Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Disclaimer

This English language translation has been prepared solely for the convenience of English speaking

readers. Despite all the efforts devoted to this translation, certain discrepancies, omissions or

approximations may exist. In case of any differences between the Polish and the English versions, the

Polish version shall prevail. CD PROJEKT, its representatives and employees decline all responsibility in

this regard.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

CD PROJEKT Group - Selected financial data translated into EUR

PLN EUR

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025*

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025*

Net sales of products, goods for resale

and materials

191 107 180 091 45 052 43 035

Cost of sales of products, goods for resale

and materials

13 854 13 989 3 266 3 343

Operating profit 97 067 94 013 22 883 22 465

Profit before tax 112 882 112 539 26 611 26 892

Net profit from continuing operations 106 200 111 215 25 036 26 576

Net profit from discontinued operations - 580 - 139

Net profit 106 200 111 795 25 036 26 715

Net cash from operating activities 163 491 151 112 38 542 36 110

Net cash from investing activities (246 436) (57 766) (58 096) (13 804)

Net cash from financing activities (1 162) (950) (274) (227)

Net increase/(decrease) in cash and cash equivalents (84 107) 92 396 (19 828) 22 079

Number of shares (in thousands) 99 911 99 911 99 911 99 911

Net earnings per share (in PLN/EUR) 1.06 1.12 0.25 0.27

Diluted earnings per share (in PLN/EUR) 1.05 1.11 0.25 0.27

Book value per share (in PLN/EUR) 34.16 28.94 7.96 6.92

Diluted book value per share

(in PLN/EUR)

33.85 28.74 7.89 6.87

Dividend declared or paid per share

(in PLN/EUR)

- - - -

* restated data

PLN EUR

31.03.2026 31.12.2025 31.03.2026 31.12.2025

Total assets 3 643 417 3 503 320 849 400 828 855

Liabilities and provisions for liabilities

(excluding accruals)

207 109 195 715 48 284 46 304

Non-current liabilities 34 833 33 157 8 121 7 845

Current liabilities 195 859 180 304 45 661 42 658

Equity 3 412 725 3 289 859 795 618 778 352

Share capital 99 911 99 911 23 293 23 638

The financial data presented above was translated into EUR as follows:

 Items of the interim condensed consolidated income statement and the interim condensed consolidated statement of cash

flows were translated at exchange rates calculated as an arithmetic mean of the exchange rates announced by the National

Bank of Poland for the euro applicable as at the last day of each month in a given reporting period. These rates were,

respectively, as follows: from 1 January to 31 March 2026: 4.2419 PLN/EUR and from 1 January to 31 March 2025:

4.1848 PLN/EUR.

 Items of assets, liabilities and equity in the interim condensed consolidated statement of financial position were translated at

exchange rates announced by the National Bank of Poland for the euro applicable as at the last day of the reporting period.

These rates were, respectively, as follows: 4.2894 PLN/EUR as at 31 March 2026 and 4.2267 PLN/EUR as at 31 December 2025.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Table of contents

Key financial data of the CD PROJEKT Group ................................................................................................................................................................. 6

Interim condensed consolidated income statement ................................................................................................................................................. 7

Interim condensed consolidated statement of comprehensive income ........................................................................................................... 9

Interim condensed consolidated statement of financial position ........................................................................................................................ 9

Interim condensed statement of changes in consolidated equity ...................................................................................................................... 12

Interim condensed statement of cash flows .............................................................................................................................................................. 14

Explanatory notes to the interim condensed consolidated financial statements................................................................................................. 17

General information........................................................................................................................................................................................................... 18

Presentation of the Group ............................................................................................................................................................................................... 18

Consolidation policies ...................................................................................................................................................................................................... 19

Basis of preparation of the interim condensed consolidated financial statements .....................................................................................20

Going concern assumption ............................................................................................................................................................................................20

Compliance with the International Financial Reporting Standards....................................................................................................................20

Functional currency and presentation currency ....................................................................................................................................................... 21

Assumption of comparability of the financial statements and consistency of accounting policies .......................................................... 21

Audit by the registered auditor ..................................................................................................................................................................................... 25

Notes – operations of the CD PROJEKT Group ............................................................................................................................................................ 26

Notes – other explanatory notes to the interim condensed consolidated financial statements .................................................................... 29

Note 1. Description of items affecting assets, liabilities, equity, net profit and cash flows which are not typical

in terms of their type, size and impact ................................................................................................................................................................ 30

Note 2. Sales revenue .............................................................................................................................................................................................. 30

Note 3. Operating expenses .................................................................................................................................................................................... 31

Note 4. Other operating income and expenses ................................................................................................................................................32

Note 5. Finance income and finance costs......................................................................................................................................................... 33

Note 6. Corporate income tax and deferred income tax................................................................................................................................ 34

Note 7. Discontinued operations .......................................................................................................................................................................... 36

Note 8. Dividends paid (or declared) and received ........................................................................................................................................ 36

Note 9. Property, plant and equipment................................................................................................................................................................ 37

Note 10. Intangible assets and expenditure on development projects .................................................................................................... 39

Note 11. Changes in the structure of the Group and Group companies during the reporting period .............................................. 40

Note 12. Investment properties ............................................................................................................................................................................. 40

Note 13. Prepayments and deferred costs ........................................................................................................................................................... 41

Note 14. Other financial assets ................................................................................................................................................................................ 41

Note 15. Inventories .................................................................................................................................................................................................... 41

Note 16. Trade receivables ......................................................................................................................................................................................42

Note 17. Other receivables ....................................................................................................................................................................................... 44

Note 18. Share capital ................................................................................................................................................................................................ 44

Note 19. Other non-current liabilities ................................................................................................................................................................... 45

Note 20. Other current liabilities ........................................................................................................................................................................... 45

Note 21. Deferred income ....................................................................................................................................................................................... 46

Note 22. Provision for retirement and similar benefits .................................................................................................................................. 46

Note 23. Other provisions ........................................................................................................................................................................................ 47

Note 24. Information on financial instruments ...................................................................................................................................................48

Note 25. Explanations to the condensed consolidated statement of cash flows ................................................................................... 51

Note 26. Cash flows and non-monetary changes resulting from changes in liabilities in financing activities...............................53

Note 27. Transactions with related entities ....................................................................................................................................................... 54

Note 28. Contingent liabilities ................................................................................................................................................................................ 57

Note 29. Employee benefit programmes ........................................................................................................................................................... 58

Note 30. Tax settlements ......................................................................................................................................................................................... 61

Note 31. Post balance sheet events ...................................................................................................................................................................... 61

Additional information ........................................................................................................................................................................................................... 62

Significant litigation pending before a court, a competent arbitration body or a public administration body .............................. 63

Shareholding structure .................................................................................................................................................................................................... 63

Parent Company’s shares held by Members of the Management and Supervisory Boards .............................................................. 64

Reference to published estimates ............................................................................................................................................................................... 64

Interim condensed separate financial statements of CD PROJEKT S.A. ............................................................................................................... 65

Interim condensed separate income statement ...................................................................................................................................................... 66

Interim condensed separate statement of comprehensive income ................................................................................................................. 66

Interim condensed separate statement of financial position .............................................................................................................................. 67

Interim condensed separate statement of changes in equity ............................................................................................................................. 69

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Interim condensed separate statement of cash flows............................................................................................................................................ 71

Assumption of comparability of the financial statements and consistency of accounting policies ......................................................... 73

Notes to the separate financial statements of CD PROJEKT S.A. ..................................................................................................................... 76

A. Corporate income tax and deferred income tax .......................................................................................................................................... 76

B. Dividends paid (or declared) and received .................................................................................................................................................... 77

C. Goodwill .................................................................................................................................................................................................................... 77

D. Trade receivables .................................................................................................................................................................................................. 78

E. Other receivables .................................................................................................................................................................................................. 80

F. Other provisions .................................................................................................................................................................................................... 80

G. Information on financial instruments ................................................................................................................................................................81

H. Transactions with related entities.....................................................................................................................................................................84

Statement of the Management Board of the Parent Company .......................................................................................................................... 86

Approval of the financial statements .......................................................................................................................................................................... 87

Key financial data of the

CD PROJEKT Group

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Interim condensed consolidated income statement

Note

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025*

Sales revenue 191 107 180 091

Sales of products 2 184 935 178 069

Sales of goods for resale and materials 2 6 172 2 022

Cost of sales of products, goods for resale and materials 13 854 13 989

Cost of products sold 3 11 440 11 212

Cost of goods for resale and materials sold 3 2 414 2 777

Gross profit on sales 177 253 166 102

Selling expenses 3 23 989 22 051

Total administrative expenses, including: 3 56 964 49 930

costs of research projects 3 8 945 8 186

Other operating income 4 3 602 3 133

Other operating expenses 4 2 832 3 248

(Impairment)/reversal of impairment

of financial instruments

(3) 7

Operating profit 97 067 94 013

Finance income 5 26 107 39 104

Finance costs 5 10 292 20 578

Profit before tax 112 882 112 539

Income tax 6 6 682 1 324

Net profit on continuing operations 106 200 111 215

Net profit on discontinued operations 7 - 580

Net profit 106 200 111 795

Net earnings per share (in PLN)

Basic for the reporting period 1.06 1.12

Diluted for the reporting period 1.05 1.11

Net earnings on continuing operations per share (in PLN)

Basic for the reporting period 1.06 1.11

Diluted for the reporting period 1.05 1.10

Net earnings on discontinued operations per share (in PLN)

Basic for the reporting period - 0.01

Diluted for the reporting period - 0.01

* restated data

The Group’s total Sales revenue in the first quarter of 2026 was higher than in the first quarter of last year, mainly due to continued

sales of Cyberpunk 2077, including the Phantom Liberty expansion and sales revenue related to introducing Cyberpunk 2077 and

The Witcher 3: Wild Hunt into the Game Pass service.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Sales of products had the largest share in the CD PROJEKT Group’s sales revenue for the period under review and primarily related

to:

a) royalties resulting from the sale of Cyberpunk 2077, including the Phantom Liberty expansion;

b) royalties resulting from the sale of The Witcher 3: Wild Hunt with Hearts of Stone and Blood and Wine expansions;

c) licence revenue from CD PROJEKT RED studio franchises;

d) revenue related to other products of the CD PROJEKT RED segment: the GWENT games: The Witcher Card Game,

The Witcher 2: The Assassins of Kings, The Witcher and Thronebreaker: The Witcher Tales.

The Cost of products, goods for resale and materials sold of the Group comprised mainly the Cost of products sold, where mainly

the cost of amortization of expenditure on development projects (own games developed) is presented. The value of the said item

in the first quarter of 2026 comprised mainly the amortization of expenditure on Cyberpunk 2077, including its expansion Phantom

Liberty.

Sales of goods for resale and materials and the corresponding Cost of goods for resale and materials sold in the period under

analysis relate to the sales to distributors of the Parent Company’s finished physical game sets, their components and franchise

products, including mainly the sales to distributors of Cyberpunk 2077: Ultimate Edition on Nintendo Switch 2 cartridges.

In the first quarter of 2026, the largest component of the Selling expenses comprised costs relating to the publishing activities,

advertising and promotion of own titles released and planned, including salaries and wages of the internal publishing department

teams and other external services relating to promotion.

In addition, this item comprises costs of maintenance of released titles, mainly the maintenance costs of Cyberpunk 2077, including

its expansion Phantom Liberty.

Administrative expenses of the CD PROJEKT Group comprise mainly:

a) remuneration of the administrative teams and the external costs of third party services classified in this category which,

in step with an increase in the scale of operations of the Group companies, are growing gradually;

b) remuneration of the management (including earnings-related remuneration for a given period);

c) the cost associated with the functioning of the Incentive Plans A and B which are based on entitlements to the Parent

Company’s shares;

d) the costs of research work on new technologies and the costs of work on the future games during the initial period of

their development (research phase) before moving on to the implementation of projects (development phase) and starting

to capitalize them within expenditure on development projects which is a part of Non-current assets.

The Group’s Other operating income and expenses comprise mainly income generated by CD PROJEKT from the rental of office

space (and accompanying maintenance costs) in the real estate complex at ul. Jagiellońska 74 and 76 in Warsaw, income from

utilizing the tax relief for innovative employees, reinvoicing income and expenses, as well as other sales.

In the period discussed, the Group reported an excess of Finance income over Finance costs. The excess comprised mainly interest

on bonds and deposits with banks, net foreign exchange gains, including the settlement and measurement of derivative financial

instruments hedging foreign exchange risk.

The Group’s consolidated Net profit for the first quarter of 2026 amounted to PLN 106 200 thousand and was 4.5% lower than Net

profit on continuing operations in the first quarter of 2025.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Interim condensed consolidated statement of

comprehensive income

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025*

Net profit 106 200 111 795

Other comprehensive income subject to reclassification to gains or losses after specific

conditions have been met

3 850 (1 751)

Exchange differences on measurement of foreign operations 7 074 (2 875)

Measurement of financial instruments at fair value through other comprehensive income,

taking into account the tax effect

(3 224) 1 124

Total other comprehensive income 3 850 (1 751)

Total comprehensive income, including: 110 050 110 044

Total comprehensive income on continuing operations 110 050 109 464

Total comprehensive income on discontinued operations - 580

* restated data

Interim condensed consolidated statement of financial

position

Note 31.03.2026 31.12.2025* 31.03.2025*

NON-CURRENT ASSETS 2 466 808 2 168 647 1 729 873

Property, plant and equipment 9 349 274 334 779 284 656

Intangible assets 10 65 782 64 979 68 603

Expenditure on development projects 10 1 317 610 1 148 143 785 199

Investment properties 12 67 486 31 241 31 319

Goodwill 10 88 899 88 899 56 438

Shares in non-consolidated subordinated entities 24 10 933 10 770 40 598

Prepayments and deferred costs 13 7 138 3 233 23 305

Other financial assets 14.24 442 187 371 566 329 876

Deferred tax assets 6 117 060 114 603 109 474

Other receivables 17 439 434 405

CURRENT ASSETS 1 176 609 1 334 673 1 388 442

Inventories 15 2 076 2 279 660

Trade receivables 16.24 101 836 125 441 87 603

Current income tax receivable - 11 305 36

Other receivables 17 79 669 214 114 100 958

Prepayments and deferred costs 13 20 027 14 009 24 390

Other financial assets 14.24 396 217 332 597 470 167

Bank deposits over 3 months 24 546 776 520 813 487 346

Cash and cash equivalents 24 30 008 114 115 217 282

TOTAL ASSETS

3 643 417 3 503 320 3 118 315

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Expenditure on development projects, in which the Group recognizes expenditure on the development of games, their versions

on new platforms and other products of a similar nature, incurred and deferred, had the largest share in the value of the Group’s

Non-current assets as at the end of the first quarter of 2026, as well as the largest impact on the increase in the balance thereof.

The increase in the item in question in the period discussed is mainly a result of incurring higher expenditure on the production of

future products than the amortization of completed productions. The largest expenditure incurred in the period analysed related to

The Witcher 4 and Cyberpunk 2.

The increase in the balance of CD PROJEKT Group’s Property, plant and equipment is associated mainly with expenditure on the

construction works on the CD PROJEKT campus in Warsaw (Assets under construction).

The balance of Investment properties increased during the period under analysis as a result of the purchase of an investment

property located in Warsaw in connection with the plans to develop the CD PROJEKT campus at Jagiellońska.

The balance of current and non-current Other financial assets consists primarily of domestic and foreign bonds acquired as part of

credit risk diversification, together with the measurement of derivative financial instruments hedging the currency risk of foreign

bonds.

The consolidated balance of current and non-current Prepayments and deferred costs recognized as at the end of the period

under analysis consisted mainly of prepaid subscriptions for business software and deferred marketing costs.

As at the end of March 2026, the Group’s Other receivables included, in particular, tax receivables and advance payments made

by CD PROJEKT RED in respect of purchases of goods for resale and services, and development projects. The decrease in the

balance is mainly due to a settlement of an amount receivable during the reporting period in connection with the disposal, at the

end of 2025, of shares in the subsidiary GOG sp. z o.o.

The total value of financial reserves in the form of Cash and cash equivalents, Bank deposits over 3 months and liquid financial

assets in the form of purchased bonds (collectively included in current and non-current Other financial assets) held by the Group

as at 31 March 2026 amounted to PLN 1 410 597 thousand (compared with PLN 1 324 910 thousand as at 31 December 2025).

