Management Board Report on the Activities of the CD PROJEKT RED Group: H1 2026

The CD PROJEKT RED Group demonstrated robust financial health and operational momentum during the first half of 2026, characterized by a net profit of 249.1 million PLN, marking a 37.8% increase over the previous year. Consolidated sales revenues reached 435 million PLN, supported by a net profitability margin of 57.2%. The company maintains a conservative capital structure, characterized by a complete absence of external debt and equity representing 94% of the total balance sheet. With over 1.28 billion PLN in liquid reserves, the organization remains well-positioned to fund its aggressive development pipeline, which includes significant capital allocations toward future titles such as The Witcher 4 and Cyberpunk 2.

Strategic growth is driven by the continued monetization of the Witcher and Cyberpunk franchises. The Witcher 3 surpassed 65 million cumulative copies sold, while the Cyberpunk brand expanded successfully into the trading card game market and saw renewed interest via a PS5 Pro edition. The company is currently transitioning toward a parallel development model, intended to shorten the intervals between major releases. This strategy is bolstered by upcoming content, including the expansion Songs of the Past and the anticipated Cyberpunk: Edgerunners 2 series, which are expected to sustain long-term engagement and revenue streams.

Operational oversight remains stable, with the appointment of a new Management Board and the rebranding of the parent entity to CD PROJEKT RED S.A. signaling a focus on long-term organizational continuity. While the company opted to forgo a 2025 dividend in favor of a reserve budget for future capital allocation, it continues to manage incentive programs and internal share holdings with transparency. By concentrating on high-value licensing and diversifying its product ecosystem, the group has solidified its market position, relying on two major clients for over half of its consolidated revenue while preparing for the next phase of its multi-franchise expansion.