Interim report
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2 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Disclaimer This English language translation has been prepared solely for the convenience of English speaking readers. Despite all the efforts devoted to this translation, certain discrepancies, omissions or approximations may exist. In case of any differences between the Polish and the English versions, the Polish version shall prevail. CD PROJEKT RED, its representatives and employees decline all responsibility in this regard.
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3 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. CD PROJEKT RED Group - Selected financial data translated into EUR PLN EUR 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025* 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025* Net sales of products, goods for resale, and materials 435 308 355 021 102 372 84 112 Cost of sales of products, goods for resale and materials 29 390 37 996 6 912 9 002 Operating profit 245 339 166 208 57 697 39 378 Profit before tax 274 612 201 863 64 581 47 826 Net profit on continuing operations 249 107 181 627 58 583 43 031 Net loss on discontinued operations - (879) - (208) Net profit 249 107 180 748 58 583 42 823 Net cash from operating activities 245 175 249 711 57 658 59 162 Net cash from investing activities (336 532) (225 054) (79 143) (53 320) Net cash from financing activities (3 311) (2 569) (778) (609) Net increase/(decrease) in cash and cash equivalents (94 668) 22 088 (22 263) 5 233 Weighted average number of outstanding shares (in thousands) 99 832 99 911 99 832 99 911 Net earnings per share (in PLN/EUR) 2.50 1.81 0.59 0.43 Diluted earnings per share (in PLN/EUR) 2.47 1.79 0.58 0.42 Book value per share (in PLN/EUR) 35.67 28.80 8.30 6.79 Diluted book value per share (in PLN/EUR) 35.34 28.51 8.23 6.72 Dividend declared or paid per share (in PLN/EUR) - 1.00 - 0.24 * restated data PLN EUR 30.06.2026 31.12.2025 30.06.2026 31.12.2025 Total assets 3 787 693 3 503 320 881 618 828 855 Liabilities and provisions for liabilities (excluding accruals) 215 180 195 715 50 086 46 304 Non-current liabilities 41 565 33 157 9 675 7 845 Current liabilities 185 410 180 304 43 156 42 658 Equity 3 560 718 3 289 859 828 787 778 352 Share capital 99 911 99 911 23 255 23 638 The financial data presented above were translated into EUR as follows: Items of the condensed interim consolidated income statement and the condensed interim consolidated statement of cash flows were translated at exchange rates calculated as an arithmetic mean of the exchange rates announced by the National Bank of Poland for the euro applicable as at the last day of each month in a given reporting period. These rates were, respectively, as follows: from 1 January to 30 June 2026: 4.2522 PLN/EUR and from 1 January to 30 June 2025: 4.2208 PLN/EUR. Items of assets, liabilities and equity in the condensed interim consolidated statement of financial position were translated at exchange rates announced by the National Bank of Poland for the euro applicable as at the last day of the reporting period. These rates were, respectively, as follows: 4.2963 PLN/EUR as at 30 June 2026 and 4.2267 PLN/EUR as at 31 December 2025.
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4 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Table of contents Key financial data of the CD PROJEKT RED Group ........................................................................................................................................................ 6 Interim condensed consolidated income statement ................................................................................................................................................. 7 Interim condensed consolidated statement of comprehensive income ........................................................................................................... 8 Interim condensed consolidated statement of financial position ........................................................................................................................ 8 Interim condensed statement of changes in consolidated equity ...................................................................................................................... 10 Interim condensed consolidated statement of cash flows .................................................................................................................................... 12 Explanatory notes to the interim condensed consolidated financial statements................................................................................................. 14 General information........................................................................................................................................................................................................... 15 Consolidation policies ...................................................................................................................................................................................................... 15 Basis of preparation of the interim condensed consolidated financial statements ...................................................................................... 16 Going concern assumption ............................................................................................................................................................................................. 16 Compliance with the International Financial Reporting Standards..................................................................................................................... 17 Functional currency and presentation currency ....................................................................................................................................................... 18 Assumption of comparability of the financial statements and consistency of accounting policies .......................................................... 18 Audit by the registered auditor ...................................................................................................................................................................................... 21 Notes – operations of the CD PROJEKT RED Group ................................................................................................................................................... 22 Notes – other explanatory notes to the interim condensed consolidated financial statements .................................................................... 24 Note 1. Description of items affecting assets, liabilities, equity, net profit or loss and cash flows which are not typical in terms of their type, size and impact .................................................................................................................................... 25 Note 2. Sales revenue .............................................................................................................................................................................................. 25 Note 3. Operating expenses .................................................................................................................................................................................. 26 Note 4. Other operating income and expenses ................................................................................................................................................ 27 Note 5. Finance income and finance costs........................................................................................................................................................ 28 Note 6. Corporate income tax and deferred income tax............................................................................................................................... 29 Note 7. Discontinued operations ...........................................................................................................................................................................32 Note 8. Dividend paid (or declared) and received ...........................................................................................................................................32 Note 9. Property, plant and equipment................................................................................................................................................................ 33 Note 10. Intangible assets and expenditure on development projects .....................................................................................................35 Note 11. Changes in the structure of the Group and Group companies during the reporting period .............................................. 36 Note 12. Investment properties ............................................................................................................................................................................. 36 Note 13. Prepayments and deferred costs .......................................................................................................................................................... 37 Note 14. Other financial assets ............................................................................................................................................................................... 37 Note 15. Inventories ................................................................................................................................................................................................... 37 Note 16. Trade receivables ......................................................................................................................................................................................38 Note 17. Other receivables ...................................................................................................................................................................................... 40 Note 18. Share capital ............................................................................................................................................................................................... 40 Note 19. Other non-current liabilities ..................................................................................................................................................................... 41 Note 20. Other current liabilities ............................................................................................................................................................................. 41 Note 21. Deferred income ........................................................................................................................................................................................42 Note 22. Provision for retirement and similar benefits ...................................................................................................................................42 Note 23. Other provisions ........................................................................................................................................................................................ 43 Note 24. Information on financial instruments ................................................................................................................................................... 44 Note 25. Explanations to the condensed consolidated statement of cash flows ................................................................................... 47 Note 26. Cash flows and non-monetary changes resulting from changes in liabilities in financing activities.............................. 49 Note 27. Transactions with related entities ....................................................................................................................................................... 50 Note 28. Contingent liabilities ............................................................................................................................................................................... 52 Note 29. Employee benefit programmes ............................................................................................................................................................53 Note 30. Tax settlements ......................................................................................................................................................................................... 57 Note 31. Post balance sheet events ...................................................................................................................................................................... 57 Interim condensed separate financial statements of CD PROJEKT RED S.A. ...................................................................................................... 58 Interim condensed separate income statement ...................................................................................................................................................... 59 Interim condensed separate statement of comprehensive income ................................................................................................................. 59 Interim condensed separate statement of financial position ..............................................................................................................................60 Interim condensed separate statement of changes in equity ............................................................................................................................. 62 Interim condensed separate statement of cash flows........................................................................................................................................... 64 Assumption of comparability of the financial statements and consistency of accounting policies ......................................................... 66 Notes to the separate financial statements of CD PROJEKT RED S.A. ............................................................................................................ 69 A. Corporate income tax and deferred income tax ......................................................................................................................................... 69 B. Dividends paid (or declared) and received ..................................................................................................................................................... 71 C. Goodwill ..................................................................................................................................................................................................................... 71 D. Trade receivables .................................................................................................................................................................................................. 72
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5 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. E. Other receivables ................................................................................................................................................................................................... 74 F. Other provisions ..................................................................................................................................................................................................... 74 G. Information on financial instruments ............................................................................................................................................................... 75 H. Related party transactions .................................................................................................................................................................................. 78 Statement of the Management Board of the Parent Company .......................................................................................................................... 79 Approval of the financial statements ..........................................................................................................................................................................80
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Key financial data of the CD PROJEKT RED Group 1
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7 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Interim condensed consolidated income statement Note 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025* Sales revenue 435 308 355 021 Sales of products 2 421 040 336 075 Sales of goods for resale and materials 2 14 268 18 946 Cost of sales of products, goods for resale and materials 29 390 37 996 Cost of products sold 3 22 006 24 169 Cost of goods for resale and materials sold 3 7 384 13 827 Gross profit on sales 405 918 317 025 Selling expenses 3 57 108 58 675 Total administrative expenses, including: 3 109 545 96 329 cost of research projects 3 18 999 17 878 Other operating income 4 12 980 9 088 Other operating expenses 4 6 900 4 753 (Impairment)/reversal of impairment of financial instruments (6) (148) Operating profit 245 339 166 208 Finance income 5 42 531 75 026 Finance costs 5 13 258 39 371 Profit before tax 274 612 201 863 Income tax 6 25 505 20 236 Net profit on continuing operations 249 107 181 627 Net loss on discontinued operations 7 - (879) Net profit 249 107 180 748 Net earnings per share (in PLN) Basic for the reporting period 2.50 1.81 Diluted for the reporting period 2.47 1.79 Net earnings on continuing operations per share (in PLN) Basic for the reporting period 2.50 1.82 Diluted for the reporting period 2.47 1.80 Net loss on discontinued operations per share (in PLN) Basic for the reporting period - (0.01) Diluted for the reporting period - (0.01) * restated data
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8 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Interim condensed consolidated statement of comprehensive income 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025* Net profit 249 107 180 748 Other comprehensive income subject to reclassification to gains or losses after specific conditions have been met 5 036 (3 539) Exchange differences on measurement of foreign operations 10 051 (5 157) Measurement of financial instruments at fair value through other comprehensive income, taking into account the tax effect (5 015) 1 618 Other comprehensive income not subject to reclassification to gains or losses - - Total other comprehensive income 5 036 (3 539) Total comprehensive income, including: 254 143 177 209 Total comprehensive income on continuing operations 254 143 178 088 Total comprehensive income on discontinued operations - (879) * restated data Interim condensed consolidated statement of financial position Note 30.06.2026 31.12.2025* NON-CURRENT ASSETS 2 618 100 2 168 647 Property, plant and equipment 9 368 593 334 779 Intangible assets 10 65 494 64 979 Expenditure on development projects 10 1 512 454 1 148 143 Investment properties 12 66 062 31 241 Goodwill 10 88 899 88 899 Shares in non-consolidated subordinated entities 24 11 206 10 770 Prepayments and deferred costs 13 11 711 3 233 Other financial assets 14,24 383 676 371 566 Deferred tax assets 6 102 352 114 603 Trade receivables 16,24 7 574 - Other receivables 17,24 79 434 CURRENT ASSETS 1 169 593 1 334 673 Inventories 15 1 416 2 279 Trade receivables 16,24 160 378 125 441 Current income tax receivable - 11 305 Other receivables 17 80 314 214 114 Prepayments and deferred costs 13 21 073 14 009 Other financial assets 14,24 464 874 332 597 Bank deposits over 3 months 24 422 091 520 813 Cash and cash equivalents 24 19 447 114 115 TOTAL ASSETS 3 787 693 3 503 320 * restated data
