2
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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 RED, its representatives and employees decline all
responsibility in this regard.
3
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
CD PROJEKT RED Group - Selected financial data translated into EUR
PLN EUR
01.01.2026
30.06.2026
01.01.2025
30.06.2025*
01.01.2026
30.06.2026
01.01.2025
30.06.2025*
Net sales of products, goods for resale,
and materials
435 308 355 021 102 372 84 112
Cost of sales of products, goods for resale
and materials
29 390 37 996 6 912 9 002
Operating profit 245 339 166 208 57 697 39 378
Profit before tax 274 612 201 863 64 581 47 826
Net profit on continuing operations 249 107 181 627 58 583 43 031
Net loss on discontinued operations - (879) - (208)
Net profit 249 107 180 748 58 583 42 823
Net cash from operating activities 245 175 249 711 57 658 59 162
Net cash from investing activities (336 532) (225 054) (79 143) (53 320)
Net cash from financing activities (3 311) (2 569) (778) (609)
Net increase/(decrease) in cash and cash equivalents (94 668) 22 088 (22 263) 5 233
Weighted average number of outstanding shares (in
thousands)
99 832 99 911 99 832 99 911
Net earnings per share (in PLN/EUR) 2.50 1.81 0.59 0.43
Diluted earnings per share (in PLN/EUR) 2.47 1.79 0.58 0.42
Book value per share (in PLN/EUR) 35.67 28.80 8.30 6.79
Diluted book value per share
(in PLN/EUR)
35.34 28.51 8.23 6.72
Dividend declared or paid per share
(in PLN/EUR)
- 1.00 - 0.24
*
restated data
PLN EUR
30.06.2026 31.12.2025 30.06.2026 31.12.2025
Total assets 3 787 693 3 503 320 881 618 828 855
Liabilities and provisions for liabilities
(excluding accruals)
215 180 195 715 50 086 46 304
Non-current liabilities 41 565 33 157 9 675 7 845
Current liabilities 185 410 180 304 43 156 42 658
Equity 3 560 718 3 289 859 828 787 778 352
Share capital 99 911 99 911 23 255 23 638
The financial data presented above were translated into EUR as follows:
Items of the condensed interim consolidated income statement and the condensed interim 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 30 June 2026: 4.2522 PLN/EUR and from 1 January to 30 June 2025: 4.2208
PLN/EUR.
Items of assets, liabilities and equity in the condensed interim 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: 4.2963 PLN/EUR as at 30 June 2026 and 4.2267 PLN/EUR as at 31 December 2025.
4
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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 RED Group ........................................................................................................................................................ 6
Interim condensed consolidated income statement ................................................................................................................................................. 7
Interim condensed consolidated statement of comprehensive income ........................................................................................................... 8
Interim condensed consolidated statement of financial position ........................................................................................................................ 8
Interim condensed statement of changes in consolidated equity ...................................................................................................................... 10
Interim condensed consolidated statement of cash flows .................................................................................................................................... 12
Explanatory notes to the interim condensed consolidated financial statements................................................................................................. 14
General information........................................................................................................................................................................................................... 15
Consolidation policies ...................................................................................................................................................................................................... 15
Basis of preparation of the interim condensed consolidated financial statements ...................................................................................... 16
Going concern assumption ............................................................................................................................................................................................. 16
Compliance with the International Financial Reporting Standards..................................................................................................................... 17
Functional currency and presentation currency ....................................................................................................................................................... 18
Assumption of comparability of the financial statements and consistency of accounting policies .......................................................... 18
Audit by the registered auditor ...................................................................................................................................................................................... 21
Notes operations of the CD PROJEKT RED Group ................................................................................................................................................... 22
Notes other explanatory notes to the interim condensed consolidated financial statements .................................................................... 24
Note 1. Description of items affecting assets, liabilities, equity, net profit or loss and cash flows which
are not typical in terms of their type, size and impact .................................................................................................................................... 25
Note 2. Sales revenue .............................................................................................................................................................................................. 25
Note 3. Operating expenses .................................................................................................................................................................................. 26
Note 4. Other operating income and expenses ................................................................................................................................................ 27
Note 5. Finance income and finance costs........................................................................................................................................................ 28
Note 6. Corporate income tax and deferred income tax............................................................................................................................... 29
Note 7. Discontinued operations ...........................................................................................................................................................................32
Note 8. Dividend paid (or declared) and received ...........................................................................................................................................32
Note 9. Property, plant and equipment................................................................................................................................................................ 33
Note 10. Intangible assets and expenditure on development projects .....................................................................................................35
Note 11. Changes in the structure of the Group and Group companies during the reporting period .............................................. 36
Note 12. Investment properties ............................................................................................................................................................................. 36
Note 13. Prepayments and deferred costs .......................................................................................................................................................... 37
Note 14. Other financial assets ............................................................................................................................................................................... 37
Note 15. Inventories ................................................................................................................................................................................................... 37
Note 16. Trade receivables ......................................................................................................................................................................................38
Note 17. Other receivables ...................................................................................................................................................................................... 40
Note 18. Share capital ............................................................................................................................................................................................... 40
Note 19. Other non-current liabilities ..................................................................................................................................................................... 41
Note 20. Other current liabilities ............................................................................................................................................................................. 41
Note 21. Deferred income ........................................................................................................................................................................................42
Note 22. Provision for retirement and similar benefits ...................................................................................................................................42
Note 23. Other provisions ........................................................................................................................................................................................ 43
Note 24. Information on financial instruments ................................................................................................................................................... 44
Note 25. Explanations to the condensed consolidated statement of cash flows ................................................................................... 47
Note 26. Cash flows and non-monetary changes resulting from changes in liabilities in financing activities.............................. 49
Note 27. Transactions with related entities ....................................................................................................................................................... 50
Note 28. Contingent liabilities ............................................................................................................................................................................... 52
Note 29. Employee benefit programmes ............................................................................................................................................................53
Note 30. Tax settlements ......................................................................................................................................................................................... 57
Note 31. Post balance sheet events ...................................................................................................................................................................... 57
Interim condensed separate financial statements of CD PROJEKT RED S.A. ...................................................................................................... 58
Interim condensed separate income statement ...................................................................................................................................................... 59
Interim condensed separate statement of comprehensive income ................................................................................................................. 59
Interim condensed separate statement of financial position ..............................................................................................................................60
Interim condensed separate statement of changes in equity ............................................................................................................................. 62
Interim condensed separate statement of cash flows........................................................................................................................................... 64
Assumption of comparability of the financial statements and consistency of accounting policies ......................................................... 66
Notes to the separate financial statements of CD PROJEKT RED S.A. ............................................................................................................ 69
A. Corporate income tax and deferred income tax ......................................................................................................................................... 69
B. Dividends paid (or declared) and received ..................................................................................................................................................... 71
C. Goodwill ..................................................................................................................................................................................................................... 71
D. Trade receivables .................................................................................................................................................................................................. 72
5
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
E. Other receivables ................................................................................................................................................................................................... 74
F. Other provisions ..................................................................................................................................................................................................... 74
G. Information on financial instruments ............................................................................................................................................................... 75
H. Related party transactions .................................................................................................................................................................................. 78
Statement of the Management Board of the Parent Company .......................................................................................................................... 79
Approval of the financial statements ..........................................................................................................................................................................80
Key financial data of the
CD PROJEKT RED Group
1
7
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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
01.01.2025
30.06.2025*
Sales revenue
435 308 355 021
Sales of products 2 421 040 336 075
Sales of goods for resale and materials 2 14 268 18 946
Cost of sales of products, goods for resale and materials
29 390 37 996
Cost of products sold 3 22 006 24 169
Cost of goods for resale and materials sold 3 7 384 13 827
