlements may be granted under the entire Incentive
Plan B (previously 3 500 000 entitlements), however, the total number of entitlements granted to the participants in this plan and
the entitlements granted to the participants in the Incentive Plan A may not exceed 5 000 000. The entitlements will be realized
alternatively through: (i) offering the participants to subscribe for warrants entitling them to subscribe for an identical number of
shares in the Parent Company issued as part of the conditional share capital increase, or (ii) offering the participants to purchase
from the Parent Company Treasury shares acquired by the Parent Company as part of a buy-back carried out for this purpose.
The exercising of the entitlements under the Incentive Plan B will be conditional upon the Parent Company determining that the
earnings condition (for 70% of the entitlements), the market-related condition (for 30% of the entitlements), and in selected cases
the individual conditions and, in each case, the loyalty condition (understood as the participants in the Incentive Plan B remaining
in a legal relationship with the Parent Company or its related entity during the vesting period) have been met. The base price of
subscription for or purchase of the Parent Company’s shares as part of exercising the entitlements under Plan B corresponds to
the price of the Parent Company’s shares at the close of the last trading session preceding the date of the relevant resolution on
the participant’s inclusion in the plan. The plan provides for the possibility to reduce the price of subscription for or purchase of
the shares with a simultaneous proportional reduction in the number of entitlements to be exercised by the participant. The base
vesting period corresponds to four consecutive financial years starting from the year in which the relevant phase commenced
(with the possibility of shortening to three financial years for earnings-related entitlements in the event of possible fulfilment of the
four-year earnings condition within a three-year period).
By the date of preparation of these financial statements:
(i) as part of Phase 1 of the Incentive Plan B (in 2023), 662 000 entitlements were granted, of which 635 000 entitlements remain
active;
(ii) as part of Phase 2 of the Incentive Plan B (in 2024), 723 500 entitlements were granted, of which 695 000 entitlements remain
active;
(iii) as part of Phase 3 of the Incentive Plan B (in 2025), 740 500 entitlements were granted, of which 715 000 entitlements remain
active;
(iv) as part of Phase 4 of the Incentive Plan B (in 2026), by the date of preparation of these financial statements 755 000 entitlements
were granted, of which 740 000 entitlements remain active.
60
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Earnings condition – 70% of the entitlements awarded under a given phase of the Incentive Plan B
The fulfilment of the earnings condition means achieving, in the relevant vesting period, a specific result understood as the sum of
the consolidated net profits on the continuing operations of the CD PROJEKT Group plus the cost of valuation of entitlements
awarded under the relevant phase of the Incentive Plan B recognized by the CD PROJEKT Group entities in the same period.
Earnings conditions for the entitlements awarded under a given phase of the Incentive Plan B are as follows:
- Phase 1 – for the years 2023-2026: PLN 2 billion;
- Phase 2 – for the years 2024-2027: PLN 3 billion;
- Phase 3 – for the years 2025-2028: PLN 4 billion;
- Phase 4 – for the years 2026-2029: PLN 5 billion.
For the next phase of the Incentive Plan B starting in 2027, the earnings condition for the entitlements awarded in these phases for
the period of 4 subsequent financial years will be determined by a resolution of the General Meeting of the Parent Company (at the
request of the Management Board of the Parent Company).
Market-related condition – 30% of the entitlements awarded under a given phase of the Incentive Plan B
The fulfilment of the market-related condition means achieving a change in the Parent Company's share price on the Warsaw Stock
Exchange (WSE) in such a manner that the change in the level of the Parent Company's share price expressed as a percentage,
determined on the basis of the Parent Company’s share price at closing of the last trading session of the WSE of the most recent
financial year which is subject to verification for purposes of the earnings condition referred to above in relation to the Parent
Company’s share price at closing of the last trading session of the WSE in the year preceding the year of the relevant phase of the
Incentive Plan B will be higher than or equal to the change, expressed as a percentage and increased by 10 percentage points, in
the level of the WIG (WSE Index) index in the same period.
Changes in entitlements granted under the Incentive Plan B for the years 2023-2027 – Phases 1-4
Specification
01.01.2026 – 31.03.2026 01.01.2025 – 31.12.2025
Number of entitlements in pcs
Granted, unrealized as at the beginning of the period 2 090 000 1 379 500
Granted during the period 755 000 740 500
Forfeited during the period* 60 000 30 000
Granted, unrealized as at the end of the period 2 785 000 2 090 000
* All forfeitures for a given period by the date of publication of these financial statements
Assumptions made for the measurement of the Incentive Plan B for the years 2023-2027 – Phase 1
Date of vesting
CDR volatility ratio
WIG volatility ratio
WIG correlation
ratio
Risk-free interest
rate
Entitlements granted on 26.05.2023 44% 21% 43% 6.1%
Assumptions made for the measurement of the Incentive Plan B for the years 2023-2027 – Phase 2
Date of vesting
CDR volatility ratio
WIG volatility ratio
WIG correlation
ratio
Risk-free interest
rate
Entitlements granted on 08.03.2024 43% 21% 42% 4.9%
Entitlements granted on 10.03.2024 43% 21% 42% 4.9%
Assumptions made for the measurement of the Incentive Plan B for the years 2023-2027 – Phase 3
Date of vesting
CDR volatility ratio
WIG volatility ratio
WIG correlation
ratio
Risk-free interest
rate
Entitlements granted on 09.03.2025 40% 19% 42% 5.5%
Entitlements granted on 16.03.2025 40% 19% 42% 5.5%
61
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Assumptions made for the measurement of the Incentive Plan B for the years 2023-2027 – Phase 4
Date of vesting
CDR volatility ratio
WIG volatility ratio
WIG correlation
ratio
Risk-free interest
rate
Entitlements granted on 15.03.2026 39% 20% 42% 4.6%
Entitlements granted on 28.03.2026 39% 20% 43% 5.3%
Note 30. Tax settlements
Tax settlements and other areas of activities regulated by the tax law may be subject to inspections by administrative bodies which
are entitled to impose high penalties or sanctions. In accordance with a general rule, tax settlements may be subject to inspections
within five years from the end of the calendar year in which the tax payment deadline expired. Frequent differences of opinion as
to the interpretation of tax regulations, both internally within the state bodies and between the state bodies and enterprises, result
in areas of uncertainty and potential disputes. These factors make the tax risk in Poland significantly higher than in countries with
a more stable and predictable tax system.