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 31.03.2026 31.12.2025 31.03.2025*

EQUITY 3 412 725 3 289 859 2 891 762

Share capital 18 99 911 99 911 99 911

Supplementary capital 2 400 607 2 400 607 2 069 034

Share premium 116 700 116 700 116 700

Treasury shares (22 424) (22 424) -

Other reserves 143 145 133 553 57 748

Foreign exchange differences on translation 604 (6 470) (2 444)

Retained earnings/(Accumulated losses) 567 982 (26 726) 439 018

Net profit for the period 106 200 594 708 111 795

NON-CURRENT LIABILITIES 34 833 33 157 22 348

Other financial liabilities 24 20 676 21 743 17 243

Other liabilities 19 2 194 2 085 2 212

Deferred tax provision 6 - - 151

Deferred income 21 10 162 6 642 1 880

Provision for retirement and similar benefits 22 1 713 1 713 862

Other provisions 23 88 974 -

CURRENT LIABILITIES 195 859 180 304 204 205

Other financial liabilities 24 8 827 7 860 4 713

Trade payables 24 42 895 46 447 68 922

Current income tax liabilities 5 635 - 2 023

Other liabilities 20 8 738 7 297 9 476

Deferred income 21 13 421 11 104 17 226

Provision for retirement and similar benefits 22 17 854 12 442 11 898

Other provisions 23 98 489 95 154 89 947

TOTAL EQUITY AND LIABILITIES 3 643 417 3 503 320 3 118 315

* restated data

As at the end of the first quarter of 2026, the Equity of the CD PROJEKT Group amounted to PLN 3 412 725 thousand and was PLN

122 866 thousand higher than at the end of 2025, which was mainly influenced by the Net profit for the period.

The balance of current and non-current Other financial liabilities as at the 31 March 2026 the Group recognizes lease liabilities,

including in particular liabilities relating to the perpetual usufruct of land at Jagiellońska 74 and Jagiellońska 76 in Warsaw.

The sum of the Group’s Other liabilities in the period discussed comprised mainly current social security liabilities and tax liabilities

(PIT, withholding tax).

The CD PROJEKT Group’s Deferred income as at the end of March 2026 mainly includes the so-called minimum guarantees, i.e.

advances received or due from publishers and distribution partners towards royalties related to sales in future periods as well as

deferred income concerning subsidies.

The balance of current and non-current Provisions for retirement and similar benefits includes primarily a holiday pay provision.

The balance of the CD PROJEKT Group’s Other provisions as at the end of the first quarter of 2026 comprised mainly a provision

for unpaid remuneration contingent on the earnings for 2025 and for the current period, as well as provisions for external services

and other costs.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Interim condensed statement of changes in consolidated equity

capital

Supplementary

capital

Share premium

Treasury

Other

reserves

Foreign

exchange

gains and

losses

differences on

translation

Retained

earnings /

(Accumulated

losses)

Net profit

for the

period

Total

equity

01.01.2026 – 31.03.2026

Equity as at 01.01.2026 99 911 2 400 607 116 700 (22 424) 133 553 (6 470) 567 982 - 3 289 859

Total comprehensive income - - - - (3 224) 7 074 - 106 200 110 050

Net profit - - - - - - - 106 200 106 200

Other comprehensive income - - - - (3 224) 7 074 - - 3 850

Costs of the incentive plan - - - - 12 816 - - - 12 816

Equity as at 31.03.2026 99 911 2 400 607 116 700 (22 424) 143 145 604 567 982 106 200 3 412 725

01.01.2025 – 31.12.2025

Equity as at 01.01.2025 99 911 2 069 034 116 700 - 49 017 431 465 574 - 2 800 667

Corrections of errors - - - - (52) - (26 556) - (26 608)

Equity, as adjusted 99 911 2 069 034 116 700 - 48 965 431 439 018 - 2 774 059

Total comprehensive income - - - - 1 921 (6 901) - 594 708 589 728

Net profit - - - - - - - 594 708 594 708

Other comprehensive income - - - - 1 921 (6 901) - - (4 980)

Costs of the incentive plan - - - - 42 347 - - - 42 347

Setting up reserve capital for the purchase of treasury shares

- (40 320) - - 40 320 - - - -

Purchase of treasury shares for the execution of

the incentive plan

- - - (22 424) - - - - (22 424)

Retained earnings/(Accumulated losses) of the acquired

entity

- - - - - - 6 060 - 6 060

Payment of dividend - - - - - - (99 911) - (99 911)

Appropriation of the net profit/offset of loss - 371 893 - - - - (371 893) - -

Equity as at 31.12.2025 99 911 2 400 607 116 700 (22 424) 133 553 (6 470) (26 726) 594 708 3 289 859

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

capital

Supplementary

capital

Share premium

Treasury

Other

reserves

Foreign

exchange

gains and

losses

differences on

translation

Retained

earnings /

(Accumulated

losses)

Net profit

for the

period

Total

equity

01.01.2025 – 31.03.2025

Equity as at 01.01.2025 99 911 2 069 034 116 700 - 49 017 431 465 574 - 2 800 667

Corrections of errors - - - - (52) - (26 556) - (26 608)

Equity, as adjusted 99 911 2 069 034 116 700 - 48 965 431 439 018 - 2 774 059

Total comprehensive income - - - - 1 124 (2 875) - 111 795 110 044

Net profit - - - - - - - 111 795 111 795

Other comprehensive income - - - - 1 124 (2 875) - - (1 751)

Costs of the incentive plan - - - - 7 659 - - - 7 659

Equity as at 31.03.2025 99 911 2 069 034 116 700 - 57 748 (2 444) 439 018 111 795 2 891 762

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Interim condensed statement of cash flows

Note

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025*

OPERATING ACTIVITIES

Net profit 106 200 111 795

Total adjustments: 25 40 175 51 356

Depreciation and amortization of property, plant and equipment, intangible

assets and expenditure on development projects

2 845 2 968

Amortization of development projects recognized as cost of goods sold 10 325 13 775

Foreign exchange (gains)/losses (15 279) 17 921

Interest and shares in profits (12 113) (18 462)

(Gains)/losses on investing activities 10 212 (18 219)

Increase/(Decrease) in provisions 14 550 (10 397)

(Increase)/Decrease in inventories 203 1 142

(Increase)/Decrease in receivables 26 679 52 095

Increase/(Decrease) in liabilities, excluding loans and borrowings (7 838) (1 976)

Change in other assets and liabilities (4 146) 3 996

The costs of share-based incentive plans 11 334 7 565

Other adjustments 3 403 948

Cash from operating activities 146 375 163 151

Income tax expense 4 028 (3 239)

Withholding tax paid abroad 2 664 4 755

Income tax (paid)/refunded 10 424 (13 555)

Net cash from operating activities 163 491 151 112

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025

INVESTING ACTIVITIES

Inflows 357 406 357 599

Sale of intangible assets and property, plant and equipment 7 191

Repayment of loans granted - 455

Sale of shares in a subsidiary 90 695 -

Expiry of bank deposits over 3 months 214 200 278 634

Redemption or sale of bonds 37 430 66 000

Interest on bonds 6 974 2 770

Interest received on deposits 4 215 9 136

Inflows from execution of forward contracts 3 885 366

Other inflows from investing activities - 47

Outflows 603 842 415 365

Acquisition of intangible assets and property, plant and equipment 30 924 36 314

Expenditure on development projects 149 743 99 711

Acquisition of investment properties and capitalization of expenditure 11 629 -

Placement of bank deposits over 3 months 237 379 248 194

Purchase of private equity interests in the gaming sector 29 -

Purchase of bonds and cost of their purchase 170 833 31 146

Transaction-related costs associated with the sale of shares 3 305 -

Net cash from investing activities (246 436) (57 766)

FINANCING ACTIVITIES

Inflows 1 9

Settlement of lease receivables 1 8

Interest received - 1

Outflows 1 163 959

Payment of lease liabilities 954 800

Interest paid 209 159

Net cash from financing activities 26

(1 162)

(950)

Net increase/(decrease) in cash and cash equivalents (84 107) 92 396

Change in cash and cash equivalents in the balance sheet (84 107) 92 396

Cash and cash equivalents as at the beginning of the period 114 115 124 886

Cash and cash equivalents as at the end of the period, including 30 008 217 282

restricted cash and cash equivalents 291 -

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

In the first quarter of 2026, the CD PROJEKT Group reported a positive balance of Net cash flows from operating activities of

PLN 163 491 thousand.

The consolidated net profit for the period was adjusted for:

a) Non-cash items (total increase):

 Amortization and depreciation;

 Amortization of development projects recognized as cost of sales, consisting mainly of the amortization of

expenditure on the development of Cyberpunk 2077 and the Phantom Liberty expansion;

 Foreign exchange (gains)/losses, a decrease resulting from the elimination of foreign exchange differences

recognized in the income statement on the measurement of foreign bonds and bank deposits;

 Increase/(Decrease) in provisions, an increase resulting mainly from the change in provisions for liabilities and

holiday pay;

 Costs of share-based incentive plans, an increase in the balance resulting from the elimination of the accounting

settlement of non-cash costs of share-based incentive plans;

 Other adjustments, an increase in net cash flows resulting mainly from the elimination of amortization and

depreciation included in the cost of sales and other operating expenses.

b) Items related to changes in current assets and current liabilities (a net increase):

 (Increase)/Decrease in inventories, an increase in net cash flows as a result of a decrease in inventories;

 (Increase)/Decrease in receivables, an increase in net cash flows resulting primarily from a decrease in the balance

of receivables at the end of the first quarter of 2026 related to the receipt of royalties reported for the fourth quarter

of 2025;

 Increase/(decrease) in liabilities, excluding loans and borrowings, a decrease in net cash flows as a consequence

of a decrease in the Group’s liabilities;

 Change in other assets and liabilities (a decrease).

c) Items recognized in other sections of the statement of cash flows – Interest and shares in profits, resulting in a decrease

in the cash flows reported under operating activities and (Gains)/Losses on investing activities, an increase.

d) A difference between the corporate income tax recognized in the income statement and the tax actually paid in the first

quarter of 2026, taking into account settlements related to withholding tax.

The main factor contributing to the negative balance of Net cash flows from investing activities during the first quarter of this year

were cash outflows related to transactions involving bank deposits and bonds, as well as outflows related to Expenditure on

development projects and the Acquisition of property, plant and equipment and investment properties. In addition, during the

reporting period, the Parent Company received payment for the shares in its subsidiary GOG sp. z o.o. that were sold at the end of

the last year.

In the first quarter of 2026, the CD PROJEKT Group did not generate any significant Net cash flows from financing activities.

The total Net decrease in cash and cash equivalents for the first quarter of the current year amounted to PLN 84 107 thousand. At

the same time, the total Cash and cash equivalents, Bank deposits over 3 months and liquid financial assets in the form of purchased

bonds increased by PLN 85 687 thousand, while financing outflows related to ongoing development projects amounting to

PLN 149 743 thousand.

Explanatory notes to the interim

condensed consolidated financial

statements

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

General information

Name of reporting entity:

CD PROJEKT S.A.

(there have been no changes in the name of the reporting entity since the end of

the prior reporting period)

Legal form: a joint stock company (spółka akcyjna)

Registered office: ul. Jagiellońska 74, Warszawa 03-301

Country of registration: Poland

Core activities:

CD PROJEKT S.A. is the holding company of the CD PROJEKT Group, whose core

business is the development and publication of video games

Principal place of business: Warsaw

Registration body:

District Court for the Capital City of Warsaw in Warsaw, 14th Business Department

of the National Court Register

Statistical number REGON: 492707333’’

Tax identification number (NIP): 7342867148’

Number in the BDO register (national

waste management database):

000141053’

Duration of the Group: unspecified

Name of parent entity: CD PROJEKT S.A.

Name of the ultimate parent of the

Group:

CD PROJEKT S.A.

Presentation of the Group

Related companies – as at 31 March 2026

CD PROJEKT S.A.

CD PROJEKT RED Inc.

CD PROJEKT SILVER Inc.

CD PROJEKT RED

Canada Ltd.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Consolidation policies

Consolidated companies

As at 31.03.2026 % share in capital % share of voting rights consolidation method

CD PROJEKT S.A. parent entity - -

CD PROJEKT RED Inc. 100% 100% acquisition accounting

CD PROJEKT RED Canada Ltd. 100% 100% not consolidated

CD PROJEKT SILVER Inc. 100% 100% not consolidated

In accordance with the accounting policy adopted by the Group, the parent entity does not have to consolidate a subsidiary using

the acquisition accounting method, if:

 the subsidiary’s share in the parent entity’s total assets does not exceed 3%;

 the subsidiary’s share in the parent entity’s sales revenue and financial transactions does not exceed 3%,

where those transactions between the subsidiary and its parent entity which would be eliminated during consolidation are not taken

into account when determining whether the said thresholds have been exceeded.

In total, the financial data of the subsidiaries eliminated from consolidation may not exceed:

 6% of the share in the parent entity’s total assets;

 6% of the share in the parent entity’s sales revenue and financial transactions,

where those transactions between the subsidiary and its parent entity which would be eliminated during consolidation are not taken

into account when determining whether the said thresholds have been exceeded.

Subsidiaries

Subsidiaries are all and any entities over which the Group has control which manifests itself by, simultaneously:

 having power, consisting of having substantive rights that give the Group the current ability to manage the relevant activities,

i.e. those activities which significantly affect the entity’s financial results;

 being exposed or having rights to variable returns, consisting of having the potential to change the financial results of the Group

depending on the results of the subsidiary;

 having the ability to use the power exercised to affect its returns from the subsidiary by using its power in order to affect the

financial results attributable to the Group resulting from the involvement in the subsidiary.

Subsidiaries which meet the above-mentioned materiality criterion are fully consolidated from the date on which the Group assumed

control over them. They cease to be consolidated from the date that control ceases.

Revenue and costs, receivables and payables and unrealized gains on transactions between Group companies are eliminated for

the purposes of the consolidated financial statements. Unrealized losses are also eliminated, unless the transaction is an impairment

indicator of the asset transferred. The accounting policies of subsidiaries have been changed where necessary to ensure

consistency with the accounting policies adopted by the Group.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Basis of preparation of the interim condensed

consolidated financial statements

These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting

Standard No. 34 Interim Financial Reporting endorsed by the EU (“IAS 34”).

The interim condensed consolidated financial statements do not comprise all the information and disclosures which are required in

annual financial statements and should be read jointly with the consolidated financial statements of the Group for the year ended

31 December 2025 approved for publication on 18 March 2026.

Going concern assumption

These interim condensed consolidated financial statements have been prepared on the basis of the assumption that the Group and

the Parent Company will continue in operation as a going concern in the foreseeable future, i.e. in the period of at least 12 months

after the balance sheet date.

As at the date of signing these consolidated financial statements, the Management Board of the Parent Company did not identify

any facts or circumstances which indicated any threats to the Group continuing in operation as a going concern for a period of

12 months after the end of the reporting period as a result of intended or forced discontinuing or significant curtailment of its

operations to date.

By the date of preparing the consolidated financial statements for the period from 1 January to 31 March 2026, the Management

Board of the Parent Company did not become aware of any events which should have been but were not recognized in the

accounting records for the reporting period. At the same time, no significant prior year events have been disclosed in these

consolidated financial statements.

Compliance with the International Financial Reporting

Standards

These interim condensed consolidated financial statements have been prepared in accordance with the International Accounting

Standard No. 34 Interim Financial Reporting and in accordance with the relevant International Financial Reporting Standards (IFRS),

as adopted by the European Union, applicable to interim financial reporting, endorsed by the International Accounting Standards

Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) as applicable as at 31 March 2026.

The Group intends to apply amendments to IFRS published but not yet binding by the date of publication of these interim condensed

consolidated financial statements in accordance with their effective dates. Information on standards and interpretations adopted

for the first time, early adoption of the standards, standards effective on or after 1 January 2026 and the assessment of the impact

of IFRS changes on the future consolidated financial statements of the Group has been presented in the second part of the

Consolidated Financial Statements for 2026.

Amendments to standards or interpretations effective from 1 January 2026 applicable and adopted

by the Group

 Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10, IAS 7 as part of Annual Improvements Volume 11 - applicable to the reporting

periods beginning on or after 1 January 2026;

 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures – amendments to classification

and measurement - applicable to the reporting periods beginning on or after 1 January 2026;

 Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial

Instruments: Disclosures – applicable to the reporting periods beginning on or after 1 January 2026.

The amendments do not have a material impact on the accounting policies adopted by the Group with regard to the Group’s

operations or its financial results.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Standards published and endorsed by the EU which are not yet effective and their impact on the

Group’s financial statements

The Management Board analysed the impact of the application of the new standards on future financial statements. When approving

these financial statements, the Group did not apply the following standards, amendments and interpretations published and

endorsed by the EU, but not yet effective:

 IFRS 18 Presentation and Disclosure in Financial Statements - applicable to the reporting periods beginning on or after

1 January 2027.

The Group anticipates that the introduction of the new IFRS 18 standard will affect the Group’s accounting policies and the reporting

of its financial results.

Standards and interpretations adopted by the IASB but not yet endorsed by the EU

When approving these financial statements, the Group did not apply the following standards, amendments and interpretations

which have not yet been endorsed by the EU:

 IFRS 19 Subsidiaries without Public Accountability: Disclosures - applicable to the reporting periods beginning on or after

1 January 2027;

 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates – Translation to a Hyperinflationary Presentation

Currency - applicable to the reporting periods beginning on or after 1 January 2027;

 Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures - applicable to the reporting periods beginning

on or after 1 January 2027.

The Group is analysing the estimated impact of the standards and amendments listed above on the Group’s financial statements.

