MMANAGEMENT BOARD REPORT
ON THE ACTIVITIES OF THE CD PROJEKT GROUP
FOR THE PERIOD BETWEEN
1 JANUARY AND 30 JUNE 2025
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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CD PROEJKT
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ACTIVITY
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This English language translation has been prepared solely for the convenience of English-speaking readers.
Despite all the eorts devoted to this translation, certain discrepancies, omissions or approximations may
exist. In case of any dierences between the Polish and the English versions, the Polish version shall prevail.
CD PROJEKT, its representatives and employees decline all responsibility in this regard. The Management Board
report on the activities of the CD PROJEKT Group for the period between 1 January and 30 June 2025 has
been prepared in compliance with § 71 of the Finance Minister’s Regulation of 6 June 2025 concerning current
and periodic information published by issuers of securities, and the conditions for recognizing as equivalent
the information required under the laws of a non-member state (“the Regulation”). This document, along with
the Semiannual Condensed Financial Statement of the CD PROJEKT Group for the period between 1 January
and 30 June 2025, comprises the Consolidated Semiannual Report of the CD PROJEKT Group.
This Management Board report on the activities of the CD PROJEKT Group for the period between 1 January
and 30 June 2025, in its key aspects contains information related to the separate financial statement of
CD PROJEKT S.A. Due to the fact that the activities and separate financial statement of CD PROJEKT S.A.
have a dominant influence on the activities and consolidated financial statement of the CD PROJEKT Group
as a whole, information presented in subsequent sections of this report will refer to consolidated financial
statement of the Group, whose scope covers the activities and financial result of CD PROJEKT S.A.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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Table of contents
4 THE CD PROJEKT GROUP IN THE FIRST HALF OF 2025
5 BRIEF OUTLINE OF THE CD PROJEKT GROUP
6 Activity profile
6 Our mission and values
7 Our brands and product portfolio
8 Business model
9 Business strategy
10 Our team
11 CD PROJEKT’s global presence
12 ACTIVITIES OF THE CD PROJEKT GROUP
13 Activities of the CD PROJEKT Group
14 Description of activity segments of the CD PROJEKT Group
16 Brief description of the Issuer’s significant accomplishments and shortcomings in the first half of 2025,
along with a list of key events
19 Factors which, in the Issuer’s opinion, will aect its financial result in the scope of at least the coming quarter
20 Disclosure of seasonal or cyclical activities
20 Key threats and risks related to the remaining months of the current financial year
21 RESULTS OF OPERATIONS OF CD PROJEKT GROUP
22 Discussion of the key economic and financial figures disclosed in the consolidated financial statements
36 CORPORATE GOVERNANCE
37 Corporate governance policies
37 Entity authorized to perform audits of financial statements
37 Shareholders controlling at least 5% of the total number of votes at the General Meeting
38 Company shares held by members of its Management Board and Supervisory Board
38 Disclosure of the purchase of own shares
39 Agreements which may result in changes in the proportions of shares held by shareholders and bondholders
41 Management structure
44 Disclosure of significant legal proceedings pending before courts, arbitration panels or public administration
bodies
46 Other disclosures which, in the Issuer’s opinion, may be relevant for assessment of its stang situation,
material standing or financial result, including changes therein, and disclosures which may be relevant
for assessment of the Issuer’s ability to discharge its obligations
46 Management Board statement
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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The CD PROJEKT Group in the first half of 2025
1
The new dividend policy applies to dividends covering the financial year 2025 and subsequent years
2
Dividend record date: 30 June 2025; dividend payment date: 9 July 2025
State of Unreal 2025 kicked o
with a presentation of a tech demo
of The Witcher 4
Cyberpunk 2
entered preproduction
Phantom Liberty –
the Cyberpunk 2077 expansion –
has sold over 10 million copies
We have sold over 60 million
copies of The Witcher 3: Wild Hunt
Cyberpunk 2077: Ultimate Edition
was released for Nintendo Switch 2
on the day of the new console’s
global launch
The Management Board
of CD PROJEKT adopted
a new dividend policy
1
The General Meeting
approved the payment of a dividend
at 1 PLN per share for 2024
2
Consolidated sales revenues
reached 443 million PLN
Consolidated net profit
amounted to 155 million PLN
01
BRIEF OUTLINE OF THE CD PROJEKT GROUP
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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Activity profile
CD PROJEKT S.A. (also referred to as CD PROJEKT, the Company or us), headquartered in Warsaw, is
the parent company of the CD PROJEKT Group. CD PROJEKT is listed on the Warsaw Stock Exchange
(ISIN: PLOPTTC00011) and contributes to the WIG20 index, which brings together 20 of the largest and most
liquid companies on the market.
The CD PROJEKT Group focuses on two areas of activity: development and publishing of world-class video
games and managing the Group’s franchises (carried out in the framework of the CD PROJEKT RED dev studio),
and digital distribution of video games (carried out via the GOG.com platform).
Further information about the Group’s core activities, including a description of its business segments, can be
found in the section titled Activities of the CD PROJEKT Group.
Our mission and values
Be ambitious
Set the goal
and persevere
Be honest
with everyone
at all times
Be kind
and respectful
to all around you
Always remember
about gamers
OUR VALUES:
We create revolutionary role-playing games
with memorable stories
that inspire gamers
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
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a
1
2
Our brands and product portfolio
CD PROJEKT carries out its activities in the framework of two flagship franchises – The Witcher and Cyberpunk.
The Witcher video game series, set in a dark fantasy world, follows the adventures of Geralt of Rivia – a pro-
fessional monster hunter. Games from this series have so far sold over 75 million copies, and received more
than 1 000 awards and accolades.
The Witcher – the first game in the Witcher trilogy – launched on the PC in 2007, and was followed by the
second installment, The Witcher 2: Assassins of Kings, released in 2011 (PC) and 2012 (Xbox 360) respectively.
The Witcher 3: Wild Hunt appeared in 2015 on the PC, PlayStation 4 and Xbox One, and in 2019 on Nintendo
Switch. In 2022 the game was revamped to run on PlayStation 5, Xbox Series X|S and top-spec gaming PCs.
Altogether, The Witcher 3: Wild Hunt received 250 Game of the Year awards, and sold more than 60 million
copies. Games from the Witcher franchise are set in a universe created by Andrzej Sapkowski through a series
of books and short stories.
Cyberpunk 2077 is a role-playing game set in a vibrant technologically advanced open world. Altogether, this
game has won over 200 awards and sold more than 30 million copies. On 26 September 2023, we released
Phantom Liberty – an expansion for Cyberpunk 2077 which tells a spy-thriller story. The Cyberpunk 2077
universe is also the setting for the acclaimed Cyberpunk: Edgerunners anime series, co-developed by
CD PROJEKT RED and studio TRIGGER, and available on Netflix. The Cyberpunk universe is rooted in the
Cyberpunk 2020 tabletop RPG system created by Mike Pondsmith.
In the case of The Witcher and Cyberpunk the IP rights acquired by CD PROJEKT S.A. goes beyond video
games. This enables us to progressively expand our portfolio with additional tie-in products where players
can engage with our worlds in ways other than through gameplay. It also increases the recognition and power
of our franchises.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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Business model
Our ambition is to create revolutionary role-playing games with unforgettable storylines that inspire gamers.
This goal is critically dependent on maintaining independence (including in financial matters), which, in turn,
facilitates artistic and creative freedom, and allows us to undertake bold business decisions.
To ensure top quality of products oered to players, our business model envisions maintaining control over
key aspects related to the creation and sale of video games. This applies to IP rights, production processes,
technologies, publishing and management of CD PROJEKT’s franchises.
Chart 1 CD PROJEKT Group business model
Presenting gamers with ambitious,
innovative, high-quality games
Parallel development projects
supporting an ambitious release
schedule
Oering unique development
opportunities and career
advancement options for team
members while retaining
creative autonomy
Steady stream of revenues
and earnings - enabling
financial independence
Development and expansion of
franchises by creating synergies
and supporting recognition of
our brands beyond the field of
videogames
Supporting and harnessing synergies
in the context of our franchises
Collaboration with experienced
quality-focused partners in expanding our
franchises to new fields of entertainment
(beyond videogames)
Management and protection of intellectual property
related to globally recognized franchises, beloved
by fans throughout the world
Maintaining control over the creative process
– caring for the quality of products
which comprise our franchises
Games developed by experienced
teams which prioritize quality
Parallel production by CD PROJEKT RED
development studios with teams
located in Poland, USA and Canada
Applying own tools and know-how to
development of open-world story-driven RPGs
Development of games in the context of
a strategic partnership which involves
the use of Unreal Engine
to support open-world gameplay
Carrying out global marketing and
sales campaign – by internal PR, Marketing
and Biz Dev teams
Maintaining dialogue with gamers
in 11 languages
FRANCHISE
MANAGEMENT
PUBLISHING
TECHNOLOGY
PRODUCTION
INTELLECTUAL
PROPERTY
STAKEHOLDER VALUEOUR KEY CAPITALS
INTELLECTUAL CAPITAL
IP rights: Cyberpunk and The Witcher, in
selected fields of exploitation
TECHNOLOGICAL CAPITAL
Gamedev technologies and tools
RELATIONS AND SOCIAL CAPITAL
Strong communities
established around our products
Longstanding trust-based relations
with business partners
PRODUCT CAPITAL
Portfolio of available games and tie-in products
HUMAN CAPITAL
Team of experienced developers, highly skilled
in creating and producing games,
centered around a shared set of values
Internal publishing team with experience
in leading global marketing campaigns,
successfully promoting sales of our games
Eective backoce team supporting our operations
FINANCIAL CAPITAL
Financial reserves
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
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Business strategy
In the framework of its strategy adopted in 2022, in the coming years the CD PROJEKT RED studio intends
to focus on:
1. Creating revolutionary role-playing games, by developing and publishing the following releases:
■ A new Witcher trilogy, the first installment of which is The Witcher 4 (formerly codenamed Polaris);
■ Cyberpunk 2 (second game in the Cyberpunk franchise, formerly codenamed Orion);
■ Project Sirius – a game with multiplayer features set in The Witcher universe;
■ The Witcher Remake – a retelling of the first part of The Witcher, developed with the use of modern technolo-
gies, in collaboration with Fool’s Theory.
In addition, CD PROJEKT RED is carrying out internal conceptual work on the third proprietary IP codenamed
Hadar.
2. Implementing the franchise flywheel concept, which involves developing an ecosystem of mutually supporting
products, rooted in the potential of the Studio’s franchises.
3. Progressive enrichment of our franchise ecosystem with games oering multiplayer features.
Further information about the CD PROJEKT Group’s strategy can be found in the CD PROJEKT Group Long
Term Strategic Growth Outlook document, in the Strategy Update: Long-term Product Outlook presentation,
and in the CD PROJEKT Group Strategy Update: Long-term Product Outlook video presentation.
In addition to flagship projects listed in the Strategy, the studio also engages in work on other unannounced
projects which augment the franchise flywheel concept. These include game projects, along with various
initiatives which match the broad definition of digital entertainment, and will be publicized once the Company
has verified their commercial potential or launched the corresponding information campaigns.
