2
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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.
3
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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
30.06.2025
01.01.2024
30.06.2024*
01.01.2025
30.06.2025
01.01.2024
30.06.2024*
Net sales of products, services, goods for resale and
materials
443 039 424 683 104 966 98 514
Cost of sales of products, services, goods for resale
and materials
99 258 112 845 23 516 26 177
Operating profit/(loss) 168 062 140 223 39 818 32 528
Profit/(loss) before tax 201 094 174 857 47 644 40 562
Net profit/(loss) attributable to owners
of CD PROJEKT S.A.
154 956 170 006 36 712 39 436
Net cash from operating activities 249 711 250 929 59 162 58 208
Net cash from investing activities (225 054) (178 029) (53 320) (41 297)
Net cash from financing activities (2 569) (101 974) (609) (23 655)
Net increase/(decrease) in cash and cash equivalents 22 088 (29 074) 5 233 (6 744)
Number of shares (in thousands) 99 911 99 911 99 911 99 911
Net earnings/(loss) per share (in PLN/EUR) 1.55 1.70 0.37 0.39
Diluted earnings/(loss) per share (in PLN/EUR) 1.54 1.70 0.36 0.39
Book value per share (in PLN/EUR) 28.80 24.87 6.79 5.77
Diluted book value per share
(in PLN/EUR)
28.52 24.85 6.72 5.76
Dividend declared or paid per share (in PLN/EUR) 1.00 1.00 0.24 0.23
* restated data
PLN EUR
30.06.2025 31.12.2024 30.06.2025 31.12.2024
Total assets 3 194 199 3 042 424 753 011 712 011
Liabilities and provisions for liabilities
(excluding accruals)
284 770 224 917 67 133 52 637
Non-current liabilities 26 207 22 574 6 178 5 283
Current liabilities 290 116 219 183 68 393 51 295
Equity 2 877 876 2 800 667 678 440 655 433
Share capital 99 911 99 911 23 553 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 30 June 2025: 4.2208 PLN/EUR and from 1 January to 30 June 2024: 4.3109
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: 4.2419 PLN/EUR as at 30 June 2025 and 4.273 PLN/EUR as at 31 December 2024.
4
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 ............................................................................................................ 7
Interim condensed consolidated statement of financial position ........................................................................................................................ 8
Interim condensed statement of changes in consolidated equity...................................................................................................................... 10
Interim condensed consolidated statement of cash flows.................................................................................................................................... 13
Explanatory notes to the interim condensed consolidated financial statements ................................................................................................ 15
General information .......................................................................................................................................................................................................... 16
Consolidation policies ...................................................................................................................................................................................................... 16
Consolidated companies .......................................................................................................................................................................................... 16
Subsidiaries ................................................................................................................................................................................................................... 17
Basis of preparation of the interim condensed consolidated financial statements ...................................................................................... 17
Going concern assumption ............................................................................................................................................................................................. 17
Compliance with the International Financial Reporting Standards .................................................................................................................... 18
Amendments to standards or interpretations effective from 1 January 2025 applicable and adopted by the Group .................18
Functional currency and presentation currency....................................................................................................................................................... 19
Functional currency and presentation currency ............................................................................................................................................... 19
Transactions and balances ...................................................................................................................................................................................... 19
Assumption of comparability of the financial statements and changes in the accounting policies ......................................................... 19
Changes in the accounting policies ...................................................................................................................................................................... 19
Presentation changes ................................................................................................................................................................................................ 19
Seasonality or cyclicality of the Group’s operations ....................................................................................................................................... 20
Audit by the registered auditor .....................................................................................................................................................................................20
Notes operating segments of the CD PROJEKT Group ........................................................................................................................................... 21
Operating segments ........................................................................................................................................................................................................ 22
Information on individual operating segments ..................................................................................................................................................23
Consolidated income statement by segment for the period from 01.01.2025 to 30.06.2025 ........................................................... 27
Consolidated income statement by segment for the period from 01.01.2024 to 30.06.2024* ......................................................... 28
Consolidated statement of financial position by segment as at 30.06.2025 ......................................................................................... 29
Consolidated statement of financial position by segment as at 31.12.2024* ............................................................................................ 31
Notes other explanatory notes to the interim condensed consolidated financial statements .................................................................... 33
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 ..................................................................................................................................... 34
Note 2. Property, plant and equipment ...............................................................................................................................................................35
Note 3. Intangible assets and expenditure on development projects ....................................................................................................... 37
Note 4. Goodwill......................................................................................................................................................................................................... 39
Note 5. Investment properties ............................................................................................................................................................................... 39
Note 6. Inventories .................................................................................................................................................................................................... 40
Note 7. Trade and other receivables ..................................................................................................................................................................... 41
Note 8. Other financial assets ................................................................................................................................................................................. 43
Note 9. Prepayments and deferred costs ........................................................................................................................................................... 44
Note 10. Deferred tax................................................................................................................................................................................................ 45
Note 11. Share capital ................................................................................................................................................................................................. 47
Note 12. Provision for retirement and similar benefits..................................................................................................................................... 47
Note 13. Other provisions .........................................................................................................................................................................................48
Note 14. Other liabilities ........................................................................................................................................................................................... 49
Note 15. Deferred income ....................................................................................................................................................................................... 49
Note 16. Information on financial instruments ................................................................................................................................................... 50
Note 17. Sales revenue............................................................................................................................................................................................. 52
Note 18. Operating expenses .................................................................................................................................................................................53
Note 19. Other operating income and expenses ............................................................................................................................................. 54
Note 20. Finance income and costs .................................................................................................................................................................... 55
Note 21. Leases of low-value assets and short-term leases ......................................................................................................................... 56
Note 22. Issuance, redemption and repayment of debt and equity securities ...................................................................................... 56
Note 23. Dividends paid (or declared) and received ...................................................................................................................................... 56
Note 24. Transactions with related entities ....................................................................................................................................................... 56
Note 25. Unpaid loans or defaults on loan agreements in the cases where no corrective measures were adopted
by the balance sheet date ...................................................................................................................................................................................... 58
Note 26. Changes in contingent liabilities or contingent assets which occurred after the end of the last financial year ........ 59
Note 27. Changes in the structure of the Group and Group companies during the reporting period ............................................ 60
5
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 28. Agreements that may result in future changes in the proportions of shares held by shareholders
and bondholders ........................................................................................................................................................................................................ 60
Note 29. Tax settlements ........................................................................................................................................................................................ 63
Note 30. Explanations to the condensed consolidated statement of cash flows.................................................................................. 64
Note 31. Cash flows and non-monetary changes resulting from changes in liabilities in financing activities ............................... 66
Note 32. Post-balance sheet date events ........................................................................................................................................................... 67
Interim condensed separate financial statements of CD PROJEKT S.A. ............................................................................................................... 68
Interim condensed separate income statement...................................................................................................................................................... 69
Interim condensed separate statement of comprehensive income ................................................................................................................. 69
Interim condensed separate statement of financial position .............................................................................................................................. 70
Interim condensed separate statement of changes in equity............................................................................................................................. 72
Interim condensed separate statement of cash flows .......................................................................................................................................... 75
Assumption of comparability of the financial statements and changes in the accounting policies ........................................................ 77
Changes in the accounting policies ...................................................................................................................................................................... 77
Presentation changes ................................................................................................................................................................................................ 77
Notes to the separate financial statements of CD PROJEKT S.A. ..................................................................................................................... 78
A. Deferred tax ............................................................................................................................................................................................................ 78
B. Other provisions .................................................................................................................................................................................................... 80
C. Goodwill ................................................................................................................................................................................................................... 80
D. Business combinations ....................................................................................................................................................................................... 80
E. Dividends paid (or declared) and received ................................................................................................................................................... 80
F. Trade and other receivables ...............................................................................................................................................................................81
G. Information on financial instruments ...............................................................................................................................................................83
H. Transactions with related entities ................................................................................................................................................................... 86
Statement of the Management Board of the Parent Company .......................................................................................................................... 87
Approval of the financial statements .......................................................................................................................................................................... 88
Key financial data of
the CD PROJEKT Group
1
7
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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
30.06.2025
Sales revenue 443 039 424 683
Sales of products 17 339 007 342 829
Sales of services 17 1 169 1 572
Sales of goods for resale and materials 17 102 863 80 282
Cost of sales of products, services, goods for resale and materials 99 258 112 845
Costs of products and services sold 18 24 140 53 682
Cost of goods for resale and materials sold 18 75 118 59 163
Gross profit/(loss) on sales 343 781 311 838
Selling expenses 18 77 797 60 875
Administrative expenses, including: 18 102 306 117 834
costs of research projects 18 17 878 45 918
Other operating income 19 8 275 10 525
Other operating expenses 19 3 743 3 429
(Impairment)/reversal of impairment
of financial instruments
(148) (2)
Operating profit/(loss) 168 062 140 223
Finance income 20 76 188 43 465
Finance costs 20 43 156 8 831
Profit/(loss) before tax 201 094 174 857
Income tax 10 46 138 4 851
Net profit/(loss) 154 956 170 006
Net profit/(loss) attributable to owners of CD PROJEKT S.A. 154 956 170 006
Net earnings/(loss) per share (in PLN)
Basic for the financial period 1.55 1.70
Diluted for the financial period 1.54 1.70
* restated data
Interim condensed consolidated statement
of comprehensive income
01.01.2025
30.06.2025
01.01.2024
30.06.2024
Net profit/(loss) 154 956 170 006
Other comprehensive income subject to reclassification to gains or losses after
specific conditions have been met
(3 539) 439
Foreign exchange differences on measurement of foreign operations (5 157) 762
Measurement of derivative financial instruments - fair value through other
comprehensive income, taking into account the tax effect
1 618 (323)
Other comprehensive income not subject to reclassification to gains or losses - -
Total comprehensive income 151 417 170 445
Total comprehensive income attributable to non-controlling interests - -
Total comprehensive income attributable to owners of CD PROJEKT S.A. 151 417 170 445
8
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 30.06.2025 31.12.2024*
NON-CURRENT ASSETS 1 841 892 1 574 164
Property, plant and equipment 2 303 117 262 913
Intangible assets 3 68 317 69 305
Expenditure on development projects 3 897 726 695 421
Investment properties 5 31 004 31 670
Goodwill 3,4 88 899 56 438
Shares in non-consolidated subordinated entities 16 10 504 39 453
Prepayments and deferred costs 9 23 558 24 431
Other financial assets 8,16 321 129 292 137
Deferred tax assets 10 97 239 101 989
Other receivables 7,16 399 407
CURRENT ASSETS 1 352 307 1 468 260
Inventories 6 4 642 1 802
Trade receivables 7,16 90 967 167 628
Current income tax receivables - 15 211
Other receivables 7 106 527 69 721
Prepayments and deferred costs 9 23 097 25 868
Other financial assets 8,16 569 271 540 620
Bank deposits over 3 months 16 410 829 522 524
Cash and cash equivalents 16 146 974 124 886
TOTAL ASSETS
3 194 199 3 042 424
* restated data
9
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 30.06.2025 31.12.2024
EQUITY 2 877 876 2 800 667
Equity of the shareholders of CD PROJEKT S.A. 2 877 876 2 800 667
Share capital 11,22 99 911 99 911
Supplementary capital 2 400 607 2 069 034
Share premium 116 700 116 700
Other reserves 110 598 49 017
Foreign exchange differences on translation (4 726) 431
Retained earnings/(Accumulated losses) (170) (4 300)
Net profit/(loss) for the period 154 956 469 874
Non-controlling interests - -
NON-CURRENT LIABILITIES 26 207 22 574
Other financial liabilities 16 21 414 17 706
Other liabilities 14 2 154 2 274
Deferred tax provisions 10 - 67
Deferred income 15 1 777 1 665
Provision for retirement and similar benefits 12 862 862
CURRENT LIABILITIES 290 116 219 183
Other financial liabilities 16 6 729 12 408
Trade payables 16 62 122 74 733
Current income tax liabilities 6 929 782
Other liabilities 14 110 514 12 924
Deferred income 15 29 776 15 175
Provision for retirement and similar benefits 12 13 319 8 740
Other provisions 13 60 727 94 421
TOTAL EQUITY AND LIABILITIES 3 194 199 3 042 424
10
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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
Share
capital
Supplementary
capital
Share
premium
Other
reserves
Foreign
exchange
differences
on
translation
Retained
earnings/
(Accumulated
losses)
Net profit
(loss) for the
period
Equity of the
shareholders of
CD PROJEKT
S.A.