Functional currency and presentation currency

The items contained in the financial statements are valued in the currency of the basic economic environment in which the Group

conducts operations (“the functional currency”). The financial statements are presented in Polish zloty (PLN), which is the functional

currency of the Company and the presentation currency of the Group. The functional currency of CD Projekt RED Inc. is the US dollar

(USD).

Transactions and balances

Transactions expressed in foreign currencies are translated into the functional currency based on the exchange rate as at the

transaction date. Foreign exchange gains and losses on the settlement of these transactions and on the balance sheet valuation of

monetary assets and liabilities denominated in foreign currencies are recognized in the Income statement.

Assumption of comparability of the financial statements

and consistency of accounting policies

The accounting policies applied in these interim consolidated financial statements, material judgements made by the Management

Board with regard to the accounting policies applied by the Group and the main sources of estimating uncertainties are consistent,

in all material respects, with the policy adopted for preparing the annual consolidated financial statements of the CD PROJEKT

Group for 2025, with the exception of the presentation changes described. These interim condensed consolidated financial

statements should be read in conjunction with the consolidated financial statements for the year ended 31 December 2025.

Presentation changes and corrections of errors

In these interim condensed consolidated financial statements for the period from 1 January to 31 March 2026, selected financial

data were corrected. In order to ensure comparability of the financial data in the reporting period, the data for the period from

1 January to 31 March 2025 and as at 31 March 2025 and 31 December 2025 were adjusted.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Interim condensed consolidated income statement for the period from 1 January to 31 March 2025

 The Group adjusted the accounting treatment of withholding tax (WHT) for the prior years, adjusting the Income tax by

PLN 25 792 thousand and thereby increasing the Net profit. Due to an error in the income tax estimate, the withholding tax

refunded in 2024 was incorrectly deducted in the amounts of PLN 11 082 thousand for 2022 and PLN 14 710 thousand for

2023. Originally, in the interim consolidated financial statements for the period from 1 January to 31 March 2025, the Group

adjusted this recognition in the current period. As part of the work to close the financial year 2025, the Group considered it

more appropriate to restate the historical periods to which the tax related. Consequently, in the comparative figures presented

for the first quarter of 2025, the income tax item was adjusted, resulting in an increase in net profit for that period of

PLN 25 792 thousand.

 The presentation of operating income and expenses was amended, with Sale of services amounting to PLN 1 010 thousand

being reclassified to Other operating income and the corresponding Cost of products sold amounting to PLN 1 057 thousand

being reclassified to Other operating expenses.

 The presentation of foreign exchange differences arising from operating activities was changed, with PLN 572 thousand being

transferred from Finance costs to Other operating expenses.

 Following the sale of a subsidiary (see Note 7 for details), the operations of the former GOG.COM segment were reclassified

to discontinued operations.

01.01.2025 – 31.03.2025

published data

presentation

changes

restated data

Sales revenue 226 305 (46 214) 180 091

Sales of products 179 832 (1 763) 178 069

Sales of services 1 369 (1 369) -

Sales of goods for resale and materials 45 104 (43 082) 2 022

Cost of products, goods for resale and materials sold 46 463 (32 474) 13 989

Cost of products sold 12 281 (1 069) 11 212

Cost of goods for resale and materials sold 34 182 (31 405) 2 777

Gross profit on sales 179 842 (13 740) 166 102

Selling expenses 31 670 (9 619) 22 051

Administrative expenses 53 028 (3 098) 49 930

Other operating income 1 937 1 196 3 133

Other operating expenses 1 494 1 754 3 248

(Impairment)/reversal of impairment

of financial instruments

7 - 7

Operating profit 95 594 (1 581) 94 013

Finance income 39 953 (849) 39 104

Finance costs 22 236 (1 658) 20 578

Profit before tax 113 311 (772) 112 539

Income tax 27 308 (25 984) 1 324

Net profit on continuing operations 86 003 25 212 111 215

Net profit on discontinued operations - 580 580

Net profit 86 003 25 792 111 795

Net earnings per share (in PLN)

Basic for the reporting period

0.86 0.26 1.12

Diluted for the reporting period

0.85 0.26 1.11

Net earnings on continuing operations per share (in PLN)

Basic for the reporting period

0.86 0.25 1.11

Diluted for the reporting period

0.85 0.25 1.10

Net earnings on discontinued operations per share (in PLN)

Basic for the reporting period

- 0.01 0.01

Diluted for the reporting period

- 0.01 0.01

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Interim condensed consolidated statement of comprehensive income for the period from 1 January to

31 March 2025

01.01.2025 – 31.03.2025

published data

presentation

changes

restated data

Net profit 86 003 25 792 111 795

Total other comprehensive income (1 751) - (1 751)

Total comprehensive income, including: 84 252 25 792 110 044

Total comprehensive income on continuing operations 84 252 25 212 109 464

Total comprehensive income on discontinued operations - 580 580

Interim condensed consolidated statement of financial position as at 31 December 2025

 The presentation of certain non-current assets held by the Group was amended, with an amount of PLN 578 thousand being

reclassified from Property, plant and equipment to Intangible assets.

 The presentation of advance payments for marketing campaigns was amended within current assets by reclassifying

PLN 1 080 thousand from Other receivables to Prepayments and deferred costs.

31.12.2025

published data

presentation

changes

restated data

NON-CURRENT ASSETS 2 168 647 - 2 168 647

Property, plant and equipment 335 357 (578) 334 779

Intangible assets 64 401 578 64 979

CURRENT ASSETS 1 334 673 - 1 334 673

Other receivables 215 194 (1 080) 214 114

Prepayments and deferred costs 12 929 1 080 14 009

TOTAL ASSETS 3 503 320 - 3 503 320

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Interim condensed consolidated statement of financial position as at 31 March 2025

 The presentation of certain non-current assets held by the Group was amended, with an amount of PLN 31 thousand being

reclassified from Property, plant and equipment to Intangible assets.

 Trade payables amounting to PLN 19 590 thousand were reclassified from Other current provisions to Trade payables.

 An adjustment was made to the accounting treatment of actuarial gains from previous years, reducing Other reserves by

PLN 52 thousand and increasing Retained earnings/(Accumulated losses) by PLN 52 thousand.

 The Group adjusted the accounting treatment of withholding tax (WHT) from previous years, increasing the Net profit for the

current period by PLN 25 792 thousand, with a corresponding decrease in Retained earnings/(Accumulated losses) of

PLN 25 792 thousand.

 Following the recognition in 2023 of excessively high income from the recovery of overpaid US sales tax, the Group reduced

the opening balance of Retained earnings/(Accumulated losses) by PLN 816 thousand, with a corresponding decrease in the

balance of Prepayments and deferred costs.

31.03.2025

published data

presentation

changes

restated data

NON-CURRENT ASSETS 1 729 873 - 1 729 873

Property, plant and equipment 284 687 (31) 284 656

Intangible assets 68 572 31 68 603

CURRENT ASSETS 1 389 258 (816) 1 388 442

Prepayments and deferred costs 25 206 (816) 24 390

TOTAL ASSETS 3 119 131 (816) 3 118 315

31.03.2025

published

data

presentation

change

restated

data

EQUITY 2 892 578 (816) 2 891 762

Other reserves 57 800 (52) 57 748

Retained earnings / (Accumulated losses) 465 574 (26 556) 439 018

Net profit for the period 86 003 25 792 111 795

NON-CURRENT LIABILITIES 22 348 - 22 348

CURRENT LIABILITIES 204 205 - 204 205

Trade payables 49 332 19 590 68 922

Other provisions 109 537 (19 590) 89 947

TOTAL EQUITY AND LIABILITIES 3 119 131 (816) 3 118 315

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Interim condensed consolidated statement of cash flows for the period from 1 January to 31 March

2025

 As a result of an adjustment to the accounting treatment of withholding tax (WHT) from previous years amounting to

PLN 25 792 thousand, Net profit and Income tax expense were amended.

 As a result of the reclassification of balance sheet items, Increase/(Decrease) in provisions decreased by PLN 19 590 thousand,

at the same time, Increase/(decrease) in liabilities, excluding loans and borrowings was increased.

01.01.2025 – 31.03.2025

published data

presentation

changes

restated data

OPERATING ACTIVITIES

Net profit 86 003 25 792 111 795

Total adjustments: 51 356 - 51 356

Increase/(Decrease) in provisions 9 193 (19 590) (10 397)

Increase/(Decrease) in liabilities, excluding loans and borrowings (21 566) 19 590 (1 976)

Cash from operating activities 137 359 25 792 163 151

Income tax expense 22 553 (25 792) (3 239)

Net cash from operating activities 151 112 - 151 112

Audit by the registered auditor

These interim condensed consolidated financial statements, including the selected elements of the interim condensed separate

financial statements were not audited or reviewed by an independent registered auditor.

Notes – operations of the

CD PROJEKT Group

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Presentation of the financial statements taking into account operating segments

The Group did not make any changes in the determination of segments or in the measurement of the profits or losses of the

individual segments in relation to the financial statements for the year ended 31 December 2025. The Group’s business is

homogeneous and, as a result, no operating segments are identified.

The scope and model of operations

The operations of the CD PROJEKT RED studio are executed within the structures of CD PROJEKT S.A. (the domestic holding

company of the CD PROJEKT Group), CD PROJEKT RED Inc. (USA), CD PROJEKT SILVER Inc. (USA) and CD PROJEKT RED Canada

Ltd. (Canada).

These operations consist of creating and publishing video games, selling licences for their distribution, coordinating sales

promotions, and of producing, selling, licensing and releasing the accompanying products which use the brands owned –

The Witcher and Cyberpunk. Apart from their development, the studio conducts internal concept work on the third original IP with

the code name of Hadar.

As part of the publishing activities, the Parent Company is responsible for the design of the campaigns which promote its own

products and independently maintains direct communication with players via electronic media channels and social media and by

participating in industry events.

Key products

Currently, the portfolio of the studio’s main products includes video games which comprise the Witcher trilogy: The Witcher,

The Witcher 2: Assassins of Kings, The Witcher 3: Wild Hunt with two expansions: Hearts of Stone and Blood and Wine, and

Cyberpunk 2077 with an expansion the Phantom Liberty.

Description of the Issuer’s major achievements or failures in the first quarter of 2026

Events relating to Cyberpunk 2077

On 10 March, the standard edition of Cyberpunk 2077 became available on Xbox Game Pass as part of the Premium and Ultimate

plans on Xbox Series X|S and Xbox One consoles.

On 17 March, a Kickstarter campaign was launched for the card game Cyberpunk Trading Card Game, developed by WeirdCo in

collaboration with CD PROJEKT RED. The project attracted a great deal of interest from the community. The campaign ended on

18 April (after the period under discussion) having raised over USD 28 million from 50 773 supporters. As a result, Cyberpunk TCG

became the best-funded game campaign in Kickstarter’s history and the third-largest project ever on the platform.

On 8 April, CD PROJEKT RED released a free update for Cyberpunk 2077, specifically for the PS5 Pro. The update makes full use

of the console’s capabilities, offering smoother gameplay, a range of visual improvements and enhanced ray-tracing effects.

On 14 May, as a result of a collaboration between CD PROJEKT RED and Epic Games, another character from the world of

Cyberpunk 2077 – Adam Smasher – was added to Fortnite. The new skin is automatically awarded to players who have purchased

Cyberpunk 2077 via the Epic Games Store and is also available for purchase in the game’s shop.

Events relating to The Witcher series games

On 19 February, The Witcher 3: Wild Hunt – Complete Edition was added to Xbox Game Pass as part of the Premium and Ultimate

plans on Xbox Series X|S and Xbox One consoles.

On 25 February, Reigns: The Witcher was released, developed by Nerial in collaboration with CD PROJEKT RED and Devolver

Digital. The game combines the decision-making mechanics characteristic of the Reigns series with the rich world of The Witcher.

The game has been released on iOS, Android, Mac and PC.

On 27 May the Parent Company announced the third expansion for The Witcher 3: Wild Hunt, titled Songs of the Past, developed

in collaboration with the Fool’s Theory studio. The expansion will be launched in 2027.

Other

At the turn of February and March, CD PROJEKT RED’s studio hosted the final of the fourth edition and the launch of the fifth edition

of “Girls in the Game” — a mentoring and scholarship programme run since 2020 in collaboration with Perspektywy Women in

Tech, addressed to female secondary school students interested in starting a career in the games industry.

Other corporate events

On 7 January 2026, the share capital of CD PROJEKT RED Inc. was increased by USD 627 thousand to USD 9 255 thousand.

The increased value of the existing shares was paid up in full by a cash contribution made by the Parent Company. The purpose of

the capital increase was to enable the payment of the second and last tranche of the price for the total of 100 thousand shares in

The Molasses Flood LLC, the ownership of which, pursuant to agreements concluded with its minority shareholders on 12 and

18 March 2025, was passed on to CD PROJEKT RED Inc. on 31 March 2025.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

The Extraordinary Shareholders’ Meeting of the Company was held on 11 March 2026. The General Shareholders’ Meeting passed

a resolution setting the Performance Target for the years 2026–2029 under the Incentive Plan B, corresponding to the total

consolidated net profit from continuing operations of the CD PROJEKT Group for the years 2026–2029 of 5 billion zloties.

Factors affecting the Group’s future performance

The financial results posted by the CD PROJEKT Group in 2026 will be primarily driven by sales of back catalogue games, revenues

from new releases of varying scope and character, as well as other projects, initiatives, and partnerships.

On 27 May 2026 the Parent Company revealed that one of the heretofore unannounced projects is the third expansion for

The Witcher 3: Wild Hunt, titled Songs of the Past, developed in collaboration with the Fool’s Theory studio. It is scheduled for

release in 2027. Some of the other unannounced projects previously disclosed by the Parent Company in its past periodic reports

are also at an advanced stages of development, which may potentially lead up to their release in the coming quarters of the current

year and the following year.

Seasonality or cyclicality of the Group’s operations

CD PROJEKT RED’s revenue and results are significantly influenced by the releases of the studio’s new games. Their frequency is

influenced, among other things, by the length of the production cycle of a given title, with the standard game production cycle of

CD PROJEKT RED being between 3 and 6 years.

Historically, the studio focused on the development of one major production, with conceptual work on the next game starting even

before the production and market release of the previous game was completed. At the moment, the CD PROJEKT studio is working

in parallel on several productions (also in collaboration with external development teams) and supporting products, which is

expected to translate into shorter periods between releases of subsequent titles in the future.

With regard to the games which have already been released, their yearly sales breakdown is dependent on the timing of periodic

sale campaigns. In most cases, strong sales are reported in the second and fourth quarters, whereas the first and the third quarters

(the latter of which overlaps with the summer vacation season) see weaker sales.

Key customers

The CD PROJEKT Group cooperates with external customers whose share in the consolidated revenues of the Group exceeds 10%.

The commercial activities carried out by CD PROJEKT S.A. in cooperation with three customers generated cumulative sales

exceeding 10% of the CD PROJEKT Group’s total consolidated sales revenue by the end of the first quarter of 2026:

 customer 1: PLN 64 658 thousand, which accounted for 34% of the Group’s total consolidated sales revenue;

 customer 2: PLN 62 694 thousand, which accounted for 33% of the Group’s total consolidated sales revenue;

 customer 3: PLN 25 600 thousand, which accounted for 13% of the Group’s total consolidated sales revenue.

The customers referred to above are not related to CD PROJEKT S.A. or its subsidiaries.

Other information

In light of the political and economic situation in the Middle East, the Group is monitoring developments and analysing the potential

impact of geopolitical and macroeconomic factors on its operations, financial performance and supply chain. As at the date of these

financial statements, the Group has not identified any direct material impact of this situation on its operations or on the financial

results presented.

Notes – other explanatory notes to

the interim condensed consolidated

financial statements

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 1. Description of items affecting assets, liabilities, equity, net profit and

cash flows which are not typical in terms of their type, size and impact

In the first quarter of 2026, there were no significant unusual events affecting the Group's results of operations.

Note 2. Sales revenue

Sales revenue – geographical structure*

01.01.2026 – 31.03.2026 01.01.2025 – 31.03.2025**

in PLN in % in PLN in %

Domestic sales 9 084 4.8% 8 419 4.7%

Export sales, including: 182 023 95.2% 171 672 95.3%

Europe 17 096 8.9% 21 851 12.1%

North America 145 947 76.4% 142 915 79.4%

Asia 18 921 9.9% 6 526 3.6%

Australia 59 0.0% 380 0.2%

Total 191 107 100% 180 091 100%

* The data presented relates to the place of residence of the Group’s customers (distributors) and not the end users.

