Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Disclaimer

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

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

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

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

this regard.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

CD PROJEKT Group - Selected financial data translated into EUR

PLN EUR

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023*

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023*

Net sales of products, services, goods for resale

and materials

226 785 174 757 52 483 37 178

Cost of sales of products, services, goods for resale

and materials

62 053 54 252 14 360 11 542

Operating profit/(loss) 81 296 71 025 18 814 15 110

Profit/(loss) before tax 97 190 79 850 22 492 16 988

Net profit/(loss) attributable to owners of

CD PROJEKT S.A.

100 062 69 400 23 157 14 764

Net cash from operating activities 180 995 113 089 41 886 24 059

Net cash from investing activities (234 148) (235 164) (54 187) (50 030)

Net cash from financing activities (1 139) (1 014) (263) (215)

Net increase/(decrease) in cash and cash equivalents (54 292) (123 089) (12 564) (26 186)

Number of shares (in thousands) 99 911 100 771 99 911 100 771

Net earnings/(loss) per share (in PLN) 1.00 0.69 0.23 0.15

Diluted earnings/(loss) per share (in PLN/EUR) 1.00 0.69 0.23 0.15

Book value per share (in PLN/EUR) 25.09 20.88 5.83 4.47

Diluted book value per share (in PLN/EUR) 25.09 20.88 5.83 4.47

Dividend declared or paid per share (in PLN/EUR) 1.00 1.00 0.23 0.21

restated data

PLN EUR

31.03.2024 31.12.2023* 31.03.2024 31.12.2023*

Total assets 2 723 219 2 613 500 633 174 601 081

Liabilities and provisions for liabilities (excluding accruals) 201 103 194 792 46 758 44 800

Non-current liabilities 35 814 38 774 8 327 8 918

Current liabilities 180 320 171 503 41 926 39 444

Equity 2 507 085 2 403 223 582 921 552 719

Share capital 99 911 99 911 23 230 22 979

* restated data

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

 Items of the consolidated income statement and the consolidated statement of cash flows were translated at exchange rates

calculated as an arithmetic mean of the exchange rates announced by the National Bank of Poland for the euro applicable as

at the last day of each month in a given reporting period. These rates were, respectively, as follows: from 1 January to 31 March

2024: 4.3211 PLN/EUR and from 1 January to 31 March 2023: 4.7005 PLN/EUR.

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

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

respectively, as follows: 4.3009 PLN/EUR as at 31 March 2024 and 4.348 PLN/EUR as at 31 December 2023.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Table of contents

Key financial data of the .......................................................................................................................................................................................................... 6

CD PROJEKT Group ................................................................................................................................................................................................................. 6

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

Interim condensed consolidated statement of comprehensive income ........................................................................................................... 9

Interim condensed consolidated statement of financial position ...................................................................................................................... 10

Interim condensed statement of changes in consolidated equity ..................................................................................................................... 12

Interim condensed consolidated statement of cash flows ................................................................................................................................... 15

Notes to the interim condensed consolidated financial statements ........................................................................................................................ 18

General information.......................................................................................................................................................................................................... 19

Presentation of the Group .............................................................................................................................................................................................. 19

Consolidation policies .................................................................................................................................................................................................... 20

Consolidated companies ......................................................................................................................................................................................... 20

Subsidiaries ................................................................................................................................................................................................................. 20

Basis of preparation of the interim condensed consolidated financial statements ..................................................................................... 21

Going concern assumption ............................................................................................................................................................................................ 21

Compliance with the International Financial Reporting Standards.................................................................................................................... 21

Amendments to standards or interpretations effective from 1 January 2024 applicable and adopted by the Group ................ 21

Functional currency and presentation currency ..................................................................................................................................................... 22

Functional currency and presentation currency .............................................................................................................................................. 22

Transactions and balances ..................................................................................................................................................................................... 22

Assumption of comparability of the financial statements and consistency of accounting policies ........................................................ 22

Changes in accounting policies ............................................................................................................................................................................ 22

Presentation changes ................................................................................................................................................................................................23

Audit by the registered auditor .................................................................................................................................................................................... 24

Notes – operating segments of the CD PROJEKT Group .......................................................................................................................................... 25

Operating segments ....................................................................................................................................................................................................... 26

Information on individual operating segments .................................................................................................................................................. 27

Consolidated income statement by segment for the period from 01.01.2024 to 31.03.2024 .............................................................. 31

Consolidated income statement by segment for the period from 01.01.2023 to 31.03.2023* ...........................................................32

Consolidated statement of financial position by segment as at 31.03.2024 ............................................................................................ 33

Consolidated statement of financial position by segment as at 31.12.2023* ...........................................................................................35

Consolidated statement of financial position by segment as at 31.03.2023* .......................................................................................... 37

Description of the Issuer’s major achievements or failures in the first quarter of 2024 by operating segment .......................... 40

Factors affecting the Group’s future performance ............................................................................................................................................ 41

Impact of the political and economic situation in Ukraine on sales during the reporting period ......................................................42

Seasonality or cyclicality of the Group’s operations ........................................................................................................................................42

Key customers ............................................................................................................................................................................................................. 44

Notes – other explanatory notes to the interim condensed consolidated financial statements .................................................................... 45

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

are not typical in terms of their type, size and impact .................................................................................................................................... 46

Note 2. Property, plant and equipment................................................................................................................................................................ 47

Note 3. Intangible assets and expenditure on development projects ...................................................................................................... 49

Note 4. Goodwill ......................................................................................................................................................................................................... 49

Note 5. Investment properties ............................................................................................................................................................................... 50

Note 6. Inventories ..................................................................................................................................................................................................... 51

Note 7. Trade and other receivables .................................................................................................................................................................... 51

Note 8. Other financial assets .................................................................................................................................................................................53

Note 9. Prepayments and deferred costs .......................................................................................................................................................... 54

Note 10. Deferred income tax ................................................................................................................................................................................ 55

Note 11. Share capital ................................................................................................................................................................................................. 57

Note 12. Provision for retirement and similar benefits ..................................................................................................................................... 57

Note 13. Other provisions ......................................................................................................................................................................................... 57

Note 14. Other liabilities ........................................................................................................................................................................................... 58

Note 15. Deferred income ....................................................................................................................................................................................... 59

Note 16. Information on financial instruments ................................................................................................................................................... 59

Note 17. Sales revenue .............................................................................................................................................................................................. 61

Note 18. Operating expenses................................................................................................................................................................................. 62

Note 19. Other operating income and expenses ............................................................................................................................................. 63

Note 20. Finance income and costs .................................................................................................................................................................... 64

Note 21. Leases of low-value assets and short-term leases ......................................................................................................................... 64

Note 22. Issuance, redemption and repayment of debt and equity securities ...................................................................................... 65

Note 23. Dividend paid (or declared) and received ........................................................................................................................................ 65

Note 24. Transactions with related entities ....................................................................................................................................................... 65

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

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

adopted by the balance sheet date ..................................................................................................................................................................... 68

Note 26. Changes in contingent liabilities or contingent assets which occurred after the end of the last financial year ........ 69

Note 27. Changes in the structure of the Group and Group companies during the reporting period .............................................. 71

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

and bondholders .......................................................................................................................................................................................................... 71

Incentive plans for the years 2023-2027 ............................................................................................................................................................. 71

Note 29. Tax settlements ......................................................................................................................................................................................... 73

Note 30. Explanations to the condensed consolidated statement of cash flows ................................................................................... 74

Note 31. Cash flows and non-monetary changes resulting from changes in liabilities in financing activities ................................ 76

Note 32. Post balance sheet events ..................................................................................................................................................................... 77

Additional information ........................................................................................................................................................................................................... 78

Litigation pending ....................................................................................................................................................................................................... 79

Shareholding structure ................................................................................................................................................................................................... 79

Parent Company’s shares held by the members of the Management Board and the Supervisory Board .................................... 80

Reference to published estimates .............................................................................................................................................................................. 80

Interim condensed separate financial statements of CD PROJEKT S.A. ................................................................................................................ 81

Interim condensed separate income statement ..................................................................................................................................................... 82

Interim condensed separate statement of comprehensive income ................................................................................................................ 83

Interim condensed separate statement of financial position ............................................................................................................................. 83

Interim condensed separate statement of changes in equity ............................................................................................................................ 85

Interim condensed separate statement of cash flows.......................................................................................................................................... 88

Comparability of the financial statements and consistency of accounting policies .................................................................................... 90

Notes to the separate financial statements of CD PROJEKT S.A. .................................................................................................................... 92

A. Deferred tax....................................................................................................................................................................................................... 92

B. Other provisions ............................................................................................................................................................................................... 93

C. Goodwill .............................................................................................................................................................................................................. 94

D. Business combinations .................................................................................................................................................................................. 94

E. Dividend paid (or declared) and received ................................................................................................................................................ 94

F. Trade and other receivables......................................................................................................................................................................... 94

G. Information on financial instruments ......................................................................................................................................................... 96

H. Transactions with related entities............................................................................................................................................................... 99

Statement of the Management Board of the Parent Company ......................................................................................................................... 101

Approval of the financial statements ....................................................................................................................................................................... 102

Key financial data of the

CD PROJEKT Group

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Interim condensed consolidated income statement

Note

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023*

Sales revenue 226 785 174 757

Sales of products 17 185 591 130 595

Sales of services 17 628 428

Sales of goods for resale and materials 17 40 566 43 734

Cost of sales of products, services, goods for resale and materials 62 053 54 252

Costs of products and services sold 18 31 631 21 858

Cost of goods for resale and materials sold 18 30 422 32 394

Gross profit/(loss) on sales 164 732 120 505

Selling expenses 18 31 229 39 048

Administrative expenses, including: 18 54 359 30 328

costs of research projects 18 20 643 1 430

Other operating income 19 3 524 25 791

Other operating expenses 19 1 371 5 897

(Impairment)/reversal of impairment

of financial instruments

(1) 2

Operating profit/(loss) 81 296 71 025

Finance income 20 20 107 19 286

Finance costs 20 4 213 10 461

Profit/(loss) before tax 97 190 79 850

Income tax 10 (2 872) 10 450

Net profit /(loss) 100 062 69 400

Net profit/(loss) attributable to owners of CD PROJEKT S.A. 100 062 69 400

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

Basic for the reporting period 1.00 0.69

Diluted for the reporting period 1.00 0.69

* restated data

The Group’s total Sales revenue in the first quarter of 2024 was higher compared to the first quarter of last year, mainly due to

continued strong sales of the Phantom Liberty, a feature expansion of the Cyberpunk 2077 game, released on 26 September 2023.

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

to:

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

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

c) licence revenue from CD PROJEKT RED studio franchises;

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

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

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

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

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

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

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

services, goods for resale and materials sold. The value of the said item in the first quarter of 2024 and its increase compared

with the corresponding comparative period was affected mainly by the amortization of expenditure on the Cyberpunk 2077,

including its expansion Phantom Liberty.

The Cost of goods for resale and materials sold represented mainly the cost of goods for resale and materials sold via the

GOG.COM platform.

In the first quarter of 2024, the largest component of the Selling expenses reported in the CD PROJEKT RED segment comprised

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

publishing department teams and other external sales promotion services.

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

activities relating to the GOG.COM platform and the work on the development and processing of sales executed through that

platform.

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

being the most significant part in the reporting period. Compared with the first quarter of 2023, the value of maintenance costs

dropped significantly which was the main reason behind the overall decrease in Selling expenses.

Administrative expenses of the CD PROJEKT Group comprise mainly:

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

with an increase in the scale of operations of the segment’s companies, are growing gradually;

b) costs of work on the future games incurred at an initial stage (research phase) preceding the execution of the projects

(development phase) and the start of their capitalization as part of Expenditure on development projects forming part of Non-

current assets; an increase in costs of research projects compared to the comparative period is due to an increased intensity

of work on the projects: Orion, Canis Majoris and Hadar;

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

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

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

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

the real estate complex located at ul. Jagiellońska 74 and 76 in Warsaw, and damages and subsidies received. In the comparative

period, the value of these items was significantly affected by a one-off event, namely the partial reversal of the write-down of

development expenditure incurred by the end of 2022 (in the amount of PLN 21 531 thousand) associated with defining the new

framework of the Sirius project being developed by The Molasses Flood studio, together with the write-down of a part of the

expenditure on the Project in the first quarter of 2023 (PLN 2 745 thousand).

In the period from 1 January to 31 March 2024, the Group reported an excess of Finance income over Finance costs, primarily in

connection with interest income on bank deposits and bonds.

A negative amount of Income tax in the first quarter of 2024 resulted from re-estimation of the deferred income tax taking into

account mainly the R&D tax relief available in the CD PROJEKT RED segment. In the reporting period, the total amount of a decrease

in the deferred tax provision and an increase in the deferred tax asset was higher than the current income tax calculated in Poland

using a preferential IP BOX tax rate of 5% and the value of withholding tax collected in other jurisdictions on royalties paid to the

CD PROJEKT RED segment.

The Group’s consolidated Net profit for the first quarter of 2024 amounted to PLN 100 062 thousand and was 44.2% higher than

in the first quarter of 2023.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Interim condensed consolidated statement of

comprehensive income

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023*

Net profit /(loss) 100 062 69 400

Other comprehensive income subject to reclassification to gains or losses after

specific conditions have been met:

(283) 1 737

Exchange differences on measurement of foreign operations 406 (583)

Measurement of derivative financial instruments - fair value through other

comprehensive income, taking into account the tax effect

(689) 2 320

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

Total comprehensive income 99 779 71 137

Total comprehensive income attributable to non-controlling interests - -

Total comprehensive income attributable to owners of CD PROJEKT S.A. 99 779 71 137

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Interim condensed consolidated statement of financial

position

Note 31.03.2024 31.12.2023* 31.03.2023*

NON-CURRENT ASSETS 1 471 688 1 450 685 1 212 645

Property, plant and equipment 2 201 020 183 038 154 935

Intangible assets 3 70 626 70 058 68 792

Expenditure on development projects 3 555 264 527 182 548 178

Investment properties 5 33 858 34 245 42 188

Goodwill 3,4 56 438 56 438 56 438

Shares in non-consolidated subordinated entities 16 38 409 38 095 41 394

Prepayments and deferred costs 9 38 739 41 906 28 898

Other financial assets 8,16 417 019 455 907 216 098

Deferred tax assets 10 59 935 43 433 55 334

Other receivables 7,16 380 383 390

CURRENT ASSETS 1 251 531 1 162 815 1 100 850

Inventories 6 3 260 3 576 10 365

Trade receivables 7,16 88 035 193 520 73 738

Current income tax receivable 13 948 1 128 13 434

Other receivables 7 69 614 57 741 54 390

Prepayments and deferred costs 9 29 906 27 872 28 099

Other financial assets 8,16 426 029 362 719 277 203

Bank deposits over 3 months 16 496 977 338 205 488 883

Cash and cash equivalents 16 123 762 178 054 154 738

TOTAL ASSETS 2 723 219 2 613 500 2 313 495

* restated data

Expenditure on development projects, in which the Group recognizes expenditure on the development of games and new

technologies incurred and deferred, represented the largest share of the Group’s non-current assets at the end of the first quarter

of 2024, and had the largest impact on the increase in their balance. The increase in the value of the item in question in the period

under analysis is mainly the result of the CD PROJEKT RED segment incurring expenditure on the development of future games

which is higher than the depreciation of completed productions.

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

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

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

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

foreign bonds.

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

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

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

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

The consolidated balance of Trade receivables decreased significantly compared with 31 December 2023 mainly as a result of the

inflow of receivables in the CD PROJEKT RED segment, resulting from strong sales of games in the fourth quarter of 2023 associated

with the release of the Phantom Liberty expansion.

As at the end of March 2024, the Group’s Other liabilities included, in particular, tax receivables and advance payments made by

CD PROJEKT RED in respect of development work, goods for resale and services.

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

by the Group as at 31 March 2024 amounted to PLN 1 446 129 thousand (compared with PLN 1 309 459 thousand as at

31 December 2023).

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Note 31.03.2024 31.12.2023* 31.03.2023*

EQUITY 2 507 085 2 403 223 2 103 762

Equity of the shareholders of CD PROJEKT S.A. 2 507 085 2 403 223 2 103 762

Share capital 11,22 99 911 99 911 100 771

Supplementary capital 1 714 604 1 714 604 1 567 325

Share premium 116 700 116 700 116 700

Treasury shares - - (99 993)

Other reserves 26 563 23 169 5 734

Foreign exchange differences on translation (796) (1 202) 1 321

Retained earnings / (Accumulated losses) 450 041 (30 797) 342 504

Net profit (loss) for the period 100 062 480 838 69 400

Non-controlling interests - - -

NON-CURRENT LIABILITIES 35 814 38 774 32 250

Other financial liabilities 16 17 912 20 038 18 525

Other liabilities 14 2 434 2 494 2 560

Deferred tax provision 10 - - 49

Deferred income 15 2 153 2 315 3 212

Provision for pension and similar benefits 12 518 518 366

Other provisions 13 12 797 13 409 7 538

CURRENT LIABILITIES 180 320 171 503 177 483

Other financial liabilities 16 4 904 6 884 8 771

Trade payables 16 59 445 58 835 46 001

Current income tax liabilities 240 462 -

Other liabilities 14 10 936 15 201 9 410

Deferred income 15 12 878 13 170 15 042

Provision for pension and similar benefits 12 8 768 6 743 7 725

Other provisions 13 83 149 70 208 90 534

TOTAL EQUITY AND LIABILITIES 2 723 219 2 613 500 2 313 495

* restated data

As at the end of the first quarter of 2024, the Equity of the CD PROJEKT Group amounted to PLN 2 507 085 thousand and was

PLN 103 862 thousand higher than at the end of 2023, which was mainly influenced by the Net profit (loss) for the period.