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9 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 30.06.2026 31.12.2025 EQUITY 3 560 718 3 289 859 Share capital 18 99 911 99 911 Supplementary capital 3 001 974 2 400 607 Share premium 116 700 116 700 Treasury shares (7 429) (22 424) Other reserves 138 361 133 553 Foreign exchange differences on translation 3 581 (6 470) Retained earnings/(Accumulated losses) (41 487) (26 726) Net profit (loss) for the period 249 107 594 708 NON-CURRENT LIABILITIES 41 565 33 157 Other financial liabilities 24 26 759 21 743 Other liabilities 19 2 134 2 085 Deferred income 21 10 068 6 642 Provision for retirement and similar benefits 22 1 713 1 713 Other provisions 23 891 974 CURRENT LIABILITIES 185 410 180 304 Other financial liabilities 24 19 347 7 860 Trade payables 24 54 665 46 447 Current income tax liabilities 7 085 - Other liabilities 20 10 827 7 297 Deferred income 21 1 727 11 104 Provision for retirement and similar benefits 22 19 580 12 442 Other provisions 23 72 179 95 154 TOTAL EQUITY AND LIABILITIES 3 787 693 3 503 320
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10 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Interim condensed statement of changes in consolidated equity Share capital Supplementary capital Share premium Treasury shares Other reserves Foreign exchange differences on translation Retained earnings/ (Accumulated losses) Net profit (loss) for the period Total equity 01.01.2026 – 30.06.2026 Equity as at 01.01.2026 99 911 2 400 607 116 700 (22 424) 133 553 (6 470) 567 982 - 3 289 859 Total comprehensive income - - - - (5 015) 10 051 - 249 107 254 143 Net profit - - - - - - - 249 107 249 107 Other comprehensive income - - - - (5 015) 10 051 - - 5 036 Costs of the incentive plan - - - - 17 721 - - - 17 721 Settlement in treasury shares - (8 102) - 14 995 (7 898) - - - (1 005) Appropriation of the net profit/offset of loss - 609 469 - - - - (609 469) - - Equity as at 30.06.2026 99 911 3 001 974 116 700 (7 429) 138 361 3 581 (41 487) 249 107 3 560 718 01.01.2025 – 31.12.2025 Equity as at 01.01.2025 99 911 2 069 034 116 700 - 49 017 431 465 574 - 2 800 667 Correction of errors - - - - (52) - (26 556) - (26 608) Equity, as adjusted 99 911 2 069 034 116 700 - 48 965 431 439 018 - 2 774 059 Total comprehensive income - - - - 1 921 (6 901) - 594 708 589 728 Net profit - - - - - - - 594 708 594 708 Other comprehensive income - - - - 1 921 (6 901) - - (4 980) Costs of the incentive plan - - - - 42 347 - - - 42 347 Setting up reserve capital for the purchase of treasury shares - (40 320) - - 40 320 - - - - Purchase of treasury shares for the execution of the incentive plan - - - (22 424) - - - - (22 424) Retained earnings/(Accumulated losses) of the acquired entity - - - - - - 6 060 - 6 060 Payment of dividend - - - - - - (99 911) - (99 911) Appropriation of the net profit/offset of loss - 371 893 - - - - (371 893) - - Equity as at 31.12.2025 99 911 2 400 607 116 700 (22 424) 133 553 (6 470) (26 726) 594 708 3 289 859
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11 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Share capital Supplementary capital Share premium Treasury shares Other reserves Foreign exchange differences on translation Retained earnings/ (Accumulated losses) Net profit (loss) for the period Total equity 01.01.2025 – 30.06.2025 Equity as at 01.01.2025 99 911 2 069 034 116 700 - 49 017 431 465 574 - 2 800 667 Correction of errors - - - - (52) - (26 556) - (26 608) Equity, as adjusted 99 911 2 069 034 116 700 - 48 965 431 439 018 - 2 774 059 Total comprehensive income - - - - 1 618 (5 157) - 180 748 177 209 Net profit - - - - - - - 180 748 180 748 Other comprehensive income - - - - 1 618 (5 157) - - (3 539) Costs of the incentive plan - - - - 19 643 - - - 19 643 Setting up reserve capital for the purchase of treasury shares - (40 320) - - 40 320 - - - - Retained earnings/(Accumulated losses) of the acquired entity - - - - - - 6 060 - 6 060 Payment of dividend - - - - - - (99 911) - (99 911) Appropriation of the net profit/offset of loss - 371 893 - - - - (371 893) - - Equity as at 30.06.2025 99 911 2 400 607 116 700 - 110 546 (4 726) (26 726) 180 748 2 877 060
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12 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Interim condensed consolidated statement of cash flows Note 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025* OPERATING ACTIVITIES Net profit 249 107 180 748 Total adjustments: 25 (38 862) 61 402 Depreciation and amortization of property, plant and equipment, intangible assets and expenditure on development projects 5 633 5 563 Amortization of development projects recognized as cost of goods sold 20 652 27 673 Foreign exchange (gains)/losses (17 720) 29 428 Interest and shares in profits (25 101) (35 991) (Gains)/losses on investing activities 13 713 (30 636) Increase/(Decrease) in provisions (22 210) (36 508) (Increase)/Decrease in inventories 863 (2 840) (Increase)/Decrease in receivables (23 626) 56 028 Increase/(Decrease) in liabilities, excluding loans and borrowings 10 022 9 667 Change in other assets and liabilities (21 553) 18 237 The costs of share-based incentive plans 14 941 19 449 Other adjustments 5 524 1 332 Cash from operating activities 210 245 242 150 Income tax expense 21 205 12 970 Withholding tax paid abroad 4 300 7 376 Income tax (paid)/refunded 9 425 (12 785) Net cash from operating activities 245 175 249 711 * restated data
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13 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025 INVESTING ACTIVITIES Inflows 665 616 757 902 Sale of intangible assets and property, plant and equipment 175 201 Sale of shares in a subsidiary 90 695 - Expiry of bank deposits over 3 months 487 419 538 383 Redemption or sale of bonds 56 833 183 067 Interest on bonds 14 173 8 086 Interest received on deposits 8 666 17 348 Inflows from exercising forward contracts 7 655 10 817 Outflows 1 002 148 982 956 Acquisition of intangible assets and property, plant and equipment 47 617 60 187 Expenditure on development projects 355 580 241 990 Acquisition of investment properties and capitalization of expenditure 11 598 3 569 Placement of bank deposits over 3 months 385 313 436 384 Purchase of private equity interests in the gaming sector 77 - Purchase of bonds and cost of their purchase 198 658 240 826 Transaction-related costs associated with the sale of shares 3 305 - Net cash from investing activities (336 532) (225 054) FINANCING ACTIVITIES Inflows 62 15 Net proceeds from the sale of treasury shares and issue of shares in the execution of the incentive plan 60 - Settlement of lease receivables 2 13 Interest received - 2 Outflows 3 373 2 584 Expenses related to the execution of the incentive plan 784 - Payment of lease liabilities 2 183 2 253 Interest paid 406 331 Net cash from financing activities 26 (3 311) (2 569) Net increase/(decrease) in cash and cash equivalents (94 668) 22 088 Change in cash and cash equivalents in the balance sheet (94 668) 22 088 Cash and cash equivalents as at the beginning of the period 114 115 124 886 Cash and cash equivalents as at the end of the period, including: 19 447 146 974 restricted cash and cash equivalents 10 -
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Explanatory notes to the interim condensed consolidated financial statements 2
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15 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. General information Name of reporting entity: CD PROJEKT RED S.A. (On 10 August 2026, the District Court for the Capital City of Warsaw, 14th Business Department of the National Court Register registered a change in the name of the reporting entity from “CD PROJEKT S.A.” to “CD PROJEKT RED S.A.”) Legal form: a joint stock company (spółka akcyjna) Registered office: ul. Jagiellońska 74, 03-301 Warsaw Country of registration: Poland Core activities: CD PROJEKT RED S.A. is the holding company of the CD PROJEKT RED Group, whose core business is the development and publication of video games Principal place of business: Warsaw Registration body: District Court for the Capital City of Warsaw in Warsaw, 14th Business Department of the National Court Register Statistical number REGON: 492707333’’ Tax identification number (NIP): 7342867148’ Number in the BDO register (national waste management database): 000141053’ Duration of the Group: unspecified Name of Parent Company: CD PROJEKT RED S.A. Name of the ultimate parent of the Group: CD PROJEKT RED S.A. Consolidation policies Consolidated companies As at 30.06.2026 % share in capital % share of voting rights consolidation method CD PROJEKT S.A. (currently, after the change of the company name: CD PROJEKT RED S.A.) Parent Company - - CD PROJEKT RED Inc. 100% 100% acquisition accounting CD PROJEKT RED Canada Ltd. 100% 100% not consolidated CD PROJEKT SILVER Inc. 100% 100% not consolidated In accordance with the accounting policy adopted by the Group, the Parent Company does not have to consolidate a subsidiary using the acquisition accounting method, if: the subsidiary’s share in the Parent Company’s total assets does not exceed 3%; the subsidiary’s share in the Parent Company’s sales revenue and financial transactions does not exceed 3%, where those transactions between the subsidiary and its Parent Company which would be eliminated during consolidation are not taken into account when determining whether the said thresholds have been exceeded. In total, the financial data of the subsidiaries eliminated from consolidation may not exceed: 6% of the share in the Parent Company’s total assets; 6% of the share in the Parent Company’s sales revenue and financial transactions, where those transactions between the subsidiary and its Parent Company which would be eliminated during consolidation are not taken into account when determining whether the said thresholds have been exceeded.
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16 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Subsidiaries Subsidiaries are all and any entities over which the Group has control which manifests itself by, simultaneously: having power, consisting in having substantive rights that give the Group the current ability to manage the relevant activiti es, i.e. those activities which significantly affect the entity’s financial results; being exposed or having rights to variable returns, consisting in having the potential to change the financial results of the Group depending on the results of the subsidiary; having the ability to use the power exercised to affect its returns from the subsidiary by using its power in order to affect the financial results attributable to the Group resulting from the involvement in the subsidiary. Subsidiaries which meet the above-mentioned materiality criterion are fully consolidated from the date on which the Group assumed control over them. They cease to be consolidated from the date that control ceases. Revenue and costs, receivables and payables and unrealized gains on transactions between Group companies are eliminated for the purposes of the consolidated financial statements. Unrealized losses are also eliminated, unless the transaction is an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the accounting policies adopted by the Group. Basis of preparation of the interim condensed consolidated financial statements These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard No. 34 Interim Financial Reporting endorsed by the EU (“IAS 34”). The interim condensed consolidated financial statements do not comprise all the information and disclosures which are required in annual financial statements and should be read jointly with the consolidated financial statements of the Group for the year e nded 31 December 2025 approved for publication on 18 March 2026. Going concern assumption These interim condensed consolidated financial statements have been prepared on the basis of the assumption that the Group and the Parent Company will continue in operation as a going concern in the foreseeable future, i.e. in the period of at least 12 months after the balance sheet date. As at the date of signing these consolidated financial statements, the Management Board of the Parent Company has not identified any facts or circumstances which would indicate any threats to the Group continuing in operation as a going concern for a per iod of 12 months after the end of the reporting period as a result of intended or forced discontinuing or significantly curtailing its existing operations. By the date of preparing the consolidated financial statements for the period from 1 January to 30 June 2026, the Management Board of the Parent Company did not become aware of any events which should have been but were not recognized in the accounting rec ords for the reporting period. At the same time, no significant prior year events have been disclosed in these consolidated financial statements.
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17 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Compliance with the International Financial Reporting Standards These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard No. 34 Interim Financial Reporting and in accordance with the relevant International Financial Reporting Standards (IFRS), as adopted by the European Union, applicable to interim financial reporting, endorsed by the International Accounting Standar ds Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC) applicable as at 30 June 2026. The Group intends to apply amendments to the IFRSs published but not yet binding by the date of publication of these interim condensed consolidated financial statements in accordance with their effective dates. Information on standards and interpretations adopted for the first time, early adoption of the standards, standards effective on or after 1 January 2026 and the assessment of the impact of IFRS changes on the future consolidated financial statements of the Group has been presented in the second part of the consolidated financial statements for 2025. Amendments to standards or interpretations effective from 1 January 2026 applicable and adopted by the Group Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10, IFRS 7 as part of Annual Improvements Volume 11 – applicable to reporting periods beginning on or after 1 January 2026; Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures – amendments to classification and measurement – applicable to reporting periods beginning on or after 1 January 2026; Contracts Referencing Nature -dependent Electricity – Amendment to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures – applicable to reporting periods beginning on or after 1 January 2026. The amendments do not have a material impact on the accounting policies adopted by the Group with regard to the Group’s operations or its financial results. Standards published and endorsed by the EU which are not yet effective and their impact on the Group’s financial statements The Management Board analysed the impact of the application of the new standards on future financial statements. When approving these financial statements, the Group did not apply the following standards, amendments and interpretations published and endorsed by the EU, but not yet effective: IFRS 18 Presentation and Disclosure in Financial Statements – applicable to reporting periods beginning on or after 1 January 2027. The Group anticipates that the introduction of the new IFRS 18 will affect the Group’s accounting policies and the reporting of its financial results. Standards and interpretations adopted by the IASB but not yet endorsed by the EU When approving these financial statements, the Group did not apply the following standards, amendments and interpretations which have not yet been endorsed by the EU: IFRS 20 Regulatory Assets and Regulatory Liabilities – applicable to reporting periods beginning on or after 1 January 2029; IFRS 19 Subsidiaries without Public Accountability: Disclosures – applicable to reporting periods beginning on or after 1 January 2027; Amendments to the fair value option in IAS 28 Investments in Associates and Joint Ventures – applicable to reporting periods beginning on or after 1 January 2027; Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates – Translation to a Hyperinflationary Presentation Currency – applicable to the reporting periods beginning on or after 1 January 2027; Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures – applicable to the reporting periods beginning on or after 1 January 2027. The Group is analysing the estimated impact of the standards and amendments listed above on the Group’s financial statements.
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18 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Functional currency and presentation currency Functional currency and presentation currency The items contained in the financial statements are measured in the currency of the basic economic environment in which the Group conducts operations (“the functional currency”). The financial statements are presented in Polish zloty (PLN), which is the functional currency of the Company and the presentation currency of the Group. The functional currency of CD PROJEKT RED Inc. is the US dollar (USD). Transactions and balances Transactions denominated in foreign currencies are translated into the functional currency based on the exchange rate as at the transaction date. Foreign exchange gains and losses on the settlement of these transactions and on the balance sheet valuation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Assumption of comparability of the financial statements and consistency of accounting policies The accounting policies applied in these interim consolidated financial statements, material judgements made by the Management Board with regard to the accounting policies applied by the Group and the main sources of estimating uncertainties are consistent, in all material respects, with the policy adopted for preparing the annual consolidated financial statements of the CD PROJEKT Group for 2025, with the exception of the presentation changes described. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended 31 December 2025. Presentation changes and corrections of errors In these interim condensed consolidated financial statements for the period from 1 January to 30 June 2026, selected financial data were corrected. In order to ensure comparability of the financial data in the reporting period, the data for the period from 1 January to 30 June 2025 and as at 31 December 2025 were adjusted.
