Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Disclaimer

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

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

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

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

this regard.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

CD PROJEKT Group - Selected financial data translated into EUR

PLN EUR

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

Net sales of products, services, goods for resale

and materials

226 305 226 785 54 078 52 483

Cost of sales of products, services, goods for resale

and materials

46 463 62 053 11 103 14 360

Operating profit/(loss) 95 594 81 296 22 843 18 814

Profit/(loss) before tax 113 311 97 190 27 077 22 492

Net profit/(loss) attributable to owners of

CD PROJEKT S.A.

86 003 100 062 20 551 23 157

Net cash from operating activities 151 112 180 995 36 109 41 886

Net cash from investing activities (57 766) (234 148) (13 804) (54 187)

Net cash from financing activities (950) (1 139) (226) (263)

Net increase/(decrease) in cash and cash equivalents 92 396 (54 292) 22 079 (12 564)

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

Net earnings/(loss) per share (in PLN/EUR) 0.86 1.00 0.21 0.23

Diluted earnings/(loss) per share (in PLN/EUR) 0.85 1.00 0.20 0.23

Book value per share (in PLN/EUR) 28.95 25.09 6.92 5.83

Diluted book value per share (in PLN/EUR) 28.75 25.09 6.87 5.83

Dividend declared or paid per share (in PLN/EUR) - 1.00 - 0.23

PLN EUR

31.03.2025 31.12.2024 31.03.2025 31.12.2024

Total assets 3 119 131 3 042 424 745 508 712 011

Liabilities and provisions for liabilities

(excluding accruals)

207 447 224 917 49 583 52 637

Non-current liabilities 22 348 22 574 5 341 5 283

Current liabilities 204 205 219 183 48 808 51 295

Equity 2 892 578 2 800 667 691 359 655 433

Share capital 99 911 99 911 23 880 23 382

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

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

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

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

respectively, as follows: from 1 January to 31 March 2025: 4.1848 PLN/EUR and from 1 January to 31 March 2024: 4.3211

PLN/EUR.

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

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

These rates were, respectively, as follows: 4.1839 PLN/EUR as at 31 March 2025 and 4.273 PLN/EUR as at 31 December 2024.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Table of contents

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

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

Interim condensed consolidated statement of comprehensive income ........................................................................................................... 8

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

Interim condensed statement of changes in consolidated equity....................................................................................................................... 11

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

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

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

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

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

Consolidated companies .......................................................................................................................................................................................... 19

Subsidiaries .................................................................................................................................................................................................................. 19

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

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

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

Amendments to standards or interpretations effective from 1 January 2025 applicable and adopted by the Group ............... 20

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

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

Transactions and balances ...................................................................................................................................................................................... 21

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

Presentation changes ............................................................................................................................................................................................... 22

Audit by the registered auditor ..................................................................................................................................................................................... 22

Notes – operating segments of the CD PROJEKT Group .......................................................................................................................................... 23

Operating segments ........................................................................................................................................................................................................ 24

Information on individual operating segments ................................................................................................................................................. 25

Consolidated income statement by segment for the period from 01.01.2025 to 31.03.2025 ........................................................... 29

Consolidated income statement by segment for the period from 01.01.2024 to 31.03.2024 ............................................................ 30

Consolidated statement of financial position by segment as at 31.03.2025 ............................................................................................ 31

Consolidated statement of financial position by segment as at 31.12.2024* ........................................................................................... 33

Consolidated statement of financial position by segment as at 31.03.2024 ............................................................................................35

Description of the Issuer’s major achievements or failures in the first quarter of 2025 by operating segment ...........................38

Factors affecting the Group’s future performance .......................................................................................................................................... 40

Seasonality or cyclicality of the Group’s operations ....................................................................................................................................... 40

Key customers .............................................................................................................................................................................................................42

Notes – other explanatory notes to the interim condensed consolidated financial statements .................................................................... 43

Note 1. Description of those items affecting assets, liabilities, equity, net profit or loss and cash flows which

are not typical in terms of their type, size and impact ..................................................................................................................................... 44

Note 2. Property, plant and equipment .............................................................................................................................................................. 45

Note 3. Intangible assets and expenditure on development projects ....................................................................................................... 47

Note 4. Goodwill..........................................................................................................................................................................................................48

Note 5. Investment properties ................................................................................................................................................................................48

Note 6. Inventories .................................................................................................................................................................................................... 49

Note 7. Trade and other receivables ................................................................................................................................................................... 49

Note 8. Other financial assets ................................................................................................................................................................................. 51

Note 9. Prepayments and deferred costs .......................................................................................................................................................... 52

Note 10. Deferred income tax .................................................................................................................................................................................53

Note 11. Share capital ................................................................................................................................................................................................ 55

Note 12. Provision for retirement and similar benefits.................................................................................................................................... 55

Note 13. Other provisions ........................................................................................................................................................................................ 55

Note 14. Other liabilities ........................................................................................................................................................................................... 56

Note 15. Deferred income ........................................................................................................................................................................................ 57

Note 16. Information on financial instruments .................................................................................................................................................... 57

Note 17. Sales revenue............................................................................................................................................................................................. 59

Note 18. Operating expenses ................................................................................................................................................................................ 60

Note 19. Other operating income and expenses .............................................................................................................................................. 61

Note 20. Finance income and finance costs ..................................................................................................................................................... 62

Note 21. Leases of low-value assets and short-term leases ......................................................................................................................... 63

Note 22. Issuance, redemption and repayment of debt and equity securities ...................................................................................... 63

Note 23. Dividend paid (or declared) and received ........................................................................................................................................ 63

Note 24. Transactions with related entities ....................................................................................................................................................... 63

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 25. Unpaid loans or defaults on loan agreements in the cases where no corrective measures were

adopted by the balance sheet date ..................................................................................................................................................................... 66

Note 26. Changes in contingent liabilities or contingent assets which occurred after the end of the last financial year ......... 67

Note 27. Changes in the structure of the Group and Group companies during the reporting period ............................................ 68

Note 28. Agreements that may result in future changes in the proportions of shares held by shareholders

and bondholders ........................................................................................................................................................................................................ 68

Note 29. Tax settlements .......................................................................................................................................................................................... 71

Note 30. Explanations to the condensed consolidated statement of cash flows................................................................................... 72

Note 31. Cash flows and non-monetary changes resulting from changes in liabilities in financing activities ................................ 74

Note 32. Post balance sheet events ..................................................................................................................................................................... 75

Additional information ........................................................................................................................................................................................................... 76

Litigation pending ....................................................................................................................................................................................................... 77

Shareholding structure .................................................................................................................................................................................................... 78

Parent Company’s shares held by the members of the Management Board and the Supervisory Board ..................................... 79

Reference to published estimates ............................................................................................................................................................................... 79

Interim condensed separate financial statements of CD PROJEKT S.A. ...............................................................................................................80

Interim condensed separate income statement....................................................................................................................................................... 81

Interim condensed separate statement of comprehensive income .................................................................................................................. 81

Interim condensed separate statement of financial position .............................................................................................................................. 82

Interim condensed separate statement of changes in equity............................................................................................................................. 84

Interim condensed separate statement of cash flows .......................................................................................................................................... 86

Assumption of comparability of the financial statements and consistency of accounting policies ......................................................... 88

Notes to the separate financial statements of CD PROJEKT S.A. ..................................................................................................................... 89

A. Deferred tax ........................................................................................................................................................................................................... 89

B. Other provisions ..................................................................................................................................................................................................... 91

C. Goodwill .................................................................................................................................................................................................................... 91

D. Business combinations ........................................................................................................................................................................................ 91

E. Dividend paid (or declared) and received ...................................................................................................................................................... 91

F. Trade and other receivables ............................................................................................................................................................................. 92

G. Information on financial instruments .............................................................................................................................................................. 94

H. Transactions with related entities .................................................................................................................................................................... 97

Statement of the Management Board of the Parent Company .......................................................................................................................... 99

Approval of the financial statements ........................................................................................................................................................................ 100

Key financial data of

the CD PROJEKT Group

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Interim condensed consolidated income statement

Note

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

Sales revenue 226 305 226 785

Sales of products 17 179 832 185 591

Sales of services 17 1 369 628

Sales of goods for resale and materials 17 45 104 40 566

Cost of sales of products, services, goods for resale and materials 46 463 62 053

Costs of products and services sold 18 12 281 31 631

Cost of goods for resale and materials sold 18 34 182 30 422

Gross profit/(loss) on sales 179 842 164 732

Selling expenses 18 31 670 31 229

Total administrative expenses, including: 18 53 028 54 359

cost of research projects 18 8 186 20 643

Other operating income 19 1 937 3 524

Other operating expenses 19 1 494 1 371

(Impairment)/reversal of impairment

of financial instruments

7 (1)

Operating profit/(loss) 95 594 81 296

Finance income 20 39 953 20 107

Finance costs 20 22 236 4 213

Profit/(loss) before tax 113 311 97 190

Income tax 10 27 308 (2 872)

Net profit/(loss) 86 003 100 062

Net profit/(loss) attributable to owners of CD PROJEKT S.A. 86 003 100 062

Net earnings/(loss) per share (in PLN)

Basic for the reporting period 0.86 1.00

Diluted for the reporting period 0.85 1.00

The Group’s total Sales revenue in the first quarter of 2025 was comparable to the first quarter of last year, mainly due to continued

strong sales of Cyberpunk 2077, including the Phantom Liberty expansion.

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

to:

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

b) royalties resulting from the sale of The Witcher 3: Wild Hunt, including the expansions: Hearts of Stone and Blood and

Wine;

c) licence revenue from CD PROJEKT RED studio franchises;

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

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

In Sales of goods for resale and materials, the Group presents mainly revenue from the digital distribution of games from external

suppliers to end customers executed via the GOG.COM platform.

The Cost of products and services sold, where the cost of amortization of expenditure on development projects (primarily the cost

of own games developed in the CD PROJEKT RED segment) is presented, is the first component of the Group’s Cost of sales of

products, services, goods for resale and materials. The value of the said item in the first quarter of 2025 comprised mainly the

amortization of expenditure on the Cyberpunk 2077, including its expansion Phantom Liberty. The decrease compared to the first

quarter of 2024 is due to the segment’s plan of adopting reducing balance amortization for its main products.

The Cost of goods for resale and materials sold represents mainly the cost of games from external suppliers sold via the GOG.COM

platform.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

In the first quarter of 2025, the largest component of the Selling expenses reported in the CD PROJEKT RED segment comprised

costs relating to the publishing activities, advertising and promotion of own titles, including salaries and wages of the internal

publishing department teams and other external sales promotion services.

The second significant category of the Selling expenses represents costs recognized in the GOG.COM segment in respect of the

development and processing of sales executed through that platform (including salaries and wages and costs of payment and data

transmission services providers) and costs of marketing activities relating to the GOG.COM platform (including external marketing

services and salaries and wages).

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

including its expansion Phantom Liberty.

Compared with the first quarter of 2024, the value of Selling expenses did not change significantly.

Administrative expenses of the CD PROJEKT Group comprise mainly:

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

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

b) costs of research work on new technologies and work on the future games incurred at an initial stage (research phase)

preceding the execution of the projects (development phase) and the start of their capitalization as part of Expenditure

on development projects forming part of Non-current assets; a decrease in expenditure on research projects compared

to the comparative period is mainly due to the Orion project closing the research phase and entering the development

phase in September 2024;

c) remuneration of the management (including performance-related remuneration for a given period);

d) the cost associated with the functioning of the Incentive Plans A and B based on entitlements to the Company’s shares.

As regards Other operating income and expenses, the Group recognized mainly the income obtained by CD PROJEKT in respect

of the tax relief for innovative employees and from the lease of office space (and the accompanying maintenance costs) in the real

estate complex located at ul. Jagiellońska 74 and 76 in Warsaw.

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

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

financial instruments hedging foreign exchange risk.

The high amount of Income tax and the effective tax rate of 24.1% in the first quarter of 2025 was due to adjustments relating to

previous years in the total amount of PLN 21 847 thousand resulting primarily from adjustments to the accounting treatment of

withholding tax (as a result of a mistake in the estimation of income tax, an amount of withholding tax refunded in 2024 of PLN

11 082 thousand for 2022 and PLN 14 710 thousand for 2023 was erroneously deducted).

The Group’s consolidated net profit for the first quarter of 2025 amounted to PLN 86 003 thousand and was 14.1% lower than in

the first quarter of 2024. The main reason for the lower net profit with comparable sales revenue, a higher operating profit and

profit before tax was the higher amount of income tax compared with the comparative period.

Interim condensed consolidated statement of

comprehensive income

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

Net profit/(loss) 86 003 100 062

Other comprehensive income subject to reclassification to gains or losses

after specific conditions have been met:

(1 751) (283)

Exchange differences on measurement of foreign operations (2 875) 406

Measurement of derivative financial instruments - fair value through other

comprehensive income, taking into account the tax effect

1 124 (689)

Other comprehensive income not subject to reclassification to gains or losses - -

Total comprehensive income 84 252 99 779

Total comprehensive income attributable to non-controlling interests - -

Total comprehensive income attributable to owners of CD PROJEKT S.A. 84 252 99 779

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Interim condensed consolidated statement of financial

position

Note 31.03.2025 31.12.2024* 31.03.2024

NON-CURRENT ASSETS 1 729 873 1 574 164 1 471 688

Property, plant and equipment 2 284 687 262 913 201 020

Intangible assets 3 68 572 69 305 70 626

Expenditure on development projects 3 785 199 695 421 555 264

Investment properties 5 31 319 31 670 33 858

Goodwill 3,4 56 438 56 438 56 438

Shares in non-consolidated subordinated

entities

16 40 598 39 453 38 409

Prepayments and deferred costs 9 23 305 24 431 38 739

Other financial assets 8,16 329 876 292 137 417 019

Deferred tax assets 10 109 474 101 989 59 935

Other receivables 7,16 405 407 380

CURRENT ASSETS 1 389 258 1 468 260 1 251 531

Inventories 6 660 1 802 3 260

Trade receivables 7,16 87 603 167 628 88 035

Current income tax receivable 36 15 211 13 948

Other receivables 7 100 958 69 721 69 614

Prepayments and deferred costs 9 25 206 25 868 29 906

Other financial assets 8,16 470 167 540 620 426 029

Bank deposits over 3 months 16 487 346 522 524 496 977

Cash and cash equivalents 16 217 282 124 886 123 762

TOTAL ASSETS

3 119 131 3 042 424 2 723 219

* restated data

Expenditure on development projects, in which the Group recognizes incurred and deferred expenditure on the production of

products in the development phase and new technologies, and expenditure on the production of completed projects not yet fully

amortized as at the balance sheet date, represented the largest share of the Group’s non-current assets at the end of the first

quarter of 2025, and had the largest impact on the increase in their balance. The increase in the value of the item in question in the

reporting period is mainly the result the CD PROJEKT RED segment incurring expenditure on the production of future products

which is higher than the amortization of completed productions.

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

construction work on the CD PROJEKT campus in Warsaw (assets under construction).

The balance of current and non-current Other financial assets consists primarily of domestic and foreign government bonds

acquired as part of credit risk diversification, together with the valuation of derivative financial instruments hedging the currency

risk of foreign bonds.

The consolidated current and non-current Prepayments and deferred costs recognized at the end of the period under analysis

comprised mainly the value of the so-called minimum guarantees disclosed in the GOG.COM segment, i.e. advance payments and

prepayments made by GOG.COM to suppliers for fees related to the distribution of games offered on the GOG.COM platform. The

Group also recognizes the settlement of utility software subscriptions under this heading.

The consolidated balance of Trade receivables decreased significantly compared with 31 December 2024 mainly as a result of the

inflow of receivables in the CD PROJEKT RED segment for the sale of games in the seasonally significant fourth quarter of 2024.

As at the end of March 2025, the Group’s Other liabilities included, in particular, tax receivables and advance payments made by

CD PROJEKT RED in respect of purchases of goods for resale and services and development projects, which are mainly responsible

for the increase in the balance compared with 31 December 2024.

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

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

the Group as at 31 March 2025 amounted to PLN 1 489 078 thousand (compared with PLN 1 472 034 thousand as at 31 December

2024).