Gross profit on sales
405 918 317 025
Selling expenses 3 57 108 58 675
Total administrative expenses, including: 3 109 545 96 329
cost of research projects 3 18 999 17 878
Other operating income 4 12 980 9 088
Other operating expenses 4 6 900 4 753
(Impairment)/reversal of impairment
of financial instruments
(6) (148)
Operating profit
245 339 166 208
Finance income 5 42 531 75 026
Finance costs 5 13 258 39 371
Profit before tax
274 612 201 863
Income tax 6 25 505 20 236
Net profit on continuing operations
249 107 181 627
Net loss on discontinued operations 7 - (879)
Net profit
249 107 180 748
Net earnings per share (in PLN)
Basic for the reporting period 2.50 1.81
Diluted for the reporting period 2.47 1.79
Net earnings on continuing operations per share (in PLN)
Basic for the reporting period 2.50 1.82
Diluted for the reporting period 2.47 1.80
Net loss on discontinued operations per share (in PLN)
Basic for the reporting period - (0.01)
Diluted for the reporting period - (0.01)
*
restated data
8
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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
30.06.2026
01.01.2025
30.06.2025*
Net profit 249 107 180 748
Other comprehensive income subject to reclassification to gains or losses after specific
conditions have been met
5 036 (3 539)
Exchange differences on measurement of foreign operations 10 051 (5 157)
Measurement of financial instruments at fair value through other comprehensive income,
taking into account the tax effect
(5 015) 1 618
Other comprehensive income not subject to reclassification to gains or losses - -
Total other comprehensive income 5 036 (3 539)
Total comprehensive income, including: 254 143 177 209
Total comprehensive income on continuing operations 254 143 178 088
Total comprehensive income on discontinued operations - (879)
*
restated data
Interim condensed consolidated statement of financial
position
Note 30.06.2026 31.12.2025*
NON-CURRENT ASSETS
2 618 100 2 168 647
Property, plant and equipment 9 368 593 334 779
Intangible assets 10 65 494 64 979
Expenditure on development projects 10 1 512 454 1 148 143
Investment properties 12 66 062 31 241
Goodwill 10 88 899 88 899
Shares in non-consolidated subordinated entities 24 11 206 10 770
Prepayments and deferred costs 13 11 711 3 233
Other financial assets 14,24 383 676 371 566
Deferred tax assets 6 102 352 114 603
Trade receivables 16,24 7 574 -
Other receivables 17,24 79 434
CURRENT ASSETS 1 169 593 1 334 673
Inventories 15 1 416 2 279
Trade receivables 16,24 160 378 125 441
Current income tax receivable - 11 305
Other receivables 17 80 314 214 114
Prepayments and deferred costs 13 21 073 14 009
Other financial assets 14,24 464 874 332 597
Bank deposits over 3 months 24 422 091 520 813
Cash and cash equivalents 24 19 447 114 115
TOTAL ASSETS 3 787 693 3 503 320
*
restated data
9
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 30.06.2026 31.12.2025
EQUITY
3 560 718 3 289 859
Share capital 18 99 911 99 911
Supplementary capital 3 001 974 2 400 607
Share premium 116 700 116 700
Treasury shares (7 429) (22 424)
Other reserves 138 361 133 553
Foreign exchange differences on translation 3 581 (6 470)
Retained earnings/(Accumulated losses) (41 487) (26 726)
Net profit (loss) for the period 249 107 594 708
NON-CURRENT LIABILITIES
41 565 33 157
Other financial liabilities 24 26 759 21 743
Other liabilities 19 2 134 2 085
Deferred income 21 10 068 6 642
Provision for retirement and similar benefits 22 1 713 1 713
Other provisions 23 891 974
CURRENT LIABILITIES
185 410 180 304
Other financial liabilities 24 19 347 7 860
Trade payables 24 54 665 46 447
Current income tax liabilities 7 085 -
Other liabilities 20 10 827 7 297
Deferred income 21 1 727 11 104
Provision for retirement and similar benefits 22 19 580 12 442
Other provisions 23 72 179 95 154
TOTAL EQUITY AND LIABILITIES
3 787 693 3 503 320
10
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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
differences on
translation
Retained
earnings/
(Accumulated
losses)
Net profit
(loss) for the
period
Total equity
01.01.2026 30.06.2026
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 - - - - (5 015) 10 051 - 249 107 254 143
Net profit - - - - - - - 249 107 249 107
Other comprehensive income - - - - (5 015) 10 051 - - 5 036
Costs of the incentive plan - - - - 17 721 - - - 17 721
Settlement in treasury shares - (8 102) - 14 995 (7 898) - - - (1 005)
Appropriation of the net profit/offset of loss - 609 469 - - - - (609 469) - -
Equity as at 30.06.2026 99 911 3 001 974 116 700 (7 429) 138 361 3 581 (41 487) 249 107 3 560 718
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
Correction 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
11
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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
differences on
translation
Retained
earnings/
(Accumulated
losses)
Net profit
(loss) for
the period
Total equity
01.01.2025 30.06.2025
Equity as at 01.01.2025 99 911 2 069 034 116 700 - 49 017 431 465 574 - 2 800 667
Correction 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 - - - - 1 618 (5 157) - 180 748 177 209
Net profit - - - - - - - 180 748 180 748
Other comprehensive income - - - - 1 618 (5 157) - - (3 539)
Costs of the incentive plan - - - - 19 643 - - - 19 643
Setting up reserve capital for the purchase of treasury
shares
- (40 320) - - 40 320 - - - -
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 30.06.2025 99 911 2 400 607 116 700 - 110 546 (4 726) (26 726) 180 748 2 877 060
12
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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
Note
01.01.2026
30.06.2026
01.01.2025
30.06.2025*
OPERATING ACTIVITIES
Net profit
249 107 180 748
Total adjustments: 25 (38 862) 61 402
Depreciation and amortization of property, plant and equipment, intangible
assets and expenditure on development projects
5 633 5 563
Amortization of development projects recognized as cost of goods sold 20 652 27 673
Foreign exchange (gains)/losses (17 720) 29 428
Interest and shares in profits (25 101) (35 991)
(Gains)/losses on investing activities 13 713 (30 636)
Increase/(Decrease) in provisions (22 210) (36 508)
(Increase)/Decrease in inventories 863 (2 840)
(Increase)/Decrease in receivables (23 626) 56 028
Increase/(Decrease) in liabilities, excluding loans and borrowings 10 022 9 667
Change in other assets and liabilities (21 553) 18 237
The costs of share-based incentive plans 14 941 19 449
Other adjustments 5 524 1 332
Cash from operating activities
210 245 242 150
Income tax expense 21 205 12 970
Withholding tax paid abroad 4 300 7 376
Income tax (paid)/refunded 9 425 (12 785)
Net cash from operating activities
245 175 249 711
*
restated data
13
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note
01.01.2026
30.06.2026
01.01.2025
30.06.2025
INVESTING ACTIVITIES
Inflows
665 616 757 902
Sale of intangible assets and property, plant and equipment 175 201
Sale of shares in a subsidiary 90 695 -
Expiry of bank deposits over 3 months 487 419 538 383
Redemption or sale of bonds 56 833 183 067
Interest on bonds 14 173 8 086
Interest received on deposits 8 666 17 348
Inflows from exercising forward contracts 7 655 10 817
Outflows
1 002 148 982 956
Acquisition of intangible assets and property, plant and equipment 47 617 60 187
Expenditure on development projects 355 580 241 990
Acquisition of investment properties and capitalization of expenditure 11 598 3 569
Placement of bank deposits over 3 months 385 313 436 384
Purchase of private equity interests in the gaming sector 77 -
Purchase of bonds and cost of their purchase 198 658 240 826
Transaction-related costs associated with the sale of shares 3 305 -
Net cash from investing activities
(336 532) (225 054)
FINANCING ACTIVITIES
Inflows
62 15
Net proceeds from the sale of treasury shares and issue of shares in the
execution of the incentive plan
60 -
Settlement of lease receivables 2 13
Interest received - 2
Outflows
3 373 2 584
Expenses related to the execution of the incentive plan 784 -
Payment of lease liabilities 2 183 2 253
Interest paid 406 331
Net cash from financing activities 26 (3 311) (2 569)
Net increase/(decrease) in cash and cash equivalents
(94 668) 22 088
Change in cash and cash equivalents in the balance sheet
(94 668) 22 088
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:
19 447 146 974
restricted cash and cash equivalents 10 -
Explanatory notes to the interim
condensed consolidated financial
statements
2
15
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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 RED S.A.
(On 10 August 2026, the District Court for the Capital City of Warsaw, 14th Business
Department of the National Court Register registered a change in the name of the
reporting entity from “CD PROJEKT S.A.” to “CD PROJEKT RED S.A.”)
Legal form: a joint stock company (spółka akcyjna)
Registered office: ul. Jagiellońska 74, 03-301 Warsaw
Country of registration: Poland
Core activities:
CD PROJEKT RED S.A. is the holding company of the CD PROJEKT RED 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 Company: CD PROJEKT RED S.A.
Name of the ultimate parent of the
Group:
CD PROJEKT RED S.A.
Consolidation policies
Consolidated companies
As at 30.06.2026 % share in capital % share of voting rights consolidation method
CD PROJEKT S.A. (currently, after the
change of the company name:
CD PROJEKT RED S.A.)
Parent Company - -
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 Company does not have to consolidate a subsidiary
using the acquisition accounting method, if:
the subsidiary’s share in the Parent Company’s total assets does not exceed 3%;
the subsidiary’s share in the Parent Company’s sales revenue and financial transactions does not exceed 3%,
where those transactions between the subsidiary and its Parent Company 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 Company’s total assets;
6% of the share in the Parent Company’s sales revenue and financial transactions,
where those transactions between the subsidiary and its Parent Company which would be eliminated during consolidation are not
taken into account when determining whether the said thresholds have been exceeded.
16
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Subsidiaries
Subsidiaries are all and any entities over which the Group has control which manifests itself by, simultaneously:
having power, consisting in 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 in 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. Accounting policies of subsidiaries have been changed where necessary to ensure consistency
with the accounting policies adopted by the Group.
Basis of preparation of the interim condensed
consolidated financial statements
These interim condensed consolidated financial statements have been prepared in accordance with 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 has not identified
any facts or circumstances which would indicate 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 significantly curtailing its existing
operations.
By the date of preparing the consolidated financial statements for the period from 1 January to 30 June 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.
17
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Compliance with the International Financial Reporting
Standards
These interim condensed consolidated financial statements have been prepared in accordance with 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) applicable as at 30 June 2026.
The Group intends to apply amendments to the IFRSs 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 2025.
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, IFRS 7 as part of Annual Improvements Volume 11 applicable to 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 measurementapplicable to reporting periods beginning on or after 1 January 2026;
Contracts Referencing Nature-dependent Electricity Amendment to IFRS 9 Financial Instruments and IFRS 7 Financial
Instruments: Disclosures applicable to 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.
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 reporting periods beginning on or after 1 January
2027.
The Group anticipates that the introduction of the new IFRS 18 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 20 Regulatory Assets and Regulatory Liabilities applicable to reporting periods beginning on or after 1 January 2029;
IFRS 19 Subsidiaries without Public Accountability: Disclosures applicable to reporting periods beginning on or after
1 January 2027;
Amendments to the fair value option in IAS 28 Investments in Associates and Joint Venturesapplicable to 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.
18
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Functional currency and presentation currency
Functional currency and presentation currency
The items contained in the financial statements are measured 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 denominated 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 30 June 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 30 June 2025 and as at 31 December 2025 were adjusted.
19
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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 30 June 2025
The Group has adjusted the accounting treatment of withholding tax (WHT) for the previous 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 30 June 2025, the Group has
adjusted this treatment in the then current periods. 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 half 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 changed by moving Sales of services of PLN 421 thousand to Other
operating income.
The presentation of foreign exchange differences arising from operating activities was changed, with PLN 924 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 30.06.2025
published data
presentation
change
restated data
Sales revenue 443 039 (88 018) 355 021
Sales of products 339 007 (2 932) 336 075
Sales of services 1 169 (1 169) -
Sales of goods for resale and materials 102 863 (83 917) 18 946
Cost of products, goods for resale and materials sold 99 258 (61 262) 37 996
Cost of products sold 24 140 29 24 169
Cost of goods for resale and materials sold 75 118 (61 291) 13 827
Gross profit on sales 343 781 (26 756) 317 025
Selling expenses 77 797 (19 122) 58 675
Administrative expenses 102 306 (5 977) 96 329
Other operating income 8 275 813 9 088
Other operating expenses 3 743 1 010 4 753
(Impairment)/reversal of impairment
of financial instruments
(148) - (148)
Operating profit 168 062 (1 854) 166 208
Finance income 76 188 (1 162) 75 026
Finance costs 43 156 (3 785) 39 371
Profit before tax 201 094 769 201 863
Income tax 46 138 (25 902) 20 236
Net profit on continuing operations 154 956 26 671 181 627
Net loss on discontinued operations - (879) (879)
Net profit 154 956 25 792 180 748
Net earnings per share (in PLN)
Basic for the reporting period 1.55 0.26 1.81
Diluted for the reporting period 1.54 0.25 1.79
Net earnings on continuing operations per share (in PLN)
Basic for the reporting period 1.55 0.27 1.82
Diluted for the reporting period 1.54 0.26 1.80
Net loss 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)
20
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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
30 June 2025
01.01.2025 30.06.2025
published data
presentation
change
restated data
Net profit 154 956 25 792 180 748
Total other comprehensive income (3 539) - (3 539)
Total comprehensive income, including: 151 417 25 792 177 209
Total comprehensive income on continuing operations 151 417 26 671 178 088
Total comprehensive income on discontinued operations - (879) (879)
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 materials reported in current assets was amended by reclassifying
PLN 1 080 thousand from Other receivables to Prepayments and deferred costs.