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19 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Interim condensed consolidated income statement for the period from 1 January to 30 June 2025 The Group has adjusted the accounting treatment of withholding tax (WHT) for the previous years, adjusting the Income tax by PLN 25 792 thousand and thereby increasing the Net profit. Due to an error in the income tax estimate, the withholding tax refunded in 2024 was incorrectly deducted in the amounts of PLN 11 082 thousand for 2022 and PLN 14 710 thousand for 2023. Originally, in the interim consolidated financial statements for the period from 1 January to 30 June 2025, the Group has adjusted this treatment in the then current periods . As part of the work on closing the financial year 2025, the Group considered it more appropriate to restate the historical periods to which the tax related. Consequently, in the comparative figures presented for the first half of 2025, the Income tax item was adjusted, resulting in an increase in n et profit for that period of PLN 25 792 thousand. The presentation of operating income and expenses was changed by moving Sales of services of PLN 421 thousand to Other operating income. The presentation of foreign exchange differences arising from operating activities was changed, with PLN 924 thousand being transferred from Finance costs to Other operating expenses. Following the sale of a subsidiary (see Note 7 for details), the operations of the former GOG.COM segment were reclassified to discontinued operations. 01.01.2025 – 30.06.2025 published data presentation change restated data Sales revenue 443 039 (88 018) 355 021 Sales of products 339 007 (2 932) 336 075 Sales of services 1 169 (1 169) - Sales of goods for resale and materials 102 863 (83 917) 18 946 Cost of products, goods for resale and materials sold 99 258 (61 262) 37 996 Cost of products sold 24 140 29 24 169 Cost of goods for resale and materials sold 75 118 (61 291) 13 827 Gross profit on sales 343 781 (26 756) 317 025 Selling expenses 77 797 (19 122) 58 675 Administrative expenses 102 306 (5 977) 96 329 Other operating income 8 275 813 9 088 Other operating expenses 3 743 1 010 4 753 (Impairment)/reversal of impairment of financial instruments (148) - (148) Operating profit 168 062 (1 854) 166 208 Finance income 76 188 (1 162) 75 026 Finance costs 43 156 (3 785) 39 371 Profit before tax 201 094 769 201 863 Income tax 46 138 (25 902) 20 236 Net profit on continuing operations 154 956 26 671 181 627 Net loss on discontinued operations - (879) (879) Net profit 154 956 25 792 180 748 Net earnings per share (in PLN) Basic for the reporting period 1.55 0.26 1.81 Diluted for the reporting period 1.54 0.25 1.79 Net earnings on continuing operations per share (in PLN) Basic for the reporting period 1.55 0.27 1.82 Diluted for the reporting period 1.54 0.26 1.80 Net loss on discontinued operations per share (in PLN) Basic for the reporting period - (0.01) (0.01) Diluted for the reporting period - (0.01) (0.01)
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20 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Interim condensed consolidated statement of comprehensive income for the period from 1 January to 30 June 2025 01.01.2025 – 30.06.2025 published data presentation change restated data Net profit 154 956 25 792 180 748 Total other comprehensive income (3 539) - (3 539) Total comprehensive income, including: 151 417 25 792 177 209 Total comprehensive income on continuing operations 151 417 26 671 178 088 Total comprehensive income on discontinued operations - (879) (879) Interim condensed consolidated statement of financial position as at 31 December 2025 The presentation of certain non-current assets held by the Group was amended, with an amount of PLN 578 thousand being reclassified from Property, plant and equipment to Intangible assets. The presentation of advance payments for marketing materials reported in current assets was amended by reclassifying PLN 1 080 thousand from Other receivables to Prepayments and deferred costs. 31.12.2025 published data presentation change restated data NON-CURRENT ASSETS 2 168 647 - 2 168 647 Property, plant and equipment 335 357 (578) 334 779 Intangible assets 64 401 578 64 979 CURRENT ASSETS 1 334 673 - 1 334 673 Other receivables 215 194 (1 080) 214 114 Prepayments and deferred costs 12 929 1 080 14 009 TOTAL ASSETS 3 503 320 - 3 503 320
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21 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Interim condensed consolidated statement of cash flows for the period from 1 January to 30 June 2025 As a result of an adjustment to the accounting treatment of withholding tax (WHT) from previous years amounting to PLN 25 792 thousand, Net profit and Income tax expense were amended. As a result of the reclassification of balance sheet items, Increase/(Decrease) in provisions was reduced by PLN 7 446 thousand. At the same time, the balance of the Increase/(Decrease) in liabilities, excluding loans and borrowings was increased. A separate line item, Costs of share -based incentive plans, was created by transferring PLN 19 449 thousand from Other adjustments. 01.01.2025 – 30.06.2025 published data presentation change restated data OPERATING ACTIVITIES Net profit 154 956 25 792 180 748 Total adjustments: 61 402 - 61 402 Increase/(Decrease) in provisions (29 062) (7 446) (36 508) Increase/(Decrease) in liabilities, excluding loans and borrowings 2 221 7 446 9 667 Costs of share-based incentive plans - 19 449 19 449 Other adjustments 20 781 (19 449) 1 332 Cash from operating activities 216 358 25 792 242 150 Income tax expense 38 762 (25 792) 12 970 Net cash from operating activities 249 711 - 249 711 Audit by the registered auditor The financial data presented in the statement of financial position as at 30 June 2026 and the financial data presented in the income statement, cash flow statement and the statement of changes in equity for the period from 1 January to 30 June 2026 and fr om 1 January to 30 June 2025 were not audited by the registered auditor. The data for the periods referred to above w ere reviewed by the registered auditor. The statement of financial position as at 31 December 2025 was audited by the registered auditor.
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Notes – operations of the CD PROJEKT RED Group 3
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23 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Presentation of the financial statements taking into account operating segments The Group did not make any changes in the determination of segments or in the measurement of the profits or losses of the individual segments compared to the financial statements for the year ended 31 December 2025. The Group’s business is homogeneous and, as a result, no operating segments are identified. Seasonality or cyclicality of the Group’s operations A detailed description of seasonality and cyclicality of the operations is presented in the Management Board Report on CD PROJEKT RED Group activities in the period between 1 January and 31 June 2026. Other information In light of the political and economic situation in the Middle East, the Group is monitoring developments and analysing the potential impact of geopolitical and macroeconomic factors on its operations, financial performance and the supply chain. As at the date of these financial statements, the Group has not identified any direct material impact of this situation on its operations or on the financial results presented.
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Notes – other explanatory notes to the interim condensed consolidated financial statements 4
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25 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 1. Description of items affecting assets, liabilities, equity, net profit or loss and cash flows which are not typical in terms of their type, size and impact In the first half of 2026, there were no significant unusual events affecting the Group's results of operations. Note 2. Sales revenue Sales revenue – geographical structure** 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025* in PLN w % in PLN in % Domestic sales 14 396 3.3% 15 794 4.4% Export sales, including: 420 912 96.7% 339 227 95.6% Europe 34 460 7.9% 54 528 15.4% North America 327 848 75.3% 255 994 72.1% Asia 57 834 13.3% 27 427 7.7% Australia 770 0.2% 1 278 0.4% Total 435 308 100% 355 021 100% * restated data ** The data presented relate to the place of residence of the Group’s customers (distributors) and not the end users. Sales revenue – by distribution channel 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025* Games – box issues 27 993 34 581 Games – digital issues 312 473 311 060 Other revenue 94 842 9 380 Total 435 308 355 021 * restated data In Other revenue, the Group recognized mainly revenue from IP licensing.
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26 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Sales revenue – by category 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025 The Witcher – own projects 71 726 65 499 Cyberpunk – own projects 268 598 279 933 Revenue from IP licensing 94 817 9 375 Other 167 214 Total 435 308 355 021 Revenue from sales of own projects comprise the revenue from the commercialization of projects relating to, respectively, The Witcher and Cyberpunk franchises where the Group is financing their production and bears the substantial economic risk associated with their execution and commercialization. This item comprises both products manufactured by the Company and products developed by third parties and commissioned by the Company. Note 3. Operating expenses 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025* Depreciation of property, plant and equipment and amortization of intangible assets, including: 5 633 4 697 depreciation of leased buildings 2 068 1 640 depreciation of leased vehicles 95 87 Materials and energy used 1 531 1 620 External services 36 949 50 287 Taxes and fees 1 294 987 Salaries and wages, social insurance and other benefits 115 723 92 684 Cost of goods for resale and materials sold 7 384 13 827 Cost of products sold 22 006 24 169 Other costs 5 523 4 729 Total 196 043 193 000 Selling expenses, including: 57 108 58 675 cost of product maintenance 11 106 9 843 Total administrative expenses, including: 109 545 96 329 cost of research projects 18 999 17 878 Costs of sales 29 390 37 996 Total 196 043 193 000 * restated data
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27 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 4. Other operating income and expenses Other operating income 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025* Tax relief for innovative employee 6 220 4 904 Rental income 2 318 1 830 Other sales 2 227 1 103 Income from re-invoicing 1 151 876 Damages received 555 - Subsidies 201 256 Gains on disposal of non-current assets 163 - Fixed assets and goods for resale received free of charge 80 16 Other 65 103 Total other operating income 12 980 9 088 * restated data Other operating expenses 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025* Net foreign exchange losses on operating activities 1 247 924 Cost of rental 1 127 913 Costs relating to re-invoicing 1 151 876 Impairment of property, plant and equipment and investment properties 1 009 - Depreciation of investment properties 768 772 Cost of other sales 631 650 Donations and charity 400 439 Scrapping of fixed and intangible assets 169 96 Loss on disposal of non-current assets - 58 Other 398 25 Total other operating expenses 6 900 4 753 * restated data
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28 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 5. Finance income and finance costs Finance income 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025 Interest income 25 507 35 627 on bonds 16 841 18 921 on current bank deposits 8 666 16 706 Other finance income 17 024 39 399 net foreign exchange gains 16 947 - measurement of private equity interests in the gaming sector 76 36 settlement and measurement of derivative financial instruments - 39 271 other 1 92 Total finance income 42 531 75 026 Finance costs 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025* Interest expense 411 347 on lease contracts 406 329 on liabilities to the State Treasury 5 8 on trade payables - 1 other - 9 Other finance costs 12 847 39 024 settlement and measurement of derivative financial instruments 12 694 - commission and fees on purchase of bonds 153 140 net foreign exchange losses - 32 725 loss on redemption of bonds - 6 159 Total finance costs 13 258 39 371 Net finance income/costs 29 273 35 655 * restated data
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29 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 6. Corporate income tax and deferred income tax The deferred part of the income tax for the Polish companies was determined either at the corporate income tax rate of 19% for the tax base corresponding to income from other sources, or at the rate of 5% for the tax base corresponding to income from qualifying intellectual property (the so-called IP BOX), and in the case of the activities conducted in the USA by CD PROJEKT RED Inc., based on the applicable rates of the federal and state taxes. When determining the appropriate tax rate for temporary differences, the Group relied on forecasts as to which tax base will give rise to the realization of the temporary differences recognized. The main items of income tax expense for the periods ended 30 June 2026 and 30 June 2025 are as follows: 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025* Current income tax 13 254 15 109 For the financial year 8 939 11 714 Withholding tax paid abroad 4 315 7 340 Adjustments relating to prior years - (3 945) Deferred income tax 12 251 5 127 Related to temporary differences arising and reversed 12 251 5 127 Income tax expense shown in the income statement 25 505 20 236 Effective tax rate 9.29% 10.02% * restated data Deferred tax shown in the income statement is the difference between the balance of deferred tax provisions and assets as at the end and the beginning of the reporting periods.
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30 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Deductible temporary differences underlying the deferred tax assets 31.12.2025 Differences affecting the deferred tax recognized in the profit or loss 30.06.2026 Provision for other employee benefits 7 273 4 243 11 516 Provision for costs of earnings-related and other remuneration 54 422 (28 068) 26 354 Tax loss 14 617 (6 231) 8 386 Foreign exchange losses 23 942 (4 302) 19 640 Difference between the carrying and tax amount of expenditure on development projects 21 813 5 636 27 449 Salaries and wages and social security payable in future periods 4 44 48 Other provisions 37 186 3 417 40 603 Research and development relief 613 604 (6 977) 606 627 Tax base of non-current assets leased 26 037 9 774 35 811 Prepayments recognized as revenue for tax purposes 9 860 (9 137) 723 Difference between the net carrying amount and tax amount of property, plant and equipment and intangible assets 12 - 12 Total deductible differences, including: 808 770 (31 601) 777 169 taxed at 5% 105 916 (13 950) 91 966 taxed at 19% 669 731 (24 217) 645 514 deferred tax charged abroad 33 123 6 566 39 689 Deferred tax assets 139 694 (3 716) 135 978
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31 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Taxable temporary differences underlying the deferred tax provision 31.12.2025 Differences affecting the deferred tax recognized in the profit or loss 30.06.2026 Difference between the net carrying amount and tax amount of property, plant and equipment and intangible assets 54 844 18 844 73 688 Current period revenue invoiced in the subsequent period/accrued income 114 888 17 899 132 787 Foreign exchange gains 39 585 624 Difference between the carrying amounts and tax bases of expenditure on development projects 70 354 27 571 97 925 Carrying amount of non-current assets leased 24 720 9 461 34 181 Goodwill 3 185 (122) 3 063 Other 222 43 265 Total taxable differences, including: 268 252 74 281 342 533 taxed at 5% 190 588 39 094 229 682 taxed at 19% 45 308 30 873 76 181 deferred tax charged abroad 32 356 4 314 36 670 Deferred tax provisions 25 091 8 535 33 626 Net deferred tax assets/provisions 30.06.2026 31.12.2025 Deferred income tax assets 135 978 139 694 Deferred tax provisions 33 626 25 091
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32 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 7. Discontinued operations On 29 December 2025, the Parent Company entered into an agreement with Mr Michał Kiciński, a significant shareholder of the Parent Company, for the sale of shares in GOG sp. z o.o. Pursuant to the Sale Agreement, on 31 December 2025 Michał Kiciński acquired 2 715 shares in GOG from the Parent Company, representing 100% of the shares in GOG and 100% of the votes at the Shareholders’ Meeting of GOG. At the time of the sale, the Group began to present the entire former GOG.COM segment as a discontinued operation in accordance with the principles set out in IFRS 5. Given the changes described above, comparative data in the income statement and in the statement of comprehensive income were restated in accordance with IFRS 5. Data of GOG sp. z o.o. (after taking into account consolidation adjustments allocated to the segment) for the restated period from 1 January 2025 to 30 June 2025: Income statement 01.01.2025 – 30.06.2025 Sales revenue 87 597 Sales of products 2 932 Net sales of services 748 Sales of goods for resale and materials 83 917 Cost of sales of products, services, goods for resale and materials 61 262 Cost of products sold (29) Cost of goods for resale and materials sold 61 291 Gross profit on sales 26 335 Selling expenses 19 122 Administrative expenses 5 977 Other operating income (392) Other operating expenses (86) Operating profit 930 Finance income 1 162 Finance costs 2 861 Profit before tax (769) Income tax 110 Net profit on discontinued operations (879) Comprehensive income on discontinued operations (879) Net cash inflows from disposals for the reporting period The proceeds from the sale of shares, amounting to PLN 90 695 thousand, were received by the Parent Company on 8 January 2026. Note 8. Dividend paid (or declared) and received During the period from 1 January to 30 June 2026, the Group companies did not pay or receive dividends.