Non-controlling
interests
Total equity
01.01.2025 30.06.2025
Equity as at 01.01.2025 99 911 2 069 034 116 700 49 017 431 465 574 - 2 800 667 - 2 800 667
Costs of the
incentive plan
- - - 19 643 - - - 19 643 - 19 643
Creation of other
reserves for the
purchase of
Treasury shares
- (40 320) - 40 320 - - - - - -
Retained earnings/
(Accumulated
losses) of the
acquired entity
- - - - - 6 060 - 6 060 - 6 060
Payment of dividend - - - - - (99 911) - (99 911) - (99 911)
Appropriation of the
net profit/offset of
loss
- 371 893 - - - (371 893) - - - -
Total
comprehensive
income
- - - 1 618 (5 157) - 154 956 151 417 - 151 417
Equity as at
30.06.2025
99 911 2 400 607 116 700 110 598 (4 726) (170) 154 956 2 877 876 - 2 877 876
11
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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
Foreign
exchange
differences
on
translation
Retained
earnings/
(Accumulated
losses)
Net profit
(loss) for the
period
Equity of the
shareholders of
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
12
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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
Foreign
exchange
differences
on
translation
Retained
earnings/
(Accumulated
losses)
Net profit
(loss) for the
period
Equity of the
shareholders of
CD PROJEKT
S.A.
Non-controlling
interests
Total equity
01.01.2024 30.06.2024
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
- - - 10 597 - - - 10 597 - 10 597
Payment of dividend - - - - - (99 911) - (99 911) - (99 911)
Appropriation of the
net profit/offset of
loss
- 354 430 - - - (354 430) - - - -
Total
comprehensive
income
- - - (323) 762 - 170 006 170 445 - 170 445
Equity as at
30.06.2024
99 911 2 069 034 116 700 33 443 (440) (4 300) 170 006 2 484 354 - 2 484 354
13
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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
30.06.2025
01.01.2024
30.06.2024
OPERATING ACTIVITIES
Net profit/(loss) 154 956 170 006
Total adjustments: 30 61 402 102 248
Depreciation and amortization of property, plant and equipment, intangible
assets, expenditure on development projects and investment properties
5 563 7 082
Amortization of development projects recognized as cost of sales 27 673 52 735
Foreign exchange (gains)/losses 29 428 (8 176)
Interest and shares in profits (35 991) (33 912)
(Gains)/losses on investing activities (30 636) 5 849
Increase/(Decrease) in provisions (29 062) (28 755)
(Increase)/Decrease in inventories (2 840) 257
(Increase)/Decrease in receivables 56 028 106 779
Increase/(Decrease) in liabilities, excluding loans and borrowings 2 221 (17 008)
Changes in other assets and liabilities 18 237 5 177
Other adjustments 20 781 12 220
Cash from operating activities 216 358 272 254
Income tax expense 38 762 966
Withholding tax paid abroad 7 376 3 885
Income tax (paid)/refunded (12 785) (26 176)
Net cash from operating activities 249 711 250 929
14
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note
01.01.2025
30.06.2025
01.01.2024
30.06.2024
INVESTING ACTIVITIES
Inflows 757 902 491 746
Sale of intangible assets and property, plant and equipment 201 167
Repayment of loans granted - 292
Expiry of bank deposits over 3 months 538 383 425 613
Redemption of bonds 183 067 29 353
Interest on bonds 8 086 7 536
Interest on deposits 17 348 15 865
Inflows from execution of forward contracts 10 817 12 784
Other inflows from investing activities - 136
Outflows 982 956 669 775
Acquisition of intangible assets and property, plant and equipment 60 187 36 731
Expenditure on development projects 241 990 107 139
Expenditure on intangible assets - 211
Acquisition of investment properties and capitalization of expenditure 3 569 11
Purchase of shares in a subsidiary - 3 170
Placement of bank deposits over 3 months 436 384 426 313
Purchase of bonds and cost of their purchase 240 826 96 200
Net cash from investing activities (225 054) (178 029)
FINANCING ACTIVITIES
Inflows 15 9
Settlement of lease receivables 13 7
Interest received 2 2
Outflows 2 584 101 983
Dividends and other distributions to shareholders - 99 911
Payment of lease liabilities 2 253 1 662
Interest paid 331 410
Net cash from financing activities 31 (2 569) (101 974)
Net increase/(decrease) in cash and cash equivalents 22 088 (29 074)
Changes in cash and cash equivalents in the balance sheet 22 088 (29 074)
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 146 974 148 980
Explanatory notes to the interim
condensed consolidated
financial statements
2
16
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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, Warsaw 03-301
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.
Consolidation policies
Consolidated companies
As at 30.06.2025 % 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
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.
17
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Subsidiaries
Subsidiaries are all and any entities over which the Group has control which manifests itself by, simultaneously:
having power, consisting 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.
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 30 June 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.
18
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Compliance with the International Financial Reporting
Standards
These interim condensed consolidated financial statements have been prepared in accordance with International Accounting
Standard No. 34 Interim Financial Reporting and in accordance with the relevant International Financial Reporting Standards (IFRS)
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 30 June 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.
Standards published and endorsed by the EU, which are not yet effective and their impact on the
Group’s financial statements
The Management Board has analysed the impact of the application of the new standards on future financial statements. When
approving these financial statements, the Group did not apply the following standards, amendments and interpretations which have
been published and endorsed by the EU, but are not yet effective:
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 does not expect a material impact of the introduction of the amendments on the accounting policies adopted by the
Group with regard to the Group’s operations or its financial results.
Standards and interpretations adopted by the IASB but not yet endorsed by the EU
When approving these financial statements, the Group did not apply the following standards, amendments and interpretations
which have not yet been endorsed by the EU:
IFRS 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 19 Subsidiaries without Public Accountability: Disclosures - applicable to reporting periods beginning on
or after 1 January 2027.
The Group is analysing the estimated impact of the standards and amendments listed above on the Group’s financial statements.
19
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Functional currency and presentation currency
Functional currency and presentation currency
The 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 changes in the accounting policies
Changes in the accounting policies
The accounting policies applied in these interim condensed 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 changes in the accounting policies and 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.
As from 1 January 2025, the Parent Company changed the method of measurement of inventory issues. The previously used
weighted average method was replaced with the FIFO (First In, First Out) cost formula. Inventory issues are measured based on the
prices (costs) of those inventory items which the entity purchased or manufactured at the earliest.
The Company analysed the effect of the change of the inventory measurement method on the financial statements and due to
the differences being immaterial decided not to restate the comparative data, by using a prospective approach.
Presentation changes
In these interim condensed consolidated financial statements for the period from 1 January to 30 June 2025, changes were
introduced in the presentation of selected financial data. In order to ensure the 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 adjustments:
In the statement of financial position as at 31 December 2024, the presentation of some of the Group’s buildings and structures
was changed. As a result of the above adjustment, the following items changed:
- Property, plant and equipment a decrease of PLN 65 thousand;
- Investment properties an increase of PLN 65 thousand.
The change did not affect the Net profit or loss and Equity.
In the income statement for the period from 1 January to 30 June 2024, the presentation of operating income and expenses
was changed. As a result of the above adjustment, the following items changed:
- Sales revenue a decrease of PLN 129 thousand;
- Other operating income an increase of PLN 129 thousand;
- Costs of products and services solda decrease of PLN 202 thousand;
- Other operating expenses an increase of PLN 202 thousand.
The change did not affect the Net profit or loss and Equity.
20
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
In the income statement for the period from 1 January to 30 June 2024, as a result of the analysis of the costs of research
projects, the Group introduced a presentational change. As a result of the above adjustment, the following items changed:
- Costs of products and services solda decrease of PLN 11 800 thousand;
- Administrative expensesan increase of PLN 11 800 thousand.
The change is of a purely presentational nature and did not affect the Net profit or loss and Equity.
Seasonality or cyclicality of the Group’s operations
A detailed description of seasonality and cyclicality of the operations is presented in the Management Board Report on the
CD PROJEKT Group’s activities for the period from 1 January to 30 June 2025.
Audit by the registered auditor
The financial data presented in the statement of financial position as at 30 June 2025 and the financial data presented in the income
statement, statement of cash flows and statement of changes in equity for the period from 1 January to 30 June 2025 and from
1 January to 30 June 2024 was not audited by the registered auditor. The data for the periods referred to above was reviewed by
the registered auditor. The statement of financial position as at 31 December 2024 was audited by the registered auditor.
Notes operating segments of
the CD PROJEKT Group
3
22
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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.
