CD Projekt Group FY2026 Q1 Earnings Release

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CD PROJEKT GROUP

Q1 2026 Earnings

2 8 M A Y 2 0 2 6

Michał Nowakowski
|

J O I N T C H I E F E X E C U T I V E O F F I C E R , M E M B E R O F T H E B O A R D

Piotr Nielubowicz
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C H I E F F I N A N C I A L O F F I C E R , M E M B E R O F T H E B O A R D

Karolina Gnaś
|

V I C E P R E S I D E N T , I N V E S T O R R E L A T I O N S

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3

Expanding player reach to grow our franchises

4

4

5

New update for Cyberpunk 2077 to deliver cutting-edge

experience

5

Record-breaking TCG campaign underscoring

Cyberpunk’s IP strength

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February 28, 2026

933

499

149

71

26

19

169

975

April 30, 2026

Development teams engaged in ongoing projects

*e.g. Localization, Central Quality Assurance, Data, Insights & Experiences, Motion Capture

The Witcher 4

Cyberpunk 2

Sirius

Hadar

Shared Services*

Other

October 31, 2024

7

513

163

83

173

19

24

No. of

developers

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O F T H E C D P R O J E K T G R O U P

Financial Results

CD PROJEKT GROUP — profit and loss account

All figures in PLN thousands

9

TBU

CD PROJEKT GROUP

Q1 2026 vs.

Q1 2026 vs.

Q1 2025*

Q1 2026

Q1 2025
[PLN]

Q1 2025
[%]

Sales revenue

180 091

191 107

11 016

6%

Sales of products

178 069

184 935

6 866

4%

– Cyberpunk IP

145 196

140 113

-5 083

-4%

– Witcher IP

32 852

44 723

11 871

36%

Sales of goods for resale and materials

2 022

6 172

4 150

205%

Cost of sales

13 989

13 854

-135

-1%

Cost of products sold

11 212

11 440

228

2%

Cost of goods for resale and materials sold

2 777

2 414

-363

-13%

Gross profit on sales

166 102

177 253

11 151

7%

Operating costs

72 089

80 186

8 097

11%

Selling expenses

22 051

23 989

1 938

9%

Administrative expenses

49 930

56 964

7 034

14%

– Research works costs

8 186

8 945

759

9%

Other operating income less expenses

-108

767

875

-810%

EBIT

94 013

97 067

3 054

3%

Financial income less costs

18 526

15 815

-2 711

-15%

Income tax

1 324

6 682

5 358

405%

Net profit on continuing operations

111 215

106 200

-5 015

-5%

Net profit on discontinued operations

580

0

-580

-100%

Net profit

111 795

106 200

-5 595

-5%

Net profitability (continuing operations)

61.8%

55.6%

*restated data

CD PROJEKT GROUP – assets

Assets

31.12.2025

31.03.2026

change

change %

Non-current assets

2 168 647

2 466 808

298 161

14%

Expenditure on development projects

1 148 143

1 317 610

169 467

15%

– New development during Q1 2026

179 783

– Amortization during Q1 2026

10 316

Other financial assets *

371 566

442 187

70 621

19%

Property, plant and equipment, investment properties

366 020

416 760

50 740

14%

Deferred tax assets

114 603

117 060

2 457

2%

Other non-current assets

168 315

173 191

4 876

3%

Current assets

1 334 673

1 176 609

-158 064

-12%

Trade receivables

125 441

101 836

-23 605

-19%

Other financial assets *

332 597

396 217

63 620

19%

Cash and bank deposits *

634 928

576 784

-58 144

-9%

Other current assets

241 707

101 772

-139 935

-58%

Total assets

3 503 320

3 643 417

140 097

4%

*Cash, bank deposits and bonds – total

1 324 910

1 410 597

85 687

6%

All figures in PLN thousands

10

Equity and liabilities

31.12.2025

31.03.2026

change

change %

Equity

3 289 859

3 412 725

122 866

4%

Liabilities

213 461

230 692

17 231

8%

Liabilities

85 432

88 965

3 533

4%

Deferred income

17 746

23 583

5 837

33%

Provisions

110 283

118 144

7 861

7%

Total liabilities and equity

3 503 320

3 643 417

140 097

4%

11

All figures in PLN thousands

CD PROJEKT GROUP – equity and liabilities

Cost of product maintenance – released products (P&L – Selling costs)