** restated data

Sales revenue – by distribution channel

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025*

Games - box issues 13 141 6 794

Games - digital issues 167 866 168 506

Other revenue 10 100 4 791

Total 191 107 180 091

* restated data

In Other revenue, the Group recognized mainly revenue from franchise agreements.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Sales revenue – by brand

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025

The Witcher 45 435 33 496

Sales of products 44 723 32 825

Sales of goods for resale and materials 712 671

Cyberpunk 145 573 146 547

Sales of products 140 113 145 196

Sales of goods for resale and materials 5 460 1 351

Other 99 48

Sales of products 99 48

Total 191 107 180 091

Note 3. Operating expenses

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025*

Depreciation of property, plant and equipment and amortization of intangible

assets, including:

2 845 2 524

depreciation of leased buildings 1 044 363

depreciation of leased vehicles 44 49

Materials and energy used 729 955

External services 16 129 19 932

Taxes and fees 626 466

Salaries and wages, social insurance and other benefits 57 916 45 913

Cost of goods for resale and materials sold 2 414 2 777

Cost of products sold 11 440 11 212

Other costs 2 708 2 191

Total 94 807 85 970

Selling expenses, including: 23 989 22 051

cost of product maintenance 4 182 5 534

Total administrative expenses, including: 56 964 49 930

costs of research projects 8 945 8 186

Costs of sales 13 854 13 989

Total 94 807 85 970

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 4. Other operating income and expenses

Other operating income

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025*

Rental income 1 100 919

Tax relief for innovative employees 972 753

Other sales 807 1 023

Income from re-invoicing 581 234

Subsidies 101 128

Gains on disposal of non-current assets 7 -

Other 34 76

Total other operating income 3 602 3 133

* restated data

Other operating expenses

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025*

Cost of rental 609 496

Costs relating to re-invoicing 581 234

Net foreign exchange losses on operating activities 448 572

Depreciation of investment properties 384 387

Donations and charity 350 372

Cost of sales of other sales 220 1,100

Scrapping of property, plant and equipment items and intangible assets 169 -

Loss on disposal of non-current assets - 64

Other 71 23

Total other operating expenses 2 832 3 248

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 5. Finance income and finance costs

Finance income

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025*

Interest income

12 322

18 183

on bonds

8 107

9 447

on current bank deposits

4 215

8 699

on loans

Other finance income

13 785

20 921

net foreign exchange gains

13 756

measurement of private equity interests in the gaming sector

settlement and measurement of derivative financial instruments

20 921

Total finance income

26 107

39 104

* restated data

Finance costs

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025*

Interest expense

213

164

on lease contracts

209

158

on liabilities to the State Treasury

on trade payables

Other finance costs

10 079

20 414

settlement and measurement of derivative financial instruments

10 007

commission and fees on purchase of bonds

net foreign exchange losses

20 337

measurement of private equity interests in the gaming sector

Total finance costs

10 292

20 578

Net finance income/expense

15 815

18 526

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 6. Corporate income tax and deferred income tax

The deferred part of the income tax for the Polish companies was determined either at the corporate income tax rate of 19% for the

tax base corresponding to income from other sources, or at the rate of 5% for the tax base corresponding to income from qualifying

intellectual property (the so-called IP BOX), and in the case of the activities conducted in the USA by CD PROJEKT RED Inc, based

on the applicable rates of the federal and state taxes. When determining the appropriate tax rate for temporary differences, the

Group relied on forecasts of which tax base will give rise to the realization of the temporary differences recognized.

The main items of income tax expense for the years ended 31 March 2026 and 31 March 2025 are as follows:

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025*

Current income tax 9 139 8 539

For the financial year 6 475 8 107

Withholding tax paid abroad 2 664 4 748

Adjustments relating to prior years - (4 316)

Deferred income tax (2 457) (7 215)

Related to temporary differences arising and reversed (2 457) (7 215)

Income tax expense shown in the income statement 6 682 1 324

Effective tax rate 5.92% 1.18%

* restated data

Deferred tax shown in the income statement is the difference between the balance of deferred tax provisions and assets as at the

end and the beginning of the reporting periods.

Deductible temporary differences underlying the deferred tax asset

31.12.2025

Differences affecting

the deferred tax

recognized in the

profit or loss

31.03.2026

Provision for other employee benefits 7 273 3 056 10 329

Provision for costs of earnings-related and other

remuneration

54 422 11 050 65 472

Tax loss 14 617 (2 924) 11 693

Foreign exchange losses 23 942 (3 582) 20 360

Difference between the carrying and tax amounts of

expenditure on development projects

21 813 2 825 24 638

Salaries and wages and social security payable

in future periods

4 43 47

Other provisions 37 186 (1 912) 35 274

Research and development relief 613 604 (1 613) 611 991

Tax value of leased non-current assets 26 037 (638) 25 399

Prepayments recognized as revenue for tax purposes 9 860 1 781 11 641

Difference between the carrying and tax amounts of

property, plant and equipment and intangible assets

12 - 12

Total deductible differences, including: 808 770 8 086 816 856

taxed at 5% 105 916 14 102 120 018

taxed at 19% 669 731 (3 991) 665 740

deferred tax charged abroad 33 123 (2 025) 31 098

Deferred income tax assets 139 694 (450) 139 244

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Taxable temporary differences underlying the deferred tax provision

31.12.2025

Differences affecting

the deferred tax

recognized in the

profit or loss

31.03.2026

Difference between the net carrying amount and tax

amount of property, plant and equipment and

intangible assets

54 844 (2 903) 51 941

Current period revenue invoiced in the subsequent

period/accrued income

114 888 (23 540) 91 348

Foreign exchange gains 39 391 430

Difference between the carrying and tax amounts of

expenditure on development projects

70 354 14 078 84 432

Carrying amount of leased non-current assets 24 720 (856) 23 864

Goodwill 3 185 (660) 2 525

Other 222 4 226

Total taxable differences, including: 268 252 (13 486) 254 766

taxed at 5% 190 588 (62) 190 526

taxed at 19% 45 308 (8 002) 37 306

deferred tax charged abroad 32 356 (5 422) 26 934

Deferred tax provisions 25 091 (2 907) 22 184

Net deferred tax assets/provisions

31.03.2026 31.12.2025 31.03.2025

Deferred tax assets 139 244 139 694 119 541

Deferred tax provisions 22 184 25 091 10 218

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 7. Discontinued operations

On 29 December 2025, the Parent Company entered into an agreement with Mr Michał Kiciński, a significant shareholder of the

Parent Company, for the sale of shares in GOG sp. z o.o. Pursuant to the Sale Agreement, Michał Kiciński acquired 2 715 shares in

GOG from the Parent Company on 31 December 2025, representing 100% of the shares in GOG and 100% of the votes at the

Shareholders’ Meeting of GOG.

At the time of the sale, the Group began to present the entire former GOG.COM segment as a discontinued operation in accordance

with the principles set out in IFRS 5. Given the changes described above, comparative data in the income statement and in the

statement of comprehensive income were restated in accordance with IFRS 5.

Data of GOG sp. z o.o. (after taking into account consolidation adjustments allocated to the segment) for the restated period from

1 January 2025 to 31 March 2025:

Income statement

01.01.2025 –

31.03.2025

Sales revenue 45 204

Sales of products 1 763

Net sales of services 359

Sales of goods for resale and materials 43 082

Cost of products, services, goods for resale and materials sold 31 417

Cost of products sold 12

Cost of goods for resale and materials sold 31 405

Gross profit on sales 13 787

Selling expenses 9 619

Administrative expenses 3 098

Other operating income (186)

Other operating expenses (125)

Operating profit 1 009

Finance income 849

Finance costs 1 086

Profit before tax 772

Income tax 192

Net profit on discontinued operations 580

Other comprehensive income from discontinued operations -

Comprehensive income on discontinued operations 580

Net cash inflows from disposals for the reporting period

The proceeds from the sale of shares, amounting to PLN 90 695 thousand, were received by the Parent Company on 8 January

2026.

Note 8. Dividends paid (or declared) and received

During the period from 1 January to 31 March 2026, the Group companies did not pay or receive dividends.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 9. Property, plant and equipment

Changes in property, plant and equipment (by category) for the period 01.01.2026 – 31.03.2026

Land

Buildings and

structures

Civil and hydraulic

engineering

facilities

Plant and

machinery

Vehicles

Other fixed assets

Assets

under construction

Total

Gross carrying amount

as at 01.01.2026*

41 859 209 689 25 754 142 947 3 708 15 873 25 771 465 601

Increase due to: - 2 730 - 3 834 3 - 18 630 25 197

purchase - - - 3 538 - - 18 550 22 088

lease contracts

concluded

- 80 - - - - - 80

transfer from assets

under construction

- 1 754 - - - - - 1 754

other - 896 - 296 3 - 80 1 275

Decrease due to: - - - 557 - 1 1 754 2 312

sale - - - 176 - 1 - 177

scrapping - - - 381 - - - 381

transfer from assets

under construction

- - - - - - 1 754 1 754

Gross carrying amount

as at 31.03.2026

41 859 212 419 25 754 146 224 3 711 15 872 42 647 488 486

Accumulated

depreciation as

at 01.01.2026*

3 573 47 314 1 397 68 720 2 375 5 944 - 129 323

Increase due to: 147 3 767 291 4 254 156 354 - 8 969

depreciation charge 147 3 551 291 4 254 156 354 - 8 753

other - 216 - - - - - 216

Decrease due to: - - - 578 - 1 - 579

sale - - - 176 - 1 - 177

scrapping - - - 381 - - - 381

other - - - 21 - - - 21

Accumulated

depreciation as

at 31.03.2026

3 720 51 081 1 688 72 396 2 531 6 297 - 137 713

Impairment write-downs

as at 01.01.2026

- 1 285 214 - - - - 1 499

Increase - - - - - - - -

Decrease - - - - - - - -

Impairment write-downs

as at 31.03.2026

- 1 285 214 - - - - 1 499

Net carrying amount as

at 01.01.2026*

38 286 161 090 24 143 74 227 1 333 9 929 25 771 334 779

Net carrying amount as

at 31.03.2026

38 139 160 053 23 852 73 828 1 180 9 575 42 647 349 274

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Amounts of contractual commitments to purchase property, plant and equipment in the future

31.03.2026 31.12.2025 31.03.2025

Construction of facilities on the CD PROJEKT campus 3 446 6 245 16 441

Leasing of passenger cars 101 101 120

Total 3 547 6 346 16 561

Right-of-use assets relating to property, plant and equipment

31.03.2026

Gross amount

Accumulated

depreciation

Net amount

Land 15 964 1 393 14 571

Real properties 16 279 7 506 8 773

Vehicles 737 218 519

Total 32 980 9 117 23 863

31.12.2025

Gross amount

Accumulated

depreciation

Net amount

Land 15 964 1 337 14 627

Real properties 15 806 6 262 9 544

Vehicles 730 182 548

Total 32 500 7 781 24 719

31.03.2025

Gross amount

Accumulated

depreciation

Net amount

Land 15 964 1 170 14 794

Real properties 12 975 9 946 3 029

Plant and machinery 48 47 1

Vehicles 845 359 486

Total 29 832 11 522 18 310

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 10. Intangible assets and expenditure on development projects

Changes in intangible assets and expenditure on development projects for the period 01.01.2026 –

31.03.2026

Expenditure on

development projects in

progress

Expenditure on

completed development

projects

Trademarks

Patents and licenses

Copyrights

Computer software

Goodwill

Intangible assets

under construction

Total

Gross carrying amount

as at 01.01.2026*

992 347 1 177 459 37 377 8 033 19 218 47 771 88 899 - 2 371 104

Increase due to: 179 783 - 161 1 658 - 125 - 258 181 985

purchase - - - 1 658 - 82 - 258 1 998

internally generated

assets

179 783 - - - - - - - 179 783

other - - 161 - - 43 - - 204

Decrease due to: - - - 292 25 4 668 - - 4 985

scrapping - - - 292 25 4 668 - - 4 985

Gross carrying amount

as at 31.03.2026

1 172 130 1 177 459 37 538 9 399 19 193 43 228 88 899 258 2 548 104

Accumulated

amortization as

at 01.01.2026*

- 1 021 663 1 913 6 833 1 484 35 181 - - 1 067 074

Increase due to: - 10 316 74 351 31 696 - - 11 468

amortization charge - 10 316 - 351 31 689 - - 11 387

other - - 74 - - 7 - - 81

Decrease due to: - - - 279 25 4 512 - - 4 816

scrapping - - - 279 25 4 512 - - 4 816

Accumulated

amortization as

at 31.03.2026

- 1 031 979 1 987 6 905 1 490 31 365 - - 1 073 726

Impairment write-

downs as at 01.01.2026

- - 2 009 - - - - - 2 009

Increase due to: - - 78 - - - - - 78

other - - 78 - - - - - 78

Decrease - - - - - - - - -

Impairment write-

downs as at 31.03.2026

- - 2 087 - - - - - 2 087

Net carrying amount as

at 01.01.2026

992 347 155 796 33 455 1 200 17 734 12 590 88 899 - 1 302 021

Net carrying amount as

at 31.03.2026

1 172 130 145 480 33 464 2 494 17 703 11 863 88 899 258 1 472 291

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 11. Changes in the structure of the Group and Group companies during

the reporting period

On 7 January 2026, the share capital of the subsidiary CD PROJEKT RED Inc. was increased by USD 627 thousand to

USD 9 255 thousand. The increased value of the existing shares was paid up in full by a cash contribution made by the Parent

Company. The purpose of the capital increase was to enable the payment of the second and last tranche of the price for the total

of 100 thousand shares in The Molasses Flood LLC, the ownership of which, pursuant to agreements concluded with its minority

shareholders on 12 and 18 March 2025, was passed on to CD PROJEKT RED Inc. on 31 March 2025.

Note 12. Investment properties

Investment properties include properties held for rental income, appreciation in value or both. Consequently, the cash flows

generated by investment properties are largely independent of other assets held by the Group Company.

Investment properties are measured at cost less accumulated depreciation.

The Parent Company owns a real estate complex located at ul. Jagiellońska 74 and 76 in Warsaw. Given that part of the properties

owned is leased out to other entities, the Group decided to partly classify these properties as investment properties. The remaining

part of the properties is used for own needs of the activities conducted.

At each reporting date, the companies belonging to the Group review the investment properties to determine whether there are

indications of their impairment.

Changes in investment properties for the period 01.01.2026 – 31.03.2026

Gross carrying amount as at 01.01.2026 40 414

Increase due to: 36 629

purchase of a property 36 629

Decrease -

Gross carrying amount as at 31.03.2026 77 043

Accumulated depreciation as at 01.01.2026 9 102

Increase due to: 384

depreciation charge 384

Decrease -

Accumulated depreciation as at 31.03.2026 9 486

Impairment write-downs as at 01.01.2026 71

Increase -

Decrease -

Impairment write-downs as at 31.03.2026 71

Net carrying amount as at 31.03.2026 67 486

Amounts of contractual liabilities in respect of purchase of investment properties

As at 31 March 2026 and 31 March 2025, the Group had no contractual liabilities relating to purchases of investment properties. For

the comparative period as at 31 December 2025, the amount was PLN 10 000.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 13. Prepayments and deferred costs

31.03.2026 31.12.2025* 31.03.2025*

Software, licences 14 237 10 686 8 358

Marketing campaigns 4 768 1 080 -

Property and personal insurance 2 471 1 037 1 470

Costs of future marketing services 1 156 1 189 1 289

Fees for pre-emptive rights 924 951 1 031

Business travel (tickets, hotels, insurance) 644 311 289

Fees for perpetual usufruct of land 228 - 230

Costs of repairs and maintenance 186 229 422

Minimum guarantees, advance payments, GOG.COM prepayments and

other settlements with publishers

- - 32 468

Costs of IT security resources - - 522

Other prepayments and deferred costs 2 551 1 759 1 616

Prepayments and deferred costs, including: 27 165 17 242 47 695

current 20 027 14 009 24 390

non-current 7 138 3 233 23 305

* restated data

Note 14. Other financial assets

31.03.2026 31.12.2025 31.03.2025

Bonds 833 813 689 982 784 450

Private equity interests in the gaming sector 4 313 4 114 4 770

Derivative financial instruments 278 10 067 8 646

Loans granted - - 2 177

Other financial assets, including: 838 404 704 163 800 043

current 396 217 332 597 470 167

non-current 442 187 371 566 329 876

Note 15. Inventories

31.03.2026 31.12.2025 31.03.2025

Goods for resale 2 285 2 521 976

Other materials - - 4

Gross inventories 2 285 2 521 980

Inventory write-downs 209 242 320

Net inventories 2 076 2 279 660

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Changes in inventory write-downs

01.01.2026 –

31.03.2026

Write-downs of goods for resale as at the beginning of the period 242

Increase -

Decreases, including: 33

utilization of inventory write-downs 33

Total write-downs of goods for resale as at the end of the period 209

Note 16. Trade receivables

31.03.2026 31.12.2025 31.03.2025

Trade receivables, gross 102 098 125 696 87 713

Impairment write-downs 262 255 110

Trade receivables, net 101 836 125 441 87 603

from related entities 3 477 2 752 2 554

from other entities 98 359 122 689 85 049

Changes in write-downs of trade receivables

01.01.2026 –

31.03.2026

OTHER ENTITIES

Write-downs as at the beginning of the period 255

Increases, including: 7

recognition of write-downs of overdue and disputed receivables 7

Decreases -

Write-downs as at the end of the period 262

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Current and overdue trade receivables as at 31.03.2026

Total

Not

overdue

Overdue, in days

1 – 60 61 – 90 91 – 180 181 – 360 >360

RELATED ENTITIES

gross receivables 3 477 3 302 175 - - - -

default ratio

0% 0% 0% 0% 0% 0%

write-down resulting

from the ratio

- - - - - - -

write-down

determined

individually

- - - - - - -

total expected credit

losses

- - - - - - -

Net receivables 3 477 3 302 175 - - - -

Total

Not

overdue

Overdue, in days

1 – 60 61 – 90 91 – 180 181 – 360 >360

OTHER ENTITIES

gross receivables 98 621 98 126 200 - 35 227 33

default ratio 0% 0% 0% 0% 0% 0%

write-down resulting

from the ratio

- - - - - - -

write-down

determined

individually

262 - 3 - 35 191 33

total expected credit

losses

262 - 3 - 35 191 33

Net receivables 98 359 98 126 197 - - 36 -

Total

gross receivables 102 098 101 428 375 - 35 227 33

impairment write-

downs

262 - 3 - 35 191 33

Net receivables 101 836 101 428 372 - - 36 -

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 17. Other receivables

31.03.2026 31.12.2025* 31.03.2025

Other gross receivables 80 108 214 548 101 363

Impairment write-downs - - -

Other net receivables 80 108 214 548 101 363

from related entities 4 4 4 303

from other entities 80 104 214 544 97 060

* restated data

31.03.2026 31.12.2025* 31.03.2025

Other gross receivables, including: 80 108 214 548 101 363

tax receivables, other than corporate income tax 40 978 39 057 58 036

prepayments for inventories 23 054 32 672 26 154

prepayments for development projects 12 587 24 417 15 580

prepayments for property, plant and equipment and intangible assets 1 484 1 177 887

security deposits 741 730 681

settlements with employees 42 51 24

settlements with members of the Management Boards of the Group

companies

4 4 -

disposal of shares in a subsidiary - 90 695 -

prepayments for investment properties - 25 000 -

other 1 218 745 1

Impairment write-downs - - -

Other net receivables, including: 80 108 214 548 101 363

current 79 669 214 114 100 958

non-current 439 434 405

* restated data

Note 18. Share capital

Share capital – structure as at 31.03.2026

Series Number of shares Value of the series/issue at par Manner of covering share capital

A - M

99 910 510

Fully paid up

Total

99 910 510

As at 31 March 2026, the Parent Company’s share capital amounted to PLN 99 910 510 and consisted of 99 910 510 ordinary bearer

shares with a par value of PLN 1 each, designated as A – M series shares. The total number of votes resulting from all shares of the

Parent Company is 99 910 510.