The Parent Company avails itself of tax reliefs and preferential tax treatment to which it is entitled, guided by the principle of
prudence and exercising due diligence. The eligibility for tax reliefs or preferential tax treatment is thoroughly analysed and, as
a rule, confirmed in the individual tax rulings obtained. The Parent Company conducts research and development activities in
a systematic and organized manner, as confirmed by the retention of its status as a research and development centre (R&D centre)
pursuant to the Decision No. DNP-V.4241.27.2025 of the Minister of Finance dated 5 September 2025.
By virtue of its research and development activities and the R&D centre status it has obtained, the Parent Company deducts a wide
range of eligible costs from its tax base, acting in accordance with the applicable regulations while complying with documentation
and record-keeping requirements.
Starting from the month following the submission of the CIT-8 tax return, the Parent Company is taking advantage of a relief in
respect of innovative employees. As part of the solution, it is possible to deduct the research and development relief which the
Parent Company did not deduct from the tax base in the tax return for the previous tax year. As a result of using tax relief in respect
of innovative employees, the Parent Company is reducing tax advances remitted to the tax office in respect of personal income tax
and flat-rate personal income tax for employees performing research and development projects for the Parent Company. At the
same time, the amount of the research and development relief reported and not deducted is being reduced (the reduction amount
is calculated as the quotient of the PIT liability due and the CIT rate).
The Parent Company also applies the IP Box scheme, which allows entities engaged in research and development to tax eligible
income from eligible intellectual property rights at an income tax rate of 5%. Once the statutory substantive and formal requirements
have been met – including the maintenance of separate accounting records enabling the identification of income relating to eligible
intellectual property rights – the Parent Company accounts for the selected sources of income using this preferential tax rate.
Note 31. Post balance sheet events
On 20 May 2026, in the Current Report No. 6/2026, the Parent Company’s Management Board announced that it had adopted
a resolution on accepting and submitting to the Supervisory Board and the Ordinary General Meeting a motion concerning the
distribution of the net profit for 2025. The Management Board is submitting a motion to the next Ordinary General Meeting regarding
the distribution of the Company’s net profit for the financial year 2025, amounting to PLN 635 208 677.41, less the amount of
PLN 25 739 304.00, representing the negative amount of accumulated losses, disclosed in connection with the restatement of data
for the comparative period, i.e. the amount of PLN 609 469 373.41, in such a way that this amount shall be allocated in full to the
Company’s supplementary capital. The reasons for the Management Board’s decision are set out in the above-mentioned interim
report. On 26 May 2026, in the Current Report No. 7/2026, the Management Board of the Parent Company announced that the
Supervisory Board had given a favourable opinion on the Management Board’s motion and had accepted its recommendation.
On 27 May 2026, the Parent Company’s Management Board convened the Ordinary General Meeting of the Parent Company for
23 June 2026. The key points on the agenda of the Meeting will include the adoption of resolutions concerning (i) the approval of
the financial statements for 2025, (ii) the distribution of the Parent Company’s net profit for 2025, (iii) granting discharge to members
of the governing bodies (iv), amending the Remuneration Policy for Members of the Management Board and Members of the
Supervisory Board, (v) amending the Company’s Articles of Association to change its name, (vi) introducing a new Short-Term
Incentive Plan for the Management Board and Senior Executives within the CD PROJEKT Group replacing the current short-term
remuneration mechanisms for these individuals, as well as (vii) setting up a reserve capital for the implementation of this plan, and
(viii) the authorization of the Company’s Management Board to acquire the Company’s treasury shares. The Company published
the full text of the notice convening the General Meeting and the draft resolutions in the current reports No. 8/2026 and 9/2026.
Additional information
5
63
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Significant litigation pending before a court, a competent arbitration body or
a public administration body
During the reporting period, the following significant litigations were pending (as at the date of preparation of the financial
statements).
Criminal cases in which CD PROJEKT S.A. has the status of the aggrieved party
Case against private individuals (including former members of the Management Board of Optimus S.A.) for acts to the detriment
of the Company
On 27 October 2016, the Regional Court in Warsaw, in case ref. no. XVIII K 126/09, as a result of the indictment of the Public
Prosecutor's Office of the Regional Prosecutor's Office in Warsaw to the Regional Court, passed a sentence convicting Michał L.,
Piotr L. and Michał D., ascribing to them the commission of acts under Article 296 § 1 of the Penal Code and Article 296 § 3 of the
Penal Code and others. The Parent Company acted as an auxiliary prosecutor at first instance (a status it retains until the end of the
proceedings). The scope of damages awarded under Article 46 of the Polish Penal Code amounted to a total of PLN 210 thousand,
with the damage ascertained by the court amounting to at least PLN 16 million according to the operative part of the verdict (this
method of determining damage results from the principles of adjudication in criminal proceedings). The Company appealed against
the judgment, requesting that it be amended, including, inter alia, in the part relating to the amount of damages awarded to the
Parent Company. Appeals were also filed by the defendants' counsels – against the entire decision and by the prosecutor – against
a part of the judgment. On 26 October 2017, the Court of Appeals overturned the judgment of the Court of First Instance in the case
in its entirety and remitted the case to the Court of First Instance for retrial in its entirety. The Regional Court in Warsaw is currently
examining the case under case number XVIII K 316/17. The Parent Company is acting as an auxiliary prosecutor in the case.