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33 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 9. Property, plant and equipment Changes in property, plant and equipment (by category) for the period 01.01.2026 – 30.06.2026 Land Buildings and structures Civil and hydraulic engineering facilities Plant and machinery Vehicles Other fixed assets Assets under construction Total Gross carrying amount as at 01.01.2026* 41 859 201 891 25 754 142 947 3 708 15 873 25 771 457 803 Increase due to: - 30 524 2 380 19 997 226 1 088 25 877 80 092 purchase - 526 16 11 485 - 472 25 755 38 254 lease contracts concluded - 11 113 - - 215 - - 11 328 reclassification from fixed assets under construction - 17 273 2 364 7 692 - 584 - 27 913 free-of-charge receipt - - - 41 - 32 - 73 foreign exchange gains - 1 585 - 747 11 - 122 2 465 other - 27 - 32 - - - 59 Decrease due to: - - - 1 827 199 1 28 020 30 047 sale - - - 1 440 199 1 - 1 640 scrapping - - - 387 - - - 387 reclassification from fixed assets under construction - - - - - - 27 913 27 913 reclassification - - - - - - 107 107 Gross carrying amount as at 30.06.2026 41 859 232 415 28 134 161 117 3 735 16 960 23 628 507 848 Accumulated depreciation as at 01.01.2026* 3 573 39 516 1 397 68 720 2 375 5 944 - 121 525 Increase due to: 293 7 789 581 8 578 382 717 - 18 340 depreciation charge 293 7 347 581 8 332 342 717 - 17 612 foreign exchange gains - 442 - 214 3 - - 659 other - - - 32 37 - - 69 Decrease due to: - 94 - 1 815 199 1 - 2 109 sale - - - 1 428 199 1 - 1 628 scrapping - - - 387 - - - 387 other - 94 - - - - - 94 Accumulated depreciation as at 30.06.2026 3 866 47 211 1 978 75 483 2 558 6 660 - 137 756 Impairment write-downs as at 01.01.2026 - 1 285 214 - - - - 1 499 Increase - - - - - - - - Decrease - - - - - - - - Impairment write-downs as at 30.06.2026 - 1 285 214 - - - - 1 499 Net carrying amount as at 01.01.2026* 38 286 161 090 24 143 74 227 1 333 9 929 25 771 334 779 Net carrying amount as at 30.06.2025 37 993 183 919 25 942 85 634 1 177 10 300 23 628 368 593 * restated data In the first half of 2026, the Group entered into a lease agreement for the MOCAP facility in Devens for the period from 1 June 2026 to 30 June 2031. The Group recognised a right-of-use asset of USD 3 million in connection with the lease.
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34 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Amounts of contractual commitments to purchase property, plant and equipment in the future 30.06.2026 31.12.2025 Construction of facilities on the CD PROJEKT RED campus 1 655 6 245 Leases of passenger cars 101 101 Total 1 756 6 346 Right-of-use assets relating to property, plant and equipment 30.06.2026 Gross amount Accumulated depreciation Net amount Land 15 964 1 449 14 515 Properties 27 784 8 786 18 998 Vehicles 763 96 667 Total 44 511 10 331 34 180 31.12.2025 Gross amount Accumulated depreciation Net amount Land 15 964 1 337 14 627 Properties 15 806 6 262 9 544 Vehicles 730 182 548 Total 32 500 7 781 24 719
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35 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 10. Intangible assets and expenditure on development projects Changes in intangible assets and expenditure on development projects for the period 01.01.2026 – 30.06.2026 Expenditure on development projects in progress Expenditure on completed development projects Trademarks Patents and licenses Copyrights Computer software Goodwill Intangible assets under construction Total Gross carrying amount as at 01.01.2026* 992 347 1 177 459 37 377 8 033 19 218 47 771 88 899 - 2 371 104 Increase due to: 384 953 - 195 1 496 - 725 - 438 387 807 purchase - - - 1 496 - 672 - 438 2 606 internally generated assets 375 800 - - - - - - - 375 800 foreign exchange gains 9 153 - 195 - - 53 - - 9 401 Decrease due to: - - - 292 25 4 668 - - 4 985 scrapping - - - 292 25 4 668 - - 4 985 Gross carrying amount as at 30.06.2026 1 377 300 1 177 459 37 572 9 237 19 193 43 828 88 899 438 2 753 926 Accumulated amortization as at 01.01.2026* - 1 021 663 1 913 6 833 1 484 35 181 - - 1 067 074 Increase due to: - 20 642 130 571 41 1 334 - - 22 718 amortization charge - 20 642 39 571 41 1 324 - - 22 617 foreign exchange gains - - 91 - - 10 - - 101 Decrease due to: - - - 279 25 4 512 - - 4 816 scrapping - - - 279 25 4 512 - - 4 816 Accumulated depreciation as at 30.06.2026 - 1 042 305 2 043 7 125 1 500 32 003 - - 1 084 976 Impairment write-downs as at 01.01.2026 - - 2 009 - - - - - 2 009 Increase due to: - - 94 - - - - - 94 foreign exchange gains - - 94 - - - - - 94 Decrease - - - - - - - - - Impairment write-downs as at 30.06.2025 - - 2 103 - - - - - 2 103 Net carrying amount as at 01.01.2026* 992 347 155 796 33 455 1 200 17 734 12 590 88 899 - 1 302 021 Net carrying amount as at 30.06.2025 1 377 300 135 154 33 426 2 112 17 693 11 825 88 899 438 1 666 847 * restated data
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36 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 11. Changes in the structure of the Group and Group companies during the reporting period On 7 January 2026, the share capital of the subsidiary CD PROJEKT RED Inc. was increased by USD 627 thousand to USD 9 255 thousand. The increased value of the existing shares was paid up in full by a cash contribution made by the Parent Company. The purpose of the capital increase was to enable the payment of the second and last tranche of the price for the total of 100 thousand shares in The Molasses Flood LLC, the ownership of which, pursuant to agreements concluded with its minority shareholders on 12 and 18 March 2025, was passed on to CD PROJEKT RED Inc. on 31 March 2025. Note 12. Investment properties Investment properties include properties held for rental income, appreciation in value or both. Consequently, the cash flows generated by investment properties are largely independent of other assets held by the Group companies. Investment properties are measured at cost less accumulated depreciation. The Parent Company owns a real estate complex located at ul. Jagiellońska 74 and 76 in Warsaw. Given that part of the properties owned are leased out to other entities, the Group decided to partly classify these properties as investment properties. The remaining part of the properties is used for own needs of the activities conducted. At each reporting date, the companies belonging to the Group review the investment properties to determine whether there are indications of their impairment. Changes in investment properties for the period 01.01.2026 – 30.06.2026 Gross carrying amount as at 01.01.2026 40 414 Increase due to: 36 598 purchase of a property 36 598 Decrease - Gross carrying amount as at 30.06.2026 77 012 Accumulated depreciation as at 01.01.2026 9 102 Increase due to: 768 depreciation charge 768 Decrease - Accumulated depreciation as at 30.06.2026 9 870 Impairment write-downs as at 01.01.2026 71 Increase due to: 1 009 impairment 1 009 Decrease - Impairment write-downs as at 30.06.2026 1 080 Net carrying amount as at 30.06.2025 66 062 Amounts of contractual liabilities in respect of purchase of investment properties As at 30 June 2026, the Group had no contractual liabilities relating to purchases of investment properties. For the comparat ive period, as at 31 December 2025, the amount was PLN 10 000 thousand.
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37 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 13. Prepayments and deferred costs 30.06.2026 31.12.2025* Software, licences 16 173 10 686 Marketing materials 9 006 1 080 Costs of future marketing services 1 122 1 189 Business travel (tickets, hotels, insurance) 1 099 311 Property and personal insurance 937 1 037 Fees for pre-emptive rights 898 951 Fees for perpetual usufruct of land 152 - Costs of repairs and maintenance 143 229 Other prepayments and deferred costs 3 254 1 759 Prepayments and deferred costs, including: 32 784 17 242 current 21 073 14 009 non-current 11 711 3 233 * restated data Note 14. Other financial assets 30.06.2026 31.12.2025 Bonds 844 108 689 982 Private equity interests in the gaming segment 4 430 4 114 Derivative financial instruments 12 10 067 Other financial assets, including: 848 550 704 163 current 464 874 332 597 non-current 383 676 371 566 Note 15. Inventories 30.06.2026 31.12.2025 Goods for resale 1 603 2 521 Gross inventories 1 603 2 521 Inventory write-downs 187 242 Net inventories 1 416 2 279 Changes in inventory write-downs 01.01.2026 – 30.06.2026 Impairment write-downs of goods for resale as at the beginning of the period 242 Increases - Decreases, including: 55 utilization of inventory write-downs 55 Total impairment write-downs of goods for resale as at the end of the period 187
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38 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 16. Trade receivables 30.06.2026 31.12.2025 Trade receivables, gross 168 218 125 696 Impairment write-downs 266 255 Trade receivables, net 167 952 125 441 from related entities 4 882 2 752 from other entities 163 070 122 689 Gross trade receivables comprise the current portion of PLN 160 644 thousand and the non-current portion of PLN 7 574 thousand. The recognition of the non -current trade receivables balance in the statement of financial position resulted from a new trade contract with a timetable of repayment until 2030. In the current interim period, the Group identified a significant financing component in the said contract. Due to the deferred payment terms , the Group adjusts the amount of promised remuneration for the effect of time value of money using the effective interest rate method. The effect of the reversal of discount over time is credited to finance income. Changes in write-downs of trade receivables 01.01.2026 – 30.06.2026 OTHER ENTITIES Impairment write-downs as at the beginning of the period 255 Increases, including: 11 recognition of write-downs on overdue and disputed receivables 11 Decrease - Impairment write-downs as at the end of the period 266
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39 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Current and overdue trade receivables as at 30.06.2026 Total Not overdue Overdue, in days 1 – 60 61 – 90 91 – 180 181 – 360 >360 RELATED ENTITIES gross receivables 4 882 4 707 175 - - - - default ratio 0% 0% 0% 0% 0% 0% write-down resulting from the ratio - - - - - - write-down determined individually - - - - - - - total expected credit losses - - - - - - - Net receivables 4 882 4 707 175 - - - - Total Not overdue Overdue, in days 1 – 60 61 – 90 91 – 180 181 – 360 >360 OTHER ENTITIES gross receivables 163 336 162 403 560 87 23 111 152 default ratio 0% 0% 0% 0% 0% 0% write-down resulting from the ratio - - - - - - write-down determined individually 266 - - - 3 111 152 total expected credit losses 266 - - - 3 111 152 Net receivables 163 070 162 403 560 87 20 - - Total gross receivables 168 218 167 110 735 87 23 111 152 impairment write- downs 266 - - - 3 111 152 Net receivables 167 952 167 110 735 87 20 - -
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40 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 17. Other receivables 30.06.2026 31.12.2025* Other gross receivables 80 393 214 548 Impairment write-downs - - Other net receivables 80 393 214 548 from related entities 25 4 from other entities 80 368 214 544 * restated data 30.06.2026 31.12.2025* Other gross receivables, including: 80 393 214 548 tax receivables, other than corporate income tax 39 479 39 057 prepayments for development projects 28 636 24 417 prepayments for inventories 8 367 32 672 prepayments for property, plant and equipment and intangible assets 1 698 1 177 security deposits 909 730 settlements with employees 38 51 settlements with members of the Management Boards of the Group companies 25 4 disposal of shares in a subsidiary - 90 695 prepayments for investment properties - 25 000 other 1 241 745 Impairment write-downs - - Other net receivables, including: 80 393 214 548 current 80 314 214 114 non-current 79 434 * restated data Note 18. Share capital Share capital – structure as at 30.06.2026 Series Number of shares Value of the series/issue at par Manner of covering share capital A - M 99 910 510 99 910 510 Fully paid up Total 99 910 510 99 910 510 - As at 30 June 2026, the Parent Company’s share capital amounted to PLN 99 910 510 and consisted of 99 910 510 ordinary bearer shares with a par value of PLN 1 each, designated as A – M series shares. The total number of votes resulting from all shares of the Parent Company is 99 910 510. During the reporting period and after the balance sheet date there were no changes in the amount of the Parent Company’s share capital.