During the reporting period and after the balance sheet date there were no changes in the amount of the Parent Company’s share

capital.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 19. Other non-current liabilities

31.03.2026 31.12.2025 31.03.2025

Other non-current liabilities, including: 2 194 2 085 2 212

liabilities in respect of marketing costs 1 022 1 056 1 155

liabilities in respect of pre-emptive rights 818 844 924

security deposits received 354 185 133

Note 20. Other current liabilities

31.03.2026 31.12.2025 31.03.2025

Liabilities in respect of taxes, customs duties, social security and other,

with the exception of corporate income tax

8 002 6 604 9 041

VAT - - 2 956

Withholding tax 233 272 23

Personal income tax 732 1 895 695

Social security contributions 6 892 4 296 5 174

PFRON (State Fund for Rehabilitation of Disabled People) 118 108 101

PIT-8AR (personal income tax) settlements 27 33 27

Other - - 65

Other liabilities 736 693 435

Wages and salaries payable - 109 64

Liabilities in respect of pre-emptive rights and costs of future

marketing services

240 240 -

Other settlements with employees 18 11 93

Other settlements with the members of the Management Board 1 4 -

Prepayments received from foreign customers - - 136

Security deposits 90 90 -

Liabilities to related entities 37 8 -

Other liabilities 350 231 142

Total other current liabilities 8 738 7 297 9 476

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 21. Deferred income

31.03.2026 31.12.2025 31.03.2025

Subsidies 10 540 7 029 2 355

Cinematic Experience 8 670 5 059 -

Animation Excellence (GameINN) 307 332 429

City Creation (GameINN) 615 666 861

Cinematic Feel (GameINN) 295 319 412

The Witcher 4 653 653 653

Deferred income 13 043 10 717 16 751

Sales relating to future periods 12 986 10 665 11 262

Virtual wallet (e-wallet, store credit) - - 5 443

Rental of company phones 57 52 46

Total deferred income, including: 23 583 17 746 19 106

current 13 421 11 104 17 226

non-current 10 162 6 642 1 880

Note 22. Provision for retirement and similar benefits

31.03.2026 31.12.2025 31.03.2025

Provision for retirement and disability bonuses 1 739 1 739 875

Holiday pay provision 17 828 12 416 11 885

Total, including: 19 567 14 155 12 760

current 17 854 12 442 11 898

non-current 1 713 1 713 862

Provisions for

retirement and

disability bonuses

Holiday pay

provision

Total

As at 01.01.2026 1 739 12 416 14 155

Provisions recognized during the year - 17 828 17 828

Provisions utilized/released - 12 416 12 416

As at 31.03.2026, including: 1 739 17 828 19 567

current 26 17 828 17 854

non-current 1 713 - 1 713

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 23. Other provisions

31.03.2026 31.12.2025 31.03.2025*

Provision for liabilities, including: 98 577 96 128 89 947

provision for costs of earnings-related and other remuneration 72 127 59 862 66 335

provision for costs of the audit and review of the financial

statements

126 104 211

provision for costs of external services 12 256 21 889 7 964

provision for other costs 14 068 14 273 15 437

Total, including: 98 577 96 128 89 947

current 98 489 95 154 89 947

non-current 88 974 -

* restated data

Changes in other provisions

Provision for costs

of earnings-related

and other

remuneration

Provision for costs

of the audit and

review of the

financial

statements

Provision for costs

of external

services

Provision for other

costs

Total

As at 01.01.2026 59 862 104 21 889 14 273 96 128

Provisions recognized

during the year

12 265 116 59 587 1 114 73 082

Provisions

utilized/released

- 94 69 220 1 319 70 633

As at 31.03.2026, including: 72 127 126 12 256 14 068 98 577

current 72 127 126 12 168 14 068 98 489

non-current - - 88 - 88

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 24. Information on financial instruments

Fair values of specific classes of financial instruments

The fair value of financial instruments for which there is no active market is determined using appropriate valuation techniques.

The Group companies use professional judgement in selecting appropriate methods and assumptions.

Financial instruments measured at fair value are classified according to a three-level fair value hierarchy:

Level 1 – quoted prices in active markets for identical assets or liabilities.

Level 2 – fair value based on observable market data.

Level 3 – fair value based on data that is not observable in the market.

The Management Boards of the Group companies analysed specific classes of financial instruments. Based on the analysis, it was

concluded that the carrying amounts of the instruments do not differ from their fair values, as at both 31 March 2026, 31 December

2025 and 31 March 2025.

31.03.2026 31.12.2025 31.03.2025

LEVEL 1

Assets measured at fair value

Assets measured at fair value through

other comprehensive income

257 219 217 863 227 254

foreign bonds – EUR 22 266 21 971 21 782

foreign bonds – USD 234 953 195 892 205 472

LEVEL 2

Assets measured at fair value through profit or loss

Derivative instruments 278 10 067 8 646

currency forwards - EUR 278 506 872

currency forwards - USD - 9 561 7 774

Private equity interests in the gaming sector 4 313 4 114 4 770

private equity interests in the gaming sector - SEK 635 561 966

private equity interests in the gaming sector - USD 3 678 3 553 3 804

Liabilities measured at fair value through profit or loss

Derivative instruments 4 102 - 205

currency forwards - EUR - - 24

currency forwards - USD 4 102 - -

currency forwards - JPY - - 181

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Financial assets – classification and measurement

In accordance with the requirements of IFRS 9 Financial Instruments, the Parent Company has analysed the business model for

managing financial assets and examined the characteristics of contractual cash flows for each component of the bond portfolio,

and concluded that:

- the purpose of investments in domestic and foreign bonds is to hold them to maturity and to collect contractual cash flows;

- investment mandates for managing the foreign bonds portfolio allow selling bonds before maturity as part of the adopted

strategy;

- all bonds purchased meet the SPPI test.

As a result of the analysis conducted, purchased bonds were classified into two financial asset management models which differ in

terms of the entity managing the bond portfolio. Polish bonds that are managed directly on the level of the Parent Company are

measured at amortized cost, because they are held to collect contractual cash flows. Foreign bonds managed by an external entity

in accordance with the investment mandate granted are measured at fair value through other comprehensive income.

With regard to equity interests in other entities, the Group estimates the fair values of the shares held using the method which

consists in forecasting future cash flows generated by a cash-generating unit and requires determining a discount rate to be used

to calculate the present value of these cash flows. In justified cases, the Group adopts historical cost as an acceptable approximation

of the fair value.

The Group did not determine the fair values of receivables, trade payables, cash and cash equivalents, bank deposits over 3 months

and loans granted with variable interest, because their carrying amounts are considered by the Group to be a reasonable

approximation of their fair values.

There were no movements between levels in the fair value hierarchy in the reporting period and in the comparative period.

The Group does not apply hedge accounting and therefore the regulations of IFRS 9 in this respect do not apply to it.

31.03.2026 31.12.2025 31.03.2025

Financial assets measured at amortized cost 1 255 653 1 232 922 1 352 009

Other non-current receivables 439 434 405

Trade receivables 101 836 125 441 87 603

Cash and cash equivalents 30 008 114 115 217 282

Bank deposits over 3 months 546 776 520 813 487 346

Domestic bonds 576 594 472 119 557 196

Loans granted - - 2 177

Financial assets measured at cost 10 933 10 770 40 598

Shares in non-consolidated subordinated entities 10 933 10 770 40 598

Financial assets measured at fair value through

other comprehensive income

257 219 217 863 227 254

Foreign bonds 257 219 217 863 227 254

Financial assets measured at fair value through profit or loss 4 591 14 181 13 416

Derivative financial instruments 278 10 067 8 646

Private equity interests in the gaming sector 4 313 4 114 4 770

Total financial assets 1 528 396 1 475 736 1 633 277

In accordance with the requirements of IFRS 13 Fair Value Measurement, the Group analysed the valuation of financial instruments

measured at amortized cost in the consolidated statement of financial position to determine their fair value and their classification

in the fair value hierarchy.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Listed debt securities were classified as Level 1. They include Domestic bonds whose fair value was determined on the basis of

a market valuation provided by the brokerage office as part of the applicable agreement for the provision of brokerage services.

31.03.2026 31.12.2025 31.03.2025

LEVEL 1

Fair value of assets measured at amortized cost 571 886 473 607 557 815

Domestic bonds 571 886 473 607 557 815

Other items of financial assets and financial liabilities measured at amortized cost were classified to Level 3.

Financial liabilities – classification and measurement

31.03.2026 31.12.2025 31.03.2025*

Financial liabilities measured at amortized cost 68 296 76 050 90 673

Trade payables 42 895 46 447 68 922

Lease liabilities and other financial liabilities 25 401 29 603 21 751

Financial liabilities measured at fair value

through profit or loss

4 102 - 205

Derivative financial instruments 4 102 - 205

Total financial liabilities 72 398 76 050 90 878

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 25. Explanations to the condensed consolidated statement of cash flows

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025*

Cash and cash equivalents reported in the statement

of cash flows

30 008 217 282

Cash and cash equivalents in the balance sheet 30 008 217 282

Foreign exchange (gains)/losses result from the following items: (15 279) 17 921

Foreign exchange gains/(losses) on measurement of bonds (12 590) 13 050

Foreign exchange gains/(losses) on measurement of private equity interests

in the gaming sector

(141) 204

Foreign exchange (gains)/losses on measurement of loans granted as

at the balance sheet date

- 106

Foreign exchange gains/(losses) losses on measurement of bank deposits

over 3 months

(2 784) 4 738

Foreign exchange gains/(losses) on measurement of leases 236 (177)

Interest and shares in profits comprise: (12 113) (18 462)

Interest on bank deposits (4 215) (9 136)

Interest on bonds (8 107) (9 447)

Interest accrued on loans granted - (37)

Interest on lease contracts 209 158

(Gains)/losses on investing activities result from the following items: 10 212 (18 219)

Sale of property, plant and equipment (7) (421)

Net carrying amount of property, plant and equipment - 483

Net carrying amount of scrapped intangible assets and expenditures

on development projects

169 -

Settlement and measurement of derivative financial instruments 10 007 (18 358)

Measurement of private equity interests in the gaming sector (29) 6

Commission and fees on purchase of bonds 72 71

Changes in provisions result from the following items: 14 550 (10 397)

Increase/(Decrease) in provisions for liabilities 2 449 (4 474)

Increase/(Decrease) in provisions for employee benefits 5 412 3 158

Increase/(Decrease) in provision for costs of earnings-related and other

remuneration recognized under expenditure on development projects

6 689 (9 081)

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025*

(Increase)/Decrease in receivables result from the following items: 26 679 52 095

(Increase)/Decrease in current receivables in the balance sheet 169 355 63 963

(Increase)/Decrease in non-current receivables in the balance sheet (5) 2

(Increase)/Decrease in prepayments for investment properties (25 000) -

Withholding tax paid abroad (2 664) (4 748)

Adjustment for current income tax (11 305) (15 175)

(Increase)/Decrease in prepayments for development projects (11 830) 7 395

(Increase)/Decrease in prepayments for property, plant and equipment

and intangible assets

(1 177) 658

(Increase)/Decrease in receivables due to disposal of shares in a subsidiary (90 695) -

Increase/(Decrease) in liabilities, excluding loans and borrowings, result

from the following items:

(7 838) (1 976)

Increase/(Decrease) in current liabilities in the balance sheet 4 491 (15 713)

Adjustment for current income tax (5 635) (1 241)

Increase/(Decrease) in other current financial liabilities (3 235) 7 695

Increase/(Decrease) in liabilities in respect of security deposits 170 -

Increase/(Decrease) in liabilities resulting from purchase of property,

plant and equipment

8 305 7 278

Increase/(Decrease) in liabilities resulting from purchase of intangible assets (289) 5

Increase/(Decrease) in liabilities arising from increased expenditure

on development projects

(14 950) -

Increase/(Decrease) in liabilities relating to costs of the sale of shares 3 305 -

Changes in other assets and liabilities result from the following items: (4 146) 3 996

Change in prepayments and accruals in the balance sheet (9 923) 1 788

Increase/(Decrease) in deferred income in the balance sheet 5 837 2 266

Adjustment for prepayments and deferred costs with the corresponding entry

in liabilities

(60) (58)

“Other adjustments” comprise: 3 403 948

Measurement of derivative financial instruments - (9)

Amortization and depreciation reported under cost of sales

and other operating expenses

2 637 708

Foreign exchange differences on translation 738 236

Other adjustments 28 13

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 26. Cash flows and non-monetary changes resulting from changes in liabilities in financing activities

01.01.2026 Cash flows

Non-monetary changes

31.03.2026

Takeover of fixed

leased assets

Termination of

a lease contract

Foreign exchange

differences

Interest accrued

Lease liabilities 26 038 (1 162) 80 - 236 209 25 401

Total 26 038 (1 162) 80 - 236 209 25 401

01.01.2025 Cash flows

Non-monetary changes

31.03.2025

Takeover of fixed

leased assets

Termination of

a lease contract

Foreign exchange

differences

Interest accrued

Lease liabilities 20 150 (950) 61 (229) (177) 158 19 013

Total 20 150 (950) 61 (229) (177) 158 19 013

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 27. Transactions with related entities

Terms and conditions of transactions with related entities

The terms and conditions of intra-group transactions were determined on the arm’s length basis. The essence of this principle is

based on the premise that the terms and conditions agreed in transactions between related parties should not differ from those

that would be agreed between independent parties in a comparable situation. Controlled transactions entered into by related

entities belonging to the CD PROJEKT Group are verified to determine whether the agreed terms of the transactions are similar to

the market terms, based on the recommendations and methods provided for in the OECD Guidelines as well as in national

legislation.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Transactions with related entities after consolidation eliminations

Sales to related entities Purchases from related entities

01.01.2026 – 31.03.2026 01.01.2025 – 31.03.2025* 01.01.2026 – 31.03.2026 01.01.2025 – 31.03.2025

NON-CONSOLIDATED SUBSIDIARIES

CD PROJEKT RED Canada Ltd. 738 261 6 224 4 402

The Molasses Flood LLC - 736 - 10 545

CD PROJEKT SILVER Inc. - - - 183

OTHER RELATED PARTIES

Members of the Management Boards

of Group companies

23 2 - -

Members of the Supervisory Board 5 - - -

Other members of the senior

management

26 2 - -

Other related parties - 174 - -

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Receivables from related entities Liabilities to related entities

31.03.2026 31.12.2025 31.03.2025* 31.03.2026 31.12.2025 31.03.2025*

NON-CONSOLIDATED SUBSIDIARIES

CD PROJEKT RED Canada Ltd. 3 477 2 752 2 432 2 666 2 184 3 306

The Molasses Flood LLC - - 6 602 - - 7 156

OTHER RELATED ENTITIES

Members of the Management Boards of

the Group companies

4 4 - 1 4 -

Other members of the senior

management

12 6 4 23 16 24

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 28. Contingent liabilities

Contingent liabilities in respect of granted guarantees, sureties and collateral

Specification Currency 31.03.2026 31.12.2025 31.03.2025

mBank S.A.