23
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 30.06.2025
Sales revenue 355 442 94 304 (6 707) 443 039
from external customers 348 807 94 232 - 443 039
between segments 6 635 72 (6 707) -
Amortization and depreciation 4 698 1 223 (358) 5 563
Interest income 35 627 693 - 36 320
Interest expense 347 35 (34) 348
Net profit/(loss) of the segment 155 835 (806) (73) 154 956
Continuing operations
Consolidation eliminations Total continuing operations
CD PROJEKT RED GOG.COM
01.01.2024 30.06.2024*
Sales revenue 344 817 87 669 (7 803) 424 683
from external customers 337 014 87 669 - 424 683
between segments 7 803 - (7 803) -
Amortization and depreciation 6 631 844 (393) 7 082
Interest income 33 669 651 - 34 320
Interest expense 422 266 (60) 628
Net profit/(loss) of the segment 168 831 1 031 144 170 006
* restated data
24
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 30.06.2025
Domestic sales 15 795 7 496 (6 707) 16 584 3.7%
Export sales, including: 339 647 86 808 - 426 455 96.3%
Europe 54 527 38 566 - 93 093 21.0%
North America 256 414 38 141 - 294 555 66.5%
South America - 2 735 - 2 735 0.6%
Asia 27 427 4 009 - 31 436 7.1%
Australia 1 279 3 064 - 4 343 1.0%
Africa - 293 - 293 0.1%
Total 355 442 94 304 (6 707) 443 039 100%
Continuing operations
Consolidation
eliminations
Total continuing operations
CD PROJEKT RED GOG.COM in PLN in %
01.01.2024 30.06.2024*
Domestic sales 14 177 7 139 (7 803) 13 513 3.2%
Export sales, including: 330 640 80 530 - 411 170 96.8%
Europe 43 924 37 518 - 81 442 19.2%
North America 262 988 34 601 - 297 589 70.0%
South America - 2 149 - 2 149 0.5%
Asia 22 997 2 911 - 25 908 6.1%
Australia 731 3 101 - 3 832 0.9%
Africa - 250 - 250 0.1%
Total 344 817 87 669 (7 803) 424 683 100%
* restated data
** 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.
25
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 30.06.2025
Own production 336 075 - 2 932 339 007
Third party production 18 946 93 484 (9 567) 102 863
Other revenue 421 820 (72) 1 169
Total 355 442 94 304 (6 707) 443 039
Continuing operations
Consolidation eliminations Total continuing operations
CD PROJEKT RED GOG.COM
01.01.2024 30.06.2024*
Own production 339 667 - 3 162 342 829
Third party production 3 792 87 363 (10 873) 80 282
Other revenue 1 358 306 (92) 1 572
Total 344 817 87 669 (7 803) 424 683
* restated data
26
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 30.06.2025
Games - box issues 34 581 - - 34 581
Games - digital issues 311 061 93 484 (6 636) 397 909
Other revenue 9 800 820 (71) 10 549
Total 355 442 94 304 (6 707) 443 039
Continuing operations
Consolidation eliminations Total continuing operations
CD PROJEKT RED GOG.COM
01.01.2024 30.06.2024*
Games - box issues 21 072 - - 21 072
Games - digital issues 301 586 87 363 (7 711) 381 238
Other revenue 22 159 306 (92) 22 373
Total 344 817 87 669 (7 803) 424 683
* restated data
27
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 30.06.2025
CD PROJEKT RED GOG.COM Consolidation eliminations Total
Sales revenue 355 442 94 304 (6 707) 443 039
Sales of products 336 075 - 2 932 339 007
Sales of services 421 820 (72) 1 169
Sales of goods for resale and materials 18 946 93 484 (9 567) 102 863
Cost of sales of products, services, goods for resale and materials 37 996 67 924 (6 662) 99 258
Costs of products and services sold 24 169 - (29) 24 140
Cost of goods for resale and materials sold 13 827 67 924 (6 633) 75 118
Gross profit/(loss) on sales 317 446 26 380 (45) 343 781
Selling expenses 58 675 19 095 27 77 797
Administrative expenses, including: 96 329 6 005 (28) 102 306
costs of research projects 17 878 - - 17 878
Other operating income 8 667 201 (593) 8 275
Other operating expenses 3 829 471 (557) 3 743
(Impairment)/reversal of impairment
of financial instruments
(148) - - (148)
Operating profit/(loss) 167 132 1 010 (80) 168 062
Finance income 75 026 1 162 - 76 188
Finance costs 40 295 2 895 (34) 43 156
Profit/(loss) before tax 201 863 (723) (46) 201 094
Income tax 46 028 83 27 46 138
Net profit/(loss) 155 835 (806) (73) 154 956
Net profit/(loss) attributable to the parent company 155 835 (806) (73) 154 956
28
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 30.06.2024*
CD PROJEKT RED GOG.COM Consolidation eliminations Total
Sales revenue 344 817 87 669 (7 803) 424 683
Sales of products 339 667 - 3 162 342 829
Sales of services 1 358 306 (92) 1 572
Sales of goods for resale and materials 3 792 87 363 (10 873) 80 282
Cost of sales of products, services, goods for resale and materials 57 026 63 535 (7 716) 112 845
Costs of products and services sold 53 687 - (5) 53 682
Cost of goods for resale and materials sold 3 339 63 535 (7 711) 59 163
Gross profit/(loss) on sales 287 791 24 134 (87) 311 838
Selling expenses 41 077 19 858 (60) 60 875
Administrative expenses, including: 113 014 4 865 (45) 117 834
costs of research projects 45 918 - - 45 918
Other operating income 9 120 2 081 (676) 10 525
Other operating expenses 3 654 520 (745) 3 429
(Impairment)/reversal of impairment
of financial instruments
(2) - - (2)
Operating profit/(loss) 139 164 972 87 140 223
Finance income 39 944 3 521 - 43 465
Finance costs 5 680 3 211 (60) 8 831
Profit/(loss) before tax 173 428 1 282 147 174 857
Income tax 4 597 251 3 4 851
Net profit/(loss) 168 831 1 031 144 170 006
Net profit/(loss) attributable to the parent company 168 831 1 031 144 170 006
* restated data
29
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 30.06.2025
CD PROJEKT RED GOG.COM Consolidation eliminations Total
NON-CURRENT ASSETS 1 828 414 30 371 (16 893) 1 841 892
Property, plant and equipment 302 222 1 474 (579) 303 117
Intangible assets 64 889 3 714 (286) 68 317
Expenditure on development projects 895 109 2 372 245 897 726
Investment properties 31 004 - - 31 004
Goodwill 88 899 - - 88 899
Investments in subordinated entities 16 247 - (16 247) -
Shares in non-consolidated subordinated entities 10 504 - - 10 504
Prepayments and deferred costs 3 465 20 093 - 23 558
Other financial assets 321 129 - - 321 129
Deferred tax assets 94 547 2 718 (26) 97 239
Other receivables 399 - - 399
CURRENT ASSETS 1 295 104 60 356 (3 153) 1 352 307
Inventories 4 642 - - 4 642
Trade receivables 89 117 5 003 (3 153) 90 967
Other receivables 106 474 53 - 106 527
Prepayments and deferred costs 13 260 9 837 - 23 097
Other financial assets 569 271 - - 569 271
Bank deposits over 3 months 410 829 - - 410 829
Cash and cash equivalents 101 511 45 463 - 146 974
TOTAL ASSETS 3 123 518 90 727 (20 046) 3 194 199
30
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 2 844 022 50 167 (16 313) 2 877 876
Equity of the shareholders of CD PROJEKT S.A. 2 844 022 50 167 (16 313) 2 877 876
Share capital 99 911 136 (136) 99 911
Supplementary capital 2 356 487 49 635 (5 515) 2 400 607
Share premium 116 700 - - 116 700
Other reserves 111 611 1 546 (2 559) 110 598
Foreign exchange differences on translation (5 675) (65) 1 014 (4 726)
Retained earnings / (Accumulated losses) 9 153 (279) (9 044) (170)
Net profit (loss) for the period 155 835 (806) (73) 154 956
Non-controlling interests - - - -
NON-CURRENT LIABILITIES 26 172 35 - 26 207
Other financial liabilities 21 414 - - 21 414
Other liabilities 2 154 - - 2 154
Deferred income 1 777 - - 1 777
Provision for retirement and similar benefits 827 35 - 862
CURRENT LIABILITIES 253 324 40 525 (3 733) 290 116
Other financial liabilities 6 425 974 (670) 6 729
Trade payables 37 463 27 703 (3 044) 62 122
Current income tax liabilities 6 743 186 - 6 929
Other liabilities 106 807 3 707 - 110 514
Deferred income 23 239 6 537 - 29 776
Provision for retirement and similar benefits 12 815 504 - 13 319
Other provisions 59 832 914 (19) 60 727
TOTAL EQUITY AND LIABILITIES 3 123 518 90 727 (20 046) 3 194 199
31
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 receivables 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
32
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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
Notes other explanatory notes
to the interim condensed
consolidated financial statements
4
34
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 equity as at 31 December 2024.
On 1 April 2025, The Molasses Flood LLC was combined, as the acquiree, with its sole shareholder - CD PROJEKT RED Inc., as the
acquirer. The main items of the interim condensed consolidated financial statements which changed as a result of the combination
are:
Property, plant and equipment - an increase of PLN 8 637 thousand;
Goodwill - an increase of PLN 32 461 thousand;
Shares in non-consolidated subordinated entities - a decrease of PLN 29 135 thousand;
Retained earnings/(Accumulated losses) - an increase of PLN 6 060 thousand;
Lease liabilities - an increase of PLN 3 356 thousand.
35
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 30.06.2025
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: - 17 384 132 15 025 20 545 33 562 66 668
purchase - - - 6 556 20 536 33 562 40 674
lease contracts
concluded
- 4 491 - - - - - 4 491
transfer from assets
under construction
- 5 185 132 2 634 - 9 - 7 960
business
combinations
- 7 708 - 5 835 - - - 13 543
Decrease due to: - 11 619 163 1 831 650 21 8 077 22 361
sale - - 13 775 - 15 - 803
scrapping - 2 436 150 380 - 6 - 2 972
transfer from assets
under construction
- - - - - - 7 960 7 960
lease contracts
terminated
- - - - 597 - - 597
transfer from
investment
properties
- - - 50 - - - 50
lease contracts
expired
- 7 798 - - - - - 7 798
other - 1 385 - 626 53 - 117 2 181
Gross carrying amount
as at 30.06.2025
41 859 114 250 3 806 110 387 3 168 8 496 140 905 422 871
Accumulated
depreciation
as at 01.01.2025*
2 987 36 778 781 64 331 1 931 5 034 - 111 842
Increase due to: 293 7 210 101 8 122 274 362 - 16 362
depreciation charge 293 4 562 101 5 863 256 362 - 11 437
business
combinations
- 2 648 - 2 258 - - - 4 906
other - - - 1 18 - - 19
Decrease due to: - 8 797 94 1 331 124 21 - 10 367
sale - - 10 774 - 15 - 799
scrapping - 544 84 350 - 6 - 984
lease contracts
terminated
- - - - 119 - - 119
lease contracts
expired
- 7 798 - - - - - 7 798
transfer from
investment
properties
- - - 13 - - - 13
other - 455 - 194 5 - - 654
Accumulated
depreciation
as at 30.06.2025
3 280 35 191 788 71 122 2 081 5 375 - 117 837
36
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Impairment write-
downs
as at 01.01.2025*
116 3 446 247 - - - - 3 809
Increase - - - - - - - -
Decrease due to: - 1 892 - - - - - 1 892
reversal of
impairment write-
downs
- 1 892 - - - - - 1 892
Impairment write-
downs
as at 30.06.2025
116 1 554 247 - - - - 1 917
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 30.06.2025
38 463 77 505 2 771 39 265 1 087 3 121 140 905 303 117
* restated data
Amounts of contractual commitments to purchase property, plant and equipment in the future
30.06.2025 31.12.2024
Construction of facilities on the CD PROJEKT campus 25 667 24 518
Leasing of passenger cars - 120
Leasing of buildings - 247
Total 25 667 24 885
Right-of-use assets relating to property, plant and equipment
30.06.2025
Gross amount
Accumulated
depreciation
Net amount
Land 15 964 1 226 14 738
Real properties 13 533 4 438 9 095
Vehicles 189 120 69
Total 29 686 5 784 23 902
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
37
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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
30.06.2025
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: 230 501
10 547
4 431
367
-
1 090
32 461
54
279 451
purchase -
-
-
367
-
731
-
54
1 152
assets internally
generated
230 501
-
-
-
-
-
-
-
230 501
transfer from
intangible assets
under construction
-
-
-
-
-
301
-
-
301
reclassification
from expenditure
on development
projects in
progress
-
10 547
-
-
-
-
-
-
10 547
business
combinations
-
-
4 431
-
-
58
32 461
-
36 950
Decrease due to: 10 547
-
259
-
-
44
-
301
11 151
transfer from
intangible assets
under construction
-
-
-
-
-
-
-
301
301
reclassification
from expenditure
on development
projects in
progress
10 547
-
-
-
-
-
-
-
10 547
other -
-
259
-
-
44
-
-
303
Gross carrying
amount as at
30.06.2025
718 129
1 216 271
37 394
7 390
18 728
55 686
88 899
-
2 142 497
Accumulated
amortization as at
01.01.2025
-
994 702
-
6 144
1 146
37 265
-
-
1 039 257
Increase due to: -
28 196
1 999
410
178
1 848
-
-
32 631
amortization
charge
-
28 196
41
410
178
1 790
-
-
30 615
business
combinations
-
-
1 958
-
-
58
-
-
2 016
Decrease due to: -
-
117
-
-
9
-
-
126
other -
-
117
-
-
9
-
-
126
Accumulated
amortization as at
30.06.2025
-
1 022 898
1 882
6 554
1 324
39 104
-
-
1 071 762
38
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Impairment write-
downs
as at 01.01.2025
-
13 776
-
-
-
-
-
-
13 776
Increase due to: -
-
2 143
-
-
-
-
-
2 143
business
combinations
-
-
2 143
-
-
-
-
-
2 143
Decrease due to: -
-
126
-
-
-
-
-
126
other -
-
126
-
-
-
-
-
126
Impairment write-
downs
as at 30.06.2025
-
13 776
2 017
-
-
-
-
-
15 793
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 30.06.2025
718 129
179 597
33 495
836
17 404
16 582
88 899
-
1 054 942
39
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 4. Goodwill
Goodwill recognized in business combinations and acquisitions
CD Projekt Red
sp. z o.o.