31.12.2025
published data
presentation
change
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
21
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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 30 June
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 was reduced by PLN 7 446 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 19 449 thousand from Other
adjustments.
01.01.2025 30.06.2025
published data
presentation
change
restated data
OPERATING ACTIVITIES
Net profit 154 956 25 792 180 748
Total adjustments: 61 402 - 61 402
Increase/(Decrease) in provisions (29 062) (7 446) (36 508)
Increase/(Decrease) in liabilities, excluding loans and borrowings 2 221 7 446 9 667
Costs of share-based incentive plans - 19 449 19 449
Other adjustments 20 781 (19 449) 1 332
Cash from operating activities 216 358 25 792 242 150
Income tax expense 38 762 (25 792) 12 970
Net cash from operating activities 249 711 - 249 711
Audit by the registered auditor
The financial data presented in the statement of financial position as at 30 June 2026 and the financial data presented in the income
statement, cash flow statement and the statement of changes in equity for the period from 1 January to 30 June 2026 and from
1 January to 30 June 2025 were not audited by the registered auditor. The data for the periods referred to above were reviewed
by the registered auditor. The statement of financial position as at 31 December 2025 was audited by the registered auditor.
Notes operations of the
CD PROJEKT RED Group
3
23
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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 compared 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.
Seasonality or cyclicality of the Group’s operations
A detailed description of seasonality and cyclicality of the operations is presented in the Management Board Report on
CD PROJEKT RED Group activities in the period between 1 January and 31 June 2026.
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 the 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
25
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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 or loss
and cash flows which are not typical in terms of their type, size and impact
In the first half 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 30.06.2026 01.01.2025 30.06.2025*
in PLN w % in PLN in %
Domestic sales 14 396 3.3% 15 794 4.4%
Export sales, including: 420 912 96.7% 339 227 95.6%
Europe 34 460 7.9% 54 528 15.4%
North America 327 848 75.3% 255 994 72.1%
Asia 57 834 13.3% 27 427 7.7%
Australia 770 0.2% 1 278 0.4%
Total 435 308 100% 355 021 100%
*
restated data
** The data presented relate to the place of residence of the Group’s customers (distributors) and not the end users.
Sales revenue by distribution channel
01.01.2026
30.06.2026
01.01.2025
30.06.2025*
Games box issues 27 993 34 581
Games digital issues 312 473 311 060
Other revenue 94 842 9 380
Total 435 308 355 021
*
restated data
In Other revenue, the Group recognized mainly revenue from IP licensing.
26
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Sales revenue by category
01.01.2026
30.06.2026
01.01.2025
30.06.2025
The Witcher own projects 71 726 65 499
Cyberpunk own projects 268 598 279 933
Revenue from IP licensing 94 817 9 375
Other 167 214
Total 435 308 355 021
Revenue from sales of own projects comprise the revenue from the commercialization of projects relating to, respectively, The
Witcher and Cyberpunk franchises where the Group is financing their production and bears the substantial economic risk associated
with their execution and commercialization. This item comprises both products manufactured by the Company and products
developed by third parties and commissioned by the Company.
Note 3. Operating expenses
01.01.2026
30.06.2026
01.01.2025
30.06.2025*
Depreciation of property, plant and equipment and amortization of intangible
assets, including:
5 633 4 697
depreciation of leased buildings 2 068 1 640
depreciation of leased vehicles 95 87
Materials and energy used 1 531 1 620
External services 36 949 50 287
Taxes and fees 1 294 987
Salaries and wages, social insurance and other benefits 115 723 92 684
Cost of goods for resale and materials sold 7 384 13 827
Cost of products sold 22 006 24 169
Other costs 5 523 4 729
Total 196 043 193 000
Selling expenses, including: 57 108 58 675
cost of product maintenance 11 106 9 843
Total administrative expenses, including: 109 545 96 329
cost of research projects 18 999 17 878
Costs of sales 29 390 37 996
Total 196 043 193 000
*
restated data
27
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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
30.06.2026
01.01.2025
30.06.2025*
Tax relief for innovative employee 6 220 4 904
Rental income 2 318 1 830
Other sales 2 227 1 103
Income from re-invoicing 1 151 876
Damages received 555 -
Subsidies 201 256
Gains on disposal of non-current assets 163 -
Fixed assets and goods for resale received free of charge 80 16
Other 65 103
Total other operating income 12 980 9 088
*
restated data
Other operating expenses
01.01.2026
30.06.2026
01.01.2025
30.06.2025*
Net foreign exchange losses on operating activities 1 247 924
Cost of rental 1 127 913
Costs relating to re-invoicing 1 151 876
Impairment of property, plant and equipment and investment properties 1 009 -
Depreciation of investment properties 768 772
Cost of other sales 631 650
Donations and charity 400 439
Scrapping of fixed and intangible assets 169 96
Loss on disposal of non-current assets - 58
Other 398 25
Total other operating expenses 6 900 4 753
*
restated data
28
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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
30.06.2026
01.01.2025
30.06.2025
Interest income
25 507
35 627
on bonds
16 841
18 921
on current bank deposits
8 666
16 706
Other finance income
17 024
39 399
net foreign exchange gains
16 947
-
measurement of private equity interests in the gaming sector
76
36
settlement and measurement of derivative financial instruments
-
39 271
other
1
92
Total finance income
42 531
75 026
Finance costs
01.01.2026
30.06.2026
01.01.2025
30.06.2025*
Interest expense
411
347
on lease contracts
406
329
on liabilities to the State Treasury
5
8
on trade payables
-
1
other
-
9
Other finance costs
12 847
39 024
settlement and measurement of derivative financial instruments
12 694
-
commission and fees on purchase of bonds
153
140
net foreign exchange losses
-
32 725
loss on redemption of bonds
-
6 159
Total finance costs
13 258
39 371
Net finance income/costs
29 273
35 655
*
restated data
29
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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 as to which tax base will give rise to the realization of the temporary differences recognized.
The main items of income tax expense for the periods ended 30 June 2026 and 30 June 2025 are as follows:
01.01.2026
30.06.2026
01.01.2025
30.06.2025*
Current income tax 13 254 15 109
For the financial year 8 939 11 714
Withholding tax paid abroad 4 315 7 340
Adjustments relating to prior years - (3 945)
Deferred income tax 12 251 5 127
Related to temporary differences arising and reversed 12 251 5 127
Income tax expense shown in the income statement 25 505 20 236
Effective tax rate 9.29% 10.02%
*
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.
30
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Deductible temporary differences underlying the deferred tax assets
31.12.2025
Differences affecting
the deferred tax
recognized in the
profit or loss
30.06.2026
Provision for other employee benefits 7 273 4 243 11 516
Provision for costs of earnings-related and other
remuneration
54 422 (28 068) 26 354
Tax loss 14 617 (6 231) 8 386
Foreign exchange losses 23 942 (4 302) 19 640
Difference between the carrying and tax amount of
expenditure on development projects
21 813 5 636 27 449
Salaries and wages and social security payable
in future periods
4 44 48
Other provisions 37 186 3 417 40 603
Research and development relief 613 604 (6 977) 606 627
Tax base of non-current assets leased 26 037 9 774 35 811
Prepayments recognized as revenue for tax purposes 9 860 (9 137) 723
Difference between the net carrying amount and tax
amount of property, plant and equipment and
intangible assets
12 - 12
Total deductible differences, including: 808 770 (31 601) 777 169
taxed at 5% 105 916 (13 950) 91 966
taxed at 19% 669 731 (24 217) 645 514
deferred tax charged abroad 33 123 6 566 39 689
Deferred tax assets 139 694 (3 716) 135 978
31
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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
30.06.2026
Difference between the net carrying amount and tax
amount of property, plant and equipment and
intangible assets
54 844 18 844 73 688
Current period revenue invoiced in the subsequent
period/accrued income
114 888 17 899 132 787
Foreign exchange gains 39 585 624
Difference between the carrying amounts and tax
bases of expenditure on development projects
70 354 27 571 97 925
Carrying amount of non-current assets leased 24 720 9 461 34 181
Goodwill 3 185 (122) 3 063
Other 222 43 265
Total taxable differences, including: 268 252 74 281 342 533
taxed at 5% 190 588 39 094 229 682
taxed at 19% 45 308 30 873 76 181
deferred tax charged abroad 32 356 4 314 36 670
Deferred tax provisions 25 091 8 535 33 626
Net deferred tax assets/provisions
30.06.2026 31.12.2025
Deferred income tax assets 135 978 139 694
Deferred tax provisions 33 626 25 091
32
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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, on 31 December 2025 Michał Kiciński
acquired 2 715 shares in GOG from the Parent Company, 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 30 June 2025:
Income statement
01.01.2025
30.06.2025
Sales revenue 87 597
Sales of products 2 932
Net sales of services 748
Sales of goods for resale and materials 83 917
Cost of sales of products, services, goods for resale and materials 61 262
Cost of products sold (29)
Cost of goods for resale and materials sold 61 291
Gross profit on sales 26 335
Selling expenses 19 122
Administrative expenses 5 977
Other operating income (392)
Other operating expenses (86)
Operating profit 930
Finance income 1 162
Finance costs 2 861
Profit before tax (769)
Income tax 110
Net profit on discontinued operations (879)
Comprehensive income on discontinued operations (879)
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. Dividend paid (or declared) and received
During the period from 1 January to 30 June 2026, the Group companies did not pay or receive dividends.
