M A N AG E M E N T B O A R D R E P O R T O N T H E A C T IVI T I E S
O F T H E CD PROJ EKT R E D G R O U P F O R T H E P E RIO D
B E T W EEN 1 JA N UA RY A N D 3 0 J U N E 2 0 2 6
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
2
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
The Management Board report on the activities of the CD PROJEKT RED Group for the period between 1 January
and 30 June 2026 has been prepared in compliance with § 71 of the Finance Minister’s Regulation of 6 June
2025 concerning current and periodic information published by issuers of securities, and the conditions for
recognizing as equivalent the information required under the laws of a non-member state (“the Regulation”).
This document, along with the Semiannual Condensed Financial Statement of the CD PROJEKT RED Group
for the period between 1 January and 30 June 2026, comprises the consolidated semiannual report of the
CD PROJEKT RED Group.
This Management Board report on the activities of the CD PROJEKT RED Group for the period between 1 Janu-
ary and 30 June 2026, in its key aspects contains information related to the separate financial statement of
CD PROJEKT RED S.A. Due to the fact that the activities and separate financial statement of CD PROJEKT RED
S.A. have a dominant influence on the activities and consolidated financial statement of the CD PROJEKT RED
Group as a whole, information presented in subsequent sections of this report will refer to consolidated finan-
cial statement of the Group, whose scope covers the activities and financial result of CD PROJEKT RED S.A.
Disclaimer: This English language translation has been prepared solely for the convenience of English-speaking
prevail. CD PROJEKT RED, its representatives and employees decline all responsibility in this regard.
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
3
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Table of contents
4 KEY EVENTS AT THE CD PROJEKT RED GROUP
5 BRIEF OUTLINE OF THE CD PROJEKT RED GROUP
6 Activity profile
6 Our mission and values
7 Our brands and product portfolio
8 Business model
9 Business strategy
10 Our team
11 CD PROJEKT RED Group’s global presence
12 ACTIVITIES OF THE CD PROJEKT RED GROUP
13 Activities of the CD PROJEKT RED Group
14 Description of the CD PROJEKT RED Group business model
15 Brief description of the Issuer’s significant accomplishments and shortcomings in the first half of 2026,
along with a list of key events
18
18 Disclosure of seasonal or cyclical activities
19 Key threats and risks related to the remaining months of the current financial year
20 RESULTS OF OPERATIONS OF THE CD PROJEKT RED GROUP
21 Discussion of the key economic and financial figures disclosed in the consolidated financial statements
32 CORPORATE GOVERNANCE
33 Corporate governance policies
33 Entity authorized to perform audits of financial statements
33 Shareholders controlling at least 5% of the total number of votes at the General Meeting
34 Company shares held by members of its Management Board and Supervisory Board
35 Disclosure of the purchase or sale of own shares
35 Agreements which may result in changes in the proportions of shares held by shareholders and bondholders
38 Management structure
41 Disclosure of significant legal proceedings pending before courts, arbitration panels or public administration
bodies
41
material standing or financial result, including changes therein, and disclosures which may be relevant for
assessment of the Issuer’s ability to discharge its obligations
43 Management Board statement
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
4
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Key events at the CD PROJEKT RED Group
In the first half of 2026
■ We announced that the third expansion pack for The Witcher 3: Wild Hunt, titled
Songs of the Past, was in production with a target release date in 2027.
■ We released a dedicated PlayStation 5 Pro edition of Cyberpunk 2077, together
with its expansion – Phantom Liberty.
■ Cyberpunk Trading Card Game attracted over 28 million USD in Kickstarter fun-
ding, making it the most funded game – as well as the third most funded project –
in the platform’s history.
■ We launched the marketing campaign for the Cyberpunk: Edgerunners 2 anime
series, which is scheduled for release on 20 October 2026.
■ Cumulative sales of The Witcher 3: Wild Hunt exceeded 65 million copies.
■ Consolidated sales revenues reached 435 million PLN, with 249 million PLN in
net earnings.
■ Our net profitability was 57.2%.
After the balance sheet date
■
Cumulative sales of Cyberpunk 2077 exceeded 40 million copies, while the
Phantom Liberty expansion had sold over 15 million copies.
■ A demo of the Songs of the Past expansion was unveiled at gamescom 2026.
■ We announced that The Witcher 4 was scheduled for release in 2028.
■
We announced that a remastered edition of The Witcher 3: Wild Hunt would be
released on 29 September 2026 for the PC, PlayStation 5 and Xbox Series X|S,
with a native version also available for the Nintendo Switch 2.
■
We teamed up with Blizzard Entertainment to bring The Witcher 3: Wild Hunt –
Remastered, along with Songs of the Past, to Battle.net.
01
B R I E F O UTL I N E
O F T H E C D PRO J EKT R E D G R O U P
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
6
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Activity profile
The CD PROJEKT RED Group and its parent entity, CD PROJEKT RED S.A. (also referred to as CD PROJEKT RED,
the Company or us), conduct business activities as part of the global, dynamically growing digital entertainment
industry. The Group focuses on developing and publishing world-class video games, and managing its franchises,
among others by creating and sublicensing tie-in products.
Further information about the Group’s core activities can be found in the section titled Activities of the
CD PROJEKT RED Group.
Our mission and values
1 On August 10, 2026, an amendment to the Company’s Articles of Association was registered (pursuant to resolution no. 20 of
the Ordinary General Meeting of the Company dated June 23, 2026), which formally changed the Company’s business name to
„CD PROJEKT RED S.A.”
We create revolutionary
role-playing games with memorable stories
that inspire gamers
Be ambitious
Set the goal
and persevere
Be honest
with everyone
at all times
Be kind
and respectful
to all around you
Always remember
about gamers
OUR VALUES:
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
7
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Our brands and product portfolio
CD PROJEKT RED carries out its activities in the framework of two flagship franchises – The Witcher and
Cyberpunk.
The Witcher video game series, set in a dark fantasy world, follows the adventures of Geralt of Rivia – a pro-
fessional monster hunter. Games from this series have so far sold over 90 million copies globally, and received
more than 1 000 awards and accolades.
The Witcher – the first game in the Witcher trilogy – launched on the PC in 2007, and was followed by the
second installment, The Witcher 2: Assassins of Kings, released in 2011 (PC) and 2012 (Xbox 360) respectively.
The Witcher 3: Wild Hunt appeared in 2015 on the PC, PlayStation 4 and Xbox One, and in 2019 on Nintendo
Switch. In 2022 the game was revamped to run on PlayStation 5, Xbox Series X|S and top-spec gaming PCs.
Altogether, The Witcher 3: Wild Hunt received 250 Game of the Year awards, and sold more than 65 million
copies. Games from The Witcher franchise are set in a universe created by Andrzej Sapkowski through a series
of books and short stories.
Cyberpunk 2077 is a role-playing game set in a vibrant technologically advanced open world. The game debuted
in 2020 for the PC, PlayStation 4 and Xbox One, while in 2022 it was ported to PlayStation 5 and Xbox Series
X/S. Moreover, in 2025 Cyberpunk 2077 was released on Nintendo Switch 2 as one of that console’s launch
titles, as well as on selected Mac devices. Altogether, this game has won over 200 awards and sold more than
40 million copies. On 26 September 2023, we released Phantom Liberty – an expansion for Cyberpunk 2077
which tells a spy-thriller story. The Cyberpunk 2077 universe is also the setting for the acclaimed Cyberpunk:
Edgerunners anime series, co-developed by CD PROJEKT RED and Studio TRIGGER, and available on Netflix.
The Cyberpunk universe is rooted in the Cyberpunk 2020 tabletop RPG system created by Mike Pondsmith.
In the case of The Witcher and Cyberpunk the IPR acquired by CD PROJEKT RED S.A. go beyond video
games. This enables us to progressively expand our portfolio with additional tie-in products where players
can engage with our universes in ways other than through gameplay. It also increases the recognition and
power of our franchises.
OUR KEY CAPITALS
INTELLECTUAL CAPITAL
IP rights: Cyberpunk and The Witcher, in
selected fields of exploitation
TECHNOLOGICAL CAPITAL
Gamedev technologies and tools
RELATIONS AND SOCIAL CAPITAL
Strong communities
established around our products
Longstanding trust-based relations
with business partners
PRODUCT CAPITAL
Portfolio of available games and tie-in products
HUMAN CAPITAL
Team of experienced developers, highly skilled
in creating and producing games,
centered around a shared set of values
Internal publishing team with experience
in leading global marketing campaigns,
successfully promoting sales of our games
FINANCIAL CAPITAL
Financial reserves
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
8
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Business model
Our ambition is to create revolutionary role-playing games with unforgettable storylines that inspire gamers.
This goal is critically dependent on maintaining independence (including in financial matters), which, in turn,
facilitates artistic and creative freedom, and allows us to undertake bold business decisions.
key aspects related to the creation and sale of video games. This applies to IPR, production processes, tech-
nologies, publishing and management of CD PROJEKT RED’s franchises.