Achieving the Group’s ambitious business goals depends, among others, on its commitment to increasing team
engagement by shaping a robust, healthy organizational culture based on mutual respect and observance of
legal and ethical standards while promoting continuous talent development. Our initiatives, rooted in the five
ambitions, support our plan to ensure sustainability at the CD PROJEKT Group and contribute to long-term
increases in its value.
Provoke reflection
through the memorable
stories
Be a company people
want to be a part of
Continue the green
transformation on our
campus and beyond
Build relationships
based on trust and
transparency
Use our resources
and competencies
to support others
SUSTAINABILITY AMBITIONS:
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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Our team
Achieving ambitious strategic goals requires us to build a team which brings together top specialists in the
field. We employ people for whom games are a passion, and who are committed to delivering top-quality
world-class products and services. Their talent, engagement, motivation and creativity are the foundation
upon which our long-term strategic success is built.
As of 30 June 2025 the Group employed 1 248 persons, including 802 developers as well as 210
and 236 members of the publishing and back oce teams respectively. At the end of the first half of
2025 92% of our workforce were employed at companies which comprise the CD PROJEKT RED segment,
with GOG.COM making up the remaining 8%.
Chart 2 Employment structure at the CD PROJEKT Group at the end of 2024 and at the end of H1 2025
Further information about our team and our approach to managing employee-related aairs can be found in
the CD PROJEKT Group Sustainability Statement for 2024, which is part of the CD PROJEKT Group Manage-
ment Board report for 2024, in the section devoted to social aairs.
3
i.e. CD PROJEKT S.A., CD PROJEKT RED Inc., CD PROJEKT RED Canada Ltd.
1 248
Total employee count
as of 30.06.2025
Developers: 60%
Back oce: 22%
Publishing*: 18%
Developers: 64%
Back oce: 19%
Publishing*: 17%
1 149
Total employee count
as of 31.12.2024
30.06.2025
31.12.2024
CD PROJEKT RED
segment
3
GOG.COM
segment
1143
1031
105
118
*The Publishing branch comprises, among others, Marketing, PR, Business Development, Customer Relations
and Game Releases teams.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
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CD PROJEKT’s global presence
The headquarters of CD PROJEKT S.A. and GOG sp. z o.o. are both located in Warsaw. The CD PROJEKT RED
studio has hubs in Warsaw and Boston. Additional development teams, aliated with respective hubs, operate
in Kraków, Wrocław and Vancouver.
Map 1 CD PROJEKT Group around the world
HUBS
Warsaw
CD PROJEKT RED European Hub and Headquarters,
GOG.COM
Boston
CD PROJEKT RED North American Hub
DEV OFFICES
Cracow
Wroclaw
Vancouver
REGIONAL SITES
Portland
Seoul
Tokyo
HUBS
Warsaw
CD PROJEKT RED European Hub and Headquarters,
GOG.COM
Boston
CD PROJEKT RED North American Hub
DEV OFFICES
Cracow
Wroclaw
Vancouver
REGIONAL SITES
Portland
Seoul
Tokyo
02
ACTIVITIES OF THE CD PROJEKT GROUP
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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Activities of the CD PROJEKT Group
ORGANIZATIONAL STRUCTURE OF THE CD PROJEKT GROUP
As of 30 June 2025, the CD PROJEKT Group consisted of the parent entity – CD PROJEKT S.A. – and four sub-
sidiaries: GOG sp. z o.o., CD PROJEKT RED Inc., CD PROJEKT RED Canada Ltd. and CD PROJEKT SILVER Inc.
Chart 3 CD PROJEKT Group at the end of H1 2025 (capital and voting share)
* Consolidated companies; More information is available in the Semiannual Condensed Financial Statement of the CD PROJEKT Group
for the period between 1 January and 30 June 2025
Table 1 Basic activity profile of each member company of the CD PROJEKT Group as of 30 June 2025
Company Scope of activity
CD PROJEKT S.A.
CD PROJEKT S.A. acts as the holding company, coordinating the activities of the
CD PROJEKT Group. Its principal scope of activity, carried out through the CD PROJEKT RED
studio, involves developing and publishing video games as well as tie-in products.
GOG sp. z o.o. This company carries out global distribution of videogames through online channels.
CD PROJEKT RED Inc.
This company coordinates development work on Cyberpunk and Sirius, and participates
in publishing and promotional activities focused on CD PROJEKT Group products.
CD PROJEKT RED
Canada Ltd.
The company coordinates development in the framework of the CD PROJEKT RED studio.
CD PROJEKT SILVER
Inc.
This company participates in developing entertainment products tied to CD PROJEKT brands.
4
until 30 December 2024 this company operated under the name CD PROJEKT RED Vancouver Studio Ltd.
CD PROJEKT S.A.
GOG sp. z o.o.*
100%
CD PROJEKT RED Inc.*
100%
CD PROJEKT SILVER Inc.
100%
CD PROJEKT RED Canada Ltd.
100%
*Spółki objęte konsolidacją. Szczegółowe informacje znajdują się w Śródrocznym skróconym skonsolidowanym
sprawozdaniu finansowym Grupy Kapitałowej CD PROJEKT za okres od 1 stycznia do 30 czerwca 2025 r.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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CHANGES IN THE STRUCTURE AND ORGANIZATION OF THE CD PROJEKT GROUP
On 21 March 2025 the share capital of CD PROJEKT RED Inc. was increased by 708 thousand USD, to
8 628 thousand USD. The increased value of existing shared was fully paid up in cash by the parent Company.
The aim of this capital increase was to facilitate remittance of the first installment of the payment for 100 000
shares of The Molasses Flood LLC, the ownership of which, pursuant to agreements concluded with its minority
shareholders on 12 and 18 March 2025, respectively, 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 of the aforemen-
tioned company. The intent of the Board of Directors of CD PROJEKT RED Inc. was to proceed with a merger
between The Molasses Flood LLC as the target company, and its sole partner – CD PROJEKT RED Inc. as the
surviving company. This merger was formally registered on 1 April 2025. Under the applicable legal regulations,
CD PROJEKT RED Inc. therefore entered into all rights and obligations previously appertaining to The Molasses
Flood. The merger was carried out in accordance with US law.
The goal of the merger was to further integrate The Molasses Flood team and its ongoing tasks with the
structures and development processes in force at the CD PROJEKT RED studio, as well as to streamline the
structure of the Group.
Description of activity segments of the CD PROJEKT Group
CD PROJEKT RED
Target and scope of business activity
Activities within this segment focus on the Company’s franchises – The Witcher and Cyberpunk – and involve
the following:
■ developing and publishing video games;
■ coordinating promotion, distribution and sales of own products;
■ managing the Group’s franchises and IP rights;
■
collaborating with external partners in the scope of creating, selling, licensing or publishing tie-in products
based on the Group’s franchises.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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Sales of CD PROJEKT RED games are carried out under the following core business models:
■ sales of territorial distribution rights (for box and digital editions), settled post factum on the basis of monthly or
quarterly sales reports / licensing reports submitted by the Company’s business partners;
■ supplies of physical box editions to the Company’s business partners for retail resale.
Digital distribution agreements concluded by the Company are typically settled in monthly cycles, while distri-
bution of physical videogame editions follows quarterly reporting cycles. Depending on the specific partner or
contract, the Company also collects licensing reports – these are submitted 30, 45 or 60 days following the
end of each reporting period (typically each month or quarter).
Business partners and suppliers
Within the CD PROJEKT RED activity segment, the Group carries out active distribution of its games for various
hardware platforms, through leading digital distribution platforms (e.g. Steam, PlayStation Store, Xbox Games
Store, Epic Games Store, Nintendo, Apple App Store, Google Play and Humble Bundle, along with its own
proprietary GOG.com platform) as well as traditional distribution channels, in cooperation with leading global
distributors (such as BANDAI NAMCO Entertainment Europe S.A.S., U&I Entertainment, Epicsoft Asia PTE LTD,
Bandai Namco Entertainment Australia PTY LTD, Cenega S.A., Spike Chunsoft Co., Ltd., GEEKAY, H2 and ZamZam).
In the first half of 2025 CD PROJEKT RED sales to two clients – Valve Corporation and Sony Interactive
Entertainment – exceeded 10% of the Group’s consolidated sales revenues and totaled 173 042 thousand PLN
and 78 606 thousand PLN respectively (39.1% and 17.7%% of the Group’s sales revenues respectively). These
clients are not aliated with CD PROJEKT S.A. or any of its subsidiaries. None of the other clients exceeded
the 10% threshold for consolidated sales of the CD PROJEKT Group.
The videogame development process relies on certain bought-in tools and technical solutions; however, these
do not result in significant concentration of supply. No CD PROJEKT RED supplier accounted for more than 10%
of the consolidated revenues of the Group in the first half of 2025.
GOG.COM
Target and scope of business activity
Activities carried out in this segment focus on digital distribution of selected video games for the PC and for
the macOS and Linux operating systems, carried out via the Company’s proprietary GOG.com storefront and
the GOG GALAXY application.
Among the key dierences between GOG and its competition is our focus on ensuring that single-player games
are distributed in the DRM-free model. In addition, GOG.com ensures compatibility with current versions of MS
Windows, macOS and popular distributions of Linux for games available on these systems.
As of the publication date of this report, the GOG.com digital distribution platform oers over 11 thousand products
from more than 1 500 partners. This includes both timeless classics and fresh releases from such well-known
brands as Sony, Bethesda, Disney, Electronic Arts, Ubisoft, Capcom, Konami and Warner Bros. The Group
also uses GOG.com to market its own products directly to end users – this includes games set in The Witcher
universe, as well as Cyberpunk 2077 together with its expansion – Phantom Liberty.
Payments collected by GOG sp. z o.o. from customers are split with the Company’s suppliers as agreed upon in
distribution contracts. Typical contracts require the Company to submit sales reports to its suppliers in monthly
or quarterly cycles, not later than 30 days following the close of the given reporting period.
In the first half of 2025 the GOG.com platform was oered in English, French, German, Russian, Chinese and
Polish – this includes full website and game localizations, as well as integration with locally popular payment
channels (accepting payments in sixteen currencies).
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
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Suppliers and clients
GOG sp. z o.o. markets games via online channels directly to millions of individual users worldwide. As such,
the segment does not have key clients in the usual sense of the term.
Chart 4 Sales of products and goods by GOG.com in H1 2024 and H1 2025, by territory
In terms of territorial breakdown, GOG.com sales in H1 2025 followed the pattern established in the preceding
years. During this period the largest group of customers came from the United States (32%), followed by Ger-
many (13%), Poland (9%) and the United Kingdom (7%).
As of the end of H1 2025 no single supplier in the GOG.COM segment accounted for more than 10% of the
Group’s consolidated revenues.
Brief description of the Issuer’s significant accomplishments and
shortcomings in the first half of 2025, along with a list of key events
In June 2025 we took part in the State of Unreal 2025 conference, during which we presented to-date outcomes
of strategic collaboration with Epic Games. The event opened with a tech demo of The Witcher 4, where we
showcased Unreal Engine 5 technologies and tools used in the creation of the game, to a live global audience
of over 1.1 million spectators.