Strange New
Things business
The Molasses
Flood LLC
Total
Gross carrying amount
as at 01.01.2025
46 417 10 021 - 56 438
Increase in gross amount due to
business combinations
- - 32 461 32 461
Gross carrying amount
as at 30.06.2025
46 417 10 021 32 461 88 899
Impairment write-downs
as at 01.01.2025
- - - -
Impairment write-downs
as at 30.06.2025
- - - -
Net carrying amount
as at 01.01.2025
46 417 10 021 - 56 438
Net carrying amount
as at 30.06.2025
46 417 10 021 32 461 88 899
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.
40
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Changes in investment properties for the period 01.01.2025 30.06.2025
Gross carrying amount as at 01.01.2025 40 024
Increase due to: 119
purchase of properties 69
reclassification of expenditures from property, plant and equipment after commissioning
of the investment property
50
Decrease -
Gross carrying amount as at 30.06.2025 40 143
Accumulated depreciation as at 01.01.2025* 7 549
Increase due to: 785
depreciation charge 772
reclassification of expenditures from property, plant and equipment after commissioning
of the investment property
13
Decrease -
Accumulated depreciation as at 30.06.2025 8 334
Impairment write-downs as at 01.01.2025 805
Increase -
Decrease -
Impairment write-downs as at 30.06.2025 805
Net carrying amount as at 30.06.2025 31 004
* restated data
Amounts of contractual liabilities in respect of purchase of investment properties
30.06.2025 31.12.2024
Purchase of properties 31 500 -
Total 31 500 -
Note 6. Inventories
30.06.2025 31.12.2024
Goods for resale 4 943 2 119
Other materials - 3
Gross inventories 4 943 2 122
Inventory write-downs 301 320
Net inventories 4 642 1 802
Changes in inventory write-downs
Write-downs of goods for resale as at 01.01.2025 320
Increase -
Decrease, including: 19
utilization of write-downs 19
Write-downs of goods for resale as at 30.06.2025 301
41
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 7. Trade and other receivables
30.06.2025 31.12.2024
Trade and other receivables, gross 198 152 237 873
Write-downs 259 117
Trade and other receivables, net 197 893 237 756
from related entities 3 001 2 015
from other entities 194 892 235 741
Change in write-downs of receivables
Trade
receivables
Other
receivables
Total
OTHER ENTITIES
Write-downs as at 01.01.2025 117 - 117
Increase, including: 156 - 156
recognition of write-downs of overdue and disputed receivables 156 - 156
Decrease, including: 14 - 14
reversal of write-downs 14 - 14
Write-downs as at 30.06.2025 259 - 259
42
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 30.06.2025
Total Not overdue
Overdue, in days
1 60 61 90 91 180 181 360 >360
RELATED ENTITIES
gross receivables 2 727 2 727 - - - - -
default ratio 0% 0% 0% 0% 0% 0%
write-down resulting from
the ratio
- - - - - - -
write-down determined
individually
- - - - - - -
total expected credit losses - - - - - - -
Net receivables 2 727 2 727 - - - - -
Total Not overdue
Overdue, in days
1 60 61 90 91 180 181 360 >360
OTHER ENTITIES
gross receivables 88 499 87 057 885 334 112 39 72
default ratio 0% 0% 0% 0% 0% 0%
write-down resulting from
the ratio
- - - - - - -
write-down determined
individually
259 45 111 - - 31 72
total expected credit losses 259 45 111 - - 31 72
Net receivables 88 240 87 012 774 334 112 8 -
Total
gross receivables 91 226 89 784 885 334 112 39 72
impairment write-downs 259 45 111 - - 31 72
Net receivables 90 967 89 739 774 334 112 8 -
43
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Other receivables
30.06.2025 31.12.2024
Other gross receivables, including: 106 926 70 128
tax receivables other than corporate income tax 51 237 53 795
prepayments for inventories 25 318 6 276
prepayments for development projects 21 786 8 185
prepayments for property, plant and equipment
and intangible assets
3 844 229
prepayments for investment properties 3 500 -
security deposits 1 168 688
settlements with employees 40 17
settlements with suppliers of property, plant and equipment items - 664
settlements with payment operators - 253
other 33 21
Write-downs - -
Other net receivables, including: 106 926 70 128
current 106 527 69 721
non-current 399 407
Note 8. Other financial assets
30.06.2025 31.12.2024
Loans granted - 2 748
Bonds 868 969 824 624
Derivative financial instruments 16 880 405
Private equity interests in the gaming sector 4 551 4 980
Other financial assets, including: 890 400 832 757
current 569 271 540 620
non-current 321 129 292 137
44
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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
30.06.2025 31.12.2024
Minimum guarantees, advance payments, GOG.COM prepayments
and other settlements with publishers
29 103 34 890
Software, licences 10 877 9 615
Property and personal insurance 1 708 1 370
Costs of future marketing services 1 256 1 322
Fees for pre-emptive rights 1 004 1 058
Costs of IT security resources 517 407
Business travel (tickets, hotels, insurance) 467 245
Costs of repairs and maintenance 351 495
Fees for perpetual usufruct of land 153 -
Domains, servers 10 38
Other prepayments and deferred costs 1 209 859
Prepayments and deferred costs, including: 46 655 50 299
current 23 097 25 868
non-current 23 558 24 431
45
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 10. Deferred tax
Deductible temporary differences underlying the deferred tax assets
31.12.2024
Differences affecting
the deferred tax
recognized in the
profit or loss
30.06.2025
Provision for other employee benefits 5 226 (358) 4 868
Provision for costs of performance-related and other
remuneration
52 804 (37 764) 15 040
Tax loss 588 6 215 6 803
Foreign exchange losses 21 338 42 780 64 118
Difference between the carrying amounts and tax
amounts of expenditure on development projects
21 681 (1 764) 19 917
Salaries and wages and social security payable
in future periods
27 31 58
Deferred income in respect of virtual wallet top-ups
and fringe benefit scheme
4 591 364 4 955
Other provisions 41 728 4 230 45 958
Research and development relief 508 869 (24 551) 484 318
Tax base of non-current assets leased 18 421 1 380 19 801
Prepayments recognized as revenue for tax
purposes
4 194 10 614 14 808
Difference between the net carrying amounts and
tax bases of property, plant and equipment and
intangible assets
12 - 12
Measurement of forward contracts - 304 304
Write-off of minimum guarantees 5 993 (65) 5 928
Total deductible temporary differences, including: 685 472 1 416 686 888
taxed at 5% 94 011 49 672 143 683
taxed at 19% 590 749 (55 730) 535 019
deferred tax charged abroad 712 7 474 8 186
Deferred tax assets 117 118 (5 365) 111 753
46
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 provisions
31.12.2024*
Differences affecting
the deferred tax
recognized in the
profit or loss
30.06.2025
Difference between the net carrying amounts and
tax amounts of property, plant and equipment and
intangible assets
17 871 13 947 31 818
Current period revenue invoiced in the subsequent
period/accrued income
163 559 (80 550) 83 009
Foreign exchange gains 1 128 1 373 2 501
Measurement of forward contracts 96 (96) -
Difference between the carrying amounts and tax
amounts of expenditure on development projects
34 661 25 837 60 498
Carrying amount of leased non-current assets 18 291 551 18 842
Goodwill - 868 868
Other 1 077 13 1 090
Total taxable temporary differences, including: 236 683 (38 057) 198 626
taxed at 5% 212 911 (44 538) 168 373
taxed at 19% 22 673 (3 789) 18 884
deferred tax charged abroad 1 099 10 270 11 369
Deferred tax provisions 15 196 (682) 14 514
* 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 rights (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
30.06.2025 31.12.2024
Deferred tax assets 111 753 117 118
Deferred tax provisions 14 514 15 196
Income tax expense recognized in the income statement
01.01.2025
30.06.2025
01.01.2024
30.06.2024
Current income tax, including: 41 455 17 899
prior year adjustments 21 847 -
withholding tax paid abroad 7 376 3 885
Changes in deferred tax 4 683 (13 048)
Income tax expense recognized in the income statement 46 138 4 851
The high amount of income tax and the effective tax rate of 23.1% in the first half of 2025 was affected by prior year adjustments
totalling PLN 21 847 thousand, resulting primarily from adjustments to the accounting treatment of withholding tax (as a result of an
error in estimating income tax, withholding tax of PLN 11 082 thousand for 2022 and PLN 14 710 thousand for 2023, refunded in
2024, was deducted incorrectly).