33
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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 30.06.2026
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*
41 859 201 891 25 754 142 947 3 708 15 873 25 771 457 803
Increase due to: - 30 524 2 380 19 997 226 1 088 25 877 80 092
purchase - 526 16 11 485 - 472 25 755 38 254
lease contracts
concluded
- 11 113 - - 215 - - 11 328
reclassification from
fixed assets
under construction
- 17 273 2 364 7 692 - 584 - 27 913
free-of-charge receipt - - - 41 - 32 - 73
foreign exchange
gains
- 1 585 - 747 11 - 122 2 465
other - 27 - 32 - - - 59
Decrease due to: - - - 1 827 199 1 28 020 30 047
sale - - - 1 440 199 1 - 1 640
scrapping - - - 387 - - - 387
reclassification from
fixed assets
under construction
- - - - - - 27 913 27 913
reclassification - - - - - - 107 107
Gross carrying amount
as at 30.06.2026
41 859 232 415 28 134 161 117 3 735 16 960 23 628 507 848
Accumulated
depreciation as
at 01.01.2026*
3 573 39 516 1 397 68 720 2 375 5 944 - 121 525
Increase due to:
293
7 789
581
8 578
382
717
-
18 340
depreciation charge
293
7 347
581
8 332
342
717
-
17 612
foreign exchange
gains
- 442 - 214 3 - - 659
other
-
-
-
32
37
-
-
69
Decrease due to:
-
94
-
1 815
199
1
-
2 109
sale
-
-
-
1 428
199
1
-
1 628
scrapping - - - 387 - - - 387
other
-
94
-
-
-
-
-
94
Accumulated
depreciation as
at 30.06.2026
3 866 47 211 1 978 75 483 2 558 6 660 - 137 756
Impairment write-downs
as at 01.01.2026
- 1 285 214 - - - - 1 499
Increase - - - - - - - -
Decrease
-
-
-
-
-
-
-
-
Impairment write-downs
as at 30.06.2026
- 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 30.06.2025
37 993 183 919 25 942 85 634 1 177 10 300 23 628 368 593
*
restated data
In the first half of 2026, the Group entered into a lease agreement for the MOCAP facility in Devens for the period from 1 June 2026
to 30 June 2031. The Group recognised a right-of-use asset of USD 3 million in connection with the lease.
34
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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
30.06.2026 31.12.2025
Construction of facilities on the CD PROJEKT RED campus 1 655 6 245
Leases of passenger cars 101 101
Total 1 756 6 346
Right-of-use assets relating to property, plant and equipment
30.06.2026
Gross amount
Accumulated
depreciation
Net amount
Land 15 964 1 449 14 515
Properties 27 784 8 786 18 998
Vehicles 763 96 667
Total 44 511 10 331 34 180
31.12.2025
Gross amount
Accumulated
depreciation
Net amount
Land 15 964 1 337 14 627
Properties 15 806 6 262 9 544
Vehicles 730 182 548
Total 32 500 7 781 24 719
35
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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
30.06.2026
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: 384 953 - 195 1 496 - 725 - 438 387 807
purchase - - - 1 496 - 672 - 438 2 606
internally generated assets 375 800 - - - - - - - 375 800
foreign exchange gains 9 153 - 195 - - 53 - - 9 401
Decrease due to: - - - 292 25 4 668 - - 4 985
scrapping - - - 292 25 4 668 - - 4 985
Gross carrying amount as
at 30.06.2026
1 377 300 1 177 459 37 572 9 237 19 193 43 828 88 899 438 2 753 926
Accumulated amortization as
at 01.01.2026*
- 1 021 663 1 913 6 833 1 484 35 181 - - 1 067 074
Increase due to: - 20 642 130 571 41 1 334 - - 22 718
amortization charge - 20 642 39 571 41 1 324 - - 22 617
foreign exchange gains - - 91 - - 10 - - 101
Decrease due to: - - - 279 25 4 512 - - 4 816
scrapping - - - 279 25 4 512 - - 4 816
Accumulated depreciation as
at 30.06.2026
- 1 042 305 2 043 7 125 1 500 32 003 - - 1 084 976
Impairment write-downs as
at 01.01.2026
- - 2 009 - - - - - 2 009
Increase due to: - - 94 - - - - - 94
foreign exchange gains - - 94 - - - - - 94
Decrease - - - - - - - - -
Impairment write-downs as
at 30.06.2025
- - 2 103 - - - - - 2 103
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 30.06.2025
1 377 300 135 154 33 426 2 112 17 693 11 825 88 899 438 1 666 847
*
restated data
36
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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 companies.
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 are 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 30.06.2026
Gross carrying amount as at 01.01.2026 40 414
Increase due to: 36 598
purchase of a property 36 598
Decrease -
Gross carrying amount as at 30.06.2026 77 012
Accumulated depreciation as at 01.01.2026 9 102
Increase due to: 768
depreciation charge 768
Decrease -
Accumulated depreciation as at 30.06.2026 9 870
Impairment write-downs as at 01.01.2026 71
Increase due to: 1 009
impairment 1 009
Decrease -
Impairment write-downs as at 30.06.2026 1 080
Net carrying amount as at 30.06.2025 66 062
Amounts of contractual liabilities in respect of purchase of investment properties
As at 30 June 2026, 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 thousand.
37
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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
30.06.2026 31.12.2025*
Software, licences 16 173 10 686
Marketing materials 9 006 1 080
Costs of future marketing services 1 122 1 189
Business travel (tickets, hotels, insurance) 1 099 311
Property and personal insurance 937 1 037
Fees for pre-emptive rights 898 951
Fees for perpetual usufruct of land 152 -
Costs of repairs and maintenance 143 229
Other prepayments and deferred costs 3 254 1 759
Prepayments and deferred costs, including: 32 784 17 242
current 21 073 14 009
non-current 11 711 3 233
*
restated data
Note 14. Other financial assets
30.06.2026 31.12.2025
Bonds 844 108 689 982
Private equity interests in the gaming segment 4 430 4 114
Derivative financial instruments 12 10 067
Other financial assets, including: 848 550 704 163
current 464 874 332 597
non-current 383 676 371 566
Note 15. Inventories
30.06.2026 31.12.2025
Goods for resale 1 603 2 521
Gross inventories 1 603 2 521
Inventory write-downs 187 242
Net inventories 1 416 2 279
Changes in inventory write-downs
01.01.2026
30.06.2026
Impairment write-downs of goods for resale as at the beginning of the period 242
Increases -
Decreases, including: 55
utilization of inventory write-downs 55
Total impairment write-downs of goods for resale as at the end of the period 187
38
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 16. Trade receivables
30.06.2026 31.12.2025
Trade receivables, gross 168 218 125 696
Impairment write-downs 266 255
Trade receivables, net 167 952 125 441
from related entities 4 882 2 752
from other entities 163 070 122 689
Gross trade receivables comprise the current portion of PLN 160 644 thousand and the non-current portion of PLN 7 574 thousand.
The recognition of the non-current trade receivables balance in the statement of financial position resulted from a new trade
contract with a timetable of repayment until 2030. In the current interim period, the Group identified a significant financing
component in the said contract. Due to the deferred payment terms, the Group adjusts the amount of promised remuneration for
the effect of time value of money using the effective interest rate method. The effect of the reversal of discount over time is credited
to finance income.
Changes in write-downs of trade receivables
01.01.2026
30.06.2026
OTHER ENTITIES
Impairment write-downs as at the beginning of the period 255
Increases, including: 11
recognition of write-downs on overdue and disputed receivables 11
Decrease -
Impairment write-downs as at the end of the period 266
39
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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 30.06.2026
Total Not overdue
Overdue, in days
1 60 61 90 91 180 181 360 >360
RELATED ENTITIES
gross receivables 4 882 4 707 175 - - - -
default ratio
0% 0% 0% 0% 0% 0%
write-down resulting
from the ratio
- - - - - -
write-down
determined
individually
- - - - - - -
total expected credit
losses
- - - - - - -
Net receivables 4 882 4 707 175 - - - -
Total Not overdue
Overdue, in days
1 60 61 90 91 180 181 360 >360
OTHER ENTITIES
gross receivables 163 336 162 403 560 87 23 111 152
default ratio
0% 0% 0% 0% 0% 0%
write-down resulting
from the ratio
- - - - - -
write-down
determined
individually
266 - - - 3 111 152
total expected credit
losses
266 - - - 3 111 152
Net receivables 163 070 162 403 560 87 20 - -
Total
gross receivables 168 218 167 110 735 87 23 111 152
impairment write-
downs
266 - - - 3 111 152
Net receivables 167 952 167 110 735 87 20 - -
40
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 17. Other receivables
30.06.2026 31.12.2025*
Other gross receivables 80 393 214 548
Impairment write-downs - -
Other net receivables 80 393 214 548
from related entities 25 4
from other entities 80 368 214 544
*
restated data
30.06.2026 31.12.2025*
Other gross receivables, including: 80 393 214 548
tax receivables, other than corporate income tax 39 479 39 057
prepayments for development projects 28 636 24 417
prepayments for inventories 8 367 32 672
prepayments for property, plant and equipment and intangible assets 1 698 1 177
security deposits 909 730
settlements with employees 38 51
settlements with members of the Management Boards of the Group companies 25 4
disposal of shares in a subsidiary - 90 695
prepayments for investment properties - 25 000
other 1 241 745
Impairment write-downs - -
Other net receivables, including: 80 393 214 548
current 80 314 214 114
non-current 79 434
*
restated data
Note 18. Share capital
Share capital structure as at 30.06.2026
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 30 June 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.