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 31.03.2025 31.12.2024 31.03.2024

EQUITY 2 892 578 2 800 667 2 507 085

Equity of the shareholders of CD PROJEKT S.A. 2 892 578 2 800 667 2 507 085

Share capital 11,22 99 911 99 911 99 911

Supplementary capital 2 069 034 2 069 034 1 714 604

Share premium 116 700 116 700 116 700

Other reserves 57 800 49 017 26 563

Foreign exchange differences on translation (2 444) 431 (796)

Retained earnings / (Accumulated losses) 465 574 (4 300) 450 041

Net profit (loss) for the period 86 003 469 874 100 062

Non-controlling interests - - -

NON-CURRENT LIABILITIES 22 348 22 574 35 814

Other financial liabilities 16 17 243 17 706 17 912

Other liabilities 14 2 212 2 274 2 434

Deferred tax provisions 10 151 67 -

Deferred income 15 1 880 1 665 2 153

Provision for pension and similar benefits 12 862 862 518

Other provisions 13 - - 12 797

CURRENT LIABILITIES 204 205 219 183 180 320

Other financial liabilities 16 4 713 12 408 4 904

Trade payables 16 49 332 74 733 59 445

Current income tax liabilities 2 023 782 240

Other liabilities 14 9 476 12 924 10 936

Deferred income 15 17 226 15 175 12 878

Provision for pensions and similar benefits 12 11 898 8 740 8 768

Other provisions 13 109 537 94 421 83 149

TOTAL EQUITY AND LIABILITIES 3 119 131 3 042 424 2 723 219

As at the end of the first quarter of 2025, the Equity of the CD PROJEKT Group amounted to PLN 2 892 578 thousand and was

PLN 91 911 thousand higher than at the end of 2024, which was mainly influenced by the Net profit (loss) for the period.

The balance of current and non-current Other financial liabilities as at 31 March 2025 results mainly from the liabilities in respect

of perpetual usufruct of land at the Jagiellońska 74 and Jagiellońska 76 complexes in Warsaw.

The balance of the Group’s Trade payables comprises mainly liabilities of the GOG.COM segment resulting from royalties relating

to sales made in the first quarter of 2025 and current trade payables of the DC PROJEKT RED segment.

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

(VAT, PIT, withholding tax).

The balance of the CD PROJEKT Group’s Deferred income as at the end of March 2025 mainly consists of:

a) CD PROJEKT RED and GOG.COM – sales relating to future periods – the so-called minimum guarantees, i.e. advances

towards royalties related to sales in future periods, received or receivable from publishers and distribution partners and

the value of pre-orders for games with a release date in future periods, placed by customers;

b) GOG.COM - deferred income relating to the company’s customers (GOG Portfolio);

c) CD PROJEKT RED – deferred income concerning subsidies.

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

The balance of the CD PROJEKT Group’s Other provisions as at the end of the first quarter of 2025 comprised mainly items relating

to the CD PROJEKT RED segment, primarily a provision for unpaid remuneration contingent on the result for 2024 and for the

current period, as well as provisions for external services and other costs.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Interim condensed statement of changes in consolidated equity

capital

Supplementary

capital

premium

Other

reserves

Foreign

exchange

differences

translation

Retained

earnings /

(Accumulated

losses)

Net profit

(loss) for the

period

Equity of the

shareholders

CD PROJEKT

S.A.

Non-

controlling

interests

Total equity

01.01.2025 – 31.03.2025

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

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

Total comprehensive income - - - 1 124 (2 875) - 86 003 84 252 - 84 252

Equity as at 31.03.2025 99 911 2 069 034 116 700 57 800 (2 444) 465 574 86 003 2 892 578 - 2 892 578

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

capital

Supplementary

capital

premium

Other

reserves

Foreign

exchange

differences

translation

Retained

earnings /

(Accumulated

losses)

Net profit

(loss) for the

period

Equity of the

shareholders

CD PROJEKT

S.A.

Non-

controlling

interests

Total equity

01.01.2024 – 31.12.2024

Equity as at 01.01.2024 99 911 1 714 604 116 700 23 169 (1 202) 450 308 - 2 403 490 - 2 403 490

Corrections of errors - - - - - (267) - (267) - (267)

Equity, as adjusted 99 911 1 714 604 116 700 23 169 (1 202) 450 041 - 2 403 223 - 2 403 223

Costs of the incentive plan - - - 23 577 - - - 23 577 - 23 577

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

Appropriation of the net

profit/offset of loss

- 354 430 - - - (354 430) - - - -

Total comprehensive income - - - 2 271 1 633 - 469 874 473 778 - 473 778

Equity as at 31.12.2024 99 911 2 069 034 116 700 49 017 431 (4 300) 469 874 2 800 667 - 2 800 667

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

capital

Supplementary

capital

premium

Other

reserves

Foreign

exchange

differences

translation

Retained

earnings /

(Accumulated

losses)

Net profit

(loss) for the

period

Equity of the

shareholders

CD PROJEKT

S.A.

Non-

controlling

interests

Total equity

01.01.2024 – 31.03.2024

Equity as at 01.01.2024 99 911 1 714 604 116 700 23 169 (1 202) 450 308 - 2 403 490 - 2 403 490

Corrections of errors - - - - - (267) - (267) - (267)

Equity, as adjusted 99 911 1 714 604 116 700 23 169 (1 202) 450 041 - 2 403 223 - 2 403 223

Costs of the incentive plan - - - 4 083 - - - 4 083 - 4 083

Total comprehensive income - - - (689) 406 - 100 062 99 779 - 99 779

Equity as at 31.03.2024 99 911 1 714 604 116 700 26 563 (796) 450 041 100 062 2 507 085 - 2 507 085

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(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

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

OPERATING ACTIVITIES

Net profit /(loss) 86 003 100 062

Total adjustments: 30 51 356 107 999

Depreciation and amortization of property, plant and equipment, intangible

assets, expenditure on development projects and investment properties

2 968 3 586

Amortization of development projects recognized as cost of sales 13 775 26 364

Foreign exchange (gains)/losses 17 921 (3 716)

Interest and shares in profits (18 462) (16 176)

(Gains)/losses on investing activities (18 219) 3 394

Increase/(Decrease) in provisions 9 193 11 994

(Increase)/Decrease in inventories 1 142 316

(Increase)/Decrease in receivables 52 095 92 246

Increase/(Decrease) in liabilities, excluding loans and borrowings (21 566) (15 361)

Change in other assets and liabilities 3 996 618

Other adjustments 8 513 4 734

Cash from operating activities 137 359 208 061

Income tax expense 22 553 (5 348)

Withholding tax paid abroad 4 755 2 476

Income tax (paid)/refunded (13 555) (24 194)

Net cash from operating activities 151 112 180 995

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

INVESTING ACTIVITIES

Inflows 357 599 168 704

Sale of intangible assets and property, plant and equipment 191 13

Repayment of loans granted 455 -

Expiry of bank deposits over 3 months 278 634 145 154

Redemption of bonds 66 000 10 000

Interest on bonds 2 770 1 618

Interest received on deposits 9 136 7 392

Inflows from execution of forward contracts 366 4 450

Other inflows from investing activities 47 77

Outflows 415 365 402 852

Acquisition of intangible assets and property, plant and equipment 36 314 13 334

Expenditure on development projects 99 711 50 303

Expenditure on intangible assets - 147

Purchase of shares in a subsidiary - 3 168

Placement of bank deposits over 3 months 248 194 302 854

Purchase of bonds and cost of their purchase 31 146 33 046

Net cash from investing activities (57 766) (234 148)

FINANCING ACTIVITIES

Inflows 9 4

Settlement of lease receivables 8 3

Interest received 1 1

Outflows 959 1 143

Payment of lease liabilities 800 932

Interest paid 159 211

Net cash used in financing activities 31 (950) (1 139)

Net increase/(decrease) in cash and cash equivalents 92 396 (54 292)

Change in cash and cash equivalents in the balance sheet 92 396 (54 292)

Cash and cash equivalents as at the beginning of the period 124 886 178 054

Cash and cash equivalents as at the end of the period 217 282 123 762

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

In the first quarter of 2025 under analysis, the CD PROJEKT Group reported positive net cash flows from operating activities of PLN

151 112 thousand.

The consolidated net profit (loss) for the period was adjusted for:

a) Non-cash items (total increase):

 Amortization and depreciation;



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

expenditure on development projects relating to Cyberpunk 2077, including the Phantom Liberty expansion;



Foreign exchange (gains)/losses, an increase resulting from the elimination of foreign exchange differences

recognized in the income statement from the valuation of foreign Treasury bonds and bank deposits held by the

CD PROJEKT RED segment;



(Increase)/decrease in provisions, an increase resulting mainly from an increase in provisions for liabilities and

holiday pay;

 Other adjustments, an increase resulting mainly from the elimination of accounting for costs of the incentive plan.

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



(Increase)/decrease in inventories, an increase in the balance of cash flows as a result of a decrease in stocks;



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

the balance of receivables at the end of the first quarter of 2025 related to the receipt of royalties reported for the

fourth quarter of 2024 in the CD PROJEKT RED segment;



Increase/(decrease) in liabilities except for loans and borrowings, a decrease in the balance of cash flows as

a consequence of a decrease in the Group’s liabilities;

 Change in other assets and liabilities, an increase.

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

in the cash flows reported under operating activities and (Gains)/losses on investing activities, a decrease.

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

quarter of 2025, taking into account settlements related to withholding tax.

The balance of Net cash outflows on investing activities during the first quarter of the current year was mainly due the negative

cash flows associated with the Expenditure on development projects incurred and Acquisition of property, plant and equipment,

which exceeded the balance of inflows and outflows related to bank deposits and bonds.

In the first quarter of 2025 under analysis, the CD PROJEKT Group did not generate any significant Net cash flows from financing

activities.

Total Net cash inflows for the first quarter of the current year amounted to PLN 92 396 thousand.

Explanatory notes to the interim

condensed consolidated financial

statements

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

General information

Name of reporting entity:

CD PROJEKT S.A.

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

the prior reporting period)

Legal form: a joint stock company (spółka akcyjna)

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

Country of registration: Poland

Core activities:

CD PROJEKT S.A. is the holding company of the CD PROJEKT Group which

operates in the CD PROJEKT RED and GOG.COM segments.

Principal place of business: Warsaw

Registration body:

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

of the National Court Register

Statistical number REGON: 492707333

Tax identification number (NIP): 7342867148

Number in the BDO register (national

waste management database):

000141053

Duration of the Group: unspecified

Name of parent entity: CD PROJEKT S.A.

Name of the ultimate parent of

the Group:

CD PROJEKT S.A.

Presentation of the Group

Related companies – as at 31 March 2025

CD PROJEKT S.A.

GOG sp. z o.o. CD PROJEKT RED Inc.

The Molasses Flood LLC

CD PROJEKT SILVER Inc.

CD PROJEKT RED

Canada Ltd.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Consolidation policies

Consolidated companies

As at 31.03.2025 % share in capital % share of voting rights consolidation method

CD PROJEKT S.A. parent entity - -

GOG sp. z o.o. 100% 100% acquisition accounting

CD PROJEKT RED Inc. 100% 100% acquisition accounting

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

The Molasses Flood LLC 100% 100% not consolidated

CD PROJEKT SILVER Inc. 100% 100% not consolidated

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

the acquisition accounting method if:

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

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

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

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

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

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

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

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

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

Subsidiaries

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

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

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

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

Group depending on the results of the subsidiary;

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

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

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

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

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

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

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

ensure consistency with the accounting policies adopted by the Group.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Basis of preparation of the interim condensed

consolidated financial statements

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

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

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

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

31 December 2024 approved for publication on 24 March 2025.

Going concern assumption

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

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

12 months after the balance sheet date.

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

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

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

operations to date.

By the date of preparing the consolidated financial statements for the period from 1 January to 31 March 2025, the Management

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

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

consolidated financial statements.

Compliance with the International Financial Reporting

Standards

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

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

applicable to interim financial reporting, approved by the International Accounting Standards Board (IASB) and the International

Financial Reporting Interpretations Committee (IFRIC) as applicable as at 31 March 2025.

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

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

for the first time, early adoption of the standards, standards effective on or after 1 January 2025 and the estimation of the impact

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

Consolidated Financial Statements for 2024.

Amendments to standards or interpretations effective from 1 January 2025

applicable and adopted by the Group

 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability- applicable to reporting

periods beginning on or after 1 January 2025.

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

operations or its financial results.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

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 18 Presentation and Disclosure in Financial Statements - applicable to reporting periods beginning on or after 1 January

2027;

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

1 January 2027;

 Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10, IAS 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 – Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial

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

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

Functional currency and presentation currency

The functional currency of the Group and the Parent Company and the reporting currency of these financial statements is the Polish

zloty (PLN). Unless stated otherwise, all data is presented in thousands of Polish zlotys (PLN ‘000).

Transactions and balances

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

transaction date. Foreign exchange gains and losses on the settlement of these transactions and the translation of monetary assets

and liabilities as at the balance sheet date are recognized in the income statement, unless they are deferred in equity, when they

qualify for recognition as cash flow hedges and hedges of a net investment.

Assumption of comparability of the financial

statements and consistency of accounting policies

The accounting policies applied in these interim consolidated financial statements, material judgments 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 2024, with the exception of the presentation changes described below. These interim condensed consolidated financial

statements should be read in conjunction with the consolidated financial statements for the year ended 31 December 2024.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Presentation changes

In these interim condensed consolidated financial statements for the period from 1 January to 31 March 2025, changes were

introduced in the presentation of selected financial data. In order to ensure comparability of the financial data in the reporting

period, the presentation of the data as at 31 December 2024 was changed. The data is presented after the following adjustment:

 In the statement of financial position as at 31 December 2024, the presentation of some of the buildings and structures held

by the Group changed. Consequently, the following items changed:

- Property, plant and equipment – a decrease of PLN 65 thousand;

- Investment properties – an increase of PLN 65 thousand.

Audit by the registered auditor

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

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

Notes – operating segments of the

CD PROJEKT Group

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Operating segments

Presentation of the financial statements taking into account operating segments

The scope of the financial information provided on the Group's operating segments is consistent with the requirements of IFRS 8.

The segments’ results are determined based on their net profits.

Description of differences in the basis for determination of segments and the profit or loss of

a segment compared with the last annual consolidated financial statements

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

individual segments in relation to the financial statements for the year ended 31 December 2024.

There are no differences between the measurement of the assets, liabilities, profits and losses of the Group’s reporting segments.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Information on individual operating segments

Continuing operations

Consolidation eliminations Total continuing operations

CD PROJEKT RED GOG.COM

01.01.2025 – 31.03.2025

Sales revenue 181 101 48 682 (3 478) 226 305

from external customers 177 650 48 655 - 226 305

between segments 3 451 27 (3 478) -

Amortization and depreciation 2 524 622 (178) 2 968

Interest income 18 183 437 - 18 620

Interest expense 164 19 (18) 165

Net profit/(loss) of the segment 85 423 409 171 86 003

Continuing operations

Consolidation eliminations Total continuing operations

CD PROJEKT RED GOG.COM

01.01.2024 – 31.03.2024

Sales revenue 187 238 44 234 (4 687) 226 785

from external customers 182 551 44 234 - 226 785

between segments 4 687 - (4 687) -

Amortization and depreciation 3 358 412 (184) 3 586

Interest income 16 044 342 - 16 386

Interest expense 221 226 (33) 414

Net profit/(loss) of the segment 99 938 38 86 100 062

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Sales revenue – geographical structure*

Continuing operations

Consolidation

eliminations

Total continuing operations

CD PROJEKT RED GOG.COM in PLN in %

01.01.2025 – 31.03.2025

Domestic sales 8 512 3 815 (3 478) 8 849 3.9%

Export sales, including: 172 589 44 867 - 217 456 96.1%

Europe 21 852 19 845 - 41 697 18.4%

North America 143 831 19 975 - 163 806 72.4%

South America - 1 318 - 1 318 0.6%

Asia 6 526 2 064 - 8 590 3.8%

Australia 380 1 519 - 1 899 0.8%

Africa - 146 - 146 0.1%

Total

181 101 48 682 (3 478) 226 305 100%

Continuing operations

Consolidation

eliminations

Total continuing operations

CD PROJEKT RED GOG.COM in PLN in %

01.01.2024 – 31.03.2024

Domestic sales 8 722 3 715 (4 687) 7 750 3.4%

Export sales, including: 178 516 40 519 - 219 035 96.6%

Europe 24 033 19 260 - 43 293 19.1%

North America 143 124 16 960 - 160 084 70.6%

South America - 1 042 - 1 042 0.5%

Asia 10 732 1 605 - 12 337 5.4%

Australia 627 1 529 - 2 156 0.9%

Africa - 123 - 123 0.1%

Total 187 238 44 234 (4 687) 226 785 100%

* The data presented relates to the place of residence of the customers of the Group companies: for CD PROJEKT S.A. and CD PROJEKT RED Inc. - distributors and contractors, and for retail sales

conducted by GOG sp. z o.o. - end users.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Sales revenue – by type of production

Continuing operations

Consolidation eliminations Total continuing operations

CD PROJEKT RED GOG.COM

01.01.2025 – 31.03.2025

Own production 178 069 - 1 763 179 832

Third party production 2 022 48 262 (5 180) 45 104

Other revenue 1 010 420 (61) 1 369

Total 181 101 48 682 (3 478) 226 305

Continuing operations

Consolidation eliminations Total continuing operations

CD PROJEKT RED GOG.COM

01.01.2024 – 31.03.2024

Own production 183 766 - 1 825 185 591

Third party production 2 897 44 132 (6 463) 40 566

Other revenue 575 102 (49) 628

Total 187 238 44 234 (4 687) 226 785

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Sales revenue – by distribution channel