Scheme 1 CD PROJEKT RED Group business model
Presenting gamers with ambitious,
innovative, high-quality games
Parallel development projects
supporting an ambitious release
schedule
opportunities and career
advancement options for team
members while retaining
creative autonomy
Steady stream of revenues
and earnings - enabling
financial independence
Development and expansion of
franchises by creating synergies
and supporting recognition of
our brands beyond the field of
videogames
Supporting and harnessing synergies
in the context of our franchises
Collaboration with experienced
quality-focused partners in expanding our
franchises to new fields of entertainment
(beyond videogames)
Management and protection of intellectual property
related to globally recognized franchises, beloved
by fans throughout the world
Maintaining control over the creative process
– caring for the quality of products
which comprise our franchises
Games developed by experienced
teams which prioritize quality
Parallel production by CD PROJEKT RED
development studios with teams
located in Poland, USA and Canada
Applying own tools and know-how to
development of open-world story-driven RPGs
Development of games in the context of
a strategic partnership which involves
the use of Unreal Engine
to support open-world gameplay
Carrying out global marketing and
sales campaign – by internal PR, Marketing
and Biz Dev teams
Maintaining dialogue with gamers
in 11 languages
FRANCHISE
MANAGEMENT
PUBLISHING
TECHNOLOGY
PRODUCTION
INTELLECTUAL
PROPERTY
STAKEHOLDER VALUEOUR KEY CAPITALS
INTELLECTUAL CAPITAL
IP rights: Cyberpunk and The Witcher, in
selected fields of exploitation
TECHNOLOGICAL CAPITAL
Gamedev technologies and tools
RELATIONS AND SOCIAL CAPITAL
established around our products
Longstanding trust-based relations
Portfolio of available games and tie-in products
Team of experienced developers, highly skilled
in creating and producing games,
centered around a shared set of values
Internal publishing team with experience
in leading global marketing campaigns,
successfully promoting sales of our games
Presenting gamers with ambitious,
innovative, high-quality games
Parallel development projects
supporting an ambitious release
opportunities and career
advancement options for team
members while retaining
creative autonomy
Steady stream of revenues
and earnings - enabling
financial independence
Development and expansion of
franchises by creating synergies
and supporting recognition of
our brands beyond the field of
STAKEHOLDER VALUE
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
9
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Business strategy
In the framework of its strategy adopted in 2022, in the coming years the CD PROJEKT RED studio intends
to focus on:
1.
Creating revolutionary role-playing games in the framework of The Witcher and Cyberpunk franchises.
In addition, the studio is currently engaged in conceptual work on the first game representing its third proprie-
tary, internally developed IT codenamed Hadar.
2. Implementing the franchise flywheel concept, which involves developing an ecosystem of mutually supporting
products, rooted in the potential of the Studio’s franchises – including in cooperation with external partners. The
aim is to enrich our product portfolio and support creation of new ways to interact with our brands.
3.
Achieving the Group’s ambitious business goals depends, among others, on its commitment to increasing team
engagement by shaping a robust, healthy organizational culture based on mutual respect and observance
of legal and ethical standards, while promoting continuous talent development. Our initiatives, rooted in the
so-called five ambitions, support our plan to ensure sustainability at the CD PROJEKT RED Group and contri-
bute to long-term increases in its value.
Provoke reflection
through the memorable
stories
Be a company people
want to be a part of
Continue the green
transformation on our
campus and beyond
Build relationships
based on trust and
transparency
Use our resources
and competencies
to support others
SUSTAINABILITY AMBITIONS:
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
1 0
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Our team
Achieving ambitious strategic goals requires us to build a team which brings together top specialists in the
field. We employ people for whom games are a passion, and who are committed to delivering top-quality
world-class products and services. Their talent, engagement, motivation and creativity are the foundation
upon which our long-term strategic success is built.
As of 30 June 2026 the Group employed 1 476 persons, including 1 027 developers as well as 203 and 246
Scheme 2
Employment structure at the CD PROJEKT RED Group at the end of 2025 and at the end of H1 2026
the CD PROJEKT Group Sustainability Statement for 2025, which is part of the CD PROJEKT Group Manage-
ment Board report for 2025
1 476
Total employee count as of
30.06.2026 r.
Developers: 68.7%
Publishing*: 13.8%
Developers: 69.6%
Publishing*: 13.7%
1 304
Total employee as of
31.12.2025 r.
30.06.2025
31.12.2024
Segment
CD PROJEKT RED
3
Segment
GOG.COM
1143
1031
105
118
*The Publishing team includes, among others, persons responsible for marketing, PR, business development,
customer relations, and game releases.
1 476
Total employee count as of
30.06.2026 r.
Developers: 68.7%
Publishing*: 13.8%
Developers: 69.6%
Publishing*: 13.7%
1 304
Total employee as of
31.12.2025 r.
30.06.2025
31.12.2024
Segment
CD PROJEKT RED
3
Segment
GOG.COM
1143
1031
105
118
*The Publishing team includes, among others, persons responsible for marketing, PR, business development,
customer relations, and game releases.
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
1 1
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
CD PROJEKT RED Group’s global presence
The headquarters of CD PROJEKT RED S.A. are located in Warsaw. The CD PROJEKT RED dev studio operates
and Wrocław (Warsaw hub), and in Vancouver (Boston hub).
Map 1 The CD PROJEKT RED Group around the world
At the end of June 2026 the Warsaw hub employed 1 201 persons, 65% of whom were developers. The corre-
sponding figure for the Boston hub was 275 persons with an 88% share of developers.
HUBY
Warszawa
Europejski hub i siedziba główna studia CD PROJEKT RED
Boston
Amerykański hub studia CD PROJEKT RED
BIURA DEWELOPERSKIE
Kraków
Wrocław
Vancouver
BIURA REGIONALNE
Portland
Seul
Tokio
Szanghaj
HUBS
Warsaw
CD PROJEKT RED European Hub and Headquarters
Boston
CD PROJEKT RED North America Hub
DEV OFFICES
Kraków
Wrocław
Vancouver
REGIONAL SITES
Portland
Seoul
Tokyo
Shanghai
02
A C T IVI T I E S O F T H E CD PRO J EKT R E D G R O U P
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
1 3
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Activities of the CD PROJEKT RED Group
ORGANIZATIONAL STRUCTURE OF THE CD PROJEKT RED GROUP
As of 30 June 2026, the CD PROJEKT RED Group consisted of the parent entity – CD PROJEKT S.A. (since
renamed to CD PROJEKT RED S.A.) – and three subsidiaries: CD PROJEKT RED Inc., CD PROJEKT RED Canada
Ltd. and CD PROJEKT SILVER Inc.
Scheme 3 The CD PROJEKT RED Group at the end of H1 2026 (capital and voting share)
* Currently, after changing the company name, CD PROJEKT RED S.A.
** companies subject to full consolidation
Table 1
Basic activity profile of each member company of the CD PROJEKT RED Group as of 30 June 2026
Company Scope of activity
CD PROJEKT S.A.
(since renamed to CD
PROJEKT RED S.A.)
The Company’s principal scope of activity involves developing and publishing video
games as well as tie-in products. The Company also acts as the holding company
for the CD PROJEKT RED Group.
CD PROJEKT RED Inc.
This company carries out and coordinates development work, and participates in
publishing and promotional activities focused on CD PROJEKT RED Group products.
CD PROJEKT RED
Canada Ltd.
This company carries out development work and participates in development of
new technologies.
CD PROJEKT SILVER Inc.
This company participates in developing entertainment products
tied to CD PROJEKT RED brands.
CD PROJEKT RED Canada Ltd. and CD PROJEKT SILVER Inc. were not subject to full consolidation in the first half
of 2026. Detailed information in this regard can be found in the Condensed Consolidated Financial Statement
of the CD PROJEKT RED Group for the period between 1 January and 30 June 2026
CHANGES IN THE STRUCTURE AND ORGANIZATION OF THE CD PROJEKT RED GROUP
No changes in the structure and organization of the CD PROJEKT RED Group occurred in the reporting period.
100%
CD PROJEKT RED Inc.**
100%
CD PROJEKT SILVER Inc.
100%
CD PROJEKT RED Canada Ltd.
*Spółki objęte konsolidacją.
CD PROJEKT S.A.*
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
1 4
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Description of the CD PROJEKT RED Group business model
The Group’s activities focus on the Company’s franchises – The Witcher and Cyberpunk – and involve the following:
■ developing and publishing video games;
■ coordinating promotion, distribution and sales of own products;
■ managing the Group’s franchises and IPR;
■
collaborating with external partners in the scope of creating, selling, licensing or publishing tie-in products
based on the Group’s franchises.
Sales of games are carried out by the Company under the following core business models:
■ sales of territorial distribution rights (for box and digital editions), settled post factum on the basis of monthly or
quarterly sales reports / licensing reports submitted by the Company’s business partners;
■ supplies of physical box editions to the Company’s business partners for retail resale.