41
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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
30.06.2026 31.12.2025
Other non-current liabilities, including: 2 134 2 085
liabilities in respect of marketing costs 989 1 056
liabilities in respect of pre-emptive rights 791 844
security deposits received 354 185
Note 20. Other current liabilities
30.06.2026 31.12.2025
Liabilities in respect of taxes, customs duties, social security and other, with the
exception of corporate income tax
9 865 6 604
VAT 14 -
Withholding tax 239 272
Personal income tax 1 158 1 895
Social security contributions 6 725 4 296
PFRON (State Fund for Rehabilitation of Disabled People) 121 108
PIT-8AR (personal income tax) settlements 1 608 33
Other liabilities 962 693
Wages and salaries payable - 109
Liabilities in respect of pre-emptive rights and costs of future marketing services 240 240
Other settlements with employees 45 11
Other settlements with the members of the Management Board 3 4
Security deposits 90 90
Liabilities to related entities 114 8
Other liabilities 470 231
Total other current liabilities 10 827 7 297
42
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 21. Deferred income
30.06.2026 31.12.2025
Subsidies 10 439 7 029
Cinematic Experience 8 670 5 059
Animation Excellence (GameINN) 282 332
City Creation (GameINN) 564 666
Cinematic Feel (GameINN) 270 319
The Witcher 4 653 653
Deferred income 1 356 10 717
Sales relating to future periods 1 303 10 665
Rental of company phones 53 52
Total deferred income, including: 11 795 17 746
current 1 727 11 104
non-current 10 068 6 642
Note 22. Provision for retirement and similar benefits
30.06.2026 31.12.2025
Provision for retirement and disability bonuses 1 739 1 739
Holiday pay provision 19 554 12 416
Total, including: 21 293 14 155
current 19 580 12 442
non-current 1 713 1 713
Change in provisions for retirement and similar benefits
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 - 19 335 19 335
Provisions utilized/released - 12 467 12 467
Foreign exchange differences - 270 270
As at 30.06.2026, including: 1 739 19 554 21 293
current 26 19 554 19 580
non-current 1 713 - 1 713
43
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 23. Other provisions
30.06.2026 31.12.2025
Provision for liabilities, including: 73 070 96 128
provision for costs of performance-related and other remuneration 28 761 59 862
provision for costs of the audit and review of the financial statements 169 104
provision for costs of external services 29 959 21 889
provision for other costs 14 181 14 273
Total, including: 73 070 96 128
current 72 179 95 154
non-current 891 974
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
28 761 229 75 874 1 354 106 218
Provisions
utilized/released
59 862 164 67 804 1 446 129 276
As at 30.06.2026, including: 28 761 169 29 959 14 181 73 070
current 28 761 169 29 068 14 181 72 179
non-current - - 891 - 891
44
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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 on the market.
The Management Boards of 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 30 June 2026 and 31 December
2025.
30.06.2026 31.12.2025
LEVEL 1
Assets measured at fair value
Assets measured at fair value through
other comprehensive income
267 065 217 863
foreign bonds EUR 22 693 21 971
foreign bonds USD 244 372 195 892
LEVEL 2
Assets measured at fair value through profit or loss
Derivatives 12 10 067
currency forwards EUR 12 506
currency forwards USD - 9 561
Private equity interests in the gaming sector 4 430 4 114
private equity interests in the gaming sector SEK 675 561
private equity interests in the gaming sector USD 3 755 3 553
Liabilities measured at fair value through profit or loss
Derivatives 10 294 -
currency forwards USD 10 294 -
45
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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 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 the 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 at 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 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 Group did not measure the fair values of receivables, trade 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 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 or 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.
30.06.2026 31.12.2025
Financial assets measured at amortized cost 1 186 612 1 232 922
Other non-current receivables 79 434
Trade receivables 167 952 125 441
Cash and cash equivalents 19 447 114 115
Bank deposits over 3 months 422 091 520 813
Domestic bonds 577 043 472 119
Financial assets measured at cost 11 206 10 770
Shares in non-consolidated subordinated entities 11 206 10 770
Assets measured at fair value through
other comprehensive income
267 065 217 863
Foreign bonds 267 065 217 863
Financial assets measured at fair value through profit or loss 4 442 14 181
Derivative financial instruments 12 10 067
Private equity interests in the gaming sector 4 430 4 114
Total financial assets 1 469 325 1 475 736
In accordance with the requirements of IFRS 13 Fair Value Measurement, the Group analysed the valuation of financial instruments
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.
46
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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.
30.06.2026 31.12.2025
LEVEL 1
Fair value of assets measured at amortized cost 574 882 473 607
Treasury bonds 574 882 473 607
Other items of financial assets and financial liabilities measured at amortized cost were classified to Level 3.
Financial liabilities classification and measurement
30.06.2026 31.12.2025
Financial liabilities measured at amortized cost 90 477 76 050
Trade payables 54 665 46 447
Lease liabilities and other financial liabilities 35 812 29 603
Financial liabilities at fair value through profit or loss 10 294 -
Derivative financial instruments 10 294 -
Total financial liabilities 100 771 76 050
47
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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
30.06.2026
01.01.2025
30.06.2025
Amortization and depreciation 5 633 5 563
Amortization of intangible assets 792 1 218
Amortization of expenditure on development projects - 523
Depreciation of property, plant and equipment 4 841 3 822
Foreign exchange (gains)/losses result from the following items: (17 720) 29 428
Foreign exchange gains/(losses) on measurement of bonds (14 799) 19 564
Foreign exchange gains/(losses) on measurement of private equity interests in the
gaming sector
(163) 465
Foreign exchange (gains)/losses on measurement of loans granted as at the
balance sheet date
- 175
Foreign exchange gains/(losses) losses on measurement of bank deposits over
3 months
(3 384) 9 696
Foreign exchange gains/(losses) on measurement of leases 626 (472)
Interest and shares in profits comprise: (25 101) (35 991)
Interest on bank deposits (8 666) (17 399)
Interest on bonds (16 841) (18 921)
Interest on lease contracts 406 329
(Gains)/losses on investing activities result from the following items: 13 713 (30 636)
Sale of property, plant and equipment (175) (432)
Net carrying amount of property, plant and equipment 12 483
Net carrying amount of non-current assets scrapped - 1 988
Net carrying amount of scrapped intangible assets and expenditure on
development projects
169 -
Impairment write-downs of property, plant and equipment, intangible assets,
investment properties and expenditure on development projects
1 009 -
Reversal of impairment write-downs of property, plant and equipment, intangible
assets and expenditure on development projects
- (1 892)
Fixed assets received free of charge (73) -
Settlement and measurement of derivative financial instruments 12 694 (37 046)
Measurement of private equity interests in the gaming sector (76) (36)
Commission and fees on purchase of bonds 153 140
Proceeds from redemption of bonds - (78 987)
Value of bonds purchased - 85 146
Changes in provisions result from the following items: (22 210) (36 508)
Increase/(Decrease) in provisions for liabilities (23 058) (41 140)
Increase/(Decrease) in provisions for employee benefits 7 138 4 579
Increase/(Decrease) in provision for costs of earnings-related and other
remuneration recognized under expenditure on development projects
(6 290) 53
48
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
01.01.2026
30.06.2026
01.01.2025
30.06.2025
(Increase)/Decrease in receivables results from the following items: (23 626) 56 028
(Increase)/Decrease in current receivables in the balance sheet 110 168 55 066
(Increase)/Decrease in non-current receivables in the balance sheet (7 219) 8
(Increase)/Decrease in prepayments for investment properties (25 000) 3 500
Withholding tax paid abroad (4 315) (7 340)
Adjustment for current income tax (11 305) (15 170)
(Increase)/Decrease in prepayments for development projects 4 219 13 601
(Increase)/Decrease in prepayments for property, plant and equipment
and intangible assets
521 3 615
(Increase)/Decrease in loan receivable due to business combinations - 2 748
(Increase)/Decrease in receivables due to disposal of shares in a subsidiary (90 695) -
Increase/(Decrease) in liabilities, excluding loans and borrowings, results from the
following items:
10 022 9 667
Increase/(Decrease) in current liabilities in the balance sheet 30 320 92 893
Adjustment for current income tax (7 085) (6 147)
Increase/(Decrease) in other current financial liabilities (13 775) 8 086
Increase/(Decrease) in liabilities in respect of security deposits 170 -
Increase/(Decrease) in liabilities resulting from purchase of property, plant and
equipment
6 465 14 722
Increase/(Decrease) in liabilities resulting from purchase of intangible assets (124) 24
Increase/(Decrease) in liabilities arising from increased expenditure on development
projects
(9 978) -
Increase/(Decrease) in dividend liabilities - (99 911)
Increase/(Decrease) in liabilities associated with the execution of the incentive plan 784 -
adjustment for payments for shares made (60) -
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: (21 553) 18 237
Change in prepayments and accruals in the balance sheet (15 542) 3 644
Increase/(Decrease) in deferred income in the balance sheet (5 951) 14 713
Adjustment for prepayments and deferred costs with the corresponding entry in
liabilities
(60) (120)
“Other adjustments” comprise: 5 524 1 332
Measurement of derivative financial instruments - 613
Amortization and depreciation included under cost of sales and other operating
expenses
5 328 2 744
Foreign exchange differences on translation 293 2 507
Accounting for shares in the acquired entity - 27 295
Retained earnings/(Accumulated losses) of the acquired entity - 6 060
Goodwill of the acquired entity - (32 461)
Value of leases of the acquired entity - 3 356
Net property, plant and equipment and intangible assets of the acquired entity - (8 967)
Other adjustments (97) 185
49
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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
30.06.2026
Takeover of
leased fixed
assets
Termination
of a lease
contract
Foreign
exchange
differences
Interest
accrued
Transfer of
treasury
shares
Adoption of
a resolution
on payment
of dividend
Business
combinations
Execution of
the incentive
plan
Lease liabilities 26 038 (2 587) 11 328 - 626 406 - - - - 35 811
Liabilities in
respect of an issue
of treasury shares
- 60 - - - - (59) - - - 1
Liabilities in
respect of
execution of the
incentive plan
- (784) - - - - - - - 784 -
Total 26 038 (3 311) 11 328 - 626 406 (59) - - 784 35 812
01.01.2025 Cash flows
Non-monetary changes
30.06.2025
Takeover of
fixed leased
assets
Termination
of a lease
contract
Foreign
exchange
differences
Interest
accrued
Transfer of
treasury
shares
Adoption of
a resolution
on the
payment of
dividend
Business
combinations
Execution of
the incentive
plan
Lease liabilities 20 150 (2 569) 4 491 (230) (472) 329 - - 3 356 - 25 055
Liabilities to
shareholders in
respect of
dividend payment
- - - - - - - 99 911 - - 99 911
Total 20 150 (2 569) 4 491 (230) (472) 329 - 99 911 3 356 - 124 966
50
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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 inter-company transactions were determined on an 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 the related
entities belonging to the CD PROJEKT RED 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.
51
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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 Receivables from related entities Liabilities to related entities
01.01.2026
30.06.2026
01.01.2025
30.06.2025
01.01.2026
30.06.2026
01.01.2025
30.06.2025
30.06.2026 31.12.2025 30.06.2026 31.12.2025
NON-CONSOLIDATED SUBSIDIARIES
CD PROJEKT RED
Canada Ltd.
1 816 847 13 978 9 229 4 882 2 752 3 368 2 184
CD PROJEKT
SILVER Inc.