Continuing operations

Consolidation eliminations Total continuing operations

CD PROJEKT RED GOG.COM

01.01.2025 – 31.03.2025

Games - box issues 6 794 - - 6 794

Games - digital issues 168 507 48 262 (3 206) 213 563

Other revenue 5 800 420 (272) 5 948

Total 181 101 48 682 (3 478) 226 305

Continuing operations

Consolidation eliminations Total continuing operations

CD PROJEKT RED GOG.COM

01.01.2024 – 31.03.2024

Games - box issues 10 820 - - 10 820

Games - digital issues 166 363 44 132 (4 638) 205 857

Other revenue 10 055 102 (49) 10 108

Total 187 238 44 234 (4 687) 226 785

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Consolidated income statement by segment for the period from 01.01.2025 to 31.03.2025

CD PROJEKT RED GOG.COM Consolidation eliminations Total

Sales revenue 181 101 48 682 (3 478) 226 305

Sales of products 178 069 - 1 763 179 832

Sales of services 1 010 420 (61) 1 369

Sales of goods for resale and materials 2 022 48 262 (5 180) 45 104

Cost of sales of products, services, goods for resale and materials 15 046 35 026 (3 609) 46 463

Costs of products and services sold 12 269 26 (14) 12 281

Cost of goods for resale and materials sold 2 777 35 000 (3 595) 34 182

Gross profit/(loss) on sales 166 055 13 656 131 179 842

Selling expenses 22 051 9 650 (31) 31 670

Total administrative expenses, including: 49 930 3 127 (29) 53 028

cost of research projects 8 186 - - 8 186

Other operating income 2 123 91 (277) 1 937

Other operating expenses 1 619 152 (277) 1 494

(Impairment)/reversal of impairment

of financial instruments

7 - - 7

Operating profit/(loss) 94 585 818 191 95 594

Finance income 39 104 849 - 39 953

Finance costs 21 150 1 104 (18) 22 236

Profit/(loss) before tax 112 539 563 209 113 311

Income tax 27 116 154 38 27 308

Net profit/(loss) 85 423 409 171 86 003

Net profit/(loss) attributable to owners of CD PROJEKT S.A. 85 423 409 171 86 003

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Consolidated income statement by segment for the period from 01.01.2024 to 31.03.2024

CD PROJEKT RED GOG.COM Consolidation eliminations Total

Sales revenue 187 238 44 234 (4 687) 226 785

Sales of products 183 766 - 1 825 185 591

Sales of services 575 102 (49) 628

Sales of goods for resale and materials 2 897 44 132 (6 463) 40 566

Cost of sales of products, services, goods for resale and materials 34 644 32 188 (4 779) 62 053

Costs of products and services sold 31 771 - (140) 31 631

Cost of goods for resale and materials sold 2 873 32 188 (4 639) 30 422

Gross profit/(loss) on sales 152 594 12 046 92 164 732

Selling expenses 21 487 9 788 (46) 31 229

Total administrative expenses, including: 52 183 2 167 9 54 359

costs of research projects 20 643 - - 20 643

Other operating income 3 712 170 (358) 3 524

Other operating expenses 1 492 160 (281) 1 371

(Impairment)/reversal of impairment

of financial instruments

(1) - - (1)

Operating profit/(loss) 81 143 101 52 81 296

Finance income 18 273 1 834 - 20 107

Finance costs 2 428 1 818 (33) 4 213

Profit/(loss) before tax 96 988 117 85 97 190

Income tax (2 950) 79 (1) (2 872)

Net profit/(loss) 99 938 38 86 100 062

Net profit/(loss) attributable to owners of CD PROJEKT S.A. 99 938 38 86 100 062

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Consolidated statement of financial position by segment as at 31.03.2025

CD PROJEKT RED GOG.COM Consolidation eliminations Total

NON-CURRENT ASSETS 1 716 117 30 551 (16 795) 1 729 873

Property, plant and equipment 283 778 1 647 (738) 284 687

Intangible assets 65 085 3 794 (307) 68 572

Expenditure on development projects 782 319 2 633 247 785 199

Investment properties 31 319 - - 31 319

Goodwill 56 438 - - 56 438

Investments in subordinated entities 15 969 - (15 969) -

Shares in non-consolidated subordinated entities 40 598 - - 40 598

Prepayments and deferred costs 3 300 20 005 - 23 305

Other financial assets 329 876 - - 329 876

Deferred tax assets 107 030 2 472 (28) 109 474

Other receivables 405 - - 405

CURRENT ASSETS 1 326 364 66 407 (3 513) 1 389 258

Inventories 660 - - 660

Trade receivables 85 454 5 662 (3 513) 87 603

Current income tax receivable 36 - - 36

Other receivables 100 904 54 - 100 958

Prepayments and deferred costs 11 072 14 134 - 25 206

Other financial assets 470 164 3 - 470 167

Bank deposits over 3 months 487 346 - - 487 346

Cash and cash equivalents 170 728 46 554 - 217 282

TOTAL ASSETS 3 042 481 96 958 (20 308) 3 119 131

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

CD PROJEKT RED GOG.COM Consolidation eliminations Total

EQUITY 2 857 261 51 106 (15 789) 2 892 578

Equity of the shareholders of CD PROJEKT S.A. 2 857 261 51 106 (15 789) 2 892 578

Share capital 99 911 136 (136) 99 911

Supplementary capital 2 026 045 48 503 (5 514) 2 069 034

Share premium 116 700 - - 116 700

Other reserves 58 812 1 268 (2 280) 57 800

Foreign exchange differences on translation (3 395) (65) 1 016 (2 444)

Retained earnings / (Accumulated losses) 473 765 855 (9 046) 465 574

Net profit (loss) for the period 85 423 409 171 86 003

Non-controlling interests - - - -

NON-CURRENT LIABILITIES 22 313 161 (126) 22 348

Other financial liabilities 17 243 126 (126) 17 243

Other liabilities 2 212 - - 2 212

Deferred tax provisions 151 - - 151

Deferred income 1 880 - - 1 880

Provision for retirement and similar benefits 827 35 - 862

CURRENT LIABILITIES 162 909 45 694 (4 398) 204 205

Other financial liabilities 4 689 750 (726) 4 713

Trade payables 20 197 32 771 (3 636) 49 332

Current income tax liabilities 1 765 258 - 2 023

Other liabilities 5 976 3 500 - 9 476

Deferred income 10 769 6 457 - 17 226

Provision for pensions and similar benefits 11 421 477 - 11 898

Other provisions 108 092 1 481 (36) 109 537

TOTAL EQUITY AND LIABILITIES 3 042 483 96 961 (20 313) 3 119 131

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Consolidated statement of financial position by segment as at 31.12.2024*

CD PROJEKT RED GOG.COM Consolidation eliminations Total

NON-CURRENT ASSETS 1 559 482 31 452 (16 770) 1 574 164

Property, plant and equipment 262 030 1 772 (889) 262 913

Intangible assets 65 756 3 877 (328) 69 305

Expenditure on development projects 692 281 2 895 245 695 421

Investment properties 31 670 - - 31 670

Goodwill 56 438 - - 56 438

Investments in subordinated entities 15 798 - (15 798) -

Shares in non-consolidated subordinated entities 39 453 - - 39 453

Prepayments and deferred costs 3 771 20 660 - 24 431

Other financial assets 292 137 - - 292 137

Deferred tax assets 99 741 2 248 - 101 989

Other receivables 407 - - 407

CURRENT ASSETS 1 396 146 77 519 (5 405) 1 468 260

Inventories 1 802 - - 1 802

Trade receivables 167 754 5 279 (5 405) 167 628

Current income tax receivable 15 211 - - 15 211

Other receivables 69 355 366 - 69 721

Prepayments and deferred costs 10 830 15 038 - 25 868

Other financial assets 540 486 134 - 540 620

Bank deposits over 3 months 522 524 - - 522 524

Cash and cash equivalents 68 184 56 702 - 124 886

TOTAL ASSETS 2 955 628 108 971 (22 175) 3 042 424

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

CD PROJEKT RED GOG.COM Consolidation eliminations Total

EQUITY 2 765 931 50 526 (15 790) 2 800 667

Equity of the shareholders of CD PROJEKT S.A. 2 765 931 50 526 (15 790) 2 800 667

Share capital 99 911 136 (136) 99 911

Supplementary capital 2 026 045 48 503 (5 514) 2 069 034

Share premium 116 700 - - 116 700

Other reserves 50 030 1 097 (2 110) 49 017

Foreign exchange differences on translation (520) (65) 1 016 431

Retained earnings / (Accumulated losses) 5 153 (279) (9 174) (4 300)

Net profit (loss) for the period 468 612 1 134 128 469 874

Non-controlling interests - - - -

NON-CURRENT LIABILITIES 22 541 335 (302) 22 574

Other financial liabilities 17 708 300 (302) 17 706

Other liabilities 2 274 - - 2 274

Deferred tax provisions 67 - - 67

Deferred income 1 665 - - 1 665

Provision for retirement and similar benefits 827 35 - 862

CURRENT LIABILITIES 167 156 58 110 (6 083) 219 183

Other financial liabilities 12 370 716 (678) 12 408

Trade payables 41 104 38 902 (5 273) 74 733

Current income tax liabilities - 782 - 782

Other liabilities 5 807 7 117 - 12 924

Deferred income 8 738 6 437 - 15 175

Provision for retirement and similar benefits 8 429 311 - 8 740

Other provisions 90 708 3 845 (132) 94 421

TOTAL EQUITY AND LIABILITIES 2 955 628 108 971 (22 175) 3 042 424

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Consolidated statement of financial position by segment as at 31.03.2024

CD PROJEKT RED GOG.COM Consolidation eliminations Total

NON-CURRENT ASSETS 1 443 187 45 485 (16 984) 1 471 688

Property, plant and equipment 199 987 2 573 (1 540) 201 020

Intangible assets 67 438 3 576 (388) 70 626

Expenditure on development projects 552 059 2 970 235 555 264

Investment properties 33 858 - - 33 858

Goodwill 56 438 - - 56 438

Investments in subordinated entities 15 271 - (15 271) -

Shares in non-consolidated subordinated entities 38 409 - - 38 409

Prepayments and deferred costs 4 205 34 534 - 38 739

Other financial assets 417 019 - - 417 019

Deferred tax assets 58 123 1 832 (20) 59 935

Other receivables 380 - - 380

CURRENT ASSETS 1 195 486 60 801 (4 756) 1 251 531

Inventories 3 260 - - 3 260

Trade receivables 88 121 4 670 (4 756) 88 035

Current income tax receivable 13 948 - - 13 948

Other receivables 65 140 4 474 - 69 614

Prepayments and deferred costs 12 300 17 606 - 29 906

Other financial assets 426 025 4 - 426 029

Bank deposits over 3 months 496 977 - - 496 977

Cash and cash equivalents 89 715 34 047 - 123 762

TOTAL ASSETS 2 638 673 106 286 (21 740) 2 723 219

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

CD PROJEKT RED GOG.COM Consolidation eliminations Total

EQUITY 2 473 489 48 903 (15 307) 2 507 085

Equity of the shareholders of CD PROJEKT S.A. 2 473 489 48 903 (15 307) 2 507 085

Share capital 99 911 136 (136) 99 911

Supplementary capital 1 681 868 38 251 (5 515) 1 714 604

Share premium 116 700 - - 116 700

Other reserves 27 576 569 (1 582) 26 563

Foreign exchange differences on translation (1 745) (65) 1 014 (796)

Retained earnings / (Accumulated losses) 449 241 9 974 (9 174) 450 041

Net profit (loss) for the period 99 938 38 86 100 062

Non-controlling interests - - - -

NON-CURRENT LIABILITIES 35 793 1 066 (1 045) 35 814

Other financial liabilities 17 912 1 045 (1 045) 17 912

Other liabilities 2 434 - - 2 434

Deferred income 2 153 - - 2 153

Provision for retirement and similar benefits 497 21 - 518

Other provisions 12 797 - - 12 797

CURRENT LIABILITIES 129 391 56 317 (5 388) 180 320

Other financial liabilities 4 874 662 (632) 4 904

Trade payables 27 679 36 446 (4 680) 59 445

Current income tax liabilities - 240 - 240

Other liabilities 4 903 6 033 - 10 936

Deferred income 6 503 6 375 - 12 878

Provision for retirement and similar benefits 8 308 460 - 8 768

Other provisions 77 124 6 101 (76) 83 149

TOTAL EQUITY AND LIABILITIES 2 638 673 106 286 (21 740) 2 723 219

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Operating segments

In the first quarter of 2025, the Group’s operations were carried out in two business segments:

 CD PROJEKT RED

 GOG.COM

CD PROJEKT RED

The scope and model of operations

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

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

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

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

Witcher and Cyberpunk. The studio is also conducting internal concept work on the third franchise - the original IP with the code

name Hadar.

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

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

participating in industry events.

Key products

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

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

2077 with an expansion the Phantom Liberty.

GOG.COM

The scope and model of operations

GOG.COM is currently one of the world’s most popular independent digital distribution platforms for computer games, which is

distinguished by offering digital products without security features that make it difficult for users to use the games they have

purchased (DRM

), and by activities promoting and protecting the cultural heritage of computer games.

The platform is available in English, French, German, Russian, Chinese and Polish, offering customers not only a fully localized

website or games, but also (with the exception of the Russian and Chinese versions), direct marketing activities in a given language

and popular local payment methods (in twelve currencies). On GOG.COM, games are available for Windows PCs, as well as for

macOS and Linux operating systems.

The operations of the GOG.COM segment consist of digital distribution of the games via own GOG.COM shop and GOG GALAXY

application. The platform makes it possible to purchase the game, pay for the game and download it to one’s own computer; in

addition, the GOG GALAXY application enables, among other things, automatic updates, saving the game in the cloud, network

play, including between platforms. Each purchase also comes with an offline installer which enables users to play without the need

for an Internet connection.

Key products

As at the date of publication of these financial statements, more than 10 700 products from over 1 500 partners are available on

GOG.COM. These include both timeless classics and the latest titles from such companies as Activision, Bethesda, CAPCOM,

Disney, Electronic Arts, Larian, SEGA or Ubisoft.

Through GOG.COM, the Group also sells its own products directly to retail customers, i.e. games from the Witcher universe and

Cyberpunk 2077 together with the Phantom Liberty expansion.

DRM (Digital Rights Management) - a generic term for technology that controls how and when digital content - games, music, films, books - can be used.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

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

of 2025 by operating segment

CD PROJEKT RED

Events relating to Cyberpunk 2077

After the end of the period discussed, on 2 April, during the Nintendo Direct event, it was announced that Cyberpunk 2077: Ultimate

Edition joins the ranks of Nintendo Switch 2 launch titles that will debut alongside the new console on 5 June 2025. The full edition

of the game, available for the first time in history on the Nintendo console, includes the basic version of the game along with the

Phantom Liberty expansion and all updates. Cyberpunk 2077: Ultimate Edition for Nintendo Switch 2 has been optimized for all

available game modes and offers new ways to play the game. The title takes advantage of exclusive features on the new console

from Nintendo — players will be able to perform simple gestures using the touchscreen to comfortably control selected functions

in the game, use gyroscope aiming for greater precision, and take advantage of the motion control capabilities of the Joy-Con 2

controllers and use the mouse function.

The same day saw the launch of a series of global events organized by Nintendo, where journalists, gamers and representatives of

major industry firms had the opportunity to play for the first time on the Nintendo Switch 2 console, including Cyberpunk 2077:

Ultimate Edition. The events took place in Paris, London, New York, Los Angeles and Tokyo, among others.

Events relating to The Witcher series games

On 21 January, CD PROJEKT RED announced venues and dates of concerts as part of the Witcher: Music of the Continent tour. The

actual tour was preceded by a special closed-door concert at the National Opera in Warsaw on 12 May. The event organized to

celebrate the tenth anniversary of the release of the game The Witcher 3: Wild Hunt was attended by CD PROJEKT RED employees

and invited representatives of the studio’s partners, the media and the Witcher community. Jubilee concerts will also take place,

among others, in Boston (31 May) and Poznań during the Pyrkon event (15 June). The official launch of the world tour will take place

during gamescom 2025 in Cologne (20 August). In total, more than 20 concerts in Europe and North America have so far been

announced as part of The Witcher: Music of the Continent tour.

On 25 March, during the conference summarising the results of the CD PROJEKT Group in 2024, the Company communicated that

the opening game of the new Witcher trilogy, The Witcher 4, will be released after 2026.

On 13 May, the cartoon world of The Witcher expanded with a new entry. The Little Witcher is a series of cheerful stories created

by those responsible for the video game series from CD PROJEKT RED. The cartoon tells about the adventures of Geralt and little

Ciri during their time together in Kaer Morhen.