Digital distribution agreements concluded by CD PROJEKT RED S.A. are typically settled in monthly cycles,
while distribution of physical videogame editions follows monthly or quarterly reporting cycles. Depending
on the specific partner or contract, CD PROJEKT RED S.A. collects licensing reports within 30, 45 or 60 days
following the end of each reporting period (i.e. each month or quarter).
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
1 5
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Business partners and suppliers
The CD PROJEKT RED Group carries out active distribution of its games for various hardware platforms, through
leading digital distribution platforms (e.g. Steam, PlayStation Store, Xbox Games Store, Nintendo, Epic Games
Store, GOG.com) as well as traditional distribution channels, in cooperation with leading global distributors (such
as BANDAI NAMCO Entertainment Europe S.A.S., U&I Entertainment, Epicsoft Asia PTE LTD, Bandai Namco
Entertainment Australia PTY LTD, Cenega S.A., Spike Chunsoft Co., Ltd., GEEKAY, H2 and ZamZam).
The CD PROJEKT RED Group collaborates with external clients whose share in revenues exceeds 10% of the
Group’s consolidated revenues. In the first half of 2026 CD PROJEKT RED S.A. sales to two clients exceeded
10% of the Group’s consolidated sales revenues:
■
client I: 160 714 thousand PLN, which corresponds to 37% of the consolidated sales revenues obtained by the Group,
■
client II: 71 885 thousand PLN, which corresponds to 17% of the consolidated sales revenues obtained by the Group.
the 10% threshold in relation to consolidated sales of the CD PROJEKT RED Group.
The video game development process relies on certain bought-in tools and technical solutions; however, these
do not result in significant concentration of supply. No CD PROJEKT RED supplier accounted for more than 10%
of the consolidated revenues of the Group in the first half of 2026.
Brief description of the Issuer’s significant accomplishments and
shortcomings in the first half of 2026, along with a list of key events
In the first half of 2026 we focused on supporting sales of existing releases, developing games and other types
of products – both internally and in collaboration with external partners – and further enrichment and expansion
of the Company’s franchises.
On 19 February The Witcher 3: Wild Hunt – Complete Edition was released as part of Xbox Game Pass (Premium
and Ultimate subscription plans) for Xbox Series X|S and Xbox One. It was later joined by Cyberpunk 2077 on
10 March.
On 17 March a Kickstarter campaign was launched for Cyberpunk Trading Card Game developed by WeirdCo in
collaboration with CD PROJEKT RED. The project met with enthusiastic reception on the part of the community,
garnering over 28 million USD from 50 773 supporters. This result makes Cyberpunk TCG the most funded
gaming project in Kickstarter’s history, as well as the third most funded project overall.
On 8 April we published a free update for Cyberpunk 2077 for PlayStation Pro. This update enables the game
range of visual improvements, and
support for advanced ray tracing features.
On 27 May we announced a third expansion for The Witcher 3: Wild Hunt, titled Songs of the Past. The game
is being developed in collaboration with the Fool’s Theory studio, and its release on the PC, PlayStation 5 and
Xbox Series X|S is scheduled for 2027. The reveal of Songs of the Past published on X was the second most
The Witcher profile maintained by CD PROJEKT RED.
Cyberpunk: Edgerunners 2 anime series
co-developed with Studio TRIGGER. We introduced the main protagonists, and published the second trailer of
the series. Edgerunners 2 will launch on Netflix on 20 October 2026.
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
1 6
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
MARKETING EVENTS AT THE CD PROJEKT RED GROUP
25 February marked the launch of Reigns: The Witcher, developed by Studio Nerial in collaboration with
CD PROJEKT RED and Devolver Digital. The game combines the unique decision-making features of the Reigns
series with the rich universe of The Witcher. It is available for iOS, Android, Mac and PC.
On 3 June Cyberpunk 2077: Ultimate Edition received the 2026 Apple Design Award in the “Visuals and Graphics”
category. The game, available on macOS since July 2025, is fully optimized for Apple Silicon processors, and
takes advantage of Metal rendering capabilities.
On 8 June a Cyberpunk-inspired event began in Wuthering Waves, a game by Kuro Games. The event comprised
a dedicated subplot rooted in the Cyberpunk: Edgerunners anime series, with Lucy and Rebecca as playable
characters, a new location inspired by Night City, and a hacking minigame carried over from Cyberpunk 2077.
Other notable product and marketing events occurring after the end of the reporting period
On 3 July we announced that Cyberpunk 2077 had sold 40 million copies since its launch – counting the base
game as well as the Ultimate Edition. In the first week of July the Steam live player count figure for the game
exceeded 100 thousand – which was the best result since October 2023.
On 14 July Apex Legends by Respawn Entertainment hosted an event inspired by Cyberpunk 2077 and Cyberpunk:
Edgerunners. The event comprised unique visual mods and cosmetic items expressing the unique aesthetic
vision of the CD PROJEKT RED game and the associated anime series.
Total sales of Phantom Liberty – the expansion for Cyberpunk 2077 – topped 15 million copies in July.
On 24 August, in a video address to gamers, Michał Nowakowski, Joint CEO of CD PROJEKT RED S.A., invited
viewers to attend this year’s gamescom in Cologne, and announced plans concerning further releases set in
The Witcher universe. He also revealed that the planned release window for The Witcher 4 would be in 2028.
On 25 August 2026, at the Opening Night Live preceding the gamescom fair in Cologne, we presented – for
the first time ever – a trailer of The Witcher 3: Wild Hunt – Remastered. The release introduces a range of
graphics, performance and gameplay improvements, and is scheduled for release on 29 September 2026 for
the PC, PlayStation 5 and Xbox Series X|S. Gamers who already own The Witcher 3: Wild Hunt will receive the
remastered edition, along with two expansions – Hearts of Stone and Blood and Wine – free of charge. During
the ONL we announced that Remastered would also be released for the Nintendo Switch 2.
At the ONL we further presented a trailer of the upcoming expansion for The Witcher 3: Wild Hunt, titled
Songs of the Past, which is scheduled for release in 2027. During the fair a gameplay presentation of the game
was showcased to the general public, as well as to our business partners. The presented content attracted
a lot of attention on the part of gamers – trailers of Songs of the Past and The Witcher 3: Wild Hunt – Remaster
jointly generated over 23 million views across all our media channels, and both releases became the hottest
talking point at gamescom’s Opening Night Live event. We also received three awards: for Best Trailer (Songs
of the Past), Best Merch, and Best Booth (jury award).
In addition to the above, on 25 August we announced that we had teamed up with Blizzard Entertainment, among
others – to bring The Witcher 3: Wild Hunt – Remastered along with Songs of the Past to the Battle.net platform.
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
1 7
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
SUMMARY OF KEY CORPORATE EVENTS
On 7 January 2026 the share capital of CD PROJEKT RED Inc. was increased by 627 thousand USD, to 9 255
thousand USD. The increased value of existing shares was fully paid up in cash by the Company. The aim of
this capital increase was to facilitate remittance of the second and final installment of the payment for 100 000
shares of The Molasses Flood LLC, the ownership of which, pursuant to agreements concluded with its minority
shareholders on 12 and 18 March 2025, respectively, was transferred to CD PROJEKT RED Inc. on 31 March 2025.
An Extraordinary General Meeting of the Company was held on 11 March 2026. The General Meeting adopted
a resolution concerning the Earnings Condition for the years 2026-2029 in the framework of Incentive Pro-
gram B, which was set at five billion PLN in consolidated net earnings from continuing activities of the Group
in 2026-2029.
Further information regarding resolutions adopted by the Extraordinary General Meeting can be found in
Current Report no. 4/2026.
recommendation
to the Supervisory Board and the General Meeting concerning allocation of the Company’s net profit for 2025.
In line with this recommendation, the 2025 net earnings, at 635 208 677.41 PLN, less 25 739 304.00 PLN
which corresponds to the negative value of retained earnings from previous years, as reported in association
with conversion of data for the comparative period – i.e. 609 469 373.41 PLN, would be fully transferred to
the Company’s reserve capital. On 26 May 2026, in Current Report no. 7/2026, the Management Board of the
Company announced that the Supervisory Board had endorsed the Management Board’s recommendation.
An Ordinary General Meeting of the Company took place on 23 June 2026. Key items on the agenda included
resolutions concerning (i) approval of financial statements for 2025, (ii) allocation of the Company’s profit in
2025 in accordance with the Management Board’s recommendation, (iii) granting discharge to members of
the Company’s governing bodies, (iv) amending the Remuneration Policy for Members of the Management
Board and Supervisory Board, (v) amending the Company Articles by changing the name of the Company, (vi)
introducing a Short-Term Incentive Program for Members of the Management Board and Managerial Personnel
at the Group, superseding previous short-term bonus schemes for the aforementioned persons, (vii) creating
a reserve capital to enable implementation of the said program, and (viii) authorizing the Management Board
to buy back own shares of the Company.