Bill of exchange agreement Framework agreement on financial market transactions PLN 50 000 50 000 50 000

Bill of exchange agreement Bank guarantee securing a rental contract PLN - - 427

Bill of exchange agreement Bank guarantee securing a rental contract PLN 248 248 -

National Centre for Research and Development

Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0105/16 PLN - 7 711 7 711

Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0110/16 PLN 3 846 3 846 3 846

Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0112/16 PLN 3 962 3 692 3 692

Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0118/16 PLN 1 358 1 358 1 358

Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0120/16 PLN - - 1 204

Bill of exchange agreement Subsidy agreement FENG.01.01-IP.01-006A/23-00 PLN 14 765 14 765 14 765

Erste Bank Polska S.A. (formerly: Santander Bank Polska S.A.)

Bill of exchange agreement Framework agreement on financial market transactions PLN 23 500 23 500 23 500

Bank Polska Kasa Opieki Spółka Akcyjna

Bill of exchange agreement Framework agreement on financial market transactions PLN 50 000 50 000 50 000

BNP Paribas Bank Polska S.A.

Bill of exchange agreement Framework agreement on financial market transactions PLN 26 600 26 600 26 600

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Note 29. Employee benefit programmes

Incentive plans for the years 2023-2027

Based on the resolutions of the Parent Company’s General Meeting of 18 April 2023, two new incentive plans for the financial years

2023-2027 were introduced on that date: the Incentive Plan A and the Incentive Plan B.

Incentive Plan A

The Incentive Plan A is addressed to persons who are not members of the Management Board of the Parent Company.

The assumptions are that the entitlements in this plan will be granted in each of the financial years 2023-2027 (i.e. in five phases).

A maximum of 1 500 000 entitlements may be granted under the entire Incentive Plan A, however, the total number of entitlements

granted to participants in this plan and entitlements granted to participants in the Incentive Plan B may not exceed 5 000 000.

The entitlements will be realized alternatively through: (i) offering the participants to subscribe for warrants entitling them to

subscribe for an identical number of shares in the Parent Company issued as part of the conditional share capital increase, or (ii)

offering the participants to purchase from the Parent Company Treasury shares acquired by the Parent Company as part of a buy-

back carried out for this purpose. The exercising of the entitlements under the Incentive Plan A will be conditional upon the Parent

Company determining that the loyalty condition (understood as the participants in the Incentive Plan A remaining in a legal

relationship with the Parent Company or its related entity during the vesting period) has been met. The price of taking up or acquiring

the Parent Company’s shares as part of executing entitlements under Plan A shall correspond to the nominal value of the Parent

Company’s shares. The vesting period shall be at least 3 years in each case.

By the date of preparation of these financial statements:

(i) as part of Phase 1 of the Incentive Plan A (in 2023), 100 444 entitlements were granted, of which 80 636 entitlements remain

active;

(ii) as part of Phase 2 of the Incentive Plan A (in 2024), 183 189 entitlements were granted, of which 157 351 entitlements remain

active;

(ii) as part of Phase 3 of the Incentive Plan A (in 2025), 123 186 entitlements were granted, of which 111 249 entitlements remain

active;

(ii) as part of Phase 4 of the Incentive Plan A (in 2026), 144 457 entitlements were granted, of which 142 819 entitlements remain

active.

Changes in entitlements granted under the Incentive Plan A for the years 2023-2027 – Phases 1-4

Specification

01.01.2026 – 31.03.2026 01.01.2025 – 31.12.2025

Number of entitlements in pcs

Granted, unrealized as at the beginning of the period 354 128 260 660

Granted during the period 144 457 123 186

Forfeited during the period* 6 530 29 718

Granted, unrealized as at the end of the period 492 055 354 128

* All forfeitures for a given period by the date of publication of these financial statements

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Assumptions made for the measurement of the Incentive Plan A for the years 2023-2027 – Phase 1

Date of vesting CDR volatility ratio Risk-free interest rate

Entitlements granted on 26.05.2023 44% 6.2%

Entitlements granted on 27.05.2023 44% 6.2%

Entitlements granted on 29.05.2023 44% 5.9%

Entitlements granted on 07.06.2023 44% 5.8%

Assumptions made for the measurement of the Incentive Plan A for the years 2023-2027 – Phase 2

Date of vesting CDR volatility ratio Risk-free interest rate

Entitlements granted on 08.03.2024 43% 5.1%

Entitlements granted on 10.03.2024 43% 5.1%

Assumptions made for the measurement of the Incentive Plan A for the years 2023-2027 – Phase 3

Date of vesting CDR volatility ratio Risk-free interest rate

Entitlements granted on 09.03.2025 40% 5.2%

Entitlements granted on 16.03.2025 40% 5.4%

* All forfeitures by the date of publication of the financial statements for a given period

Assumptions made for the measurement of the Incentive Plan A for the years 2023-2027 – Phase 3

Date of vesting CDR volatility ratio Risk-free interest rate

Entitlements granted on 15.03.2026 36% 4.4%

Entitlements granted on 28.03.2026 36% 4.8%

Incentive Plan B

The Incentive Plan B is addressed to both persons who are members of the Parent Company’s Management Board and persons

who are not members of the Management Board. The assumptions are that the entitlements in this plan will be granted in each of

the financial years 2023-2027 (i.e. in five phases). According to the amendments made by way of Resolution No. 23 of the

Company’s General Meeting of 23 June 2025, a maximum of 4 100 000 entitlements may be granted under the entire Incentive

Plan B (previously 3 500 000 entitlements), however, the total number of entitlements granted to the participants in this plan and

the entitlements granted to the participants in the Incentive Plan A may not exceed 5 000 000. The entitlements will be realized

alternatively through: (i) offering the participants to subscribe for warrants entitling them to subscribe for an identical number of

shares in the Parent Company issued as part of the conditional share capital increase, or (ii) offering the participants to purchase

from the Parent Company Treasury shares acquired by the Parent Company as part of a buy-back carried out for this purpose.

The exercising of the entitlements under the Incentive Plan B will be conditional upon the Parent Company determining that the

earnings condition (for 70% of the entitlements), the market-related condition (for 30% of the entitlements), and in selected cases

the individual conditions and, in each case, the loyalty condition (understood as the participants in the Incentive Plan B remaining

in a legal relationship with the Parent Company or its related entity during the vesting period) have been met. The base price of

subscription for or purchase of the Parent Company’s shares as part of exercising the entitlements under Plan B corresponds to

the price of the Parent Company’s shares at the close of the last trading session preceding the date of the relevant resolution on

the participant’s inclusion in the plan. The plan provides for the possibility to reduce the price of subscription for or purchase of

the shares with a simultaneous proportional reduction in the number of entitlements to be exercised by the participant. The base

vesting period corresponds to four consecutive financial years starting from the year in which the relevant phase commenced

(with the possibility of shortening to three financial years for earnings-related entitlements in the event of possible fulfilment of the

four-year earnings condition within a three-year period).

By the date of preparation of these financial statements:

(i) as part of Phase 1 of the Incentive Plan B (in 2023), 662 000 entitlements were granted, of which 635 000 entitlements remain

active;

(ii) as part of Phase 2 of the Incentive Plan B (in 2024), 723 500 entitlements were granted, of which 695 000 entitlements remain

active;

(iii) as part of Phase 3 of the Incentive Plan B (in 2025), 740 500 entitlements were granted, of which 715 000 entitlements remain

active;

(iv) as part of Phase 4 of the Incentive Plan B (in 2026), by the date of preparation of these financial statements 755 000 entitlements

were granted, of which 740 000 entitlements remain active.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Earnings condition – 70% of the entitlements awarded under a given phase of the Incentive Plan B

The fulfilment of the earnings condition means achieving, in the relevant vesting period, a specific result understood as the sum of

the consolidated net profits on the continuing operations of the CD PROJEKT Group plus the cost of valuation of entitlements

awarded under the relevant phase of the Incentive Plan B recognized by the CD PROJEKT Group entities in the same period.

Earnings conditions for the entitlements awarded under a given phase of the Incentive Plan B are as follows:

- Phase 1 – for the years 2023-2026: PLN 2 billion;

- Phase 2 – for the years 2024-2027: PLN 3 billion;

- Phase 3 – for the years 2025-2028: PLN 4 billion;

- Phase 4 – for the years 2026-2029: PLN 5 billion.

For the next phase of the Incentive Plan B starting in 2027, the earnings condition for the entitlements awarded in these phases for

the period of 4 subsequent financial years will be determined by a resolution of the General Meeting of the Parent Company (at the

request of the Management Board of the Parent Company).

Market-related condition – 30% of the entitlements awarded under a given phase of the Incentive Plan B

The fulfilment of the market-related condition means achieving a change in the Parent Company's share price on the Warsaw Stock

Exchange (WSE) in such a manner that the change in the level of the Parent Company's share price expressed as a percentage,

determined on the basis of the Parent Company’s share price at closing of the last trading session of the WSE of the most recent

financial year which is subject to verification for purposes of the earnings condition referred to above in relation to the Parent

Company’s share price at closing of the last trading session of the WSE in the year preceding the year of the relevant phase of the

Incentive Plan B will be higher than or equal to the change, expressed as a percentage and increased by 10 percentage points, in

the level of the WIG (WSE Index) index in the same period.

Changes in entitlements granted under the Incentive Plan B for the years 2023-2027 – Phases 1-4

Specification

01.01.2026 – 31.03.2026 01.01.2025 – 31.12.2025

Number of entitlements in pcs

Granted, unrealized as at the beginning of the period 2 090 000 1 379 500

Granted during the period 755 000 740 500

Forfeited during the period* 60 000 30 000

Granted, unrealized as at the end of the period 2 785 000 2 090 000

* All forfeitures for a given period by the date of publication of these financial statements

Assumptions made for the measurement of the Incentive Plan B for the years 2023-2027 – Phase 1

Date of vesting

CDR volatility ratio

WIG volatility ratio

WIG correlation

ratio

Risk-free interest

rate

Entitlements granted on 26.05.2023 44% 21% 43% 6.1%

Assumptions made for the measurement of the Incentive Plan B for the years 2023-2027 – Phase 2

Date of vesting

CDR volatility ratio

WIG volatility ratio

WIG correlation

ratio

Risk-free interest

rate

Entitlements granted on 08.03.2024 43% 21% 42% 4.9%

Entitlements granted on 10.03.2024 43% 21% 42% 4.9%

Assumptions made for the measurement of the Incentive Plan B for the years 2023-2027 – Phase 3

Date of vesting

CDR volatility ratio

WIG volatility ratio

WIG correlation

ratio

Risk-free interest

rate

Entitlements granted on 09.03.2025 40% 19% 42% 5.5%

Entitlements granted on 16.03.2025 40% 19% 42% 5.5%

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Assumptions made for the measurement of the Incentive Plan B for the years 2023-2027 – Phase 4

Date of vesting

CDR volatility ratio

WIG volatility ratio

WIG correlation

ratio

Risk-free interest

rate

Entitlements granted on 15.03.2026 39% 20% 42% 4.6%

Entitlements granted on 28.03.2026 39% 20% 43% 5.3%

Note 30. Tax settlements

Tax settlements and other areas of activities regulated by the tax law may be subject to inspections by administrative bodies which

are entitled to impose high penalties or sanctions. In accordance with a general rule, tax settlements may be subject to inspections

within five years from the end of the calendar year in which the tax payment deadline expired. Frequent differences of opinion as

to the interpretation of tax regulations, both internally within the state bodies and between the state bodies and enterprises, result

in areas of uncertainty and potential disputes. These factors make the tax risk in Poland significantly higher than in countries with

a more stable and predictable tax system.

The Parent Company avails itself of tax reliefs and preferential tax treatment to which it is entitled, guided by the principle of

prudence and exercising due diligence. The eligibility for tax reliefs or preferential tax treatment is thoroughly analysed and, as

a rule, confirmed in the individual tax rulings obtained. The Parent Company conducts research and development activities in

a systematic and organized manner, as confirmed by the retention of its status as a research and development centre (R&D centre)

pursuant to the Decision No. DNP-V.4241.27.2025 of the Minister of Finance dated 5 September 2025.

By virtue of its research and development activities and the R&D centre status it has obtained, the Parent Company deducts a wide

range of eligible costs from its tax base, acting in accordance with the applicable regulations while complying with documentation

and record-keeping requirements.

Starting from the month following the submission of the CIT-8 tax return, the Parent Company is taking advantage of a relief in

respect of innovative employees. As part of the solution, it is possible to deduct the research and development relief which the

Parent Company did not deduct from the tax base in the tax return for the previous tax year. As a result of using tax relief in respect

of innovative employees, the Parent Company is reducing tax advances remitted to the tax office in respect of personal income tax

and flat-rate personal income tax for employees performing research and development projects for the Parent Company. At the

same time, the amount of the research and development relief reported and not deducted is being reduced (the reduction amount

is calculated as the quotient of the PIT liability due and the CIT rate).

The Parent Company also applies the IP Box scheme, which allows entities engaged in research and development to tax eligible

income from eligible intellectual property rights at an income tax rate of 5%. Once the statutory substantive and formal requirements

have been met – including the maintenance of separate accounting records enabling the identification of income relating to eligible

intellectual property rights – the Parent Company accounts for the selected sources of income using this preferential tax rate.

Note 31. Post balance sheet events

On 20 May 2026, in the Current Report No. 6/2026, the Parent Company’s Management Board announced that it had adopted

a resolution on accepting and submitting to the Supervisory Board and the Ordinary General Meeting a motion concerning the

distribution of the net profit for 2025. The Management Board is submitting a motion to the next Ordinary General Meeting regarding

the distribution of the Company’s net profit for the financial year 2025, amounting to PLN 635 208 677.41, less the amount of

PLN 25 739 304.00, representing the negative amount of accumulated losses, disclosed in connection with the restatement of data

for the comparative period, i.e. the amount of PLN 609 469 373.41, in such a way that this amount shall be allocated in full to the

Company’s supplementary capital. The reasons for the Management Board’s decision are set out in the above-mentioned interim

report. On 26 May 2026, in the Current Report No. 7/2026, the Management Board of the Parent Company announced that the

Supervisory Board had given a favourable opinion on the Management Board’s motion and had accepted its recommendation.

On 27 May 2026, the Parent Company’s Management Board convened the Ordinary General Meeting of the Parent Company for

23 June 2026. The key points on the agenda of the Meeting will include the adoption of resolutions concerning (i) the approval of

the financial statements for 2025, (ii) the distribution of the Parent Company’s net profit for 2025, (iii) granting discharge to members

of the governing bodies (iv), amending the Remuneration Policy for Members of the Management Board and Members of the

Supervisory Board, (v) amending the Company’s Articles of Association to change its name, (vi) introducing a new Short-Term

Incentive Plan for the Management Board and Senior Executives within the CD PROJEKT Group replacing the current short-term

remuneration mechanisms for these individuals, as well as (vii) setting up a reserve capital for the implementation of this plan, and

(viii) the authorization of the Company’s Management Board to acquire the Company’s treasury shares. The Company published

the full text of the notice convening the General Meeting and the draft resolutions in the current reports No. 8/2026 and 9/2026.

Additional information

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Significant litigation pending before a court, a competent arbitration body or

a public administration body

During the reporting period, the following significant litigations were pending (as at the date of preparation of the financial

statements).

Criminal cases in which CD PROJEKT S.A. has the status of the aggrieved party

Case against private individuals (including former members of the Management Board of Optimus S.A.) for acts to the detriment

of the Company

On 27 October 2016, the Regional Court in Warsaw, in case ref. no. XVIII K 126/09, as a result of the indictment of the Public

Prosecutor's Office of the Regional Prosecutor's Office in Warsaw to the Regional Court, passed a sentence convicting Michał L.,

Piotr L. and Michał D., ascribing to them the commission of acts under Article 296 § 1 of the Penal Code and Article 296 § 3 of the

Penal Code and others. The Parent Company acted as an auxiliary prosecutor at first instance (a status it retains until the end of the

proceedings). The scope of damages awarded under Article 46 of the Polish Penal Code amounted to a total of PLN 210 thousand,

with the damage ascertained by the court amounting to at least PLN 16 million according to the operative part of the verdict (this

method of determining damage results from the principles of adjudication in criminal proceedings). The Company appealed against

the judgment, requesting that it be amended, including, inter alia, in the part relating to the amount of damages awarded to the

Parent Company. Appeals were also filed by the defendants' counsels – against the entire decision and by the prosecutor – against

a part of the judgment. On 26 October 2017, the Court of Appeals overturned the judgment of the Court of First Instance in the case

in its entirety and remitted the case to the Court of First Instance for retrial in its entirety. The Regional Court in Warsaw is currently

examining the case under case number XVIII K 316/17. The Parent Company is acting as an auxiliary prosecutor in the case.