Shareholding structure
Shareholders holding directly or indirectly through subsidiaries at least 5% of the total number of
votes at the Parent Company’s General Shareholders’ Meeting as at the date of publication of the
quarterly report
The Parent Company’s share capital amounts to PLN 99 910 510 and consists of 99 910 510 shares with a nominal value of PLN 1.00
each. The shareholding structure, including the percentage share in the share capital and at the General Shareholders Meeting of
the Parent Company, is updated on the basis of formal notifications received by the Parent Company from shareholders holding at
least 5% of the total number of votes at the General Shareholders Meeting of the Parent Company.
Shareholder
Number of
shares
% share in
share capital
Number of votes at
the GSM
% of votes at
the GSM
Marcin Iwiński 12 650 000 12.66% 12 650 000 12.66%
Michał Kiciński* 9 989 363 10.00% 9 989 363 10.00%
Piotr Nielubowicz 6 858 717 6.86% 6 858 717 6.86%
Nationale-Nederlanden Powszechne
Towarzystwo Emerytalne S.A. (total for all funds
managed)**
5 417 124 5.42% 5 417 124 5.42%
including Nationale-Nederlanden Otwarty
Fundusz Emerytalny**
5 030 225 5.03% 5 030 225 5.03%
* In accordance with the last notification submitted to the Parent Company dated 13 November 2023.
** In accordance with the last notification submitted to the Parent Company dated 12 August 2024.
Changes in the ownership structure of significant blocks of the Parent Company’s shares from the
date of submission of the previous interim report
The Parent Company did not receive any notifications concerning changes in the ownership structure of significant blocks of shares
in the Parent Company after the date of the last interim report (annual report).
64
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Parent Company’s shares held by Members of the Management and
Supervisory Boards
Changes in the number of shares held by Members of the Management and Supervisory Boards*
Name and surname Position As at 01.01.2026 As at 31.03.2026 As at 28.05.2026
Piotr Nielubowicz
Member of the
Management Board
Chief Financial Officer
6 858 717 6 858 717 6 858 717
Adam Badowski
Member of the
Management Board
Joint Chief Executive
Officer
692 640 692 640 692 640
Michał Nowakowski
Member of the
Management Board
Joint Chief Executive
Officer
530 290 530 290 530 290
Piotr Karwowski
Member of the
Management Board
Joint Chief Operating
Officer
108 728 108 728 108 728
Paweł Zawodny
Member of the
Management Board
Joint Chief Operating
Officer
18 508 18 508 18 508
Marcin Iwiński
Co-Chair of the
Supervisory Board
12 650 000 12 650 000 12 650 000
Adam Kiciński
Co-Chair of the
Supervisory Board
4 046 001 4 046 001 4 046 001
* Based on statements and notifications submitted to the Company
Reference to published estimates
The Group did not publish estimated data relating to the period presented.
Interim condensed separate financial
statements of CD PROJEKT S.A.
6
66
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
Interim condensed separate income statement
Note
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025
Sales revenue 191 107 180 091
Sales of products 184 935 178 069
Sales of goods for resale and materials 6 172 2 022
Cost of products, goods for resale and materials sold 13 880 15 081
Cost of products sold 11 466 12 304
Cost of goods for resale and materials sold 2 414 2 777
Gross profit on sales 177 227 165 010
Selling expenses 24 559 22 216
Total administrative expenses, including: 52 240 47 479
costs of research projects 8 955 8 198
Other operating income 4 838 3 339
Other operating expenses 4 561 3 256
(Impairment)/reversal of impairment
of financial instruments
(3) 7
Operating profit 100 702 95 405
Finance income 26 306 39 107
Finance costs 10 225 20 566
Profit before tax 116 783 113 946
Income tax A 7 637 1 266
Net profit 109 146 112 680
Net earnings per share (in PLN)
Basic for the reporting period 1.09 1.13
Diluted for the reporting period 1.08 1.12
Interim condensed separate statement of
comprehensive income
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025
Net profit
109 146 112 680
Other comprehensive income subject to reclassification to gains or losses after
specific conditions have been met
(3 224) 1 124
Measurement of financial instruments at fair value through other comprehensive
income, taking into account the tax effect
(3 224) 1 124
Other comprehensive income not subject to reclassification to gains or losses - -
Total other comprehensive income
(3 224) 1 124
Total comprehensive income
105 922 113 804
67
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
Interim condensed separate statement of financial
position
Note 31.03.2026 31.12.2025* 31.03.2025*
NON-CURRENT ASSETS 2 470 444 2 174 743 1 717 185
Property, plant and equipment 320 099 307 893 276 828
Intangible assets 65 837 65 024 66 106
Expenditure on development projects 1 325 120 1 159 562 784 100
Investment properties 67 486 31 241 31 319
Goodwill C 49 168 49 168 49 168
Investments in subordinated entities G 60 741 56 531 67 339
Prepayments and deferred costs 7 138 3 233 3 300
Other financial assets G 458 459 387 233 331 629
Deferred tax assets A 115 963 114 430 107 004
Other receivables E,G 433 428 392
CURRENT ASSETS 1 172 082 1 332 673 1 327 971
Inventories 2 076 2 279 659
Trade receivables D,G 103 244 127 074 85 887
Current income tax receivable - 11 305 -
Other receivables E,G 83 471 217 446 110 853
Prepayments and deferred costs 16 773 12 654 10 039
Other financial assets G 396 445 332 820 470 174
Bank deposits over 3 months G 546 776 520 813 487 346
Cash and cash equivalents G 23 297 108 282 163 013
TOTAL ASSETS
3 642 526 3 507 416 3 045 156
* restated data
68
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
Note 31.03.2026 31.12.2025 31.03.2025*
EQUITY 3 413 541 3 294 816 2 859 135
Share capital 18 99 911 99 911 99 911
Supplementary capital 2 356 085 2 356 085 2 025 642
Share premium 116 700 116 700 116 700
Treasury shares (22 424) (22 424) -
Other reserves 144 654 135 075 59 268
Retained earnings / (Accumulated losses) 609 469 (25 740) 444 934
Net profit for the period 109 146 635 209 112 680
NON-CURRENT LIABILITIES 31 800 29 408 21 439
Other financial liabilities G 17 643 17 995 16 519
Other liabilities 2 194 2 084 2 213
Deferred income 10 162 6 642 1 880
Provision for retirement and similar benefits 1 713 1 713 827
Other provisions F 88 974 -
CURRENT LIABILITIES 197 185 183 192 164 582
Other financial liabilities G 5 558 2 798 1 223
Trade payables G 54 030 58 768 46 948
Current income tax liabilities 5 635 - 1 766
Other liabilities 7 778 6 473 5 935
Deferred income 13 421 11 104 10 769
Provision for retirement and similar benefits 12 274 8 895 9 449
Other provisions F 98 489 95 154 88 492
TOTAL EQUITY AND LIABILITIES 3 642 526 3 507 416 3 045 156
* restated data.