Further information regarding resolutions adopted by the Ordinary General Meeting can be found in current
report no. 10/2026.
EVENTS OCCURRING AFTER THE BALANCE SHEET DATE
On 10 August 2026 the amended Articles of the Company, approved by Resolution no. 20 of the Ordinary Gene-
was changed to “CD PROJEKT RED Spółka Akcyjna”.
by its Boston team. This multiple-year agreement is related to the need to align the quantity of leased space
with the growing needs of CD PROJEKT RED’s Boston studio.
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
1 8
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
result in the scope of at least the coming quarter
The financial results achieved by the CD PROJEKT RED group in the ongoing third quarter of 2026 will be
■
■ revenues from sales of products which the Company intends to release in the third quarter of 2026,
■
as part of subscription services,
■ revenues from partnership agreements concerning franchise flywheel projects.
In further quarters, in addition to factors related to the Company’s core activities, as outlined above, financial
Cyberpunk: Edgerunners anime
series (scheduled for 20 October 2026), as well as by popular reception of Songs of the Past – a new expansion
for The Witcher 3: Wild Hunt, which is scheduled for 2027.
Group can be found in the Management Board report on CD PROJEKT Group activities in 2025, in the section
titled Key factors relevant for further development of the CD PROJEKT Group.
Disclosure of seasonal or cyclical activities
Historically, the studio had focused on a single large development project at a time, with initial conceptual
work on a new game occurring before the previous game was complete and ready to be released. Currently,
CD PROJEKT RED carries out parallel development of several games (including in collaboration with external
dev teams) and tie-in products. It is anticipated that this will, in the future, lead to shorter intervals between
successive releases.
With regard to games which have already been released, their yearly sales breakdown is dependent on the
schedule of periodic promotional activities. In most cases, strong sales are reported in the second and fourth
quarter, while the first and the third quarter (the latter of which overlaps with the summer vacation season) see
weaker sales.
schedule. Release frequency depends, among others, on the duration of the production cycle for each game.
Games developed by the CD PROJEKT RED studio usually see production cycles of between 3 and 6 years.
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
1 9
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Key threats and risks related to the remaining
months of the current financial year
Key threats and risks related to the activities of the CD PROJEKT RED Group, including financial risks described
in the Management Board report on CD PROJEKT Group activities in 2025 and the Consolidated Financial
Statement of the CD PROJEKT Group for 2025 remain relevant in the scope of the remaining months of the
current financial year.
The Management Board has not identified any new risk factors not heretofore described in the above-men-
tioned reports.
Given the political and economic situation in the Middle East, the CD PROJEKT RED Group monitors ongoing
-
cial performance and supply chains. As of the preparation date of this report the Group has not identified any
significant direct impact of the aforementioned situation upon its operations or the presented financial results.
03
R E S U LT S O F O P E R A T I O N S
O F T H E CD PRO J EKT R E D G R O U P
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
2 1
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Discussion of the key economic and financial figures
disclosed in the consolidated financial statements
CONSOLIDATED INCOME STATEMENT
Table 2 Consolidated income statement of the CD PROJEKT RED Group
01.01.2026-
30.06.2026
01.01.2025-
30.06.2025* change change %
Sales revenue
Sales of products and services
Sales of goods for resale and materials
Costs of sales of products, services, goods
for resale and materials
Costs of products and services sold
Cost of goods for resale and materials sold
Gross profit/loss on sales
Selling expenses
Administrative expenses, including:
Cost of research projects
Other operating income
Other operating expenses
(Impairment)/reversal of impairment
of financial instruments
Operating profit
Finance income
Finance costs
Profit before tax
Income tax
Net profit on continuing activities
*restated data
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
2 2
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
FACTORS AND EVENTS, INCLUDING UNUSUAL ONES, MATERIALLY AFFECTING
THE FINANCIAL STATEMENTS IN THE FIRST HALF OF 2026
of material factors and events typical for the Group’s operations is included in other respective sections of this
report.
DISCUSSION OF THE CONSOLIDATED INCOME STATEMENT OF THE CD PROJEKT RED GROUP
Sales of products had the largest share in the CD PROJEKT RED Group’s income in the first half of 2026
and comprised mainly:
■ licence revenue from the sale of Cyberpunk 2077 and the Phantom Liberty expansion;
■
licence revenue from the sale of The Witcher 3: Wild Hunt, with the Hearts of Stone and Blood and Wine expansions;
■
licence revenue from the Cyberpunk franchise, including the Cyberpunk Trading Card Game, developed by
WeirdCo in collaboration with CD PROJEKT RED;
■ licence revenue from the The Witcher franchise;
■ revenue related to the Group’s other products.
The increase in sales of products relative to the comparative period is primarily due to higher revenue related
to from franchises and collaboration with external licensing partners regarding the development and sale of
new products based on the Company’s brands.
Sales of goods for resale and materials of the CD PROJEKT RED Group in the period discussed comprised
mainly revenue from the sale of ready-made physical sets and elements of physical sets of own titles (media,
boxes, figurines, gadgets) to distributors.
The Cost of products sold, where mainly the cost of amortization of expenditure on development projects
(own games manufactured) is presented was the most significant component of the Cost of sales of products,
services, goods for resale and materials of the CD PROJEKT RED Group was. The value of the said item in
the first half of 2026 comprised mainly the amortization of expenditure on the Cyberpunk 2077, including its
expansion Phantom Liberty. The decrease compared with the first half of 2025 is due to the diminishing balance
amortization method adopted by the segment.
In the first half of 2026, the Cost of goods for resale and materials sold comprised mainly the cost of manufac-
ture of physical sets or components of these game sets sold to distributors. The drop in the value of this item
is primarily due to lower sales – which is natural for the cycle – of ready-made Cyberpunk 2077 game sets for
the Nintendo Switch 2 platform launched during the comparative period.
In the first half of 2026, the largest component of the Selling expenses comprised costs relating to the publishing
activities, advertising and promotion of own titles already published or planned, including salaries and wages of
the internal publishing department teams and other external services relating to promotion. Furthermore, this
category includes the costs of enhancements and updates to released titles, primarily relating to Cyberpunk 2077
and its Phantom Liberty expansion, as well as costs associated with acquiring trade partners and expanding
the franchise product portfolio.
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
2 3
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
As part of Administrative expenses in the first half of 2026, the CD PROJEKT RED Group reported:
■
classified in this category which, in line with an increase in the employment levels and the scale of operations
of the segment’s companies, are growing gradually;
■ earnings-related remuneration of the management;
■ Costs of research projects relating to the Group’s proprietary technologies and future games at an early stage
of development (research phase, prior to moving to the development phase and commencing their capitalization
as Expenditure on development projects in Non-current assets), in particular the costs of the Hadar project;
■
the costs associated with the functioning of the Incentive Plans A and B based on entitlement to the Company’s
shares (including the reversal of the previously recognized costs relating to Stage 2 of the Incentive Plan B,
in an amount corresponding to the specified entitlements of PLN 11 070 thousand – see Note 29 for further
details. Employee Benefit Programmes in the Interim Financial Statements of the CD PROJEKT RED Group).
As regards Other operating income and expenses, the Group recognized mainly the revenue from utilization
located at ul. Jagiellońska 74 and 76 in Warsaw as well as other sales and the related operating expenses.
In the first half of 2026, the Group reported a surplus of Finance income over Finance costs, comprising mainly
interest on bonds and short-term bank deposits, as well as net foreign exchange gains from the settlement and
valuation of financial instruments used for hedging the foreign exchange risk.
Income tax for the period under review was 9.3%, which was slightly lower than that
reported for the comparative period.
The consolidated Net profit of the CD PROJEKT RED Group for the first half of 2026 amounted to PLN 249 107
thousand and was PLN 68,359 thousand (37.8%) higher than in the comparative period.
Table 3 Net profitability ratio – Alternative Performance Measure
01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025
Net profitability ratio
(Net profit from continuing operations/
Sales revenue)
In the first half of 2026, the CD PROJEKT RED Group’s Net profitability ratio stood at 57.2%, higher than in the
corresponding period of the previous year.