The balance of current and non-current Other financial liabilities in the period discussed results mainly from the liabilities in respect

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

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

to sales made in the first quarter of 2024 and current trade payables of the CD PROJEKT RED segment.

The sum of the Group’s Other liabilities in the period discussed comprised mainly current tax liabilities (VAT, PIT, withholding tax)

and social security liabilities.

The balance of the CD PROJEKT Group’s Deferred income as at the end of March 2024 mainly consists of:

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

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

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

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

c) CD PROJEKT RED – deferred income concerning subsidies.

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

The balance of the CD PROJEKT Group’s Other provisions as at the end of the first quarter of 2024 comprised mainly the following

items relating to the CD PROJEKT RED segment:

a) provision for unpaid performance-related remuneration for 2023 and for the current period;

b) provision for other costs.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Interim condensed statement of changes in consolidated equity

capital

Supple-

mentary

capital

premium

Treasury

Other

reserves

Foreign

exchange

differences

on translation

Retained

earnings

Net profit

(loss) for

the period

Equity of the

shareholders

CD PROJEKT

S.A.

Non-controlling

interests

Total

equity

01.01.2024 – 31.03.2024

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

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

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

Costs of the

incentive plan

- - - - 4 083 - - - 4 083 - 4 083

Total comprehensive

income

- - - - (689) 406 - 100 062 99 779 - 99 779

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

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

capital

Supple-

mentary

capital

premium

Treasury

Other

reserves

Foreign

exchange

differences

on translation

Retained

earnings

Net profit

(loss) for

the period

Equity of the

shareholders

CD PROJEKT

S.A.

Non-

controlling

interests

Total

equity

01.01.2023 – 31.12.2023*

Equity as at 01.01.2023 100 771 1 567 325 116 700 (99 993) 2 255 1 904 344 442 - 2 033 404 - 2 033 404

Corrections of errors - - - - - - (1 938) - (1 938) - (1 938)

Equity, as adjusted 100 771 1 567 325 116 700 (99 993) 2 255 1 904 342 504 - 2 031 466 - 2 031 466

Costs of the

incentive plan

- - - - 16 776 - - - 16 776 - 16 776

Redemption of

treasury shares

(860) (99 133) - 99 993 - - - - - - -

Retained earnings

of the acquired

entity

- - - - - - (26 978) - (26 978) - (26 978)

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

Appropriation of the

net profit/offset

of loss

- 246 412 - - - - (246 412) - - - -

Total comprehensive

income

- - - - 4 138 (3 106) - 480 838 481 870 - 481 870

Equity as at 31.12.2023 99 911 1 714 604 116 700 - 23 169 (1 202) (30 797) 480 838 2 403 223 - 2 403 223

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

capital

Supple-

mentary

capital

premium

Treasury

Other

reserves

Foreign

exchange

differences

on translation

Retained

earnings

Net profit

(loss) for

the period

Equity of the

shareholders

CD PROJEKT

S.A.

Non-controlling

interests

Total

equity

01.01.2023 – 31.03.2023*

Equity as at 01.01.2023 100 771 1 567 325 116 700 (99 993) 2 255 1 904 344 442 - 2 033 404 - 2 033 404

Corrections of errors - - - - - - (1 938) - (1 938) - (1 938)

Equity, as adjusted 100 771 1 567 325 116 700 (99 993) 2 255 1 904 342 504 - 2 031 466 - 2 031 466

Costs of the

incentive plan

- - - - 1 159 - - - 1 159 - 1 159

Total comprehensive

income

- - - - 2 320 (583) - 69 400 71 137 - 71 137

Equity as at 31.03.2023 100 771 1 567 325 116 700 (99 993) 5 734 1 321 342 504 69 400 2 103 762 - 2 103 762

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Interim condensed consolidated statement of cash

flows

Note

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023*

OPERATING ACTIVITIES

Net profit /(loss) 100 062 69 400

Total adjustments: 30 107 999 53 914

Depreciation and amortization of property, plant and equipment,

intangible assets, expenditure on development projects and investment

properties

3 586 3 424

Amortization of development projects recognized as cost of goods sold 26 364 21 607

Foreign exchange (gains)/losses (3 716) 5 965

Interest and shares in profits (16 147) (9 607)

(Gains)/losses on investing activities 3 394 (27 768)

Increase/(Decrease) in provisions 11 994 862

(Increase)/Decrease in inventories 316 2 336

(Increase)/Decrease in receivables 92 246 87 854

Increase/(Decrease) in liabilities, excluding loans and borrowings (15 361) (21 154)

Change in other assets and liabilities 618 (10 937)

Other adjustments 4 734 1 332

Cash from operating activities 208 061 123 314

Income tax expense (5 348) 4 379

Withholding tax paid abroad 2 476 6 071

Income tax (paid)/refunded (24 194) (20 675)

Net cash from operating activities 180 995 113 089

restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Note

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023

INVESTING ACTIVITIES

Inflows 168 704 122 963

Sale of intangible assets and property, plant and equipment 13 492

Expiry of bank deposits over 3 months 145 154 100 900

Redemption of bonds 10 000 14 474

Interest on bonds 1 618 1 259

Interest received on deposits 7 392 5 831

Inflows from execution of forward contracts 4 450 -

Other inflows from investing activities 77 7

Outflows 402 852 358 127

Acquisition of intangible assets and property, plant and equipment 13 334 21 760

Expenditure on development projects 50 303 70 590

Expenditure on intangible assets 147 48

Acquisition of investment properties and capitalization of expenditure - 98

Loans granted - 1 881

Purchase of shares in a subsidiary 3 168 440

Placement of bank deposits over 3 months 302 854 252 453

Purchase of bonds and cost of their purchase 33 046 7 966

Outflows from execution of forward contracts - 2 891

Net cash from investing activities (234 148) (235 164)

FINANCING ACTIVITIES

Inflows 4 21

Settlement of finance lease receivables 3 21

Interest received 1 -

Outflows 1 143 1 035

Payment of lease liabilities 932 835

Interest paid 211 200

Net cash used in financing activities 31 (1 139) (1 014)

Net increase/(decrease) in cash and cash equivalents (54 292) (123 089)

Change in cash and cash equivalents in the balance sheet (54 292) (123 089)

Cash and cash equivalents as at the beginning of the period 178 054 277 827

Cash and cash equivalents as at the end of the period 123 762 154 738

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

In the first quarter of 2024 under analysis, the CD PROJEKT Group reported positive net cash flows from operating activities of PLN

180 995 thousand.

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

a) Non-cash items (total increase):

 Amortization and depreciation;

 Amortization of development work recognized as cost of sales, consisting of the amortization of expenditure on

development projects relating to Cyberpunk 2077 and expansion to the game and amortization on expenditure on

the Witcher 3 for new generation consoles;

 Foreign exchange (gains)/losses, a decrease resulting from the elimination of foreign exchange gains and losses

recognized in the income statement from the valuation of foreign Treasury bonds held by the CD PROJEKT RED

segment;

 (Increase)/decrease in provisions resulting mainly from an increase in provisions for performance-related

remuneration for the current period;

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

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

 (Increase)/decrease in inventories, an increase in the balance of cash flows resulting from a decrease in inventories;

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

the balance of receivables at the end of the first quarter of 2024 related to the receipt of royalties reported for the

fourth quarter of 2023, as well as changes in income tax receivables;

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

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

 Change in other assets and liabilities, an increase.

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

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

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

quarter of 2024, taking into account settlements related to withholding tax.

Net cash from investing activities during the first quarter of the current year were negative mainly due the negative cash flows

associated with the increase in the balance of deposits over 3 months and bonds, Expenditure on development projects incurred

and Acquisition of intangible assets and property, plant and equipment.

In the analysed first quarter of 2024, the CD PROJEKT Group did not generate material Net cash flows on financing activities.

Total Net cash outflows for the first quarter of the current year amounted to PLN 54 292 thousand with a combined increase in the

balance of Cash and cash equivalents, Bank deposits over 3 months and Treasury bonds of PLN 136 670 thousand in total.

Notes to the interim condensed

consolidated financial statements

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

General information

Name of reporting entity:

CD PROJEKT S.A.

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

the prior reporting period)

Legal form: a joint stock company (spółka akcyjna)

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

Country of registration: Poland

Core activities:

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

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

Principal place of business: Warsaw

Registration body:

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

of the National Court Register

Statistical number (REGON): 492707333

Tax identification number (NIP):

7342867148

Number in the BDO register (national

waste management database):

000141053

Duration of the Group: unspecified

Name of parent entity: CD PROJEKT S.A.

Name of the ultimate parent of

the group:

CD PROJEKT S.A.

Presentation of the Group

Subsidiaries

CD PROJEKT S.A.

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

The Molasses Flood LLC

CD PROJEKT SILVER Inc.

CD PROJEKT RED

Vancouver Studio Ltd.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Consolidation policies

Consolidated companies

As at 31.03.2024

% share in capital % share of voting rights consolidation method

CD PROJEKT S.A. parent entity - -

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

CD PROJEKT RED Inc. 100% 100% acquisition accounting

CD PROJEKT RED Vancouver Studio Ltd. 100% 100% not consolidated

The Molasses Flood LLC 81.82% 81.82% not consolidated

CD PROJEKT SILVER Inc. 100% 100% not consolidated

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

the acquisition accounting method if:

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

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

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

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

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

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

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

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

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

Subsidiaries

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

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

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

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

Group depending on the results of the subsidiary;

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

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

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

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

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

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

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

consistency with the accounting policies adopted by the Group.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Basis of preparation of the interim condensed

consolidated financial statements

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

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

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

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

31 December 2023 approved for publication on 28 March 2024.

Going concern assumption

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

the Parent Company will continue in operation as a going concern in the foreseeable future, i.e. in the period of at least 12 months

after the balance sheet date.

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

circumstances which indicated any threats to the Group continuing in operation as a going concern for a period of 12 months after

the end of the reporting period as a result of intended or forced discontinuation or significant curtailment of its operations to date.

By the date of preparing the consolidated financial statements for the period from 1 January to 31 March 2024, the Management

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

accounting records for the reporting period. At the same time, there were no significant prior year events undisclosed in these

financial statements.

Compliance with the International Financial Reporting

Standards

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

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

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

Financial Reporting Interpretations Committee (IFRIC) as applicable as at 31 March 2024.

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

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

for the first time, early adoption of the standards, standards effective on or after 1 January 2024 and the assessment of the impact

of changes to IFRS on the future consolidated financial statements of the Group were presented in the second part of the

Consolidated Financial Statements for 2023.

Amendments to standards or interpretations effective from 1 January 2024

applicable and adopted by the Group

 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current – applicable

to reporting periods beginning on or after 1 January 2024;

 Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback – applicable to reporting periods beginning on or

after 1 January 2024;

 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures – Supplier Finance

Arrangements – applicable to reporting periods beginning on or after 1 January 2024.

These amendments have no material impact on the accounting policies adopted by the Group with regard to the Group’s operations

or its financial results.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Standards and interpretations adopted by the IASB but not yet endorsed by the EU

When approving these financial statements, the Group did not apply the following standards, amendments and interpretations

which have not yet been endorsed by the EU:

 IFRS 18 Presentation and Disclosure in Financial Statements – applicable to reporting periods beginning on or after

1 January 2027;

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

periods beginning on or after 1 January 2025.

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

Functional currency and presentation currency

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

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

Transactions and balances

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

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

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

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

Assumption of comparability of the financial

statements and consistency of accounting policies

The accounting policies applied in these interim condensed consolidated financial statements, material judgments made by the

Management Board with regard to the accounting policies applied by the Group and the main sources of estimating uncertainties

are consistent, in all material respects, with the policy adopted for preparing the annual consolidated financial statements of the

CD PROJEKT Group for 2023, with the exception of changes in the accounting policies and presentation changes described below.

These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial

statements for the year ended 31 December 2023.

Changes in accounting policies

The accounting policies applied in these consolidated financial statements, material judgements made by the Management Board

with regard to the accounting policies applied by the Group and the main sources of estimating uncertainties are consistent, in all

material respects, with the policy adopted for preparing the annual consolidated financial statements of the CD PROJEKT Group

for 2023, with the exception of changes in the accounting policies, changes related to the consolidated companies and presentation

changes described below.

In accordance with the accounting policy adopted by the Group in 2024, the parent entity does not have to consolidate a subsidiary

using the acquisition accounting method if:

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

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

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

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

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

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

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

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

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

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

Presentation changes

In these interim condensed consolidated financial statements for the period from 1 January to 31 March 2024, selected financial

data were corrected. In order to ensure comparability of the financial data in the reporting period, the data for the period from

1 January to 31 March 2023 and as at 31 March 2023 were adjusted. The data are presented after the following adjustments:

 In the statement of financial position as at 31 March 2023, provisions for holiday pay were entered. Consequently, the following

items changed:

- Expenditure on development projects – an increase of PLN 3 695 thousand;

- Deferred tax assets – an increase of PLN 484 thousand;

- Retained earnings (Accumulated losses) – a decrease of PLN 1 938 thousand;

- Net profit (loss) for the period – a decrease of PLN 1 598 thousand

;

- Provision for retirement and similar benefits – an increase of PLN 7 715 thousand.

The change affected the Net profit or loss and Equity.

 In the statement of cash flows for the period from 1 January to 31 March 2023, provisions for holiday pay were recognized.

Consequently, the following items changed:

- Net profit/(loss) – a decrease of PLN 1 598 thousand;

- Increase/(Decrease) in provisions – an increase of PLN 1 842 thousand;

- Income tax expense – a decrease of PLN 244 thousand.

 In the income statement for the period from 1 January to 31 March 2023, provisions for holiday pay were recognized.

Consequently, the following items changed:

- Administrative expenses – an increase of PLN 1 842 thousand;

- Income tax – a decrease of PLN 244 thousand.

The change affected the Net profit or loss and Equity.

 In the statement of financial position as at 31 December 2023, provisions for holiday pay were entered. Consequently, the

following items changed:

- Deferred tax assets – an increase of PLN 62 thousand;

- Net profit (loss) for the period – a decrease of PLN 267 thousand;

- Provision for retirement and similar benefits – an increase of PLN 329 thousand.

The change affected the Net profit or loss and Equity.

 In the statement of financial position as at 31 March 2023, the presentation of the tax relief for innovative employees was

changed. Consequently, the following items changed:

- Current income tax receivable – an increase of PLN 1 328 thousand.

The change affected the Net profit or loss and Equity.

 In the statement of cash flows for the period from 1 January to 31 March 2023, the presentation of the tax relief for innovative

employees was changed. Consequently, the following items changed:

- Net profit/(loss) – an increase of PLN 1 328 thousand;

- Income tax (paid)/refunded – a decrease of PLN 1 328 thousand.

 In the income statement for the period from 1 January to 31 March 2023, the presentation of the tax relief for innovative

employees was changed. Consequently, the following items changed:

- Other operating income – an increase of PLN 1 328 thousand.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

 In the income statement for the period from 1 January to 31 March 2023, the Group started to present costs of research projects

which are included in the Administrative expenses.

The change is of a purely presentational nature and has not affected the Net profit and Equity.

Audit by the registered auditor

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

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

Notes – operating segments of

the CD PROJEKT Group

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Operating segments

Presentation of the financial statements, taking into account operating segments

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

The segments’ results are determined on the basis of their net profits.

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

a segment compared with the last annual consolidated financial statements

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

individual segments in relation to the financial statements for the year ended 31 December 2023.