On 19 May, The Witcher 3: Wild Hunt celebrated its 10th birthday. To mark the occasion, CD PROJEKT RED announced that players

can look forward to a series of events, special partnerships and surprises. The studio also announced that a new update for The

Witcher 3: Wild Hunt will be released later this year, in which, thanks to a partnership with mod.io, mods popular with gamers will

also be available on new generation consoles. For a limited time, the studio’s products were available as a special offer on digital

game distribution platforms.

Other

On 25 March, during the conference summarizing the results of the CD PROJEKT Group in 2024, the Company announced that it

has entered into a strategic partnership with Scopely in order to create a game based on one of the Company’s franchises. During

the conference, it was also reported that one of CD PROJEKT RED studio’s unannounced projects is being developed in

collaboration with Fool’s Theory.

After the end of the period discussed, on 16 April ticket sales began for Art For All by Promised Land Art Festival - an event organized

by the CD PROJEKT RED studio and EC1 Łódź and addressed to people dreaming of working in the creative industry, and to the

enthusiasts of video games, films and cartoons. The event will take place on 7 and 8 June 2025.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

GOG.COM

Digital distribution of games

In the first quarter of 2025, the GOG.COM catalogue was expanded to include, among other things, Dino Crisis 1 and 2, Kingdom

Come: Deliverance II, Tomb Raider IV-VI Remastered, Neverwinter Nights: Doom of Icewind Dale, and LEGO City Undercover.

Sales promotion

Sales promotion in the digital distribution of games mainly consists of adding new items of interest to users to the catalogue and

running seasonal promotional campaigns.

During the period in question, GOG.COM hosted weekly themed promotions - such as the Winter Classics Promo, Sci-Fi Promo,

Story Rich Promo, and Role-Playing Games Promo - along with dedicated sales from individual publishers such as Disney. Weekly

promotional campaigns were also accompanied by longer seasonal in-store events: New Year Sale, Love at First Pixel and Spring

Sale. In the first quarter of 2025, GOG continued its partnership with a Japanese publisher Capcom by bringing back the fan-loved

horror classic, Dino Crisis, for digital sale on PC. Alongside the launch, a new tool: GOG Dreamlist, available on the shop's website,

was also released. The GOG Dreamlist is an iteration of the ‘fan wishlist’ previously available on the GOG forums. With the new and

improved version, users can not only vote for the games they would like to see on the platform, but also add their own favourites,

easily share them on social media, and share their memories of the title. GOG Dreamlist also provides the ability to interact with

other users' memories, as well as informing when a game the user has voted for is released on GOG.

During the discussed period, GOG also developed the GOG Preservation Program project. Along with the Dino Crisis games,

a series of LEGO titles have joined the Programme, as well as more than 20 selected classics, such as Vampire: The Masquerade

- Redemption, games in the Tomb Raider series, Alone in the Dark, Ultima, Wing Commander, F.E.A.R., Jagged Alliance 2, and

many more. Also joining the Programme is a horror legend, Silent Hill 4: The Room - in working on this title, GOG not only improved

compatibility for modern systems, but also brought back scenes previously unavailable to PC users, thus offering the most complete

version of the game on the PC market. In total, 39 updated titles were added to the Program in the first quarter of 2025.

In the coming months, GOG plans to further develop the GOG Preservation Program, with monthly updates.

Other corporate events

On 8 January 2025, during a meeting of the Company’s Supervisory Board:

 Mr. Adam Kiciński and Mr. Marcin Iwiński were both elected to perform the role of Chair of the Supervisory Board of the new

term, in consequence of which each of them will have a title of Co-Chair of the Supervisory Board;

 Mr. David Gardner was elected to perform the role of the Deputy Chair of the Supervisory Board of the new term;

 the Audit Committee of the new term was elected with the following composition: Ms. Agnieszka Słomka-Gołębiowska,

Ms. Beata Cichocka-Tylman, Mr. Adam Kiciński, with Ms. Agnieszka Słomka-Gołębiowska acting as Chair of the Audit

Committee.

On 15 January 2025, the Management Board passed a resolution on adopting the Dividend Policy of CD PROJEKT S.A. which will

apply to the dividend for the financial year 2025 and subsequent years. For more information on the adopted Policy, see the

Company’s website under Dividend.

On 21 March, the share capital of CD PROJEKT RED Inc. was increased by USD 708 thousand to USD 8 628 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 first tranche of the price for the total of 100 000 shares in

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

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

As a result, CD PROJEKT RED Inc. became the owner of 100% (i.e. 550 000) of the shares in that company. By decision of the Board

of Directors of CD PROJEKT RED Inc., a merger of The Molasses Flood LLC, as the acquired company, and its sole shareholder,

CD PROJEKT RED Inc., as the acquiring company, was subsequently carried out. The aim of the merger was to further integrate the

team and the work conducted by The Molasses Flood LLC with the development structure and processes operating within the

CD PROJEKT RED studio, and to simplify the structure of the Group. On 1 April 2025, The Molasses Flood LLC (the acquired

company) was merged with CD PROJEKT RED Inc. (the acquiring company).

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Factors affecting the Group’s future performance

CD PROJEKT RED

Key factors important for the results and development of the CD PROJEKT RED segment were as follows:

 hiring and developing a team of top specialists, experts and executives;

 effective implementation of the production plan - parallel development of top-quality AAA games and accompanying products

that meet the needs and expectations of gamers, using modern production tools and practices;

 technological development - creation and use of innovative solutions (also the area of AI), further refinement and adaptation

of Unreal Engine technology as part of the strategic cooperation with Epic Games;

 nurturing the reputation of the studio and the products it releases through effective communication with gamers and other

stakeholders;

 further development of the global electronic entertainment market, including, in particular, the video games segment;

 ensuring adequate funding for operations;

 stability of the legal environment, including, in particular, intellectual property rights legislation.

GOG.COM

Key factors important for the results and development of the GOG.COM segment were as follows:

 hiring and developing a team of top specialists, experts and executives;

 further growth of the popularity of computer games;

 growth of the platform’s user base, supporting development and active involvement of the emerging community;

 expanding the games catalogue and developing the service’s functionality;

 integration of cloud-gaming technology.

Moreover, the operations of the CD PROJEKT Group companies are affected by external factors such as macroeconomic

developments, changes in legal or tax regulations, similarly to other entities doing business on the local or international markets.

Seasonality or cyclicality of the Group’s operations

CD PROJEKT RED

Segment revenues and results are strongly affected by the new titles’ release schedule. CD PROJEKT RED usually takes 3 to 6

years to produce a game. Historically, the studio focused on the development of one major production, with conceptual work on

the next game starting even before the production and market release of the previous game was completed.

CD PROJEKT RED also engages in smaller-scale projects – such as add-ons for its own games or adapting the existing products to

work on new gaming platforms.

Such projects may be carried out directly by the Company or by its external partners.

Currently, several productions are being developed in parallel in the CD PROJEKT Group (also in cooperation with external

development teams).

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

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

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

In addition to pure development activities, the Company also actively develops its franchises in other fields, with a view to continually

expanding its audience and exploring other types of media and products.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Chart 1 Release quarters of the CD PROJEKT RED segment – sales of products, goods for resale and materials in 2011-2025 (in PLN

thousands)

GOG.COM

The digital videogame distribution market on which GOG.COM operates is characterized by seasonal fluctuations in revenues. On

an annual basis, the highest revenues are typically obtained in the second and fourth quarters, whereas the lowest revenues in the

first and third quarters. Sales in the second and fourth quarters are temporarily boosted by promotional campaigns typically

organized in these quarters.

The sales volume may also be strongly affected by the list of new products introduced in a given reporting period.

Chart 2 Quarterly distribution of sales of goods for resale and materials of the GOG.COM segment in 2018-2025 (in PLN thousand)

200000

400000

600000

800000

1000000

1200000

1400000

1600000

40000

80000

120000

160000

200000

Q1 Q2 Q3 Q4

2018 2019 2020 2021 2022 2023 2024 2025

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Key customers

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

Within the CD PROJEKT RED segment, the commercial activities carried out by CD PROJEKT S.A. in cooperation with two customers

generated cumulative sales exceeding 10% of the CD PROJEKT Group’s total consolidated sales revenue by the end of the first

quarter of 2025:

 customer 1: PLN 92 075 thousand, which accounted for 41% of the Group’s total consolidated sales revenue;

 customer 2: PLN 45 759 thousand, which accounted for 20% of the Group’s total consolidated sales revenue.

The customers referred to above are not related to CD PROJEKT S.A. or its subsidiaries. In the GOG.COM segment, no single

external customer exceeded the threshold of 10% of the Group’s consolidated revenue.

Notes – other explanatory notes to

the interim condensed consolidated

financial statements

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

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

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

impact

During the reporting period, the Parent Company made adjustments relating to its estimate of income tax for previous years totalling

PLN 21 847 thousand resulting primarily from adjustments to the accounting treatment of withholding tax (which were considered

unusual). Due to the low materiality in relation to the results of the adjusted periods, the Company decided to recognize the

adjustments to tax estimates on an ongoing basis, without adjusting the periods retrospectively.

The materiality analysis carried out showed an insignificant (approximately 3%) distortion of the net profit for the period from

1 January to 31 December 2024, an (approximately 2%) distortion of the net profit for the period from 1 January to 31 December

2023 and an insignificant (approximately 0.9%) distortion of capital as at 31 December 2024.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 2. Property, plant and equipment

Changes in property, plant and equipment (by category) for the period 01.01.2025 – 31.03.2025

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 01.01.2025

41 859 108 485 3 837 97 193 3 798 7 972 115 420 378 564

Increase due to: - 436 132 5 057 - 9 24 377 30 011

purchase - - - 3 556 - - 24 377 27 933

lease contracts

concluded

- 61 - - - - - 61

transfer from assets

under construction

- 375 132 1 501 - 9 - 2 017

Decrease due to: - 157 13 832 635 15 2 124 3 776

sale - - 13 686 - 15 - 714

scrapping - - - 17 - - - 17

transfer from assets

under construction

- - - - - - 2 017 2 017

lease contracts

terminated

- - - - 597 - - 597

transfer from

investment properties

- - - 49 - - - 49

other - 157 - 80 38 - 107 382

Gross carrying amount as

at 31.03.2025

41 859 108 764 3 956 101 418 3 163 7 966 137 673 404 799

Accumulated depreciation

as at 01.01.2025*

2 987 36 778 781 64 331 1 931 5 034 - 111 842

Increase due to: 146 1 912 52 2 966 148 172 - 5 396

depreciation charge 146 1 912 52 2 966 145 172 - 5 393

other - - - - 3 - - 3

Decrease due to: - 60 10 731 119 15 - 935

sale - - 10 684 - 15 - 709

scrapping - - - 17 - - - 17

lease contracts

terminated

- - - - 119 - - 119

transfer from

investment properties

- - - 13 - - - 13

other - 60 - 17 - - - 77

Accumulated depreciation

as at 31.03.2025

3 133 38 630 823 66 566 1 960 5 191 - 116 303

Write-downs

as at 01.01.2025*

116 3 446 247 - - - - 3 809

Increase - - - - - - - -

Decrease - - - - - - - -

Write-downs

as at 31.03.2025

116 3 446 247 - - - - 3 809

Net carrying amount as

at 01.01.2025*

38 756 68 261 2 809 32 862 1 867 2 938 115 420 262 913

Net carrying amount as

at 31.03.2025

38 610 66 688 2 886 34 852 1 203 2 775 137 673 284 687

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

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

31.03.2025 31.12.2024 31.03.2024

Construction of an office building on the CD PROJEKT campus 16 441 24 518 66 940

Leasing of passenger cars 120 120 397

Leasing of buildings - 247 -

Total 16 561 24 885 67 337

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

31.03.2025

Gross amount

Accumulated

depreciation

Net amount

Land 15 964 1 170 14 794

Real properties 12 975 9 946 3 029

Plant and machinery 48 47 1

Vehicles 845 359 486

Total 29 832 11 522 18 310

31.12.2024

Gross amount

Accumulated

depreciation

Net amount

Land 15 964 1 114 14 850

Real properties 13 057 9 377 3 680

Plant and machinery 48 44 4

Vehicles 2 148 724 1 424

Total 31 217 11 259 19 958

31.03.2024

Gross amount

Accumulated

depreciation

Net amount

Land 15 964 947 15 017

Real properties 13 004 7 255 5 749

Plant and machinery 48 32 16

Vehicles 2 142 350 1 792

Total 31 158 8 584 22 574

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 3. Intangible assets and expenditure on development projects

Changes in intangible assets and expenditure on development projects for the period 01.01.2025 –

31.03.2025

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 01.01.2025

498 175

1 205 724

33 222

7 023

18 728

54 640

56 438

247

1 874 197

Increase due to: 103 814

336

104 253

purchase -

336

439

assets internally

generated

103 814

Decrease due to: -

other -

Gross carrying

amount as

at 31.03.2025

601 989

1 205 724

33 222

7 359

18 728

54 699

56 438

272

1 978 431

Accumulated

amortization as

at 01.01.2025

994 702

6 144

1 146

37 265

1 039 257

Increase due to: -

14 036

218

862

15 191

amortization

charge

14 036

218

862

15 191

Decrease due to: -

other -

Accumulated

amortization as

at 31.03.2025

1 008 738

6 362

1 221

38 125

1 054 446

Write-downs as

at 01.01.2025

13 776

Increase -

Decrease -

Write-downs as

at 31.03.2025

13 776

Net carrying

amount as

at 01.01.2025

498 175

197 246

33 222

879

17 582

17 375

56 438

247

821 164

Net carrying

amount as

at 31.03.2025

601 989

183 210

33 222

997

17 507

16 574

56 438

272

910 209

Amounts of contractual commitments to purchase intangible assets in the future

None.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 4. Goodwill

During the period from 1 January to 31 March 2025, there were no changes in goodwill.

Note 5. Investment properties

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

owned is leased out to third parties, including CD PROJEKT Group companies, the Group decided to partly classify these properties

as investment properties. The remaining part of the properties is used for the own needs of the activities conducted.

The Group measures the properties purchased at cost less accumulated depreciation.

The last appraisal report by an expert surveyor, for the buildings and structures recognized partly as property, plant and equipment

and partly as investment properties, was prepared on the basis of unit prices for the construction of buildings with the most similar

parameters included in the Bistyp Catalogue of Unit Prices for Works and Investment Facilities 2024. The value resulting from the

last appraisal of individual assets performed as at 31 December 2024 amounted to PLN 16 310 thousand for the investment

properties at ul. Jagiellońska 74. A write-down of PLN 805 thousand was recognized in the Parent Company’s books of account for

Building B located on that plot of land and classified as an investment property. For the plot at ul. Jagiellońska 76, the value of the

buildings and structures classified as investment properties resulting from the latest appraisal performed as at 31 December 2024

amounted to PLN 14 269 thousand and was higher than the net value recognized in the Parent Company’s books of account.

Changes in investment properties for the period 01.01.2025 – 31.03.2025

Gross carrying amount as at 01.01.2025 40 024

Increase due to: 49

reclassification of expenditures from property, plant and equipment after commissioning of

the investment property

Decrease -

Gross carrying amount as at 31.03.2025 40 073

Accumulated depreciation as at 01.01.2025* 7 549

Increase due to: 400

depreciation charge 387

reclassification of expenditures from property, plant and equipment after commissioning of

the investment property

Decrease -

Accumulated depreciation as at 31.03.2025 7 949

Impairment write-downs as at 01.01.2025 805

Increase -

Decrease -

Impairment write-downs as at 31.03.2025 805

Net carrying amount as at 31.03.2025 31 319

* restated data

Amounts of contractual liabilities in respect of purchase of investment properties

None.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 6. Inventories

31.03.2025 31.12.2024 31.03.2024

Goods for resale 976 2 119 3 745

Other materials 4 3 4

Gross inventories 980 2 122 3 749

Inventory write-downs 320 320 489

Net inventories 660 1 802 3 260

Changes in inventory write-downs

None.