The Net profitability ratio presents additional information, indicating what part of Sales revenue remains within
the enterprise in the form of Net profit after all the costs and tax charges shown in the Income statement have
carried out, related to the level of the Sales revenue earned. The ratio used is a standard and commonly used
measure in financial analysis, and its usefulness was analysed in terms of the information provided to investors
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
2 4
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
OF THE CD PROJEKT RED GROUP
Table 4 Consolidated statement of financial position of the CD PROJEKT RED Group
30.06.2026 30.06.2025* change change %
NON-CURRENT ASSETS
Property, plant and equipment
Intangible assets
Expenditure on development projects
Investment properties
Goodwill
Shares in non-consolidated subordinated entities
Prepayments and deferred costs
Other financial assets
Deferred tax asset
Trade receivables – –
Other receivables
CURRENT ASSETS
Inventories
Trade receivables
Current income tax receivable –
Other receivables
Prepayments and deferred costs
Other financial assets
Cash and cash equivalents
TOTAL ASSETS
* restated data
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
2 5
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
30.06.2026 30.06.2025* change change %
EQUITY
Share capital
Supplementary capital
Share premium
Treasury shares
Other reserves
translation
–
Retained earnings/(Accumulated losses)
Net profit/(loss) for the period
NON-CURRENT LIABILITIES
Other financial liabilities
Other liabilities
Deferred income
Provision for retirement and similar
benefits
Other provisions
CURRENT LIABILITIES
Other financial liabilities
Trade payables
Current income tax liabilities – –
Other liabilities
Deferred income
Provision for retirement and similar
benefits
Other provisions
TOTAL EQUITY AND LIABILITIES
* restated data
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
2 6
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
DISCUSSION OF THE CONSOLIDATED STATEMENT OF FINANCIAL
POSITION OF THE CD PROJEKT RED GROUP
Assets
Expenditure on development projects, in which the Group recognizes expenditure on the development of new
products and technologies, incurred and deferred, had the largest share in the value of the Group’s Non-current
assets as at 30 June 2026, as well as the greatest impact on the increase in the balance thereof. This increase
is mainly due to expenditure incurred on the production of future games in an advanced development phase
(mainly The Witcher 4, Cyberpunk 2, Songs of the Past and Sirius) in an amount higher than the amortization of
the productions completed (mainly Cyberpunk 2077 including the Phantom Liberty .)noisnapxe
The balance of Property, plant and equipment primarily consists of:
■ the value of the real estate complex at ul. Jagiellońska 74 and 76, the recognized part thereof being the part to
be used by CD PROJEKT RED S.A. for its own purposes (buildings and structures, civil and hydraulic engineering
;)seitilicaf
■ plant and machinery, where the Group recognizes, among other things, computers, servers and other electronic
devices used in its activities, and plant and machinery related to owned real estate;
■ expenditure on construction work on the CD PROJEKT RED campus in Warsaw (Assets under construction).
The increase in the balance of CD PROJEKT RED Group’s property, plant and equipment is associated mainly
with expenditure on construction work in progress and those completed on the CD PROJEKT RED campus in
Warsaw (Fixed assets under construction).
The most significant items recognized in Intangible assets are mainly the value of the CD PROJEKT corporate
brand and the The Witcher trademark, as well as the value of the copyrights and computer software held by
the Group. The value of the item did not change materially in the first half of 2026.
Goodwill of the CD PROJEKT RED Group comprises amounts resulting from the accounting for a business com-
bination between the parent company and the CDP Investment Group on 30 April 2010 (arising in CD Projekt
Red Sp. z o.o.), a business combination between the acquiree, The Molasses Flood LLC, and CD PROJEKT RED
Inc. as the acquirer on 1 April 2025, and an acquisition of a development studio in Wrocław from Strange New
Things sp. z o.o. sp. k. by CD PROJEKT S.A. on 18 May 2018.
The balance of Investment properties increased during the period under discussion as a result of the purchase
of an investment property located in Warsaw in connection with plans to develop the CD PROJEKT RED campus
at ul. Jagiellońska. Furthermore, this item comprises the values of the properties at ul. Jagiellońska 74 and ul.
Jagiellońska 76, in the parts classified as earmarked for lease.
The value of Shares in non-consolidated subordinated entities comprises shares in CD PROJEKT RED Van-
couver Studio Ltd. and CD PROJEKT SILVER Inc.
Trade receivables increased during the period under discussion due to high sales in June 2026.
As at 30 June 2026, the Group’s Other receivables comprise mainly tax receivables, other than CIT, in particular
receivables in respect of the withholding tax deducted by foreign recipients of the licences granted by Com-
pany, VAT settlements, settlements with the Social Insurance Institution (ZUS) and advances paid to suppliers.
The material decrease in the balance of this item compared with the end of 2025 is due to the settlement of
receivables arising from the disposal of shares in GOG Sp. z o.o. and an advance payment towards the finalized
purchase of an investment property.
The balance of current and non-current Prepayments and deferred costs at the end of June 2026 consists mainly
of the deferred fees for the use of software, licences and rights, and deferred prepayments related to services.
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
2 7
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
The balance of current and non-current Other financial assets as at the end of the period under discus-
sion comprises primarily the value of domestic and foreign bonds purchased to diversify credit risk, including
the measurement of derivative financial instruments used for hedging of the value of foreign currency bonds.
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 (recognized in total in current and non-current Other
financial assets) held by the Group as at 30 June 2026 amounted to PLN 1,285,646 thousand and decreased
by PLN 39,264 thousand during the first half of 2026.
As at the end of June 2026, Non-current assets accounted for 69.1%, and Current assets for 30.9% of the Total
assets of the CD PROJEKT RED Group.
Equity and liabilities
As at 30 June 2026, the CD PROJEKT RED Group’s Equity amounted to PLN 3,560,718 thousand and increased
by PLN 270,859 thousand compared with the end of 2025. The increase in equity is mainly attributable to the
net profit earned for the first half of the year and the costs associated with the operation of the incentive plans
settled in the Company’s shares.
In current and non-current Other financial liabilities, the Group recognizes mainly liabilities in respect of the
perpetual usufruct of land at the Jagiellońska 74 and Jagiellońska 76 complexes in Warsaw, liabilities in respect
-
ments used for hedging of the value of foreign currency bonds.
As at the end of the first half of 2026, the balance of Other liabilities consisted mainly of the Group’s liabilities
in respect of social insurance contributions, personal income tax, pre-emption rights and future services.
As at the end of June 2026, CD PROJEKT RED Group’s Deferred income comprises mainly deferred income
relating to subsidies (an increase in the balance compared with the end of 2025) and the so-called minimum
guarantees, i.e. advances received or due from publishers and distribution or licence partners towards royalties
related to sales in future periods, which dropped significantly as a result of recognizing most of the advances
as income.
The balance of current and non-current Provision for retirement and similar benefits comprises primarily a
holiday pay provision.
A decrease in the balance of Other provisions (current and non-current) of the CD PROJEKT RED Group results
mainly from a decrease in provisions for earnings-related remuneration related to the payment of earnings-re-
lated bonuses for 2025 in the period under discussion. The item also includes provisions for costs of external
services, earnings-related remuneration based on the current year’s earnings and other costs.
As at 30 June 2026, Equity represented 94.0%, whereas Current and Non-current liabilities represented 6.0%
of the Equity and liabilities balance of the CD PROJEKT RED Group.
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
2 8
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
CONSOLIDATED STATEMENT OF CASH FLOWS OF THE CD PROJEKT RED GROUP
Table 5 Consolidated statement of cash flows of the CD PROJEKT RED Group
01.01.2026-
30.06.2026
01.01.2025-
30.06.2025* change change %
OPERATING ACTIVITIES
Net profit for the year
Total adjustments –
Depreciation and amortization of property, plant
and equipment, intangible assets, expenditure on
development projects and investment properties
Amortization of development projects
recognized as cost of goods sold
Foreign exchange (gains)/losses –
Interest and shares in profits
(Gains)/losses on investing activities –
Increase/(decrease) in provisions
(Increase)/decrease in inventories –
(Increase)/decrease in receivables
–
Increase/(Decrease) in liabilities,
excluding loans and borrowings
Change in other assets and liabilities –
Costs of share-based incentive plans
Other adjustments
Cash from operating activities
Income tax expense
Withholding tax paid abroad
Income tax (paid)/refunded –
Net cash from operating activities
INVESTING ACTIVITIES
Inflows
Sale of intangible assets and property,
plant and equipment
Sale of shares in a subsidiary – –
Redemption of bonds
Interest on bonds
Interest received on deposits
Inflows from execution of forward contracts
* restated data
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
2 9
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
01.01.2026-
30.06.2026
01.01.2025-
30.06.2025* change change %
Outflows
Acquisition of intangible assets and property,
plant and equipment
Expenditure on development projects
Acquisition of investment properties
and capitalization of expenditure
Purchase of private equity interests
in the gaming sector
– –
Purchase of bonds and cost of their purchase
Transaction costs on sale of shares – –
Net cash from investing activities
FINANCING ACTIVITIES
Inflows
Net proceeds from the sale of treasury shares and
issue of shares in the execution of the incentive plan
– –
Settlement of finance lease receivables
Interest received –
Outflows
Expenditure related to the execution of the
incentive plan
– –
Payment of lease liabilities
Interest paid
Net cash from financing activities
Net increase/(decrease) in cash and cash equivalents –
Change in cash and cash equivalents
in the balance sheet
–
Cash and cash equivalents
as at the beginning of the period
Cash and cash equivalents as at the end of the period
* restated data
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
3 0
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
DISCUSSION OF THE CONSOLIDATED STATEMENT OF CASH
FLOWS OF THE CD PROJEKT RED GROUP
In the first half of 2026, the CD PROJEKT RED Group reported net cash inflows of PLN 249,711 thousand from
Operating activities.