47
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 30.06.2025
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 30 June 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
30.06.2025 31.12.2024
Provisions for retirement and disability bonuses 875 875
Holiday pay provisions 13 306 8 727
Total, including: 14 181 9 602
current 13 319 8 740
non-current 862 862
Changes in provisions for retirement and similar benefits
Provisions for
retirement and
disability bonuses
Holiday pay
provisions
Total
As at 01.01.2025 875 8 727 9 602
Provisions recognized during the year - 13 306 13 306
Provisions utilized/released - 8 727 8 727
As at 30.06.2025, including: 875 13 306 14 181
current 13 13 306 13 319
non-current 862 - 862
48
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 13. Other provisions
30.06.2025 31.12.2024
Provision for liabilities, including: 60 727 94 421
provision for costs of performance-related and other remuneration 16 704 57 038
provision for costs of the audit and review of the financial statements 116 145
provisions for costs of external services 29 464 17 300
provision for other costs 14 443 19 938
Total, including: 60 727 94 421
current 60 727 94 421
non-current - -
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 16 656 68 298 84 954
Provisions utilized/released 56 990 61 658 118 648
As at 30.06.2025, including: 16 704 44 023 60 727
current 16 704 44 023 60 727
non-current - - -
49
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 14. Other liabilities
30.06.2025 31.12.2024
Liabilities in respect of other taxes, customs duties, social security and other, with
the exception of corporate income tax
9 968 12 349
VAT 3 418 6 366
Flat-rate withholding tax 231 57
Personal income tax 1 023 2 630
Social security contributions (ZUS) 5 161 3 166
PFRON (State Fund for Rehabilitation of Disabled People) 108 89
PIT-8AR (personal income tax) settlements 27 41
Other liabilities 102 700 2 849
Wages and salaries payable 125 -
Liabilities in respect of pre-emptive rights
and costs of future marketing services
2 260 2 140
Other settlements with employees 19 149
Other settlements with the members of the Management Board 2 11
Prepayments received from foreign customers 136 173
Security deposits received 136 134
Dividend-related settlements 99 911 -
Other liabilities 111 242
Total other liabilities 112 668 15 198
current 110 514 12 924
non-current 2 154 2 274
Current and overdue other liabilities as at 30.06.2025
Total Not overdue
Overdue, in days
1 60 61 90 91 180 181 360 >360
To related entities 2 1 1 - - - -
To other entities 112 666 112 404 59 - - - 203
Total 112 668 112 405 60 - - - 203
Note 15. Deferred income
30.06.2025 31.12.2024
Subsidies 2 227 2 296
Sales relating to future periods 23 716 9 122
Virtual wallet (e-wallet, store credit) 5 573 5 374
Rental of company phones and other 37 48
Total deferred income, including: 31 553 16 840
current 29 776 15 175
non-current 1 777 1 665
50
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 16. Information on financial instruments
Fair values of individual classes of financial instruments
The Management Board of the Parent Company analysed individual classes of financial instruments. Based on the analysis, it was
concluded that the carrying amounts of the instruments do not differ from their fair values as at both 30 June 2025 and 31 December
2024.
30.06.2025 31.12.2024
LEVEL 1
Assets measured at fair value
Financial assets measured at fair value
through other comprehensive income
216 085 239 103
bonds issued by or secured with a guarantee
of foreign governments - EUR
22 203 22 106
bonds issued by or secured with a guarantee
of foreign governments - USD
193 882 216 997
LEVEL 2
Assets measured at fair value through profit or loss
Derivative instruments 16 880 405
currency forwards - EUR 424 271
currency forwards - USD 16 456 134
Private equity interests in the gaming sector 4 551 4 980
private equity interests in the gaming sector - SEK 1 085 933
private equity interests in the gaming sector - USD 3 466 4 047
Liabilities measured at fair value through profit or loss
Derivative instruments 824 9 964
currency forwards - EUR 1 37
currency forwards - USD 302 9 620
currency forwards - JPY 521 307
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 and 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.
51
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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
30.06.2025 31.12.2024
Financial assets measured at amortized cost 1 302 053 1 403 714
Other non-current receivables 399 407
Trade receivables 90 967 167 628
Cash and cash equivalents 146 974 124 886
Bank deposits over 3 months 410 829 522 524
State Treasury bonds and bonds guaranteed by the State Treasury 652 884 585 521
Loans granted - 2 748
Financial assets measured at cost 10 504 39 453
Shares in non-consolidated subordinated entities 10 504 39 453
Financial assets measured at fair value
through other comprehensive income
216 085 239 103
Bonds issued by or secured with a guarantee of foreign governments 216 085 239 103
Financial assets measured at fair value through profit or loss 21 431 5 385
Derivative financial instruments 16 880 405
Private equity interests in the gaming sector 4 551 4 980
Total financial assets 1 550 073 1 687 655
Financial liabilities classification and measurement
30.06.2025 31.12.2024
Financial liabilities measured at amortized cost 89 441 94 883
Trade payables 62 122 74 733
Other financial liabilities 27 319 20 150
Financial liabilities measured at fair value through profit or loss 824 9 964
Derivative financial instruments 824 9 964
Total financial liabilities 90 265 104 847
In accordance with the requirements of IFRS 9 Financial Instruments, the Parent Company has analysed the business model for
managing financial assets and examined the characteristics of contractual cash flows for each component of the bond portfolio,
and concluded that:
the purpose of investments in domestic and foreign 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 State 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 to 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.
52
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
30.06.2025 31.12.2024
LEVEL 1
Fair value of assets measured at amortized cost 653 806 583 156
State Treasury bonds and bonds guaranteed by the State Treasury 653 806 583 156
Other financial assets and liabilities were classified to Level 3.
With regard to equity interests in other entities, the Group estimates the fair values of the shares held using the method which
consists in forecasting future cash flows generated by a cash generating unit and requires determining a discount rate to be used
to calculate the present value of these cash flows. In justified cases, the Group assumes historical cost as an acceptable
approximation of the fair value.
The Group did not measure the fair values of receivables, trade payables, cash and cash equivalents, bank deposits over 3 months
and loans granted with variable interest rates, because their carrying amounts are considered by the Group to be a reasonable
approximation of their fair values.
There were no movements between the Levels in the fair value hierarchy in the Group in the reporting period or in the comparative
period.
Note 17. Sales revenue
Sales revenue geographical structure**
01.01.2025 30.06.2025 01.01.2024 30.06.2024*
in PLN in % in PLN in %
Domestic sales 16 584 3,7% 13 513 3,2%
Export sales, including: 426 455 96,3% 411 170 96,8%
Europe 93 093 21,0% 81 442 19,2%
North America 294 555 66,5% 297 589 70,0%
South America 2 735 0,6% 2 149 0,5%
Asia 31 436 7,1% 25 908 6,1%
Australia 4 343 1,0% 3 832 0,9%
Africa 293 0,1% 250 0,1%
Total 443 039 100% 424 683 100%
* restated data
** 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.
53
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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
01.01.2025
30.06.2025
Own production 339 007 342 829
Third party production 102 863 80 282
Other revenue 1 169 1 572
Total 443 039 424 683
* restated data
Sales revenue by distribution channel
01.01.2025
30.06.2025
Games - box issues 34 581 21 072
Games - digital issues 397 909 381 238
Other revenue 10 549 22 373
Total 443 039 424 683
* restated data
Note 18. Operating expenses
01.01.2025
30.06.2025
Depreciation and amortization of property, plant and equipment, intangible assets,
expenditure on development projects and investment properties, including:
5 563 7 082
depreciation of leased buildings 1 640 775
depreciation of leased vehicles 87 240
Materials and energy used 1 679 2 195
External services, including: 66 596 63 798
costs of short-term leases and low-value leases 150 245
Taxes and fees 1 061 885
Salaries and wages, social security and other benefits 100 449 102 123
Business travel 1 755 2 225
Costs of using company cars 66 129
Cost of goods for resale and materials sold 75 118 59 163
Costs of products and services sold 24 140 53 682
Other costs 2 934 272
Total 279 361 291 554
Selling expenses, including: 77 797 60 875
costs of product maintenance 9 843 10 887
Administrative expenses, including: 102 306 117 834
costs of research projects 17 878 45 918
Cost of sales 99 258 112 845
Total 279 361 291 554
* restated data
54
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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
30.06.2025
01.01.2024
30.06.2024*
Tax relief for innovative employees 4 904 4 553
Rental income 1 314 1 025
Income from re-invoicing 912 763
Other sales 647 1 617
Subsidies 256 460
Release of provisions for minimum guarantees 94 66
Release of unused provisions for costs 36 13
Remitter’s fees for timely payment of PIT 35 -
Fixed assets and goods for resale received free of charge 16 -
Gains on disposal of non-current assets 7 160
Expired liabilities written off 6 -
Reversal of inventory write-downs - 777
Compensations received - 538
Payments from enforcement officers - 3
Other 48 550
Total other operating income 8 275 10 525
* restated data
Other operating expenses
01.01.2025
30.06.2025
01.01.2024
30.06.2024*
Costs relating to re-invoicing 912 763
Depreciation of investment properties 772 768
Cost of sales of other sales 650 234
Donations and charity 439 186
Cost of rental 398 1 452
Costs of court proceedings 150 -
Scrapping/liquidation of fixed assets and intangible assets 96 -
Loss on disposal of non-current assets 58 -
Costs of destruction of materials and goods for resale 2 9
Irrecoverable receivables 3 4
Other 263 13
Total other operating expenses 3 743 3 429
* restated data
55
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 costs
Finance income
01.01.2025
30.06.2025
01.01.2024
30.06.2024
Interest income 36 320 34 320
on current bank deposits 17 399 15 865
on bonds 18 921 18 334
on loans - 121
Other finance income 39 868 9 145
net foreign exchange gains - 6 275
settlement and measurement of derivative financial instruments 39 740 2 870
measurement of private equity interests in the gaming sector 36 -
other 92 -
Total finance income 76 188 43 465
Finance costs
01.01.2025
30.06.2025
01.01.2024
30.06.2024
Interest expense 348 628
on lease contracts 329 408
on liabilities to the State Treasury 9 214
on trade payables 1 -
other 9 6
Other finance costs 42 808 8 203
net foreign exchange losses 36 509 2 946
settlement and measurement of derivative financial instruments - 4 135
commission and fees on purchase of bonds 140 140
loss on redemption of bonds 6 159 964
measurement of private equity interests in the gaming sector - 18
Total finance costs 43 156 8 831
Net finance income/expense 33 032 34 634
56
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 has concluded lease contracts for office equipment (multifunctional photocopiers, kitchen appliances) and residential
premises which potentially meet the recognition criteria for leases under 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 standard. 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 costs of these leases incurred in the period from 1 January to 30 June 2025 is included in Note 18).
As at 30 June 2025 and 31 December 2024, future payments in respect of irrevocable short-term leases and leases of low-value
assets were as follows:
30.06.2025 31.12.2024
Up to 1 year 190 365
From 1 year to 5 years 314 221
Total 504 586
Note 22. Issuance, redemption and repayment of debt and equity securities
Issuance of debt securities
Not applicable.
Issuance of equity securities
Specification 30.06.2025 31.12.2024
Number of shares in thousands 99 911 99 911
Par value of shares in PLN 1 1
Share capital 99 911 99 911
Note 23. Dividends paid (or declared) and received
On 23 June 2025, the Ordinary Shareholders Meeting of the Parent Company decided to set aside a part of the Parent Company’s
net profit for 2024 for distribution among the shareholders as a dividend. In accordance with the adopted resolution, on 9 July
2025 the Parent Company paid out PLN 99 910 510 in total, i.e. PLN 1 per share. The number of the Parent Company’s shares
carrying the right to the dividend was 99 910 510.
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 the related
entities which belong to the CD PROJEKT Group are verified to determine whether the agreed terms of the transactions are similar
to arm’s length terms, based on the recommendations and methods provided for in the OECD Guidelines as well as in national
legislation.
57
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 Receivables from related entities Liabilities to related entities
01.01.2025
30.06.2025
01.01.2024
30.06.2024*
01.01.2025
30.06.2025
01.01.2024
30.06.2024
30.06.2025 31.12.2024* 30.06.2025 31.12.2024*
SUBSIDIARIES
CD PROJEKT RED
Canada Ltd.
