CD Projekt Group FY2026 H1 Earnings Release
Download PDFCD PROJEKT RED GROUP
H1 2026 Earnings
2 S E P T E M B E R 2 0 2 6
Michał Nowakowski
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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
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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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TWO GLOBAL FRANCHISES
RECORD MILESTONES
THE BIGGEST WITCHER SLATE IN OUR HISTORY
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*as of 3 July 2026
– Cyberpunk 2077
(copies of the game sold separately & in the Ultimate Edition bundle)
*as of 2
September 2026
– Cyberpunk 2077: Phantom Liberty
(copies of the expansion sold separately & in the Ultimate Edition bundle)
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CYBERPUNK 2077 LIFECYCLE SUPPORT
DRIVES MULTI-YEAR SALES
LICENCING STRATEGY
DRIVES THE EXPANSION OF CYBERPUNK IP
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Edgerunners return this fall
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*as of 28 May 2026 (copies of the game sold separately & in GOTY/Complete edition bundles)
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THE WITCHER ENTERS ITS NEXT PHASE
BUILDING UPON THE STRONGEST FOUNDATION IN OUR HISTORY
90 MILLION
65 MILLION
WITCHER GAMES SOLD WORLDWIDE, INCLUDING:
OF THE WITCHER 3: WILD HUNT
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TARGET RELEASE DATE
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THE WITCHER:
A MAJOR RELEASE EVERY YEAR THROUGH 2028
September 29, 2026
2027
2028
TARGET RELEASE DATE
Since Opening Night Live our 3 main video assets have had
26 million* total views.
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DEMAND FOR THE WITCHER FRANCHISE
REMAINS EXCEPTIONALLY STRONG
*own channels; the data does not include the ONL viewership; data as of August 31st, 2026
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SHARE OF VOICE (7%)*
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*source:
©
Fancensus; “share of voice” measures the number of social media post mentions for all PC & console ONL-announced
titles between 25th to 26th of August for the following platforms: X, Facebook, Instagram, Reddit, YouTube, TikTok
THE WITCHER ANNOUNCEMENTS
DOMINATE THE GAMESCOM OPENING NIGHT SHOW
SHARE OF VOICE (6.7%)*
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*data collected from all platforms with a wishlisting option for Songs of the Past
*
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April 30, 2026
975
513
163
83
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173
1 045
July 31, 2026
*e.g. Localization, Central Quality Assurance, Data, Insights & Experiences, Motion Capture
The Witcher 4
Cyberpunk 2
Sirius
Hadar
Shared Services*
Other
October 31, 2024
519
184
84
196
30
33
No. of
developers
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DEVELOPMENT TEAMS ENGAGED IN ONGOING PROJECTS
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O F T H E C D P R O J E K T R E D G R O U P
Financial Results
All figures in PLN thousands
H1 2026 vs.
H1 2026 vs.
H1 2025*
H1 2026
H1 2025
[PLN]
H1 2025
[%]
Sales revenue
355 021
435 308
80 287
23%
– Cyberpunk IP – own projects
279 933
268 598
-11 335
-4%
– Witcher IP – own projects
65 499
71 726
6 227
10%
– Revenues from IP licensing
9 375
94 817
85 442
911%
Cost of sales
37 996
29 390
-8 606
-23%
Gross profit on sales
317 025
405 918
88 893
28%
Operating costs
150 817
160 579
9 762
6%
Selling expenses
58 675
57 108
-1 567
-3%
Administrative expenses
96 329
109 545
13 216
14%
– Research works costs
17 878
18 999
1 121
6%
Other operating income less expenses
4 187
6 074
1 887
45%
EBIT
166 208
245 339
79 131
48%
Financial income less costs
35 655
29 273
-6 382
-18%
Income tax
20 236
25 505
5 269
26%
Net profit on continuing operations
181 627
249 107
67 480
37%
Net profitability (continuing operations)
51.2%
57.2%
*restated data
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CD PROJEKT RED GROUP — PROFIT AND LOSS ACCOUNT
All figures in PLN thousands
CD PROJEKT RED GROUP *
Revenues – net profit vs. costs and expenses
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37%