In 2025 we announced that the Cyberpunk 2 team commenced preproduction. During this period we also
carried out work on Cyberpunk 2077: Ultimate Edition for Mac devices equipped with Apple processors, leading
up to a July 2025 release.
An important highlight of the first half of 2025 was the release of Cyberpunk 2077: Ultimate Edition for Nintendo
Switch 2, which took place on June 5, coinciding with the console’s global launch. The game was well received
by gamers and gaming media alike. In the first weeks following release it occupied high places on bestseller
lists, ranking among the top third-party games (i.e. non-Nintendo releases) for that platform.
To further support our franchise flywheel strategic development concept, in the first half of 2025 we announced
a strategic partnership with Scopely, the objective of which is to develop a game based on one of our franchises.
We also carried out parallel work on a live action project, as well as on Cyberpunk: Edgerunners 2 – another
part of the anime series set in the Cyberpunk universe.
Other territories
24%
Netherlands
2%
Spain
2%
Australia
3%
Canada
4%
France
4%
United Kingdom
7%
Poland
9%
Germany
13%
USA
32%
Other territories
23%
Spain
2%
Netherlands
2%
Australia
3%
Canada
4%
France
6%
United Kingdom
6%
Poland
9%
Germany
14%
USA
31%
H1 2024 H1 2025
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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During the reporting period GOG focused on implementing its new development strategy, including on its core
project called the GOG Preservation Program.
SUMMARY OF OTHER IMPORTANT PRODUCTRELATED AND MARKETING EVENTS
AT THE CD PROJEKT GROUP
CD PROJEKT RED
On 21 January CD PROJEKT announced a global concert tour – The Witcher in Concert – which kicked o
at Gamescom 2025 in Cologne (20 August). Altogether, over 50 concerts have thus far been announced as
part of the tour, spanning Europe, North America and Asia. The tour is linked to our celebrations of the tenth
anniversary of The Witcher 3: Wild Hunt, which took place on 19 May.
On 25 March, at a conference summarizing the CD PROJEKT Group’s 2024 earnings, the Company announced
that one of the unannounced projects underway at CD PROJEKT RED was being developed in collaboration
with Fool’s Theory.
On 28 May, at the CD PROJEKT Group’s Q1 2025 earnings call, the Company announced the following:
■
The Witcher 3: Wild Hunt had sold over 60 million copies since its release, generating – together with its expan-
sions, i.e. Hearts of Stone and Blood and Wine – over 2.4 billion PLN in revenues;
■ Over 10 million copies of the Phantom Liberty expansion had been sold.
GOG.COM
On 18 June GOG introduced a new program whereby platform users may voluntarily become involved in our
eorts to preserve classic games, maintaining their playability.
In the first half of 2025 the GOG.com catalogue was expanded, among others, with releases such as Dino Crisis,
Dino Crisis 2, Kingdom Come: Deliverance II, Breath of Fire IV, DOOM (2016), Tomb Raider IV-VI Remastered,
Devil May Cry 4 Special Edition, Devil May Cry HD Collection, System Shock 2: 25th Anniversary Remaster
and Silent Hill 2.
During the reporting period major promotional events on GOG.com included seasonal sale campaigns – the
Spring Sale and the Summer Sale. The latter provided an opportunity to purchase over 8 thousand games at
bargain prices. The GOG team also organized other promotional activities, including a wide range of genre-spe-
cific sales focusing, among others, on storyline-rich games, horror games, strategy games or pixel art games.
Other notable product and marketing events occurring after the end of the reporting period
On 4-5 July, at Anime Expo in Los Angeles, CD PROJEKT announced that it was collaborating with studio TRIG-
GER on Cyberpunk: Edgerunners 2 – a fresh installment in the cult anime series set in the Cyberpunk 2077
universe. The reveal was accompanied, among others, by the series’ first teaser trailer.
On 9 July Cyberpunk 2077 joined the PlayStation Plus game catalogue. As a result, PlayStation Plus Extra and
Premium subscribers may now enjoy the base edition of Cyberpunk 2077 on PlayStation 4 or PlayStation 5
free of any additional charges.
On 17 July CD PROJEKT released Cyberpunk 2077: Ultimate Edition on Mac devices equipped with Apple
processors and at least 16GB of unified RAM. The edition consists of the base game and the Phantom Liberty
expansion. Players may now take advantage of advanced features such as ray tracing, frame interpolation or
HDR support on Apple XDR displays.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
18
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SUMMARY OF KEY CORPORATE EVENTS
On 8 January, at a meeting of the CD PROJEKT S.A. Supervisory Board:
■ Adam Kiciński and Marcin Iwiński were appointed Chairs of the Supervisory Board for its new term, and, con-
sequently, they are both referred to as Co-Chairs of the Supervisory Board;
■ David Gardner was appointed Deputy Chair of the Supervisory Board for its new term;
■
A new Audit Committee was established, with the following composition: Agnieszka Słomka-Gołębiowska,
Beata Cichocka Tylman and Adam Kiciński. The Audit Committee is chaired by Agnieszka Słomka-Gołębiowska.
On 15 January 2025, the Management Board adopted a resolution approving the CD PROJEKT S.A. Dividend
Policy applicable to dividends for the financial year 2025 and subsequent years.
Further information about the CD PROJEKT S.A. Dividend Policy is provided in Current Report no. 3/2025.
On 1 April the merger between The Molasses Flood LLC as the target company and CD PROJEKT RED Inc. as
the surviving company was ocially registered. This process was described in more detail in the section titled
Organizational structure of the CD PROJEKT Group above.
On 7 May the Management Board of the Company recommended that an amount of 99 910 510.00 PLN from the
profit obtained in 2024 be allocated towards a dividend at 1 PLN per Company share. The recommendation also
suggested transferring the remaining portion of the divisible net profit for the previous year, at 370 762 147.32
PLN, to the Company’s reserve capital. On 20 May the Supervisory Board of the Company endorsed the
Management Board’s recommendation, and, subsequently, on 23 June the Ordinary General Meeting of the
Company voted to allocate profit as proposed in the recommendation, with the dividend record date set to 30
June and the dividend payment date set to 9 July.
On 7 May the Management Board of the Company voted to allow exercise of some or all entitlements assigned to
participants of the first stage of Incentive Program A for 2023-2027 by extending an oer to the aforementioned
participants to purchase own shares from the Company, and, consequently, to apply to the General Meeting for
approval of a share buy-back program linked to the vesting of the first stage of Incentive Program A, whereby
in mid-2026 the first group of entitled parties will be able to purchase CD PROJEKT shares at nominal price.
On 23 June the Ordinary General Meeting granted the requested authorization to the Management Board to
carry out a buy-back program pursuant to terms and conditions listed in Current Report no. 7/2025.
On 23 June an Ordinary General Meeting of CD PROJEKT took place. In addition to standard resolutions related
to approval of reports for the preceding financial year, as well as resolutions addressing the above matters,
the General Meeting also voted to amend certain resolutions related to Incentive Program B as well as amend
the Company Articles.
Further information concerning resolutions adopted by the General Meeting of CD PROJEKT S.A. can be
found in Current Report no. 11/2025.
EVENTS FOLLOWING THE BALANCE SHEET DATE
No events which would materially aect the contents of this report occurred after the balance sheet date.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
19
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Factors which, in the Issuer’s opinion, will aect its financial
result in the scope of at least the coming quarter
The CD PROJEKT Group’s financial results in the ongoing third quarter of 2025 will be primarily aected by,
among others, the following:
■ sales of games from the Group’s back catalogue, which depend on the eectiveness of promotional and
marketing activities, including the success of promotional events carried out on digital distribution platforms;
■ one-time payment for inclusion of Cyberpunk 2077 in the PlayStation Plus catalogue (under the Extra and
Premium subscription tiers) beginning on 9 July 2025.
In further quarters, the Group’s financial results will continue to depend heavily on sales of back-catalogue
games. Other important factors include further ramp-up of development work on ongoing game dev projects
(including expansion of the CD PROJEKT RED team in Boston), as well as implementation of additional projects
in the framework of the franchise flywheel concept.
For the GOG.COM segment, eective implementation and validation of the new strategy, which emphasizes
further development of the platform and its community, will remain a key factor.
Further information about key factors aecting the long-term development prospects of the CD PROJEKT
Group can be found in the Management Board report on CD PROJEKT Group activities in 2024, in the section
titled Key factors relevant for further development of the CD PROJEKT Group.
Disclosure of seasonal or cyclical activities
CD PROJEKT RED
The revenues and financial result of the CD PROJEKT RED segment are strongly aected by the videogame release
schedule. Release frequency depends, among others, on the duration of the production cycle for each game.
Games developed by the CD PROJEKT RED segment usually see production cycles of between 3 and 6 years.
Historically, the Studio had focused on a single large development project at a time, with initial conceptual
work on a new game occurring before the previous game was complete and ready to be released. Curren-
tly, CD PROJEKT carries out parallel development of several games (including in collaboration with external
dev teams) and tie-in products. It is anticipated that this will, in the future, lead to shorter intervals between
successive releases.
With regard to games which have already been released, their yearly sales breakdown is dependent on the
schedule of periodic promotional activities. In most cases, strong sales are reported in the second and fourth
quarter, while the first and the third quarter (the latter of which overlaps with the summer vacation season)
see weaker sales.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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GOG.COM
The digital videogame distribution market, which is the main area of activity of GOG.COM, is characterized by
seasonal fluctuations in revenues. On an annual basis, the highest revenues are typically obtained in the fourth
quarter while the lowest revenues correspond to the third (vacation) quarter. Sales in Q2 and Q4 are boosted
by promotional activities organized in these periods.
Historically, sales realized by GOG.COM have also been significantly aected by the release schedule of
CD PROJEKT RED games.
Key threats and risks related to the remaining
months of the current financial year
The CD PROJEKT Group is exposed to a range of risks, both financial and non-financial, associated with its
operating activities. The goal of risk management at the Company is to ensure proper identification, assessment,
analysis and further handling of risks.
Persistent external and internal risk factors which may aect the Group’s activities and growth prospects, and
are known to the Management Board, are described in the risk management section of the Management
Board Report on CD PROJEKT Group activities in 2024, while financial risks are detailed in the Consolidated
Financial Statement of the CD PROJEKT Group for 2024. The Company perceives the risks identified therein
as applicable to the remaining months of the current financial year.