- - - 618 - - - -
OTHER RELATED PARTIES
Members of the
Management Boards
of Group companies
66 20 - - 25 4 3 4
Supervisory Board
members
10 5 - - - - 17 -
Other members of
senior management
51 28 - - 3 6 1 16
Other related parties - 173 - - - - - -
52
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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 30.06.2026 31.12.2025
mBank S.A.
Bill of exchange agreement Framework agreement on financial market transactions PLN 50 000 50 000
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
Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0110/16 PLN 3 846 3 846
Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0112/16 PLN 3 692 3 692
Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0118/16 PLN - 1 358
Bill of exchange agreement Subsidy agreement FENG.01.01-IP.01-006A/23-00 PLN 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
Bank Polska Kasa Opieki Spółka Akcyjna
Bill of exchange agreement Framework agreement on financial market transactions PLN 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
53
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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
Currently, there are three incentive plans based on the Parent Company’s shares: two long-term incentive plans (Incentive Plan A
and Incentive Plan B) for the financial years 2023-2027 implemented pursuant to resolutions of the General Shareholders’ Meeting
of the Parent Company of 18 April 2023, and the Short-Term Incentive Plan for the Management Board and Managerial Personnel
within the Group, implemented pursuant to a resolution of the General Shareholders’ Meeting of the Parent Company of
23 June 2026.
Incentive plans for the years 2023-2027
Detailed rules of the Incentive Plans A and B are included in the Rules adopted by the Management Board of the Parent Company
and approved by the Supervisory Board of the Parent Company.
The execution of the incentive plans is supervised by the Supervisory Board and the Management Board of the Parent Company.
Incentive Plan A
Incentive Plan A is addressed to persons who are not members of the Management Board of the Parent Company. The assumptions
are that in this plan entitlements are 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) an offer to the participants to subscribe for warrants entitling to an identical number of shares in
the Parent Company issued as part of the conditional share capital increase, or (ii) an offer to 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 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 exercising
entitlements under Plan A shall correspond to the nominal value of the Parent Company’s shares. The vesting period shall be
3 years as a minimum 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 74 210 entitlements active as at
the date of adoption of the reviewing resolution for this Phase by the Parent Company’s Management Board were exercised
between 16 June and 7 July 2026 by offering the Company’s treasury shares for purchase to the participants. Consequently, as at
the date of publication of this report, there are no active entitlements in Phase 1 of Incentive Plan A;
(ii) as part of Phase 2 of Incentive Plan A (in 2024), 183 189 entitlements were granted, of which 154 061 entitlements remain active.
(ii) as part of Phase 3 of Incentive Plan A (in 2025), 123 186 entitlements were granted, of which 108 967 entitlements remain active.
(ii) as part of Phase 4 of Incentive Plan A (in 2026), 144 457 entitlements were granted, of which 140 577 entitlements remain active.
Changes in entitlements granted under Incentive Plan A for the years 2023-2027 Phases 1-4
Specification
01.01.2026 30.06.2026 01.01.2025 31.12.2025
Number of entitlements (in pcs.)
Granted, not exercised as at the beginning of the period 354 128 260 660
Granted during the period 144 457 123 186
Exercised during the period* 74 210 -
Reduced during the period 6 119 -
Expired during the period* 307 -
Forfeited during the period* 14 344 29 718
Granted, not exercised as at the end of the period 403 605 354 128
* All entitlements forfeited, expired and exercised until the date of publication of the financial statements for the given period
54
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Assumptions made for the valuation of 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 valuation of 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 valuation of 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 valuation of Incentive Plan A for the years 2023-2027 Phase 4
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
Incentive Plan B is addressed both to persons who are Members of the Parent Company’s Management Board and those 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 Incentive Plan A may not exceed 5 000 000. The entitlements will be exercised
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) an offer to 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 Incentive Plan B will be conditional upon the Parent Company determining that the relevant
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 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 rights 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 it to three financial years for earnings-related entitlements in the event of a possible faster achievement of
the four-year performance target over a three-year period).
By the date of preparation of these financial statements:
(i) as part of Phase 1 of Incentive Plan B (in 2023), 662 000 entitlements were granted, of which 635 000 entitlements remain active;
(ii) as part of Phase 2 of Incentive Plan B (in 2024), 723 500 entitlements were granted, of which 695 000 entitlements remain
active;
(iii) as part of Phase 3 of Incentive Plan B (in 2025), 740 500 entitlements were granted, of which 715 000 entitlements remain
active;
(iv) as part of Phase 4 of 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.
55
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Earnings-related condition 70% of the entitlements awarded under a given phase of Incentive Plan B
The fulfilment of the earnings-related 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 RED Group plus the cost of valuation of
entitlements awarded under the relevant phase of Incentive Plan B recognized by CD PROJEKT RED Group entities in the same
period.
Earnings-related conditions for the entitlements awarded under a given phase of 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 successive Phase 5 of Incentive Plan B starting in 2027, the earnings-related condition for the entitlements awarded in this
phase for four 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).
After three financial years of Phase 1 of Incentive Plan B, a review was carried out to determine whether or not the earnings-related
condition set for a period of four financial years had been met ahead of schedule, and of the loyalty condition. Given that the
earnings-related condition had not been met ahead of the schedule, entitlements granted to participants as part of Phase 1 of
Incentive Plan B were not exercised ahead of schedule. The conditions applicable to Phase 1 will be reviewed again after four
financial years of the duration of Phase 1 of Incentive Plan B.
As part of the work on this report, the Company’s Management Board exercised professional judgement regarding the feasibility of
meeting the earnings-related condition set for Phase 2 of Incentive Plan B for the years 20242027. In the opinion of the
Management Board, taking into account the current publishing plan of the Company, it is highly unlikely that the Group will be able
to meet the earnings-related condition set for Phase 2 of Incentive Plan B for the years 20242027, namely PLN 3 billion in
cumulative consolidated net profit from continuing operations of the CD PROJEKT RED Group. Consequently, 70% of the
entitlements granted to participants as part of Incentive Plan B will most likely not be exercised. As a result, the Management Board
decided to reverse the previously recognized costs of Phase 2 of the Incentive Plan B in the part corresponding to these
entitlements amounting to PLN 11 070 thousand.
Market-related condition 30% of the entitlements awarded under a given phase of Incentive Plan B
The fulfilment of the market-related condition means achieving a percentage change in the Parent Company's share price on the
Warsaw Stock Exchange (WSE) between the Parent Company’s share price at the close of the last trading session on the WSE in
the most recent financial year subject to verification for purposes of the earnings-related condition referred to above and the Parent
Company’s share price at the close of the last trading session on the WSE in the year preceding the year of the relevant phase of
Incentive Plan B which is higher or equal to the percentage change, increased by 10 percentage points, in the level of the WIG (WSE
Index) index in the same period.
Changes in entitlements granted under Incentive Plan B for the years 2023-2027 Phases 1-4
Specification
01.01.2026 30.06.2026 01.01.2025 31.12.2025
Number of entitlements (in pcs.)
Granted, not exercised 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, not exercised as at the end of the period 2 785 000 2 090 000
* All forfeitures until the date of publication of the financial statements for a given period
Assumptions made for the measurement of 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%
56
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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 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 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%
Assumptions made for the measurement of 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%
Short-Term Incentive Plan for the Group’s Management Board and Managerial Personnel
Pursuant to a Resolution of the General Meeting of the Parent Company of 23 June 2026 (the “Resolution”), the Supervisory Board
of the Parent Company adopted Rules of the Short-term Incentive Plan for the Group’s Management Board and Managerial
Personnel (STI Plan”), (Rules”) on 19 August 2026.
The STI Plan is addressed to the Company’s Management Board and to persons managing strategic business areas within the
Group. It replaced the following incentive plans previously operating in the Parent Company: (i) the short-term incentive plan for
Members of the Parent Company’s Management Board, and (ii) annual cash bonuses awarded to persons managing specific
strategic business areas within the Group.
As part of the STI Plan, the participants were granted entitlements corresponding to a particular percentage of the Group’s
consolidated net profit earned in a given accounting period. The accounting periods of the STI Plan will be annual periods. The first
accounting period of the STI Plan was determined to be the period from 1 January to 31 December 2026.
The following conditions must be met jointly after each accounting period for entitlements to be exercised: (i) the earnings-related
condition understood as the Group achieving consolidated net profit of at least PLN 50 million; (ii) the loyalty condition
understood as the participants remaining in a legal relationship with the Parent Company or the Group during the accounting period
until the date of adoption of the reviewing resolution for that period, and (iii) any additional individual or group KPIs. If these
conditions are met, the participants will be able to exercise, subject to the rules set out in the Resolution and the Rules, the
entitlements granted in a following manner: (i) through the acquisition of shares in the Parent Company from the Parent Company,
at a price equal to their nominal value, provided that, for this purpose, the Parent Company shall use only shares previously acquired
on the market for this purpose, or (ii) through the Parent Company subsidizing the purchase of a specified number of shares on the
market by a participant, using cash provided for this purpose by the Parent Company, or (iii) through receiving a cash payment
corresponding to the value of the entitlement held (less any contributions and taxes due).
57
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
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 10 August 2026, amendments to the Parent Company’s Articles of Association based on Resolution No. 20 of the Ordinary
General Meeting of the Parent Company dated 23 June 2026 were registered. At the same time, the Parent Company’s name was
changed to “CD PROJEKT RED Spółka Akcyjna”.
Interim condensed separate financial
statements of CD PROJEKT RED S.A.