Note 7. Trade and other receivables

31.03.2025 31.12.2024 31.03.2024

Trade and other receivables, gross 189 076 237 873 158 109

Write-downs 110 117 80

Trade and other receivables, net 188 966 237 756 158 029

from related entities 6 857 2 015 4 508

from other entities 182 109 235 741 153 521

Changes in write-downs of receivables

Trade

receivables

Other

receivables

Total

OTHER ENTITIES

Write-downs as at 01.01.2025 117 - 117

Increases - - -

Decreases, including: 7 - 7

reversal of write-downs 7 - 7

Write-downs as at 31.03.2025 110 - 110

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Current and overdue trade receivables as at 31.03.2025

Total Not overdue

Overdue, in days

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

RELATED ENTITIES

gross receivables 2 554 2 356 198 - - - -

write-down resulting

from the ratio

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

write-down

determined

individually

- - - - - - -

total expected credit

losses

- - - - - - -

Net receivables 2 554 2 356 198 - - - -

Total Not overdue

Overdue, in days

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

OTHER ENTITIES

gross receivables 85 159 83 559 1 213 235 42 33 77

write-down resulting

from the ratio

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

write-down

determined

individually

110 - - - - 33 77

total expected credit

losses

110 - - - - 33 77

Net receivables 85 049 83 559 1 213 235 42 - -

Total

gross receivables 87 713 85 915 1 411 235 42 33 77

impairment write-

downs

110 - - - - 33 77

Net receivables 87 603 85 915 1 411 235 42 - -

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Other receivables

31.03.2025 31.12.2024 31.03.2024

Other gross receivables, including: 101 363 70 128 69 994

tax receivables other than corporate income tax 58 036 53 795 57 767

prepayments for inventories 26 154 6 276 8 048

prepayments for development projects 15 580 8 185 3 337

prepayments for property, plant and equipment

and intangible assets

887 229 20

security deposits 681 688 652

settlements with employees 24 17 14

settlements with suppliers of property, plant and equipment items - 664 -

settlements with payment operators - 253 -

settlements with the members of the Management Boards of

the Group companies

- - 1

other 1 21 155

Write-downs - - -

Other net receivables, including: 101 363 70 128 69 994

current 100 958 69 721 69 614

non-current 405 407 380

Note 8. Other financial assets

31.03.2025 31.12.2024 31.03.2024

Loans granted 2 177 2 748 3 249

Bonds 784 450 824 624 825 390

Derivative financial instruments 8 646 405 10 904

Private equity interests in the gaming sector 4 770 4 980 3 505

Other financial assets, including: 800 043 832 757 843 048

current 470 167 540 620 426 029

non-current 329 876 292 137 417 019

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 9. Prepayments and deferred costs

31.03.2025 31.12.2024 31.03.2024

Minimum guarantees, advance payments, GOG.COM prepayments

and other settlements with publishers

33 284 34 890 51 308

Software, licences 8 358 9 615 10 069

Property and personal insurance 1 470 1 370 748

Costs of future marketing services 1 289 1 322 1 422

Fees for pre-emptive rights 1 031 1 058 1 138

Costs of IT security resources 522 407 274

Costs of repairs and maintenance 422 495 726

Business travel (tickets, hotels, insurance) 289 245 187

Fees for perpetual usufruct of land 230 - 231

Domains, servers 40 38 17

Staff relocation costs 37 - 582

Participation in fairs - - 277

Costs in connection with redevelopment of the car park - - 260

Other prepayments and deferred costs 1 539 859 1 406

Prepayments and deferred costs, including: 48 511 50 299 68 645

current 25 206 25 868 29 906

non-current 23 305 24 431 38 739

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 10. Deferred income tax

Deductible temporary differences underlying the deferred tax asset

31.12.2024

Differences affecting

the deferred tax

recognized in the

profit or loss

31.03.2025

Provision for other employee benefits 5 226 1 455 6 681

Provision for costs of performance-related

and other remuneration

52 804 8 376 61 180

Tax loss 588 (473) 115

Foreign exchange losses 21 338 19 673 41 011

Difference between the carrying and tax amounts

of expenditure on development projects

21 681 (168) 21 513

Salaries and wages and social security payable

in future periods

27 13 40

Deferred income in respect of virtual wallet top-

ups and fringe benefit scheme

4 591 229 4 820

Other provisions 41 728 1 748 43 476

Research and development relief 508 869 (3 973) 504 896

Tax base of non-current assets leased 18 421 (861) 17 560

Prepayments recognized as revenue for tax

purposes

4 194 388 4 582

Difference between the net carrying amounts and

tax bases of property, plant and equipment and

intangible assets

12 - 12

Measurement of forward contracts - 21 21

Write-off of minimum guarantees 5 993 (65) 5 928

Other - 2 2

Total deductible differences, including: 685 472 26 365 711 837

taxed at 5% 94 011 18 373 112 384

taxed at 19% 590 749 8 473 599 222

deferred tax charged abroad 712 (481) 231

Deferred tax assets 117 118 2 423 119 541

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(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

31.12.2024*

Differences affecting

the deferred tax

recognized in the

profit or loss

31.03.2025

Difference between the net carrying amount and

tax amount of property, plant and equipment and

intangible assets

17 871 594 18 465

Current period revenue invoiced in the

subsequent period/accrued income

163 559 (83 397) 80 162

Foreign exchange gains 1 128 352 1 480

Measurement of forward contracts 96 (96) -

Difference between the carrying amounts and tax

bases of expenditure on development projects

34 661 7 125 41 786

Carrying amount of non-current assets leased 18 291 (1 373) 16 918

Other 1 077 - 1 077

Total taxable differences, including: 236 683 (76 795) 159 888

taxed at 5% 212 911 (68 685) 144 226

taxed at 19% 22 673 (8 027) 14 646

deferred tax charged abroad 1 099 (83) 1 016

Deferred tax provisions 15 196 (4 978) 10 218

* restated data

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

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

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

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

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

Net deferred tax assets/provisions

31.03.2025 31.12.2024 31.03.2024

Deferred tax assets 119 541 117 118 71 480

Deferred tax provisions 10 218 15 196 11 545

Income tax expense recognized in the income statement

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

Current income tax, including: 34 709 13 629

adjustments relating to prior years 21 847 -

withholding tax paid abroad 4 755 2 476

Change in deferred tax (7 401) (16 501)

Income tax expense recognized in the income statement 27 308 (2 872)

The high amount of income tax and effective tax rate of 24.1% in the first quarter of 2025 were affected by adjustments relating to

previous years totalling PLN 21 847 thousand resulting primarily from adjustments to the accounting treatment of withholding tax

(as a result of a mistake in the estimation of income tax, an amount of withholding tax refunded in 2024 of PLN 11 082 thousand for

2022 and PLN 14 710 thousand for 2023 was deducted by mistake).

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 11. Share capital

Share capital – structure as at 31.03.2025

Series Number of shares Value of the series/issue at par

Manner of covering share

capital

A - M 99 910 510 99 910 510 Fully paid up

Total 99 910 510 99 910 510 -

As at 31 March 2025, 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.

Note 12. Provision for retirement and similar benefits

31.03.2025 31.12.2024 31.03.2024

Provision for retirement and disability benefits 875 875 529

Holiday pay provision 11 885 8 727 8 757

Total, including: 12 760 9 602 9 286

current 11 898 8 740 8 768

non-current 862 862 518

Provision for

retirement and

disability

benefits

Holiday pay provision Total

As at 01.01.2025 875 8 727 9 602

Provisions recognized during the year - 11 885 11 885

Provisions utilized/released - 8 727 8 727

As at 31.03.2025, including: 875 11 885 12 760

current 13 11 885 11 898

non-current 862 - 862

Note 13. Other provisions

31.03.2025 31.12.2024 31.03.2024

Provision for liabilities, including: 109 537 94 421 95 946

provision for costs of performance-related and other

remuneration

66 335 57 038 61 844

provision for costs of the audit and review of the financial

statements

211 145 59

provision for costs of external services 27 554 17 300 627

provision for other costs 15 437 19 938 33 416

Total, including: 109 537 94 421 95 946

current 109 537 94 421 83 149

non-current - - 12 797

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(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

performance-related

and other

remuneration

Other provisions Total

As at 01.01.2025 57 038 37 383 94 421

Provisions recognized during the year 9 297 24 184 33 481

Provisions utilized/released - 18 365 18 365

As at 31.03.2025, including: 66 335 43 202 109 537

current 66 335 43 202 109 537

non-current - - -

Note 14. Other liabilities

31.03.2025 31.12.2024 31.03.2024

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

other, with the exception of corporate income tax

9 041 12 349 10 171

VAT 2 956 6 366 5 258

Withholding tax 23 57 -

Personal income tax 695 2 630 556

Social security contributions 5 174 3 166 4 254

PFRON (State Fund for Rehabilitation of Disabled People) 101 89 82

PIT-8AR (personal income tax) settlements 27 41 7

Other 65 - 14

Other liabilities 2 647 2 849 3 199

Wages and salaries payable 64 - -

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

marketing services

2 080 2 140 2 320

Other settlements with employees 93 149 174

Other settlements with the members of the Management Board - 11 -

Prepayments received from foreign customers 136 173 -

Security deposits received 133 134 114

Other liabilities 141 242 591

Total other current liabilities 11 688 15 198 13 370

current 9 476 12 924 10 936

non-current 2 212 2 274 2 434

Current and overdue other liabilities as at 31.03.2025

Total Not overdue

Overdue, in days

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

To related entities - - - - - - -

To other entities 9 476 9 202 93 - - - 181

Total 9 476 9 202 93 - - - 181

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 15. Deferred income

31.03.2025 31.12.2024 31.03.2024

Subsidies 2 355 2 296 2 983

Sales relating to future periods 11 262 9 122 6 865

Virtual wallet (e-wallet, store credit) 5 443 5 374 5 120

Rental of company phones 46 48 63

Deferred income, including: 19 106 16 840 15 031

current 17 226 15 175 12 878

non-current 1 880 1 665 2 153

Note 16. Information on financial instruments

Fair values of specific classes of financial instruments

The Management Board of the Parent Company analysed specific classes of financial instruments. Based on the analysis, it was

concluded that the carrying amounts of the instruments did not differ from their fair values as at both 31 March 2025, 31 December

2024 and 31 March 2024.

31.03.2025 31.12.2024 31.03.2024

LEVEL 1

Assets measured at fair value

Financial assets measured at fair value through

other comprehensive income

227 254 239 103 226 605

bonds issued by or secured with a guarantee of foreign

governments - EUR

21 782 22 106 21 618

bonds issued by or secured with a guarantee of foreign

governments - USD

205 472 216 997 204 987

LEVEL 2

Assets measured at fair value through profit or loss

Derivatives 8 646 405 10 904

currency forwards - EUR 872 271 1 553

currency forwards - USD 7 774 134 9 351

Private equity interests in the gaming sector 4 770 4 980 3 505

private equity interests in the gaming sector - SEK 966 933 931

private equity interests in the gaming sector - USD 3 804 4 047 2 574

Liabilities measured at fair value through profit or loss

Derivatives 205 9 964 393

currency forwards - EUR 24 37 30

currency forwards - USD - 9 620 -

currency forwards - JPY 181 307 363

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 market data that is not observable in the market.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Financial assets – classification and measurement

31.03.2025 31.12.2024 31.03.2024

Financial assets measured at amortized cost 1 352 009 1 403 714 1 311 188

Other non-current receivables 405 407 380

Trade receivables 87 603 167 628 88 035

Cash and cash equivalents 217 282 124 886 123 762

Bank deposits over 3 months 487 346 522 524 496 977

Treasury bonds and bonds guaranteed by the State Treasury 557 196 585 521 598 785

Loans granted 2 177 2 748 3 249

Financial assets measured at cost 40 598 39 453 38 409

Shares in non-consolidated subordinated entities 40 598 39 453 38 409

Financial assets measured at fair value through

other comprehensive income

227 254 239 103 226 605

Bonds issued by foreign governments

or secured with their guarantee

227 254 239 103 226 605

Financial assets measured at fair value through

profit or loss

13 416 5 385 14 409

Derivative financial instruments 8 646 405 10 904

Private equity interests in the gaming sector 4 770 4 980 3 505

Total financial assets 1 633 277 1 687 655 1 590 611

Financial liabilities – classification and measurement

31.03.2025 31.12.2024 31.03.2024

Financial liabilities measured at amortized cost 71 083 94 883 81 868

Trade payables 49 332 74 733 59 445

Other financial liabilities 21 751 20 150 22 423

Financial liabilities at fair value through profit or loss 205 9 964 393

Derivative financial instruments 205 9 964 393

Total financial liabilities 71 288 104 847 82 261

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 Treasury bonds and domestic and foreign bonds guaranteed by the

governments is to hold them to maturity and to collect contractual cash flows;

 investment mandates for managing the foreign Treasury bonds portfolio (bonds issued by or secured with a guarantee

of foreign governments) allow bonds to be sold 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 Treasury bonds and bonds guaranteed by the Polish State Treasury are

measured at amortized cost, because they are held to collect contractual cash flows. Foreign Treasury bonds and foreign bonds

guaranteed by governments are measured at fair value through other comprehensive income because of the investment mandate

which allows the possibility of the portfolio being managed by an Asset Manager.

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

instruments measured at amortized cost in the consolidated statement of financial position in order to determine their fair values

and their classification in the fair value hierarchy.

Listed debt securities were classified as Level 1. They include State Treasury bonds and bonds guaranteed by the State Treasury

whose fair value was determined on the basis of a market valuation provided by the brokerage office as part of the applicable

agreement for the provision of brokerage services.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

31.03.2025 31.12.2024 31.03.2024

LEVEL 1

Fair value of assets measured at amortized cost 557 815 583 156 596 796

Treasury bonds and bonds guaranteed by the Polish State Treasury 557 815 583 156 596 796

Other items of financial assets and financial liabilities were classified to Level 3.

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

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

be used to calculate the present value of these cash flows. In justified cases, the Group assumes a historical cost as an acceptable

approximation of the fair value.

The Group did not measure the fair value of trade receivables and payables, cash and cash equivalents, bank deposits over

3 months and loans granted at variable interest rates as their carrying amount is considered by the Group to be a reasonable

approximation of fair value.

There were no movements between the Levels in the fair value hierarchy in the Group during the reporting period and the

comparative period.

Note 17. Sales revenue

Sales revenue – geographical structure*

01.01.2025 – 31.03.2025 01.01.2024 – 31.03.2024

in PLN in % in PLN in %

Domestic sales 8 849 3.9% 7 750 3.4%

Export sales, including: 217 456 96.1% 219 035 96.6%

Europe 41 697 18.4% 43 293 19.1%

North America 163 806 72.4% 160 084 70.6%

South America 1 318 0.6% 1 042 0.5%

Asia 8 590 3.8% 12 337 5.4%

Australia 1 899 0.8% 2 156 0.9%

Africa 146 0.1% 123 0.1%

Total 226 305 100% 226 785 100%

* The data presented relates to the place of residence of the customers of the Group companies: for CD PROJEKT S.A. and

CD PROJEKT RED Inc. - distributors and contractors, and for retail sales conducted by GOG sp. z o.o. - end users.

Sales revenue – by type of production

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

Own production 179 832 185 591

Third party production 45 104 40 566

Other revenue 1 369 628

Total 226 305 226 785

Sales revenue – by distribution channel

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

Games - box issues 6 794 10 820

Games - digital issues 213 563 205 857

Other revenue 5 948 10 108

Total 226 305 226 785

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 18. Operating expenses

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

Depreciation and amortization of property, plant and equipment, intangible assets,

expenditure on development projects and investment properties, including:

2 968 3 586

depreciation of leased buildings 358 406

depreciation of leased vehicles 49 126

Materials and energy used 985 1 086

External services, including: 28 447 30 412

costs of short-term leases and low-value leases 91 121

Taxes and fees 502 402

Salaries and wages, social insurance and other benefits 49 585 48 668

Business travel 1 744 1 082

Cost of using company cars 48 55

Cost of goods for resale and materials sold 34 182 30 422

Costs of products and services sold 12 281 31 631

Other costs 419 297

Total 131 161 147 641

Selling expenses, including: 31 670 31 229

cost of product maintenance 5 534 5 814

Total administrative expenses, including: 53 028 54 359

cost of research projects 8 186 20 643

Costs of sales 46 463 62 053

Total 131 161 147 641

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 19. Other operating income and expenses

Other operating income

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

Tax relief for innovative employees 753 1 355

Rental income 661 501

Income from re-invoicing 255 173

Subsidies 128 231

Other sales 49 15

Release of unused provisions for costs 36 -

Gains on disposal of non-current assets 2 6

Reversal of inventory write-downs - 672

Compensations received - 538

Payments from enforcement officers - 2

Other 53 31

Total other operating income 1 937 3 524

Other operating expenses

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

Depreciation of investment properties 387 384

Donations and charity 372 52

Costs relating to re-invoicing 255 173

Cost of rental 238 710

Loss on disposal of non-current assets 64 -

Cost of sales of other sales 43 1

Irrecoverable receivables 3 2

Cost of destruction of materials and goods for resale 2 5

Provision recorded for a potential tax liability - 41

Other 130 3

Total other operating expenses 1 494 1 371

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 20. Finance income and finance costs

Finance income

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

Interest income 18 620 16 386

on current bank deposits 9 136 7 392

on bonds 9 447 8 936

on loans 37 58

Other finance income 21 333 3 721

net foreign exchange gains - 2 229

settlement and measurement of derivative financial instruments 21 333 1 492

Total finance income 39 953 20 107

Finance costs

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

Interest expense 165 414

on lease contracts 158 210

on liabilities to the State Treasury 6 204

on trade payables 1 -

Other finance costs 22 071 3 799

net foreign exchange losses 21 994 1 592

settlement and measurement of derivative financial instruments - 2 140

commission and fees on purchase of bonds 71 67

measurement of private equity interests in the gaming sector 6 -

Total finance costs 22 236 4 213

Net finance income/expense 17 717 15 894

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 21. Leases of low-value assets and short-term leases

The Group concluded lease contracts for office equipment (multifunctional photocopiers, kitchen appliances) and residential

premises which potentially meet the recognition criteria for leases under the new IFRS 16. However, the Group considered these

contracts to be short-term leases and leases of low-value assets and decided not to apply the requirements for leases to these

assets, as permitted by paragraph 5 of the standards. In such cases, lease payments are charged to costs of the period to which

they relate, either on a straight-line basis or in some other systematic way that reflects the distribution of costs over the life of the

contract (information on the cost of these leases incurred in the period from 1 January to 31 December 2024 is included in Note 2).