03
RESULTS OF OPERATIONS
OF THE CD PROJEKT GROUP
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
22
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Discussion of the key economic and financial figures
disclosed in the consolidated financial statements
CONSOLIDATED INCOME STATEMENT
Table 2 Consolidated income statement of the CD PROJEKT Group (in PLN thousands)
01.01.2025-
30.06.2025
01.01.2024-
30.06.2024* change change %
Sales revenue .%
Sales of products - -.%
Sales of services - -.%
Sales of goods for resale and materials .%
Cost of sales of products, services, goods
for resale and materials
- -.%
Costs of products and services sold - -.%
Cost of goods for resale and materials sold .%
Gross profit/(loss) on sales .%
Selling expenses .%
Administrative expenses, including: - -.%
costs of research projects - -.%
Other operating income - -.%
Other operating expenses .%
(Impairment)/reversal of impairment
of financial instruments
- - - -
Operating profit/(loss) .%
Finance income .%
Finance costs .%
Profit/(loss) before tax .%
Income tax .%
Net profit/(loss) - -.%
* restated data
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
23
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DESCRIPTION AND ASSESSMENT OF THE FACTORS AND UNUSUAL EVENTS AFFECTING
THE RESULTS OF OPERATIONS OF THE CD PROJEKT GROUP IN THE FIRST HALF OF 2025
The strong sales of Cyberpunk 2077 together with the Phantom Liberty expansion and the release of the ver-
sion of the game for Nintendo Switch 2 consoles, as well as the continuously important sales of The Witcher
3: Wild Hunt had the largest impact on the results of the CD PROJEKT Group for the first half of 2025.
With regard to game production, the most significant expenditure on development projects incur-
red during the reporting period related to The Witcher 4, Cyberpunk 2 and Sirius projects which were
in the development phase. The largest expenditure incurred on research related to the Hadar project.
As part of its investment activities, the Parent Company also executed construction work on the CD PROJEKT
campus in Warsaw, including, in particular, the work associated with the final stage of the construction and
fitting out the new oce building customized to the specific characteristics of the work on game development.
In the first half of 2025, the following unusual events aecting the Group’s results of operations occurred:
■ in the first quarter of 2025, the Parent Company made adjustments to its estimates of the income tax for prior
years totalling PLN 21 847 thousand. The adjustments resulted mainly from adjustments in the accounting
treatment of the withholding tax. Given the low materiality of the adjustments in relation to the results of the
operations of the relevant periods, the Company decided to recognize the adjustments to the estimated tax in
the current period, without adjusting prior periods retrospectively;
■
as a result of the registration of a business combination of the previously non-consolidated The Molasses Flood
LLC as the acquiree with CD PROJEKT RED Inc. as the acquirer, a number of changes was disclosed in the
financial data of the CD PROJEKT RED segment, including, among other things, an increase in the balance of
Goodwill, a decrease in the balance of Shares in non-consolidated subordinated entities, and an increase in
Property, plant and equipment, Retained earnings and Lease liabilities.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
24
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DISCUSSION OF THE CONSOLIDATED INCOME STATEMENT OF THE CD PROJEKT GROUP
BY OPERATING SEGMENT
CD PROJEKT RED segment
Table 3 Income statement of the CD PROJEKT RED segment (in PLN thousand)
01.01.2025-
30.06.2025
01.01.2024-
30.06.2024
*
change change %
Sales revenue .%
Sales of products - -.%
Sales of services - -.%
Sales of goods for resale and materials .%
Cost of sales of products, services, goods
for resale and materials
- -.%
Costs of products and services sold - -.%
Cost of goods for resale and materials sold .%
Gross profit/(loss) on sales .%
Selling expenses .%
Administrative expenses, including: - -.%
costs of research projects - -.%
Other operating income - -.%
Other operating expenses .%
(Impairment)/reversal of impairment
of financial instruments
- - - -
Operating profit/(loss) .%
Finance income .%
Finance costs .%
Profit/(loss) before tax .%
Income tax .%
Net profit/(loss) - -.%
*restated data
Sales of products had the largest share in the sales revenue of the CD PROJEKT RED segment for the period
under review and related primarily to:
■ royalties resulting from the sale of Cyberpunk 2077 and the Phantom Liberty expansion (including the version
for the Nintendo Switch 2 platform);
■
royalties resulting from the sale of The Witcher 3: Wild Hunt with Hearts of Stone and Blood and Wine expansions;
■ licence revenue from CD PROJEKT RED studio franchises;
■ revenue related to other products of the segment.
In the first half of 2025, Sales of services comprised mainly revenue relating to services provided to related
entities.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
25
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Sales of goods for resale and materials of the CD PROJEKT RED segment in the period discussed comprised
mainly revenue from the sale of ready-made physical sets and elements of physical sets of own titles (media,
boxes, figurines, gadgets) to distributors.
Total Sales revenue for the first half of 2025 was higher than in the comparative period mainly due to the release
of Cyberpunk 2077 with the Phantom Liberty expansion on the Nintendo Switch 2 platform in June, recorded,
respectively, in Sales of products and Sales of goods for resale and materials (in the part corresponding to
the sale of physical Nintendo Switch 2 cartridges).
The most significant component of the Cost of products, services, goods for resale and materials sold of the
CD PROJEKT RED segment was the Cost of products and services sold, where mainly the cost of amortization
of expenditure on development projects (own games manufactured) is presented. In the first quarter of 2025,
the balance of the said item was mainly aected by the amortization of the expenditure on Cyberpunk 2077,
including its expansion Phantom Liberty and the Nintendo Switch 2 version. The decrease compared to the first
half of 2024 is a result of the segment’s adopted plan for a decreasing amortization of its key products and the
extension, at the beginning of 2025, of the amortization period for Cyberpunk 2077 with Phantom Liberty and
The Witcher 3: Wild Hunt, based on an updated estimate of these assets’ useful economic lives.
In the first half of 2025, the Cost of goods for resale and materials sold comprised mainly the cost of manufacture
of physical sets or components of these game sets sold to distributors. The increase in the item corresponds
to the costs of ready-made sets of the Cyberpunk 2077 game release the for Nintendo Switch 2 platform.
The Cost of sales of the CD PROJEKT RED segment in the period discussed comprised:
■ the cost of promotion and sales support relating to the release of Cyberpunk 2077 on the Nintendo Switch 2
platform in June;
■ the cost of maintenance and updating of the CD PROJEKT RED studio games being sold, mainly those relating
to Cyberpunk 2077;
■ the cost of promotion and sales support of the already published and future products of the studio;
■ costs associated with seeking business partners and expanding the franchise product portfolio.
The increase in the Cost of sales compared with the first half of 2024 is mainly due to the promotional costs associa-
ted with the release of the Cyberpunk 2077 and the Phantom Liberty expansion on the Nintendo Switch 2 platform.
As part of Administrative expenses in the first half of 2025, the CD PROJEKT RED segment reported:
■ fixed remuneration of the back oce and management teams and the external costs of third party services
classified in this category which, in line with an increase in the employment levels and the scale of operations
of the segment’s companies, are growing gradually;
■
costs of work on the studio’s proprietary technologies and future games that are at an early stage of production
(the research phase, preceding the development phase and the start of their capitalization as part of Expen-
diture on development projects forming part of Non-current assets; as the Cyberpunk 2 project entered the
development phase, these costs decreased materially in relation to the comparative period;
■ the cost associated with the functioning of the Incentive Plans A and B which are based on entitlements to the
Company’s shares.
■ performance-related remuneration of the management.
As regards Other operating income and expenses, the segment recognized mainly the revenue from the uti-
lization of the tax relief for innovative employees and revenue from services provided to related entities, from
the lease of oce space in the real estate complex located at ul. Jagiellońska 74 and 76 in Warsaw as well as
re-invoicing and the related expenses.
In the first half of 2025, the CD PROJEKT RED segment reported a surplus of Finance income over Finance
costs, consisting mainly of interest on bonds and current bank deposits.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
26
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The significantly higher Income tax recognized in the income statement and the segment’s eective tax rate of
22.8% compared with the comparative period were mainly due to adjustments to the accounting treatment of the
withholding tax in the Parent Company. 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 in the
prior years. Due to the materiality in relation to the results of the adjusted periods being low, the Company decided
to recognize the adjustments to tax estimates on an ongoing basis, without adjusting the periods retrospectively.
The consolidated Net profit of the CD PROJEKT RED segment for the first half of 2025 amounted to PLN 155 835
thousand and was PLN 12 996 thousand (7.7%) lower than in the comparative period.
GOG.COM segment
Table 4 Income statement of the GOG.COM segment (in PLN thousand)
01.01.2025-
30.06.2025
01.01.2024-
30.06.2024
*
change change %
Sales revenue .%
Sales of products - - - -
Sales of services .%
Sales of goods for resale and materials .%
Cost of sales of products, services, goods
for resale and materials
.%
Costs of products and services sold - - - -
Cost of goods for resale and materials sold .%
Gross profit/(loss) on sales .%
Selling expenses - -.%
Administrative expenses, including: .%
costs of research projects - - - -
Other operating income - -.%
Other operating expenses - -.%
(Impairment)/reversal of impairment
of financial instruments
- - - -
Operating profit/(loss) .%
Finance income - -.%
Finance costs - -.%
Profit/(loss) before tax - - -
Income tax - -.%
Net profit/(loss) - - -
*restated data
The total of Sales revenue of the GOG.COM segment comprises mainly Sales of goods for resale and materials
related to the digital distribution of games from GOG.COM’s external suppliers to end customers, carried out
via the GOG.com platform and the GOG GALAXY application.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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Three seasonal promotions – the New Year Sale, Spring Sale and Summer Sale (taking place partly in July) had the largest
impact on the development of sales of goods for resale and materials of the GOG.COM segment in the first half of 2025.
In the first half of 2025, GOG made more classic games available for players to purchase than in the comparative
period of the previous year - including but not limited to: Dino Crisis, Dino Crisis 2, Breath of Fire IV, Doom (2016) or
Croc Legend of the Gobbos, as well as long-awaited releases such as Kingdom Come: Deliverance II or Silent Hill 2:
Remake. GOG was also developing a Games Preservation Program which included Silent Hill 4: Room (and the titles
referred to above such as: Dino Crisis, Dino Crisis 2, Breath of Fire IV). In addition, a continued interest in AAA titles such
as Cyberpunk 2077: Phantom Liberty, Baldur’s Gate 3 and Fallout 4 could be noted during the period under review.
The Cost of sales of services, goods for resale and materials, which accompany sales directly, increased com-
pared with the comparative period in line with higher revenue.
In the period discussed, Selling expenses of the GOG.COM segment decreased slightly compared with the
first half of 2024 regardless of an increase in Sales revenue.
Among the Selling expenses reported in the GOG.COM segment, the following items have the most significant
shares:
■
the remuneration of the team responsible for operating, development and promotion of the GOG.COM platform,
as well as maintenance and further development of the GOG GALAXY application;
■ transaction costs related to the processing of payments on the GOG.com platform;
■ the costs of the ICT infrastructure related to making sales;
■
the costs of the marketing activities concerning the promotion of the platform and games available on the platform;
■
the costs of amortization, including the amortization of completed development projects relating to technologies
used for handling sales and servicing GOG’s customers.
The main components of the Administrative expenses of the GOG.COM segment are the remuneration of the admini-
strative teams, remuneration of the Company’s Management Board, as well as amortization costs and the costs of other
external services classified in this category. The increase in the level of Administrative Expenses in the period discus-
sed in relation to the comparative period was mainly due to an increase in ongoing remuneration costs, the incen-
tive plan for the management and the amortization of the newly implemented Financial Processing and ERP systems.
In addition, in the period discussed, the segment recorded a decrease in Other operating income relating primarily
to one-time revenue on the integration of the GOG.com shop with external services in the comparative period.