5
59
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 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
30.06.2026
01.01.2025
30.06.2025*
Sales revenue 435 308 355 023
Sales of products 421 040 336 077
Sales of goods for resale and materials 14 268 18 946
Cost of sales of products, goods for resale and materials 29 559 38 270
Cost of products sold 22 175 24 443
Cost of goods for resale and materials sold 7 384 13 827
Gross profit on sales 405 749 316 753
Selling expenses 56 778 59 277
Total administrative expenses, including: 103 731 92 080
cost of research projects 19 043 17 901
Other operating income 16 036 11 637
Other operating expenses 11 069 7 498
(Impairment)/reversal of impairment
of financial instruments
(6) (148)
Operating profit 250 201 169 387
Finance income 42 965 75 007
Finance costs 13 129 39 321
Profit before tax 280 037 205 073
Income tax A 26 319 20 697
Net profit 253 718 184 376
Net earnings per share (in PLN)
Basic for the reporting period 2.54 1.85
Diluted for the reporting period 2.52 1.83
*
restated data
Interim condensed separate statement of
comprehensive income
01.01.2026
30.06.2026
01.01.2025
30.06.2025*
Net profit
253 718 184 376
Other comprehensive income subject to reclassification to gains or losses after
specific conditions have been met
(5 015) 1 618
Measurement of derivative financial instruments at fair value through other
comprehensive income, taking into account the tax effect
(5 015) 1 618
Other comprehensive income not subject to reclassification to gains or losses - -
Total other comprehensive income (5 015) 1 618
Total comprehensive income 248 703 185 994
*
restated data
60
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 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 30.06.2026 31.12.2025*
NON-CURRENT ASSETS 2 610 443 2 174 743
Property, plant and equipment 323 192 307 893
Intangible assets 65 636 65 024
Expenditure on development projects 1 520 297 1 159 562
Investment properties 66 062 31 241
Goodwill C 49 168 49 168
Investments in subordinated entities G 61 127 56 531
Prepayments and deferred costs 11 711 3 233
Other financial assets G 404 227 387 233
Deferred tax assets A 101 376 114 430
Trade receivables D,G 7 574 -
Other receivables E,G 73 428
CURRENT ASSETS 1 169 253 1 332 673
Inventories 1 416 2 279
Trade receivables D,G 162 240 127 074
Current income tax receivable - 11 305
Other receivables E,G 85 671 217 446
Prepayments and deferred costs 19 089 12 654
Other financial assets G 465 141 332 820
Bank deposits over 3 months G 422 091 520 813
Cash and cash equivalents G 13 605 108 282
TOTAL ASSETS
3 779 696 3 507 416
* restated data
61
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
Note 30.06.2026 31.12.2025
EQUITY 3 560 208 3 294 816
Share capital 18 99 911 99 911
Supplementary capital 2 957 452 2 356 085
Share premium 116 700 116 700
Treasury shares (7 429) (22 424)
Other reserves 139 856 135 075
Retained earnings/(Accumulated losses) - (25 740)
Net profit (loss) for the period 253 718 635 209
NON-CURRENT LIABILITIES 32 050 29 408
Other financial liabilities G 17 244 17 995
Other liabilities 2 134 2 084
Deferred income 10 068 6 642
Provision for retirement and similar benefits 1 713 1 713
Other provisions F 891 974
CURRENT LIABILITIES 187 438 183 192
Other financial liabilities G 11 810 2 798
Trade payables G 72 432 58 768
Current income tax liabilities 7 085 -
Other liabilities 9 553 6 473
Deferred income 1 727 11 104
Provision for retirement and similar benefits 12 567 8 895
Other provisions F 72 264 95 154
TOTAL EQUITY AND LIABILITIES 3 779 696 3 507 416
62
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 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
(loss) for the
period
Total equity
01.01.2026 30.06.2026
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 - - - - (5 015) - 253 718 248 703
Net profit - - - - - - 253 718 253 718
Other comprehensive income - - - - (5 015) - - (5 015)
Costs of the incentive plan - - - - 17 694 - - 17 694
Settlement in treasury shares - (8 102) - 14 995 (7 898) - - (1 005)
Appropriation of net profit/offset of loss - 609 469 - - - (609 469) - -
Equity as at 30.06.2026 99 911 2 957 452 116 700 (7 429) 139 856 - 253 718 3 560 208
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
Correction 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
63
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 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
(loss) for the
period
Total equity
01.01.2025 30.06.2025
Equity as at 01.01.2025 99 911 2 025 643 116 700 - 50 539 470 674 - 2 763 467
Correction of errors - - - - (52) (25 740) - (25 792)
Equity, as adjusted 99 911 2 025 643 116 700 - 50 487 444 934 - 2 737 675
Total comprehensive income - - - - 1 618 - 184 376 185 994
Net profit - - - - - - 184 376 184 376
Other comprehensive income - - - - 1 618 - - 1 618
Costs of the incentive plan - - - - 19 643 - - 19 643
Setting up reserve capital for the purchase of treasury shares - (40 320) - - 40 320 - - -
Payment of dividend - - - - - (99 911) - (99 911)
Appropriation of the net profit/offset of loss - 370 763 - - - (370 763) - -
Equity as at 30.06.2025 99 911 2 356 086 116 700 - 112 068 (25 740) 184 376 2 843 401
64
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 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
30.06.2026
01.01.2025
30.06.2025*
OPERATING ACTIVITIES
Net profit 253 718 184 376
Total adjustments: (48 401) 65 925
Depreciation and amortization of property, plant and equipment, intangible assets
and expenditure on development projects
5 328 4 592
Amortization of development projects recognized as cost of goods sold 20 650 27 673
Foreign exchange (gains)/losses (19 227) 30 078
Interest and shares in profits (25 665) (35 397)
(Gains)/losses on investing activities 13 713 (30 654)
Increase/(Decrease) in provisions (25 592) (50 523)
(Increase)/Decrease in inventories 863 (2 840)
(Increase)/Decrease in receivables (22 408) 57 258
Increase/(Decrease) in liabilities, excluding loans and borrowings 11 108 34 597
Change in other assets and liabilities (20 925) 13 617
The costs of share-based incentive plans 13 038 16 527
Other adjustments 716 997
Cash from operating activities 205 317 250 301
Income tax expense 22 019 13 357
Withholding tax paid abroad 4 300 7 340
Income tax (paid)/refunded 9 425 (11 629)
Net cash from operating activities 241 061 259 369
* restated data
65
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
01.01.2026
30.06.2026
01.01.2025
30.06.2025
INVESTING ACTIVITIES
Inflows 665 996 759 827
Sale of intangible assets and property, plant and equipment 175 194
Repayment of loans granted - 2 529
Sale of shares in a subsidiary 90 695 -
Expiry of bank deposits over 3 months 487 419 538 383
Redemption or sale of bonds 56 833 183 068
Interest on bonds 14 173 8 087
Interest received on deposits 8 608 16 655
Inflows from execution of forward contracts 7 655 10 817
Other inflows from investing activities 438 94
Outflows 1 000 714 985 285
Acquisition of intangible assets and property, plant and equipment 37 522 51 779
Expenditure on development projects 357 988 246 398
Acquisition of investment properties and capitalization of expenditure 11 598 3 569
Loans granted 3 993 3 579
Contribution to the capital of a subsidiary 2 260 2 750
Placement of bank deposits over 3 months 385 313 436 384
Purchase of private equity interests in the gaming sector 77 -
Purchase of bonds and cost of their purchase 198 658 240 826
Transaction-related costs associated with the sale of shares 3 305 -
Net cash from investing activities (334 718) (225 458)
FINANCING ACTIVITIES
Inflows 62 15
Net proceeds from the sale of treasury shares and issue of shares in the execution of
the incentive plan
60 -
Settlement of lease receivables 2 13
Interest received - 2
Outflows 1 082 1 498
Payment of lease liabilities 805 1 209
Interest paid 277 289
Net cash from financing activities (1 020) (1 483)
Net increase/(decrease) in cash and cash equivalents (94 677) 32 428
Change in cash and cash equivalents in the balance sheet (94 677) 32 428
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: 13 605 97 296
restricted cash and cash equivalents 10 -
66
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
Explanations to the condensed separate statement of cash flows
01.01.2026
30.06.2026
01.01.2025
30.06.2025*
“Other adjustment” comprise: 716 997
Measurement of derivative financial instruments - 213
Amortization and depreciation included under cost of sales and other operating
expenses
768 784
Other adjustments (52) -
*
restated data
Assumption of comparability of the financial
statements and consistency of accounting policies
The accounting policies applied in these interim condensed separate financial statements, material judgements 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 30 June 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 30 June 2025 and as at
31 December 2025 were adjusted.
67
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 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 for the period from 1 January to 30 June 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 increasing 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 condensed separate financial statements for the period from 1 January to 30 June 2025 the
Company had adjusted this treatment in the then current periods. As part of the work on closing the financial year 2025, the
Company considered it more appropriate to restate the historical periods to which the tax related. Consequently, in the
comparative figures presented for the first half 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 foreign exchange differences arising from operating activities was changed, with PLN 924 thousand being
transferred from Finance costs to Other operating expenses.
01.01.2025 30.06.2025
published data
presentation
change
restated data
Gross profit on sales 316 753 - 316 753
Other operating expenses 6 574 924 7 498
Operating profit 170 311 (924) 169 387
Finance costs 40 245 (924) 39 321
Profit before tax 205 073 - 205 073
Income tax 46 489 (25 792) 20 697
Net profit from continuing operations 158 584 25 792 184 376
Net profit 158 584 25 792 184 376
Net earnings per share (in PLN)
Basic for the reporting period 1.59 0.26 1.85
Diluted for the reporting period 1.57 0.26 1.83
Interim condensed separate statement of comprehensive income for the period from 1 January to
30 June 2025
01.01.2025 30.06.2025
published data
presentation
change
restated data
Net profit 158 584 25 792 184 376
Total other comprehensive income 1 618 - 1 618
Total comprehensive income 160 202 25 792 185 994
68
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 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 as at 31 December 2025
The presentation of certain non-current assets held by the Company was amended, with PLN 578 thousand being reclassified
from Property, plant and equipment to Intangible assets.
The presentation of advance payments for marketing materials reported in current assets was amended by reclassifying PLN
1 080 thousand from Other receivables to Prepayments and deferred costs.
31.12.2025
published data
presentation
change
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 cash flows for the period from 1 January to 30 June 2025
As a result of adjusting the accounting treatment of PLN 25 792 thousand of withholding tax for previous years, the Net profit
and Income tax on profit/(loss) before tax were amended.
As a result of the reclassification of balance sheet items, Increase/(Decrease) in provisions was reduced by PLN 18 739
thousand. At the same time, the balance of the Increase/(Decrease) in liabilities, excluding loans and borrowings was increased.
01.01.2025 30.06.2025
published data
presentation
change
restated data
OPERATING ACTIVITIES
Net profit 158 584 25 792 184 376
Total adjustments: 65 925
-
65 925
Increase/(Decrease) in provisions (31 784) (18 739) (50 523)
Increase/(Decrease) in liabilities, excluding loans and borrowings 15 858 18 739 34 597
Costs of share-based incentive plans - 16 527 16 527
Other adjustments 17 524 (16 527) 997
Cash from operating activities 224 509 25 792 250 301
Income tax expense 39 149 (25 792) 13 357
Net cash from operating activities 259 369 - 259 369
69
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 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 RED S.A.