69
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
Interim condensed separate statement of changes in equity
Share
capital
Supplementary
capital
Share premium
Treasury
shares
Other
reserves
Retained
earnings/(
Accumulated
losses)
Net profit
for the
period
Total equity
01.01.2026 – 31.03.2026
Equity as at 01.01.2026 99 911 2 356 085 116 700 (22 424) 135 075 609 469 - 3 294 816
Total comprehensive income - - - - (3 224) - 109 146 105 922
Net profit - - - - - - 109 146 109 146
Other comprehensive income - - - - (3 224) - - (3 224)
Costs of the incentive plan - - - - 12 803 - - 12 803
Equity as at 31.03.2026 99 911 2 356 085 116 700 (22 424) 144 654 609 469 109 146 3 413 541
01.01.2025 – 31.12.2025
Equity as at 01.01.2025 99 911 2 025 642 116 700 - 50 537 470 674 - 2 763 464
Corrections of errors - - - - (52) (25 740) - (25 792)
Equity, as adjusted 99 911 2 025 642 116 700 - 50 485 444 934 - 2 737 672
Total comprehensive income - - - - 1 921 - 635 209 637 130
Net profit - - - - - - 635 209 635 209
Other comprehensive income - - - - 1 921 - - 1 921
Costs of the incentive plan - - - - 42 349 - - 42 349
Setting up reserve capital for the purchase of treasury shares - (40 320) - - 40 320 - - -
Purchase of treasury shares for the execution of the incentive plan - - - (22 424) - - - (22 424)
Payment of dividend - - - - - (99 911) - (99 911)
Appropriation of the net profit/offset of loss - 370 763 - - - (370 763) - -
Equity as at 31.12.2025 99 911 2 356 085 116 700 (22 424) 135 075 (25 740) 635 209 3 294 816
70
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
Share
capital
Supplementary
capital
Share premium
Treasury
shares
Other
reserves
Retained
earnings/(Accumulated
losses)
Net profit
for the
period
Total equity
01.01.2025 – 31.03.2025
Equity as at 01.01.2025 99 911 2 025 642 116 700 - 50 537 470 674 - 2 763 464
Corrections of errors - - - - (52) (25 740) - (25 792)
Equity, as adjusted 99 911 2 025 642 116 700 - 50 485 444 934 - 2 737 672
Total comprehensive income - - - - 1 124 - 112 680 113 804
Net profit - - - - - - 112 680 112 680
Other comprehensive income - - - - 1 124 - - 1 124
Costs of the incentive plan - - - - 7 659 - - 7 659
Equity as at 31.03.2025 99 911 2 025 642 116 700 - 59 268 444 934 112 680 2 859 135
71
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
Interim condensed separate statement of cash flows
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025*
OPERATING ACTIVITIES
Net profit 109 146 112 680
Total adjustments: 32 372 51 851
Depreciation and amortization of property, plant and equipment, intangible assets
and expenditure on development projects
2 725 2 489
Amortization of development projects recognized as cost of goods sold 10 325 13 775
Foreign exchange (gains)/losses (16 116) 18 039
Interest and shares in profits (12 379) (18 041)
(Gains)/losses on investing activities 10 212 (18 217)
Increase/(Decrease) in provisions 12 516 (18 926)
(Increase)/Decrease in inventories 203 1 143
(Increase)/Decrease in receivables 26 927 46 901
Increase/(Decrease) in liabilities, excluding loans and borrowings (9 722) 14 641
Change in other assets and liabilities (2 248) 3 232
The costs of share-based incentive plans 9 545 6 542
Other adjustments 384 273
Cash from operating activities 141 518 164 531
Income tax expense 4 982 (3 482)
Withholding tax paid abroad 2 655 4 748
Income tax (paid)/refunded 10 424 (12 647)
Net cash from operating activities 159 579 153 150
* restated data
72
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025
INVESTING ACTIVITIES
Inflows 357 596 357 154
Sale of intangible assets and property, plant and equipment 7 189
Repayment of loans granted - 455
Sale of shares in a subsidiary 90 695 -
Expiry of bank deposits over 3 months 214 200 278 634
Redemption or sale of bonds 37 430 66 000
Interest on bonds 6 974 2 770
Interest received on deposits 4 187 8 692
Inflows from execution of forward contracts 3 885 366
Other inflows from investing activities 218 48
Outflows 601 554 411 405
Acquisition of intangible assets and property, plant and equipment 27 396 32 345
Expenditure on development projects 148 722 95 194
Acquisition of investment properties and capitalization of expenditure 11 629 -
Loans granted - 1 776
Contribution to the capital of a subsidiary 2 260 2 750
Placement of bank deposits over 3 months 237 379 248 194
Purchase of private equity interests in the gaming sector 30 -
Transaction-related costs associated with the sale of shares 3 305 -
Purchase of bonds and cost of their purchase 170 833 31 146
Net cash from investing activities (243 958) (54 251)
FINANCING ACTIVITIES
Inflows 1 9
Settlement of lease receivables 1 8
Interest received - 1
Outflows 607 763
Payment of lease liabilities 465 618
Interest paid 142 145
Net cash used in financing activities (606) (754)
Net increase/(decrease) in cash and cash equivalents (84 985) 98 145
Change in cash and cash equivalents in the balance sheet (84 985) 98 145
Cash and cash equivalents as at the beginning of the period 108 282 64 868
Cash and cash equivalents as at the end of the period, including: 23 297 163 013
restricted cash and cash equivalents
291
-
Explanations to the condensed separate statement of cash flows
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025*
“Other adjustments” comprise: 384 273
Measurement of derivative financial instruments - (126)
Amortization and depreciation included under cost of sales and other
operating expenses
384 399
* restated data
73
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
Assumption of comparability of the financial statements
and consistency of accounting policies
The accounting policies applied in these interim condensed separate financial statements, material judgments made by the
Management Board with regard to the accounting policies applied by the Company and the main sources of estimating uncertainties
are consistent, in all material respects, with the policy adopted for preparing the annual financial statements of CD PROJEKT S.A.