In the first half of 2025, the GOG.COM segment showed an excess of Finance costs over Finance income.
Finance costs comprised mainly foreign exchange losses on the valuation of items expressed in foreign cur-
rencies, and Finance income comprised mainly interest on bank deposits.
Despite generating an Operating profit of PLN 1 010 thousand, after taking into account the net finance costs
and tax charges, the Net loss of the GOG.COM segment for the first half of 2025 amounted to PLN 806 thousand.
Table 5 Net profitability ratio – Alternative Performance Measure
01.01.2025-
30.06.2025
01.01.2024-
30.06.2024
01.01.2025-
30.06.2025
01.01.2024-
30.06.2024
01.01.2025-
30.06.2025
01.01.2024-
30.06.2024
CD PROJEKT GROUP CD PROJEKT RED GOG.COM
Net profit margin
(Net profit / Sales revenues)
.% .% .% .% -.%
.%
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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The Net profitability ratio presents additional information, indicating what part of Sales revenue rema-
ins within the enterprise in the form of a Net profit after covering all the costs and tax charges shown in
the Income statement. An increase in the value of this ratio means an increase in the eectiveness of
the activities carried out, related to the level of the Sales revenue earned. The ratio used is a standard
and commonly used measure in financial analysis, and its usefulness was analysed in terms of the informa-
tion provided to investors on the eectiveness of the activities of the CD PROJEKT Group and its segments.
In the first half of 2025, the Group’s Net profitability ratio was 35.0% and was lower than in the corresponding
period of the prior year, both on the consolidated basis for the CD PROJEKT Group and on the stand-alone
basis for each of the segments.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION OF THE CD PROJEKT GROUP
Table 6 Consolidated statement of financial position of the CD PROJEKT Group (in PLN thousand)
30.06.2025 31.12.2024
*
change change %
NON-CURRENT ASSETS .%
Property, plant and equipment .%
Intangible assets - -.%
Expenditure on development projects .%
Investment properties - -.%
Goodwill .%
Shares in non-consolidated subordinated entities - -.%
Prepayments and deferred costs - -.%
Other financial assets .%
Deferred tax assets - -.%
Other receivables - -.%
CURRENT ASSETS - -.%
Inventories .%
Trade receivables - -.%
Current income tax receivables - - -.%
Other receivables .%
Prepayments and deferred costs - -.%
Other financial assets .%
Bank deposits over months - -.%
Cash and cash equivalents .%
TOTAL ASSETS .%
* restated data
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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30.06.2025 31.12.2024
*
change change %
EQUITY .%
Share capital .%
Supplementary capital .%
Share premium .%
Other reserves .%
Foreign exchange dierences on
translation
- - -
Retained earnings/(Accumulated losses) - - -
Net profit/(loss) for the period - -.%
NON-CURRENT LIABILITIES .%
Other financial liabilities .%
Other liabilities - -.%
Deferred tax provisions - - -.%
Deferred income .%
Provision for retirement and similar
benefits
.%
CURRENT LIABILITIES .%
Other financial liabilities - -.%
Trade payables - -.%
Current income tax liabilities .%
Other liabilities .%
Deferred income .%
Provision for retirement and similar
benefits
.%
Other provisions - -.%
TOTAL EQUITY AND LIABILITIES .%
* restated data
DISCUSSION OF THE CONSOLIDATED STATEMENT OF
FINANCIAL POSITION OF THE CD PROJEKT GROUP
Assets
The item Expenditure on development projects, in which the Group recognizes expenditure on the development
of new products and technologies, incurred and deferred, had the largest share in the value of the Group’s
Non-current assets as at 30 June 2025, as well as the greatest impact on the increase in the balance thereof.
An increase in the item discussed is mainly due to the expenditure incurred by the CD PROJEKT RED segment
on the production of future games in an advanced development phase (mainly The Witcher 4, Cyberpunk 2
and Sirius) in an amount higher than the amortization of the productions completed (mainly Cyberpunk 2077
including the Phantom Liberty expansion and The Witcher 3: Wild Hunt).
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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The balance of Property, plant and equipment primarily consists of:
■
expenditure on the construction work on the CD PROJEKT campus in Warsaw (Assets under construction), which
had the most material impact on increasing the value of Property, plant and equipment in the period under review;
■ the value of the real estate complex at ul. Jagiellońska 74 and 76 (Buildings and structures and Land), the reco-
gnized part thereof being the part to be used by the CD PROJEKT Group for its own purposes;
■
plant and machinery, where the Group recognizes, among other things, computers, servers and other electronic
devices used in its activities;
■ assets in respect of the right of use of leased oce space (with the adequate value of Other financial liabilities
in respect of concluded contracts on the lease of space being recognized on the Equity and liabilities side at
the same time).
The most significant items recognized in Intangible assets are mainly the value of the CD PROJEKT corporate
brand and the The Witcher trademark, as well as the value of the copyright and computer software held by the
Group. The value of the item did not change materially in 2025.
The increase in the balance of Goodwill of the CD PROJEKT Group in the first half of 2025 is due to the busi-
ness combination of the previously non-consolidated company The Molasses Flood LLC, as the acquiree, with
CD PROJEKT RED Inc. as the acquirer on 1 April 2025. Moreover, the item discussed is composed of amounts
resulting from accounting for the merger of the parent company with the CDP Investment Group on 30 April
2010 (arising on CD PROJEKT Red Sp. z o.o.) and accounting for the acquisition of a development studio located
in Wrocław by CD PROJEKT S.A. from Strange New Things sp. z o.o. sp. k. on 18 May 2018.
The balance of Investment properties consists of the values of the properties at ul. Jagiellońska 74 and ul.
Jagiellońska 76, the parts thereof classified as earmarked for lease.
The value of Shares in non-consolidated subordinated entities comprises shares in CD PROJEKT RED Vanco-
uver Studio Ltd. and CD PROJEKT SILVER Inc. The decrease in the balance in the period discussed is due to the
business combination of the previously non-consolidated company The Molasses Flood LLC, as the acquiree,
with CD PROJEKT RED Inc. as the acquirer on 1 April 2025.
The value of Inventories as at the end of the first half of 2025 consists mainly of ready-made physical sets and
elements of physical sets of the editions of games of own production intended for CD PROJEKT RED’s external
distributors, and the increase in the balance of the item is associated with the production of ready-made sets
of the Cyberpunk 2077 game for Nintendo Switch 2 consoles.
The consolidated balance of Trade receivables decreased in the period discussed mainly due to the inflow of
royalties obtained in the CD PROJEKT RED segment in the fourth quarter of 2024.
The balance of the Group’s Other receivables as at 30 June 2025 comprises mainly advances for suppliers and
security deposits, receivables in respect of the withholding tax deducted by foreign recipients of the licences
granted by the CD PROJEKT RED segment, VAT settlements, settlements with the Social Insurance Institution (ZUS).
The consolidated value of the current and non-current Prepayments and deferred costs recognized as at
the end of the analysed period and a decrease in these balances was mainly aected by the amount of the
so-called minimum guarantees, i.e. advances and prepayments made by GOG to its suppliers towards fees for
the distribution of games oered on the GOG.com platform, not recognized in the income statement by the
balance sheet date. In addition, the item includes, among other things, deferred fees for software, licences and
rights and deferred prepayments related to services.
The consolidated balance of current and non-current Other financial assets as at the end of June 2025 comprises
primarily the value of domestic and foreign Treasury bonds purchased by CD PROJEKT S.A. to diversify credit risk,
including the measurement of derivative financial instruments securing the value of bonds in foreign currencies.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
31
CD PROJEKT
GROUP
BUSINESS
ACTIVITY
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GOVERNANCE
FINANCIAL
RE SU LTS
The total value of financial reserves in the form of Cash and cash equivalents, Bank deposits over 3 months
and liquid financial assets in the form of purchased Treasury bonds (recognized in total in current and non-cu-
rrent Other financial assets) held by the Group as at 30 June 2025 amounted to PLN 1 426 772 thousand and
decreased by PLN 45 262 thousand during the first half of 2025.
Non-current assets accounted for 57.7% and Current assets for 42.3% of the total assets of the CD PROJEKT
Group as at the end of June 2024.
Equity and liabilities
As at 30 June 2025, the CD PROJEKT Group’s equity amounted to PLN 2 877 876 and increased by PLN 77 209
thousand compared with the end of 2024. The increase in equity resulting mainly from the net profit earned for
the first half of the year and the costs of the incentive plan exceeded the reduction resulting from the dividend
for 2024 of PLN 99 910 thousand approved by the General Meeting of the Company (paid on 9 July).
In current and non-current Other financial liabilities, the Group recognizes mainly the measurement of derivative
financial instruments hedging the foreign exchange risk of bonds in foreign currencies, liabilities in respect of
the perpetual usufruct of land at the Jagiellońska 74 and Jagiellońska 76 complexes in Warsaw, and liabilities
in respect of the concluded contracts for the lease of oce space.
The balance of the Group’s Trade payables comprised current trade payables of the CD PROJEKT RED segment
and liabilities of the GOG.COM segment in respect of payments for the last period of sales to service providers
and the so-called minimum guarantees contracted for new titles of the GOG.com platform.
The increase in Other liabilities in the first half of 2025 was due to the liability in respect of the dividend appro-
ved by the Company’s General Meeting on 23 June 2025 and paid on 9 July 2025. In addition, the balance of
the item was aected by the Group’s liabilities in respect of social security, VAT and future services.
In Deferred income (current and non-current) as at the end of June 2025, the Group’s segments recognized
mainly:
■ CD PROJEKT RED – advances towards royalties related to pre-sale and sale in future periods, including the
so-called minimum guarantees from publishers and distribution partners; the increase in the balance was due to
minimum guarantees relating to sales of the Cyberpunk 2077 game, including the version for Nintendo Switch 2;
■ GOG.COM – deferred income relating to the company’s customers (the GOG Portfolio);
■ CD PROJEKT RED – deferred income concerning subsidies;
■ GOG.com – the value of pre-orders for games with release dates in future periods, placed by customers.
The balance of current and non-current Provisions for retirement and similar benefits includes primarily a holi-
day pay provision in the CD PROJEKT RED segment.
A decrease in the balance of Other provisions (current and non-current) of the CD PROJEKT Group resulted
mainly from a decrease in provisions for performance-related remuneration in the CD PROJEKT RED segment
related to the payment of bonuses dependent on the results for 2024 in the period discussed. It also includes
provisions for external services costs, remuneration dependent on the current year’s result and other costs.
In the Equity and liabilities of the CD PROJEKT Group as at 30 June 2025, Equity represented 90.1%, whereas
Current and Non-current liabilities represented 9.9%.