The consolidated net profit was adjusted for:
I. Non-cash items (a net increase):
■ Depreciation and amortization of property, plant and equipment, intangible assets, expenditure on
development projects (an increase),
■ Amortization of development projects recognized as cost of sales (an increase), corresponding pri-
marily to the amortization of expenditure on development projects related to Cyberpunk 2077 with the
Phantom Liberty expansion;
■
Foreign exchange gains/(losses), a decrease resulting mainly from the measurement of foreign Treasury
bonds and foreign-currency deposits over 3 months;
■
Gains/(losses) on investing activities, an increase resulting mainly from transactions in derivative
financial instruments;
■ Increase/(decrease) in provisions, a decrease resulting mainly from a decrease in the balance of pro-
visions for earnings-related remuneration;
■ Costs of share-based incentive plans, an increase in cash flows resulting from the elimination of the
accounting treatment of the non-cash costs of share-based incentive plans;
■ Other adjustments, an increase resulting mainly from the elimination of the amortization/depreciation
recognized in the cost of sales and in other operating expenses.
II. Items related to changes in current assets and current liabilities (a net decrease):
■ (Increase)/decrease in inventories, an increase in the balance of cash flows related to the decrease
in inventories;
■ (Increase)/decrease in receivables, a decrease in the balance of cash flows, mainly as a result of an
increase in the balance of receivables related to the large volume of sales in the second quarter of 2026;
■ Increase/(decrease) in liabilities, excluding loans and borrowings, an increase in the balance of cash
flows in consequence of an increase in the balance of the Group’s current liabilities;
■ Change in other assets and liabilities, a decrease in the balance of cash flows resulting mainly from an
increase in the balance of prepayments and deferred costs and a decrease in the balance of minimum
guarantees and advances of the CD PROJEKT RED Group.
III. Item 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;
IV.
actually paid during the first half of 2026, taking into account settlements related to withholding tax.
The Net cash outflows from investing activities in the first half of 2026 was mainly due to net outflows related
to capital expenditure on assets, primarily Expenditure on development projects (i.e. the work on new games)
and Property, plant and equipment.
In the first half of 2026, the CD PROJEKT RED Group did not generate any significant Net cash flows from
financing activities .
In total, in the first half of 2026, the CD PROJEKT RED Group generated Net cash outflows of PLN 94,668
thousand, investing PLN 414,795 thousand in assets (expenditure on development projects, intangible assets,
property, plant and equipment, and investment properties), and increasing the balance of bonds and bank
deposits over 3 months by a total of PLN 55,404 thousand.
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
3 1
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
INFORMATION ON LOANS AND BORROWINGS IN THE FIRST HALF OF 2026
In the reporting period, the CD PROJEKT RED Group did not have any external debt in respect of loans or
borrowings.
INFORMATION ON LOANS GRANTED IN THE FIRST HALF OF 2026
In the reporting period, none of the CD PROJEKT RED Group companies granted any loans to non-Group
entities. In the first half of 2026, CD PROJEKT RED S.A. granted a new loan to CD PROJEKT RED Inc. of USD
of USD 1,100 thousand. The amount was fully disbursed on 5 May 2026. As at 30 June 2026, the amount
outstanding with regard to two loans granted (in the total amount of USD 5,450 thousand) together with the
interest accrued, was USD 5,521 thousand.
INFORMATION ON SURETIES AND GUARANTEES GRANTED IN THE FIRST
Interim
condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January
to 30 June 2026.
TRANSACTIONS WITH RELATED ENTITIES
Transactions between related entities are concluded on an arm’s length basis as part of the normal business
activities carried out by the CD PROJEKT RED Group entities. Detailed information about the terms and con-
ditions of transactions between related entities is provided in the Interim condensed consolidated financial
statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026.
MANAGEMENT BOARD’S POSITION ON THE FEASIBILITY OF MATERIALIZATION
OF PREVIOUSLY PUBLISHED PROFIT FORECASTS FOR A GIVEN YEAR
The CD PROJEKT RED Group has not published any financial forecasts, therefore, no explanations are given
04
C ORP O R A T E G O V E RNA N C E
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
3 3
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Corporate governance policies
CD PROJEKT RED S.A. is subject to corporate governance policies codified in the “Best Practice for WSE Listed
Companies” document, 2021 edition (annexed to Resolution no. 13/1834/2021 of the Supervisory Board of the
Warsaw Stock Exchange of 29 March 2021) (“Best Practices”).
Reports which provide information on the implementation of Best Practice for WSE Listed Companies, 2021
edition, are available on the Company’s website.
Entity authorized to perform audits of financial statements
In a resolution adopted on 4 March 2026, the Supervisory Board of the Company, having familiarized itself with
the decision of the Audit Committee of the Company concerning prolongation of its contract with the existing audit
firm, decided to select Grant Thornton Polska PSA with a
carry out reviews and audits of the separate and consolidated financial statements of the Company and of the
CD PROJEKT RED Group for 2026-2027, both interim and annual (including verification of their compliance with
the European Single Electronic Format (ESEF) standard), and to perform assessment of remuneration reports and
attestation of sustainability disclosures for 2026-2027.
Shareholders controlling at least 5% of the total
number of votes at the General Meeting
The Company’s share capital amounts to 99 910 510 PLN, divided into 99 910 510 shares with a nominal value
of 1 PLN per share. The two largest share packages of CD PROJEKT RED S.A. continue to be controlled by the
Company’s co-founders: Marcin Iwiński (incumbent Co-Chair of the Supervisory Board) and Michał Kiciński.
Table 6 Shareholders controlling at least 5% of the vote at the General Meeting as of the publication date of
this report
Qty. of shares
Percentage share
in share capital (%)
Number of votes
controlled
Percentage share of total
number of votes at the GM (%)
Marcin Iwiński
Michał Kiciński
*
Piotr Nielubowicz
Nationale-Nederlanden Powszechne
Towarzystwo Emerytalne S.A.
(all funds collectively)
**
including Nationale-Nederlanden
Otwarty Fundusz Emerytalny**
* As disclosed in the most recent notification submitted to the Company on 13 November 2023 (Current Report no. 41/2023)
** As disclosed in the most recent notification submitted to the Company – on 13 August 2024 (Current Report no. 15/2024)
2
The shareholding structure, including percentages of the Company’s share capital and votes at the General Meeting controlled by each
shareholder, is determined on the basis of formal notifications submitted to the Company by shareholders who control at least 5% of the
total number of votes at the General Meeting of Shareholders.
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
3 4
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
CHANGES IN OWNERSHIP OF MAJOR PACKAGES OF COMPANY STOCK SINCE
THE PUBLICATION DATE OF THE PREVIOUS PERIODIC REPORT
No notifications regarding changes in ownership of major packages of Company stock have been received by
the Company since the publication of its previous periodic report (covering the first quarter of 2026).
Company shares held by members of its
Management Board and Supervisory Board
Table 7
Quantity of shares held by members of the Management Board and Supervisory Board of the Company*
Name Position
as of
02.09.2026 r.
as of
30.06.2026 r.
fo sa
31.12.2025 r.
Michał Nowakowski
Board Member,
Adam Badowski
Board Member,
Piotr Nielubowicz
Board Member,
Piotr Karwowski
Board Member,
Paweł Zawodny
Board Member,
Marcin Iwiński Co-Chair of the Supervisory Board
Adam Kiciński Co-Chair of the Supervisory Board
* Based on declarations and notifications filed with the Company
Persons discharging executive and supervisory responsibilities at CD PROJEKT RED S.A. do not directly hold
any shares of subsidiary entities which comprise the CD PROJEKT RED Group.
CHANGES IN OWNERSHIP OF COMPANY STOCK BY MEMBERS OF ITS MANAGEMENT BOARD
AND SUPERVISORY BOARD SINCE THE PUBLICATION DATE OF THE PREVIOUS PERIODIC REPORT
No changes in ownership of Company stock by members of its Management Board or Supervisory Board
occurred since the publication of the Company’s previous periodic report (covering the first quarter of 2026).
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
3 5
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Disclosure of the purchase or sale of own shares
As a result of a share buy-back program carried out between 8 and 12 September 2025, the Company bought
a total of 87 914 of its own shares, corresponding to 100% of the entitlements assigned to participants of the
first stage of Incentive Program A for 2023-2027 and outstanding as of the adoption date of the corresponding
Management Board resolution. All these shares had a nominal value of 1 PLN each, and together comprised
0.09% of the Company share capital. The Company assigned 22 404 thousand PLN to this buy-back. Its com-
mencement and progress was reported upon by the Management Board of the Company in current reports
no. 14/2025 and 15/2025.