for 2025, with the exception of the presentation changes described below. These condensed financial statements should be read
in conjunction with the financial statements for the year ended 31 December 2025.
Presentation changes and corrections of errors
In these separate financial statements for the period from 1 July to 31 March 2026, selected financial data were adjusted. In order
to ensure comparability of the financial data in the reporting period, the data for the period from 1 January to 31 March 2025 and as
at 31 March 2025 and 31 December 2025 were adjusted.
Interim condensed separate income statement for the period from 1 January to 31 March 2025
 The Company has adjusted the accounting treatment of withholding tax (WHT) from previous years, adjusting Income tax by
PLN 25 792 thousand and thereby reducing Net profit. Due to an error in the income tax estimate, the withholding tax refunded
in 2024 was incorrectly deducted in the amounts of PLN 11 082 thousand for 2022 and PLN 14 710 thousand for 2023.
Originally, in the interim consolidated financial statements for the periods from 1 January to 31 March 2025, from 1 January to
30 June 2025 and from 1 July to 30 September 2025. As part of the work on closing the financial year 2025, the Group
considered it more appropriate to restate the historical periods to which the tax related. Consequently, in the comparative
figures presented for the first quarter of 2025, the income tax item was adjusted, resulting in an increase in net profit for that
period of PLN 25 792 thousand.
 The presentation of operating income and expenses was amended, with Sale of services amounting to PLN 1 208 thousand
being reclassified to Other operating income and the corresponding Cost of products sold amounting to PLN 1 057 thousand
being reclassified to Other operating expenses.
 The presentation of foreign exchange differences arising from operating activities was changed, with PLN 572 thousand being
transferred from Finance costs to Other operating expenses.
01.01.2025 – 31.03.2025
published data
presentation
changes
restated data
Sales revenue 181 299 (1 208) 180 091
Sales of services 1 208 (1 208) -
Cost of products, goods for resale and materials sold 16 138 (1 057) 15 081
Cost of products sold 13 361 (1 057) 12 304
Gross profit on sales 165 161 (151) 165 010
Other operating income 2 131 1 208 3 339
Other operating expenses 1 627 1 629 3 256
Operating profit 95 977 (572) 95 405
Finance costs 21 138 (572) 20 566
Profit before tax 113 946 - 113 946
Income tax 27 058 (25 792) 1 266
Net profit from continuing operations 86 888 25 792 112 680
Net profit 86 888 25 792 112 680
Net earnings per share (in PLN)
Basic for the reporting period
0.87 0.26 1.13
Diluted for the reporting period
0.86 0.26 1.12
74
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
Interim condensed separate statement of comprehensive income of CD PROJEKT for the period from
1 January to 31 March 2025
01.01.2025 – 31.03.2025
published data
presentation
changes
restated data
Net profit 86 888 25 792 112 680
Total other comprehensive income 1 124 - 1 124
Total comprehensive income, including: 88 012 25 792 113 804
Interim condensed separate statement of financial position as at 31 December 2025
• The presentation of certain non-current assets held by the Group was amended, with an amount of PLN 578 thousand being
reclassified from Property, plant and equipment to Intangible assets.
• The presentation of advance payments for marketing campaigns was amended within current assets by reclassifying
PLN 1 080 thousand from Other receivables to Prepayments and deferred costs.
31.12.2025
published data
presentation
changes
restated data
NON-CURRENT ASSETS 2 174 743 - 2 174 743
Property, plant and equipment 308 471 (578) 307 893
Intangible assets 64 446 578 65 024
CURRENT ASSETS 1 332 673 - 1 332 673
Other receivables 218 526 (1 080) 217 446
Prepayments and deferred costs 11 574 1 080 12 654
TOTAL ASSETS 3 507 416 - 3 507 416
Interim condensed separate statement of financial position as at 31 March 2025
• The presentation of certain non-current assets held by the Group was amended, with an amount of PLN 31 thousand being
reclassified from Property, plant and equipment to Intangible assets.
• Trade payables amounting to PLN 30 555 thousand were reclassified from Other current provisions to Trade payables.
• An adjustment was made to the accounting treatment of actuarial gains from previous years, reducing Other reserves by
PLN 52 thousand and increasing Retained earnings/(Accumulated losses) by PLN 52 thousand.
• The Company adjusted the accounting treatment of withholding tax (WHT) from previous years, increasing the Net profit for the
current period by PLN 25 792 thousand, with a corresponding decrease in Retained earnings/(Accumulated losses) of
PLN 25 792 thousand.