847 653 9 229 8 296 3 001 1 596 2 973 1 758
The Molasses Flood LLC - 741 - 16 071 - 3 167 - 3 278
CD PROJEKT SILVER Inc. - - 618 - - - - -
MEMBERS OF THE MANAGEMENT BOARDS OF THE GROUP COMPANIES, MEMBERS OF THE SUPERVISORY BOARD AND OTHER RELATED ENTITIES
Marcin Iwiński 2 - - - - - - -
Adam Kiciński 3 - - - - - - -
Piotr Nielubowicz 5 1 - - - - - -
Michał Nowakowski 6 1 - - - - 1 10
Adam Badowski 1 - - - - - 1 1
Piotr Karwowski 5 4 - - - - - -
Paweł Zawodny 2 - - - - - - -
Maciej Gołębiewski 1 1 - - - - - -
Karolina Kicińska 173 - - - - - - 173
Maciej Nielubowicz - 1 - - - - - -
OTHER ENTITIES
Other members of
management
28 5 - - 12 10 5 20
* restated data
58
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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.
59
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 30.06.2025 31.12.2024
mBank S.A.
Bill of exchange agreement Framework agreement on financial market transactions PLN 50 000 50 000
Bill of exchange agreement Bank guarantee securing a rental contract PLN 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
Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0110/16 PLN 3 846 3 846
Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0112/16 PLN 3 692 3 692
Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0118/16 PLN 1 358 1 358
Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0120/16 PLN 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
Bank Polska Kasa Opieki Spółka Akcyjna
Bill of exchange agreement Framework agreement on financial market transactions PLN 50 000 50 000
BNP Paribas Bank Polska S.A.
Bill of exchange agreement Framework agreement on financial market transactions
PLN 26 600 26 600
60
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 2025, 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 covered in full with the cash contribution made by the Parent Company. The purpose of
the contribution to the company’s capital was to enable payment of the first tranches of the price for a total of 100 000 shares in
The Molasses Flood LLC the ownership of which, according to the agreements concluded with its minority shareholders on 12 and
18 March 2025, was transferred 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) shares in this company. The intention of the Board of Directors of CD PROJEKT RED Inc. was then to carry
out the process of combination of The Molasses Flood LLC, as the acquire, and its sole shareholder - CD PROJEKT RED Inc., as the
acquirer. The combination was registered on 1 April 2025. CD PROJEKT RED Inc. assumed the rights and obligations of The
Molasses Flood LLC. The combination was carried out in accordance with US law. The combination was aimed at further integrating
the team and work carried out by The Molasses Flood LLC with the development structures and processes functioning within the
CD PROJEKT RED studio, as well as simplifying the Group’s structure.
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 plans for the financial years
2023-2027 were introduced on that date: the Incentive Plan A and the Incentive Plan B. On 23 June 2025, by way of resolution of
the Parent Company’s General Meeting, amendments were made to the resolution introducing the Incentive Plan B, concerning
increasing the number of entitlements which may be granted under the Incentive Plan B.
Incentive Plan A
The Incentive Plan A is addressed to persons who are not members of the Management Board of the Parent Company. The
assumptions are that the entitlements in this plan will be granted in each of the financial years 2023-2027 (i.e. in five phases).
A maximum of 1 500 000 entitlements may be granted under the entire Incentive Plan A, however, the total number of entitlements
granted to participants in this plan and entitlements granted to participants in the Incentive Plan B may not exceed 5 000 000. The
entitlements will be realized alternatively through: (i) offering the participants to subscribe for warrants entitling them to subscribe
for an identical number of shares in the Parent Company issued as part of the conditional share capital increase, or (ii) offering the
participants to purchase from the Parent Company Treasury shares acquired by the Parent Company as part of a buy-back carried
out for this purpose. The realization of the entitlements under the Incentive Plan A will be conditional upon the Parent Company
determining that the loyalty condition (understood as the participants in the Incentive Plan A remaining in a legal relationship with
the Parent Company or its related entity during the vesting period) has been met. The price of taking up or acquiring the Parent
Company’s shares as part of executing entitlements under the 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 88 341 entitlements remain
active.
(ii) as part of Phase 2 of the Incentive Plan A (in 2024), 183 189 entitlements were granted, of which 168 190 entitlements remain
active.
(iii) as part of Phase 3 of the Incentive Plan A (in 2025), 123 186 entitlements were granted, of which 120 979 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%
61
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 9.03.2025 40% 5.2%
Entitlements granted on 16.03.2025 40% 5.4%
Changes in entitlements granted under the Incentive Plan A for the years 20232027 Phases 1, 2
and 3
Specification
01.01.2025 30.06.2025 01.01.2024 31.12.2024
Number of entitlements (in pcs.)
Granted, unrealized as at the beginning of the period 260 660 94 051
Granted during the period 123 186 183 189
Forfeited during the period* 6 336 16 580
Granted, unrealized as at the end of the period 377 510 260 660
* All forfeitures by the date of publication of the financial statements for a given period
Incentive Plan B
The Incentive Plan B is addressed to both persons who are members of the Parent Company’s Management Board and persons
who are not members of the Management Board. The assumptions are that the entitlements in this plan will be granted in each of
the financial years 2023-2027 (i.e. in five phases). According to the amendments made by way of Resolution No. 23 of the
Company’s General Meeting of 23 June 2025, a maximum of 4 100 000 entitlements may be granted under the entire Incentive
Plan B (previously 3 500 000 entitlements), however, the total number of entitlements granted to the participants in this plan and
the entitlements granted to the participants in the Incentive Plan A may not exceed 5 000 000. The entitlements will be realized
alternatively through: (i) offering the participants to subscribe for warrants entitling them to subscribe for an identical number of
shares in the Parent Company issued as part of the conditional share capital increase, or (ii) offering the participants to purchase
from the Parent Company Treasury shares acquired by the Parent Company as part of a buy-back carried out for this purpose. The
realization of the entitlements under the Incentive Plan B will be conditional upon 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 the participants in the Incentive Plan B remaining in
a legal relationship with the Parent Company or its related entity during the vesting period) have been met. The base price of
subscription for or purchase of the Parent Company’s shares as part of executing the entitlements under the Incentive 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 proportionate reduction in the number of entitlements to be realized by the participant.
The base vesting period corresponds to four consecutive financial years starting from the year in which a given 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 remain active.
(ii) as part of Phase 2 of the Incentive Plan B (in 2024), 723 500 entitlements were granted, of which 723 500 remain active.
(iii) as part of Phase 3 of the Incentive Plan B (in 2025), 740 500 entitlements were granted, of which 740 500 remain active.
62
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 entitlements granted 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
entitlements granted under a given phase of the Incentive Plan B, recognized by the CD PROJEKT Group entities in the same
period.
The performance-related condition for entitlements granted in Phase 1 of the Incentive Plan B (in the financial year 2023) for the
years 2023-2026 is PLN 2 billion, the performance-related condition for entitlements granted in Phase 2 of the Incentive Plan B (in
the financial year 2024) for the years 2024-2027 is PLN 3 billion, whereas the performance-related condition for entitlements
granted in Phase 3 of the Incentive Plan B (in the financial year 2025) for the years 2025-2028 is PLN 4 billion.
For each of the successive phases of the Incentive Plan B starting in the financial years 2026 and 2027, the performance-related
condition for entitlements granted in these phases for the relevant periods of 4 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 entitlements granted under a given phase of the Incentive Plan B
The fulfilment of the market-related condition means achieving a change in the Parent Companys share price on the Warsaw Stock
Exchange (WSE) in such a manner that the change in the level of the Parent Companys share price expressed as a percentage,
determined on the basis of the Parent Company’s share price at closing of the last trading session on 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 on the WSE in the year preceding the year of a given 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 20232027 Phases 1, 2
and 3
Specification
01.01.2025 30.06.2025 01.01.2024 31.12.2024
Number of entitlements (in pcs.)
Granted, unrealized as at the beginning of the period 1 379 500 656 000
Granted during the period 740 500 723 500
Forfeited during the period* - -
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
63
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 natural persons 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 corporate income tax rate).
With regard to selected types of income representing commercialization of qualifying intellectual property rights, the Parent
Company applies a tax preference which allows income earned in this way to be taxed with a reduced CIT rate of 5% (the so-called
IP Box”).
64
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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
30.06.2025
01.01.2024
30.06.2024
Cash and cash equivalents reported in the statement of cash flows 146 974 148 980
Cash and cash equivalents in the balance sheet 146 974 148 980
Depreciation and amortization: 5 563 7 082
Amortization of intangible assets 1 218 1 062
Amortization of expenditure on development projects 523 182
Depreciation of property, plant and equipment 3 822 5 831
Depreciation of investment properties - 7
Foreign exchange (gains)/losses result from the following items: 29 428 (8 176)
Foreign exchange gains/(losses) on measurement of bonds 19 564 (6 084)
Foreign exchange gains/(losses) on measurement of private equity interests
in the gaming sector
465 (33)
Foreign exchange (gains)/losses on measurement of loans granted
as at the balance sheet date
175 (102)
Foreign exchange gains/(losses) losses on measurement of bank deposits
over 3 months
9 696 (1 940)
Foreign exchange gains/(losses) on measurement of leases (472) (17)
Interest and shares in profits comprise: (35 991) (33 912)
Interest on bank deposits (17 399) (15 865)
Interest on bonds (18 921) (18 334)
Interest accrued on loans granted - (121)
Interest on lease contracts 329 408
(Gains)/Losses on investing activities result from the following items: (30 636) 5 849
Sale of property, plant and equipment (432) (167)
Net carrying amount of property, plant and equipment sold 483 7
Net carrying amount of non-current assets scrapped 1 988 -
Reversal of impairment write-downs of property, plant and equipment,
intangible assets and expenditure on development projects
(1 892) -
Settlement and measurement of derivative financial instruments (37 046) 4 887
Measurement of private equity interests in the gaming sector (36) 18
Commission and fees on purchase of bonds 140 140
Proceeds from redemption of bonds (78 987) (19 357)
Value of bonds purchased 85 146 20 321
Increase/(Decrease) in provisions results from the following items: (29 062) (28 755)
Increase/(Decrease) in provisions for liabilities (33 694) (28 908)
Increase/(Decrease) in provisions for employee benefits 4 579 2 685
Increase/(Decrease) in provisions for costs of performance-related and other
remuneration recognized under expenditure on development projects
53 (2 532)
(Increase)/Decrease in inventories (2 840) 257
65
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
01.01.2025
30.06.2025
01.01.2024
30.06.2024
(Increase)/Decrease in receivables results from the following items: 56 028 106 779
(Increase)/Decrease in current receivables in the balance sheet 55 066 94 961
(Increase)/Decrease in non-current receivables in the balance sheet 8 (23)
(Increase)/Decrease in prepayments for investment properties 3 500 -
Income tax offset against withholding tax - 11 528
Withholding tax paid abroad (7 340) (3 885)
Adjustment for current income tax (15 170) 650
(Increase)/Decrease in prepayments for development projects 13 601 3 601
(Increase)/Decrease in prepayments for property, plant and equipment
and intangible assets
3 615 (53)
(Increase)/Decrease in loan receivables in connection with a business combination 2 748 -
Increase/(Decrease) in current liabilities, excluding financial liabilities, results from
the following items:
2 221 (17 008)
Increase/(Decrease) in current liabilities in the balance sheet 85 447 (7 198)
Adjustment for current income tax (6 147) (17)
Increase/(Decrease) in financial liabilities 8 086 3 017
Increase/(Decrease) in liabilities resulting from purchase of property, plant
and equipment
14 722 (12 860)
Increase/(Decrease) in liabilities resulting from purchase of intangible assets 24 50
Increase/(Decrease) in liabilities in respect of dividends from profit (99 911) -
Changes in other assets and liabilities results from the following items: 18 237 5 177
Changes in prepayments and accruals in the balance sheet 3 644 4 971
Increase/(Decrease) in deferred income in the balance sheet 14 713 327
Adjustment for prepayments and deferred costs with the corresponding entry
in liabilities
(120) (121)
“Other adjustments” comprise: 20 781 12 220
Costs of the incentive plan 19 449 10 471
Measurement of derivative financial instruments 613 232
Amortization and depreciation included in cost of sales
and other operating expenses
2 744 1 369
Goodwill of the acquired entity (32 461) -
Value of the leases of the acquired entity 3 356 -
Accounting for the shares of the acquired entity 27 295 -
Retained earnings/(Accumulated losses) of the acquired entity 6 060 -
Net carrying amount of property, plant and equipment and intangible assets
of the acquired entity
(8 967) -
Foreign exchange differences on translation 2 507 30
Other adjustments 185 118
66
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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
30.06.2025
Takeover of
fixed assets
leased
Termination of
a lease contract
Foreign
exchange
differences
Interest accrued
Adoption of
a resolution on
dividend
payment
Business
combination
Lease liabilities 20 150 (2 569) 4 491 (230) (472) 329 - 3 356 25 055
Liabilities to
shareholders in
respect of dividend
payment
- - - - - - 99 911 - 99 911
Total 20 150 (2 569) 4 491 (230) (472) 329 99 911 3 356 124 966
01.01.2024 Cash flows
Non-monetary changes
30.06.2024
Takeover of
fixed assets
leased
Termination of
a lease contract
Foreign
exchange
differences
Interest accrued
Adoption of
a resolution on
dividend
payment
Business
combination
Lease liabilities 23 309 (2 063) 53 - (17) 408 - - 21 690
Liabilities to
shareholders in
respect of dividend
payment
- (99 911) - - - - 99 911 - -
Total 23 309 (101 974) 53 - (17) 408 99 911 - 21 690
67
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 date events
In the period from the balance sheet date to the date of these interim condensed consolidated financial statements being signed,
there were no material events affecting the Group’s operations.