As at 31 March 2025, 31 December 2024 and 31 March 2024, future payments in respect of irrevocable short-term leases and leases

of low-value assets were as follows:

31.03.2025 31.12.2024 31.03.2024

Up to 1 year 251 365 345

From 1 year to 5 years 185 221 181

Total 436 586 526

Note 22. Issuance, redemption and repayment of debt and equity securities

Issuance of debt securities

Not applicable.

Issuance of equity securities

Specification 31.03.2025 31.12.2024 31.03.2024

Number of shares in thousands 99 911 99 911 99 911

Par value of shares in PLN 1 1 1

Share capital 99 911 99 911 99 911

Note 23. Dividend paid (or declared) and received

During the period from 1 January to 31 March 2025, the Group companies did not pay or receive any dividends.

Note 24. Transactions with related entities

Terms and conditions of transactions with related entities

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

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

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

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

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

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Transactions with related entities after consolidation eliminations

Sales to related entities Purchases from related entities

01.01.2025 – 31.03.2025 01.01.2024 – 31.03.2024 01.01.2025 – 31.03.2025 01.01.2024 – 31.03.2024

SUBSIDIARIES

CD PROJEKT RED Canada Ltd. 261 240 4 402 4 288

The Molasses Flood LLC 736 284 10 545 7 682

CD PROJEKT SILVER Inc. - - 183 -

MEMBERS OF THE MANAGEMENT BOARDS OF THE GROUP COMPANIES, MEMBERS OF THE SUPERVISORY BOARD AND OTHER RELATED ENTITIES

Michał Nowakowski - 1 - -

Piotr Karwowski 2 2 - -

Maciej Gołębiewski 1 1 - -

Karolina Kicińska 173 - - -

Maciej Nielubowicz - 1 - -

OTHER ENTITIES

Other members of management 2 - - -

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Receivables from related entities Liabilities to related entities

31.03.2025 31.12.2024 31.03.2024 31.03.2025 31.12.2024 31.03.2024

SUBSIDIARIES

CD PROJEKT RED Canada Ltd. 2 432 1 596 2 740 3 306 1 758 1 766

The Molasses Flood LLC 6 602 3 167 5 016 7 156 3 278 3 298

MEMBERS OF THE MANAGEMENT BOARDS OF THE GROUP COMPANIES, MEMBERS OF THE SUPERVISORY BOARD AND OTHER RELATED ENTITIES

Michał Nowakowski - - 1 3 10 -

Adam Badowski - - - 3 1 -

Piotr Karwowski - - - 2 - -

Paweł Zawodny - - - 2 - -

Karolina Kicińska - - - - 173 -

OTHER ENTITIES

Other members of management 4 - - 24 - -

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 25. Unpaid loans or defaults on loan agreements in the cases where no

corrective measures were adopted by the balance sheet date

Not applicable.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 26. Changes in contingent liabilities or contingent assets which occurred after the end of the last financial year

Contingent liabilities in respect of guarantees, sureties and collateral

Specification Currency 31.03.2025 31.12.2024 31.03.2024

mBank S.A.

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

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

National Centre for Research and Development

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

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

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

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

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

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

Santander Bank Polska S.A. (formerly: BZ WBK S.A.)

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

Bank Polska Kasa Opieki Spółka Akcyjna

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

BNP Paribas Bank Polska S.A.

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

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 27. Changes in the structure of the Group and Group companies during

the reporting period

On 21 March, the share capital of CD PROJEKT RED Inc. was increased by USD 708 thousand to USD 8 628 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 first tranche of the price for the total of 100 000 shares in The Molasses Flood LLC, the

ownership of which, pursuant to the agreements concluded with its minority shareholders on 12 and 18 March 2025, was passed

on to CD PROJEKT RED Inc. on 31 March 2025. As a result, CD PROJEKT RED Inc. became the owner of 100% (i.e. 550 000) of the

shares of the company. It was the intention of the Board of Directors of CD PROJEKT RED Inc. to carry out a merger of The Molasses

Flood LLC, as the acquired company, and its sole shareholder, CD PROJEKT RED Inc., as the acquiring company. The registration

of the merger took place after the balance sheet date (on 1 April 2025). The aim of the merger was to further integrate the team

and the work conducted by The Molasses Flood LLC with the development structure and processes operating within the

CD PROJEKT RED studio, and to simplify the structure of the Group.

Note 28. Agreements that may result in future changes in the proportions of

shares held by shareholders and bondholders

Incentive plans for the years 2023 – 2027

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

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

Incentive Plan A

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

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

A maximum of 1 500 000 entitlements may be granted under the entire Incentive Plan A. The entitlements will be realized

alternatively through: (i) offering the participants to subscribe for warrants entitling them to subscribe for an identical number of

shares in the Parent Company issued as part of the conditional share capital increase, or (ii) offering the participants to purchase

from the Parent Company Treasury shares acquired by the Parent Company as part of a buy-back carried out for this purpose. The

taking up and the exercise of the rights from the subscription warrants or, as the case may be, the purchase of the Parent Company’s

shares by the participant under the Incentive Plan A will be conditional upon meeting the loyalty criterion (understood as the

participants in the Incentive Plan A remaining in a legal relationship with the Parent Company or its related entity during the vesting

period). The price of taking up or acquiring the Parent Company’s shares as part of executing entitlements under Plan A will

correspond to the nominal value of the Parent Company’s shares. The vesting period will be 3 years as a minimum in each case.

By the date of publication of this report:

(i) as part of Phase 1 of the Incentive Plan A (in 2023), 100 444 entitlements were granted, of which 89 141 entitlements remain active;

(ii) as part of Phase 2 of Incentive Plan A (in 2024), 183 189 entitlements were granted, of which 169 689 entitlements remain active.

(iii) as part of Phase 3 of Incentive Plan A (in 2025), 123 186 entitlements were granted, of which 122 554 entitlements remain active.

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

Date of vesting CDR volatility ratio Risk-free interest rate

Entitlements granted on 26.05.2023 44% 6.2%

Entitlements granted on 27.05.2023 44% 6.2%

Entitlements granted on 29.05.2023 44% 5.9%

Entitlements granted on 07.06.2023 44% 5.8%

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

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

Date of vesting CDR volatility ratio Risk-free interest rate

Entitlements granted on 08.03.2024 43% 5.1%

Entitlements granted on 10.03.2024 43% 5.1%

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

Date of vesting

CDR volatility ratio

Risk-free interest rate

Entitlements granted on 09.03.2025

40%

5.2%

Entitlements granted on 16.03.2025

40%

5.4%

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

2 and 3

Specification

01.01.2025 – 31.03.2025 01.01.2024 – 31.12.2024

Number of entitlements (in pcs.)

Unrealized as at the beginning of the period 1 500 000 1 500 000

Granted not realized as at the beginning of the period 260 660 94 051

Granted during the period 123 186 183 189

Forfeited during the period* 2 462 16 580

Unrealized as at the end of the period 1 500 000 1 500 000

Granted unrealized as at the end of the period 381 384 260 660

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

Incentive Plan B

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

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

the financial years 2023-2027 (i.e. in five phases). A maximum of 3 500 000 entitlements may be granted under the entire Incentive

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

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

offering 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 taking up and the exercise of the rights from the subscription warrants or, as the case may be, the

purchase of the Parent Company’s shares by the eligible persons under the Incentive Plan B will be conditional on the Parent

Company determining that the performance condition (for 70% of the entitlements), the market condition (for 30% of the

entitlements) and, in selected cases, the individual conditions and, in each case, the loyalty condition (understood as participants

of the Incentive Plan A remaining in a legal relationship with the Parent Company or its related entity during the vesting period)

have been met. The base price of subscription for or purchase of the Parent Company’s shares as part of exercising the entitlements

under Plan B will correspond to the price of the Parent Company’s shares at the close of the last trading session preceding the date

of the relevant resolution on the participant’s inclusion in the plan. The plan provides for the possibility to reduce the price of

subscription for or purchase of the shares with a simultaneous proportional reduction in the number of rights to be exercised by

the participant. The base vesting period corresponds to four consecutive financial years starting from the year in which the relevant

phase began (with the possibility of being shortened to three financial years for performance-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 publication of this report:

(i) as part of Phase 1 of the Incentive Plan B (in 2023), 662 000 entitlements were granted, of which 656 000 entitlements remain

active;

(ii) as part of Phase 2 of the Incentive Plan B (in 2024), 723 500 entitlements were granted, of which 723 500 entitlements remain

active;

(iii) as part of Phase 3 of the Incentive Plan B (in 2025), 740 500 entitlements were granted, of which 740 500 entitlements remain

active.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Performance-related condition – 70% of the entitlements awarded under a given phase of the Incentive Plan B

The fulfilment of the performance-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 Group plus the cost of valuation of the

entitlements awarded under the relevant phase of the Incentive Plan B recognized by the CD PROJEKT Group entities in the same

period.

The performance-related condition for the entitlements awarded in Phase 1 of the Incentive Plan B for the years 2023-2026 (in the

financial year 2023) is PLN 2 billion, and the performance-related condition for the entitlements awarded in Phase 2 of the Incentive

Plan B for the years 2024-2027 (in the financial year 2024) is PLN 3 billion, whereas the performance-related condition for the

entitlements awarded in Phase 3 of the Incentive Plan B for the years 2025-2028 (in the financial year 2025) was set at PLN 4 billion.

For each of the successive phases of the Incentive Plan B beginning in the financial years 2026 and 2027, the performance-related

condition for the entitlements awarded in these phases for the relevant periods of four financial years will be determined by

resolutions of the General Meeting of the Parent Company (at the request of the Management Board of the Parent Company).

Market-related condition – 30% of the entitlements awarded under a given phase of the Incentive Plan B

The fulfilment of the market-related condition means achieving a change in the Parent Company's share price on the Warsaw Stock

Exchange (WSE) in such a manner that the change in the level of the Parent Company's share price expressed as a percentage,

determined on the basis of the Parent Company’s share price at closing of the last trading session of the WSE of the most recent

financial year which is subject to verification for the purposes of the performance-related condition referred to above, in relation to

the Parent Company’s share price at closing of the last trading session of the WSE in the year preceding the year of the relevant

phase of the Incentive Plan B, will be higher than or equal to the change, expressed as a percentage and increased by 10 percentage

points, in the level of the WIG (WSE Index) index in the same period.

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

Date of vesting

CDR volatility

ratio

WIG volatility

ratio

WIG correlation

ratio

Risk-free interest

rate

Entitlements granted on 26.05.2023 44% 21% 43% 6.1%

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

Date of vesting

CDR volatility

ratio

WIG volatility

ratio

WIG correlation

ratio

Risk-free interest

rate

Entitlements granted on 08.03.2024 43% 21% 42% 4.9%

Entitlements granted on 10.03.2024 43% 21% 42% 4.9%

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

Date of vesting

CDR volatility

ratio

WIG volatility

ratio

WIG correlation

ratio

Risk-free interest

rate

Entitlements granted on 09.03.2025 40% 19% 42% 5.5%

Entitlements granted on 16.03.2025 40% 19% 42% 5.5%

Changes in entitlements granted under the Incentive Plan B for the years 2023-2027

– Phases 1, 2 and 3

Specification

01.01.2025 – 31.03.2025 01.01.2024 – 31.12.2024

Number of entitlements (in pcs.)

Unrealized as at the beginning of the period 3 500 000 3 500 000

Granted not realized as at the beginning of the period 1 379 500 656 000

Granted during the period 740 500 723 500

Forfeited during the period* - -

Unrealized as at the end of the period 3 500 000 3 500 000

Granted unrealized as at the end of the period 2 120 000 1 379 500

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

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 29. 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. The lack of reference to established legal regulations in Poland results in

ambiguities and inconsistencies in the binding regulations. Frequent differences of opinion as to the legal interpretation of tax

regulations, both internally within the state bodies and between the state bodies and enterprises, result in areas of uncertainty and

conflict arising. Due to these factors, the tax risk in Poland is considerably higher than that usually existing in countries with more

developed tax systems.

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 tax was paid.

Following the fulfilment of the criteria set out in Article 19 of the Act of 30 May 2008 on certain forms of innovation support

(consolidated text, Journal of Laws of 2022, item 2474), the Minister of Development and Technology, by decision No. DNP-

V.4241.23.2024.4 of 4 October 2024, maintained the status of a research and development centre granted to the Parent Company

by decision 4/CBR/18 of 19 June 2018. The status allows the Parent Company to use more broadly the research and development

relief provided for in the Act of 15 February 1992 on corporate income tax (consolidated text, Journal of Laws of 2025, item 278,

hereinafter: the “CIT Act”).

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 an innovative employee. As part of the relief, 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 an innovative employee, 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 is the

product of the personal income tax liability due and the personal income tax rate).

With effect from 1 January 2019, provisions were introduced into the Act on corporate income tax granting preferential taxation at

the 5% tax rate for qualified income earned by a taxpayer from qualified intellectual property rights. Having met the prerequisites

and formal conditions contained in the said legislation, the Parent Company accounts for income (in respect of selected sources of

income) taking this tax relief into account.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 30. Explanations to the condensed consolidated statement of cash flows

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

Cash and cash equivalents reported in the statement of cash flows 217 282 123 762

Cash and cash equivalents in the balance sheet 217 282 123 762

Depreciation and amortization 2 968 3 586

Amortization of intangible assets 616 518

Amortization of expenditure on development projects 262 306

Depreciation of property, plant and equipment 2 090 2 759

Depreciation of investment properties - 3

Foreign exchange (gains)/losses result from the following items: 17 921 (3 716)

Foreign exchange gains/(losses) on measurement of bonds 13 050 (2 585)

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

in the gaming sector

204 13

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

as at the balance sheet date

106 (43)

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

over 3 months

4 738 (1 072)

Foreign exchange gains/(losses) on measurement of leases (177) (29)

Interest and shares in profits comprise: (18 462) (16 176)

Interest on bank deposits (9 136) (7 392)

Interest on bonds (9 447) (8 936)

Interest accrued on loans granted (37) (58)

Interest on lease contracts 158 210

(Gains)/losses on investing activities arise from the following items: (18 219) 3 394

Sale of property, plant and equipment (421) (12)

Net carrying amount of property, plant and equipment 483 6

Settlement and measurement of derivative financial instruments (18 358) 3 333

Measurement of private equity interests in the gaming sector 6 -

Commission and fees on purchase of bonds 71 67

Changes in provisions result from the following items: 9 193 11 994

Increase/(Decrease) in provisions for liabilities 15 116 12 329

Increase/(Decrease) in provisions for employee benefits 3 158 2 025

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

remuneration recognized under expenditure on development projects

(9 081) (2 360)

(Increase)/Decrease in inventories 1 142 316

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

Changes in receivables result from the following items: 52 095 92 246

(Increase)/Decrease in current receivables in the balance sheet 63 963 80 792

(Increase)/Decrease in non-current receivables in the balance sheet 2 3

Withholding tax paid abroad (4 748) (2 476)

Adjustment for current income tax (15 175) 12 820

(Increase)/Decrease in prepayments for development projects 7 395 1 164

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

and intangible assets

658 (57)

Changes in current liabilities, excluding financial liabilities, result from the following

items:

(21 566) (15 361)

Increase/(Decrease) in current liabilities in the balance sheet (35 303) (5 857)

Adjustment for current income tax (1 241) 222

Increase/(Decrease) in financial liabilities 7 695 1 980

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

and equipment

7 278 (11 873)

Increase/(Decrease) in liabilities resulting from purchase of intangible assets 5 167

Changes in other assets and liabilities result from the following items: 3 996 618

Change in prepayments and accruals in the balance sheet 1 788 1 133

Increase/(Decrease) in deferred income in the balance sheet 2 266 (454)

Adjustment for prepayments and deferred costs with the corresponding entry

in liabilities

(58) (61)

“Other adjustments” comprise: 8 513 4 734

Costs of the incentive plan 7 565 4 032

Measurement of derivative financial instruments (9) (87)

Amortization and depreciation included under cost of sales

and other operating expenses

708 621

Foreign exchange differences on translation 236 63

Other adjustments 13 105

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 31. Cash flows and non-monetary changes resulting from changes in liabilities in financing activities

01.01.2025 Cash flows

Non-monetary changes

31.03.2025

Takeover of fixed

assets leased

Termination of

a lease contract

Foreign exchange

differences

Interest accrued

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

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

01.01.2024 Cash flows

Non-monetary changes

31.03.2024

Takeover of fixed

assets leased

Termination of

a lease contract

Foreign exchange

differences

Interest accrued

Lease liabilities 23 309 (1 139) 62 - (19) 210 22 423

Total 23 309 (1 139) 62 - (19) 210 22 423

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 32. Post balance sheet events

On 1 April 2025, a merger was registered between The Molasses Flood LLC (as the target company) and CD PROJEKT RED Inc.