31.03.2025
published data
presentation
changes
restated data
NON-CURRENT ASSETS 1 717 185 - 1 717 185
Property, plant and equipment 276 859 (31) 276 828
Intangible assets 66 075 31 66 106
CURRENT ASSETS 1 327 971 - 1 327 971
TOTAL ASSETS 3 045 156 - 3 045 156
75
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
31.03.2025
Published
data
Presentation
change
Restated
data
EQUITY 2 859 135 - 2 859 135
Other reserves 59 320 (52) 59 268
Retained earnings / (Accumulated losses) 470 674 (25 740) 444 934
Net profit for the period 86 888 25 792 112 680
NON-CURRENT LIABILITIES 21 439 - 21 439
CURRENT LIABILITIES 164 582 - 164 582
Trade payables 16 393 30 555 46 948
Other provisions 119 047 (30 555) 88 492
TOTAL EQUITY AND LIABILITIES 3 045 156 - 3 045 156
Interim condensed separate statement of cash flows for the period from 1 January to 31 March 2025
• As a result of an adjustment to the accounting treatment of the withholding tax (WHT) for previous years amounting to
PLN 25 792 thousand, the Net profit and Income tax on profit/(loss) before tax have been amended.
• As a result of the reclassification of balance sheet items, Increase/(Decrease) in provisions was reduced by PLN 30 555
thousand. At the same time, the balance of the Increase/(Decrease) in liabilities, excluding loans and borrowings was increased.
• A separate line item, Costs of share-based incentive plans, was created by transferring PLN 6 542 thousand from Other
adjustments.
01.01.2025 – 31.03.2025
Published data
Presentation
changes
Restated data
OPERATING ACTIVITIES
Net profit 86 888 25 792 112 680
Total adjustments: 51 852
(1)
51 851
Increase/(Decrease) in provisions 11 629 (30 555) (18 926)
Increase/(Decrease) in liabilities, excluding loans and borrowings (15 914) 30 555 14 641
The costs of share-based incentive plans - 6 542 6 542
Other adjustments 6 816 (6 543) 273
Cash from operating activities 138 740 25 791 164 531
Income tax expense 22 310 (25 792) (3 482)
Net cash from operating activities 153 151 (1) 153 150
76
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
Notes to the separate financial statements of
CD PROJEKT S.A.
A. Corporate income tax and deferred income tax
The deferred part of the income tax was determined either at the corporate income tax rate of 19% for the tax base corresponding
to income from other sources, or at the rate of 5% for the tax base corresponding to income from qualifying intellectual property
rights (the so-called IP BOX). When determining the appropriate tax rate for temporary differences, the Parent Company relied on
forecasts of which tax base will give rise to the realization of the temporary differences recognized.
The main items of the income tax expense for the years ended 31 March 2026 and 31 March 2025 are as follows:
01.01.2026 –
31.03.2026
01.01.2025 –
31.03.2025*
Current income tax 9 170 8 539
For the financial year 6 515 7 736
Withholding tax paid abroad 2 655 4 748
Adjustments relating to prior years - (3 945)
Deferred income tax (1 533) (7 273)
Related to temporary differences arising and reversed (1 533) (7 273)
Income tax expense shown in the income statement 7 637 1 266
Effective tax rate 6.77% 1.12%
* restated data
Deferred tax shown in the income statement is the difference between the balance of deferred tax provisions and assets as at the
end and the beginning of the reporting periods.
Deductible temporary differences underlying the deferred tax assets
31.12.2025
Differences affecting
the deferred tax
recognized in the
profit or loss
31.03.2026
Provision for other employee benefits 4 146 1 264 5 410
Provision for costs of earnings-related and other
remuneration
54 421 11 050 65 471
Foreign exchange losses 23 937 (3 582) 20 355
Difference between the carrying and tax amounts of
expenditure on development projects
21 824 2 825 24 649
Salaries and wages and social security payable
in future periods
4 42 46
Other provisions 37 306 (1 579) 35 727
Research and development relief 604 780 (971) 603 809
Tax value of leased non-current assets 19 484 (386) 19 098
Prepayments recognized as revenue for tax purposes 9 860 1 781 11 641
Total deductible differences, including: 775 762 10 444 786 206
taxed at 5% 105 912 14 102 120 014
taxed at 19% 669 850 (3 658) 666 192
Deferred tax assets 132 568 10 132 578
77
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
Taxable temporary differences underlying the deferred tax provisions
31.12.2025
Differences affecting
the deferred tax
recognized in the
profit or loss
31.03.2026
Difference between the net carrying amount and tax
amount of property, plant and equipment and
intangible assets
31 698 1 295 32 993
Current period revenue invoiced in the subsequent
period/accrued income
114 887 (23 540) 91 347
Foreign exchange gains 39 391 430
Difference between the carrying amounts and tax
bases of expenditure on development projects
70 354 14 078 84 432
Carrying amount of non-current assets leased 18 698 (291) 18 407
Other 222 4 226
Total taxable differences, including: 235 898 (8 063) 227 835
taxed at 5% 190 588 (62) 190 526
taxed at 19% 45 310 (8 001) 37 309
Deferred tax provisions 18 138 (1 523) 16 615
Net deferred tax assets/provisions
31.03.2026 31.12.2025 31.03.2025
Deferred tax assets 132 578 132 568 116 546
Deferred tax provisions 16 615 18 138 9 542
B. Dividends paid (or declared) and received
During the period from 1 January to 31 March 2026, the Parent Company did not pay or receive dividends.