In the exercise of entitlements assigned at the first stage of Incentive Program A, between 16 June and 7 July
2026 the Company sold to participants thereof a total of 74 210 of the above- mentioned own shares, corre-
sponding to 0.08% of the Company share capital. Shares were sold at their nominal value, i.e. 1 PLN per share,
for a total of 74 210 PLN. Consequently, as of the publication date of this report, the Company continues to hold
13 704 of its own shares, which comprises 0.01% of its share capital.
The Company did not purchase any own shares in the first half of 2026.
Agreements which may result in changes in the proportions
of shares held by shareholders and bondholders
Three share-based incentive programs are currently in place at the Group – two long-term programs (Incentive
Program A and Incentive Program B for the financial years 2023-2027, introduced by General Meeting resolutions
of 18 April 2023), and a Short-Term Incentive Program for Members of the Management Board and Managerial
Personnel at the Group, introduced by General Meeting resolution of 23 June 2026.
Detailed regulations applicable to Incentive Programs A and B are expressed in their corresponding Terms
and Conditions which have been adopted by the Management Board and approved by the Supervisory Board.
The full wording of current terms and conditions applicable to Incentive Programs A and B can be found on
the Company’s website.
Implementation of both programs is supervised by the Supervisory Board and Management Board of the Company.
Incentive Program A
Incentive Program A is aimed at persons who are not members of the Company’s Management Board. According
to the adopted provisions, entitlements will be assigned under this program in each financial year belonging to
the 2023-2027 period (i.e. in five stages). The total number of entitlements assigned under Incentive Program
A
subscription warrants which incorporate the right to take up the equivalent number of shares issued in the
framework of a
purchase from the Company a certain number of own shares which the Company will have previously acquired
in the framework of a buy-back program instituted specifically for this purpose. The share take-up or purchase
price in the exercise of entitlements assigned under Incentive Program A is equivalent to the nominal price of
Company shares. The vesting period is, in each case, at least 3 years.
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
3 6
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
As of the publication date of this report:
I.
100 444 entitlements were assigned at the first stage of Incentive Program A (in 2023); 74 210 of those entitlements
outstanding as of the date of adoption, by the Management Board, of the verification resolution concerning this
shares from the Company; as of the publication date of this report, there are no more outstanding entitlements
corresponding to the first stage of Incentive Program A.
II. 183 189 entitlements were assigned at the second stage of Incentive Program A (in 2024), 154 061 of which
remain outstanding;
III.
123 186 entitlements were assigned at the third stage of Incentive Program A (in 2025), 108 967 of which remain
outstanding;
IV. 144 457 entitlements were assigned at the fourth stage of Incentive Program A (in 2026), 140 577 of which
remain outstanding;
Incentive Program B
Incentive Program B is aimed at members of the Company’s Management Board as well as persons who do not
hold membership of the Management Board. According to the adopted provisions, entitlements will be assigned
under this program in each financial year belonging to the 2023-2027 period (i.e. in five stages).
Following changes introduced by Resolution no. 23 of the General Meeting of the Company held on 23 June
2025, the total number of entitlements assigned under Incentive Program B may not exceed 4 100 000, with
the added provision that the total number of entitlements assigned to participants of this program as well as
participants of Incentive Program A may not exceed 5 000 000.
incorporate the right to take up the equivalent number of shares issued in the framework of a conditional
a certain number of own shares which the Company will have previously acquired in the framework of a buy-
-back program instituted specifically for this purpose. Exercise of entitlements will depend on confirmation by
the Company of the fulfillment of the earnings condition (for 70% of entitlements), the market condition (for 30%
of entitlements), certain individual conditions applied on a case-by-case basis, as well as – in all cases – the
loyalty condition. The base share take-up or purchase price in the exercise of entitlements assigned under
Incentive Program B will be equivalent to the closing price of Company stock on the last trading day preceding
the adoption of a resolution enrolling the given participant in the program, unless the corresponding reduction
mechanism is applied. The base vesting period is equivalent to four consecutive financial years beginning with
the year during which the given stage of the program began (with an option to shorten the vesting period to 3
years for entitlements linked to the earnings condition, should the four-year earnings target be met within the
corresponding three-year period).
As of the publication date of this report:
I. 662 000 entitlements were assigned at the first stage of Incentive Program B (in 2023), 635 000 of which
remain outstanding;
II. 723 500 entitlements were assigned at the second stage of Incentive Program B (in 2024), 695 000 of which
remain outstanding;
III. 740 500 entitlements were assigned at the third stage of Incentive Program B (in 2025), 715 000 of which
remain outstanding.
IV. 755 000 entitlements were assigned at the fourth stage of Incentive Program B (in 2026), 740 000 of which
remain outstanding.
The earnings conditions (defined as the total consolidated net earnings from continuing activities of the
CD PROJEKT RED Group, inclusive of costs related to valuation of entitlements assigned for the given stage, as
entered in the accounts of CD PROJEKT RED Group entities during the corresponding period) for entitlements
assigned at each stage of Incentive Program B are as follows:
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
3 7
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
■ Stage I (2023-2026): 2 billion PLN,
■ Stage II (2024-2027): 3 billion PLN,
■ Stage III (2025-2028): 4 billion PLN,
■ Stage IV (2026-2029): 5 billion PLN.
For the upcoming fifth stage of Incentive Program B, beginning in 2027, the corresponding earnings condition
for entitlements assigned during this stage and covering the four subsequent financial years, will be declared
by the General Meeting in the form of a resolution (at the recommendation of the Management Board of the
Company).
After three financial years comprising the first stage of Incentive Program B, a verification of the potential early
achievement of the four-year earnings and loalty conditions was performed, and, given the non-achievement of
the earnings condition, no early exercise of entitlements assigned to participants of the first stage of Incentive
Program B in association with the aforementioned condition was enabled. Another verification of the achie-
vement of Stage I conditions will be performed after the end of the four-year period which comprises the first
stage of Incentive Program B.
While preparing this report, the Management Board of the Company performed a professional assessment
of the likelihood of fulfillment of the earnings condition set for the second stage of Incentive Program B for
2024-2027. In the Management Board’s opinion, taking into account the Company’s publishing plans, the Group
will most likely not achieve the earnings condition set for the second stage of Incentive Program B for 2024-2027,
i.e. 3 billion PLN in cumulative consolidated net earnings from continuing activities of the CD PROJEKT RED
Group. Consequently, 70% of entitlements assigned at the second stage of Incentive Program B to participants
thereof will likely remain unexercised, and, as a result, the Management Board has decided to reverse previo-
usly reported costs of the second stage of Incentive Program B insofar as they pertain to the aforementioned
entitlements, in the amount of 11 070 thousand PLN.
Fulfillment of the market condition for each stage of the program will depend on the Company stock outper-
forming the WIG index by at least 10 percentage point over the four-year period comprising the given stage.
BOARD AND MANAGERIAL PERSONNEL AT THE GROUP
Based on General Meeting resolution no. 22 of 23 June 2026 (“the Resolution”), on 19 August 2026 the Supervi-
sory Board of the Company adopted the Terms and Conditions of the Short-Term Incentive Program for Members
of the Management Board and Managerial Personnel at the Group (“STI Program”) (“the Terms and Conditions”).
The full wording on the Management Board resolution concerning the Short-Term Incentive Program for Members
of the Management Board and Managerial Personnel at the Group can be found on the Company’s website.
In the framework of the STI Program, participants were assigned entitlements corresponding to a specific per-
centage of the Group’s net earnings achieved during the vesting period. Each vesting period in the STI program
is one year long. The first such period spans between 1 January and 31 December 2026.
Subject to conditions and requirements described in the Resolution and the Terms and Conditions, participants
will be able to exercise their entitlements through (I) purchasing own shares from the Company at their nominal
back on the market, or (II) receiving a subsidy from the Company towards purchase of a certain number of
shares on the market, drawing upon financial resources specifically assigned for this purpose by the Company,
or (III) receiving a direct monetary payment corresponding to the value of the assigned entitlements.
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
3 8
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Management structure
of the Company include – in addition to the General Meeting – the Management Board and the Supervisory Board.
MANAGEMENT BOARD OF CD PROJEKT RED S.A.
The means of operation and core prerogatives of the Management Board are codified in the Company Articles,
Management Board Regulations and provisions of the Code of Commercial Companies Act of September 15, 2000.
Composition of the Management Board of CD PROJEKT RED S.A. as of September 2, 2026 r.
Jointly-responsible for the company’s long term vision, coordinates the company’s activities and its mana-
-
ports development of new product lines and manages the Company’s back catalog (franchise flywheel).
Shapes long-term business relations with key partners. Represents company in relation with the investors.
Directly supervises the following:
Business development | Comic Book and Animation narrative | Investor Relations
Jointly-responsible for the company’s long term vision, coordinating the company’s activities and
its management. In particular responsible for the Company’s creative vision, and for managing,
developing and maintaining the Company’s creative teams. Develops and defines the unique
image and style which distinguish the Company and its products on the market.