(the acquiring company). The merger was conducted in accordance with US law. The rights and obligations of The Molasses Flood

were assumed by CD PROJEKT RED Inc. The merger was intended to further integrate the team and work carried out by The

Molasses Flood LLC with the development structure and processes operating within the CD PROJEKT RED studio, and to simplify

the structure of the Group.

On 7 May 2025, in the Current Report No. 6/2025, the Parent Company’s Management Board announced that it had adopted

a resolution on accepting and referring to the Supervisory Board and the Annual General Meeting a proposition concerning the

distribution of the net profit for 2024. The Management Board has proposed to allocate PLN 99 910 510 for the payment of

a dividend, which means the dividend of PLN 1 per share. The Management Board recommends transferring the remaining part of

the net profit of PLN 370 762 147.32 to the supplementary capital. At the same time, the Management Board recommended setting

the record date at 30 June 2025 and the dividend payment date at 9 July 2025. On 20 May 2025, in the Current Report No. 8/2025,

the Management Board of the Parent Company announced that the Supervisory Board had given a positive opinion on the

Management Board’s proposal and approved its recommendation both with regard to the method of profit distribution and the

designation of the dates related to the payment of the dividend.

On 7 May 2025, in the Current Report No. 7/2025, the Management Board of the Parent Company announced the adoption of

a resolution under which it: (i) decided on the possibility of exercising all or part of the entitlements granted to the participants under

the first stage of the Incentive Plan A for the financial years 2023-2027 by making an offer to the participants to purchase from the

Parent Company its Treasury shares (at the same time taking into account the possibility of exercising the entitlements granted to

the participants under the first stage also through the second of the possible forms of exercising the entitlements); (ii) it decided to

request the next General Meeting to approve the purchase of the Parent Company’s Treasury shares pursuant to Article 362 § 1(8)

of the Code of Commercial Companies for the purpose of exercising all or part of the entitlements granted to the participants under

the first stage of the Incentive Plan A by making an offer to the participants to purchase from the Parent Company its Treasury

shares, under the conditions set out in the resolution. According to the published draft resolution, the total number of shares

purchased by the Parent Company will not exceed 89 601, the price of one share may not be lower than PLN 1.00 or higher than

PLN 450.00, and the total amount that may be allocated by the Parent Company for the buyback will be a maximum of PLN

40 320 450.00.

Additional information

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Litigation pending

Criminal cases in which CD PROJEKT S.A. has the status of the aggrieved party

Case against private individuals (including former members of the Management Board of Optimus S.A.) for acts to the detriment

of the Company

On 27 October 2016, the Regional Court in Warsaw, in case ref. no. XVIII K 126/09 as a result of the indictment of the Public

Prosecutor’s Office of the Regional Prosecutor’s Office in Warsaw to the Regional Court, passed a sentence convicting Michał L.,

Piotr L. and Michał D., ascribing to them the commission of acts under Article 296 § 1 of the Penal Code and Article 296 § 3 of the

Penal Code and others. The Parent Company acted as an auxiliary prosecutor at first instance (a status it retains until the end of the

proceedings). The scope of damages awarded under Article 46 of the Polish Penal Code amounted to a total of PLN 210 thousand,

with the damage ascertained by the court amounting to at least PLN 16 million according to the operative part of the verdict (this

method of determining damage results from the principles of adjudication in criminal proceedings). The Company appealed against

the judgment, requesting that it be amended, including, inter alia, in the part relating to the amount of damages awarded to the

Parent Company. Appeals were also filed by the defendants' counsels – against the entire decision and by the prosecutor – against

a part of the judgment. On 26 October 2017, the Court of Appeals overturned the judgment of the Court of First Instance in the case

in its entirety and remitted the case to the Court of First Instance for retrial in its entirety. The Regional Court in Warsaw is currently

examining the case under case number XVIII K 316/17. The Parent Company is acting as an auxiliary prosecutor in the case.

Litigation involving subsidiaries

Class action complaint against GOG concerning the compliance of technical solutions applied by GOG with the US Video

Privacy Protection Act.

On 6 September 2024, the Company’s Management Board received information that a civil Class Action Complaint against the

Parent Company had been filed in the United States District Court for the Eastern District of New York. The complaint was filed on

behalf of a user and a putative class of users of the GOG.com digital distribution platform for the video games (“GOG”), which is

owned by GOG sp. z o.o., a subsidiary of the Company, and relates to an alleged breach by GOG sp. z o.o. of the US Video Privacy

Protection Act (VPPA) through the use of Facebook tracking scripts on the GOG.com website for remarketing purposes without

valid user consent, according to the plaintiff. The plaintiff was seeking a judicial determination of whether the use of certain technical

solutions by the GOG platform complies with the US VPPA Act and the payment of damages should the court determine that the

breach has occurred. The lawsuit was effectively served on 10 September 2024.

On 5 December 2024, the Parent Company was informed that an amended class action complaint had been filed. As a result of the

actions taken, the defendant was changed from the Parent Company, which was originally named as the defendant in this case, to

GOG Sp. z o.o. The claims made against the Company were withdrawn in full (voluntary dismissal without prejudice) and the Parent

Company was no longer a party to the proceedings from that point onwards. GOG sp. z o.o. has taken steps to defend its interests.

In the Current Report No. 30/2024 published on the matter, the Parent Company’s Management Board announced that, as a result

of the analysis carried out in cooperation with the law firm, it had assessed that the degree of materiality of the case did not justify

further information on its status in the form of current reports.

On 6 May 2025, in view of the filing of a Notice of Unrestricted Voluntary Dismissal with prejudice by the plaintiff in the United

States District Court for the Eastern District of New York, the class action lawsuit against GOG Ltd. was withdrawn. The case is thus

closed.

Proceedings of GOG sp. z o.o. before the Voivodeship Administrative Court in Kraków

On 19 August 2022, the Head of the Małopolski Customs and Tax Office in Kraków issued a decision against the subsidiary

GOG sp. z o.o., determining the corporate income tax liability for 2016. The Management Board of GOG sp. z o.o. paid the liability

resulting from the decision received which amounted to PLN 2 638 thousand, including interest due as at the payment date.

Irrespective of the above, GOG sp. z o.o. disagreed with the assessment of the tax authorities and appealed against the decision

on 5 September 2022.

On 22 May 2023, the Head of Małopolski Customs and Tax Office in Kraków, which also acted as the appeal authority in this case,

issued a decision upholding the contested decision. The appeal authority’s decision was served on GOG sp. z o.o. on 5 June 2023.

On 4 July 2023, the Management Board of GOG sp. z o.o., disagreeing with the position of the tax authority, filed a complaint

against the issued decision with the Voivodeship Administrative Court in Kraków. On 3 October 2023, a hearing before the

Voivodeship Administrative Court in Kraków was held, as a result of which the said Court issued a judgment annulling the decisions

of the Head of Małopolski Customs and Tax Office of 19 August 2022 and 22 May 2023. As of the date of this report, this judgment

has the status of a final decision and the case is again at the evidence stage.

On 29 May 2024, the Head of the Małopolski Customs and Tax Office in Kraków issued a new decision determining the amount of

the corporate income tax liability for 2016. The amount of the tax liability was reduced by PLN 116 226 relative to the decision of

19 August 2022. On 26 June 2024, the Management Board of GOG sp. z o.o., disagreeing with the tax authority's assessment, filed

an appeal against the decision with the Director of the Tax Administration Chamber in Kraków.

On 25 June 2024, in connection with a sentence of the Voivodeship Administrative Court in Kraków, GOG sp. z o.o. received the

amount of PLN 2 578 500 from the First Masovian Tax Office in Warsaw constituting a tax refund.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

On 25 February 2025, the Director of the Tax Administration Chamber in Kraków, which also acted as the appeal authority in this

case, issued a decision upholding the contested decision. The decision was served on GOG sp. z o.o. on 11 March 2025.

On 13 March 2025, the Management Board of GOG sp. z o.o. paid the liability resulting from the decision received which amounted

to PLN 2 466 927, including interest due as at the payment date. Independently, however, disagreeing with the tax authority's

assessment, the Management Board of GOG sp. z o.o. filed a complaint against the issued decision with the Voivodeship

Administrative Court in Kraków on 10 April 2025. As at the date of publication of this report, the Voivodeship Administrative Court

in Kraków has not ruled on the complaint.

Shareholding structure

Shareholders holding directly or indirectly through subsidiaries at least 5% of the total number of

votes at the Parent Company’s General Shareholders Meeting as at the date of publication of the

quarterly report

The Parent Company’s share capital amounts to PLN 99 910 510 and consists of 99 910 510 shares with a nominal value of PLN 1.00

each. The shareholding structure, including the percentage share in the share capital and at the General Shareholders Meeting of

the Parent Company, is updated on the basis of formal notifications received by the Parent Company from shareholders holding at

least 5% of the total number of votes at the General Shareholders Meeting of the Parent Company.

Shareholder

Number of shares

% share in share capital

Number of votes

at the GSM

% of votes

at the GSM

Marcin Iwiński 12 650 000 12.66% 12 650 000 12.66%

Michał Kiciński* 9 989 363 10.00% 9 989 363 10.00%

Piotr Nielubowicz 6 858 717 6.86% 6 858 717 6.86%

Nationale-Nederlanden

Powszechne

Towarzystwo Emerytalne

S.A. (total for all funds

managed)**

5 417 124 5.42% 5 417 124 5.42%

including Nationale-

Nederlanden Otwarty

Fundusz Emerytalny**

5 030 225 5.03% 5 030 225 5.03%

* In accordance with the last notification submitted to the Parent Company dated 13 November 2023.

** In accordance with the last notification submitted to the Parent Company dated 12 August 2024.

Changes in the ownership structure of significant blocks of the Parent Company’s shares from the

date of submission of the previous interim report

According to the notifications received by the Parent Company, there were no changes in the ownership structure of significant

blocks of the Parent Company’s shares after the date of the last interim report (annual report).

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Parent Company’s shares held by the members of the Management Board and

the Supervisory Board

Changes in the number of shares held by the members of the Management Board and the Supervisory

Board*

Name and surname Position As at 01.01.2025 As at 31.03.2025 As at 28.05.2025

Piotr Nielubowicz

Member of the Board

Chief Financial Officer

6 858 717 6 858 717 6 858 717

Adam Badowski

Member of the Board

Joint Chief Executive

Officer

692 640 692 640 692 640

Michał Nowakowski

Member of the Board

Joint Chief Executive

Officer

530 290 530 290 530 290

Piotr Karwowski

Member of the Board

Joint Chief Operating

Officer

108 728 108 728 108 728

Paweł Zawodny

Member of the Board

Joint Chief Operating

Officer

18 508 18 508 18 508

Marcin Iwiński

Co-Chair of the

Supervisory Board

12 873 520 12 650 000 12 650 000

Adam Kiciński

Co-Chair of the

Supervisory Board

4 046 001 4 046 001 4 046 001

* Based on the statements and notifications submitted to the Company

Reference to published estimates

The Group did not publish any estimated data relating to the period presented.

Interim condensed separate financial

statements of CD PROJEKT S.A.

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2025

(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

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

Sales revenue 181 299 186 938

Sales of products 178 069 183 766

Sales of services 1 208 275

Sales of goods for resale and materials 2 022 2 897

Cost of sales of products, services, goods for resale and materials 16 138 29 987

Costs of products and services sold 13 361 27 114

Cost of goods for resale and materials sold 2 777 2 873

Gross profit/(loss) on sales 165 161 156 951

Selling expenses 22 216 22 887

Total administrative expenses, including: 47 479 54 433

cost of research projects 8 198 20 643

Other operating income 2 131 3 712

Other operating expenses 1 627 1 507

(Impairment)/reversal of impairment

of financial instruments

7 (1)

Operating profit/(loss) 95 977 81 835

Finance income 39 107 18 273

Finance costs 21 138 2 408

Profit/(loss) before tax 113 946 97 700

Income tax A 27 058 (2 833)

Net profit/(loss) 86 888 100 533

Net earnings/(loss) per share (in PLN)

Basic for the reporting period 0.87 1.01

Diluted for the reporting period 0.86 1.01

Interim condensed separate statement of

comprehensive income

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

Net profit /(loss)

86 888 100 533

Other comprehensive income subject to reclassification to gains or losses after

specific conditions have been met

1 124 (691)

Measurement of derivative financial instruments - fair value through other

comprehensive income, taking into account the tax effect

1 124 (691)

Other comprehensive income not subject to reclassification to gains or losses

- -

Total comprehensive income

88 012 99 842

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Interim condensed separate statement of financial

position

Note 31.03.2025 31.12.2024* 31.03.2024

NON-CURRENT ASSETS 1 717 185 1 558 149 1 441 039

Property, plant and equipment 276 859 258 361 197 009

Intangible assets 66 075 66 712 68 432

Expenditure on development projects 784 100 692 726 552 049

Investment properties 31 319 31 671 33 858

Goodwill C 49 168 49 168 49 168

Investments in subordinated entities G 67 339 63 473 61 024

Prepayments and deferred costs 3 300 3 770 4 205

Other financial assets G 331 629 292 137 417 019

Deferred tax assets A 107 004 99 731 57 902

Other receivables F,G 392 400 373

CURRENT ASSETS 1 327 971 1 395 792 1 194 318

Inventories 659 1 802 3 260

Trade receivables F,G 85 887 167 893 88 956

Current income tax receivable - 15 170 13 888

Other receivables F,G 110 853 72 435 66 110

Prepayments and deferred costs 10 039 10 614 11 655

Other financial assets G 470 174 540 486 426 025

Bank deposits over 3 months G 487 346 522 524 496 977

Cash and cash equivalents G 163 013 64 868 87 447

TOTAL ASSETS

3 045 156 2 953 941 2 635 357

* restated data

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Note 31.03.2025 31.12.2024 31.03.2024

EQUITY 2 859 135 2 763 464 2 470 780

Share capital 11,22* 99 911 99 911 99 911

Supplementary capital 2 025 642 2 025 642 1 681 466

Share premium 116 700 116 700 116 700

Other reserves 59 320 50 537 28 083

Retained earnings / (Accumulated losses) 470 674 - 444 087

Net profit (loss) for the period 86 888 470 674 100 533

NON-CURRENT LIABILITIES 21 439 21 506 35 793

Other financial liabilities G 16 519 16 740 17 912

Other liabilities 2 213 2 274 2 434

Deferred income 1 880 1 665 2 153

Provision for retirement and similar benefits 827 827 497

Other provisions B - - 12 797

CURRENT LIABILITIES 164 582 168 971 128 784

Other financial liabilities G 1 223 11 608 2 665

Trade payables G 16 393 39 780 26 501

Current income tax liabilities 1 766 - -

Other liabilities 5 935 5 807 4 881

Deferred income 10 769 8 740 6 503

Provision for retirement and similar benefits 9 449 6 914 8 308

Other provisions B 119 047 96 122 79 926

TOTAL EQUITY AND LIABILITIES 3 045 156 2 953 941 2 635 357

* Detailed information on changes in the items are presented in the relevant notes to the interim condensed consolidated financial

statements.