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41 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 19. Other non-current liabilities 30.06.2026 31.12.2025 Other non-current liabilities, including: 2 134 2 085 liabilities in respect of marketing costs 989 1 056 liabilities in respect of pre-emptive rights 791 844 security deposits received 354 185 Note 20. Other current liabilities 30.06.2026 31.12.2025 Liabilities in respect of taxes, customs duties, social security and other, with the exception of corporate income tax 9 865 6 604 VAT 14 - Withholding tax 239 272 Personal income tax 1 158 1 895 Social security contributions 6 725 4 296 PFRON (State Fund for Rehabilitation of Disabled People) 121 108 PIT-8AR (personal income tax) settlements 1 608 33 Other liabilities 962 693 Wages and salaries payable - 109 Liabilities in respect of pre-emptive rights and costs of future marketing services 240 240 Other settlements with employees 45 11 Other settlements with the members of the Management Board 3 4 Security deposits 90 90 Liabilities to related entities 114 8 Other liabilities 470 231 Total other current liabilities 10 827 7 297
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42 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 21. Deferred income 30.06.2026 31.12.2025 Subsidies 10 439 7 029 Cinematic Experience 8 670 5 059 Animation Excellence (GameINN) 282 332 City Creation (GameINN) 564 666 Cinematic Feel (GameINN) 270 319 The Witcher 4 653 653 Deferred income 1 356 10 717 Sales relating to future periods 1 303 10 665 Rental of company phones 53 52 Total deferred income, including: 11 795 17 746 current 1 727 11 104 non-current 10 068 6 642 Note 22. Provision for retirement and similar benefits 30.06.2026 31.12.2025 Provision for retirement and disability bonuses 1 739 1 739 Holiday pay provision 19 554 12 416 Total, including: 21 293 14 155 current 19 580 12 442 non-current 1 713 1 713 Change in provisions for retirement and similar benefits Provisions for retirement and disability bonuses Holiday pay provision Total As at 01.01.2026 1 739 12 416 14 155 Provisions recognized during the year - 19 335 19 335 Provisions utilized/released - 12 467 12 467 Foreign exchange differences - 270 270 As at 30.06.2026, including: 1 739 19 554 21 293 current 26 19 554 19 580 non-current 1 713 - 1 713
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43 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 23. Other provisions 30.06.2026 31.12.2025 Provision for liabilities, including: 73 070 96 128 provision for costs of performance-related and other remuneration 28 761 59 862 provision for costs of the audit and review of the financial statements 169 104 provision for costs of external services 29 959 21 889 provision for other costs 14 181 14 273 Total, including: 73 070 96 128 current 72 179 95 154 non-current 891 974 Changes in other provisions Provision for costs of earnings-related and other remuneration Provision for costs of the audit and review of the financial statements Provision for costs of external services Provision for other costs Total As at 01.01.2026 59 862 104 21 889 14 273 96 128 Provisions recognized during the year 28 761 229 75 874 1 354 106 218 Provisions utilized/released 59 862 164 67 804 1 446 129 276 As at 30.06.2026, including: 28 761 169 29 959 14 181 73 070 current 28 761 169 29 068 14 181 72 179 non-current - - 891 - 891
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44 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 24. Information on financial instruments Fair values of specific classes of financial instruments The fair value of financial instruments for which there is no active market is determined using appropriate valuation techniques. The Group companies use professional judgement in selecting appropriate methods and assumptions. Financial instruments measured at fair value are classified according to a three-level fair value hierarchy: Level 1 – quoted prices in active markets for identical assets or liabilities. Level 2 – fair value based on observable market data. Level 3 – fair value based on data that is not observable on the market. The Management Boards of Group c ompanies analysed specific classes of financial instruments. Based on the analysis, it was concluded that the carrying amounts of the instruments do not differ from their fair values, as at both 30 June 2026 and 31 December 2025. 30.06.2026 31.12.2025 LEVEL 1 Assets measured at fair value Assets measured at fair value through other comprehensive income 267 065 217 863 foreign bonds – EUR 22 693 21 971 foreign bonds – USD 244 372 195 892 LEVEL 2 Assets measured at fair value through profit or loss Derivatives 12 10 067 currency forwards – EUR 12 506 currency forwards – USD - 9 561 Private equity interests in the gaming sector 4 430 4 114 private equity interests in the gaming sector – SEK 675 561 private equity interests in the gaming sector – USD 3 755 3 553 Liabilities measured at fair value through profit or loss Derivatives 10 294 - currency forwards – USD 10 294 -
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45 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Financial assets – classification and measurement In accordance with the requirements of IFRS 9 Financial Instruments, the Company analysed the business model for managing financial assets and examined the characteristics of contractual cash flows for each component of the bond portfolio, and concluded that: - the purpose of investments in domestic and foreign bonds is to hold them to maturity and to collect contractual cash flows; - investment mandates for managing the foreign bonds portfolio allow selling the bonds before maturity as part of the adopted strategy; - all bonds purchased meet the SPPI test. As a result of the analysis conducted, purchased bonds were classified into two financial asset management models which differ in terms of the entity managing the bond portfolio. Polish bonds that are managed directly at the level of the Parent Company are measured at amortized cost, because they are held to collect contractual cash flows. Foreign bonds managed by an external entity in accordance with the investment mandate granted are measured at fair value through other comprehensive income. With regard to equity interests in other entities, the Group estimates the fair values of the shares held using the method wh ich 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 accept able approximation of the fair value. The Group did not measure the fair values of receivables, trade payables, cash and cash equivalents, bank deposits over 3 months and loans granted with variable interest rates, because their carrying amounts are considered by the Group to be a reasonable approximation of their fair values. There were no movements between levels in the fair value hierarchy in the reporting period or in the comparative period. The Group does not apply hedge accounting and therefore the regulations of IFRS 9 in this respect do not apply to it. 30.06.2026 31.12.2025 Financial assets measured at amortized cost 1 186 612 1 232 922 Other non-current receivables 79 434 Trade receivables 167 952 125 441 Cash and cash equivalents 19 447 114 115 Bank deposits over 3 months 422 091 520 813 Domestic bonds 577 043 472 119 Financial assets measured at cost 11 206 10 770 Shares in non-consolidated subordinated entities 11 206 10 770 Assets measured at fair value through other comprehensive income 267 065 217 863 Foreign bonds 267 065 217 863 Financial assets measured at fair value through profit or loss 4 442 14 181 Derivative financial instruments 12 10 067 Private equity interests in the gaming sector 4 430 4 114 Total financial assets 1 469 325 1 475 736 In accordance with the requirements of IFRS 13 Fair Value Measurement, the Group analysed the valuation of financial instruments at amortized cost in the consolidated statement of financial position in order to determine their fair values and their classification in the fair value hierarchy.
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46 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Listed debt securities were classified as Level 1. They include Domestic bonds whose fair value was determined on the basis o f a market valuation provided by the brokerage office as part of the applicable agreement for the provision of brokerage services. 30.06.2026 31.12.2025 LEVEL 1 Fair value of assets measured at amortized cost 574 882 473 607 Treasury bonds 574 882 473 607 Other items of financial assets and financial liabilities measured at amortized cost were classified to Level 3. Financial liabilities – classification and measurement 30.06.2026 31.12.2025 Financial liabilities measured at amortized cost 90 477 76 050 Trade payables 54 665 46 447 Lease liabilities and other financial liabilities 35 812 29 603 Financial liabilities at fair value through profit or loss 10 294 - Derivative financial instruments 10 294 - Total financial liabilities 100 771 76 050
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47 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 25. Explanations to the condensed consolidated statement of cash flows 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025 Amortization and depreciation 5 633 5 563 Amortization of intangible assets 792 1 218 Amortization of expenditure on development projects - 523 Depreciation of property, plant and equipment 4 841 3 822 Foreign exchange (gains)/losses result from the following items: (17 720) 29 428 Foreign exchange gains/(losses) on measurement of bonds (14 799) 19 564 Foreign exchange gains/(losses) on measurement of private equity interests in the gaming sector (163) 465 Foreign exchange (gains)/losses on measurement of loans granted as at the balance sheet date - 175 Foreign exchange gains/(losses) losses on measurement of bank deposits over 3 months (3 384) 9 696 Foreign exchange gains/(losses) on measurement of leases 626 (472) Interest and shares in profits comprise: (25 101) (35 991) Interest on bank deposits (8 666) (17 399) Interest on bonds (16 841) (18 921) Interest on lease contracts 406 329 (Gains)/losses on investing activities result from the following items: 13 713 (30 636) Sale of property, plant and equipment (175) (432) Net carrying amount of property, plant and equipment 12 483 Net carrying amount of non-current assets scrapped - 1 988 Net carrying amount of scrapped intangible assets and expenditure on development projects 169 - Impairment write-downs of property, plant and equipment, intangible assets, investment properties and expenditure on development projects 1 009 - Reversal of impairment write-downs of property, plant and equipment, intangible assets and expenditure on development projects - (1 892) Fixed assets received free of charge (73) - Settlement and measurement of derivative financial instruments 12 694 (37 046) Measurement of private equity interests in the gaming sector (76) (36) Commission and fees on purchase of bonds 153 140 Proceeds from redemption of bonds - (78 987) Value of bonds purchased - 85 146 Changes in provisions result from the following items: (22 210) (36 508) Increase/(Decrease) in provisions for liabilities (23 058) (41 140) Increase/(Decrease) in provisions for employee benefits 7 138 4 579 Increase/(Decrease) in provision for costs of earnings-related and other remuneration recognized under expenditure on development projects (6 290) 53
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48 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025 (Increase)/Decrease in receivables results from the following items: (23 626) 56 028 (Increase)/Decrease in current receivables in the balance sheet 110 168 55 066 (Increase)/Decrease in non-current receivables in the balance sheet (7 219) 8 (Increase)/Decrease in prepayments for investment properties (25 000) 3 500 Withholding tax paid abroad (4 315) (7 340) Adjustment for current income tax (11 305) (15 170) (Increase)/Decrease in prepayments for development projects 4 219 13 601 (Increase)/Decrease in prepayments for property, plant and equipment and intangible assets 521 3 615 (Increase)/Decrease in loan receivable due to business combinations - 2 748 (Increase)/Decrease in receivables due to disposal of shares in a subsidiary (90 695) - Increase/(Decrease) in liabilities, excluding loans and borrowings, results from the following items: 10 022 9 667 Increase/(Decrease) in current liabilities in the balance sheet 30 320 92 893 Adjustment for current income tax (7 085) (6 147) Increase/(Decrease) in other current financial liabilities (13 775) 8 086 Increase/(Decrease) in liabilities in respect of security deposits 170 - Increase/(Decrease) in liabilities resulting from purchase of property, plant and equipment 6 465 14 722 Increase/(Decrease) in liabilities resulting from purchase of intangible assets (124) 24 Increase/(Decrease) in liabilities arising from increased expenditure on development projects (9 978) - Increase/(Decrease) in dividend liabilities - (99 911) Increase/(Decrease) in liabilities associated with the execution of the incentive plan 784 - adjustment for payments for shares made (60) - Increase/(Decrease) in liabilities relating to costs of the sale of shares 3 305 - Changes in other assets and liabilities result from the following items: (21 553) 18 237 Change in prepayments and accruals in the balance sheet (15 542) 3 644 Increase/(Decrease) in deferred income in the balance sheet (5 951) 14 713 Adjustment for prepayments and deferred costs with the corresponding entry in liabilities (60) (120) “Other adjustments” comprise: 5 524 1 332 Measurement of derivative financial instruments - 613 Amortization and depreciation included under cost of sales and other operating expenses 5 328 2 744 Foreign exchange differences on translation 293 2 507 Accounting for shares in the acquired entity - 27 295 Retained earnings/(Accumulated losses) of the acquired entity - 6 060 Goodwill of the acquired entity - (32 461) Value of leases of the acquired entity - 3 356 Net property, plant and equipment and intangible assets of the acquired entity - (8 967) Other adjustments (97) 185
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49 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 26. Cash flows and non-monetary changes resulting from changes in liabilities in financing activities 01.01.2026 Cash flows Non-monetary changes 30.06.2026 Takeover of leased fixed assets Termination of a lease contract Foreign exchange differences Interest accrued Transfer of treasury shares Adoption of a resolution on payment of dividend Business combinations Execution of the incentive plan Lease liabilities 26 038 (2 587) 11 328 - 626 406 - - - - 35 811 Liabilities in respect of an issue of treasury shares - 60 - - - - (59) - - - 1 Liabilities in respect of execution of the incentive plan - (784) - - - - - - - 784 - Total 26 038 (3 311) 11 328 - 626 406 (59) - - 784 35 812 01.01.2025 Cash flows Non-monetary changes 30.06.2025 Takeover of fixed leased assets Termination of a lease contract Foreign exchange differences Interest accrued Transfer of treasury shares Adoption of a resolution on the payment of dividend Business combinations Execution of the incentive plan Lease liabilities 20 150 (2 569) 4 491 (230) (472) 329 - - 3 356 - 25 055 Liabilities to shareholders in respect of dividend payment - - - - - - - 99 911 - - 99 911 Total 20 150 (2 569) 4 491 (230) (472) 329 - 99 911 3 356 - 124 966
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50 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 27. Transactions with related entities Terms and conditions of transactions with related entities The terms and conditions of inter-company transactions were determined on an arm’s length basis. The essence of this principle is based on the premise that the terms and conditions agreed in transactions between related parties should not differ from thos e that would be agreed between independent parties in a comparable situation. Controlled transactions entered into by the related entities belonging to the CD PROJEKT RED Group are verified to determine whether the agreed terms of the transactions are similar to the market terms, based on the recommendations and methods provided fo r in the OECD Guidelines as well as in national legislation.