Research works costs – new projects (P&L – G&A costs)

Development expenditures – new products (Assets – capitalised)

CD PROJEKT RED

Research, development & product maintenance costs

12

All figures in PLN thousands

0

20 000

80 000

140 000

180 000

Q1 2025

Q2 2025

Q3 2025

Q4 2025

160 000

120 000

100 000

60 000

40 000

Q1 2026

200 000

CD PROJEKT GROUP

Main changes in cash, deposits & bonds

13

All figures in PLN thousands

1 324 910

-42 553

27 141

106 200

33 594

148 040

-149 743

87 390

1 410 597

Total cash from “ongoing business”:
+148 040k PLN

Total increase (including development expenses):
+85 687k PLN

23 658

Cash, deposits

and bonds

01.01.2026

Net profit

from

continuing

operation

Amortization,

depreciation,

costs

of incentive

programs

Acquisition

of intangible

and tangible

assets

Change of

receivables,

liabilities,

provisions,

inventories

Other

(cumulated)

“Ongoing

business”

cash flow

Cash, deposits

and bonds

31.03.2026

Expenditure

on

development

projects

GOG shares

sale less

transaction

costs

1 450 000

1 200 000

1 350 000

1 300 000

1 250 000

1 500 000

1 400 000

Q1 2026

2025

All figures in PLN thousands

CD PROJEKT GROUP – Incentive Program B

Earnings condition for the years 2023-2026

Consolidated net profit from continuing operations, adjusted by costs of Incentive Program B

500 000

0

1 000 000

1 500 000

2 000 000

21% remaining

2023

2024

Remaining results

14

Thank you

ir@cdprojekt.com

karolina.gnas@cdprojekt.com

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Legal Disclaimer

This presentation was created by CD PROJEKT S.A. (“CD PROJEKT”).

Data contained in this presentation is valid as of the day of its preparation. Consequently, this presentation will not be subject to changes, updates or

modifications to account for events which might occur after this day.

The presentation outlines the activities of CD PROJEKT and the CD PROJEKT Group. It is purely informative in scope and should not be regarded as

offering investment advice. Information contained in this presentation must not be construed as assurances, projections or forecasts regarding future

accomplishments or earnings of CD PROJEKT or of the CD PROJEKT Group.

Although due diligence was applied in preparing this presentation, it may nevertheless contain ambiguities. Under no circumstances should this

presentation be construed as a purchase recommendation, an invitation to subscribe to, or an offer to recommend purchase or subscription to any

securities issued by CD PROJEKT.

The recipients of this presentation bear all responsibility for their own analyses and assessments regarding the status of the market as well as the

condition and potential future earnings of CD PROJEKT which may be based on information contained herein. CD PROJEKT wishes to advise all parties

accessing this presentation that the sole authoritative source of information concerning the Company’s earnings, projections, events and indicators is

represented by the current and periodic reports published by CD PROJEKT in the course of discharging its reporting obligations under Polish law.

This presentation is not to be circulated in territories and states where public circulation and sharing of information contained herein may be subject to

legal restrictions. Parties accessing this presentation are advised to familiarize themselves with any such restrictions beforehand.

CD PROJEKT S.A. or any of its affiliates in the capital group (“CD PROJEKT”) with regards to any kind of, either sponsored or unsponsored ADR

(“alternative depositary receipts”) or any other financial instruments of this kind (“Financial Instruments”) does not (i) make any warranties, expressed or

implied, as to the accuracy, adequacy or completeness or any of the information connected with the Financial Instruments, (ii) support or encourage the

creation of any kind of the Financial Instruments. CD PROJEKT does not represent any depository institution, bank or anyone nor should any such

entity/person.

CD PROJEKT shall have no responsibility or liability for the Financial Instruments. In case of any question, the holder of any Financial Instruments (as

defined above) shall receive all the essential information at the institution issuing such Financial Instruments or any institution supporting such issuance

of the Financial Instruments.

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