The consolidated statement of financial position by business segment of the Group is contained in the Interim
condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30
June 2025.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
32
CD PROJEKT
GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
FINANCIAL
RE SU LTS
CONSOLIDATED STATEMENT OF CASH FLOWS OF THE CD PROJEKT GROUP
Table 7 Consolidated statement of cash flows of the CD PROJEKT Group (in PLN thousand)
01.01.2025-
30.06.2025
01.01.2024-
30.06.2024
OPERATING ACTIVITIES
Net profit/(loss)
Total adjustments:
Depreciation and amortization of property, plant and equipment, intangible
assets, expenditure on development projects and investment properties
Amortization of development projects recognized as cost of sales
Foreign exchange (gains)/losses ( )
Interest and shares in profits ( ) ( )
(Gains)/losses on investing activities ( )
Increase/(Decrease) in provisions ( ) ( )
(Increase)/Decrease in inventories ( )
(Increase)/Decrease in receivables
Increase/(Decrease) in liabilities, excluding loans and borrowings ( )
Changes in other assets and liabilities
Other adjustments
Cash from operating activities
Income tax expense
Withholding tax paid abroad
Income tax (paid)/refunded ( ) ( )
Net cash from operating activities
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
33
CD PROJEKT
GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
FINANCIAL
RE SU LTS
01.01.2025-
30.06.2025
01.01.2024-
30.06.2024
INVESTING ACTIVITIES
Inflows
Sale of intangible assets and property, plant and equipment
Repayment of loans granted -
Expiry of bank deposits over months
Redemption of bonds
Interest on bonds
Interest on deposits
Inflows from execution of forward contracts
Other inflows from investing activities -
Outflows
Acquisition of intangible assets and property, plant and equipment
Expenditure on development projects
Expenditure on intangible assets -
Acquisition of investment properties and capitalization of expenditure
Purchase of shares in a subsidiary -
Placement of bank deposits over months
Purchase of bonds and cost of their purchase
Net cash from investing activities ( ) ( )
FINANCING ACTIVITIES
Inflows
Settlement of lease receivables
Interest received
Outflows
Dividends and other distributions to shareholders -
Payment of lease liabilities
Interest paid
Net cash from financing activities ( ) ( )
Net increase/(decrease) in cash and cash equivalents ( )
Changes in cash and cash equivalents in the balance sheet ( )
Cash and cash equivalents as at the beginning of the period
Cash and cash equivalents as at the end of the period
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
34
CD PROJEKT
GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
FINANCIAL
RE SU LTS
DISCUSSION OF THE CONSOLIDATED STATEMENT OF CASH FLOWS OF THE CD PROJEKT GROUP
Under Operating activities in the first half of 2025, the CD PROJEKT Group reported net cash inflows of PLN
249 711 thousand.
The consolidated net profit was adjusted for:
I. Non-cash items (an increase in total):
■ Amortization and depreciation (an increase);
■ Amortization of development projects, recognized as the cost of sales (an increase), corresponding
primarily to the amortization of the expenditure on development projects related to Cyberpunk 2077
together with the Phantom Liberty expansion for various platforms;
■
Foreign exchange gains/(losses), an increase resulting mainly from the measurement of foreign Treasury
bonds and foreign currency deposits over 3 months;
■
Gains/(losses) on investing activities, a decrease resulting mainly from transactions in derivative financial
instruments and bonds included in other sections of the statement of cash flows;
■ Increase/(decrease) in provisions, a decrease resulting mainly from a decrease in the balance of pro-
visions for performance-related remuneration;
■ Other adjustments, an increase resulting mainly from the elimination of the accounting for costs of the
incentive plans and adjustments to the amortization/depreciation recognized in the cost of sales and
in other operating expenses;
II. Items related to changes in current assets and current liabilities (an overall increase):
■
(Increase)/Decrease in inventories, a decrease in cash flows related to the release of the Cyberpunk 2077
game for Nintendo Switch 2 consoles and an increase in inventories;
■ (Increase)/decrease in receivables, an increase in the balance of cash flows resulting primarily from
a decrease in the balance of receivables in the CD PROJEKT RED segment, related to the inflow of
royalties reported for the fourth quarter of 2024;
■ Increase/(decrease) in liabilities, excluding loans and borrowings, a decrease in the balance of cash
flows as a result of an increase in the Parent Company’s liabilities relating to the dividend for 2024 which
was higher than a decrease in the balance of the Group’s other current liabilities;
■ Changes in other assets and liabilities, an increase in the balance of cash flows resulting mainly from
a decrease in the balance of the so-called minimum guarantees contracted by GOG.com and an increase
in the balance of minimum guarantees and advances in the CD PROJEKT RED segment;
III. Item recognized in other sections of the statement of cash flows – Interest and shares in profits, resulting
in a decrease in the cash flows shown under operating activities;
IV.
Dierence between the corporate income tax recognized in the income statement (an increase) and the tax
actually paid during the first half of 2025, taking into account settlements related to withholding tax.
The negative balance of Net cash outflows on investing activities in the first half of 2025 was mainly due to
net outflows related to capital expenditure on assets, primarily Expenditure on development projects (i.e. the
work on new games) and Property, plant and equipment.
In the first half of 2025, the CD PROJEKT Group did not generate any significant Net cash flows from financing
activities.
In total, in the first half of 2025, the CD PROJEKT Group generated positive Net cash inflows of PLN 22 088
thousand, while investing PLN 305 746 thousand in assets (expenditure on development projects, intangible
assets and property, plant and equipment) and reducing the balance of bonds and bank deposits over 3 months
by a total of PLN 67 350 thousand.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
35
CD PROJEKT
GROUP
BUSINESS
ACTIVITY
CORPORATE
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FINANCIAL
RE SU LTS
INFORMATION ON LOANS AND BORROWINGS IN THE FIRST HALF OF 2025
In the reporting period, the CD PROJEKT Group did not have any external liabilities in respect of loans or borrowings.
INFORMATION ON LOANS GRANTED IN THE FIRST HALF OF 2025
In the reporting period, none of the CD PROJEKT Group companies granted any loans to non-Group entities. In
the first half of 2025, CD PROJEKT S.A. granted a loan to CD PROJEKT RED Inc. of up to USD 4 350 thousand.
In the first half of 2025, USD 931 thousand was disbursed. As at 30 June 2025, the outstanding amount, inc-
luding accrued interest, was USD 942 thousand. In addition, the loan previously granted by CD PROJEKT S.A.
to The Molasses Flood LLC of USD 659 thousand was repaid in full in the first half of 2025.
INFORMATION ON SURETIES AND GUARANTEES GRANTED IN THE FIRST
HALF OF 2025 AND OTHER MATERIAL OFFBALANCESHEET ITEMS
Information on sureties and guarantees and other material o-balance-sheet items is presented in the Interim
condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30
June 2025.
TRANSACTIONS WITH RELATED ENTITIES
Within the activities of the CD PROJEKT Group in the first half of 2025, there were mainly the following types
of transactions between related entities:
■
sale of licences between CD PROJEKT S.A. and GOG sp. z o.o., The Molasses Flood LLC, as part of the activities
carried out by the individual entities;
■
sale relating to research and development projects involving the creation of games and technologies by
CD PROJEKT RED Inc., The Molasses Flood LLC and CD PROJEKT RED Vancouver Studio Ltd. for CD PROJEKT S.A.;
■
provision of services such as legal, financial, administrative and management services rendered mainly by
CD PROJEKT S.A. to its related entities;
■ lease of oce space by CD PROJEKT S.A. to GOG.com sp. z o.o., and sublease of oce space between The
Molasses Flood LLC and CD PROJEKT RED Inc.;
■ sale of CD PROJEKT RED Inc.’s services to CD PROJEKT S.A., related to the coordination of publishing and
promotional activities in North America;
■ a loan granted to The Molasses Flood LLC and CD PROJEKT RED Inc. by CD PROJEKT S.A.;
■ other transactions arising from current operating activities, e.g. the costs of employee relocation or reinvoicing
costs incurred jointly.
Transactions between related entities are concluded on an arm’s length basis as part of the normal business
activities carried out by the CD PROJEKT Group entities. Detailed information about the terms and conditions
of the transactions between related entities is contained in the Interim condensed consolidated financial sta-
tements of the CD PROJEKT Group for the period from 1 January to 30 June 2025.
MANAGEMENT BOARD’S POSITION ON THE FEASIBILITY OF MEETING
PREVIOUSLY PUBLISHED PROFIT FORECASTS FOR A GIVEN YEAR
The CD PROJEKT Group has not published any financial forecasts, therefore, no explanations are given for the
dierences between the financial results shown in the report.
04
CORPORATE GOVERNANCE
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
37
CD PROJEKT
GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
FINANCIAL
RE SU LTS
Corporate governance policies
CD PROJEKT S.A. is subject to corporate governance policies codified in the “Best Practice for WSE Listed
Companies” document, 2021 edition (annexed to Resolution no. 13/1834/2021 of the Supervisory Board of the
Warsaw Stock Exchange of 29 March 2021) (“Best Practices”).
A document which provides information on the implementation of Best Practice for WSE Listed Companies,
2021 edition, is available on the Company’s website.
Entity authorized to perform audits of financial statements
The entity authorized to perform reviews and audits of separate and consolidated financial statements of the
Company and the CD PROJEKT Group for the years 2024-2025 – both interim and annual (including verifi-
cation of their compliance with the European Single Electronic Format; ESEF), as well as to perform reviews
of remuneration reports for the years 2024-2025 is Grant Thornton Polska PSA with a registered oce in
Poznań. Grant Thornton Polska PSA has also been contracted to audit the financial statement of GOG sp. z o.o.
Shareholders controlling at least 5%
of the total number of votes at the General Meeting
The Company’s share capital amounts to 99 910 510 PLN, divided into 99 910 510 shares with a nominal value
of 1 PLN per share. The two largest share packages of CD PROJEKT S.A. continue to be controlled by the
Company’s co-founders: Marcin Iwiński (incumbent Co-Chair of the Supervisory Board) and Michał Kiciński.
Table 8 Shareholders controlling at least 5% of the vote at the General Meeting as of the publication date of
this report
Qty. of shares
Percentage share
in share capital (%)
Number
of votes controlled
Percentage share
of total number of
votes at the GM (%)
Marcin Iwiński .% .%
Michał Kiciński
*
.% .%
Piotr Nielubowicz .% .%
Nationale-Nederlanden Powszechne
Towarzystwo Emerytalne S.A. (all funds
collectively)
**
.% .%
incl. Nationale-Nederlanden Otwarty
Fundusz Emerytalny
**
5 030 225 5.03% 5 030 225 5.03%
* As disclosed in the most recent notification submitted to the Company on 13 November 2023 (Current Report no. 41/2023)
** As disclosed in the most recent notification submitted to the Company on 12 August 2024 (Current Report no. 15/2024)
5
The shareholding structure, including percentages of the Company’s share capital and votes at the General Meeting controlled by each
shareholder, is determined on the basis of formal notifications submitted to the Company by shareholders who control at least 5% of the
total number of votes at the General Meeting of Shareholders.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
38
CD PROJEKT
GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
FINANCIAL
RE SU LTS
CHANGES IN OWNERSHIP OF MAJOR PACKAGES OF COMPANY STOCK SINCE
THE PUBLICATION DATE OF THE PREVIOUS PERIODIC REPORT
No notifications regarding changes in ownership of major packages of Company stock have been received by
the Company since the publication of its previous periodic report (covering the first quarter of 2025).