Interim condensed separate financial
statements of CD PROJEKT S.A.
5
69
Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 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
30.06.2025
Sales revenue 355 023 343 463
Sales of products 336 075 339 667
Sales of services 2 4
Sales of goods for resale and materials 18 946 3 792
Cost of sales of products, services, goods for resale and materials 38 270 57 886
Costs of products and services sold 24 443 54 157
Cost of goods for resale and materials sold 13 827 3 729
Gross profit/(loss) on sales 316 753 285 577
Selling expenses 59 277 44 553
Administrative expenses, including: 92 080 107 357
costs of research projects 17 901 45 918
Other operating income 11 637 9 616
Other operating expenses 6 574 3 529
(Impairment)/reversal of impairment
of financial instruments
(148) (2)
Operating profit/(loss) 170 311 139 752
Finance income 75 007 39 944
Finance costs 40 245 5 642
Profit/(loss) before tax 205 073 174 054
Income tax A 46 489 4 596
Net profit/(loss) 158 584 169 458
Net earnings/(loss) per share (in PLN)
Basic for the financial period 1.59 1.70
Diluted for the financial period 1.57 1.70
* restated data
Interim condensed separate statement of
comprehensive income
01.01.2025
30.06.2025
Net profit/(loss)
158 584 169 458
Other comprehensive income subject to reclassification to gains or losses after
specific conditions have been met
1 618 (323)
Measurement of derivative financial instruments - fair value through other
comprehensive income, taking into account the tax effect
1 618 (323)
Other comprehensive income not subject to reclassification to gains or losses - -
Total comprehensive income 160 202 169 135
70
Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 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 30.06.2025 31.12.2024*
NON-CURRENT ASSETS 1 822 534 1 558 149
Property, plant and equipment 283 592 258 361
Intangible assets 65 640 66 712
Expenditure on development projects 901 315 692 726
Investment properties 31 004 31 671
Goodwill C 49 168 49 168
Investments in subordinated entities 69 338 63 473
Prepayments and deferred costs 3 465 3 770
Other financial assets G 324 495 292 137
Deferred tax assets A 94 124 99 731
Other receivables F,G 393 400
CURRENT ASSETS 1 303 867 1 395 792
Inventories 4 642 1 802
Trade receivables F,G 90 649 167 893
Current income tax receivables - 15 170
Other receivables F 119 324 72 435
Prepayments and deferred costs 11 796 10 614
Other financial assets G 569 331 540 486
Bank deposits over 3 months G 410 829 522 524
Cash and cash equivalents G 97 296 64 868
TOTAL ASSETS
3 126 401 2 953 941
* restated data
71
Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
Note 30.06.2025 31.12.2024
EQUITY 2 843 401 2 763 464
Share capital 11,22* 99 911 99 911
Supplementary capital 2 356 086 2 025 642
Share premium 116 700 116 700
Other reserves 112 120 50 537
Retained earnings/(Accumulated losses) - -
Net profit/(loss) for the period 158 584 470 674
NON-CURRENT LIABILITIES 23 281 21 506
Other financial liabilities G 18 523 16 740
Other liabilities 2 154 2 274
Deferred income 1 777 1 665
Provision for retirement and similar benefits 827 827
CURRENT LIABILITIES 259 719 168 971
Other financial liabilities G 1 798 11 608
Trade payables G 40 377 39 780
Current income tax liabilities 6 743 -
Other liabilities 106 168 5 807
Deferred income 23 240 8 740
Provision for retirement and similar benefits 10 287 6 914
Other provisions B 71 106 96 122
TOTAL EQUITY AND LIABILITIES 3 126 401 2 953 941
* Detailed information about changes in this item is presented in the respective notes to the interim condensed consolidated
financial statements.
72
Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 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 30.06.2025
Equity as at 01.01.2025 99 911 2 025 643 116 700 50 539 470 674 - 2 763 467
Costs of the incentive plan - - - 19 643 - - 19 643
Creation of other reserves for the
purchase of Treasury shares
- (40 320) - 40 320 - - -
Payment of dividend - - - - (99 911) - (99 911)
Appropriation of the net profit/
offset of loss
- 370 763 - - (370 763) - -
Total comprehensive income - - - 1 618 - 158 584 160 202
Equity as at 30.06.2025 99 911 2 356 086 116 700 112 120 - 158 584 2 843 401
73
Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 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 31.12.2024
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
74
Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 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 30.06.2024
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 - - - 10 597 - - 10 597
Payment of dividend - - - - (99 911) - (99 911)
Appropriation of the net profit/
offset of loss
- 344 176 - - (344 176) - -
Total comprehensive income - - - (323) - 169 458 169 135
Equity as at 30.06.2024 99 911 2 025 642 116 700 34 965 - 169 458 2 446 676
75
Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 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
30.06.2025
01.01.2024
30.06.2024
OPERATING ACTIVITIES
Net profit/(loss) 158 584 169 458
Total adjustments: 65 925 112 877
Depreciation and amortization of property, plant and equipment, intangible assets,
expenditure on development projects and investment properties
4 592 6 126
Amortization of development projects recognized as cost of sales 27 673 52 743
Foreign exchange (gains)/losses 30 078 (8 228)
Interest and shares in profits (35 397) (33 300)
(Gains)/losses on investing activities (30 654) 5 853
Increase/(Decrease) in provisions (31 784) (26 292)
(Increase)/Decrease in inventories (2 840) 257
(Increase)/Decrease in receivables 57 258 119 572
Increase/(Decrease) in liabilities, excluding loans and borrowings 15 858 (12 845)
Changes in other assets and liabilities 13 617 (2 410)
Other adjustments 17 524 11 401
Cash from operating activities 224 509 282 335
Income tax on profit/(loss) before tax 39 149 711
Withholding tax paid abroad 7 340 3 885
Income tax (paid)/refunded (11 629) (25 614)
Net cash from operating activities 259 369 261 317
76
Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
01.01.2025
30.06.2025
01.01.2024
30.06.2024
INVESTING ACTIVITIES
Inflows 759 827 491 087
Sale of intangible assets and property, plant and equipment 194 159
Repayment of loans granted 2 529 292
Expiry of bank deposits over 3 months 538 383 425 613
Redemption of bonds 183 068 29 353
Interest on bonds 8 087 7 536
Interest on deposits 16 655 15 214
Inflows from execution of forward contracts 10 817 12 784
Other inflows from investing activities 94 136
Outflows 985 285 666 858
Acquisition of intangible assets and property, plant and equipment 51 779 34 869
Expenditure on development projects 246 398 106 061
Expenditure on intangible assets - 211
Acquisition of investment properties and capitalization of expenditure 3 569 11
Loans granted 3 579 -
Contribution to the capital of a subsidiary 2 750 3 193
Placement of bank deposits over 3 months 436 384 426 313
Purchase of bonds and cost of their purchase 240 826 96 200
Net cash from investing activities (225 458) (175 771)
FINANCING ACTIVITIES
Inflows 15 9
Settlement of lease receivables 13 7
Interest received 2 2
Outflows 1 498 101 598
Dividends and other distributions to shareholders - 99 911
Payment of lease liabilities 1 209 1 316
Interest paid 289 371
Net cash from financing activities (1 483) (101 589)
Net increase/(decrease) in cash and cash equivalents 32 428 (16 043)
Changes in cash and cash equivalents in the balance sheet 32 428 (16 043)
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 97 296 113 440
Explanations to the condensed separate statement of cash flows
01.01.2025
30.06.2025
01.01.2024
30.06.2024
“Other adjustments” comprise: 17 524 11 401
Costs of the incentive plan 16 527 9 095
Measurement of derivative financial instruments 213 805
Amortization and depreciation included in cost of sales
and other operating expenses
784 1 382
Other adjustments - 119
77
Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 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 changes in the accounting policies
Changes in the 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.
As from 1 January 2025, the Company changed the method of measurement of inventory issues. The previously used weighted
average method was replaced with the FIFO (First In, First Out) cost formula. Inventory issues will be measured based on the prices
(costs) of those inventory items which the entity purchased or manufactured at the earliest.
The Company analysed the effect of the change of the inventory measurement method on the financial statements and due to
the value of the differences being immaterialdecided not to restate the comparative data, by using a prospective approach.
Presentation changes
In these interim condensed separate financial statements for the period from 1 January to 30 June 2025, changes were introduced
in the presentation of selected financial data. In order to ensure the 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 adjustments:
In the statement of financial position as at 31 December 2024, the presentation of some of the Company’s buildings and
structures was changed. As a result of the above adjustment, the following items changed:
- Property, plant and equipmenta decrease of PLN 65 thousand;
- Investment propertiesan increase of PLN 65 thousand.
The change did not affect the Net profit or loss and Equity.