A. Corporate income tax and deferred income tax
The deferred portion of income tax was determined at either 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 Company relied on forecasts
as to which tax base will give rise to the realization of the temporary differences recognized.
The main items of income tax expense for the periods ended 30 June 2026 and 30 June 2025 are as follows:
01.01.2026
30.06.2026
01.01.2025
30.06.2025*
Current income tax 13 265 15 090
For the financial year 8 965 11 695
Withholding tax paid abroad 4 300 7 340
Adjustments relating to prior years - (3 945)
Deferred income tax 13 054 5 607
Related to temporary differences arising and reversed 13 054 5 607
Income tax expense shown in the income statement 26 319 20 697
Effective tax rate 9.40% 10.09%
*
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 as at the beginning of the reporting periods.
70
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
Deductible temporary differences underlying the deferred tax assets
31.12.2025
Differences affecting
deferred tax
recognized in the
profit or loss
30.06.2026
Provision for other employee benefits 4 146 1 187 5 333
Provision for costs of earnings-related and other
remuneration
54 421 (28 068) 26 353
Foreign exchange losses 23 937 (4 302) 19 635
Difference between the carrying and tax amount of
expenditure on development projects
21 824 5 636 27 460
Salaries and wages and social security payable
in future periods
4 44 48
Other provisions 37 306 3 767 41 073
Research and development relief 604 780 (6 220) 598 560
Tax value of leased non-current assets 19 484 (725) 18 759
Prepayments recognized as revenue for tax purposes 9 860 (9 137) 723
Total deductible differences, including: 775 762 (37 818) 737 944
taxed at 5% 105 912 (13 950) 91 962
taxed at 19% 669 850 (23 868) 645 982
Deferred tax assets 132 568 (5 233) 127 335
71
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 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
deferred tax
recognized in the
profit or loss
30.06.2026
Difference between the net carrying amount and tax
amount of property, plant and equipment and
intangible assets
31 698 24 529 56 227
Current period revenue invoiced in the subsequent
period/accrued income
114 887 17 899 132 786
Foreign exchange gains 39 585 624
Difference between the carrying amounts and tax
bases of expenditure on development projects
70 354 27 571 97 925
Carrying amount of non-current assets leased 18 698 (660) 18 038
Other 222 43 265
Total taxable differences, including: 235 898 69 967 305 865
taxed at 5% 190 588 39 093 229 681
taxed at 19% 45 310 30 874 76 184
Deferred tax provisions 18 138 7 821 25 959
Net deferred tax assets/provisions
30.06.2026 31.12.2025
Deferred tax assets 127 335 132 568
Deferred tax provisions 25 959 18 138
B. Dividends paid (or declared) and received
During the period from 1 January to 30 June 2026, the Company did not pay or receive dividends.
C. Goodwill
Goodwill recognized in business combinations and acquisitions
30.06.2026 31.12.2025
CD Projekt Red sp. z o.o. 39 147 39 147
Strange New Things business 10 021 10 021
Total 49 168 49 168
72
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
D. Trade receivables
30.06.2026 31.12.2025
Gross trade receivables 170 080 127 329
Impairment write-downs 266 255
Net trade receivables 169 814 127 074
from related entities 6 910 4 386
from other entities 162 904 122 688
Gross trade receivables comprise the current portion of PLN 162 506 thousand and the non-current portion of PLN 7 574 thousand.
The recognition of the non-current trade receivables balance in the statement of financial position resulted from a new trade
contract with a timetable of repayment until 2030. In the current interim period, the Company identified a significant financing
component in the said contract. Due to the deferred payment terms, the Company adjusts the amount of promised remuneration
for the effect of time value of money using the effective interest rate method. The effect of the reversal of discount over time is
credited to finance income.
Changes in write-downs of trade receivables
01.01.2026
30.06.2026
OTHER ENTITIES
Impairment write-downs as at the beginning of the period 255
Increases, including: 11
recognition of write-downs of overdue and disputed receivables 11
Decreases -
Impairment write-downs as at the end of the period 266
73
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 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 30.06.2026
Total Not overdue
Overdue, in days
1 60 61 90 91 180 181 360 >360
RELATED ENTITIES
gross receivables 6 910 6 910 - - - - -
default ratio
0% 0% 0% 0% 0% 0%
write-down resulting
from the ratio
- - - - - - -
write-down determined
individually
- - - - - - -
total expected credit losses - - - - - - -
Net receivables 6 910 6 910 - - - - -
Total Not overdue
Overdue, in days
1 60 61 90 91 180 181 360 >360
OTHER ENTITIES
gross receivables 163 170 162 237 560 87 23 111 152
default ratio
0% 0% 0% 0% 0% 0%
write-down resulting
from the ratio
- - - - - - -
write-down determined
individually
266 - - - 3 111 152
total expected credit losses
266 - - - 3 111 152
Net receivables 162 904 162 237 560 87 20 - -
Total
gross receivables 170 080 169 147 560 87 23 111 152
impairment write-
downs
266 - - - 3 111 152
Net receivables 169 814 169 147 560 87 20 - -
74
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
E. Other receivables
30.06.2026 31.12.2025*
Other gross receivables 85 744 217 874
Impairment write-downs - -
Other net receivables 85 744 217 874
from related entities 7 076 3 598
from other entities 78 668 214 276
*
restated data
30.06.2026
31.12.2025*
Other gross receivables, including: 85 744 217 874
tax receivables, other than corporate income tax 38 229 39 057
prepayments for development projects 35 688 28 011
prepayments for inventories 8 367 32 672
prepayments for property, plant and equipment and intangible assets 1 698 1 177
security deposits 470 473
settlements with employees 38 51
settlements with members of the Management Board 25 4
disposal of shares in a subsidiary - 90 695
prepayments for investment properties - 25 000
other 1 229 734
Impairment write-downs - -
Other net receivables, including: 85 744 217 874
current 85 671 217 446
non-current 73 428
*
restated data
F. Other provisions
30.06.2026 31.12.2025
Provisions for liabilities, including: 73 155 96 128
provision for costs of earnings-related and other remuneration 28 761 59 862
provision for costs of the audit and review of the financial statements 169 104
provision for costs of external services 30 044 21 889
provision for other costs 14 181 14 273
Total, including: 73 155 96 128
current 72 264 95 154
non-current 891 974
75
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 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 financial year
28 761 229 75 960 1 354 106 304
Provisions utilized/released 59 862 164 67 805 1 446 129 277
As at 30.06.2026, including: 28 761 169 30 044 14 181 73 155
current 28 761 169 29 153 14 181 72 264
non-current - - 891 - 891
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 on 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 on the market.
The Company’s Management Board 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 30 June 2026 and
31 December 2025.
30.06.2026 31.12.2025
LEVEL 1
Assets measured at fair value
Assets measured at fair value through
other comprehensive income
267 065 217 863
foreign bonds EUR 22 693 21 971
foreign bonds USD 244 372 195 892
LEVEL 2
Assets measured at fair value through profit or loss
Derivatives 12 10 067
currency forwards EUR 12 506
currency forwards USD - 9 561
Private equity interests in the gaming sector 4 430 4 114
private equity interests in the gaming sector SEK 675 561
private equity interests in the gaming sector USD 3 755 3 553
Liabilities measured at fair value through profit or loss
Derivatives 10 294 -
currency forwards USD 10 294 -
76
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 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 at 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 Company adopts historical cost as an acceptable
approximation of the fair value.
The Company did not measure the fair values of receivables, trade 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.
30.06.2026 31.12.2025
Financial assets measured at amortized cost 1 203 444 1 244 606
Other non-current receivables 73 428
Trade receivables 169 814 127 074
Cash and cash equivalents 13 605 108 282
Bank deposits over 3 months 422 091 520 813
Domestic bonds 577 043 472 119
Loans granted 20 818 15 890
Financial assets measured at cost 61 127 56 531
Investments in subordinated entities 61 127 56 531
Financial assets measured at fair value through
other comprehensive income
267 065 217 863
Foreign bonds 267 065 217 863
Financial assets measured at fair value through profit or loss 4 442 14 181
Derivative financial instruments 12 10 067
Private equity interests in the gaming sector 4 430 4 114
Total financial assets 1 536 078 1 533 181
77
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 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 separate 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.
30.06.2026 31.12.2025
LEVEL 1
Fair value of assets measured at amortized cost 574 882 473 607
Domestic bonds 574 882 473 607
Other items of financial assets and financial liabilities measured at amortized cost were classified to Level 3.
Financial liabilities classification and measurement
30.06.2026 31.12.2025
Financial liabilities measured at amortized cost 91 192 79 561
Trade payables 72 432 58 768
Lease liabilities and other financial liabilities 18 760 20 793
Financial liabilities measured at fair value
through profit or loss
10 294 -
Derivative financial instruments 10 294 -
Total financial liabilities 101 486 79 561
78
Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
H. Related party transactions
Sales to related entities Purchases from related entities Receivables from related entities Liabilities to related entities
01.01.2026
30.06.2026
01.01.2025
30.06.2025
01.01.2026
30.06.2026
01.01.2025
30.06.2025
30.06.2026 31.12.2025 30.06.2026 31.12.2025
SUBSIDIARIES
GOG sp. z o.o. - 7 208 - 51 - - - -
CD PROJEKT
RED Inc.
4 279 2 685 107 683 51 246 30 372 21 519 21 834 14 679
CD PROJEKT RED
Canada Ltd.
704 534 13 814 9 091 4 407 2 351 3 350 2 147
The Molasses
Flood LLC
- 174 - 11 091 - - - -
CD PROJEKT
SILVER Inc.
- - - 618 - - - -
OTHER RELATED ENTITIES
Management
Board members
66 16 - - 25 4 3 4
Supervisory Board
members
10 5 - - - - 17 -
Other members of
the senior
management
51 28 - - 3 6 1 16
Other related
parties
- 173 - - - - - -
79
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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
In accordance with the requirements of 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, the Management Board of the Parent Company declares that, to the best of its knowledge, these semi-annual
condensed consolidated financial statements and comparative data have been prepared in accordance with the accounting policies
applicable in the CD PROJEKT RED Group and that they reflect in a true, fair and clear manner the Group’s financial position and its
results of operations.
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 1 January 2026, 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, in accordance with 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.
80
Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 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 30 June 2026 has been signed and approved for publication by the Management Board
of CD PROJEKT RED S.A. on 2 September 2026.
Warsaw, 2 September 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
81