Company shares held by members
of its Management Board and Supervisory Board
Table 9
Quantity of shares held by members of the Management Board and Supervisory Board of the Company*
Name Position
as of
28.08.2025 r.
as of
30.06.2025 r.
as of
31.12.2024 r.
Michał Nowakowski
Board Member,
Joint Chief Executive Ocer
Adam Badowski
Board Member,
Joint Chief Executive Ocer
Piotr Nielubowicz
Board Member,
Chief Financial Ocer
Piotr Karwowski
Board Member,
Joint Chief Operating Ocer
Paweł Zawodny
Board Member,
Joint Chief Operating Ocer
Marcin Iwiński
Co-Chair
of the Supervisory Board
Adam Kiciński
Co-chair
of the Supervisory Board
Katarzyna Szwarc
Deputy Chair of the Supervisory Board
until December
n/a n/a
Maciej Nielubowicz
Supervisory Board Member
until December
n/a n/a
* Based on declarations and notifications filed with the Company
Persons discharging executive and supervisory responsibilities at CD PROJEKT S.A. do not directly hold any
shares of subsidiary entities which comprise the CD PROJEKT Group.
CHANGES IN OWNERSHIP OF COMPANY STOCK BY MEMBERS OF ITS MANAGEMENT BOARD AND
SUPERVISORY BOARD SINCE THE PUBLICATION DATE OF THE PREVIOUS PERIODIC REPORT
No changes in ownership of Company stock by members of its Management Board or Supervisory Board
occurred since the publication of the Company’s previous periodic report (covering the first quarter of 2025).
Disclosure of the purchase of own shares
The Company did not purchase any own shares in the first half of 2025.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
39
CD PROJEKT
GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
FINANCIAL
RE SU LTS
Agreements which may result in changes in the proportions
of shares held by shareholders and bondholders
INCENTIVE PROGRAMS FOR 20232027
On 18 April 2023 the General Meeting of Company voted to institute two new incentive programs for the finan-
cial years 2023-2027: Incentive Program A and Incentive Program B respectively.
Detailed regulations applicable to these programs were adopted by the Management Board of the Company
on 21 May 2023 and subsequently approved by the Supervisory Board on 23 May 2023. On 18 December 2024
the Management Board of the Company introduced changes in regulations applicable to Incentive Programs
A and B for foreign tax residents, and these changes were subsequently approved by the Supervisory Board
on 20 December 2024. Thereafter, on 3 July 2025, pursuant to amendments introduced by Resolution no. 23
of the General Meeting held on 23 June 2025, the Management Board of the Company modified the terms and
conditions of Incentive Program B, and these modifications were subsequently approved by the Supervisory
Board on 14 July 2025.
The full wording of current terms and conditions applicable to Incentive Programs A and B can be found on
the Company’s website.
Implementation of both programs is supervised by the Supervisory Board and Management Board of
CD PROJEKT S.A.
Incentive Program A
Incentive Program A is aimed at persons who are not members of the Company’s Management Board. According
to the adopted provisions, entitlements will be assigned under this program in each financial year belonging to
the 2023-2027 period (i.e. in five stages). The total number of entitlements assigned under Incentive Program
A may not exceed 1 500 000. Entitlements shall vest either by: (i) extending an oer to participants to claim
subscription warrants which incorporate the right to take up the equivalent number of shares issued in the
framework of a conditional increase in the Company share capital, or (ii) extending an oer to participants to
purchase from the Company a certain number of own shares which the Company will have previously acquired in
the framework of a buy-back program instituted specifically for this purpose. Exercise of entitlements will depend
on confirmation by the Company of the fulfillment of the loyalty condition (which is defined as the existence of
a legal relationship between the participant of Incentive Program A and the Company or an aliate thereof).
The share take-up or purchase price in the exercise of entitlements assigned under Incentive Program A will
be equivalent to the nominal price of Company shares. The vesting period is 3 years.
As of the publication date of this report:
I. 100 444 entitlements were assigned at the first stage of Incentive Program A (in 2023), 88 341 of which remain
outstanding;
II. 183 189 entitlements were assigned at the second stage of Incentive Program A (in 2024), 168 190 of which
remain outstanding;
III.
123 186 entitlements were assigned at the third stage of Incentive Program A (in 2025), 120 979 of which remain
outstanding.
Incentive Program B
Incentive Program B is aimed at members of the Company’s Management Board as well as persons who do not
hold membership of the Management Board. According to the adopted provisions, entitlements will be assigned
under this program in each financial year belonging to the 2023-2027 period (i.e. in five stages).
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
40
CD PROJEKT
GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
FINANCIAL
RE SU LTS
Following changes introduced by Resolution no. 23 of the General Meeting of the Company held on 23 June
2025, the total number of entitlements assigned under Incentive Program B may not exceed 4 100 000, with
the added provision that the total number of entitlements assigned to participants of this program as well as
participants of Incentive Program A may not exceed 5 000 000.
Entitlements shall vest either by: (i) extending an oer to participants to claim subscription warrants which incor-
porate the right to take up the equivalent number of shares issued in the framework of a conditional increase
in the Company share capital, or (ii) extending an oer to participants to purchase from the Company a certain
number of own shares which the Company will have previously acquired in the framework of a buy-back program
instituted specifically for this purpose. Exercise of entitlements will depend on confirmation by the Company of
the fulfillment of the earnings condition (for 70% of entitlements), the market condition (for 30% of entitlements),
certain individual conditions applied on a case-by-case basis, as well as – in all cases – the loyalty condition
(which is defined as the existence of a legal relationship between the participant of Incentive Program B and
the Company or an aliate thereof). The base share take-up or purchase price in the exercise of entitlements
assigned under Incentive Program B will be equivalent to the closing price of Company stock on the last trading
day preceding the adoption of a resolution enrolling the given participant in the program. The program provides
for a potential reduction in the take-up or purchase price coupled with a proportional reduction in the number
of entitlements exercisable by the given participant. The base vesting period is equivalent to four consecutive
financial years beginning with the year during which the given stage of the program began (with an option to
shorten the vesting period to 3 years for entitlements linked to the earnings condition, should the four-year
earnings target be met within the corresponding three-year period).
As of the publication date of this report:
I. 662 000 entitlements were assigned at the first stage of Incentive Program B (in 2023), 656 000 of which
remain outstanding;
II. 723 500 entitlements were assigned at the second stage of Incentive Program B (in 2024), 723 500 of which
remain outstanding;
III. 740 500 entitlements were assigned at the third stage of Incentive Program B (in 2025), 740 500 of which
remain outstanding.
Earnings condition – applicable to 70% of entitlements assigned during each stage of Incentive Program B
The earnings condition is considered fulfilled if, during the given vesting period, the CD PROJEKT Group posts
sucient consolidated earnings from continuing activities aggregated with the costs of estimating entitlements
assigned during the given stage of Incentive Program B as entered in the accounting records of CD PROJEKT
Group member entities. For entitlements assigned during the first stage of Incentive Program B (in the financial
year 2023) the earnings condition for the years 2023-2026 is 2 billion PLN; for entitlement assigned during the
second stage of Incentive Program B (in the financial year 2024) the earnings condition for the years 2024-2027
is 3 billion PLN, while for entitlement assigned during the third stage of Incentive Program B (in the financial
year 2025) the earnings condition for the years 2025-2028 is 4 billion PLN.
For each subsequent stage of Incentive Program B, associated with the financial years 2026 and 2027 respec-
tively, the corresponding four-year earnings condition will, in each case, be determined by the General Meeting
in the form of a resolution (on the Management Board’s request).
Market condition – applicable to 30% of entitlements assigned during each stage of Incentive Program B
The market condition is defined as a as a change in the price of Company stock on the Warsaw Stock Exchange
in such a way that the percentage dierence between the closing price of Company stock on the final trading
session of the final year subject to verification in the context of the above-mentioned earnings condition com-
pared to the closing price of Company stock on the final trading session of the year preceding the year covered
by the given stage of Incentive Program B is equal to or greater than the corresponding percentage change in
the value of the WIG index increased by 10 percentage points over the same period.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
41
CD PROJEKT
GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
FINANCIAL
RE SU LTS
Management structure
As mandated by the relevant regulations contained in the national Code of Commercial Companies, the o-
cial bodies of the Company include – in addition to the General Meeting – the Management Board and the
Supervisory Board.
MANAGEMENT BOARD OF PROJEKT S.A.
The means of operation and core prerogatives of the Management Board are codified in the Company Articles,
Management Board Regulations and provisions of the Code of Commercial Companies Act of September 15, 2000.
Composition of the Management Board of CD PROJEKT S.A. as of August 28, 2025
Michał Nowakowski – Joint Chief Executive Ocer, Member of the Board
Jointly-responsible for the company’s long term vision, coordinates the company’s activities and its mana-
gement. In particular responsible for the Company’s business strategy and eective sales policy. Sup-
ports development of new product lines and manages the Company’s back catalog (franchise flywheel).
Shapes long-term business relations with key partners. Represents company in relation with the investors.
Directly supervises the following:
Business development | Comic Book and Animation narrative | Investor Relations
Adam Badowski – Joint Chief Executive Ocer, Member of the Board
Jointly-responsible for the company’s long term vision, coordinating the company’s activities and
its management. In particular responsible for the Company’s creative vision, and for managing,
developing and maintaining the Company’s creative teams. Develops and defines the unique
image and style which distinguish the Company and its products on the market.
Directly supervises the following:
Game direction | Story | Global Art
Piotr Nielubowicz – Chief Financial Ocer, Member of the Board
Responsible for the Company’s financial strategy, and for financial and non-financial reporting and
legal area. Oversees strategic corporate projects, key investments and Company’s climate and
environmental policy.
Directly supervises the following:
Finance | Accounting | Taxes | Legal & Compilance
Piotr Karwowski – Joint Chief Operating Ocer, Member of the Board
Responsible for the Company’s game development processes and optimization of its operational
capabilities, including in-house production, external games development and management of the
Group’s studios. Additionally oversees development of online and user experience competencies.
Directly supervises the following:
Game production | Studio operations | IT & Cybersecurity | Shared Development Services
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
42
CD PROJEKT
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Paweł Zawodny – Joint Chief Operating Ocer, Member of the Board
Responsible for shaping the Company’s tech strategy and optimization of its operational capa-
bilities. Plays a pivotal role in driving both the technological and organizational transformation of
CD PROJEKT RED. Oversees the Company’s activities in the scope of employment, talent management
and work methodology, ensuring they are aligned with the Company’s broader transformation objectives.
Directly supervises the following:
HR | Culture, Diversity & Inclusion | Technologies (including R&D)
Jeremiah Cohn – Chief Marketing Ocer, Member of the Board
Responsible for the Company’s global marketing strategy, product communication and branding
in support of franchise development. Oversees eorts to build recognition of the Company,
its IP, and product releases by shaping engagement with fans and the gamers community.
Directly supervises the following:
Marketing | PR & Communication | Franchises
Chart 5
Tenure of incumbent members of the Management Board as employees at the CD PROJEKT Group’s
member companies (in years)
Changes in the composition of the Management Board of CD PROJEKT S.A.