C. Goodwill
Goodwill recognized in business combinations and acquisitions
31.03.2026 31.12.2025 31.03.2025
CD Projekt Red sp. z o.o. 39 147 39 147 39 147
Strange New Things business 10 021 10 021 10 021
Total 49 168 49 168 49 168
78
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
D. Trade receivables
31.03.2026 31.12.2025 31.03.2025
Trade receivables, gross 103 506 127 329 85 997
Impairment write-downs 262 255 110
Trade receivables, net 103 244 127 074 85 887
from related entities 4 885 4 386 6 458
from other entities 98 359 122 688 79 429
Changes in write-downs of trade receivables
01.01.2026 –
31.03.2026
OTHER ENTITIES
Write-downs as at the beginning of the period 255
Increases, including: 7
Recognition of write-downs of overdue and disputed receivables 7
Decrease -
Write-downs as at the end of the period 262
79
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
Current and overdue trade receivables as at 31.03.2026
Total Not overdue
Overdue, in days
1 – 60 61 – 90 91 – 180 181 – 360 >360
RELATED ENTITIES
gross receivables 4 885 4 885 - - - - -
default ratio
0% 0% 0% 0% 0% 0%
write-down resulting
from the ratio
- - - - - - -
write-down determined
individually
- - - - - - -
total expected credit losses - - - - - - -
Net receivables 4 885 4 885 - - - - -
Total Not overdue
Overdue, in days
1 – 60 61 – 90 91 – 180 181 – 360 >360
OTHER ENTITIES
gross receivables 98 621 98 126 200 - 35 227 33
default ratio
0% 0% 0% 0% 0% 0%
write-down resulting
from the ratio
- - - - - - -
write-down determined
individually
262 - 3 - 35 191 33
total expected credit losses
262 - 3 - 35 191 33
Net receivables 98 359 98 126 197 - - 36 -
Total
gross receivables 103 506 103 011 200 - 35 227 33
impairment write-
downs
262 - 3 - 35 191 33
Net receivables 103 244 103 011 197 - - 36 -
80
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
E. Other receivables
31.03.2026 31.12.2025* 31.03.2025
Other gross receivables 83 904 217 874 111 245
Impairment write-downs - - -
Other net receivables 83 904 217 874 111 245
from related entities 4 082 3 598 14 431
from other entities 79 822 214 276 96 814
* restated data
31.03.2026 31.12.2025* 31.03.2025
Other gross receivables, including: 83 904 217 874 111 245
tax receivables, other than corporate income tax 40 978 39 057 58 036
prepayments for inventories 23 054 32 672 36 280
prepayments for development projects 16 665 28 011 15 580
prepayments for property, plant and equipment and intangible assets 1 484 1 177 883
security deposits 474 473 442
settlements with employees 42 51 24
settlements with the members of the Management Board 4 4 -
disposal of shares in a subsidiary - 90 695 -
prepayments for investment properties - 25 000 -
other 1 203 734 -
Write-downs - - -
Other net receivables, including: 83 904 217 874 111 245
current 83 471 217 446 110 853
non-current 433 428 392
* restated data
F. Other provisions
31.03.2026 31.12.2025 31.03.2025*
Provisions for liabilities, including: 98 577 96 128 88 492
provision for costs of earnings-related and other remuneration 72 127 59 862 66 010
provision for costs of the audit and review of the financial statements 126 104 195
provision for costs of external services 12 256 21 889 6 972
provision for other costs 14 068 14 273 15 315
Total, including: 98 577 96 128 88 492
current 98 489 95 154 88 492
non-current 88 974 -
* restated data
81
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
Changes in other provisions
Provision for costs
of earnings-
related and other
remuneration
Provision for costs
of the audit and
review of the
financial
statements
Provision for costs
of external
services
Provision for other
costs
Total
As at 01.01.2026 59 862 104 21 889 14 273 96 128
Provisions recognized
during the year
12 265 116 59 587 1 114 73 082
Provisions utilized/released - 94 69 220 1 319 70 633
As at 31.03.2026, including: 72 127 126 12 256 14 068 98 577
current 72 127 126 12 168 14 068 98 489
non-current - - 88 - 88
G. Information on financial instruments
Fair values of specific classes of financial instruments
The fair value of financial instruments for which there is no active market is determined using appropriate valuation techniques.
The Company applies professional judgement in selecting appropriate methods and assumptions.
Financial instruments measured at fair value are classified according to a three-level fair value hierarchy:
Level 1 – quoted prices in active markets for identical assets or liabilities.
Level 2 – fair value based on observable market data.
Level 3 – fair value based on data that is not observable in the market.
The Management Board of the Company analysed specific classes of financial instruments. Based on the analysis, it was concluded
that the carrying amounts of the instruments do not materially differ from their fair values, as at both 31 March 2026, 31 December
2025 and 31 March 2025.
31.03.2026 31.12.2025 31.03.2025
LEVEL 1
Assets measured at fair value
Financial assets measured at fair value through
other comprehensive income
257 219 217 863 227 254
foreign bonds – EUR 22 266 21 971 21 782
foreign bonds – USD 234 953 195 892 205 472
LEVEL 2
Assets measured at fair value through profit or loss
Derivative instruments 278 10 067 8 643
currency forwards - EUR 278 506 872
currency forwards - USD - 9 561 7 771
Private equity interests in the gaming sector 4 313 4 114 4 770
private equity interests in the gaming sector - SEK 635 561 966
private equity interests in the gaming sector - USD 3 678 3 553 3 804
Liabilities measured at fair value through profit or loss
Derivative instruments 4 102 - 181
currency forwards - JPY - - 181
currency forwards - USD 4 102 - -
82
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
Financial assets – classification and measurement
In accordance with the requirements of IFRS 9 Financial Instruments, the Company has analysed the business model for managing
financial assets and examined the characteristics of contractual cash flows for each component of the bond portfolio, and concluded
that:
- the purpose of investments in domestic and foreign bonds is to hold them to maturity and to collect contractual cash flows;
- investment mandates for managing the foreign bonds portfolio allow selling bonds before maturity as part of the adopted
strategy;
- all bonds purchased meet the SPPI test.