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

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Information on individual operating segments

Continuing operations

Consolidation eliminations Total continuing operations

CD PROJEKT RED GOG.COM

01.01.2024 – 31.03.2024

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

from external customers 182 551 44 234 - 226 785

between segments 4 687 - (4 687) -

Amortization and depreciation 3 358 412 (184) 3 586

Interest income 16 044 342 - 16 386

Interest expense 221 226 (33) 414

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

Continuing operations

Consolidation eliminations Total continuing operations

CD PROJEKT RED GOG.COM

01.01.2023 – 31.03.2023*

Sales revenue 135 193 41 513 (1 949) 174 757

from external customers 133 312 41 445 - 174 757

between segments 1 881 68 (1 949) -

Amortization and depreciation 3 158 400 (134) 3 424

Interest income 9 743 80 - 9 823

Interest expense 222 48 (46) 224

Net profit/(loss) of the segment 69 182 248 (30) 69 400

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Sales revenue – geographical structure*

Continuing operations

Consolidation

eliminations

Total continuing operations

CD PROJEKT RED GOG.COM in PLN in %

01.01.2024 – 31.03.2024

Domestic sales 8 722 3 715 (4 687) 7 750 3,42%

Export sales, including: 178 516 40 519 - 219 035 96,58%

Europe 24 033 19 260 - 43 293 19,09%

North America 143 124 16 960 - 160 084 70,59%

South America - 1 042 - 1 042 0,46%

Asia 10 732 1 605 - 12 337 5,44%

Australia 627 1 529 - 2 156 0,95%

Africa - 123 - 123 0,05%

Total 187 238 44 234 (4 687) 226 785 100,00%

Continuing operations

Consolidation

eliminations

Total continuing operations

CD PROJEKT RED GOG.COM in PLN in %

01.01.2023 – 31.03.2023

Domestic sales 4 384 3 413 (1 949) 5 848 3,35%

Export sales, including: 130 809 38 100 - 168 909 96,65%

Europe 18 684 17 471 - 36 155 20,69%

North America 98 826 16 894 - 115 720 66,22%

South America - 796 - 796 0,46%

Asia 13 021 1 338 - 14 359 8,22%

Australia 278 1 494 - 1 772 1,00%

Africa - 107 - 107 0,06%

Total 135 193 41 513 (1 949) 174 757 100,00%

* The data presented based on the location of the registered office of the customers of the Group companies: for CD PROJEKT S.A. – the distributors, and for retail sales of GOG Sp. z o.o. and

CD PROJEKT RED Inc. (formerly: CD PROJEKT Inc.) – end customers.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Sales revenue – by type of production

Continuing operations

Consolidation eliminations Total continuing operations

CD PROJEKT RED GOG.COM

01.01.2024 – 31.03.2024

Own production 183 766 - 1 825 185 591

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

Other revenue 575 102 (49) 628

Total 187 238 44 234 (4 687) 226 785

Continuing operations

Consolidation eliminations Total continuing operations

CD PROJEKT RED GOG.COM

01.01.2023 – 31.03.2023

Own production 129 787 - 808 130 595

Third party production 5 029 41 445 (2 740) 43 734

Other revenue 377 68 (17) 428

Total 135 193 41 513 (1 949) 174 757

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Sales revenue – by distribution channel

Continuing operations

Consolidation eliminations Total continuing operations

CD PROJEKT RED GOG.COM

01.01.2024 – 31.03.2024

Games - box issues 10 820 - - 10 820

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

Other revenue 10 055 102 (49) 10 108

Total 187 238 44 234 (4 687) 226 785

Continuing operations

Consolidation eliminations Total continuing operations

CD PROJEKT RED GOG.COM

01.01.2023 – 31.03.2023

Games - box issues 12 287 - - 12 287

Games - digital issues 116 812 41 445 (1 931) 156 326

Other revenue 6 094 68 (18) 6 144

Total 135 193 41 513 (1 949) 174 757

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

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

CD PROJEKT RED GOG.COM Consolidation eliminations Total

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

Sales of products 183 766 - 1 825 185 591

Sales of services 575 102 (49) 628

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

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

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

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

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

Selling expenses 21 487 9 788 (46) 31 229

Administrative expenses, including: 52 183 2 167 9 54 359

costs of research projects 20 643 - - 20 643

Other operating income 3 712 170 (358) 3 524

Other operating expenses 1 492 160 (281) 1 371

(Impairment)/reversal of impairment

of financial instruments

(1) - - (1)

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

Finance income 18 273 1 834 - 20 107

Finance costs 2 428 1 818 (33) 4 213

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

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

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

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

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Consolidated income statement by segment for the period from 01.01.2023 to 31.03.2023*

CD PROJEKT RED GOG.COM Consolidation eliminations Total

Sales revenue 135 193 41 513 (1 949) 174 757

Sales of products 129 786 - 809 130 595

Sales of services 463 68 (103) 428

Sales of goods for resale and materials 4 944 41 445 (2 655) 43 734

Cost of sales of products, services, goods for resale and materials 27 082 29 043 (1 873) 54 252

Costs of products and services sold 21 882 4 (28) 21 858

Cost of goods for resale and materials sold 5 200 29 039 (1 845) 32 394

Gross profit/(loss) on sales 108 111 12 470 (76) 120 505

Selling expenses 29 271 9 814 (37) 39 048

Administrative expenses, including: 28 641 1 801 (114) 30 328

costs of research projects 1 430 - - 1 430

Other operating income 26 017 317 (543) 25 791

Other operating expenses 6 041 303 (447) 5 897

(Impairment)/reversal of impairment

of financial instruments

2 - - 2

Operating profit/(loss) 70 177 869 (21) 71 025

Finance income 18 876 410 - 19 286

Finance costs 9 573 934 (46) 10 461

Profit/(loss) before tax 79 480 345 25 79 850

Income tax 10 298 97 55 10 450

Net profit /(loss) 69 182 248 (30) 69 400

Net profit/(loss) attributable to owners of CD PROJEKT S.A. 69 182 248 (30) 69 400

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Consolidated statement of financial position by segment as at 31.03.2024

CD PROJEKT RED GOG.COM Consolidation eliminations Total

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

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

Intangible assets 67 438 3 576 (388) 70 626

Expenditure on development projects 552 059 2 970 235 555 264

Investment properties 33 858 - - 33 858

Goodwill 56 438 - - 56 438

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

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

Prepayments and deferred costs 4 205 34 534 - 38 739

Other financial assets 417 019 - - 417 019

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

Other receivables 380 - - 380

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

Inventories 3 260 - - 3 260

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

Current income tax receivable 13 948 - - 13 948

Other receivables 65 140 4 474 - 69 614

Prepayments and deferred costs 12 300 17 606 - 29 906

Other financial assets 426 025 4 - 426 029

Bank deposits over 3 months 496 977 - - 496 977

Cash and cash equivalents 89 715 34 047 - 123 762

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

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

CD PROJEKT RED GOG.COM Consolidation eliminations Total

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

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

Share capital 99 911 136 (136) 99 911

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

Share premium 116 700 - - 116 700

Other reserves 27 576 569 (1 582) 26 563

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

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

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

Non-controlling interests - - - -

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

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

Other liabilities 2 434 - - 2 434

Deferred income 2 153 - - 2 153

Provision for retirement and similar benefits 497 21 - 518

Other provisions 12 797 - - 12 797

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

Other financial liabilities 4 874 662 (632) 4 904

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

Current income tax liabilities - 240 - 240

Other liabilities 4 903 6 033 - 10 936

Deferred income 6 503 6 375 - 12 878

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

Other provisions 77 124 6 101 (76) 83 149

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

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Consolidated statement of financial position by segment as at 31.12.2023*

CD PROJEKT RED GOG.COM Consolidation eliminations Total

NON-CURRENT ASSETS 1 421 258 46 167 (16 740) 1 450 685

Property, plant and equipment 181 955 2 404 (1 321) 183 038

Intangible assets 67 795 2 671 (408) 70 058

Expenditure on development projects 524 475 2 472 235 527 182

Investment properties 34 245 - - 34 245

Goodwill 56 438 - - 56 438

Investments in subordinated entities 15 226 - (15 226) -

Shares in non-consolidated subordinated entities 38 095 - - 38 095

Prepayments and deferred costs 4 913 36 993 - 41 906

Other financial assets 455 907 - - 455 907

Deferred tax assets 41 826 1 627 (20) 43 433

Other receivables 383 - - 383

CURRENT ASSETS 1 102 799 76 195 (16 179) 1 162 815

Inventories 3 576 - - 3 576

Trade receivables 203 783 5 916 (16 179) 193 520

Current income tax receivable 1 128 - - 1 128

Other receivables 52 228 5 513 - 57 741

Prepayments and deferred costs 10 601 17 271 - 27 872

Other financial assets 362 719 - - 362 719

Bank deposits over 3 months 338 205 - - 338 205

Cash and cash equivalents 130 559 47 495 - 178 054

TOTAL ASSETS 2 524 057 122 362 (32 919) 2 613 500

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

CD PROJEKT RED GOG.COM Consolidation eliminations Total

EQUITY 2 369 714 48 837 (15 328) 2 403 223

Equity of the shareholders of CD PROJEKT S.A. 2 369 714 48 837 (15 328) 2 403 223

Share capital 99 911 136 (136) 99 911

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

Share premium 116 700 - - 116 700

Other reserves 24 184 525 (1 540) 23 169

Foreign exchange differences on translation (2 153) (65) 1 016 (1 202)

Retained earnings / (Accumulated losses) (21 544) 2 (9 255) (30 797)

Net profit (loss) for the period 470 748 9 988 102 480 838

Non-controlling interests - - - -

NON-CURRENT LIABILITIES 38 753 890 (869) 38 774

Other financial liabilities 20 038 869 (869) 20 038

Other liabilities 2 494 - - 2 494

Deferred income 2 315 - - 2 315

Provision for retirement and similar benefits 497 21 - 518

Other provisions 13 409 - - 13 409

CURRENT LIABILITIES 115 590 72 635 (16 722) 171 503

Other financial liabilities 6 389 1 038 (543) 6 884

Trade payables 24 202 50 716 (16 083) 58 835

Current income tax liabilities - 462 - 462

Other liabilities 7 099 8 102 - 15 201

Deferred income 6 887 6 283 - 13 170

Provision for retirement and similar benefits 6 414 329 - 6 743

Other provisions 64 599 5 705 (96) 70 208

TOTAL EQUITY AND LIABILITIES 2 524 057 122 362 (32 919) 2 613 500

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Consolidated statement of financial position by segment as at 31.03.2023*

CD PROJEKT RED GOG.COM Consolidation eliminations Total

NON-CURRENT ASSETS 1 198 808 30 992 (17 155) 1 212 645

Property, plant and equipment 153 632 3 050 (1 747) 154 935

Intangible assets 68 902 380 (490) 68 792

Expenditure on development projects 545 981 1 965 232 548 178

Investment properties 42 188 - - 42 188

Goodwill 56 438 - - 56 438

Investments in subordinated entities 15 136 - (15 136) -

Shares in non-consolidated subordinated entities 41 394 - - 41 394

Prepayments and deferred costs 5 158 23 740 - 28 898

Other financial assets 216 098 - - 216 098

Deferred tax assets 53 491 1 857 (14) 55 334

Other receivables 390 - - 390

CURRENT ASSETS 1 042 421 60 591 (2 162) 1 100 850

Inventories 10 365 - - 10 365

Trade receivables 73 179 2 721 (2 162) 73 738

Current income tax receivable 11 862 1 572 - 13 434

Other receivables 52 416 1 974 - 54 390

Prepayments and deferred costs 8 430 19 669 - 28 099

Other financial assets 277 203 - - 277 203

Bank deposits over 3 months 488 883 - - 488 883

Cash and cash equivalents 120 083 34 655 - 154 738

TOTAL ASSETS 2 241 229 91 583 (19 317) 2 313 495

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

CD PROJEKT RED GOG.COM Consolidation eliminations Total

EQUITY 2 080 127 39 006 (15 371) 2 103 762

Equity of the shareholders of CD PROJEKT S.A. 2 080 127 39 006 (15 371) 2 103 762

Share capital 100 771 136 (136) 100 771

Supplementary capital 1 539 839 33 001 (5 515) 1 567 325

Share premium 116 700 - - 116 700

Treasury shares (99 993) - - (99 993)

Other reserves 6 747 435 (1 448) 5 734

Foreign exchange differences on translation 372 (65) 1 014 1 321

Retained earnings / (Accumulated losses) 346 509 5 251 (9 256) 342 504

Net profit (loss) for the period 69 182 248 (30) 69 400

Non-controlling interests - - - -

NON-CURRENT LIABILITIES 32 222 1 309 (1 281) 32 250

Other financial liabilities 18 525 1 281 (1 281) 18 525

Other liabilities 2 560 - - 2 560

Deferred tax provision 49 - - 49

Deferred income 3 211 1 - 3 212

Provision for retirement and similar benefits 339 27 - 366

Other provisions 7 538 - - 7 538

CURRENT LIABILITIES 128 880 51 268 (2 665) 177 483

Other financial liabilities 8 383 891 (503) 8 771

Trade payables 13 418 34 505 (1 922) 46 001

Other liabilities 5 032 4 378 - 9 410

Deferred income 8 806 6 236 - 15 042

Provision for retirement and similar benefits 7 724 1 - 7 725

Other provisions 85 517 5 257 (240) 90 534

TOTAL EQUITY AND LIABILITIES 2 241 229 91 583 (19 317) 2 313 495

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Operating segments

In the first quarter of 2024, the Group’s operations were carried out in two business segments:

 CD PROJEKT RED

 GOG.COM

CD PROJEKT RED

The scope and model of operations

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

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

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

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

The production and publishing of the computer games executed by the CD PROJEKT RED studio is based on the brands owned by

the Company - the Witcher and Cyberpunk. The studio is also conducting internal concept work on the third franchise for a planned

future video game with the code name Hadar.

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

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

participating in industry events.

Key products

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

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

Cyberpunk 2077 with an expansion Phantom Liberty released in September 2023.

GOG.COM

The scope and model of operations

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

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

purchased (DRM

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

website or games, but also (with the exception of the Russian version) dedicated customer service, technical support, direct

marketing activities in a given language and popular local payment methods (in twelve currencies). On GOG.COM, games are

available for Windows PCs, as well as for macOS and Linux operating systems.

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

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

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

play, including between platforms.

Key products

As at the date of publication of these financial statements, more than 9 400 products from over 1 200 partners are available on the

GOG.COM digital distribution platform. These include both timeless classics and the latest titles from such recognisable companies

as Bethesda, Disney, Electronic Arts, Ubisoft, Konami and Warner Bros. Games are also distributed via the proprietary GOG GALAXY

application designed to provide the most convenient and functional experience for purchasing, playing and updating games offered

in the GOG.COM catalogue and enabling, among other things, online play between platforms.

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

Cyberpunk 2077 together with the Phantom Liberty expansion.

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

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

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

of 2024 by operating segment

CD PROJEKT RED

Events relating to Cyberpunk 2077

At the beginning of 2024, on 4 January, the CD PROJEKT RED studio announced that the Phantom Liberty, a feature expansion of

Cyberpunk 2077, sold more than 5 million copies worldwide since its release (26 September 2023).

On 23 January, the jury of the New York Game Awards presented the Phantom Liberty with the Best DLC 2023 award.

On 20 March, Go On Board - creators of the board game The Witcher: The Old World - in partnership with CD PROJEKT RED

announced another joint project: a board game set in the world of Cyberpunk 2077, whose crowdfunding campaign will take place

on Gamefound this year.

Between 28 and 31 March, CD PROJEKT RED, in collaboration with Xbox and PlayStation, made the basic version of Cyberpunk

2077 available for console gamers to try for free. As part of a special promotion, any player with a current-generation console could

explore Night City for five hours and check out all the new features recently added to the game as part of Updates 2.0 and 2.1.

After reporting period, on 11 April 2024, at the 20th BAFTA Games Awards, the team responsible for creating and supporting

Cyberpunk 2077 was awarded in the ‘Evolving Game’ category. The award in this category is given by the jury to a game with

exceptional post-release support from the development team.

On 20 May, the Digital Dragons awards gala for the best Polish games of 2023 took place. The Phantom Liberty was awarded in

the categories ‘Best Polish Game’ and ‘Best Polish Narrative’.

Events relating to the Witcher series games

On 31 January 2024, thanks to CD PROJEKT RED’s collaboration with Com2uS, characters from the Witcher world - Geralt, Ciri,

Triss and Yennefer - joined the mobile game RPG Summoners War: Sky Arena for a limited time as part of the 10th birthday

celebrations of the latter.

After reporting period, on 21 May, the REDkit was released. It is an editor for The Witcher 3: Wild Hunt, allowing users to create their

own adventures in the world of Geralt of Rivia. The editor allows one to modify characters and their clothing, tasks, locations, to

create cutscenes or dialogues. As part of the launch campaign, the studio prepared tutorials, a video trailer, testimonials from the

developers, and aired a special episode of REDstreams, entirely dedicated to the proprietary mod editor created in collaboration

with professional modders from the Yigsoft group.

Other

Between 18 and 22 March, the Game Developer Conference (GDC) took place in San Francisco. During the six-day conference,

representatives of CD PROJEKT RED gave 14 lectures during which they shared their experience of working on Cyberpunk 2077

and the Phantom Liberty expansion with other video game industry professionals.

Between 19 and 21 May, the Digital Dragons conference took place in Krakow. During this year’s edition, nearly 20 representatives

of the CD PROJEKT RED studio had lectures, panel discussions and workshops (13 presentations in total), during which they shared

their experience in the areas of art, storytelling, design, audio, and communication.

GOG.COM

Digital distribution of games

As at the date of publication of these financial statements, the product range on GOG.COM comprises more than 9 400 items. In

the first quarter of 2024, the GOG.COM catalogue grew to include Alpha Protocol, God of War, The Sinking City - Deluxe Edition,

RoboCop: Rogue City, and Tomb Raider I-III Remastered Starring Lara Croft, among others.

Sales promotion

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

running seasonal promotional campaigns.