Directly supervises the following:
Game direction | Story | Global Art
Responsible for the Company’s financial strategy, and for financial and non-financial reporting and
legal area. Oversees strategic corporate projects, key investments and Company’s climate and
environmental policy.
Directly supervises the following:
Finance | Accounting | Taxes | Legal & Compliance
Responsible for the Company’s game development processes and optimization of its operational
capabilities, including in-house production, external games development and management of the
Group’s studios. Additionally oversees development of online and user experience competencies.
Directly supervises the following:
Games production | Studio operations | IT & Cybersecurity | Shared Development Services
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
3 9
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Responsible for shaping of the company’s technological strategy and the optimization of its
operational capabilities. He plays a crucial role in the process of both technological and organi-
-
logical innovation, including the development of tools and competencies in the area of Artificial
Intelligence (AI).
Directly supervises the following:
Technologies | Research & Development (R&D), including Artificial Intelligence (AI)
Responsible for the Company’s global marketing strategy, product communication and branding
its IP, and product releases by shaping engagement with fans and the gamers community.
Directly supervises the following:
Marketing | PR & Communication | Franchises
Responsible for shaping the Company’s strategy concerning recruitment, team management, and
talent development. She also participates in building a shared-values organizational culture that
supports the Company’s global growth.
Directly supervises the following:
HR | Culture, Diversity&Inclusion | Internal Communication
Chart 1 Tenure of incumbent members of the Management Board as employees at the CD PROJEKT RED
Group’s member companies (in years)
Changes in the composition of the Management Board of CD PROJEKT RED S.A.
A new term of the Management Board began on 1 January 2026. On 24 November 2025 the Supervisory Board
issued resolutions appointing the following persons to the Management Board of the Company for the new term:
■ Michał Nowakowski,
■ Adam Badowski,
■ Piotr Nielubowicz,
■ Piotr Karwowski,
■ Paweł Zawodny,
■ Jeremiah Cohn,
■ Karolina Radziszewska.
Karolina Radziszewska*
Paweł Zawodny
Jeremiah Cohn
Piotr Karwowski
Michał Nowakowski
Adam Badowski
Piotr Nielubowicz
* Since 1 January 2026
1
8
12
19
22
24
27
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
4 0
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
During the new term all reappointed Members of the Management Board continue to fulfill their respective duties,
SUPERVISORY BOARD OF CD PROJEKT RED S.A.
Organization of the Supervisory Board and its key prerogatives are described in the Articles of Association of the
Company, Supervisory Board Regulations and the Act of 15 September 2000 – Code of Commercial Companies.
Composition of the Supervisory Board and Audit Committee of CD PROJEKT RED S.A. as of 2 September 2026
Marcin Iwiński – Co-Chair of the Supervisory Board
Key competences and areas of experience:
Familiarity with the game dev industry | Management | Strategy
Marketing and distribution | International markets | Communication and PR
Adam Kiciński – Co-Chair of the Supervisory Board, Member of the Audit Committee
Key competences and areas of experience:
Familiarity with the game dev industry | Management | Strategy
Marketing and distribution | Technology and IT | Human talent management
David Gardner – Deputy Chair of the Supervisory Board,
independent Member of the Supervisory Board*
Key competences and areas of experience:
Familiarity with the game dev industry | International entrepreneurship | Venture Capital
Strategic growth and expansion | Digital content and MMOs | Restructuring of enterprises
Agnieszka Słomka-Gołębiowska – Chair of the Audit Committee,
independent Member of the Supervisory Board*
Key competences and areas of experience:
Corporate management and development | International entrepreneurship
Corporate governance | Sustainable development | Finance | Emerging technologies
Beata Cichocka-Tylman – Member of the Audit Committee,
independent Member of the Supervisory Board*
Key competences and areas of experience:
Familiarity with the game dev industry | Innovation | Finance
R&D activities, particularly in the context of IT, public aid, enterprise development and finance
*A Member of the Supervisory Board is regarded as independent if they fulfill the independence criteria specified in the Act of May 11, 2017 on
licensed auditors, audit firms and public supervision, and Commission Recommendation of February 15, 2005 on the role of non-executive
or supervisory directors of listed companies and on the committees of the (supervisory) board (2005/162/WE), and are not materially linked
to any shareholder who controls at least 5% of the total number of votes at the Company.
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
4 1
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Changes in the composition of the Supervisory Board and Audit Committee of CD PROJEKT RED S.A.
No changes in the composition of the Supervisory Board and Audit Committee of the Company took place
during the reporting period and up until the publication date of this report.
Disclosure of significant legal proceedings pending before
courts, arbitration panels or public administration bodies
The following legal proceedings took place during the reporting period (the presented status is valid for the
publication date of this report):
CRIMINAL PROCEEDINGS IN WHICH CD PROJEKT RED S.A. IS RECOGNIZED AS THE VICTIM
Case against natural persons (including former members of the Management Board of Optimus S.A.)
In case no. XVIII K 126/09, following indictment filed by the District Attorney in the District Court for the City of Warsaw,
on 27 October 2016 the District Court convicted Mr. Michał L., Mr. Piotr L. and Mr. Michał D. of violating sections 296
§1, 296 §3 and others of the Penal Code. The Company acted as an auxiliary prosecutor in the court of first instance
and will retain this status until the trial has concluded. Having found the defendants guilty, the Court awarded the
Company 210 thousand PLN in damages under Art. 46 of the Penal Code. According to the operative part of the jud-
gement total losses sustained by the Company as a result of the defendants’ actions were estimated at not less than
16 million PLN (this figure follows from standard regulations applicable to criminal trials). The Company subsequently
filed an appeal against the judgment, contesting, among others, the amount of damages awarded to the Company.
An appeal against the full judgement was also filed by the defendants’ attorneys, and, with respect to certain parts
of the judgement – by the prosecutor. On 26 October 2017 the Appellate Court vacated the judgment of the court
of first instance and remanded the case to be retried in full. The District Court for the City of Warsaw subsequently
filed the case under no. XVIII K 316/17. The parent company continues to act in the capacity of an auxiliary prosecutor.
Other disclosures which, in the Issuer’s opinion, may be relevant for
including changes therein, and disclosures which may be relevant
for assessment of the Issuer’s ability to discharge its obligations
Information regarding implementation of the Dividend Policy
In accordance with the Dividend Policy in force at the Company (“the Policy”), it is the Management Board’s
intention to recommend to the General Meeting – beginning with the 2025 financial year – the payment
of a dividend equivalent to at least 25% of the Company’s net profit for the given financial year, with the
added provision that the dividend may be deferred by up to five financial years, and that the Policy may
alternatively be implemented by carrying out buy-back and subsequent retirement of Company stock. Fur-
ther information regarding the adopted Policy, including its full text, can be found on the Company’s website.
Given the resolution adopted by the Ordinary General Meeting of 23 June 2026 on transferring the entirety of
of the Company's net profit for the 2025 financial year to its reserve capital, and, consequently, forgoing the
payment of a dividend, 158 802 thousand PLN was allocated to the Company's Dividend Budget as stipulated
by the Policy.
-
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
4 2
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Table 8
Unused Dividend Budget for 2025 calculated in accordance with the existing Policy*
2025 FY
Net earnings of CD PROJEKT RED S.A.
Target Dividend
Recommended Dividend (paid out) –
Shares outstanding
Dividend Budget per share (PLN)
The Company is not aware of any other circumstances not otherwise disclosed in this report, which would have
a material impact on the assessment of its employment situation, assets, financial standing, and net earnings, as
well as changes therein, including information relating to the Company’s ability to discharge its liabilities.
* All capitalized terms in the table should be construed in accordance with their definitions expressed in the Policy
Management Board report on the activities of the CD PROJEKT RED Group and CD PROJEKT RED S.A.
between 1 January and 30 June 2026 (all figures quoted in PLN thousands unless indicated otherwise)
4 3
C D P R O J EKT RE D
G R O U P
B U S I N E S S
A C TIVIT Y
C ORP O R AT E
G O V E RNANC E
F I NANCI A L
R E S U LT S
Management Board statement
Pursuant to the Finance Minister’s ordnance of 6 June 2025 concerning current and periodic information to be
published by issuers of securities, and conditions for regarding as equivalent the information required by the laws
of a non-member state, the Management Board hereby declares that, to the best of its knowledge, this semian-
nual report on activities of the CD PROJEKT RED Group presents an accurate description of the development,
achievements and condition of the CD PROJEKT RED Group, including basic threats and risks applicable thereto.
Michał Nowakowski
Member of the Board
Piotr Nielubowicz
Member of the Board
Adam Badowski
Member of the Board
Piotr Karwowski
Member of the Board
Jeremiah Cohn
Member of the Board
Karolina Radziszewska
Member of the Board
Paweł Zawodny
Member of the Board
CONTAC T F OR INVE STORS: IR @C DPROJ EK TRED.COM
WWW.CD PROJE K TRED.CO M