Shareholding structure

Shareholders holding directly or indirectly through subsidiaries at least 5% of the total number of

votes at the Parent Company’s General Shareholders’ Meeting as at the date of publication of the

quarterly report

The Parent Company’s share capital amounts to PLN 99 910 510 and consists of 99 910 510 shares with a nominal value of PLN 1.00

each. The shareholding structure, including the percentage share in the share capital and at the General Shareholders Meeting of

the Parent Company, is updated on the basis of formal notifications received by the Parent Company from shareholders holding at

least 5% of the total number of votes at the General Shareholders Meeting of the Parent Company.

Shareholder

Number of

% share in

share capital

Number of votes at

the GSM

% of votes at

the GSM

Marcin Iwiński 12 650 000 12.66% 12 650 000 12.66%

Michał Kiciński* 9 989 363 10.00% 9 989 363 10.00%

Piotr Nielubowicz 6 858 717 6.86% 6 858 717 6.86%

Nationale-Nederlanden Powszechne

Towarzystwo Emerytalne S.A. (total for all funds

managed)**

5 417 124 5.42% 5 417 124 5.42%

including Nationale-Nederlanden Otwarty

Fundusz Emerytalny**

5 030 225 5.03% 5 030 225 5.03%

* In accordance with the last notification submitted to the Parent Company dated 13 November 2023.

** In accordance with the last notification submitted to the Parent Company dated 12 August 2024.

Changes in the ownership structure of significant blocks of the Parent Company’s shares from the

date of submission of the previous interim report

The Parent Company did not receive any notifications concerning changes in the ownership structure of significant blocks of shares

in the Parent Company after the date of the last interim report (annual report).

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Parent Company’s shares held by Members of the Management and

Supervisory Boards

Changes in the number of shares held by Members of the Management and Supervisory Boards*

Name and surname Position As at 01.01.2026 As at 31.03.2026 As at 28.05.2026

Piotr Nielubowicz

Member of the

Management Board

Chief Financial Officer

6 858 717 6 858 717 6 858 717

Adam Badowski

Member of the

Management Board

Joint Chief Executive

Officer

692 640 692 640 692 640

Michał Nowakowski

Member of the

Management Board

Joint Chief Executive

Officer

530 290 530 290 530 290

Piotr Karwowski

Member of the

Management Board

Joint Chief Operating

Officer

108 728 108 728 108 728

Paweł Zawodny

Member of the

Management Board

Joint Chief Operating

Officer

18 508 18 508 18 508

Marcin Iwiński

Co-Chair of the

Supervisory Board

12 650 000 12 650 000 12 650 000

Adam Kiciński

Co-Chair of the

Supervisory Board

4 046 001 4 046 001 4 046 001

* Based on statements and notifications submitted to the Company

Reference to published estimates

The Group did not publish estimated data relating to the period presented.

Interim condensed separate financial

statements of CD PROJEKT S.A.

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

Interim condensed separate income statement

Note

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025

Sales revenue 191 107 180 091

Sales of products 184 935 178 069

Sales of goods for resale and materials 6 172 2 022

Cost of products, goods for resale and materials sold 13 880 15 081

Cost of products sold 11 466 12 304

Cost of goods for resale and materials sold 2 414 2 777

Gross profit on sales 177 227 165 010

Selling expenses 24 559 22 216

Total administrative expenses, including: 52 240 47 479

costs of research projects 8 955 8 198

Other operating income 4 838 3 339

Other operating expenses 4 561 3 256

(Impairment)/reversal of impairment

of financial instruments

(3) 7

Operating profit 100 702 95 405

Finance income 26 306 39 107

Finance costs 10 225 20 566

Profit before tax 116 783 113 946

Income tax A 7 637 1 266

Net profit 109 146 112 680

Net earnings per share (in PLN)

Basic for the reporting period 1.09 1.13

Diluted for the reporting period 1.08 1.12

Interim condensed separate statement of

comprehensive income

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025

Net profit

109 146 112 680

Other comprehensive income subject to reclassification to gains or losses after

specific conditions have been met

(3 224) 1 124

Measurement of financial instruments at fair value through other comprehensive

income, taking into account the tax effect

(3 224) 1 124

Other comprehensive income not subject to reclassification to gains or losses - -

Total other comprehensive income

(3 224) 1 124

Total comprehensive income

105 922 113 804

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

Interim condensed separate statement of financial

position

Note 31.03.2026 31.12.2025* 31.03.2025*

NON-CURRENT ASSETS 2 470 444 2 174 743 1 717 185

Property, plant and equipment 320 099 307 893 276 828

Intangible assets 65 837 65 024 66 106

Expenditure on development projects 1 325 120 1 159 562 784 100

Investment properties 67 486 31 241 31 319

Goodwill C 49 168 49 168 49 168

Investments in subordinated entities G 60 741 56 531 67 339

Prepayments and deferred costs 7 138 3 233 3 300

Other financial assets G 458 459 387 233 331 629

Deferred tax assets A 115 963 114 430 107 004

Other receivables E,G 433 428 392

CURRENT ASSETS 1 172 082 1 332 673 1 327 971

Inventories 2 076 2 279 659

Trade receivables D,G 103 244 127 074 85 887

Current income tax receivable - 11 305 -

Other receivables E,G 83 471 217 446 110 853

Prepayments and deferred costs 16 773 12 654 10 039

Other financial assets G 396 445 332 820 470 174

Bank deposits over 3 months G 546 776 520 813 487 346

Cash and cash equivalents G 23 297 108 282 163 013

TOTAL ASSETS

3 642 526 3 507 416 3 045 156

* restated data

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

Note 31.03.2026 31.12.2025 31.03.2025*

EQUITY 3 413 541 3 294 816 2 859 135

Share capital 18 99 911 99 911 99 911

Supplementary capital 2 356 085 2 356 085 2 025 642

Share premium 116 700 116 700 116 700

Treasury shares (22 424) (22 424) -

Other reserves 144 654 135 075 59 268

Retained earnings / (Accumulated losses) 609 469 (25 740) 444 934

Net profit for the period 109 146 635 209 112 680

NON-CURRENT LIABILITIES 31 800 29 408 21 439

Other financial liabilities G 17 643 17 995 16 519

Other liabilities 2 194 2 084 2 213

Deferred income 10 162 6 642 1 880

Provision for retirement and similar benefits 1 713 1 713 827

Other provisions F 88 974 -

CURRENT LIABILITIES 197 185 183 192 164 582

Other financial liabilities G 5 558 2 798 1 223

Trade payables G 54 030 58 768 46 948

Current income tax liabilities 5 635 - 1 766

Other liabilities 7 778 6 473 5 935

Deferred income 13 421 11 104 10 769

Provision for retirement and similar benefits 12 274 8 895 9 449

Other provisions F 98 489 95 154 88 492

TOTAL EQUITY AND LIABILITIES 3 642 526 3 507 416 3 045 156

* restated data.

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

Interim condensed separate statement of changes in equity

capital

Supplementary

capital

Share premium

Treasury

Other

reserves

Retained

earnings/(

Accumulated

losses)

Net profit

for the

period

Total equity

01.01.2026 – 31.03.2026

Equity as at 01.01.2026 99 911 2 356 085 116 700 (22 424) 135 075 609 469 - 3 294 816

Total comprehensive income - - - - (3 224) - 109 146 105 922

Net profit - - - - - - 109 146 109 146

Other comprehensive income - - - - (3 224) - - (3 224)

Costs of the incentive plan - - - - 12 803 - - 12 803

Equity as at 31.03.2026 99 911 2 356 085 116 700 (22 424) 144 654 609 469 109 146 3 413 541

01.01.2025 – 31.12.2025

Equity as at 01.01.2025 99 911 2 025 642 116 700 - 50 537 470 674 - 2 763 464

Corrections of errors - - - - (52) (25 740) - (25 792)

Equity, as adjusted 99 911 2 025 642 116 700 - 50 485 444 934 - 2 737 672

Total comprehensive income - - - - 1 921 - 635 209 637 130

Net profit - - - - - - 635 209 635 209

Other comprehensive income - - - - 1 921 - - 1 921

Costs of the incentive plan - - - - 42 349 - - 42 349

Setting up reserve capital for the purchase of treasury shares - (40 320) - - 40 320 - - -

Purchase of treasury shares for the execution of the incentive plan - - - (22 424) - - - (22 424)

Payment of dividend - - - - - (99 911) - (99 911)

Appropriation of the net profit/offset of loss - 370 763 - - - (370 763) - -

Equity as at 31.12.2025 99 911 2 356 085 116 700 (22 424) 135 075 (25 740) 635 209 3 294 816

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

capital

Supplementary

capital

Share premium

Treasury

Other

reserves

Retained

earnings/(Accumulated

losses)

Net profit

for the

period

Total equity

01.01.2025 – 31.03.2025

Equity as at 01.01.2025 99 911 2 025 642 116 700 - 50 537 470 674 - 2 763 464

Corrections of errors - - - - (52) (25 740) - (25 792)

Equity, as adjusted 99 911 2 025 642 116 700 - 50 485 444 934 - 2 737 672

Total comprehensive income - - - - 1 124 - 112 680 113 804

Net profit - - - - - - 112 680 112 680

Other comprehensive income - - - - 1 124 - - 1 124

Costs of the incentive plan - - - - 7 659 - - 7 659

Equity as at 31.03.2025 99 911 2 025 642 116 700 - 59 268 444 934 112 680 2 859 135

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

Interim condensed separate statement of cash flows

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025*

OPERATING ACTIVITIES

Net profit 109 146 112 680

Total adjustments: 32 372 51 851

Depreciation and amortization of property, plant and equipment, intangible assets

and expenditure on development projects

2 725 2 489

Amortization of development projects recognized as cost of goods sold 10 325 13 775

Foreign exchange (gains)/losses (16 116) 18 039

Interest and shares in profits (12 379) (18 041)

(Gains)/losses on investing activities 10 212 (18 217)

Increase/(Decrease) in provisions 12 516 (18 926)

(Increase)/Decrease in inventories 203 1 143

(Increase)/Decrease in receivables 26 927 46 901

Increase/(Decrease) in liabilities, excluding loans and borrowings (9 722) 14 641

Change in other assets and liabilities (2 248) 3 232

The costs of share-based incentive plans 9 545 6 542

Other adjustments 384 273

Cash from operating activities 141 518 164 531

Income tax expense 4 982 (3 482)

Withholding tax paid abroad 2 655 4 748

Income tax (paid)/refunded 10 424 (12 647)

Net cash from operating activities 159 579 153 150

* restated data

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025

INVESTING ACTIVITIES

Inflows 357 596 357 154

Sale of intangible assets and property, plant and equipment 7 189

Repayment of loans granted - 455

Sale of shares in a subsidiary 90 695 -

Expiry of bank deposits over 3 months 214 200 278 634

Redemption or sale of bonds 37 430 66 000

Interest on bonds 6 974 2 770

Interest received on deposits 4 187 8 692

Inflows from execution of forward contracts 3 885 366

Other inflows from investing activities 218 48

Outflows 601 554 411 405

Acquisition of intangible assets and property, plant and equipment 27 396 32 345

Expenditure on development projects 148 722 95 194

Acquisition of investment properties and capitalization of expenditure 11 629 -

Loans granted - 1 776

Contribution to the capital of a subsidiary 2 260 2 750

Placement of bank deposits over 3 months 237 379 248 194

Purchase of private equity interests in the gaming sector 30 -

Transaction-related costs associated with the sale of shares 3 305 -

Purchase of bonds and cost of their purchase 170 833 31 146

Net cash from investing activities (243 958) (54 251)

FINANCING ACTIVITIES

Inflows 1 9

Settlement of lease receivables 1 8

Interest received - 1

Outflows 607 763

Payment of lease liabilities 465 618

Interest paid 142 145

Net cash used in financing activities (606) (754)

Net increase/(decrease) in cash and cash equivalents (84 985) 98 145

Change in cash and cash equivalents in the balance sheet (84 985) 98 145

Cash and cash equivalents as at the beginning of the period 108 282 64 868

Cash and cash equivalents as at the end of the period, including: 23 297 163 013

restricted cash and cash equivalents

291

Explanations to the condensed separate statement of cash flows

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025*

“Other adjustments” comprise: 384 273

Measurement of derivative financial instruments - (126)

Amortization and depreciation included under cost of sales and other

operating expenses

384 399

* restated data

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

Assumption of comparability of the financial statements

and consistency of accounting policies

The accounting policies applied in these interim condensed separate financial statements, material judgments made by the

Management Board with regard to the accounting policies applied by the Company and the main sources of estimating uncertainties

are consistent, in all material respects, with the policy adopted for preparing the annual financial statements of CD PROJEKT S.A.

for 2025, with the exception of the presentation changes described below. These condensed financial statements should be read

in conjunction with the financial statements for the year ended 31 December 2025.

Presentation changes and corrections of errors

In these separate financial statements for the period from 1 July to 31 March 2026, selected financial data were adjusted. In order

to ensure comparability of the financial data in the reporting period, the data for the period from 1 January to 31 March 2025 and as

at 31 March 2025 and 31 December 2025 were adjusted.

Interim condensed separate income statement for the period from 1 January to 31 March 2025

 The Company has adjusted the accounting treatment of withholding tax (WHT) from previous years, adjusting Income tax by

PLN 25 792 thousand and thereby reducing Net profit. Due to an error in the income tax estimate, the withholding tax refunded

in 2024 was incorrectly deducted in the amounts of PLN 11 082 thousand for 2022 and PLN 14 710 thousand for 2023.

Originally, in the interim consolidated financial statements for the periods from 1 January to 31 March 2025, from 1 January to

30 June 2025 and from 1 July to 30 September 2025. As part of the work on closing the financial year 2025, the Group

considered it more appropriate to restate the historical periods to which the tax related. Consequently, in the comparative

figures presented for the first quarter of 2025, the income tax item was adjusted, resulting in an increase in net profit for that

period of PLN 25 792 thousand.

 The presentation of operating income and expenses was amended, with Sale of services amounting to PLN 1 208 thousand

being reclassified to Other operating income and the corresponding Cost of products sold amounting to PLN 1 057 thousand

being reclassified to Other operating expenses.

 The presentation of foreign exchange differences arising from operating activities was changed, with PLN 572 thousand being

transferred from Finance costs to Other operating expenses.

01.01.2025 – 31.03.2025

published data

presentation

changes

restated data

Sales revenue 181 299 (1 208) 180 091

Sales of services 1 208 (1 208) -

Cost of products, goods for resale and materials sold 16 138 (1 057) 15 081

Cost of products sold 13 361 (1 057) 12 304

Gross profit on sales 165 161 (151) 165 010

Other operating income 2 131 1 208 3 339

Other operating expenses 1 627 1 629 3 256

Operating profit 95 977 (572) 95 405

Finance costs 21 138 (572) 20 566

Profit before tax 113 946 - 113 946

Income tax 27 058 (25 792) 1 266

Net profit from continuing operations 86 888 25 792 112 680

Net profit 86 888 25 792 112 680

Net earnings per share (in PLN)

Basic for the reporting period

0.87 0.26 1.13

Diluted for the reporting period

0.86 0.26 1.12

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

Interim condensed separate statement of comprehensive income of CD PROJEKT for the period from

1 January to 31 March 2025

01.01.2025 – 31.03.2025

published data

presentation

changes

restated data

Net profit 86 888 25 792 112 680

Total other comprehensive income 1 124 - 1 124

Total comprehensive income, including: 88 012 25 792 113 804

Interim condensed separate statement of financial position as at 31 December 2025

• The presentation of certain non-current assets held by the Group was amended, with an amount of PLN 578 thousand being

reclassified from Property, plant and equipment to Intangible assets.

• The presentation of advance payments for marketing campaigns was amended within current assets by reclassifying

PLN 1 080 thousand from Other receivables to Prepayments and deferred costs.

31.12.2025

published data

presentation

changes

restated data

NON-CURRENT ASSETS 2 174 743 - 2 174 743

Property, plant and equipment 308 471 (578) 307 893

Intangible assets 64 446 578 65 024

CURRENT ASSETS 1 332 673 - 1 332 673

Other receivables 218 526 (1 080) 217 446

Prepayments and deferred costs 11 574 1 080 12 654

TOTAL ASSETS 3 507 416 - 3 507 416

Interim condensed separate statement of financial position as at 31 March 2025

• The presentation of certain non-current assets held by the Group was amended, with an amount of PLN 31 thousand being

reclassified from Property, plant and equipment to Intangible assets.

• Trade payables amounting to PLN 30 555 thousand were reclassified from Other current provisions to Trade payables.

• An adjustment was made to the accounting treatment of actuarial gains from previous years, reducing Other reserves by

PLN 52 thousand and increasing Retained earnings/(Accumulated losses) by PLN 52 thousand.

• The Company adjusted the accounting treatment of withholding tax (WHT) from previous years, increasing the Net profit for the

current period by PLN 25 792 thousand, with a corresponding decrease in Retained earnings/(Accumulated losses) of

PLN 25 792 thousand.