As a result of the analysis conducted, purchased bonds were classified into two financial asset management models which differ in
terms of the entity managing the bond portfolio. Polish bonds that are managed directly on the level of the Company are measured
at amortized cost, because they are held to collect contractual cash flows. Foreign bonds managed by an external entity in
accordance with the investment mandate granted are measured at fair value through other comprehensive income.
With regard to equity interests in other entities, the Company estimates the fair values of the shares held using the method which
consists in forecasting future cash flows generated by a relevant cash generating unit and requires determining a discount rate to
be used to calculate the present value of these cash flows. In justified cases, the Group adopts historical cost as an acceptable
approximation of the fair value.
The Company did not measure the fair values of trade receivables and payables, cash and cash equivalents, bank deposits over
3 months and loans granted with variable interest rates, because their carrying amounts are considered by the Company to be
a reasonable approximation of their fair values.
There were no movements between the levels in the fair value hierarchy in the reporting period and in the comparative period.
The Company does not apply hedge accounting and therefore the regulations of IFRS 9 in this respect do not apply to it.
31.03.2026 31.12.2025 31.03.2025
Financial assets measured at amortized cost 1 266 844 1 244 606 1 297 774
Other non-current receivables 433 428 392
Trade receivables 103 244 127 074 85 887
Cash and cash equivalents 23 297 108 282 163 013
Bank deposits over 3 months 546 776 520 813 487 346
Domestic bonds 576 594 472 119 557 196
Loans granted 16 500 15 890 3 940
Financial assets measured at cost 60 741 56 531 67 339
Investments in subordinated entities 60 741 56 531 67 339
Financial assets measured at fair value through
other comprehensive income
257 219 217 863 227 254
Foreign bonds 257 219 217 863 227 254
Financial assets measured at fair value through profit or loss 4 591 14 181 13 413
Derivative financial instruments 278 10 067 8 643
Private equity interests in the gaming sector 4 313 4 114 4 770
Total financial assets 1 589 395 1 533 181 1 605 780
83
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
In accordance with the requirements of IFRS 13 Fair Value Measurement, the Company analysed the valuation of the financial
instruments measured at amortized cost in the consolidated statement of financial position in order to determine their fair values
and their classification in the fair value hierarchy.
Listed debt securities were classified as Level 1. They include Domestic bonds whose fair value was determined on the basis of
a market valuation provided by the brokerage office as part of the applicable agreement for the provision of brokerage services.
31.03.2026 31.12.2025 31.03.2025
LEVEL 1
Fair value of assets measured at amortized cost 571 886 473 607 557 815
Domestic bonds 571 886 473 607 557 815
Other items of financial assets and financial liabilities measured at amortized cost were classified to Level 3.
Financial liabilities – classification and measurement
31.03.2026 31.12.2025 31.03.2025*
Financial liabilities measured at amortized cost 73 129 79 561 64 509
Trade payables 54 030 58 768 46 948
Lease liabilities and other financial liabilities 19 099 20 793 17 561
Financial liabilities measured at fair value
through profit or loss
4 102 - 181
Derivative financial instruments 4 102 - 181
Total financial liabilities 77 231 79 561 64 690
* restated data
84
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
H. Transactions with related entities
Sales to related entities Purchases from related entities
01.01.2026 – 31.03.2026 01.01.2025 – 31.03.2025* 01.01.2026 – 31.03.2026 01.01.2025 – 31.03.2025
SUBSIDIARIES
GOG sp. z o.o. - 3 720 - 9
CD PROJEKT RED Inc. 1 780 840 47 661 15 529
CD PROJEKT RED Canada Ltd. 245 169 6 108 4 339
The Molasses Flood LLC - 174 - 9 708
CD PROJEKT SILVER Inc. - - - 183
OTHER RELATED PARTIES
Members of the Management Board 23 - - -
Members of the Supervisory Board 5 - - -
Other members of the senior
management
26 2 - -
Other related parties - 173 - -
* restated data
85
Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
Receivables from related entities Liabilities to related entities
31.03.2026 31.12.2025 31.03.2025* 31.03.2026 31.12.2025 31.03.2025*
SUBSIDIARIES
GOG sp. z o.o. - - 3 471 - - -
CD PROJEKT RED Inc. 22 366 21 519 12 739 17 832 14 679 10 966
CD PROJEKT RED
Canada Ltd.
3 097 2 351 2 386 2 620 2 147 3 259
The Molasses Flood LLC - - 6 234 - - 6 592
OTHER RELATED PARTIES
Members of the
Management Board
4 4 - 1 4 10
Other members of the
senior management
12 6 4 23 16 24
* restated data
86
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Statement of the Management Board of the Parent
Company
On the fairness of preparation of the consolidated financial statements
These interim condensed consolidated financial statements have been prepared in accordance with the International Financial
Reporting Standards (IFRS) as endorsed by the European Union published and effective as at 31 December 2025, and to the extent
not governed by the said standards, in accordance with the Accounting Act of 29 September 1994 and the implementing legislation
issued on the basis thereof and to the extent required by the Regulation of the Minister of Finance of 6 June 2025 on current and
periodical information submitted by issuers of securities and conditions for considering as equivalent the information required under
the legislation of a non-Member State.
87
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Approval of the financial statements
This report for the period from 1 January to 31 March 2026 has been signed and approved for publication by the Management Board
of CD PROJEKT S.A. on 28 May 2026.
Warsaw, 28 May 2026
Piotr Nielubowicz Adam Badowski Michał Nowakowski
Member of the Management Board Member of the Management Board Member of the Management Board
Piotr Karwowski Paweł Zawodny Jeremiah Cohn
Member of the Management Board Member of the Management Board Member of the Management Board
Karolina Radziszewska Krystyna Cybulska
Member of the Management Board Chief Accountant