During the reporting period in question, GOG.COM hosted weekly themed promotions - RPG Sale, Exploration Sale, Sci-Fi Sale,

Valentine’s Day Love at First Pixel Sale, or Strategy Games Sale and Gore Galore Sale. The annual New Year Sale also took place

in January, whereas the Spring Sale - the third largest seasonal promotional event - took place in March. Also noteworthy was the

return of Alpha Protocol - a game that had been unavailable for sale for years, but was brought back to the market thanks to the

efforts of the GOG team.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Other corporate events

On 20 February 2024, an Extraordinary General Meeting of the Shareholders of CD PROJEKT took place, at which the performance-

related condition of PLN 3 billion (the cumulative consolidated net profit for the financial years 2023-2027) for the Incentive Plan B

was determined for the entitlements awarded in 2024. The materials relating to the General Meeting, including the contents of the

resolutions adopted, are available on the Parent Company’s website

On 28 March 2024, the Management Board of CD PROJEKT S.A. passed a resolution on adopting the method of distribution of the

Company’s net profit for 2023 and recommending it to the General Meeting. The Management Board proposed allocating

PLN 99 910 510.00 to the payment of dividend, which means a dividend of PLN 1.00 per each participating share of the Company.

The Management Board proposed transferring the remaining part of the net profit of PLN 344 177 050.72 to the supplementary

capital. The record date is set for 21 June 2024 and the dividend payment date for 27 June 2024. After the Supervisory Board of

the Company gave its positive opinion on the proposal on 16 April 2024, the final decision on profit distribution and dividend

payment will be made by the Annual General Meeting convened for 14 June 2024.

Factors affecting the Group’s future performance

For the future growth of the Company and the Group, the ability to retain and offer growth opportunities to a team of the best

creative professionals and experts and to attract new specialists to work on the Group’s projects is of critical importance. Strategic

directions related to talent acquisition, team development and support are presented in the

CD PROJEKT Group Strategy Update

of 2021 (including its discussion in the form of a video commentary) and in CD PROJEKT Group Sustainable Development Report

for 2023.

At the same time, important aspects supporting the development of the Group will include effective implementation of the

production plan of CD PROJEKT RED presented in October 2022, within the framework of Strategy Update

, as well as further

development of the recognisability and popularity of franchises (including through cooperation with external entities) and the

enrichment with multiplayer gameplay elements of the titles developed as part of the IP owned.

The material Group-specific external and internal factors which may affect the Group’s operations and development negatively,

identified by the Management Board, and the risk management system functioning within the Company are described in the risks

section of the Management Board Report on CD PROJEKT Group activities for 2023

Over the next quarters of 2024, the CD PROJEKT Group intends to continue the organic growth of its business.

CD PROJEKT RED

In the CD PROJEKT RED segment, expansion of the operations is directly linked to new projects implemented, the scale of their

production and popularity among players. In this context, the current results of the CD PROJEKT Group are driven by the popularity

of the games in the Cyberpunk and The Witcher universe already issued by the Company, and in the coming periods they will be

driven by the progress of the production work and the market reception of the successive productions realized by the Company.

Over the coming quarters, the continuation of development work on the announced projects and the development of activities of

the newly established CD PROJEKT RED team in Boston will be of particular importance to the studio.

Another important process in the context of the production capability and the future results of the CD PROJEKT RED studio is to

continue working on the implementation of the new Unreal Engine 5, improving the engine so it could support open world games,

and adapting and optimizing the engine with a view to creative assumptions of subsequent projects, which is one of the assumptions

of the strategic partnership with Epic Games. The agreement also involves dedicated technical support on the part of Epic Games

for titles released by CD PROJEKT RED. The ability to work on the EU5 engine should contribute to making the process of game

creation more efficient and facilitate recruitment to the studio’s development teams due to the good knowledge of the Unreal

Engine among game creators.

A key factor in maintaining the high growth rate of the CD PROJEKT RED segment in the future is the further development of the

in-house ability to produce games of the highest world class and quality, combined with the ability to communicate effectively with

players around the world. Both are part of the RED 2.0 studio’s ongoing transformation which aims, among other things, to make

the way games are developed more flexible, based on agile methodologies, and to support the quality of future products.

The growing team, as well as the number and scale of productions, require the ability to manage effectively teams and production

within CD PROJEKT RED’s studios in Europe (consisting of the offices in Warsaw, Kraków and Wrocław) and North America

(Vancouver and the newly established hub in Boston), The Molasses Flood studio (Boston), as well as publishing activities carried

out mainly by the teams in Warsaw, Los Angeles, Berlin, Seoul, Tokyo and local representatives in other countries. The success of

each of the studio’s productions is important from the perspective of its being perceived as a creator of highly anticipated, top-

quality entertainment products and building the long-term value and recognisability of The Witcher, Cyberpunk brands, the internally

produced third franchise and the studio’s own brand - which are the cornerstones of the Company’s and the Group’s operations

and continued growth. On the management side of the ongoing projects, having two product lines - The Witcher and Cyberpunk -

as well as two independent development teams enabled parallel production of individual projects starting in 2022. Changing the

operations to a publishing model based on two brands running in parallel, and in the future three or more projects running

concurrently, will potentially enable optimization in terms of production and finance, increase the frequency of new launches and

increase the aggregate revenue, and will help diversify risks further, while opening up more opportunities for professional self-

realization for the creators employed by the Company.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

GOG.COM

In the GOG.COM segment, growth was supported by the increasing propensity of consumers to purchase games directly online in

recent years.

For the further development of the GOG.COM platform, it will be important to make it more popular among gamers and to attract

more newly released products. GOG sp. z o.o. is proactively talking with leading international game developers and publishers,

constantly expanding the range of suppliers and products on offer. Successive first releases of new games on GOG-COM each time

contribute to increasing user activity and translate into sales growth. In addition to continuously expanding the catalogue of the

products offered, the growth of GOG sp. z o.o.’s operations also requires broadening the user base by reaching out to new players

around the world who have not yet had an account on the GOG.COM platform. In this respect, in recent years, a constant growth

of the number of users has been achieved, due to both own PR activities, collaboration with business partners and looking actively

for new opportunities for partnership, and synergies resulting from cooperation with CD PROJEKT S.A.

The results and development of the activities carried out as part of the GOG.COM segment, including the acquisition of unique

knowledge and experience and the full use of technological solutions available will be affected by the development of functionalities

which support the sale of games on the platform, including better integration of the monetization mechanisms of the GOG GALAXY

application with the GOG.COM shop, as well as increased activity to expand the offer of classic games on the platform.

Other

The development of the CD PROJEKT Group will also be influenced by the development work carried out by its subsidiary

The Molasses Flood. The Boston-based studio is working on a game set in the Witcher universe, codenamed Sirius.

Impact of the political and economic situation in Ukraine on sales during the

reporting period

Impact on sales

In response to the Russian armed invasion of Ukraine, on 3 March 2022 the Management Board of CD PROJEKT decided to

suspend sales of CD PROJEKT Group products as well as games distributed on the GOG.COM platform in the territory of Russia

and Belarus. The Company estimated that in the 12 months since March 2021 to February 2022, the total share of Russia and

Belarus in sales of products in the CD PROJEKT RED segment and in the sales of the GOG.COM segment amounted to

approximately 5.4% and approximately 3.7%, respectively.

Risks associated with the current political and economic situation in Ukraine

The Company continually monitors the impact of the current political and economic situation in Ukraine, Russia and Belarus on the

activities of the CD PROJEKT Group.

The Company has terminated its cooperation with the Russian and Belarussian suppliers and is currently not considering engaging

in new collaboration.

As at the date of publication date of these financial statements, the Group’s operating activities are carried out without disruption,

and the effects of the Russian armed invasion of Ukraine do not have a significant direct negative impact on the Group’s operations.

In the opinion of the Management Board, the current political and economic situation in Ukraine does not affect the quantitative

data presented in the financial statements materially, has not resulted in any indications of impairment of assets, should not have

a significant negative effect on the Group’s results in 2024, and does not pose any risks to the Company’s continuing as a going

concern within 12 months of the end of the reporting period.

The above assessment of the impact of the political and economic situation in Ukraine has been prepared to the best of the

Company’s knowledge as at the date of preparing these financial statements and may change as the conflict escalates or de-

escalates.

Seasonality or cyclicality of the Group’s operations

CD PROJEKT RED

Segment revenues and results are strongly affected by the release schedule for new titles. CD PROJEKT RED usually takes between

3 and 6 years to produce a game. Historically, the studio focused on the development of one major production, with conceptual

work on the next game starting even before the production and market release of the previous game was completed. Currently,

there are four games being developed in parallel in the CD PROJEKT Group (including one in cooperation with an external

development team).

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

working on new gaming platforms. Such projects may be carried out directly by the Company or by its external partners.

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

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

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

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

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

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Chart 1 Release quarters of the CD PROJEKT RED segment – sales of products, goods for resale and materials in 2011-2024

(in PLN thousands)

GOG.COM

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

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

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

in these quarters.

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

Chart 2 Quarterly distribution of sales of goods for resale and materials of the GOG.COM segment in 2018-2024 (in PLN thousand)

200000

400000

600000

800000

1000000

1200000

1400000

1600000

40000

80000

120000

160000

200000

Q1 Q2 Q3 Q4

2018 2019 2020 2021 2022 2023 2024

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Key customers

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

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

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

quarter of 2024:

 customer 1: PLN 90 440 thousand, which accounted for 40% of the Group’s total consolidated sales revenue;

 customer 2: PLN 39 524 thousand, which accounted for 17% of the Group’s total consolidated sales revenue.

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

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

Notes – other explanatory notes

to the interim condensed

consolidated financial statements

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

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

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

impact

The sale of Cyberpunk 2077 together with the expansion Phantom Liberty had the greatest impact on the results of the

CD PROJEKT Group in the analysed reporting period.

On the production side, the most significant expenditure incurred in the reporting period concerned the Polaris project.

In the first quarter of 2024, there were no significant unusual events affecting the Group's results of operations.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Note 2. Property, plant and equipment

Changes in property, plant and equipment (by category) for the period 01.01.2024 – 31.03.2024

Land

Buildings and

structures

Civil and hydraulic

engineering facilities

Plant and machinery

Vehicles

Other fixed assets

Assets under

construction

Total

Gross carrying amount

as at 01.01.2024

41 859 107 457 3 927 90 736 3 677 8 152 18 392 274 200

Increase due to: - 209 - 881 635 75 22 690 24 490

purchase - 96 - 874 - 30 22 690 23 690

lease contracts

concluded

- 62 - - - - - 62

transfer from assets

under construction

- 51 - - - 45 - 96

reclassification - - - - 597 - - 597

other - - - 7 38 - - 45

Decrease due to: - - - 459 3 14 693 1 169

sale - - - 314 - 14 - 328

scrapping - - - 48 - - - 48

transfer from assets

under construction

- - - - - - 96 96

reclassification - - - - 3 - 597 600

free-of-charge

transfer

- - - 97 - - - 97

Gross carrying amount

as at 31.03.2024

41 859 107 666 3 927 91 158 4 309 8 213 40 389 297 521

Accumulated

depreciation

as at 01.01.2024

2 402 28 941 711 52 785 1 778 4 545 - 91 162

Increase due to: 146 1 894 50 3 322 175 219 - 5 806

depreciation charge 146 1 894 50 3 313 175 219 - 5 797

other - - - 9 - - - 9

Decrease due to: - - - 453 - 14 - 467

sale - - - 308 - 14 - 322

scrapping - - - 48 - - - 48

free-of-charge

transfer

- - - 97 - - - 97

Accumulated

depreciation as

at 31.03.2024

2 548 30 835 761 55 654 1 953 4 750 - 96 501

Impairment write-downs

as at 01.01.2024

- - - - - - - -

Impairment write-downs

as at 31.03.2024

- - - - - - - -

Net carrying amount

as at 01.01.2024

39 457 78 516 3 216 37 951 1 899 3 607 18 392 183 038

Net carrying amount

as at 31.03.2024

39 311 76 831 3 166 35 504 2 356 3 463 40 389 201 020

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

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

31.03.2024 31.12.2023 31.03.2023

Construction of an office building on the CD PROJEKT campus 66 940 83 292 97 072

Leasing of passenger cars 397 562 429

Total 67 337 83 854 97 501

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

31.03.2024

Gross amount

Accumulated

depreciation

Net amount

Land 15 964 947 15 017

Real properties 13 004 7 255 5 749

Plant and machinery 48 32 16

Vehicles 2 142 350 1 792

Total 31 158 8 584 22 574

31.12.2023

Gross amount

Accumulated

depreciation

Net amount

Land 15 964 891 15 073

Real properties 12 910 6 852 6 058

Plant and machinery 48 28 20

Vehicles 2 227 550 1 677

Total 31 149 8 321 22 828

31.03.2023

Gross amount

Accumulated

depreciation

Net amount

Land 14 540 720 13 820

Real properties 12 903 7 670 5 233

Civil and hydraulic engineering facilities 99 99 -

Vehicles 2 256 737 1 519

Total 29 798 9 226 20 572

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Note 3. Intangible assets and expenditure on development projects

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

01.01.2024 – 31.03.2024

Expenditure on

development projects

in progress

Expenditure on

completed

development projects

Trademarks

Patents and licen

ces

Copyrights

Computer software

Goodwill

Intangible assets

under construction

Total

Gross carrying amount

as at 01.01.2024

226 756

1 202 770

33 222

5 561

18 708

46 651

56 438

4 241

1 594 347

Increase due to: 54 535

282

1 285

56 102

purchase -

282

1 127

1 409

assets generated

internally

54 535

154

54 689

other -

Decrease -

Gross carrying amount

as at 31.03.2024

281 291

1 202 770

33 222

5 843

18 708

46 651

56 438

5 526

1 650 449

Accumulated

amortization

as at 01.01.2024

888 568

4 425

850

33 050

926 893

Increase due to: -

26 453

194

732

27 452

amortization charge -

26 453

194

732

27 452

Decrease -

Accumulated

depreciation as

at 31.03.2024

915 021

4 619

923

33 782

954 345

Impairment write-downs

as at 01.01.2024

13 776

Increase -

Decrease -

Impairment write-downs

as at 31.03.2024

13 776

Net carrying amount

as at 01.01.2024

226 756

300 426

33 222

1 136

17 858

13 601

56 438

4 241

653 678

Net carrying amount

as at 31.03.2024

281 291

273 973

33 222

1 224

17 785

12 869

56 438

5 526

682 328

Amounts of contractual commitments to purchase intangible assets in the future

None.

Note 4. Goodwill

During the period from 1 January to 31 March 2024, there were no changes in goodwill.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Note 5. Investment properties

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

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

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

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

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

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

included in the Bistyp Catalogue of Unit Prices for Works and Investment Facilities 2021. The value resulting from the last appraisal

of individual assets performed in 2021 amounted to PLN 60 692 thousand for the buildings at ul. Jagiellońska 74, and

PLN 13 212 thousand for the buildings at ul. Jagiellońska 76 and was higher than the net book value recorded at that time in the

Parent Company’s books.