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51 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Transactions with related entities after consolidation eliminations Sales to related entities Purchases from related entities Receivables from related entities Liabilities to related entities 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 NON-CONSOLIDATED SUBSIDIARIES CD PROJEKT RED Canada Ltd. 1 816 847 13 978 9 229 4 882 2 752 3 368 2 184 CD PROJEKT SILVER Inc. - - - 618 - - - - OTHER RELATED PARTIES Members of the Management Boards of Group companies 66 20 - - 25 4 3 4 Supervisory Board members 10 5 - - - - 17 - Other members of senior management 51 28 - - 3 6 1 16 Other related parties - 173 - - - - - -
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52 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 28. Contingent liabilities Contingent liabilities in respect of granted guarantees, sureties and collateral Specification Currency 30.06.2026 31.12.2025 mBank S.A. Bill of exchange agreement Framework agreement on financial market transactions PLN 50 000 50 000 Bill of exchange agreement Bank guarantee securing a rental contract PLN 248 248 National Centre for Research and Development Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0105/16 PLN - 7 711 Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0110/16 PLN 3 846 3 846 Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0112/16 PLN 3 692 3 692 Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0118/16 PLN - 1 358 Bill of exchange agreement Subsidy agreement FENG.01.01-IP.01-006A/23-00 PLN 14 765 14 765 Erste Bank Polska S.A. (formerly: Santander Bank Polska S.A.) Bill of exchange agreement Framework agreement on financial market transactions PLN 23 500 23 500 Bank Polska Kasa Opieki Spółka Akcyjna Bill of exchange agreement Framework agreement on financial market transactions PLN 50 000 50 000 BNP Paribas Bank Polska S.A. Bill of exchange agreement Framework agreement on financial market transactions PLN 26 600 26 600
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53 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 29. Employee benefit programmes Currently, there are three incentive plans based on the Parent Company’s shares: two long -term incentive plans (Incentive Plan A and Incentive Plan B) for the financial years 2023-2027 implemented pursuant to resolutions of the General Shareholders’ Meeting of the Parent Company of 18 April 2023, and the Short-Term Incentive Plan for the Management Board and Managerial Personnel within the Group, implemented pursuant to a resolution of the General Shareholders’ Meeting of the Parent Company of 23 June 2026. Incentive plans for the years 2023-2027 Detailed rules of the Incentive Plans A and B are included in the Rules adopted by the Management Board of the Parent Company and approved by the Supervisory Board of the Parent Company. The execution of the incentive plans is supervised by the Supervisory Board and the Management Board of the Parent Company. Incentive Plan A Incentive Plan A is addressed to persons who are not members of the Management Board of the Parent Company. The assumptions are that in this plan entitlements are granted in each of the financial years 2023-2027 (i.e. in five phases). A maximum of 1 500 000 entitlements may be granted under the entire Incentive Plan A, however, the total number of entitlements granted to participants in this plan and entitlements granted to participants in the Incentive Plan B may not exceed 5 000 000. Th e entitlements will be realized alternatively through: (i) an offer to the participants to subscribe for warrants entitling to an identical number of shares in the Parent Company issued as part of the conditional share capital increase, or (ii) an offer to the participants to purchase from the Parent Company treasury shares acquired by the Parent Company as part of a buy-back carried out for this purpose. The exercising of the entitlements under the Incentive Plan A will be conditional upon the Parent Company determining that the loyalty condition (understood as the participants in Incentive Plan A remaining in a legal relationship with the Parent Company or its related entity during the vesting period) has been met. The price of taking up or acquiring the Parent Company’s shares as part of exe rcising entitlements under Plan A shall correspond to the nominal value of the Parent Company’s shares. The vesting period shall be 3 years as a minimum in each case. By the date of preparation of these financial statements: (i) as part of Phase 1 of the Incentive Plan A (in 2023), 100 444 entitlements were granted, of which 74 210 entitlements active as at the date of adoption of the reviewing resolution for this Phase by the Parent Company’s Management Board were exercised between 16 June and 7 July 2026 by offering the Company’s treasury shares for purchase to the participants. Consequently, as at the date of publication of this report, there are no active entitlements in Phase 1 of Incentive Plan A; (ii) as part of Phase 2 of Incentive Plan A (in 2024), 183 189 entitlements were granted, of which 154 061 entitlements remain active. (ii) as part of Phase 3 of Incentive Plan A (in 2025), 123 186 entitlements were granted, of which 108 967 entitlements remain active. (ii) as part of Phase 4 of Incentive Plan A (in 2026), 144 457 entitlements were granted, of which 140 577 entitlements remain active. Changes in entitlements granted under Incentive Plan A for the years 2023 -2027 – Phases 1-4 Specification 01.01.2026 – 30.06.2026 01.01.2025 – 31.12.2025 Number of entitlements (in pcs.) Granted, not exercised as at the beginning of the period 354 128 260 660 Granted during the period 144 457 123 186 Exercised during the period* 74 210 - Reduced during the period 6 119 - Expired during the period* 307 - Forfeited during the period* 14 344 29 718 Granted, not exercised as at the end of the period 403 605 354 128 * All entitlements forfeited, expired and exercised until the date of publication of the financial statements for the given period
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54 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Assumptions made for the valuation of Incentive Plan A for the years 2023-2027 – Phase 1 Date of vesting CDR volatility ratio Risk-free interest rate Entitlements granted on 26.05.2023 44% 6.2% Entitlements granted on 27.05.2023 44% 6.2% Entitlements granted on 29.05.2023 44% 5.9% Entitlements granted on 07.06.2023 44% 5.8% Assumptions made for the valuation of Incentive Plan A for the years 2023 -2027 – Phase 2 Date of vesting CDR volatility ratio Risk-free interest rate Entitlements granted on 08.03.2024 43% 5.1% Entitlements granted on 10.03.2024 43% 5.1% Assumptions made for the valuation of Incentive Plan A for the years 2023-2027 – Phase 3 Date of vesting CDR volatility ratio Risk-free interest rate Entitlements granted on 09.03.2025 40% 5.2% Entitlements granted on 16.03.2025 40% 5.4% * All forfeitures by the date of publication of the financial statements for a given period Assumptions made for the valuation of Incentive Plan A for the years 2023-2027 – Phase 4 Date of vesting CDR volatility ratio Risk-free interest rate Entitlements granted on 15.03.2026 36% 4.4% Entitlements granted on 28.03.2026 36% 4.8% Incentive Plan B Incentive Plan B is addressed both to persons who are Members of the Parent Company’s Management Board and those who are not Members of the Management Board. The assumptions are that the entitlements in this plan will be granted in each of the financial years 2023-2027 (i.e. in five phases). According to the amendments made by way of Resolution No. 23 of the Company’s General Meeting of 23 June 2025, a maximum of 4 100 000 entitlements may be granted under the entire Incentive Plan B (previously 3 500 000 entitlements), however, the total number of entitlements granted to the participants in this plan and the entitlements granted to the participants in Incentive Plan A may not exceed 5 000 000. The entitlements will be exercised alternatively through: (i) offering the participants to subscribe for warrants entitling them to subscribe for an identical n umber of shares in the Parent Company issued as part of the conditional share capital increase, or (ii) an offer to the participants to purchase from the Parent Company treasury shares acquired by the Parent Company as part of a buy-back carried out for this purpose. The exercising of the entitlements under Incentive Plan B will be conditional upon the Parent Company determining that the releva nt earnings condition (for 70% of the entitlements), the market- related condition (for 30% of the entitlements), and in selected cases the individual conditions and, in each case, the loyalty condition (understood as the participants in Incentive Plan B remain ing 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 purchas e of the shares with a simultaneous proportional reduction in the number of rights to be exercised by the participant. The base vesting period corresponds to four consecutive financial years starting from the year in which the relevant phase commenced (with the possibility of shortening it to three financial years for earnings-related entitlements in the event of a possible faster achievement of the four-year performance target over a three-year period). By the date of preparation of these financial statements: (i) as part of Phase 1 of Incentive Plan B (in 2023), 662 000 entitlements were granted, of which 635 000 entitlements remain active; (ii) as part of Phase 2 of Incentive Plan B (in 2024), 723 500 entitlements were granted, of which 695 000 entitlements remain active; (iii) as part of Phase 3 of Incentive Plan B (in 2025), 740 500 entitlements were granted, of which 715 000 entitlements remain active; (iv) as part of Phase 4 of Incentive Plan B (in 2026), by the date of preparation of these financial statements 755 000 entitlements were granted, of which 740 000 entitlements remain active.
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55 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Earnings-related condition – 70% of the entitlements awarded under a given phase of Incentive Plan B The fulfilment of the earnings-related condition means achieving, in the relevant vesting period, a specific result understood as the sum of the consolidated net profits on the continuing operations of the CD PROJEKT RED Group plus the cost of valuation of entitlements awarded under the releva nt phase of Incentive Plan B recognized by CD PROJEKT RED Group entities in the same period. Earnings-related conditions for the entitlements awarded under a given phase of Incentive Plan B are as follows: - Phase 1 – for the years 2023-2026: PLN 2 billion; - Phase 2 – for the years 2024-2027: PLN 3 billion; - Phase 3 – for the years 2025-2028: PLN 4 billion; - Phase 4 – for the years 2026-2029: PLN 5 billion. For the successive Phase 5 of Incentive Plan B starting in 2027, the earnings-related condition for the entitlements awarded in this phase for four subsequent financial years will be determined by a resolution of the General Meeting of the Parent Company (at the request of the Management Board of the Parent Company). After three financial years of Phase 1 of Incentive Plan B, a review was carried out to determine whether or not the earnings-related condition set for a period of four financial years had been met ahead of sche dule, and of the loyalty condition. Given that the earnings-related condition had not been met ahead of the schedule, entitlements granted to participants as part of Phase 1 of Incentive Plan B were not exercised ahead of schedule. The conditions applicable to Phase 1 will be reviewed again after four financial years of the duration of Phase 1 of Incentive Plan B. As part of the work on this report, the Company’s Management Board exercised professional judgement regarding the feasibility of meeting the earnings -related condition set for Phase 2 of Incentive Plan B for the years 2024 –2027. In the opinion of the Management Board, taking into account the current publishing plan of the Company, it is highly unlikely that the Group will be able to meet the earnings -related condition set for Phase 2 of Incentive Plan B for the years 2024 –2027, namely PLN 3 billion in cumulative consolidated net profit from continuing operations of the CD PROJEKT RED Group. Consequently, 70% of the entitlements granted to participants as part of Incentive Plan B will most likely not be exercised. As a result, the Management Board decided to reverse the previously recognized costs of Phase 2 of the Incentive Plan B in the part corresponding to these entitlements amounting to PLN 11 070 thousand. Market-related condition – 30% of the entitlements awarded under a given phase of Incentive Plan B The fulfilment of the market-related condition means achieving a percentage change in the Parent Company's share price on the Warsaw Stock Exchange (WSE) between the Parent Company’s share price at the close of the last trading session on the WSE in the most recent financial year subject to verification for purposes of the earnings-related condition referred to above and the Parent Company’s share price at the close of the last trading session on the WSE in the year preceding the year of the relevant phase of Incentive Plan B which is higher or equal to the percentage change, increased by 10 percentage points, in the level of the WIG (WSE Index) index in the same period. Changes in entitlements granted under Incentive Plan B for the years 2023 -2027 – Phases 1-4 Specification 01.01.2026 – 30.06.2026 01.01.2025 – 31.12.2025 Number of entitlements (in pcs.) Granted, not exercised as at the beginning of the period 2 090 000 1 379 500 Granted during the period 755 000 740 500 Forfeited during the period* 60 000 30 000 Granted, not exercised as at the end of the period 2 785 000 2 090 000 * All forfeitures until the date of publication of the financial statements for a given period Assumptions made for the measurement of Incentive Plan B for the years 2023 -2027 – Phase 1 Date of vesting CDR volatility ratio WIG volatility ratio WIG correlation ratio Risk-free interest rate Entitlements granted on 26.05.2023 44% 21% 43% 6.1%
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56 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Assumptions made for the measurement of Incentive Plan B for the years 2023 -2027 – Phase 2 Date of vesting CDR volatility ratio WIG volatility ratio WIG correlation ratio Risk-free interest rate Entitlements granted on 08.03.2024 43% 21% 42% 4.9% Entitlements granted on 10.03.2024 43% 21% 42% 4.9% Assumptions made for the measurement Incentive Plan B for the years 2023 -2027 – Phase 3 Date of vesting CDR volatility ratio WIG volatility ratio WIG correlation ratio Risk-free interest rate Entitlements granted on 09.03.2025 40% 19% 42% 5.5% Entitlements granted on 16.03.2025 40% 19% 42% 5.5% Assumptions made for the measurement of Incentive Plan B for the years 2023 -2027 – Phase 4 Date of vesting CDR volatility ratio WIG volatility ratio WIG correlation ratio Risk-free interest rate Entitlements granted on 15.03.2026 39% 20% 42% 4.6% Entitlements granted on 28.03.2026 39% 20% 43% 5.3% Short-Term Incentive Plan for the Group’s Management Board and Managerial Personnel Pursuant to a Resolution of the General Meeting of the Parent Company of 23 June 2026 (the “Resolution”), the Supervisory Board of the Parent Company adopted Rules of the Short -term Incentive Plan for the Group’s Management Board and Managerial Personnel (“STI Plan”), (“Rules”) on 19 August 2026. The STI Plan is addressed to the Company’s Management Board and to persons managing strategic business areas within the Group. It replaced the following incentive plans previously operating in the Parent Company: (i) the short -term incentive plan for Members of the Parent Company’s Management Board, and (ii) annual cash bonuses awarded to persons managing specific strategic business areas within the Group. As part of the STI Plan, the participant s were granted entitlements corresponding to a particular percentage of the Group’s consolidated net profit earned in a given accounting period. The accounting periods of the STI Plan will be annual periods. The first accounting period of the STI Plan was determined to be the period from 1 January to 31 December 2026. The following conditions must be met jointly after each accounting period for entitlements to be exercised: (i) the earnings-related condition – understood as the Group achieving consolidated net profit of at least PLN 50 million; (ii) the loyalty condition – understood as the participants remaining in a legal relationship with the Parent Company or the Group during the accounting period until the date of adoption of the reviewing resolution for that period, and (iii) any additional individual or group KPIs. If these conditions are met, the participants will be able to exercise, subject to the rules set out in the Resolution and the Rules , the entitlements granted in a following manner: (i) through the acquisition of shares in the Parent Company from the Parent Company, at a price equal to their nominal value, provided that, for this purpose, the Parent Company shall use only shares previously acquired on the market for this purpose, or (ii) through the Parent Company subsidizing the purchase of a specified number of shares on the market by a participant, using cash provided for this purpose by the Parent Company, or (iii) through receiving a cash paymen t corresponding to the value of the entitlement held (less any contributions and taxes due).
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57 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Note 30. Tax settlements Tax settlements and other areas of activities regulated by the tax law may be subject to inspections by administrative bodies which are entitled to impose high penalties or sanctions. In accordance with a general rule, tax settlements may be subject to inspections within five years from the end of the calendar year in which the tax payment deadline expired. Frequent differences of opinio n 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 countr ies 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 princip le of prudence and exercising due diligence. The eligibility for tax reliefs or preferential tax treatment is thoroughly analysed a nd, as a rule, confirmed in the individual tax rulings obtained. The Parent Company conducts research and development activities in a systematic and organized manner, as confirmed by the retention of its status as a research and development centre (R&D centre) pursuant to the Decision No. DNP-V.4241.27.2025 of the Minister of Finance dated 5 September 2025. By virtue of its research and development activities and the R&D centre status it has obtained, the Parent Company deducts a wide range of eligible costs from its tax base, acting in accordance with the applicable regulations while complying with documentation and record-keeping requirements. Starting from the month following the submission of the CIT -8 tax return, the Parent Company is taking advantage of a relief in respect of innovative employees. As part of the solution, it is possible to deduct the research and development relief which the Parent Company did not deduct from the tax base in the tax return for the previous tax year. As a result of using tax relief in respect of innovative employees, the Parent Company is reducing tax advances remitted to the tax office in respect of personal income tax and flat-rate personal income tax for employees performing research and development projects for the Parent Company. At the same time, the amount of the research and development relief reported and not deducted is being reduced (the reduction amount is calculated as the quotient of the PIT liability due and the CIT rate). The Parent Company also applies the IP Box scheme, which allows entities engaged in research and development to tax eligible income from eligible intellectual property rights at an income tax rate of 5%. Once the statutory substantive and formal requirements have been met – including the maintenance of separate accounting records enabling the identification of income relating to eligible intellectual property rights – the Parent Company accounts for the selected sources of income using this preferential tax rate. Note 31. Post balance sheet events On 10 August 2026, amendments to the Parent Company’s Articles of Association based on Resolution No. 20 of the Ordinary General Meeting of the Parent Company dated 23 June 2026 were registered. At the same time, the Parent Company’s name was changed to “CD PROJEKT RED Spółka Akcyjna”.