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2025

(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 Other reserves

Retained earnings

/ (Accumulated

losses)

Net profit (loss)

for the period

Total equity

01.01.2025 – 31.03.2025

Equity as at 01.01.2025 99 911 2 025 642 116 700 50 537 470 674 - 2 763 464

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

Total comprehensive income - - - 1 124 - 86 888 88 012

Equity as at 31.03.2025 99 911 2 025 642 116 700 59 320 470 674 86 888 2 859 135

Share capital

Supplementary

capital

Share premium Other reserves

Retained earnings

/ (Accumulated

losses)

Net profit (loss)

for the period

Total equity

01.01.2024 – 31.12.2024

Equity as at 01.01.2024 99 911 1 681 466 116 700 24 691 444 087 - 2 366 855

Costs of the incentive plan - - - 23 575 - - 23 575

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

Appropriation of the net profit/offset of loss - 344 176 - - (344 176) - -

Total comprehensive income - - - 2 271 - 470 674 472 945

Equity as at 31.12.2024 99 911 2 025 642 116 700 50 537 - 470 674 2 763 464

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2025

(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 Other reserves

Retained earnings

/ (Accumulated

losses)

Net profit (loss)

for the period

Total equity

01.01.2024 – 31.03.2024

Equity as at 01.01.2024 99 911 1 681 466 116 700 24 691 444 087 - 2 366 855

Costs of the incentive plan - - - 4 083 - - 4 083

Total comprehensive income - - - (691) - 100 533 99 842

Equity as at 31.03.2024 99 911 1 681 466 116 700 28 083 444 087 100 533 2 470 780

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2025

(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

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

OPERATING ACTIVITIES

Net profit /(loss) 86 888 100 533

Total adjustments: 51 852 117 624

Depreciation of property, plant and equipment and amortization of intangible assets,

expenditure on development projects and investment properties

2 489 3 117

Amortization of development projects recognized as cost of sales 13 775 26 372

Foreign exchange (gains)/losses 18 039 (3 716)

Interest and shares in profits (18 041) (15 854)

(Gains)/losses on investing activities (18 217) 3 397

Increase/(Decrease) in provisions 11 629 14 256

(Increase)/Decrease in inventories 1 143 316

(Increase)/Decrease in receivables 46 901 100 258

Increase/(Decrease) in liabilities, excluding loans and borrowings (15 914) (13 639)

Change in other assets and liabilities 3 232 (1 407)

Other adjustments 6 816 4 524

Cash from operating activities 138 740 218 157

Income tax expense 22 310 (5 309)

Withholding tax paid abroad 4 748 2 476

Income tax (paid)/refunded (12 647) (23 689)

Net cash from operating activities 153 151 191 635

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

INVESTING ACTIVITIES

Inflows 357 154 168 354

Sale of intangible assets and property, plant and equipment 189 6

Repayment of loans granted 455 -

Expiry of bank deposits over 3 months 278 634 145 154

Redemption of bonds 66 000 10 000

Interest on bonds 2 770 1 618

Interest received on deposits 8 692 7 049

Inflows from execution of forward contracts 366 4 450

Other inflows from investing activities 48 77

Outflows 411 405 401 060

Acquisition of intangible assets and property, plant and equipment 32 345 12 105

Expenditure on development projects 95 194 49 715

Expenditure on intangible assets - 147

Loans granted 1 776 -

Contribution to the capital of a subsidiary 2 750 3 193

Placement of bank deposits over 3 months 248 194 302 854

Purchase of bonds and cost of their purchase 31 146 33 046

Net cash from investing activities (54 251) (232 706)

FINANCING ACTIVITIES

Inflows 9 4

Settlement of lease receivables 8 3

Interest received 1 1

Outflows 763 969

Payment of lease liabilities 618 779

Interest paid 145 190

Net cash from financing activities (754) (965)

Net increase/(decrease) in cash and cash equivalents 98 146 (42 036)

Change in cash and cash equivalents in the balance sheet 98 146 (42 036)

Cash and cash equivalents as at the beginning of the period 64 868 129 483

Cash and cash equivalents as at the end of the period 163 014 87 447

Explanations to the condensed separate statement of cash flows

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

“Other adjustments” comprise: 6 816 4 524

Costs of the incentive plan 6 543 3 362

Measurement of derivative financial instruments (126) 363

Amortization and depreciation reported under cost of sales

and other operating expenses

399 680

Other adjustments - 119

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Assumption of comparability of the financial

statements and consistency of accounting policies

The accounting policies applied in these interim condensed separate financial statements, material judgments made by the

Management Board with regard to the accounting policies applied by the Company and the main sources of estimating uncertainties

are consistent, in all material respects, with the policy adopted for preparing the annual financial statements of CD PROJEKT S.A.

for 2024, 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 2024.

Presentation changes

In these interim condensed separate financial statements for the period from 1 January to 31 March 2025, changes were introduced

in the presentation of selected financial data. In order to ensure comparability of the financial data in the reporting period, the

presentation of the data as at 31 December 2024 was changed. The data is presented after the following adjustment:

 In the statement of financial position as at 31 December 2024, the presentation of some of the buildings and structures held by

the Company changed. Consequently, the following items changed:

- Property, plant and equipment – a decrease of PLN 65 thousand;

- Investment properties – an increase of PLN 65 thousand.

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Notes to the separate financial statements of

CD PROJEKT S.A.

A. Deferred tax

Deductible temporary differences underlying the deferred tax asset

31.12.2024

Differences affecting

the deferred tax

recognized in the

profit or loss

31.03.2025

Provision for other employee benefits 4 879 1 289 6 168

Provision for costs of performance-related

and other remuneration

52 478 8 377 60 855

Foreign exchange losses 19 345 19 041 38 386

Difference between the carrying and tax amounts

of expenditure on development projects

21 692 (168) 21 524

Salaries and wages and social security payable

in future periods

24 15 39

Other provisions 40 610 1 699 42 309

Research and development relief 508 748 (3 965) 504 783

Prepayments recognized as revenue

for tax purposes

4 194 388 4 582

Tax value of non-current assets leased 18 421 (861) 17 560

Total deductible differences, including: 670 391 25 815 696 206

taxed at 5% 94 007 18 374 112 381

taxed at 19% 576 384 7 441 583 825

Deferred tax assets 114 214 2 332 116 546

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2025

(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

31.12.2024

Differences affecting

the deferred tax

recognized in the

profit or loss

31.03.2025

Difference between the net carrying amount and

tax amount of property, plant and equipment and

intangible assets

16 622 604 17 226

Current period revenue invoiced in the

subsequent period/accrued income

163 542 (83 381) 80 161

Foreign exchange gains 180 298 478

Difference between the carrying and tax amounts

of expenditure on development projects

34 424 7 239 41 663

Tax value of non-current assets leased 18 296 (1 373) 16 923

Other 46 - 46

Total taxable differences, including: 233 110 (76 613) 156 497

taxed at 5% 212 910 (68 685) 144 225

taxed at 19% 20 200 (7 928) 12 272

Deferred tax provisions 14 483 (4 941) 9 542

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

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

(the so-called IP BOX). When determining the appropriate tax rate for temporary differences, the Parent Company relied on forecasts

of which tax base will give rise to the realization of the temporary differences recognized.

Net deferred tax assets/provisions

31.03.2025 31.12.2024 31.03.2024

Deferred tax assets 116 546 114 214 68 566

Deferred tax provisions 9 542 14 483 10 664

Income tax expense recognized in the income statement

01.01.2025 –

31.03.2025

01.01.2024 –

31.03.2024

Current income tax, including: 34 331 13 346

adjustments relating to prior years 21 847 -

withholding tax paid abroad 4 748 2 476

Change in deferred tax (7 273) (16 179)

Income tax expense recognized in the income statement 27 058 (2 833)

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

B. Other provisions

31.03.2025 31.12.2024 31.03.2024

Provision for liabilities, including: 119 047 96 122 92 723

provision for costs of performance-related and other

remuneration

66 010 56 713 61 221

provision for costs of the audit and review of the financial

statements

195 128 48

provision for costs of external services 37 527 21 907 -

provision for other costs 15 315 17 374 31 454

Total, including: 119 047 96 122 92 723

current 119 047 96 122 79 926

non-current - - 12 797

Changes in other provisions

Provision for costs of

performance-related

and other

remuneration

Other provisions Total

As at 01.01.2025 56 713 39 409 96 122

Provisions recorded during the year 9 297 34 154 43 451

Provisions utilized/released - 20 526 20 526

As at 31.03.2025, including: 66 010 53 037 119 047

current 66 010 53 037 119 047

non-current - - -

C. Goodwill

Goodwill recognized in business combinations and acquisitions

31.03.2025 31.12.2024 31.03.2025

CD Projekt Red sp. z o.o. 39 147 39 147 39 147

Strange New Things business 10 021 10 021 10 021

Total 49 168 49 168 49 168

Changes in goodwill

During the period from 1 January to 31 March 2025, there were no changes in goodwill.

D. Business combinations

No business combinations of the Group entities took place in the period from 1 January to 31 March 2025.

E. Dividend paid (or declared) and received

During the period from 1 January to 31 March 2025, the Parent Company did not pay or receive any dividends.

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

F. Trade and other receivables

31.03.2025 31.12.2024 31.03.2024

Trade and other receivables, gross 197 243 240 845 155 519

Write-downs 110 117 80

Trade and other receivables, net 197 133 240 728 155 439

from related entities 20 890 10 739 11 216

from other entities 176 243 229 989 144 223

Changes in write-downs of receivables

Trade

receivables

Other

receivables

Total

OTHER ENTITIES

Write-downs as at 01.01.2025 117 - 117

Increases - - -

Decreases, including: 7 - 7

reversal of write-downs 7 - 7

Write-downs as at 31.03.2025 110 - 110

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Current and overdue trade receivables as at 31.03.2025

Total Not overdue

Overdue, in days

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

RELATED ENTITIES

gross receivables 6 458 6 458 - - - - -

write-down resulting

from the ratio

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

write-down

determined

individually

- - - - - - -

total expected credit

losses

- - - - - - -

Net receivables 6 458 6 458 - - - - -

Total Not overdue

Overdue, in days

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

OTHER ENTITIES

gross receivables 79 539 78 657 730 - 42 33 77

write-down resulting

from the ratio

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

write-down

determined

individually

110 - - - - 33 77

total expected credit

losses

110 - - - - 33 77

Net receivables 79 429 78 657 730 - 42 - -

Total

gross receivables 85 997 85 115 730 - 42 33 77

impairment write-

downs

110 - - - - 33 77

Net receivables 85 887 85 115 730 - 42 - -

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Other receivables

31.03.2025 31.12.2024 31.03.2024

Other gross receivables, including: 111 246 72 835 66 483

tax receivables, other than corporate income tax 58 036 53 728 53 486

prepayments for inventories 36 281 9 557 9 211

prepayments for development projects 15 580 8 185 3 337

prepayments for property, plant and equipment and intangible assets 883 225 20

security deposits 442 440 411

settlements with employees 24 14 12

settlements with suppliers of property, plant and equipment items - 664 -

settlements with the members of the Management Board - - 1

other - 22 5

Write-downs - - -

Other net receivables, including: 111 246 72 835 66 483

current 110 854 72 435 66 110

non-current 392 400 373

G. Information on financial instruments

Fair values of specific classes of financial instruments

The Management Board of the Company analysed specific classes of financial instruments. Based on the analysis, it was concluded

that the carrying amounts of the instruments do not differ materially from their fair values as at both 31 March 2025, 31 December

2024 and 31 March 2024.

31.03.2025 31.12.2024 31.03.2024

LEVEL 1

Assets measured at fair value

Financial assets measured at fair value through

other comprehensive income

227 254 239 103 226 605

bonds issued by or secured with a guarantee of foreign

governments - EUR

21 782 22 105 21 618

bonds issued by or secured with a guarantee of foreign

governments - USD

205 472 216 998 204 987

LEVEL 2

Assets measured at fair value through profit or loss

Derivatives 8 643 271 10 900

currency forwards - EUR 872 271 1 553

currency forwards - USD 7 771 - 9 347

Private equity interests in the gaming sector 4 770 4 980 3 505

private equity interests in the gaming sector - SEK 966 933 931

private equity interests in the gaming sector - USD 3 804 4 047 2 574

Liabilities measured at fair value through profit or loss

Derivatives 181 9 927 363

currency forwards - USD - 9 620 -

currency forwards - JPY 181 307 363

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

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 market data that is not observable in the market.

Financial assets – classification and measurement

31.03.2025 31.12.2024 31.03.2024

Financial assets measured at amortized cost 1 297 774 1 343 954 1 275 787

Other non-current receivables 392 400 373

Trade receivables 85 887 167 893 88 956

Cash and cash equivalents 163 013 64 868 87 447

Bank deposits over 3 months 487 346 522 524 496 977

Treasury bonds and bonds guaranteed by the State Treasury 557 196 585 521 598 785

Loans granted 3 940 2 748 3 249

Financial assets measured at cost 67 339 63 473 61 024

Investments in subordinated entities 67 339 63 473 61 024

Financial assets measured at fair value through

other comprehensive income

227 254 239 103 226 605

Bonds issued by or secured with a guarantee of foreign

governments

227 254 239 103 226 605

Financial assets measured at fair value through profit or loss 13 413 5 251 14 405

Derivative financial instruments 8 643 271 10 900

Private equity interests in the gaming sector 4 770 4 980 3 505

Total financial assets 1 605 780 1 651 781 1 577 821

Financial liabilities – classification and measurement

31.03.2025 31.12.2024 31.03.2024

Financial liabilities measured at amortized cost 33 954 58 201 46 715

Trade payables 16 393 39 780 26 501

Other financial liabilities 17 561 18 421 20 214

Financial liabilities measured at fair value

through profit or loss

181 9 927 363

Derivative financial instruments 181 9 927 363

Total financial liabilities 34 135 68 128 47 078

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 Treasury bonds and domestic and foreign bonds guaranteed by

governments is to hold them to maturity and to collect contractual cash flows;

 investment mandates for managing the foreign Treasury bonds portfolio (bonds issued by or secured with a guarantee

of foreign governments) allow bonds to be sold 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 Treasury bonds and bonds guaranteed by the Polish State Treasury are

measured at amortized cost, because they are held to collect contractual cash flows. Foreign Treasury bonds and foreign bonds

guaranteed by governments are measured at fair value through other comprehensive income because of the investment mandate

which allows the possibility of the portfolio being managed by an Asset Manager.

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

instruments measured at amortized cost in the separate statement of financial position in order to determine their fair values and

their classification in the fair value hierarchy.

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2025

(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. These are State Treasury Bonds and bonds secured with a guarantee by the State

Treasury, the fair value of which was determined on the basis of the market valuation provided by the brokerage firm under the

applicable brokerage services agreement.

31.03.2025 31.12.2024 31.03.2024

LEVEL 1

Fair value of assets measured at amortized cost 557 815 583 156 596 796

Treasury bonds and bonds guaranteed by the State Treasury 557 815 583 156 596 796

Other items of financial assets and financial liabilities were classified as Level 3.

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 trade receivables and payables, cash and cash equivalents, bank deposits over

3 months and loans granted with variable interest rates, because their carrying amounts are considered by the Company to be

a reasonable approximation of their fair values.

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

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

H. Transactions with related entities

Sales to related entities Purchases from related entities

01.01.2025 – 31.03.2025 01.01.2024 – 31.03.2024 01.01.2025 – 31.03.2025 01.01.2024 – 31.03.2024

SUBSIDIARIES

GOG sp. z o.o. 3 720 4 949 9 77

CD PROJEKT RED Inc. 840 170 15 529 7 704

CD PROJEKT RED Canada Ltd. 169 35 4 339 4 288

The Molasses Flood LLC 174 19 9 708 6 999

CD PROJEKT SILVER Inc. - - 183 -

MANAGEMENT BOARD OF THE COMPANY, MEMBERS OF THE SUPERVISORY BOARD AND OTHER RELATED ENTITIES

Michał Nowakowski - 1 - -

Karolina Kicińska 173 - - -

Maciej Nielubowicz - 1 - -

OTHER ENTITIES

Other members of management 2 - - -

Interim condensed separate financial statements of CD PROJEKT for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Receivables from related entities Liabilities to related entities

31.03.2025 31.12.2024 31.03.2024 31.03.2025 31.12.2024 31.03.2024

SUBSIDIARIES

GOG sp. z o.o. 3 471 5 295 4 760 - 125 32

CD PROJEKT RED Inc. 12 739 3 958 2 384 10 966 5 400 2 792

CD PROJEKT RED Canada Ltd. 2 386 1 442 2 673 3 259 1 746 1 766

The Molasses Flood LLC 6 234 2 792 4 647 6 592 3 006 2 616

MANAGEMENT BOARD OF THE COMPANY, MEMBERS OF THE SUPERVISORY BOARD AND OTHER RELATED ENTITIES

Michał Nowakowski - - 1 3 10 -

Adam Badowski - - - 3 1 -

Piotr Karwowski - - - 2 - -

Paweł Zawodny - - - 2 - -

Karolina Kicińska - - - - 173 -

OTHER ENTITIES

Other members of management 4 - - 24 - -

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(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 the Regulation of the Minister of Finance of 29 March 2018 on current and periodical

information submitted by issuers of securities and conditions for considering equivalent the information required under the

legislation of a non-Member State, the Management Board of the Parent Company declares that, to the best of its knowledge, these

interim condensed consolidated financial statements and comparative data have been prepared in accordance with the accounting

policies applicable in the CD PROJEKT 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 2025, and to the extent not

governed by the said standards, in accordance with the Accounting Act of 29 September 1994 and the implementing legislation

issued on the basis thereof and to the extent required by the Regulation of the Minister of Finance of 29 March 2018 on current and

periodical information submitted by issuers of securities and conditions for considering equivalent the information required under

the legislation of a non-Member State.

100

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2025

(all amounts in PLN thousand, unless stated otherwise)

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

Approval of the financial statements

This report for the period from 1 January to 31 March 2025 was signed and approved for publication by the Management Board of

CD PROJEKT S.A. on 28 May 2025.

Warsaw, 28 May 2025

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

Krystyna Cybulska

Chief Accountant

101