Changes in investment properties for the period 01.01.2024 – 31.03.2024

Gross carrying amount as at 01.01.2024 40 313

Increase -

Decrease -

Gross carrying amount as at 31.03.2024 40 313

Accumulated depreciation as at 01.01.2024 6 068

Increase due to: 387

depreciation charge 387

Decrease -

Accumulated depreciation as at 31.03.2024 6 455

Impairment write-downs as at 01.01.2024 -

Increase -

Decrease -

Impairment write-downs as at 31.03.2024 -

Net carrying amount as at 31.03.2024 33 858

Amounts of contractual liabilities in respect of purchase of investment properties

None.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Note 6. Inventories

31.03.2024 31.12.2023* 31.03.2023

Goods for resale 3 745 5 596 10 362

Other materials 4 8 3

Gross inventories 3 749 5 604 10 365

Inventory write-downs 489 2 028 -

Net inventories 3 260 3 576 10 365

* restated data

Changes in inventory write-downs

Write-downs of finished products as at 01.01.2024 2 028

Increase -

Decreases, including: 1 539

reversal of inventory write-downs in correspondence with other operating income 672

utilization of inventory write-downs 867

Write-downs of finished products as at 31.03.2024 489

Note 7. Trade and other receivables

31.03.2024 31.12.2023 31.03.2023

Trade and other receivables, gross 158 109 251 723 129 334

Write-downs 80 79 816

Trade and other receivables 158 029 251 644 128 518

from related entities 4 508 1 589 189

from other entities 153 521 250 055 128 329

Changes in write-downs of receivables

Trade

receivables

Other

receivables

Total

OTHER ENTITIES

Write-downs as at 01.01.2024 79 - 79

Increases, including: 1 - 1

recognition of write-downs for past-due and disputed receivables 1 - 1

Decrease - - -

Write-downs as at 31.03.2024 80 - 80

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Current and overdue trade receivables as at 31.03.2024

Total Not overdue

Overdue, in days

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

RELATED ENTITIES

gross receivables 2 253 2 253 - - - - -

default ratio - 0% 0% 0% 0% 0% 0%

write-down resulting

from the ratio

- - - - - - -

write-down

determined

individually

- - - - - - -

total expected credit

losses

- - - - - - -

Net receivables 2 253 2 253 - - - - -

Total Not overdue

Overdue, in days

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

OTHER ENTITIES

gross receivables 85 862 85 454 310 12 5 1 80

default ratio - 0% 0% 0% 0% 0% 0%

write-down resulting

from the ratio

- - - - - - -

write-down

determined

individually

80 - - - - - 80

total expected credit

losses

80 - - - - - 80

Net receivables 85 782 85 454 310 12 5 1 -

Total

gross receivables 88 115 87 707 310 12 5 1 80

impairment write-

downs

80 - - - - - 80

Net receivables 88 035 87 707 310 12 5 1 -

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Other receivables

31.03.2024 31.12.2023 31.03.2023

Other gross receivables, including: 69 994 58 124 55 512

tax receivables, other than corporate income tax 57 767 51 151 38 180

prepayments for inventories 8 048 3 768 5 821

prepayments for development projects 3 337 2 173 1 081

security deposits 652 658 825

prepayments for property, plant and equipment and intangible

assets

20 77 138

settlements with employees 14 29 12

settlements with the members of the Management Boards of

the Group companies

1 3 2

reimbursement from the insurer for covering a part of the US court

settlement costs

- - 6 354

settlements with suppliers of property, plant and equipment items - - 2 059

provisions for sales revenue - prepayments - 249 22

other 155 16 1 018

Write-downs - - 732

Other receivables, including: 69 994 58 124 54 780

current 69 614 57 741 54 390

non-current 380 383 390

Note 8. Other financial assets

31.03.2024 31.12.2023 31.03.2023

Loans granted 3 249 3 225 2 596

Bonds 825 390 793 200 468 630

Derivative financial instruments 10 904 18 683 19 606

Private equity interests in the gaming sector 3 505 3 518 2 469

Other financial assets, including: 843 048 818 626 493 301

current 426 029 362 719 277 203

non-current 417 019 455 907 216 098

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Note 9. Prepayments and deferred costs

31.03.2024 31.12.2023 31.03.2023

Minimum guarantees, advance payments and prepayments

GOG.COM

51 308 53 539 42 557

Software, licenses 10 069 9 487 7 903

Costs of future marketing services 1 422 1 456 1 556

Fees for pre-emptive rights 1 138 1 164 1 244

Property and personal insurance 748 1 067 511

Costs of repairs and maintenance 726 809 1 057

Staff relocation costs 582 343 179

Participation in fairs 277 - -

Costs of IT security resources 274 401 392

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

Fees for perpetual usufruct of land 231 - 211

Business travel (tickets, hotels, insurance) 187 281 165

Domains, servers 17 72 174

Other prepayments and deferred costs 1 406 899 788

Prepayments and deferred costs, including: 68 645 69 778 56 997

current 29 906 27 872 28 099

non-current 38 739 41 906 28 898

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Note 10. Deferred income tax

Deductible temporary differences underlying the deferred tax asset

31.12.2023*

Differences affecting

the deferred tax

recognized in the

profit or loss

31.03.2024

Provision for other employee benefits 5 331 (1 246) 4 085

Provision for costs of performance-related

and other remuneration

49 813 12 031 61 844

Tax loss 1 476 1 1 477

Foreign exchange losses 38 396 (5 121) 33 275

Difference between the carrying amounts

and tax bases of expenditure on development

projects

22 041 622 22 663

Salaries and wages and social security payable

in future periods

23 14 37

Deferred income in respect of virtual wallet top-

ups and a fringe benefit scheme

4 128 428 4 556

Other provisions 42 935 822 43 757

Tax base of non-current assets leased 21 013 933 21 946

Research and development relief 221 724 48 516 270 240

Prepayments recognized as revenue for

tax purposes

4 979 (286) 4 693

Difference between the net carrying amounts

and tax bases of property, plant and equipment

and intangible assets

12 - 12

Measurement of forward contracts 496 (470) 26

Other 3 608 - 3 608

Total deductible differences, including: 415 975 56 244 472 219

taxed at 5% 130 495 807 131 302

taxed at 19% 283 827 55 436 339 263

deferred tax charged abroad 1 653 1 1 654

Deferred tax assets 60 907 10 573 71 480

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Taxable temporary differences underlying the deferred tax provision

31.12.2023

Differences affecting

the deferred tax

recognized in the

profit or loss

31.03.2024

Difference between the net carrying amounts

and tax bases of property, plant and equipment

and intangible assets

22 081 515 22 596

Current period revenue invoiced in the

subsequent period/accrued income

191 864 (113 644) 78 220

Foreign exchange gains 1 425 (802) 623

Difference between the carrying amounts and

tax bases of expenditure on development

projects

48 802 (6 243) 42 559

Carrying amount of leased non-current assets 21 063 597 21 660

Other 144 58 202

Total taxable differences, including: 285 379 (119 519) 165 860

taxed at 5% 263 327 (119 866) 143 461

taxed at 19% 20 767 347 21 114

deferred tax charged abroad 1 285 - 1 285

Deferred tax provision 17 474 (5 929) 11 545

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

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

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

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

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

Net deferred tax assets/provision

31.03.2024 31.12.2023* 31.03.2023*

Deferred tax assets 71 480 60 907 75 956

Deferred tax provision 11 545 17 474 20 671

* restated data

Income tax expense recognized in the income statement

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023*

Current income tax, including: 13 629 12 681

withholding tax paid abroad 2 476 6 071

Change in deferred tax (16 501) (2 231)

Income tax expense recognized in the income statement (2 872) 10 450

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Note 11. Share capital

Share capital – structure as at 31.03.2024

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

Manner of covering share

capital

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

Total 99 910 510 99 910 510 -

As at the date of publication of this report, the Parent Company’s share capital amounts to PLN 99 910 510 and consists of

99 910 510 ordinary bearer shares with a par value of PLN 1 each, designated as A – M series shares. The total number of votes

resulting from all shares of the Parent Company is 99 910 510.

During the reporting period and after the balance sheet date, there were no changes in the amount of the Parent Company’s share

capital.

Note 12. Provision for retirement and similar benefits

31.03.2024 31.12.2023* 31.03.2023*

Provision for retirement and disability bonuses 529 529 376

Holiday pay provision 8 757 6 732 7 715

Total, including: 9 286 7 261 8 091

current 8 768 6 743 7 725

non-current 518 518 366

* restated data

Provision for

retirement and

disability bonuses

Holiday pay

provision

Total

As at 01.01.2024* 529 6 732 7 261

Provisions recognized - 8 427 8 427

Provisions utilized/released - 6 402 6 402

As at 31.03.2024, including: 529 8 757 9 286

current 11 8 757 8 768

non-current 518 - 518

* restated data

Note 13. Other provisions

31.03.2024 31.12.2023 31.03.2023

Provision for liabilities, including: 95 946 83 617 98 072

provision for costs of performance-related and other remuneration 61 844 49 813 76 582

provision for costs of the audit and review of the financial

statements

59 198 54

provision for costs of external services 627 458 818

provision for other costs 33 416 33 148 20 618

Total, including: 95 946 83 617 98 072

current 83 149 70 208 90 534

non-current 12 797 13 409 7 538

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Changes in other provisions

Provision for costs of

performance-related

and other

remuneration

Other provisions Total

As at 01.01.2024 49 813 33 804 83 617

Provisions recorded during the year 12 031 24 647 36 678

Provisions utilized/released - 24 349 24 349

As at 31.03.2024, including: 61 844 34 102 95 946

current 61 844 21 305 83 149

non-current - 12 797 12 797

Note 14. Other liabilities

31.03.2024 31.12.2023 31.03.2023

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

other, with the exception of corporate income tax

10 171 14 613 8 943

VAT 5 258 7 364 3 859

Withholding tax - 470 43

Personal income tax 556 3 614 560

Social security contributions 4 254 2 798 4 296

PFRON (State Fund for Rehabilitation of Disabled People) 82 84 83

PIT-8AR (personal income tax) settlements 7 283 32

Other 14 - 70

Other liabilities 3 199 3 082 3 027

Wages and salaries payable - 9 -

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

marketing services

2 320 2 380 2 560

Other settlements with employees 174 103 176

Other settlements with the members of the Management Board - 1 29

Prepayments received from foreign customers - 84 -

Security deposits received 114 114 -

Other liabilities 591 391 262

Total other liabilities 13 370 17 695 11 970

current 10 936 15 201 9 410

non-current 2 434 2 494 2 560

Current and overdue other liabilities as at 31.03.2024

Total Not overdue

Overdue, in days

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

To related entities - - - - - - -

To other entities 13 370 12 608 128 431 - - 203

Total 13 370 12 608 128 431 - - 203

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Note 15. Deferred income

31.03.2024 31.12.2023 31.03.2023

Subsidies 2 983 3 214 5 048

Sales relating to future periods 6 865 7 218 8 589

GOG wallet 5 120 4 993 4 572

Rental of company phones 63 60 45

Deferred income, including: 15 031 15 485 18 254

current 12 878 13 170 15 042

non-current 2 153 2 315 3 212

Note 16. Information on financial instruments

Fair values of specific classes of financial instruments

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

that the carrying amounts of the instruments do not differ materially from their fair values as at both 31 March 2024,

31 December 2023 and 31 March 2023.

31.03.2024 31.12.2023* 31.03.2023

LEVEL 1

Assets measured at fair value

Assets measured at fair value through

other comprehensive income

226 605 224 485 232 091

bonds issued by or secured with a guarantee of foreign

governments - EUR

21 618 21 831 16 440

bonds issued by or secured with a guarantee of foreign

governments - USD

204 987 202 654 215 651

LEVEL 2

Assets measured at fair value through profit or loss

Derivatives 10 904 18 683 19 606

currency forwards - EUR 1 553 1 161 1 112

currency forwards - USD 9 351 17 522 18 494

Private equity interests in the gaming sector 3 505 3 518 2 469

private equity interests in the gaming sector - SEK 931 980 1 038

private equity interests in the gaming sector - USD 2 574 2 538 1 431

Liabilities measured at fair value through profit or loss

Derivatives 393 495 388

currency forwards - EUR 30 102 38

currency forwards - USD - 393 350

currency forwards - JPY 363 - -

* restated data

Financial instruments measured at fair value are classified according to a three-level fair value hierarchy:

Level 1 – quoted prices in active markets for identical assets or liabilities.

Level 2 – fair value based on observable market data.

Level 3 – fair value based on market data that is not observable in the market.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Financial assets – classification and measurement

31.03.2024 31.12.2023 31.03.2023

Financial assets measured at amortized cost 1 311 188 1 282 102 956 884

Other non-current receivables 380 383 390

Trade receivables 88 035 193 520 73 738

Cash and cash equivalents 123 762 178 054 154 738

Bank deposits over 3 months 496 977 338 205 488 883

Treasury bonds and bonds guaranteed by the State Treasury 598 785 568 715 236 539

Loans granted 3 249 3 225 2 596

Financial assets measured at cost 38 409 38 095 41 394

Shares in non-consolidated subordinated entities 38 409 38 095 41 394

Assets measured at fair value through

other comprehensive income

226 605 224 485 232 091

Bonds issued by or secured with a guarantee of foreign

governments

226 605 224 485 232 091

Financial assets measured at fair value through profit or loss: 14 409 22 201 22 075

Derivative financial instruments 10 904 18 683 19 606

Private equity interests in the gaming sector 3 505 3 518 2 469

Total financial assets 1 590 611 1 566 883 1 252 444

Financial liabilities – classification and measurement

31.03.2024 31.12.2023 31.03.2023

Financial liabilities measured at amortized cost 81 868 85 262 72 909

Trade payables 59 445 58 835 46 001

Other financial liabilities 22 423 26 427 26 908

Financial liabilities measured at fair value

through profit or loss

393 495 388

Derivative financial instruments 393 495 388

Total financial liabilities 82 261 85 757 73 297

In accordance with the requirements of IFRS 9 Financial Instruments, the Company has analysed the business model for managing

financial assets and examined the characteristics of contractual cash flows for each component of the bond portfolio, and concluded

that:

 the purpose of investments in domestic and foreign Treasury bonds and domestic and foreign bonds guaranteed by the

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

 investment mandates for managing the portfolio of foreign bonds (Treasury bonds or bonds secured with foreign Treasury

guarantees) allow bonds to be sold before maturity as part of the adopted strategy;

 all bonds purchased meet the SPPI test.

As a result of the analysis conducted, the bonds purchased were classified into two financial asset management models which

differ in terms of the entity managing the bond portfolio. Polish Treasury bonds and bonds guaranteed by the Polish State Treasury

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

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

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

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

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

and their classification in the fair value hierarchy.

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

whose fair value was determined on the basis of a market valuation provided by the brokerage office as part of the applicable

agreement for the provision of brokerage services.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

31.03.2024 31.12.2023 31.03.2023

LEVEL 1

Fair value of assets measured at amortized cost 596 796 565 473 229 238

Polish Treasury bonds and bonds guaranteed by the Polish State

Treasury

596 796 565 473 229 238

Other items of financial assets and financial liabilities were classified to Level 3.

With regard to equity interests in other entities, the Group estimates the fair values of the shares held using the method which

consists of forecasting future cash flows generated by a relevant cash generating unit and requires determining a discount rate to

be used to calculate the present value of these cash flows. In justified cases, the Group assumes a historical cost as an acceptable

approximation of the fair value.

The Group did not measure the fair values of trade receivables and payables, cash and cash equivalents, bank deposits over

3 months and loans granted with variable interest rates, because their carrying amounts are considered by the Group to be

a reasonable approximation of their fair values.

There were no movements between the Levels in the fair value hierarchy in the Group in the reporting period or in the comparative

period.

Note 17. Sales revenue

Sales revenue – geographical structure*

01.01.2024 – 31.03.2024 01.01.2023 – 31.03.2023

in PLN in % in PLN in %

Domestic sales 7 750 3.42% 5 848 3.35%

Export sales, including: 219 035 96.58% 168 909 96.65%

Europe 43 293 19.09% 36 155 20.69%

North America 160 084 70.59% 115 720 66.22%

South America 1 042 0.46% 796 0.46%

Asia 12 337 5.44% 14 359 8.22%

Australia 2 156 0.95% 1 772 1.00%

Africa 123 0.05% 107 0.06%

Total 226 785 100% 174 757 100%

* The data presented based on the location of the registered office of the customers of the Group companies: for CD PROJEKT S.A.

– the distributors, and for retail sales of GOG Sp. z o.o. and CD PROJEKT RED Inc. (formerly: CD PROJEKT Inc.) – end customers.

Sales revenue – by type of production

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023

Own production 185 591 130 595

Third party production 40 566 43 734

Other revenue 628 428

Total 226 785 174 757

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Sales revenue – by distribution channel

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023

Games - box issues 10 820 12 287

Games - digital issues 205 857 156 326

Other revenue 10 108 6 144

Total 226 785 174 757

Note 18. Operating expenses

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023*

Depreciation and amortization of property, plant and equipment, intangible assets,

expenditure on development projects and investment properties, including:

3 586 3 424

depreciation of leased buildings 406 380

depreciation of leased vehicles 126 98

Materials and energy used 1 086 710

External services, including: 30 412 21 192

costs of short-term leases and low-value leases 121 126

Taxes and fees 402 356

Salaries and wages, social insurance and other benefits 48 668 42 419

Business travel 1 082 808

Cost of using company cars 55 60

Cost of goods for resale and materials sold 30 422 32 394

Costs of products and services sold 31 631 21 858

Other costs 297 407

Total 147 641 123 628

Selling expenses, including: 31 229 39 048

cost of product maintenance 5 814 11 663

Total administrative expenses, including: 54 359 30 328

cost of research projects 20 643 1 430

Cost of sales 62 053 54 252

Total 147 641 123 628

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Note 19. Other operating income and expenses

Other operating income

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023*

Tax relief for innovative employees 1 355 1 328

Reversal of inventory write-downs 672 -

Damages received 538 -

Rental income 501 1 674

Subsidies 231 462

Income from re-invoicing 173 137

Other sales 15 289

Gains on disposal of non-current assets 6 2

Payments from enforcement officers 2 3

Reversal of a write-down of expenditure on development projects in progress - 21 531

Fixed assets and goods for resale received free of charge - 168

Refund of overpaid tax on civil law transactions - 94

Other 31 103

Total other operating income 3 524 25 791

* restated data

Other operating expenses

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023

Cost of rental 710 1 057

Depreciation of investment properties 384 464

Costs related to re-invoicing 173 137

Donations and charity 52 404

Provision recorded for a potential tax liability 41 -

Cost of destruction of materials and goods for resale 5 150

Irrecoverable receivables 2 -

Cost of sales of other sales 1 372

VAT written off - 255

Provision for the uninsured portion of the US court settlement costs - 59

Scrapping of fixed assets and intangible assets - 2 787

Other 3 212

Total other operating expenses 1 371 5 897

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Note 20. Finance income and costs

Finance income

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023

Interest income 16 386 9 823

on current bank deposits 7 392 5 831

on bonds 8 936 3 956

on loans 58 36

Other finance income 3 721 9 463

net foreign exchange gains 2 229 -

settlement and measurement of derivative financial instruments 1 492 9 235

gains on disposal of bonds - 188

other finance income - 40

Total finance income 20 107 19 286

Finance costs

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023

Interest expense 414 224

on lease contracts 210 200

on bonds - 16

on liabilities to the State Treasury 204 5

on trade payables - 3

Other finance costs 3 799 10 237

net foreign exchange losses 1 592 10 137

commission and fees on purchase of bonds 67 75

settlement and measurement of derivative financial instruments 2 140 -

other - 25

Total finance costs 4 213 10 461

Net finance income/expense 15 894 8 825

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

The Group concluded lease contracts for office equipment (multifunctional photocopiers, kitchen appliances) and residential

premises which potentially meet the recognition criteria for leases under the new IFRS 16. However, the Group considered these

contracts to be short-term leases and leases of low-value assets and decided not to apply the new requirements for leases to these

assets, as permitted by paragraph 5 of the standards. In such cases, lease payments are charged to costs of the period to which

they relate, either on a straight-line basis or in some other systematic way that reflects the distribution of costs over the life of the

contract (information on the cost of these leases incurred in the period from 1 January to 31 March 2024 is included in Note 18).