31.03.2025

published data

presentation

changes

restated data

NON-CURRENT ASSETS 1 717 185 - 1 717 185

Property, plant and equipment 276 859 (31) 276 828

Intangible assets 66 075 31 66 106

CURRENT ASSETS 1 327 971 - 1 327 971

TOTAL ASSETS 3 045 156 - 3 045 156

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

31.03.2025

Published

data

Presentation

change

Restated

data

EQUITY 2 859 135 - 2 859 135

Other reserves 59 320 (52) 59 268

Retained earnings / (Accumulated losses) 470 674 (25 740) 444 934

Net profit for the period 86 888 25 792 112 680

NON-CURRENT LIABILITIES 21 439 - 21 439

CURRENT LIABILITIES 164 582 - 164 582

Trade payables 16 393 30 555 46 948

Other provisions 119 047 (30 555) 88 492

TOTAL EQUITY AND LIABILITIES 3 045 156 - 3 045 156

Interim condensed separate statement of cash flows for the period from 1 January to 31 March 2025

• As a result of an adjustment to the accounting treatment of the withholding tax (WHT) for previous years amounting to

PLN 25 792 thousand, the Net profit and Income tax on profit/(loss) before tax have been amended.

• As a result of the reclassification of balance sheet items, Increase/(Decrease) in provisions was reduced by PLN 30 555

thousand. At the same time, the balance of the Increase/(Decrease) in liabilities, excluding loans and borrowings was increased.

• A separate line item, Costs of share-based incentive plans, was created by transferring PLN 6 542 thousand from Other

adjustments.

01.01.2025 – 31.03.2025

Published data

Presentation

changes

Restated data

OPERATING ACTIVITIES

Net profit 86 888 25 792 112 680

Total adjustments: 51 852

(1)

51 851

Increase/(Decrease) in provisions 11 629 (30 555) (18 926)

Increase/(Decrease) in liabilities, excluding loans and borrowings (15 914) 30 555 14 641

The costs of share-based incentive plans - 6 542 6 542

Other adjustments 6 816 (6 543) 273

Cash from operating activities 138 740 25 791 164 531

Income tax expense 22 310 (25 792) (3 482)

Net cash from operating activities 153 151 (1) 153 150

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

Notes to the separate financial statements of

CD PROJEKT S.A.

A. Corporate income tax and deferred income tax

The deferred part of the income tax was determined either at the corporate income tax rate of 19% for the tax base corresponding

to income from other sources, or at the rate of 5% for the tax base corresponding to income from qualifying intellectual property

rights (the so-called IP BOX). When determining the appropriate tax rate for temporary differences, the Parent Company relied on

forecasts of which tax base will give rise to the realization of the temporary differences recognized.

The main items of the income tax expense for the years ended 31 March 2026 and 31 March 2025 are as follows:

01.01.2026 –

31.03.2026

01.01.2025 –

31.03.2025*

Current income tax 9 170 8 539

For the financial year 6 515 7 736

Withholding tax paid abroad 2 655 4 748

Adjustments relating to prior years - (3 945)

Deferred income tax (1 533) (7 273)

Related to temporary differences arising and reversed (1 533) (7 273)

Income tax expense shown in the income statement 7 637 1 266

Effective tax rate 6.77% 1.12%

* restated data

Deferred tax shown in the income statement is the difference between the balance of deferred tax provisions and assets as at the

end and the beginning of the reporting periods.

Deductible temporary differences underlying the deferred tax assets

31.12.2025

Differences affecting

the deferred tax

recognized in the

profit or loss

31.03.2026

Provision for other employee benefits 4 146 1 264 5 410

Provision for costs of earnings-related and other

remuneration

54 421 11 050 65 471

Foreign exchange losses 23 937 (3 582) 20 355

Difference between the carrying and tax amounts of

expenditure on development projects

21 824 2 825 24 649

Salaries and wages and social security payable

in future periods

4 42 46

Other provisions 37 306 (1 579) 35 727

Research and development relief 604 780 (971) 603 809

Tax value of leased non-current assets 19 484 (386) 19 098

Prepayments recognized as revenue for tax purposes 9 860 1 781 11 641

Total deductible differences, including: 775 762 10 444 786 206

taxed at 5% 105 912 14 102 120 014

taxed at 19% 669 850 (3 658) 666 192

Deferred tax assets 132 568 10 132 578

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

Taxable temporary differences underlying the deferred tax provisions

31.12.2025

Differences affecting

the deferred tax

recognized in the

profit or loss

31.03.2026

Difference between the net carrying amount and tax

amount of property, plant and equipment and

intangible assets

31 698 1 295 32 993

Current period revenue invoiced in the subsequent

period/accrued income

114 887 (23 540) 91 347

Foreign exchange gains 39 391 430

Difference between the carrying amounts and tax

bases of expenditure on development projects

70 354 14 078 84 432

Carrying amount of non-current assets leased 18 698 (291) 18 407

Other 222 4 226

Total taxable differences, including: 235 898 (8 063) 227 835

taxed at 5% 190 588 (62) 190 526

taxed at 19% 45 310 (8 001) 37 309

Deferred tax provisions 18 138 (1 523) 16 615

Net deferred tax assets/provisions

31.03.2026 31.12.2025 31.03.2025

Deferred tax assets 132 578 132 568 116 546

Deferred tax provisions 16 615 18 138 9 542

B. Dividends paid (or declared) and received

During the period from 1 January to 31 March 2026, the Parent Company did not pay or receive dividends.

C. Goodwill

Goodwill recognized in business combinations and acquisitions

31.03.2026 31.12.2025 31.03.2025

CD Projekt Red sp. z o.o. 39 147 39 147 39 147

Strange New Things business 10 021 10 021 10 021

Total 49 168 49 168 49 168

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

D. Trade receivables

31.03.2026 31.12.2025 31.03.2025

Trade receivables, gross 103 506 127 329 85 997

Impairment write-downs 262 255 110

Trade receivables, net 103 244 127 074 85 887

from related entities 4 885 4 386 6 458

from other entities 98 359 122 688 79 429

Changes in write-downs of trade receivables

01.01.2026 –

31.03.2026

OTHER ENTITIES

Write-downs as at the beginning of the period 255

Increases, including: 7

Recognition of write-downs of overdue and disputed receivables 7

Decrease -

Write-downs as at the end of the period 262

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

Current and overdue trade receivables as at 31.03.2026

Total Not overdue

Overdue, in days

1 – 60 61 – 90 91 – 180 181 – 360 >360

RELATED ENTITIES

gross receivables 4 885 4 885 - - - - -

default ratio

0% 0% 0% 0% 0% 0%

write-down resulting

from the ratio

- - - - - - -

write-down determined

individually

- - - - - - -

total expected credit losses - - - - - - -

Net receivables 4 885 4 885 - - - - -

Total Not overdue

Overdue, in days

1 – 60 61 – 90 91 – 180 181 – 360 >360

OTHER ENTITIES

gross receivables 98 621 98 126 200 - 35 227 33

default ratio

0% 0% 0% 0% 0% 0%

write-down resulting

from the ratio

- - - - - - -

write-down determined

individually

262 - 3 - 35 191 33

total expected credit losses

262 - 3 - 35 191 33

Net receivables 98 359 98 126 197 - - 36 -

Total

gross receivables 103 506 103 011 200 - 35 227 33

impairment write-

downs

262 - 3 - 35 191 33

Net receivables 103 244 103 011 197 - - 36 -

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

E. Other receivables

31.03.2026 31.12.2025* 31.03.2025

Other gross receivables 83 904 217 874 111 245

Impairment write-downs - - -

Other net receivables 83 904 217 874 111 245

from related entities 4 082 3 598 14 431

from other entities 79 822 214 276 96 814

* restated data

31.03.2026 31.12.2025* 31.03.2025

Other gross receivables, including: 83 904 217 874 111 245

tax receivables, other than corporate income tax 40 978 39 057 58 036

prepayments for inventories 23 054 32 672 36 280

prepayments for development projects 16 665 28 011 15 580

prepayments for property, plant and equipment and intangible assets 1 484 1 177 883

security deposits 474 473 442

settlements with employees 42 51 24

settlements with the members of the Management Board 4 4 -

disposal of shares in a subsidiary - 90 695 -

prepayments for investment properties - 25 000 -

other 1 203 734 -

Write-downs - - -

Other net receivables, including: 83 904 217 874 111 245

current 83 471 217 446 110 853

non-current 433 428 392

* restated data

F. Other provisions

31.03.2026 31.12.2025 31.03.2025*

Provisions for liabilities, including: 98 577 96 128 88 492

provision for costs of earnings-related and other remuneration 72 127 59 862 66 010

provision for costs of the audit and review of the financial statements 126 104 195

provision for costs of external services 12 256 21 889 6 972

provision for other costs 14 068 14 273 15 315

Total, including: 98 577 96 128 88 492

current 98 489 95 154 88 492

non-current 88 974 -

* restated data

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

Changes in other provisions

Provision for costs

of earnings-

related and other

remuneration

Provision for costs

of the audit and

review of the

financial

statements

Provision for costs

of external

services

Provision for other

costs

Total

As at 01.01.2026 59 862 104 21 889 14 273 96 128

Provisions recognized

during the year

12 265 116 59 587 1 114 73 082

Provisions utilized/released - 94 69 220 1 319 70 633

As at 31.03.2026, including: 72 127 126 12 256 14 068 98 577

current 72 127 126 12 168 14 068 98 489

non-current - - 88 - 88

G. Information on financial instruments

Fair values of specific classes of financial instruments

The fair value of financial instruments for which there is no active market is determined using appropriate valuation techniques.

The Company applies professional judgement in selecting appropriate methods and assumptions.

Financial instruments measured at fair value are classified according to a three-level fair value hierarchy:

Level 1 – quoted prices in active markets for identical assets or liabilities.

Level 2 – fair value based on observable market data.

Level 3 – fair value based on data that is not observable in the market.

The Management Board of the Company analysed specific classes of financial instruments. Based on the analysis, it was concluded

that the carrying amounts of the instruments do not materially differ from their fair values, as at both 31 March 2026, 31 December

2025 and 31 March 2025.

31.03.2026 31.12.2025 31.03.2025

LEVEL 1

Assets measured at fair value

Financial assets measured at fair value through

other comprehensive income

257 219 217 863 227 254

foreign bonds – EUR 22 266 21 971 21 782

foreign bonds – USD 234 953 195 892 205 472

LEVEL 2

Assets measured at fair value through profit or loss

Derivative instruments 278 10 067 8 643

currency forwards - EUR 278 506 872

currency forwards - USD - 9 561 7 771

Private equity interests in the gaming sector 4 313 4 114 4 770

private equity interests in the gaming sector - SEK 635 561 966

private equity interests in the gaming sector - USD 3 678 3 553 3 804

Liabilities measured at fair value through profit or loss

Derivative instruments 4 102 - 181

currency forwards - JPY - - 181

currency forwards - USD 4 102 - -

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

Financial assets – classification and measurement

In accordance with the requirements of IFRS 9 Financial Instruments, the Company has analysed the business model for managing

financial assets and examined the characteristics of contractual cash flows for each component of the bond portfolio, and concluded

that:

- the purpose of investments in domestic and foreign bonds is to hold them to maturity and to collect contractual cash flows;

- investment mandates for managing the foreign bonds portfolio allow selling bonds before maturity as part of the adopted

strategy;

- all bonds purchased meet the SPPI test.

As a result of the analysis conducted, purchased bonds were classified into two financial asset management models which differ in

terms of the entity managing the bond portfolio. Polish bonds that are managed directly on the level of the Company are measured

at amortized cost, because they are held to collect contractual cash flows. Foreign bonds managed by an external entity in

accordance with the investment mandate granted are measured at fair value through other comprehensive income.

With regard to equity interests in other entities, the Company estimates the fair values of the shares held using the method which

consists in forecasting future cash flows generated by a relevant cash generating unit and requires determining a discount rate to

be used to calculate the present value of these cash flows. In justified cases, the Group adopts historical cost as an acceptable

approximation of the fair value.

The Company did not measure the fair values of trade receivables and payables, cash and cash equivalents, bank deposits over

3 months and loans granted with variable interest rates, because their carrying amounts are considered by the Company to be

a reasonable approximation of their fair values.

There were no movements between the levels in the fair value hierarchy in the reporting period and in the comparative period.

The Company does not apply hedge accounting and therefore the regulations of IFRS 9 in this respect do not apply to it.

31.03.2026 31.12.2025 31.03.2025

Financial assets measured at amortized cost 1 266 844 1 244 606 1 297 774

Other non-current receivables 433 428 392

Trade receivables 103 244 127 074 85 887

Cash and cash equivalents 23 297 108 282 163 013

Bank deposits over 3 months 546 776 520 813 487 346

Domestic bonds 576 594 472 119 557 196

Loans granted 16 500 15 890 3 940

Financial assets measured at cost 60 741 56 531 67 339

Investments in subordinated entities 60 741 56 531 67 339

Financial assets measured at fair value through

other comprehensive income

257 219 217 863 227 254

Foreign bonds 257 219 217 863 227 254

Financial assets measured at fair value through profit or loss 4 591 14 181 13 413

Derivative financial instruments 278 10 067 8 643

Private equity interests in the gaming sector 4 313 4 114 4 770

Total financial assets 1 589 395 1 533 181 1 605 780

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

In accordance with the requirements of IFRS 13 Fair Value Measurement, the Company analysed the valuation of the financial

instruments measured at amortized cost in the consolidated statement of financial position in order to determine their fair values

and their classification in the fair value hierarchy.

Listed debt securities were classified as Level 1. They include Domestic bonds whose fair value was determined on the basis of

a market valuation provided by the brokerage office as part of the applicable agreement for the provision of brokerage services.

31.03.2026 31.12.2025 31.03.2025

LEVEL 1

Fair value of assets measured at amortized cost 571 886 473 607 557 815

Domestic bonds 571 886 473 607 557 815

Other items of financial assets and financial liabilities measured at amortized cost were classified to Level 3.

Financial liabilities – classification and measurement

31.03.2026 31.12.2025 31.03.2025*

Financial liabilities measured at amortized cost 73 129 79 561 64 509

Trade payables 54 030 58 768 46 948

Lease liabilities and other financial liabilities 19 099 20 793 17 561

Financial liabilities measured at fair value

through profit or loss

4 102 - 181

Derivative financial instruments 4 102 - 181

Total financial liabilities 77 231 79 561 64 690

* restated data

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

H. Transactions with related entities

Sales to related entities Purchases from related entities

01.01.2026 – 31.03.2026 01.01.2025 – 31.03.2025* 01.01.2026 – 31.03.2026 01.01.2025 – 31.03.2025

SUBSIDIARIES

GOG sp. z o.o. - 3 720 - 9

CD PROJEKT RED Inc. 1 780 840 47 661 15 529

CD PROJEKT RED Canada Ltd. 245 169 6 108 4 339

The Molasses Flood LLC - 174 - 9 708

CD PROJEKT SILVER Inc. - - - 183

OTHER RELATED PARTIES

Members of the Management Board 23 - - -

Members of the Supervisory Board 5 - - -

Other members of the senior

management

26 2 - -

Other related parties - 173 - -

* restated data

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

Receivables from related entities Liabilities to related entities

31.03.2026 31.12.2025 31.03.2025* 31.03.2026 31.12.2025 31.03.2025*

SUBSIDIARIES

GOG sp. z o.o. - - 3 471 - - -

CD PROJEKT RED Inc. 22 366 21 519 12 739 17 832 14 679 10 966

CD PROJEKT RED

Canada Ltd.

3 097 2 351 2 386 2 620 2 147 3 259

The Molasses Flood LLC - - 6 234 - - 6 592

OTHER RELATED PARTIES

Members of the

Management Board

4 4 - 1 4 10

Other members of the

senior management

12 6 4 23 16 24

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Statement of the Management Board of the Parent

Company

On the fairness of preparation of the consolidated financial statements

These interim condensed consolidated financial statements have been prepared in accordance with the International Financial

Reporting Standards (IFRS) as endorsed by the European Union published and effective as at 31 December 2025, and to the extent

not governed by the said standards, in accordance with the Accounting Act of 29 September 1994 and the implementing legislation

issued on the basis thereof and to the extent required by the Regulation of the Minister of Finance of 6 June 2025 on current and

periodical information submitted by issuers of securities and conditions for considering as equivalent the information required under

the legislation of a non-Member State.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2026

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements.

Approval of the financial statements

This report for the period from 1 January to 31 March 2026 has been signed and approved for publication by the Management Board

of CD PROJEKT S.A. on 28 May 2026.

Warsaw, 28 May 2026

Piotr Nielubowicz Adam Badowski Michał Nowakowski

Member of the Management Board Member of the Management Board Member of the Management Board

Piotr Karwowski Paweł Zawodny Jeremiah Cohn

Member of the Management Board Member of the Management Board Member of the Management Board

Karolina Radziszewska Krystyna Cybulska

Member of the Management Board Chief Accountant