Condensed Interim Consolidated Financial Statements of the CD PROJEKT Group for Q1 2026

Key insights

6 takeaways

01
CD PROJEKT Group reported Q1 2026 net sales of 191.1 million PLN and a net profit of 106.2 million PLN, driven by the continued performance of the Cyberpunk and The Witcher franchises.See it on page 7
02
The company has set a consolidated net profit target of 5 billion PLN for the 2026–2029 period, supported by an expanded development pipeline.See it on page 28
03
Cash and cash equivalents decreased by 84.1 million PLN during Q1 2026 due to aggressive capital expenditure on major upcoming titles, specifically The Witcher 4 and Cyberpunk 2.See it on page 16
04
The GOG.COM segment was divested and reclassified as a discontinued operation following its sale to a major shareholder, necessitating a restatement of 2025 financial data.See it on page 36
05
The Group maintains a strong equity position of 3.41 billion PLN while utilizing R&D tax incentives to optimize its fiscal standing.See it on page 11
06
Long-term staff and management compensation is now tied to the achievement of ambitious performance targets to align with the company's growth-oriented trajectory.See it on page 58

Summary

The CD PROJEKT Group’s financial performance for the first quarter of 2026 reflects a strategic transition toward long-term development, characterized by robust revenue generation and significant capital reinvestment. The company reported net sales of 191.1 million PLN, bolstered by the sustained commercial success of the Cyberpunk and The Witcher franchises, including their integration into subscription services. While net profit reached 106.2 million PLN, the Group experienced a net decrease in cash and cash equivalents of 84.1 million PLN, a result of prioritizing aggressive capital expenditure on major upcoming titles such as The Witcher 4 and Cyberpunk 2.

Operational shifts during this period included the divestment of the GOG.COM segment, which was reclassified as a discontinued operation following its sale to a major shareholder. This restructuring, alongside corrections to historical withholding tax estimates, necessitated a restatement of 2025 financial data to ensure accurate comparative analysis. Despite these adjustments, the Group maintains a strong equity position of 3.41 billion PLN and continues to leverage R&D tax incentives to optimize its fiscal standing. The company remains committed to a growth-oriented trajectory, setting a consolidated net profit target of 5 billion PLN for the 2026–2029 period, supported by an expanded development pipeline that includes the upcoming expansion for The Witcher 3.

The Group’s financial strategy is further reinforced by active incentive plans for staff and management, which tie long-term compensation to the achievement of ambitious performance targets. By maintaining a stable portfolio of financial assets and adhering to rigorous IFRS standards, the Management Board confirms a positive going concern outlook. Through the diversification of its IP presence—ranging from digital gaming to physical merchandise—and a disciplined approach to development, the organization is positioning itself to sustain its market relevance and financial stability throughout the remainder of the 2026 fiscal year and beyond.