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Interim condensed separate financial statements of CD PROJEKT RED S.A. 5
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59 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements Interim condensed separate income statement Note 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025* Sales revenue 435 308 355 023 Sales of products 421 040 336 077 Sales of goods for resale and materials 14 268 18 946 Cost of sales of products, goods for resale and materials 29 559 38 270 Cost of products sold 22 175 24 443 Cost of goods for resale and materials sold 7 384 13 827 Gross profit on sales 405 749 316 753 Selling expenses 56 778 59 277 Total administrative expenses, including: 103 731 92 080 cost of research projects 19 043 17 901 Other operating income 16 036 11 637 Other operating expenses 11 069 7 498 (Impairment)/reversal of impairment of financial instruments (6) (148) Operating profit 250 201 169 387 Finance income 42 965 75 007 Finance costs 13 129 39 321 Profit before tax 280 037 205 073 Income tax A 26 319 20 697 Net profit 253 718 184 376 Net earnings per share (in PLN) Basic for the reporting period 2.54 1.85 Diluted for the reporting period 2.52 1.83 * restated data Interim condensed separate statement of comprehensive income 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025* Net profit 253 718 184 376 Other comprehensive income subject to reclassification to gains or losses after specific conditions have been met (5 015) 1 618 Measurement of derivative financial instruments at fair value through other comprehensive income, taking into account the tax effect (5 015) 1 618 Other comprehensive income not subject to reclassification to gains or losses - - Total other comprehensive income (5 015) 1 618 Total comprehensive income 248 703 185 994 * restated data
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60 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements Interim condensed separate statement of financial position Note 30.06.2026 31.12.2025* NON-CURRENT ASSETS 2 610 443 2 174 743 Property, plant and equipment 323 192 307 893 Intangible assets 65 636 65 024 Expenditure on development projects 1 520 297 1 159 562 Investment properties 66 062 31 241 Goodwill C 49 168 49 168 Investments in subordinated entities G 61 127 56 531 Prepayments and deferred costs 11 711 3 233 Other financial assets G 404 227 387 233 Deferred tax assets A 101 376 114 430 Trade receivables D,G 7 574 - Other receivables E,G 73 428 CURRENT ASSETS 1 169 253 1 332 673 Inventories 1 416 2 279 Trade receivables D,G 162 240 127 074 Current income tax receivable - 11 305 Other receivables E,G 85 671 217 446 Prepayments and deferred costs 19 089 12 654 Other financial assets G 465 141 332 820 Bank deposits over 3 months G 422 091 520 813 Cash and cash equivalents G 13 605 108 282 TOTAL ASSETS 3 779 696 3 507 416 * restated data
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61 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements Note 30.06.2026 31.12.2025 EQUITY 3 560 208 3 294 816 Share capital 18 99 911 99 911 Supplementary capital 2 957 452 2 356 085 Share premium 116 700 116 700 Treasury shares (7 429) (22 424) Other reserves 139 856 135 075 Retained earnings/(Accumulated losses) - (25 740) Net profit (loss) for the period 253 718 635 209 NON-CURRENT LIABILITIES 32 050 29 408 Other financial liabilities G 17 244 17 995 Other liabilities 2 134 2 084 Deferred income 10 068 6 642 Provision for retirement and similar benefits 1 713 1 713 Other provisions F 891 974 CURRENT LIABILITIES 187 438 183 192 Other financial liabilities G 11 810 2 798 Trade payables G 72 432 58 768 Current income tax liabilities 7 085 - Other liabilities 9 553 6 473 Deferred income 1 727 11 104 Provision for retirement and similar benefits 12 567 8 895 Other provisions F 72 264 95 154 TOTAL EQUITY AND LIABILITIES 3 779 696 3 507 416
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62 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements Interim condensed separate statement of changes in equity Share capital Supplementary capital Share premium Treasury shares Other reserves Retained earnings /(Accumulated losses) Net profit (loss) for the period Total equity 01.01.2026 – 30.06.2026 Equity as at 01.01.2026 99 911 2 356 085 116 700 (22 424) 135 075 609 469 - 3 294 816 Total comprehensive income - - - - (5 015) - 253 718 248 703 Net profit - - - - - - 253 718 253 718 Other comprehensive income - - - - (5 015) - - (5 015) Costs of the incentive plan - - - - 17 694 - - 17 694 Settlement in treasury shares - (8 102) - 14 995 (7 898) - - (1 005) Appropriation of net profit/offset of loss - 609 469 - - - (609 469) - - Equity as at 30.06.2026 99 911 2 957 452 116 700 (7 429) 139 856 - 253 718 3 560 208 01.01.2025 – 31.12.2025 Equity as at 01.01.2025 99 911 2 025 642 116 700 - 50 537 470 674 - 2 763 464 Correction of errors - - - - (52) (25 740) - (25 792) Equity, as adjusted 99 911 2 025 642 116 700 - 50 485 444 934 - 2 737 672 Total comprehensive income - - - - 1 921 - 635 209 637 130 Net profit - - - - - - 635 209 635 209 Other comprehensive income - - - - 1 921 - - 1 921 Costs of the incentive plan - - - - 42 349 - - 42 349 Setting up reserve capital for the purchase of treasury shares - (40 320) - - 40 320 - - - Purchase of treasury shares for the execution of the incentive plan - - - (22 424) - - - (22 424) Payment of dividend - - - - - (99 911) - (99 911) Appropriation of the net profit/offset of loss - 370 763 - - - (370 763) - - Equity as at 31.12.2025 99 911 2 356 085 116 700 (22 424) 135 075 (25 740) 635 209 3 294 816
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63 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements Share capital Supplementary capital Share premium Treasury shares Other reserves Retained earnings /(Accumulated losses) Net profit (loss) for the period Total equity 01.01.2025 – 30.06.2025 Equity as at 01.01.2025 99 911 2 025 643 116 700 - 50 539 470 674 - 2 763 467 Correction of errors - - - - (52) (25 740) - (25 792) Equity, as adjusted 99 911 2 025 643 116 700 - 50 487 444 934 - 2 737 675 Total comprehensive income - - - - 1 618 - 184 376 185 994 Net profit - - - - - - 184 376 184 376 Other comprehensive income - - - - 1 618 - - 1 618 Costs of the incentive plan - - - - 19 643 - - 19 643 Setting up reserve capital for the purchase of treasury shares - (40 320) - - 40 320 - - - Payment of dividend - - - - - (99 911) - (99 911) Appropriation of the net profit/offset of loss - 370 763 - - - (370 763) - - Equity as at 30.06.2025 99 911 2 356 086 116 700 - 112 068 (25 740) 184 376 2 843 401
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64 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements Interim condensed separate statement of cash flows 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025* OPERATING ACTIVITIES Net profit 253 718 184 376 Total adjustments: (48 401) 65 925 Depreciation and amortization of property, plant and equipment, intangible assets and expenditure on development projects 5 328 4 592 Amortization of development projects recognized as cost of goods sold 20 650 27 673 Foreign exchange (gains)/losses (19 227) 30 078 Interest and shares in profits (25 665) (35 397) (Gains)/losses on investing activities 13 713 (30 654) Increase/(Decrease) in provisions (25 592) (50 523) (Increase)/Decrease in inventories 863 (2 840) (Increase)/Decrease in receivables (22 408) 57 258 Increase/(Decrease) in liabilities, excluding loans and borrowings 11 108 34 597 Change in other assets and liabilities (20 925) 13 617 The costs of share-based incentive plans 13 038 16 527 Other adjustments 716 997 Cash from operating activities 205 317 250 301 Income tax expense 22 019 13 357 Withholding tax paid abroad 4 300 7 340 Income tax (paid)/refunded 9 425 (11 629) Net cash from operating activities 241 061 259 369 * restated data
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65 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025 INVESTING ACTIVITIES Inflows 665 996 759 827 Sale of intangible assets and property, plant and equipment 175 194 Repayment of loans granted - 2 529 Sale of shares in a subsidiary 90 695 - Expiry of bank deposits over 3 months 487 419 538 383 Redemption or sale of bonds 56 833 183 068 Interest on bonds 14 173 8 087 Interest received on deposits 8 608 16 655 Inflows from execution of forward contracts 7 655 10 817 Other inflows from investing activities 438 94 Outflows 1 000 714 985 285 Acquisition of intangible assets and property, plant and equipment 37 522 51 779 Expenditure on development projects 357 988 246 398 Acquisition of investment properties and capitalization of expenditure 11 598 3 569 Loans granted 3 993 3 579 Contribution to the capital of a subsidiary 2 260 2 750 Placement of bank deposits over 3 months 385 313 436 384 Purchase of private equity interests in the gaming sector 77 - Purchase of bonds and cost of their purchase 198 658 240 826 Transaction-related costs associated with the sale of shares 3 305 - Net cash from investing activities (334 718) (225 458) FINANCING ACTIVITIES Inflows 62 15 Net proceeds from the sale of treasury shares and issue of shares in the execution of the incentive plan 60 - Settlement of lease receivables 2 13 Interest received - 2 Outflows 1 082 1 498 Payment of lease liabilities 805 1 209 Interest paid 277 289 Net cash from financing activities (1 020) (1 483) Net increase/(decrease) in cash and cash equivalents (94 677) 32 428 Change in cash and cash equivalents in the balance sheet (94 677) 32 428 Cash and cash equivalents as at the beginning of the period 108 282 64 868 Cash and cash equivalents as at the end of the period, including: 13 605 97 296 restricted cash and cash equivalents 10 -
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66 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements Explanations to the condensed separate statement of cash flows 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025* “Other adjustment” comprise: 716 997 Measurement of derivative financial instruments - 213 Amortization and depreciation included under cost of sales and other operating expenses 768 784 Other adjustments (52) - * restated data Assumption of comparability of the financial statements and consistency of accounting policies The accounting policies applied in these interim condensed separate financial statements, material judgements made by the Management Board with regard to the accounting policies applied by the Company and the main sources of estimating uncertainties are consistent, in all material respects, with the policy adopted for preparing the annual financial statements of CD PROJEKT S.A. for 2025, with the exception of the presentation changes described below. These condensed financial statements should be read in conjunction with the financial statements for the year ended 31 December 2025. Presentation changes and corrections of errors In these separate financial statements for the period from 1 July to 30 June 2026, selected financial data were adjusted. In order to ensure comparability of the financial data in the reporting period, the data for the period from 1 January to 30 June 2025 and as at 31 December 2025 were adjusted.
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67 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements Interim condensed separate income statement for the period from 1 January to 30 June 2025 The Company has adjusted the accounting treatment of withholding tax (WHT) from previous years, adjusting Income tax by PLN 25 792 thousand and thereby increasing Net profit. Due to an error in the income tax estimate, the withholding tax refunded in 2024 was incorrectly deducted in the amounts of PLN 11 082 thousand for 2022 and PLN 14 710 thousand for 2023. Originally, in the interim condensed separate financial statements for the period from 1 January to 30 June 2025 the Company had adjusted this treatment in the then current periods. As part of the work on closing the financial year 2025, the Company considered it more appropriate to restate the historical periods to which the tax related. Consequently, in the comparative figures presented for the first half of 2025, the income tax item was adjusted, resulting in an increase in net profit for that period of PLN 25 792 thousand. The presentation of foreign exchange differences arising from operating activities was changed, with PLN 924 thousand being transferred from Finance costs to Other operating expenses. 01.01.2025 – 30.06.2025 published data presentation change restated data Gross profit on sales 316 753 - 316 753 Other operating expenses 6 574 924 7 498 Operating profit 170 311 (924) 169 387 Finance costs 40 245 (924) 39 321 Profit before tax 205 073 - 205 073 Income tax 46 489 (25 792) 20 697 Net profit from continuing operations 158 584 25 792 184 376 Net profit 158 584 25 792 184 376 Net earnings per share (in PLN) Basic for the reporting period 1.59 0.26 1.85 Diluted for the reporting period 1.57 0.26 1.83 Interim condensed separate statement of comprehensive income for the period from 1 January to 30 June 2025 01.01.2025 – 30.06.2025 published data presentation change restated data Net profit 158 584 25 792 184 376 Total other comprehensive income 1 618 - 1 618 Total comprehensive income 160 202 25 792 185 994
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68 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements Interim condensed separate statement of financial position as at 31 December 2025 • The presentation of certain non-current assets held by the Company was amended, with PLN 578 thousand being reclassified from Property, plant and equipment to Intangible assets. • The presentation of advance payments for marketing materials reported in current assets was amended by reclassifying PLN 1 080 thousand from Other receivables to Prepayments and deferred costs. 31.12.2025 published data presentation change restated data NON-CURRENT ASSETS 2 174 743 - 2 174 743 Property, plant and equipment 308 471 (578) 307 893 Intangible assets 64 446 578 65 024 CURRENT ASSETS 1 332 673 - 1 332 673 Other receivables 218 526 (1 080) 217 446 Prepayments and deferred costs 11 574 1 080 12 654 TOTAL ASSETS 3 507 416 - 3 507 416 Interim condensed separate statement of cash flows for the period from 1 January to 30 June 2025 • As a result of adjusting the accounting treatment of PLN 25 792 thousand of withholding tax for previous years, the Net profit and Income tax on profit/(loss) before tax were amended. • As a result of the reclassification of balance sheet items, Increase/(Decrease) in provisions was reduced by PLN 18 739 thousand. At the same time, the balance of the Increase/(Decrease) in liabilities, excluding loans and borrowings was increased. 01.01.2025 – 30.06.2025 published data presentation change restated data OPERATING ACTIVITIES Net profit 158 584 25 792 184 376 Total adjustments: 65 925 - 65 925 Increase/(Decrease) in provisions (31 784) (18 739) (50 523) Increase/(Decrease) in liabilities, excluding loans and borrowings 15 858 18 739 34 597 Costs of share-based incentive plans - 16 527 16 527 Other adjustments 17 524 (16 527) 997 Cash from operating activities 224 509 25 792 250 301 Income tax expense 39 149 (25 792) 13 357 Net cash from operating activities 259 369 - 259 369
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69 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements Notes to the separate financial statements of CD PROJEKT RED S.A. A. Corporate income tax and deferred income tax The deferred portion of income tax was determined at either the corporate income tax rate of 19% for the tax base corresponding to income from other sources, or at the rate of 5% for the tax base corresponding to income from qualifying intellectual prop erty rights (the so-called IP BOX). When determining the appropriate tax rate for temporary differences, the Company relied on forecasts as to which tax base will give rise to the realization of the temporary differences recognized. The main items of income tax expense for the periods ended 30 June 2026 and 30 June 2025 are as follows: 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025* Current income tax 13 265 15 090 For the financial year 8 965 11 695 Withholding tax paid abroad 4 300 7 340 Adjustments relating to prior years - (3 945) Deferred income tax 13 054 5 607 Related to temporary differences arising and reversed 13 054 5 607 Income tax expense shown in the income statement 26 319 20 697 Effective tax rate 9.40% 10.09% * restated data Deferred tax shown in the income statement is the difference between the balance of deferred tax provisions and assets as at the end and as at the beginning of the reporting periods.