As at 31 March 2024, 31 December 2023 and 31 March 2023, future payments in respect of irrevocable short-term leases and leases

of low-value assets were as follows:

31.03.2024 31.12.2023* 31.03.2023

Up to 1 year 345 440 396

From 1 year to 5 years 181 156 217

Total 526 596 613

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

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

Issuance of debt securities

Not applicable.

Issuance of equity securities

Specification 31.03.2024 31.12.2023 31.03.2023

Number of shares in thousands 99 911 99 911 100 771

Par value of shares in PLN 1 1 1

Share capital 99 911 99 911 100 771

Note 23. Dividend paid (or declared) and received

During the period from 1 January to 31 March 2024, the Group companies did not pay or receive any dividends.

On 28 March 2024, the Management Board of the Parent Company recommended to the General Meeting that a dividend of

PLN 99 910 510 be paid, i.e. PLN 1 per share of the Parent Company.

Note 24. Transactions with related entities

Terms and conditions of transactions with related entities

The terms and conditions of intra-group transactions were determined on the arm’s length basis. The essence of this principle is

based on the premise that the terms and conditions agreed in transactions between related parties should not differ from those

that would be agreed between independent parties in a comparable situation. Controlled transactions concluded by related entities

which belong to the CD PROJEKT Group are tested for compliance with the arm’s length basis based on recommendations and

methods provided for in the OECD Guidelines and in the national legislation.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Transactions with related entities after consolidation eliminations

Sales to related entities Purchases from related entities

01.01.2024 – 31.03.2024 01.01.2023 – 31.03.2023 01.01.2024 – 31.03.2024 01.01.2023 – 31.03.2023

SUBSIDIARIES

Spokko sp. z o.o. - 205 - 490

CD PROJEKT RED Vancouver

Studio Ltd.

240 22 4 288 4 535

The Molasses Flood LLC 284 1 7 682 13 134

MEMBERS OF THE MANAGEMENT BOARDS OF THE GROUP COMPANIES AND THE SUPERVISORY BOARD MEMBERS

Michał Nowakowski 1 - - -

Piotr Karwowski 2 2 - -

Paweł Zawodny - 6 - -

Urszula Jach-Jaki - 1 - -

Maciej Gołębiewski 1 - - -

Maciej Nielubowicz 1 - - -

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Receivables from related entities Liabilities to related entities

31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.12.2023* 31.03.2023

SUBSIDIARIES

Spokko sp. z o.o. - - 175 - - 540

CD PROJEKT RED Vancouver

Studio Ltd.

2 740 1 483 6 1 766 1 549 1 589

The Molasses Flood LLC 5 016 3 328 2 596 3 298 1 840 4 501

MEMBERS OF THE MANAGEMENT BOARDS OF THE GROUP COMPANIES AND THE SUPERVISORY BOARD MEMBERS

Marcin Iwiński - 1 - - - 12

Adam Kiciński - - - - 1 1

Piotr Nielubowicz - 2 - - - -

Michał Nowakowski 1 - - - - 1

Adam Badowski - - 2 - - -

Paweł Zawodny - - 6 - - 4

Maciej Gołębiewski - - - - - 9

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

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

corrective measures were adopted by the balance sheet date

Not applicable.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

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

Contingent liabilities in respect of guarantees, sureties and collateral

Specification Currency 31.03.2024 31.12.2023 31.03.2023

mBank S.A.

Bill of exchange agreement Framework agreement on financial market transactions PLN 50 000 50 000 50 000

Bill of exchange agreement Bank guarantee securing a rental contract PLN 427 427 427

Mazovian Unit for Implementation of EU Programmes

Contractual commitment

Commitment to incur operating and renovation expenditures

on leased space

PLN - - 36

National Centre for Research and Development

Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0105/16 PLN 7 711 7 711 7 711

Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0110/16 PLN 3 846 3 846 3 846

Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0112/16 PLN 3 692 3 692 3 692

Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0118/16 PLN 1 358 1 358 1 358

Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0120/16 PLN 1 204 1 204 1 204

Pekao Leasing Sp. z o.o.

Bill of exchange agreement Lease contract 37/1991/21 PLN - 165 277

Santander Bank Polska S.A. (formerly BZ WBK S.A.)

Bill of exchange agreement Framework agreement on financial market transactions PLN 23 500 23 500 23 500

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Bank Polska Kasa Opieki Spółka Akcyjna

Bill of exchange agreement Framework agreement on financial market transactions PLN 50 000 50 000 50 000

BNP Paribas Bank Polska S.A.

Bill of exchange agreement Framework agreement on financial market transactions PLN 26 600 26 600 26 600

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

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

the reporting period

There were no such changes during the reporting period.

Note 28. Agreements that may result in future changes in the proportions of

shares held by shareholders and bondholders

Incentive plans for the years 2023-2027

Based on the resolutions of the Parent Company’s General Meeting of 28 July 2020, two new incentive plans for the financial years

2023-2027 were introduced on that date, replacing the Incentive Plan for 2020-2025: the Incentive Plan A and the Incentive Plan B.

Incentive Plan A

The Incentive Plan A is addressed to persons who are not members of the Management Board of the Parent Company. The

assumptions are that the entitlements in this plan will be granted in each of the financial years 2023-2027 (i.e. in five phases).

A maximum of 1 500 000 entitlements may be granted under the entire Incentive Plan A. The entitlements will be realized

alternatively through: (i) offering the participants to subscribe for warrants entitling them to subscribe for an identical number of

shares in the Parent Company issued as part of the conditional share capital increase, or (ii) offering the participants to purchase

from the Parent Company treasury shares acquired by the Parent Company as part of a buy-back carried out for this purpose. The

taking up and the exercise of the rights from the subscription warrants or, as the case may be, the purchase of the Parent Company’s

shares by the participant under the Incentive Plan A shall be conditional upon meeting the loyalty criterion (understood as the

participants in the Incentive Plan A remaining in a legal relationship with the Parent Company or its related entity during the vesting

period). The price of taking up or acquiring the Parent Company’s shares as part of executing entitlements under the Plan A shall

correspond to the nominal value of the Parent Company’s shares. The vesting period shall be 3 years as a minimum in each case.

By the date of publication of this report:

(i) as part of Phase 1 of the Incentive Plan A (in 2023), 100 444 entitlements were granted, of which 93 329 entitlements remain

active;

(ii) as part of Phase 2 of the Incentive Plan A (in 2024), 183 189 entitlements were granted, of which 181 422 entitlements remain

active.

Assumptions made for the measurement of the Incentive Plan A for the years 2023-2027 – Phase 1

Date of vesting CDR volatility ratio Risk-free interest rate

Entitlements granted on 26.05.2023 44% 6.2%

Entitlements granted on 27.05.2023 44% 6.2%

Entitlements granted on 29.05.2023 44% 5.9%

Entitlements granted on 07.06.2023 44% 5.8%

Assumptions made for the measurement of the Incentive Plan A for the years 2023-2027 – Phase 2

Date of vesting CDR volatility ratio Risk-free interest rate

Entitlements granted on 08.03.2024 43% 5.1%

Entitlements granted on 10.03.2024 43% 5.1%

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Changes in entitlements granted under the Incentive Plan A for the years 2023-2027 – phases 1 and 2

Specification

01.01.2024 – 31.03.2024 01.01.2023 – 31.12.2023

Number of entitlements (in pcs.)

Unrealized as at the beginning of the period 1 500 000 -

Granted but not realized as at the beginning of the period 94 051 -

Granted during the period 183 189 100 444

Forfeited during the period* 2 489 6 393

Unrealized as at the end of the period 1 500 000 1 500 000

Granted unrealized as at the end of the period 274 751 94 051

* All forfeitures for a given period by the date of publication of these financial statements

Incentive Plan B

The Incentive Plan B is addressed to both persons who are members of the Parent Company’s Management Board and persons

who are not members of the Management Board. The assumptions are that the entitlements in this plan will be granted in each of

the financial years 2023-2027 (i.e. in five phases). A maximum of 3 500 000 entitlements may be granted under the entire Incentive

Plan B. The entitlements will be realized alternatively through: (i) offering the participants to subscribe for warrants entitling them to

subscribe for an identical number of shares in the Parent Company issued as part of the conditional share capital increase, or (ii)

offering the participants to purchase from the Parent Company treasury shares acquired by the Parent Company as part of a buy-

back carried out for this purpose. The taking up and the exercise of the rights from the subscription warrants or, as the case may

be, the purchase of the Parent Company’s shares by the eligible persons under the Incentive Plan B will be conditional upon the

Parent Company determining that the performance condition (for 70% of the entitlements), the market condition (for 30% of the

entitlements) and, in selected cases, the individual conditions and, in each case, the loyalty condition (understood as the participants

of the Incentive Plan A remaining in a legal relationship with the Parent Company or its related entity during the vesting period)

have been met. The base price of subscription for or purchase of the Parent Company’s shares as part of exercising the entitlements

under the Plan B will correspond to the price of the Parent Company’s shares at the close of the last trading session preceding the

date of the relevant resolution on the participant’s inclusion in the plan. The plan provides for the possibility to reduce the price of

subscription for or purchase of the shares with a simultaneous proportional reduction in the number of rights to be exercised by

the participant. The base vesting period corresponds to four consecutive financial years starting from the year in which the relevant

phase commenced (with the possibility of being shortened to three financial years for performance-related entitlements in the event

of a possible faster achievement of the four-year performance target over a three-year period).

By the date of publication of this report:

(i) as part of Phase 1 of the Incentive Plan B (in 2023), 662 000 entitlements were granted, of which 656 000 entitlements remain

active;

(ii) as part of Phase 2 of the Incentive Plan B (in 2024), 723 500 entitlements were granted, of which 723 500 entitlements remain

active.

Performance-related condition – 70% of entitlements awarded under a given phase of the Incentive Plan B

The fulfilment of the performance-related condition means achieving, in the relevant vesting period, a specific result understood as

the sum of the consolidated net profits on the continuing operations of the CD PROJEKT Group plus the cost of valuation of

entitlements awarded under a relevant phase of the Incentive Plan B recognized by the CD PROJEKT Group entities in the same

period. The performance-related condition for entitlements awarded in Phase 1 of the Incentive Plan B for the years 2023-2026 (in

the financial year 2023) is PLN 2 billion, and the performance-related condition for entitlements awarded in Phase 2 of the Incentive

Plan B for the years 2024-2027 (in the financial year 2024) is PLN 3 billion.

For each of the successive phases of the Incentive Plan B starting in the financial years 2025, 2026 and 2027, the performance-

related condition for entitlements awarded in these phases for the relevant periods of 4 financial years will be determined by

resolutions of the General Meeting of the Parent Company (at the request of the Management Board of the Parent Company).

Market-related condition – 30% of entitlements awarded under a given phase of the Incentive Plan B

The fulfilment of the market-related condition means achieving a change in the Parent Company’s share price on the Warsaw Stock

Exchange (WSE) in such a manner that the change in the level of the Parent Company’s share price expressed as a percentage,

determined on the basis of the Parent Company’s share price at closing of the last trading session on the WSE of the most recent

financial year which is subject to verification for the purposes of the performance-related condition referred to above in relation to

the Parent Company’s share price at closing of the last trading session on the WSE in the year preceding the year of the relevant

phase of the Incentive Plan B will be higher than or equal to the change, expressed as a percentage and increased by 10 percentage

points, in the level of the WIG (WSE Index) index in the same period.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Assumptions made for the measurement of the Incentive Plan B for the years 2023-2027 – phase 1

Date of vesting

CDR volatility

ratio

WIG volatility

ratio

WIG correlation

ratio

Risk-free interest

rate

Entitlements granted on 26.05.2023 44% 21% 43% 6.1%

Assumptions made for the measurement of the Incentive Plan B for the years 2023-2027 – phase 2

Date of vesting

CDR volatility

ratio

WIG volatility

ratio

WIG correlation

ratio

Risk-free interest

rate

Entitlements granted on 08.03.2024 43% 21% 42% 4.9%

Entitlements granted on 10.03.2024 43% 21% 42% 4.9%

Changes in entitlements granted under the Incentive Plan B for the years 2023-2027 – phases 1 and 2

Specification

01.01.2024 – 31.03.2024 01.01.2023 – 31.12.2023

Number of entitlements (in pcs.)

Unrealized as at the beginning of the period 3 500 000 -

Granted but not realized as at the beginning of the period 656 000 -

Granted during the period 723 500 662 000

Forfeited during the period* - 6 000

Unrealized as at the end of the period 3 500 000 3 500 000

Granted unrealized as at the end of the period 1 379 500 656 000

* All forfeitures for a given period by the date of publication of these financial statements

Note 29. Tax settlements

Tax settlements and other areas of activities regulated by the tax law may be subject to inspections by administrative bodies which

are entitled to impose high penalties or sanctions. The lack of reference to established legal regulations in Poland results in

ambiguities and inconsistencies in the binding regulations. Frequent differences of opinion as to the legal interpretation of tax

regulations, both internally within the state bodies and between the state bodies and enterprises, result in areas of uncertainty and

conflict arising. Due to these factors, the tax risk in Poland is considerably higher than that usually existing in countries with more

developed tax systems.

In accordance with a general rule, tax settlements may be subject to inspections within five years from the end of the calendar year

in which tax was paid.

Following the fulfilment of the criteria set out in Article 19 of the Act of 30 May 2008 on certain forms of innovation support

(consolidated text, Journal of Laws of 2022, item 2474), the Minister of Development and Technology, by decision No. DNP-

4241.27.2023.2 of 23 August 2023, maintained the status of a research and development centre granted to the Parent Company

by decision 4/CBR/18 of 19 June 2018. The status allows the Parent Company to use more broadly the research and development

relief provided for in the Act of 15 February 1992 on corporate income tax (consolidated text, Journal of Laws of 2023, item 2805,

as amended, hereinafter: “the CIT Act”).

Starting from the month following the submission of the CIT-8 tax return for the previous tax year, the Parent Company takes

advantage of a relief in respect of an innovative employee. As part of the relief, it is possible to deduct the research and

development relief which the Parent Company did not deduct from the tax base in the tax return for the previous tax year. As a result

of using tax relief in respect of an innovative employee, the Parent Company reduces the tax advances remitted to the tax office in

respect of personal income tax and flat-rate personal income tax for employees performing research and development projects for

the Parent Company. At the same time, the amount of the research and development relief reported and not deducted is reduced

(the reduction is the quotient of the personal income tax liability due and the corporate income tax rate).