As a result of the resignation tendered by Mr. Adam Kiciński and eective as of 31 December 2024, since 1
January 2025 the Management Board of the Company has consisted of six members.
No changes in the composition of the Company’s Management Board occurred during the reporting period
and up until the publication date of this report.
Paweł Zawodny
Jeremiah Cohn
Piotr Karwowski
Michał Nowakowski
Adam Badowski
Piotr Nielubowicz
Adam Kiciński*
7
11
18
20
23
26
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
43
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SUPERVISORY BOARD OF CD PROJEKT S.A.
Organization of the Supervisory Board and its key prerogatives are described in the Articles of Association of the
Company, Supervisory Board Regulations and the Act of 15 September 2000 – Code of Commercial Companies.
Composition of the Supervisory Board and Audit Committee of CD PROJEKT S.A. as of 28 August 2025
Marcin Iwiński – Co-Chair of the Supervisory Board
Key competences and areas of experience:
Familiarity with the game dev industry | Management | Strategy
Marketing and distribution | International markets | Communication and PR
Adam Kiciński – Co-Chair of the Supervisory Board, Member of the Audit Committee
Key competences and areas of experience:
Familiarity with the game dev industry | Management | Strategy
Marketing and distribution | Technology and IT | Human talent management
David Gardner – Deputy Chair of the Supervisory Board,
independent Member of the Supervisory Board*
Key competences and areas of experience:
Familiarity with the game dev industry | International entrepreneurship | Venture Capital
Strategic growth and expansion | Digital content and MMOs | Restructuring of enterprises
Agnieszka Słomka-Gołębiowska – Chair of the Audit Committee,
independent Member of the Supervisory Board*
Key competences and areas of experience:
Corporate management and development | International entrepreneurship
Corporate governance | Sustainable development | Finance | Emerging technologies
Beata Cichocka-Tylman – Member of the Audit Committee,
independent Member of the Supervisory Board*
Key competences and areas of experience:
Familiarity with the game dev industry | Innovation | Finance
R&D activities, particularly in the context of IT, public aid, enterprise development and finance
*A Member of the Supervisory Board is regarded as independent if they fulfill the independence criteria specified in the Act of May 11, 2017 on
licensed auditors, audit firms and public supervision, and Commission Recommendation of February 15, 2005 on the role of non-executive
or supervisory directors of listed companies and on the committees of the (supervisory) board (2005/162/WE), and are not materially linked
to any shareholder who controls at least 5% of the total number of votes at the Company.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
44
CD PROJEKT
GROUP
BUSINESS
ACTIVITY
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Changes in the composition of the Supervisory Board and Audit Committee of CD PROJEKT S.A.
A new joint four-year term of the Supervisory Board of the Company commenced on 1 January 2025. The Supervi-
sory Board consists of: Mr. Marcin Iwiński, Ms. Beata Cichocka-Tylman, Mr. David Gardner, Mr. Adam Kiciński and
Ms. Agnieszka Słomka-Gołębiowska.
On 8 January 2025, at the first meeting of the new Supervisory Board:
■ Mr. Adam Kiciński and Mr. Marcin Iwiński were appointed Chairs of the Supervisory Board for the new term;
consequently, under § 18 section 1 of the Company Articles, they will share the title of Co-Chair of the Supervi-
sory Board;
■ Mr. David Gardner was appointed Deputy Chairperson of the Supervisory Board for the new term;
■ An Audit Committee was appointed, consisting of Ms. Agnieszka Słomka-Gołębiowska, Ms. Beata Cichocka-
-Tylman and Mr. Adam Kiciński.
Disclosure of significant legal proceedings pending before
courts, arbitration panels or public administration bodies
The following legal proceedings took place during the reporting period (the presented status is valid for the
publication date of this report):
CRIMINAL PROCEEDINGS IN WHICH CD PROJEKT S.A. IS RECOGNIZED AS THE VICTIM
Case against natural persons (including former members of the Management Board of Optimus S.A.)
In case no. XVIII K 126/09, following indictment filed by the District Attorney in the District Court for the City of
Warsaw, on 27 October 2016 the District Court convicted Mr. Michał L., Mr. Piotr L. and Mr. Michał D. of violating
sections 296 §1, 296 §3 and others of the Penal Code. The Company acted as an auxiliary prosecutor in the
court of first instance and will retain this status until the trial has concluded. Having found the defendants guilty,
the Court awarded the Company 210 thousand PLN in damages under Art. 46 of the Penal Code. According
to the operative part of the judgement total losses sustained by the Company as a result of the defendants’
actions were estimated at not less than 16 million PLN (this figure follows from standard regulations applicable
to criminal trials). The Company subsequently filed an appeal against the judgment, contesting, among others,
the amount of damages awarded to the Company. An appeal against the full judgement was also filed by the
defendants’ attorneys. On 26 October 2017 the Appellate Court vacated the judgment of the court of first
instance and remanded the case to be retried in full. The District Court for the City of Warsaw subsequently filed
the case under no. XVIII K 316/17. The parent company continues to act in the capacity of an auxiliary prosecutor.
LITIGATION INVOLVING THE COMPANY’S SUBSIDIARIES
Class action complaint against GOG concerning compliance with technological solutions applied by
GOG with the US Video Privacy Protection Act
On 6 September 2024 the Management Board of the parent Company was notified of the filing of a civil class
action complaint against the Company in the US District Court for the Eastern District of New York. The compla-
int was filed on behalf of one named user and potential other users of the GOG.com digital video game distri-
bution platform which is operated by GOG sp. z o.o. – a subsidiary of the Company – and concerns potential
violation by GOG sp. z o.o. of the US Video Privacy Protection Act (VPPA) by applying Facebook tracking scripts
on the GOG.com website for remarketing purposes – allegedly, without proper consent on the part of the user.
The plainti petitioned the court to determine whether the use of certain technological solutions by GOG.com is
consistent with VPPA, and to award damages to the plainti in case it finds the Company to be in violation of the
law. The complaint was eectively served on 10 September 2024.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
45
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On 5 December 2024 the parent Company was notified of the filing of an amended class action complaint. The
amendment named a dierent respondent – instead of the Company, as originally indicated, the complaint was
now directed against GOG sp. z o.o. All claims against the Company were voluntarily dismissed without prejudice
and, consequently, the parent Company ceased to be a party to these proceedings. GOG sp. z o.o. undertook
actions aimed at protecting its interests. In Current Report no. 30/2024 which addressed this matter, the Mana-
gement Board of the parent Company announced that, following analysis carried out in collaboration with a law
firm, the materiality of the case did not further status updates in the form of current reports.
On 6 May 2025, following the filing, by the plainti, of a notice of voluntary dismissal with prejudice with the US
District Court for the Eastern District of New York, the class action complaint against GOG sp. z o.o. was eectively
withdrawn. Consequently, the case is regarded as closed.
Case brought by GOG sp. z o.o. before the District Administrative Court in Kraków
On 19 August 2022 the Head of the Małopolska Customs and Tax Oce in Kraków issued a decision with regard to
corporate tax liabilities incurred by GOG sp. z o.o., a subsidiary of the Company, in 2016. The Management Board
of GOG sp. z o.o. discharged the liability arising under the aforementioned decision, which, as of the payment
date, amounted to 2 638 thousand PLN. Nevertheless, given its disagreement with the assessment presented
by the tax authority, it appealed the decision on 5 September 2022.
On 22 May 2023 the Head of the Małopolska Customs and Tax Oce in Kraków, who also acts as the
appeal body in this case, issued a decision upholding the contested decision. This decision was delivered to
GOG sp. z o.o. on 5 June 2023. On 4 July 2023, given its continuing disagreement with the position expressed by
the tax authority, the Management Board of GOG sp. z o.o. filed a complaint against the aforementioned decision
in the District Administrative Court in Kraków. A hearing was held before the District Administrative Court in Kraków
on 3 October 2023, as a result of which the Court issued an injunction repealing the decisions of the Head of the
Małopolska Customs and Tax Oce in Kraków of 19 August 2022 and 22 May 2023. As of the publication date
of this report this injunction is regarded as final and binding.
On 29 May 2024 the Head of the Małopolska Customs and Tax Oce in Kraków issued a new decision con-
cerning the value of corporate income tax liabilities for 2016. The declared liability was reduced by 116 226 tho-
usand PLN compared to the decision issued on 19 August 2022. On 26 June 2024 the Management Board of
GOG sp. z o.o., given its continuing disagreement with the tax authorities’ decision, filed an appeal with the Director
of the Tax Administration Chamber in Kraków.
On 25 June 2024, in light of the injunction issued by the District Administrative Court in Kraków, GOG sp. z o.o.
received a tax reimbursement from the First Mazovian Tax Oce in Warsaw in the amount of 2 578 500 PLN.
On 25 February 2025 the Head of the Małopolska Customs and Tax Oce in Kraków, who also acts as the
appeal body in this case, issued a decision upholding the contested decision. This decision was delivered to
GOG sp. z o.o. on 11 March 2025.
On 13 March 2025, the Management Board of GOG sp. z o.o. discharged the liability arising under the aforemen-
tioned decision, which, as of the payment date, amounted to 2 466 927 PLN including interest. Nevertheless,
given its disagreement with the assessment presented by the tax authority, on 10 April 2025 the Management
Board of GOG sp. z o.o. appealed the aforementioned decision in the District Administrative Court in Kraków. On
25 June 2025 the District Administrative Court in Kraków issued a decision dismissing the complaint on formal
grounds. Given its disagreement with the court’s opinion, GOG sp. z o.o. proceeded to file a cassation appeal in
the Supreme Administrative Court. As of the publication date of this report, the Supreme Administrative Court
has not issued a decision in this matter.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 30 June 2025 (all figures quoted in PLN thousands unless indicated otherwise)
46
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Other disclosures which, in the Issuer’s opinion, may be relevant for
assessment of its stang situation, material standing or financial result,
including changes therein, and disclosures which may be relevant
for assessment of the Issuer’s ability to discharge its obligations
The Company has not identified any additional information which might be regarded as relevant for assessment
of its stang situation, material standing or financial result, including changes therein, or disclosures which may
be relevant for assessment of the Company’s ability to discharge its obligations.
Management Board statement
Pursuant to the Finance Minister’s ordnance of 6 June 2025 concerning current and periodic information to be
published by issuers of securities, and conditions for regarding as equivalent the information required by the laws
of a non-member state, the Management Board hereby declares that, to the best of its knowledge, this semiannual
report on activities of the CD PROJEKT Group presents an accurate description of the development, achievements
and condition of the CD PROJEKT Group, including basic threats and risks applicable thereto.
Michał Nowakowski
Joint Chief Executive Ocer,
Member of the Board
Piotr Nielubowicz
Chief Financial Ocer,
Member of the Board
Adam Badowski
Joint Chief Executive Ocer,
Member of the Board
Piotr Karwowski
Joint Chief Operating Ocer,
Member of the Board
Jeremiah Cohn
Chief Marketing Ocer,
Member of the Board
Paweł Zawodny
Joint Chief Operating Ocer,
Member of the Board