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70 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements Deductible temporary differences underlying the deferred tax assets 31.12.2025 Differences affecting deferred tax recognized in the profit or loss 30.06.2026 Provision for other employee benefits 4 146 1 187 5 333 Provision for costs of earnings-related and other remuneration 54 421 (28 068) 26 353 Foreign exchange losses 23 937 (4 302) 19 635 Difference between the carrying and tax amount of expenditure on development projects 21 824 5 636 27 460 Salaries and wages and social security payable in future periods 4 44 48 Other provisions 37 306 3 767 41 073 Research and development relief 604 780 (6 220) 598 560 Tax value of leased non-current assets 19 484 (725) 18 759 Prepayments recognized as revenue for tax purposes 9 860 (9 137) 723 Total deductible differences, including: 775 762 (37 818) 737 944 taxed at 5% 105 912 (13 950) 91 962 taxed at 19% 669 850 (23 868) 645 982 Deferred tax assets 132 568 (5 233) 127 335
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71 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements Taxable temporary differences underlying the deferred tax provision 31.12.2025 Differences affecting deferred tax recognized in the profit or loss 30.06.2026 Difference between the net carrying amount and tax amount of property, plant and equipment and intangible assets 31 698 24 529 56 227 Current period revenue invoiced in the subsequent period/accrued income 114 887 17 899 132 786 Foreign exchange gains 39 585 624 Difference between the carrying amounts and tax bases of expenditure on development projects 70 354 27 571 97 925 Carrying amount of non-current assets leased 18 698 (660) 18 038 Other 222 43 265 Total taxable differences, including: 235 898 69 967 305 865 taxed at 5% 190 588 39 093 229 681 taxed at 19% 45 310 30 874 76 184 Deferred tax provisions 18 138 7 821 25 959 Net deferred tax assets/provisions 30.06.2026 31.12.2025 Deferred tax assets 127 335 132 568 Deferred tax provisions 25 959 18 138 B. Dividends paid (or declared) and received During the period from 1 January to 30 June 2026, the Company did not pay or receive dividends. C. Goodwill Goodwill recognized in business combinations and acquisitions 30.06.2026 31.12.2025 CD Projekt Red sp. z o.o. 39 147 39 147 Strange New Things business 10 021 10 021 Total 49 168 49 168
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72 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements D. Trade receivables 30.06.2026 31.12.2025 Gross trade receivables 170 080 127 329 Impairment write-downs 266 255 Net trade receivables 169 814 127 074 from related entities 6 910 4 386 from other entities 162 904 122 688 Gross trade receivables comprise the current portion of PLN 162 506 thousand and the non-current portion of PLN 7 574 thousand. The recognition of the non -current trade receivables balance in the statement of financial position resulted from a new trade contract with a timetable of repayment until 2030. In the current interim period, the Company identified a significant financing component in the said contract. Due to the deferred payment terms, the Company adjusts the amount of promised remuneration for the effect of time value of money using the effective interest rate method. The effect of the reversal of discount over time is credited to finance income. Changes in write-downs of trade receivables 01.01.2026 – 30.06.2026 OTHER ENTITIES Impairment write-downs as at the beginning of the period 255 Increases, including: 11 recognition of write-downs of overdue and disputed receivables 11 Decreases - Impairment write-downs as at the end of the period 266
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73 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements Current and overdue trade receivables as at 30.06.2026 Total Not overdue Overdue, in days 1 – 60 61 – 90 91 – 180 181 – 360 >360 RELATED ENTITIES gross receivables 6 910 6 910 - - - - - default ratio 0% 0% 0% 0% 0% 0% write-down resulting from the ratio - - - - - - - write-down determined individually - - - - - - - total expected credit losses - - - - - - - Net receivables 6 910 6 910 - - - - - Total Not overdue Overdue, in days 1 – 60 61 – 90 91 – 180 181 – 360 >360 OTHER ENTITIES gross receivables 163 170 162 237 560 87 23 111 152 default ratio 0% 0% 0% 0% 0% 0% write-down resulting from the ratio - - - - - - - write-down determined individually 266 - - - 3 111 152 total expected credit losses 266 - - - 3 111 152 Net receivables 162 904 162 237 560 87 20 - - Total gross receivables 170 080 169 147 560 87 23 111 152 impairment write-downs 266 - - - 3 111 152 Net receivables 169 814 169 147 560 87 20 - -
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74 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements E. Other receivables 30.06.2026 31.12.2025* Other gross receivables 85 744 217 874 Impairment write-downs - - Other net receivables 85 744 217 874 from related entities 7 076 3 598 from other entities 78 668 214 276 * restated data 30.06.2026 31.12.2025* Other gross receivables, including: 85 744 217 874 tax receivables, other than corporate income tax 38 229 39 057 prepayments for development projects 35 688 28 011 prepayments for inventories 8 367 32 672 prepayments for property, plant and equipment and intangible assets 1 698 1 177 security deposits 470 473 settlements with employees 38 51 settlements with members of the Management Board 25 4 disposal of shares in a subsidiary - 90 695 prepayments for investment properties - 25 000 other 1 229 734 Impairment write-downs - - Other net receivables, including: 85 744 217 874 current 85 671 217 446 non-current 73 428 * restated data F. Other provisions 30.06.2026 31.12.2025 Provisions for liabilities, including: 73 155 96 128 provision for costs of earnings-related and other remuneration 28 761 59 862 provision for costs of the audit and review of the financial statements 169 104 provision for costs of external services 30 044 21 889 provision for other costs 14 181 14 273 Total, including: 73 155 96 128 current 72 264 95 154 non-current 891 974
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75 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements Changes in other provisions Provision for costs of earnings- related and other remuneration Provision for costs of the audit and review of the financial statements Provision for costs of external services Provision for other costs Total As at 01.01.2026 59 862 104 21 889 14 273 96 128 Provisions recognized during the financial year 28 761 229 75 960 1 354 106 304 Provisions utilized/released 59 862 164 67 805 1 446 129 277 As at 30.06.2026, including: 28 761 169 30 044 14 181 73 155 current 28 761 169 29 153 14 181 72 264 non-current - - 891 - 891 G. Information on financial instruments Fair values of specific classes of financial instruments The fair value of financial instruments for which there is no active market is determined using appropriate valuation techniques. The Company applies professional judgement in selecting appropriate methods and assumptions. Financial instruments measured at fair value are classified according to a three-level fair value hierarchy: Level 1 – quoted prices on active markets for identical assets or liabilities. Level 2 – fair value based on observable market data. Level 3 – fair value based on data that is not observable on the market. The Company’s Management Board analysed specific classes of financial instruments. Based on the analysis, it was concluded that the carrying amounts of the instruments do not materially differ from their fair values, as at both 30 June 2026 and 31 December 2025. 30.06.2026 31.12.2025 LEVEL 1 Assets measured at fair value Assets measured at fair value through other comprehensive income 267 065 217 863 foreign bonds – EUR 22 693 21 971 foreign bonds – USD 244 372 195 892 LEVEL 2 Assets measured at fair value through profit or loss Derivatives 12 10 067 currency forwards – EUR 12 506 currency forwards – USD - 9 561 Private equity interests in the gaming sector 4 430 4 114 private equity interests in the gaming sector – SEK 675 561 private equity interests in the gaming sector – USD 3 755 3 553 Liabilities measured at fair value through profit or loss Derivatives 10 294 - currency forwards – USD 10 294 -
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76 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements Financial assets – classification and measurement In accordance with the requirements of IFRS 9 Financial Instruments, the Company has analysed the business model for managing financial assets and examined the characteristics of contractual cash flows for each component of the bond portfolio, and concluded that: - the purpose of investments in domestic and foreign bonds is to hold them to maturity and to collect contractual cash flows; - investment mandates for managing the foreign bonds portfolio allow selling bonds before maturity as part of the adopted strategy; - all bonds purchased meet the SPPI test. As a result of the analysis conducted, purchased bonds were classified into two financial asset management models which differ in terms of the entity managing the bond portfolio. Polish bonds that are managed directly at the level of the Company are measured at amortized cost, because they are held to collect contractual cash flows. Foreign bonds managed by an external entity in accordance with the investment mandate granted are measured at fair value through other comprehensive income. With regard to equity interests in other entities, the Company estimates the fair values of the shares held using the method which consists in forecasting future cash flows generated by a relevant cash generating unit and requires determining a discount rate to be used to calculate the present value of these cash flows. In justified cases, the Company adopts historical cost as an acceptable approximation of the fair value. The Company did not measure the fair values of receivables, trade payables, cash and cash equivalents, bank deposits over 3 months and loans granted with variable interest rates, because their carrying amounts are considered by the Company to be a reasonable approximation of their fair values. There were no movements between the levels in the fair value hierarchy in the reporting period and in the comparative period. The Company does not apply hedge accounting and therefore the regulations of IFRS 9 in this respect do not apply to it. 30.06.2026 31.12.2025 Financial assets measured at amortized cost 1 203 444 1 244 606 Other non-current receivables 73 428 Trade receivables 169 814 127 074 Cash and cash equivalents 13 605 108 282 Bank deposits over 3 months 422 091 520 813 Domestic bonds 577 043 472 119 Loans granted 20 818 15 890 Financial assets measured at cost 61 127 56 531 Investments in subordinated entities 61 127 56 531 Financial assets measured at fair value through other comprehensive income 267 065 217 863 Foreign bonds 267 065 217 863 Financial assets measured at fair value through profit or loss 4 442 14 181 Derivative financial instruments 12 10 067 Private equity interests in the gaming sector 4 430 4 114 Total financial assets 1 536 078 1 533 181
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77 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements In accordance with the requirements of IFRS 13 Fair Value Measurement , the Company analysed the valuation of the financial instruments measured at amortized cost in the separate statement of financial position in order to determine their fair value s 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 o f a market valuation provided by the brokerage office as part of the applicable agreement for the provision of brokerage services. 30.06.2026 31.12.2025 LEVEL 1 Fair value of assets measured at amortized cost 574 882 473 607 Domestic bonds 574 882 473 607 Other items of financial assets and financial liabilities measured at amortized cost were classified to Level 3. Financial liabilities – classification and measurement 30.06.2026 31.12.2025 Financial liabilities measured at amortized cost 91 192 79 561 Trade payables 72 432 58 768 Lease liabilities and other financial liabilities 18 760 20 793 Financial liabilities measured at fair value through profit or loss 10 294 - Derivative financial instruments 10 294 - Total financial liabilities 101 486 79 561
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78 Interim condensed separate financial statements of CD PROJEKT RED S.A. for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements H. Related party transactions Sales to related entities Purchases from related entities Receivables from related entities Liabilities to related entities 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025 01.01.2026 – 30.06.2026 01.01.2025 – 30.06.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 SUBSIDIARIES GOG sp. z o.o. - 7 208 - 51 - - - - CD PROJEKT RED Inc. 4 279 2 685 107 683 51 246 30 372 21 519 21 834 14 679 CD PROJEKT RED Canada Ltd. 704 534 13 814 9 091 4 407 2 351 3 350 2 147 The Molasses Flood LLC - 174 - 11 091 - - - - CD PROJEKT SILVER Inc. - - - 618 - - - - OTHER RELATED ENTITIES Management Board members 66 16 - - 25 4 3 4 Supervisory Board members 10 5 - - - - 17 - Other members of the senior management 51 28 - - 3 6 1 16 Other related parties - 173 - - - - - -
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79 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Statement of the Management Board of the Parent Company On the fairness of preparation of the consolidated financial statements In accordance with the requirements of Regulation of the Minister of Finance of 6 June 2025 on current and periodical information submitted by issuers of securities and conditions for considering as equivalent the information required under the legislatio n of a non-Member State, the Management Board of the Parent Company declares that, to the best of its knowledge, these semi-annual condensed consolidated financial statements and comparative data have been prepared in accordance with the accounting policies applicable in the CD PROJEKT RED Group and that they reflect in a true, fair and clear manner the Group’s financial position and its results of operations. These interim condensed consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as endorsed by the European Union published and effective as at 1 January 2026, and to the extent not governed by the said standards, in accordance with the Accounting Act of 29 September 1994 and the implementing legislation issued on the basis thereof, and to the extent required, in accordance with the Regulation of the Minister of Finance of 6 June 2025 on current and periodical information submitted by issuers of securities and conditions for considering as equivalent the information required under the legislation of a non-Member State.
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80 Interim condensed consolidated financial statements of the CD PROJEKT RED Group for the period from 1 January to 30 June 2026 (all amounts in PLN thousand, unless stated otherwise) The attached notes are an integral part of these financial statements. Approval of the financial statements This report for the period from 1 January to 30 June 2026 has been signed and approved for publication by the Management Board of CD PROJEKT RED S.A. on 2 September 2026. Warsaw, 2 September 2026 Piotr Nielubowicz Adam Badowski Michał Nowakowski Member of the Management Board Member of the Management Board Member of the Management Board Piotr Karwowski Paweł Zawodny Jeremiah Cohn Member of the Management Board Member of the Management Board Member of the Management Board Karolina Radziszewska Krystyna Cybulska Member of the Management Board Chief Accountant
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