With effect from 1 January 2019, provisions were introduced into the Act on corporate income tax granting preferential taxation at

the 5% tax rate for qualified income earned by a taxpayer from qualified intellectual property rights. Having met the prerequisites

and formal conditions contained in the said legislation, the Parent Company accounts for income (in respect of selected sources of

income), taking this tax relief into account.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Note 30. Explanations to the condensed consolidated statement of cash

flows

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023*

Cash and cash equivalents reported in the statement of cash flows 123 762 154 738

Cash and cash equivalents in the balance sheet 123 762 154 738

Depreciation and amortization 3 586 3 424

Amortization of intangible assets 518 665

Amortization of expenditure on development projects 306 118

Depreciation of property, plant and equipment 2 759 2 634

Depreciation of investment properties 3 7

Foreign exchange gains/(losses) result from the following items: (3 716) 5 965

Foreign exchange gains/(losses) on measurement of bonds (2 585) 5 825

Foreign exchange gains/(losses) on measurement of private equity interests

in the gaming sector

13 87

Foreign exchange gains/(losses) on measurement of loans granted

as at the balance sheet date

(43) 53

Foreign exchange gains/(losses) losses on measurement of bank deposits

over 3 months

(1 072) -

Foreign exchange gains/(losses) on measurement of leases (29) -

Interest and shares in profits comprise: (16 176) (9 607)

Interest on bank deposits (7 392) (5 831)

Interest on bonds (8 936) (3 940)

Interest accrued on loans granted (58) (36)

Interest on lease contracts 210 200

(Gains)/losses on investing activities result from the following items: 3 394 (27 768)

Sale of property, plant and equipment (12) (2)

Net carrying amount of property, plant and equipment 6 -

Net carrying amount of non-current assets scrapped - 42

Net carrying amount of scrapped intangible assets and expenditure on research

and development projects

- 2 745

Reversal of impairment write-downs of property, plant and equipment, intangible

assets and expenditure on development projects

- (21 531)

Settlement and measurement of derivative financial instruments 3 333 (8 905)

Disclosure of property, plant and equipment and intangible assets - (4)

Commission and fees on purchase of bonds 67 75

Proceeds from redemption of bonds - (11 495)

Value of bonds purchased - 11 307

Changes in provisions result from the following items: 11 994 862

Increase/(Decrease) in provisions for liabilities 12 329 (568)

Increase/(Decrease) in provisions for employee benefits 2 025 3 570

Increase/(Decrease) in provision for costs of performance-related and other

remuneration recognized under expenditure on development projects

(2 360) (2 140)

Changes in inventories result from the following items: 316 2 336

restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023*

Changes in receivables result from the following items: 92 246 87 854

(Increase)/Decrease in current receivables in the balance sheet 80 792 82 325

(Increase)/Decrease in non-current receivables in the balance sheet 3 (1)

Income tax settled against withholding tax - 8 039

Withholding tax paid abroad (2 476) (6 071)

Adjustment for current income tax 12 820 3 910

(Increase)/Decrease in prepayments for development projects 1 164 (352)

(Increase)/Decrease in prepayments for property, plant and equipment and intangible

assets

(57) 4

Changes in liabilities, excluding financial liabilities, result from the following items: (15 361) (21 154)

Increase/(Decrease) in current liabilities in the balance sheet (5 857) (29 875)

Adjustment for current income tax 222 2 116

Increase/(Decrease) in other current financial liabilities 1 980 807

Increase/(Decrease) in liabilities resulting from purchase of property, plant

and equipment

(11 873) 5 231

Increase/(Decrease) in liabilities resulting from purchase of intangible assets 167 567

Changes in other assets and liabilities result from the following items: 618 (10 937)

Change in prepayments and accruals in the balance sheet 1 133 (3 037)

Increase/(Decrease) in deferred income in the balance sheet (454) (7 840)

Adjustment for prepayments and deferred costs with the corresponding entry

in liabilities

(61) (60)

“Other adjustments” comprise: 4 734 1 332

Costs of the incentive plan 4 032 1 159

Measurement of derivative financial instruments (87) (504)

Amortization and depreciation written off, reported under cost of sales

and other operating expenses

- 160

Amortization and depreciation reported under cost of sales and other

operating expenses

621 754

Foreign exchange differences on translation 63 (93)

Other adjustments 105 (144)

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

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

01.01.2024 Cash flows

Non-monetary changes

31.03.2024

Takeover of fixed assets

leased

Foreign exchange

differences

Interest accrued

Lease liabilities 23 309 (1 139) 62 (19) 210 22 423

Total 23 309 (1 139) 62 (19) 210 22 423

01.01.2023 Cash flows

Non-monetary changes

31.03.2023

Takeover of fixed assets

leased

Foreign exchange

differences

Interest accrued

Lease liabilities 20 967 (1 014) - 317 200 20 470

Total 20 967 (1 014) - 317 200 20 470

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Note 32. Post balance sheet events

On 17 April 2024, in its current report no. 7/2024, the Management Board of the Parent Company informed that, on 16 April 2024,

the Supervisory Board of the Parent Company expressed a positive opinion on the proposal of the Management Board of the Parent

Company of 28 March 2024, concerning the distribution of the Parent Company’s net profit for 2023. The Supervisory Board and

the Management Board recommended to the General Meeting that the Parent Company’s net profit for the financial year 2023 of

PLN 474 705 302.51, less PLN 30 617 741.79 representing accumulated losses (as indicated in the current reports for 2023) be

distributed as follows:

(I) to transfer PLN 344 177 050.72 to the Parent Company’s supplementary capital;

(II) to allocate PLN 99 910 510.00 for distribution among the shareholders as dividend, which means a dividend of PLN 1.00

per share of the Parent Company.

Moreover, the Supervisory Board endorsed the Management Board’s recommendation to designate 21 June 2024 as the record

date and 27 June 2024 as the dividend payment date. The final decision on profit distribution and dividend payment will be taken

by the Annual General Meeting of the Parent Company.

On 16 May 2024, the Parent Company’s Management Board convened an Ordinary General Meeting of the Parent Company for

14 June 2024. The main items on the agenda of the General Meeting include adopting resolutions on the approval of the financial

statements for 2023, distribution of the net profit of the Parent Company for 2023, acknowledging the fulfilment of duties by the

members of the bodies, distribution of the profit for 2023, amendments to the remuneration policy for the members of the

Management Board and the Supervisory Board, and expressing an opinion on the Supervisory Board’s Remuneration Report for

2023. The full contents of the announcement convening the General Meeting can be found in the current report no. 8/2024

and

the contents of draft resolutions in the current report no. 9/2024.

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

(all amounts in PLN thousand, unless stated otherwise)

The attached notes are an integral part of these financial statements

Additional information

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Litigation pending

During the period presented, no new significant court, arbitration or administrative proceedings were initiated to which the Parent

Company or its subsidiaries is a party.

There have been no significant changes to the existing disputes disclosed in the CD PROJEKT Group Management Report for 2023

Shareholding structure

Shareholders holding directly or indirectly through subsidiaries at least 5% of the total number of

votes at the General Shareholders’ Meeting of the Parent Company as at the date of publication of

the quarterly report

The Parent Company’s share capital amounts to PLN 99 910 510 and consists of 99 910 510 shares with a nominal value of PLN 1.00

each. The shareholding structure, including the percentage share in the share capital and at the General Shareholders’ Meeting of

the Parent Company, is updated on the basis of formal notifications received by the Parent Company from the shareholders holding

at least 5% of the total number of votes at the General Shareholders’ Meeting of the Parent Company.

Number of votes at the

GSM

% of votes at the GSM

Marcin Iwiński 12 873 520 12.89%

Michał Kiciński* 9 989 363 10.00%

Piotr Nielubowicz 6 858 717 6.86%

* According to the latest statement submitted to the Parent Company on 13 November 2023 (current report no. 41/2023)

Changes in the shareholding structure of the Parent Company

In the reporting period, the Parent Company did not receive any notifications concerning changes in the number of voting rights or

the Parent Company’s shares held.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Parent Company’s shares held by the members of the Management Board

and the Supervisory Board

Changes in the number of shares held by the members of the Management Board and the

Supervisory Boards*

Name and surname Position As at 01.01.2024 As at 31.03.2024 As at 28.05.2024

Adam Kiciński

Member of the Board

Chief Strategy Officer

4 046 001 4 046 001 4 046 001

Piotr Nielubowicz

Member of the Board

Chief Financial Officer

6 858 717 6 858 717 6 858 717

Adam Badowski

Member of the Board

Joint Chief Executive

Officer

692 640 692 640 692 640

Michał Nowakowski

Member of the Board

Joint Chief Executive

Officer

530 290 530 290 530 290

Piotr Karwowski

Member of the Board

Joint Chief Operating

Officer

108 728 108 728 108 728

Paweł Zawodny

Member of the Board

Joint Chief Operating

Officer

18 508 18 508 18 508

Marcin Iwiński

Chair of the

Supervisory Board

12 873 520 12 873 520 12 873 520

Katarzyna Szwarc

Deputy Chair of the

Supervisory Board

10 10 10

Maciej Nielubowicz

Member of the

Supervisory Board

51 51 51

* Based on the statements and notifications submitted to the Parent Company

Reference to published estimates

The Group did not publish any estimated data relating to the period presented.

Interim condensed separate financial

statements of CD PROJEKT S.A.

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Interim condensed separate income statement

Note

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023*

Sales revenue 186 938 134 391

Sales of products 183 766 129 787

Sales of services 275 421

Sales of goods for resale and materials 2 897 4 183

Cost of sales of products, services, goods for resale and materials 29 987 25 323

Costs of products and services sold 27 114 21 626

Costs of goods for resale and materials sold 2 873 3 697

Gross profit/(loss) on sales 156 951 109 068

Selling expenses 22 887 30 305

Administrative expenses, including: 54 433 27 633

costs of research projects 20 643 1 430

Other operating income 3 712 26 017

Other operating expenses 1 507 5 919

(Impairment)/reversal of impairment

of financial instruments

(1) 2

Operating profit/(loss) 81 835 71 230

Finance income 18 273 21 775

Finance costs 2 408 9 576

Profit/(loss) before tax 97 700 83 429

Income tax A (2 833) 10 307

Net profit /(loss) 100 533 73 122

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

Basic for the reporting period 1.01 0.73

Diluted for the reporting period 1.01 0.73

* restated data

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Interim condensed separate statement of

comprehensive income

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023*

Net profit /(loss) 100 533 73 122

Other comprehensive income subject to reclassification to gains or losses after

specific conditions have been met

(691) 2 320

Measurement of derivative financial instruments - fair value through other

comprehensive income, taking into account the tax effect

(691) 2 320

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

Total comprehensive income 99 842 75 442

* restated data

Interim condensed separate statement of financial

position

Note 31.03.2024 31.12.2023 31.03.2023*

NON-CURRENT ASSETS 1 441 039 1 416 032 1 190 220

Property, plant and equipment 197 009 179 132 153 511

Intangible assets 68 432 68 867 70 170

Expenditure on development projects 552 049 524 472 545 986

Investment properties 33 858 34 245 42 188

Goodwill C 49 168 49 168 49 168

Investments in subordinated entities G 61 024 57 229 54 076

Prepayments and deferred costs 4 205 4 913 5 158

Other financial assets G 417 019 455 907 216 098

Deferred tax assets A 57 902 41 723 53 481

Other receivables F,G 373 376 384

CURRENT ASSETS 1 194 318 1 101 889 1 039 990

Inventories 3 260 3 576 10 365

Trade receivables F,G 88 956 204 658 73 324

Current income tax receivable 13 888 1 069 11 798

Other receivables F 66 110 52 031 52 085

Prepayments and deferred costs 11 655 10 148 8 269

Other financial assets G 426 025 362 719 277 203

Bank deposits over 3 months G 496 977 338 205 488 883

Cash and cash equivalents G 87 447 129 483 118 063

TOTAL ASSETS 2 635 357 2 517 921 2 230 210

* restated data

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Note 31.03.2024 31.12.2023 31.03.2023*

EQUITY 2 470 780 2 366 855 2 074 728

Share capital 11,22** 99 911 99 911 100 771

Supplementary capital 1 681 466 1 681 466 1 539 437

Share premium 116 700 116 700 116 700

Treasury shares - - (99 993)

Other reserves 28 083 24 691 7 257

Retained earnings / (Accumulated losses) 444 087 (30 618) 337 434

Net profit (loss) for the period 100 533 474 705 73 122

NON-CURRENT LIABILITIES 35 793 37 094 32 173

Other financial liabilities G 17 912 18 379 18 525

Other liabilities 2 434 2 494 2 560

Deferred income 2 153 2 315 3 211

Provision for retirement and similar benefits 497 497 339

Other provisions B 12 797 13 409 7 538

CURRENT LIABILITIES 128 784 113 972 123 309

Other financial liabilities G 2 665 2 579 1 916

Trade payables G 26 501 26 400 14 287

Other liabilities 4 881 7 099 5 031

Deferred income 6 503 6 887 8 806

Provision for retirement and similar benefits 8 308 6 414 7 724

Other provisions B 79 926 64 593 85 545

TOTAL EQUITY AND LIABILITIES 2 635 357 2 517 921 2 230 210

* restated data

** Detailed information on changes in the items are presented in the relevant notes to the interim condensed consolidated financial

statements.

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Interim condensed separate statement of changes in equity

Share capital

Supplementary

capital

Share premium Treasury shares Other reserves

Retained

earnings

Net profit (loss)

for the period

Total equity

01.01.2024 – 31.03.2024

Equity as at 01.01.2024 99 911 1 681 466 116 700 - 24 691 444 087 - 2 366 855

Costs of the incentive

plan

- - - - 4 083 - - 4 083

Total comprehensive

income

- - - - (691) - 100 533 99 842

Equity as at 31.03.2024 99 911 1 681 466 116 700 - 28 083 444 087 100 533 2 470 780

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Share capital

Supplementary

capital

Share premium Treasury shares Other reserves

Retained

earnings

Net profit (loss)

for the period

Total equity

01.01.2023 – 31.12.2023

Equity as at 01.01.2023 100 771 1 539 437 116 700 (99 993) 3 777 341 073 - 2 001 765

Corrections of errors - - - - - (1 938) - (1 938)

Equity, as adjusted 100 771 1 539 437 116 700 (99 993) 3 777 339 135 - 1 999 827

Costs of the incentive

plan

- - - - 16 776 - - 16 776

Redemption of treasury

(860) (99 133) - 99 993 - - - -

Retained earnings

of the acquired entity

- - - - - (28 680) - (28 680)

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

Appropriation of the net

profit/offset of loss

- 241 162 - - - (241 162) - -

Total comprehensive

income

- - - - 4 138 - 474 705 478 843

Equity as at 31.12.2023 99 911 1 681 466 116 700 - 24 691 (30 618) 474 705 2 366 855

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Share capital

Supplementary

capital

Share premium Treasury shares Other reserves

Retained

earnings

Net profit (loss)

for the period

Total equity

01.01.2023– 31.03.2023*

Equity as at 01.01.2023 100 771 1 539 437 116 700 (99 993) 3 777 341 073 - 2 001 765

Corrections of errors - - - - - (1 938) - (1 938)

Equity, as adjusted 100 771 1 539 437 116 700 (99 993) 3 777 339 135 - 1 999 827

Costs of the incentive

plan

- - - - 1 160 - - 1 160

Retained earnings

of the acquired entity

- - - - - (1 701) - (1 701)

Total comprehensive

income

- - - - 2 320 - 73 122 75 442

Equity as at 31.03.2023 100 771 1 539 437 116 700 (99 993) 7 257 337 434 73 122 2 074 728

* restated data

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Interim condensed separate statement of cash flows

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023*

OPERATING ACTIVITIES

Net profit /(loss) 100 533 73 122

Total adjustments: 117 624 53 364

Depreciation and amortization of property, plant and equipment, intangible assets,

expenditure on development projects and investment properties

3 117 2 910

Amortization of development projects recognized as cost of goods sold 26 372 21 608

Foreign exchange (gains)/losses (3 716) 5 964

Interest and shares in profits (15 854) (9 527)

(Gains)/losses on investing activities 3 397 (30 689)

Increase/(Decrease) in provisions 14 256 694

(Increase)/Decrease in inventories 316 (479)

(Increase)/Decrease in receivables 100 258 87 555

Increase/(Decrease) in liabilities, excluding loans and borrowings (13 639) (18 612)

Change in other assets and liabilities (1 407) (8 664)

Other adjustments 4 524 2 604

Cash from operating activities 218 157 126 486

Income tax expense (5 309) 4 236

Withholding tax paid abroad 2 476 6 071

Income tax (paid)/refunded (23 689) (20 523)

Net cash from operating activities 191 635 116 270

restated data

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023

INVESTING ACTIVITIES

Inflows 168 354 122 392

Sale of intangible assets and property, plant and equipment 6 -

Expiry of bank deposits over 3 months 145 154 100 900

Redemption of bonds 10 000 14 474

Interest on bonds 1 618 1 259

Interest received on deposits 7 049 5 751

Inflows from execution of forward contracts 4 450 -

Other inflows from investing activities 77 8

Outflows 401 060 356 923

Acquisition of intangible assets and property, plant and equipment 12 105 21 200

Expenditure on development projects 49 715 69 946

Expenditure on intangible assets 147 48

Acquisition of investment properties and capitalization of expenditure - 98

Loans granted - 1 881

Purchase of shares in a subsidiary - 440

Contribution to the capital of a subsidiary 3 193 -

Placement of bank deposits over 3 months 302 854 252 453

Purchase of bonds and cost of their purchase 33 046 7 966

Outflows from execution of forward contracts - 2 891

Net cash from investing activities (232 706) (234 531)

FINANCING ACTIVITIES

Inflows 4 21

Settlement of finance lease receivables 3 21

Interest received 1 -

Outflows 969 770

Payment of lease liabilities 779 570

Interest paid 190 200

Net cash from financing activities (965) (749)

Net increase/(decrease) in cash and cash equivalents (42 036) (119 010)

Change in cash and cash equivalents in the balance sheet (42 036) (119 010)

Cash and cash equivalents as at the beginning of the period 129 483 237 073

Cash and cash equivalents as at the end of the period 87 447 118 063

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Explanations to the condensed separate statement of cash flows

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023

“Other adjustments” comprise: 4 524 2 604

Costs of the incentive plan 3 362 1 090

Measurement of derivative financial instruments 363 -

Amortization and depreciation written off, reported under cost of sales

and other operating expenses

- 125

Amortization and depreciation reported under cost of sales and other

operating expenses

680 778

Accounting for shares in the acquired entity - 2 900

Retained earnings/(Accumulated losses) of the acquired entity - (1 701)

Net amount of property, plant and equipment and intangible assets

of the acquired entity

- (545)

Other adjustments 119 (43)

Comparability of the financial statements

and consistency of accounting policies

The accounting policies applied in these interim condensed separate financial statements, material judgments made by the

Management Board with regard to the accounting policies applied by the Company and the main sources of estimating uncertainties

are consistent, in all material respects, with the policy adopted for preparing the annual financial statements of CD PROJEKT S.A.

for 2023, with the exception of changes in the accounting policies and presentation changes described below. These condensed

financial statements should be read in conjunction with the financial statements for the year ended 31 December 2023.