49%
51%
57%
* CD PROJEKT RED segment for H1 2023 and H1 2024,
CD PROJEKT RED Group continued operations for H1 2025 and H1 2026
X%
Net profit / revenues
Costs & expenses
Net profit
CD PROJEKT RED GROUP — ASSETS
Assets
31.12.2025
30.06.2026
change
change %
Non-current assets
2 168 647
2 618 100
449 453
21%
Expenditure on development projects
1 148 143
1 512 454
364 311
32%
– New development during H1 2026
384 953
–
– Amortization during H1 2026
20 642
–
Other financial assets *
371 566
383 676
12 110
3%
Property, plant and equipment, investment properties
366 020
434 655
68 635
19%
Deferred tax assets
114 603
102 352
-12 251
-11%
Other non-current assets
168 315
184 963
16 648
10%
Current assets
1 334 673
1 169 593
-165 080
-12%
Trade receivables
125 441
160 378
34 937
28%
Other financial assets *
332 597
464 874
132 277
40%
Cash and bank deposits *
634 928
441 538
-193 390
-30%
Other current assets
241 707
102 803
-138 904
-57%
Total assets
3 503 320
3 787 693
284 373
8%
*Cash, bank deposits and bonds – total
1 324 910
1 285 646
-39 264
-3%
All figures in PLN thousands
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Equity and liabilities
31.12.2025
30.06.2026
change
change %
Equity
3 289 859
3 560 718
270 859
8%
Liabilities
213 461
226 975
13 514
6%
Liabilities
85 432
120 817
35 385
41%
Deferred income
17 746
11 795
-5 951
-34%
Provisions
110 283
94 363
-15 920
-14%
Total liabilities and equity
3 503 320
3 787 693
284 373
8%
All figures in PLN thousands
CD PROJEKT RED GROUP — EQUITY AND LIABILITIES
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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 GROUP
Research, development & product maintenance costs
All figures in PLN thousands
0
25 000
100 000
175 000
225 000
Q1 2025
Q2 2025
Q3 2025
Q4 2025
200 000
150 000
125 000
75 000
50 000
Q1 2026
250 000
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Q2 2026
CD PROJEKT RED GROUP
Main changes in cash, deposits & bonds
All figures in PLN thousands
* including receivables, liabilities, provisions, inventories, prepayments, deferred income and tax settlements based on reported cash flow calculation
Cash, deposits
and bonds
2026.01.01
Net profit
from
continuing
operation
Amortization,
depreciation,
costs
of incentive
programs
Acquisition
of intangible
and tangible
assets
Working
capital
changes*
Other
(cumulated)
“Ongoing
business”
cash flow
Cash, deposits
and bonds
2026.06.30
GOG shares
sale less
transaction
costs
Expenditure
on
development
projects
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1 450 000
1 200 000
1 350 000
1 300 000
1 250 000
1 500 000
1 400 000
1 550 000
1 600 000
1 650 000
1 700 000
1 324 910
249 107
46 554
-59 215
-21 574
14 054
228 926
87 390
-355 580
1 285 646
Total cash from “ongoing business”:
+
228 926
PLN
Total decrease (including development expenses):
-39 264
PLN
H1 2026
2025
All figures in PLN thousands
CD PROJEKT RED GROUP — INCENTIVE PROGRAM B
Consolidated net profit from continuing operations, adjusted by costs of Incentive Program B
1 000 000
2 000 000
3 000 000
4 000 000
14%
2023
2024
Remaining results
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0
5 000 000
59%
80%
95%
Stage 1
(2023-2026)
Stage 2
(2024-2027)
Stage 3
(2025-2028)
Stage 4
(2026-2029)
Thank you
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Legal Disclaimer
This presentation was created by CD PROJEKT RED S.A. (“CD PROJEKT RED”).
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 RED and the CD PROJEKT RED 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 RED or of the CD PROJEKT RED 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 RED.
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 RED which may be based on information contained herein. CD PROJEKT RED 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 RED 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 RED S.A. or any of its affiliates in the capital group (“CD PROJEKT RED”) 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 RED does not represent any depository institution, bank or anyone nor should any
such entity/person.
CD PROJEKT RED 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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