In the income statement for the period from 1 January to 30 June 2024, the presentation of operating income and expenses
was changed. As a result of the above adjustment, the following items changed:
- Sales revenuea decrease of PLN 613 thousand;
- Other operating incomean increase of PLN 613 thousand;
- Costs of products and services solda decrease of PLN 202 thousand;
- Other operating expensesan increase of PLN 202 thousand.
The change did not affect the Net profit or loss and Equity.
78
Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 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 assets
31.12.2024
Differences affecting
the deferred tax
recognized in the
profit or loss
30.06.2025
Provision for other employee benefits 4 879 (551) 4 328
Provision for costs of performance-related and other
remuneration
52 478 (37 488) 14 990
Foreign exchange losses 19 345 39 974 59 319
Difference between the carrying amounts and tax
amounts of expenditure on development projects
21 692 (1 764) 19 928
Salaries and wages and social security payable
in future periods
24 32 56
Other provisions 40 610 4 561 45 171
Research and development relief 508 748 (25 811) 482 937
Tax base of non-current assets leased 18 421 1 380 19 801
Prepayments recognized as revenue for tax
purposes
4 194 10 614 14 808
Total deductible temporary differences, including: 670 391 (9 053) 661 338
taxed at 5% 94 007 49 672 143 679
taxed at 19% 576 384 (58 725) 517 659
Deferred tax assets 114 214 (8 674) 105 540
79
Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 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 provisions
31.12.2024
Differences affecting
the deferred tax
recognized in the
profit or loss
30.06.2025
Difference between the net carrying amounts and
tax amounts of property, plant and equipment and
intangible assets
16 622 4 423 21 045
Current period revenue invoiced in the subsequent
period/accrued income
163 542 (80 740) 82 802
Foreign exchange gains 180 729 909
Difference between the carrying amounts and tax
amounts of expenditure on development projects
34 424 26 065 60 489
Carrying amount of leased non-current assets 18 296 551 18 847
Other 46 13 59
Total taxable temporary differences, including: 233 110 (48 959) 184 151
taxed at 5% 212 910 (44 538) 168 372
taxed at 19% 20 200 (4 421) 15 779
Deferred tax provisions 14 483 (3 067) 11 416
The deferred part of the income tax was determined either at the corporate income tax rate of 19% for the tax base corresponding
to income from other sources or at the rate of 5% for the tax base corresponding to income from qualifying intellectual property
rights (the so-called IP BOX). When determining the appropriate tax rate for temporary differences, the Parent Company relied on
forecasts of which tax base will give rise to the realization of the temporary differences recognized in the future.
Net deferred tax assets/provisions
30.06.2025 31.12.2024
Deferred tax assets 105 540 114 214
Deferred tax provisions 11 416 14 483
Income tax expense recognized in the income statement
01.01.2025
30.06.2025
01.01.2024
30.06.2024
Current income tax, including: 40 882 17 320
prior year adjustments 21 847 -
withholding tax paid abroad 7 340 3 885
Changes in deferred tax 5 607 (12 724)
Income tax expense recognized in the income statement 46 489 4 596
80
Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
B. Other provisions
30.06.2025 31.12.2024
Provisions for liabilities, including: 71 106 96 122
provision for costs of performance-related and other remuneration 16 656 56 713
provision for costs of the audit and review of the financial statements 116 128
provisions for costs of external services 40 002 21 907
provision for other costs 14 332 17 374
Total, including: 71 106 96 122
current 71 106 96 122
non-current - -
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 16 656 119 533 136 189
Provisions utilized/released 56 713 104 492 161 205
As at 30.06.2025, including: 16 656 54 450 71 106
current 16 656 54 450 71 106
non-current - - -
C. Goodwill
Changes in goodwill
In the period from 1 January to 30 June 2025, there were no changes in goodwill.
D. Business combinations
In the period from 1 January to 30 June 2025, the Company was not combined with any other entities.
E. Dividends paid (or declared) and received
On 23 June 2025, the Ordinary Shareholders Meeting of the Company decided to set aside a part of the Company’s net profit for
2024 for distribution among the shareholders as a dividend. In accordance with the adopted resolution, on 9 July 2025 the
Company paid out PLN 99 910 510 in total, i.e. PLN 1 per share. The number of the Company’s shares carrying the right to the
dividend was 99 910 510.
81
Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 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
30.06.2025 31.12.2024
Trade and other receivables, gross 210 625 240 845
Write-downs 259 117
Trade and other receivables, net 210 366 240 728
from related entities 21 045 10 739
from other entities 189 321 229 989
Changes in write-downs of receivables
Trade
receivables
Other
receivables
Total
OTHER ENTITIES
Write-downs as at 01.01.2025 117 - 117
Increases, including: 156 - 156
recognition of write-downs of overdue and disputed receivables 156 - 156
Decreases, including: 14 - 14
reversal of write-downs 14 - 14
Write-downs as at 30.06.2025 259 - 259
82
Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 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 30.06.2025
Total Not overdue
Overdue, in days
1 60 61 90 91 180 181 360 >360
RELATED ENTITIES
gross receivables 7 250 7 250 - - - - -
default ratio 0% 0% 0% 0% 0% 0%
write-down resulting from
the ratio
- - - - - - -
write-down determined
individually
- - - - - - -
total expected credit losses - - - - - - -
Net receivables 7 250 7 250 - - - - -
Total Not overdue
Overdue, in days
1 60 61 90 91 180 181 360 >360
OTHER ENTITIES
gross receivables 83 658 82 596 662 177 112 39 72
default ratio 0% 0% 0% 0% 0% 0%
write-down resulting from
the ratio
- - - - - - -
write-down determined
individually
259 45 111 - - 31 72
total expected credit losses 259 45 111 - - 31 72
Net receivables 83 399 82 551 551 177 112 8 -
Total
gross receivables 90 908 89 846 662 177 112 39 72
write-downs 259 45 111 - - 31 72
Net receivables 90 649 89 801 551 177 112 8 -
Other receivables
30.06.2025 31.12.2024
Other gross receivables, including: 119 717 72 835
tax receivables other than corporate income tax 51 237 53 728
prepayments for inventories 25 304 9 557
prepayments for development projects 35 306 8 185
prepayments for property, plant and equipment and intangible assets 3 840 225
prepayments for investment properties 3 500 -
security deposits 512 440
settlements with employees 18 14
settlements with suppliers of property, plant and equipment - 664
other - 22
Write-downs - -
Other net receivables, including: 119 717 72 835
current 119 324 72 435
non-current 393 400
83
Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
G. Information on financial instruments
Fair values of individual classes of financial instruments
The Management Board of the Company analysed individual 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 30 June 2025 and
31 December 2024.
30.06.2025 31.12.2024
LEVEL 1
Assets measured at fair value
Financial assets measured at fair value
through other comprehensive income
216 085 239 103
bonds issued by or secured with a guarantee
of foreign governments - EUR
22 203 22 105
bonds issued by or secured with a guarantee
of foreign governments - USD
193 882 216 998
LEVEL 2
Assets measured at fair value through profit or loss
Derivative instruments 16 880 271
currency forwards - EUR 424 271
currency forwards - USD 16 456 -
Private equity interests in the gaming sector 4 551 4 980
private equity interests in the gaming sector - SEK 1 085 933
private equity interests in the gaming sector - USD 3 466 4 047
Liabilities measured at fair value through profit or loss
Derivative instruments 520 9 927
currency forwards - USD - 9 620
currency forwards - JPY 520 307
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 and 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.
84
Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 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
30.06.2025 31.12.2024
Financial assets measured at amortized cost 1 255 477 1 343 954
Other non-current receivables 393 400
Trade receivables 90 649 167 893
Cash and cash equivalents 97 296 64 868
Bank deposits over 3 months 410 829 522 524
State Treasury bonds and bonds guaranteed by the State Treasury 652 884 585 521
Loans granted 3 426 2 748
Financial assets measured at cost 69 338 63 473
Investments in subordinated entities 69 338 63 473
Financial assets measured at fair value
through other comprehensive income
216 085 239 103
Bonds issued by or secured with a guarantee of foreign governments 216 085 239 103
Financial assets measured at fair value through profit or loss 21 431 5 251
Derivative financial instruments 16 880 271
Private equity interests in the gaming sector 4 551 4 980
Total financial assets 1 562 331 1 651 781
Financial liabilities classification and measurement
30.06.2025 31.12.2024
Financial liabilities measured at amortized cost 60 178 58 201
Trade payables 40 377 39 780
Other financial liabilities 19 801 18 421
Financial liabilities measured at fair value through profit or loss 520 9 927
Derivative financial instruments 520 9 927
Total financial liabilities 60 698 68 128
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 State 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 has analysed the valuation of the financial
instruments measured at amortized cost in the separate statement of financial position in order to determine their fair values and
their classification in the fair value hierarchy.
Listed debt securities were classified to 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.
85
Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2025
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements.
30.06.2025 31.12.2024
LEVEL 1
Fair value of assets measured at amortized cost 653 806 583 156
State Treasury bonds and bonds guaranteed by the State Treasury 653 806 583 156
Other financial assets and 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 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 assumes historical cost as an acceptable
approximation of the fair value.
The Company did not measure the fair values of receivables, trade payables, cash and cash equivalents, bank deposits over
3 months and loans granted with variable interest rates, because their carrying amounts are considered by the Company to be
a reasonable approximation of their fair values.
There were no movements between the Levels in the fair value hierarchy in the Group in the reporting period or in the comparative
period.
86
Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 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 Receivables from related entities Liabilities to related entities
01.01.2025
30.06.2025
01.01.2024
30.06.2024*
01.01.2025
30.06.2025
01.01.2024
30.06.2024
30.06.2025 31.12.2024* 30.06.2025 31.12.2024*
SUBSIDIARIES
GOG sp. z o.o. 7 208 8 324 51 181 3 065 5 295 - 125
CD PROJEKT RED Inc. 2 685 403 51 246 20 929 18 572 3 958 19 983 5 400
CD PROJEKT RED
Canada Ltd.
534 80 9 091 8 266 2 834 1 442 2 944 1 746
The Molasses Flood LLC 174 49 11 091 14 597 - 2 792 - 3 006
CD PROJEKT SILVER Inc. - - 618 - - - - -
MANAGEMENT BOARD OF THE COMPANY, SUPERVISORY BOARD MEMBERS AND OTHER RELATED ENTITIES
Marcin Iwiński 2 - - - - - - -
Adam Kiciński 3 - - - - - - -
Piotr Nielubowicz 5 1 - - - - - -
Michał Nowakowski 6 1 - - - - 1 10
Adam Badowski 1 - - - - - 1 1
Piotr Karwowski 2 - - - - - - -
Paweł Zawodny 2 - - - - - - -
Karolina Kicińska 173 - - - - - - 173
Maciej Nielubowicz - 1 - - - - - -
OTHER ENTITIES
Other members of
management
28 5 - - 12 10 5 20
* restated data
87
Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 interim condensed consolidated financial statements
In accordance with the requirements of Regulation of the Minister of Finance of 6 June 2025 on current and periodical information
submitted by issuers of securities and conditions for considering 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 the Group’s financial position and its results of operations in a true, fair and clear
manner.
These interim condensed consolidated financial statements have been prepared in accordance with the International Financial
Reporting Standards (IFRS) 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 Regulation of the Minister of Finance of 6 June 2025 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.
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Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 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 semi-annual report was signed and approved for publication by the Management Board of CD PROJEKT S.A. on 28 August
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
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