Changes in accounting policies

Changes in accounting policies relating to the Company are the same as those described in the section Assumption of comparability

of the financial statements and consistency of accounting policies of the consolidated financial statements for the period from

1 January to 31 March 2024.

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Presentation changes

In these interim condensed separate financial statements for the period from 1 January to 31 March 2024, selected financial data

were corrected. In order to ensure comparability of the financial data in the reporting period, the data for the period from 1 January

to 31 March 2023 and as at 31 March 2023 were adjusted. The data are presented after the following adjustments:

 In the statement of financial position as at 31 March 2023, provisions for holiday pay were entered. Consequently, the following

items changed:

- Expenditure on development projects – an increase of PLN 3 695 thousand;

- Deferred tax assets – an increase of PLN 484 thousand;

- Retained earnings (Accumulated losses) – a decrease of PLN 1 938 thousand;

- Net profit (loss) for the period – a decrease of PLN 1 598 thousand;

- Provision for retirement and similar benefits – an increase of PLN 7 715 thousand.

The change affected the Net profit or loss and Equity.

 In the statement of cash flows for the period from 1 January to 31 March 2023, provisions for holiday pay were recognized.

Consequently, the following items changed:

- Net profit/(loss) – a decrease of PLN 1 598 thousand;

- Increase/(Decrease) in provisions – an increase of PLN 1 842 thousand;

- Income tax expense – a decrease of PLN 244 thousand.

 In the income statement for the period from 1 January to 31 March 2023, provisions for holiday pay were recognized.

Consequently, the following items changed:

- Administrative expenses – an increase of PLN 1 842 thousand;

- Income tax – a decrease of PLN 244 thousand.

The change affected the Net profit or loss and Equity.

 In the statement of financial position as at 31 March 2023, the presentation of the tax relief for innovative employees was

changed. Consequently, the following items changed:

- Current income tax receivable – an increase of PLN 1 328 thousand.

The change affected the Net profit or loss and Equity.

 In the statement of cash flows for the period from 1 January to 31 March 2023, the presentation of the tax relief for innovative

employees was changed. Consequently, the following items changed:

- Net profit/(loss) – an increase of PLN 1 328 thousand;

- Income tax (paid)/refunded – a decrease of PLN 1 328 thousand.

 In the income statement for the period from 1 January to 31 March 2023, the presentation of the tax relief for innovative

employees was changed. Consequently, the following items changed:

- Other operating income – an increase of PLN 1 328 thousand.

 In the income statement for the period from 1 January to 31 March 2023, the Company started to present costs of research

projects which are included in the Administrative expenses.

The change is of a purely presentational nature and has not affected the Net profit or loss and Equity.

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Notes to the separate financial statements of

CD PROJEKT S.A.

A. Deferred tax

Deductible temporary differences underlying the deferred tax asset

31.12.2023

Differences affecting

the deferred tax

recognized in the

profit or loss

31.03.2024

Provision for other employee benefits 4 979 (1 375) 3 604

Provision for costs of performance-related

and other remuneration

49 197 12 024 61 221

Foreign exchange losses 37 629 (4 963) 32 666

Difference between the carrying amount and

tax base of expenditure on development

projects

22 053 622 22 675

Salaries and wages and social security payable

in future periods

22 14 36

Other provisions 42 351 92 42 443

Tax base of non-current assets leased 20 957 (743) 20 214

Research and development relief 221 546 48 516 270 062

Prepayments recognized as revenue for tax

purposes

4 979 (286) 4 693

Total deductible differences, including: 403 713 53 901 457 614

taxed at 5% 130 487 807 131 294

taxed at 19% 273 226 53 094 326 320

Deferred tax assets 58 438 10 128 68 566

Taxable temporary differences underlying the deferred tax provision

31.12.2023

Differences affecting

the deferred tax

recognized in the

profit or loss

31.03.2024

Difference between the net carrying amounts

and tax bases of property, plant and equipment

and intangible assets

20 754 459 21 213

Current period revenue invoiced in the

subsequent period/accrued income

191 844 (113 636) 78 208

Foreign exchange gains 134 23 157

Difference between the carrying amount and

tax base of expenditure on development

projects

48 205 (6 154) 42 051

Carrying amount of leased non-current assets 21 068 (919) 20 149

Other - 58 58

Total taxable differences, including: 282 005 (120 169) 161 836

taxed at 5% 263 326 (119 866) 143 460

taxed at 19% 18 679 (303) 18 376

Deferred tax provision 16 715 (6 051) 10 664

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

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

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

rights (the so-called IP BOX). When determining the appropriate tax rate for temporary differences, the Parent Company relied on

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

Net deferred tax assets/provision

31.03.2024 31.12.2023 31.03.2023*

Deferred tax assets 68 566 58 438 73 466

Deferred tax provision 10 664 16 715 19 985

* restated data

Income tax expense recognized in the income statement

01.01.2024 –

31.03.2024

01.01.2023 –

31.03.2023*

Current income tax, including: 13 346 12 680

withholding tax paid abroad 2 476 6 071

Change in deferred tax (16 179) (2 373)

Income tax expense recognized in the income statement (2 833) 10 307

restated data

B. Other provisions

31.03.2024 31.12.2023 31.03.2023

Provision for liabilities, including: 92 723 78 002 93 083

provision for costs of performance-related and other remuneration 61 221 49 198 75 737

provision for costs of the audit and review of the financial

statements

48 166 41

provision for other costs 31 454 28 638 17 305

Total, including: 92 723 78 002 93 083

current 79 926 64 593 85 545

non-current 12 797 13 409 7 538

Changes in other provisions

Provision for costs of

performance-related

and other

remuneration

Other provisions Total

As at 01.01.2024 49 198 28 804 78 002

Provisions recorded during the year 12 023 27 582 39 605

Provisions utilized/released - 24 884 24 884

As at 31.03.2024, including: 61 221 31 502 92 723

current 61 221 18 705 79 926

non-current - 12 797 12 797

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

C. Goodwill

Goodwill recognized in business combinations and acquisitions

31.03.2024 31.12.2023 31.03.2023

CD Projekt Red sp. z o.o. 39 147 39 147 39 147

Strange New Things business 10 021 10 021 10 021

Total 49 168 49 168 49 168

Changes in goodwill

During the period from 1 January to 31 March 2024, there were no changes in goodwill.

D. Business combinations

No business combinations of the Group entities took place in the reporting period.

E. Dividend paid (or declared) and received

During the period from 1 January to 31 March 2024, the Parent Company did not pay or receive any dividends.

On 28 March 2024, the Management Board of the Parent Company recommended to the General Meeting that a dividend of

PLN 99 910 510 be paid, i.e. PLN 1 per share of the Parent Company.

F. Trade and other receivables

31.03.2024 31.12.2023 31.03.2023

Trade and other receivables, gross 155 519 257 144 126 610

Write-downs 80 79 816

Trade and other receivables 155 439 257 065 125 794

from related entities 11 216 18 478 2 258

from other entities 144 223 238 587 123 536

Changes in write-downs of receivables

Trade

receivables

Other

receivables

Total

OTHER ENTITIES

Write-downs as at 01.01.2024 79 - 79

Increases, including: 1 - 1

recognition of write-downs for past-due and disputed receivables 1 - 1

Decrease - - -

Write-downs as at 31.03.2024 80 - 80

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Current and overdue trade receivables as at 31.03.2024

Total Not overdue

Overdue, in days

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

RELATED ENTITIES

gross receivables 7 786 7 786 - - - - -

default ratio - 0% 0% 0% 0% 0% 0%

write-down resulting

from the ratio

- - - - - - -

write-down

determined

individually

- - - - - - -

total expected credit

losses

- - - - - - -

Net receivables 7 786 7 786 - - - - -

Total Not overdue

Overdue, in days

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

OTHER ENTITIES

gross receivables 81 250 81 113 51 - 5 1 80

default ratio - 0% 0% 0% 0% 0% 0%

write-down resulting

from the ratio

- - - - - - -

write-down

determined

individually

80 - - - - - 80

total expected credit

losses

80 - - - - - 80

Net receivables 81 170 81 113 51 - 5 1 -

Total

gross receivables 89 036 88 899 51 - 5 1 80

impairment write-

downs

80 - - - - - 80

Net receivables 88 956 88 899 51 - 5 1 -

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Other receivables

31.03.2024 31.12.2023 31.03.2023

Other gross receivables, including: 66 483 52 407 53 201

tax receivables, other than corporate income tax 53 486 45 998 36 598

reimbursement from the insurer for covering a part of the US court

settlement costs

- - 6 354

prepayments for inventories 9 211 3 700 5 727

settlements with suppliers of property, plant and equipment items - - 1 965

prepayments for development projects 3 337 2 173 1 081

security deposits 411 417 450

prepayments for property, plant and equipment and intangible

assets

20 77 138

settlements with employees 12 23 12

settlements with the members of the Management Board 1 3 2

other 5 16 874

Write-downs - - 732

Other receivables, including: 66 483 52 407 52 469

current 66 110 52 031 52 085

non-current 373 376 384

G. Information on financial instruments

Fair values of specific classes of financial instruments

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

that the carrying amounts of the instruments do not differ materially from their fair values as at both 31 March 2024,

31 December 2023 and 31 March 2023.

31.03.2024 31.12.2023 31.03.2023*

LEVEL 1

Assets measured at fair value

Assets measured at fair value through

other comprehensive income

226 605 224 485 232 091

bonds issued by foreign governments - EUR 21 618 21 831 16 440

bonds issued by foreign governments - USD 204 987 202 654 215 651

LEVEL 2

Assets measured at fair value through profit or loss

Derivatives

10 900 18 683 19 606

currency forwards - EUR 1 553 1 161 1 112

currency forwards - USD 9 347 17 522 18 494

Private equity interests in the gaming sector 3 505 3 518 2 469

private equity interests in the gaming sector - SEK 931 980 1 038

private equity interests in the gaming sector - USD 2 574 2 538 1 431

Liabilities measured at fair value through profit or loss

Derivatives 363 - -

currency forwards - JPY 363 - -

* restated data

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

Financial instruments measured at fair value are classified according to a three-level fair value hierarchy:

Level 1 – quoted prices in active markets for identical assets or liabilities.

Level 2 – fair value based on observable market data.

Level 3 – fair value based on market data that is not observable in the market.

Financial assets – classification and measurement

31.03.2024 31.12.2023 31.03.2023*

Financial assets measured at amortized cost 1 275 787 1 244 662 919 789

Other non-current receivables 373 376 384

Trade receivables 88 956 204 658 73 324

Cash and cash equivalents 87 447 129 483 118 063

Bank deposits over 3 months 496 977 338 205 488 883

Treasury bonds and bonds guaranteed by the State Treasury 598 785 568 715 236 539

Loans granted 3 249 3 225 2 596

Financial assets measured at cost 61 024 57 229 54 076

Investments in subordinated entities 61 024 57 229 54 076

Assets measured at fair value through

other comprehensive income

226 605 224 485 232 091

Bonds issued by or secured with a guarantee of foreign

governments

226 605 224 485 232 091

Financial assets measured at fair value through profit or loss: 14 405 22 201 22 075

Derivative financial instruments 10 900 18 683 19 606

Private equity interests in the gaming sector 3 505 3 518 2 469

Total financial assets 1 577 821 1 548 577 1 228 031

* restated data

Financial liabilities – classification and measurement

31.03.2024 31.12.2023 31.03.2023

Financial liabilities measured at amortized cost 46 715 47 358 34 728

Trade payables 26 501 26 400 14 287

Other financial liabilities 20 214 20 958 20 441

Financial liabilities measured at fair value

through profit or loss

363 - -

Derivative financial instruments 363 - -

Total financial liabilities 47 078 47 358 34 728

In accordance with the requirements of IFRS 9 Financial Instruments, the Company has analysed the business model for managing

financial assets and examined the characteristics of contractual cash flows for each component of the bond portfolio, and concluded

that:

 the purpose of investments in domestic and foreign Treasury bonds and domestic and foreign bonds guaranteed by the

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

 investment mandates for managing the foreign Treasury bonds portfolio allow bonds to be sold before maturity as part

of the adopted strategy;

 all bonds purchased meet the SPPI test.

As a result of the analysis conducted, the bonds purchased were classified into two financial asset management models which

differ in terms of the entity managing the bond portfolio. Polish Treasury bonds and bonds guaranteed by the Polish State Treasury

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

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

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

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

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

their classification in the fair value hierarchy.

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

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

whose fair value was determined on the basis of a market valuation provided by the brokerage office as part of the applicable

agreement for the provision of brokerage services.

31.03.2024 31.12.2023 31.03.2023

LEVEL 1

Fair value of assets measured at amortized cost 596 796 565 473 229 238

Polish Treasury bonds and bonds guaranteed by the Polish State

Treasury

596 796 565 473 229 238

Other items of financial assets and financial liabilities were classified to Level 3.

With regard to equity interests in other entities, the Company estimates the fair values of the shares held using the method which

consists of forecasting future cash flows generated by a relevant cash generating unit and requires determining a discount rate to

be used to calculate the present value of these cash flows. In justified cases, the Company assumes a historical cost as an

acceptable approximation of the fair value.

The Company did not measure the fair values of trade receivables and payables, cash and cash equivalents, bank deposits over

3 months and loans granted with variable interest rates, because their carrying amounts are considered by the Company to be

a reasonable approximation of their fair values.

There were no movements between the Levels in the fair value hierarchy in the Company in the reporting period or in the

comparative period.

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

H. Transactions with related entities

Sales to related entities Purchases from related entities

01.01.2024 – 31.03.2024 01.01.2023 – 31.03.2023 01.01.2024 – 31.03.2024 01.01.2023 – 31.03.2023

SUBSIDIARIES

GOG sp. z o.o. 4 949 2 143 77 297

CD PROJEKT RED Inc. 170 169 7 704 3 552

Spokko sp. z o.o. - 205 - 490

CD PROJEKT RED Vancouver

Studio Ltd.

35 22 4 288 4 535

The Molasses Flood LLC 19 1 6 999 13 134

MANAGEMENT BOARD OF THE COMPANY AND THE SUPERVISORY BOARD MEMBERS

Michał Nowakowski 1 - - -

Paweł Zawodny - 6 - -

Maciej Nielubowicz 1 - - -

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

100

Receivables from related entities Liabilities to related entities

31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.12.2023* 31.03.2023

SUBSIDIARIES

GOG sp. z o.o. 4 760 16 013 1 900 32 178 211

CD PROJEKT RED Inc. 2 384 1 040 169 2 792 2 802 1 196

Spokko sp. z o.o. - - 175 - - 540

CD PROJEKT RED Vancouver

Studio Ltd.

2 673 1 422 6 1 766 1 549 1 589

The Molasses Flood LLC 4 647 3 225 2 596 2 616 1 704 4 501

MANAGEMENT BOARD OF THE COMPANY AND THE SUPERVISORY BOARD MEMBERS

Marcin Iwiński - 1 - - - 12

Adam Kiciński - - - - 1 1

Piotr Nielubowicz - 2 - - - -

Michał Nowakowski 1 - - - - 1

Adam Badowski - - 2 - - -

Paweł Zawodny - - 6 - - 4

* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

101

Statement of the Management Board of the Parent

Company

On the fairness of preparation of the interim condensed consolidated financial statements

In accordance with the requirements of the Regulation of the Minister of Finance of 29 March 2018 on current and periodical

information submitted by issuers of securities and conditions for considering equivalent the information required under the

legislation of a non-Member State, the Management Board of the Parent Company declares that, to the best of its knowledge, these

interim condensed consolidated financial statements and comparative data have been prepared in accordance with the accounting

policies applicable in the CD PROJEKT Group and that they reflect the Group’s financial position and its results of operations in

a true, fair and clear manner.

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

Reporting Standards (IFRS) endorsed by the European Union, published and effective as at 1 January 2024, and to the extent not

governed by the said standards, in accordance with the Accounting Act of 29 September 1994 and the implementing legislation

issued on the basis thereof and to the extent required by the Regulation of the Minister of Finance of 29 March 2018 on current

and periodical information submitted by issuers of securities and conditions for considering equivalent the information required

under the legislation of a non-Member State.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 31 March 2024

(all amounts in PLN thousand, unless stated otherwise)

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

102

Approval of the financial statements

This report for the period from 1 January to 31 March 2024 was signed and approved for publication by the Management Board of

CD PROJEKT S.A. on 28 May 2024.

Warsaw, 28 May 2024

Adam Kiciński Piotr Nielubowicz Adam Badowski

Member of the Management Board Member of the Management Board Member of the Management Board

Michał Nowakowski Piotr Karwowski Paweł Zawodny

Member of the Management Board Member of the Management Board Member of the Management Board

Jeremiah Cohn Krystyna Cybulska

Member of the Management Board Chief Accountant

103

104