Cd Projekt S.a. · GPW:CDR
Cd Projekt — CD PROJEKT RED Group — H1 2026 Earnings Presentation
25 slides from Cd Projekt's earnings presentation, Sep 2, 2026
Slide 1: CD PROJEKT RED Group H1 2026 Earnings
CD PROJEKT RED GROUP H1 2026 Earnings ` 2 SEPTEMBER 2026 Michał Nowakowski | J O I N T C H I E F E X E C U T I V E O F F I C E R , M E M B E R O F T H E B O A R D Piotr Nielubowicz | C H I E F F I N A N C I A L O F F I C E R , M E M B E R O F T H E B O A R D Karolina Gnaś | V I C E P R E S I D E N T
Slide 2: Two global franchises, record milestones, biggest Witcher slate
` TWO GLOBAL FRANCHISES RECORD MILESTONES THE BIGGEST WITCHER SLATE IN OUR HISTORY 2
Slide 3: Cyberpunk 2077 lifecycle support drives multi-year sales
CYBERPUNK 2077 LIFECYCLE SUPPORT DRIVES MULTI-YEAR SALES ` *as of 3 July 2026 – Cyberpunk 2077 *as of 2 September 2026 – Cyberpunk 2077: Phantom Liberty (copies of the game sold separately & in the Ultimate Edition bundle) (copies of the expansion sold separately & in the Ultimate Edition bundle) 3
Slide 4: Licencing strategy drives the expansion of Cyberpunk IP
LICENCING STRATEGY DRIVES THE EXPANSION OF CYBERPUNK IP ` 4
Slide 5: Edgerunners return this fall
Edgerunners return this fall ` 5
Slide 6: The Witcher enters its next phase
THE WITCHER ENTERS ITS NEXT PHASE BUILDING UPON THE STRONGEST FOUNDATION IN OUR HISTORY ` 90 MILLION WITCHER GAMES SOLD WORLDWIDE, INCLUDING: 65 MILLION OF THE WITCHER 3: WILD HUNT *as of 28 May 2026 (copies of the game sold separately & in GOTY/Complete edition bundles) 6
Slide 7: The Witcher 3: Wild Hunt Remastered
THE WITT HER WILD \|fHUNT y/ REMASTERED COMING 29 SEPTEMBER 2026 =~ eo
Slide 8: The Witcher 3: Wild Hunt – Songs of the Past
THE WITCHER WILb {HUNT f ! SONGS oF 1H PAST COMING 2.0.27
Slide 9: Target release date
` TARGET RELEASE DATE 9
Slide 10: The Witcher: a major release every year through 2028
THE WITCHER: A MAJOR RELEASE EVERY YEAR THROUGH 2028 ` September 29, 2026 2027 2028 TARGET RELEASE DATE 10
Slide 11: Demand for The Witcher franchise remains exceptionally strong
DEMAND FOR THE WITCHER FRANCHISE REMAINS EXCEPTIONALLY STRONG ` Since Opening Night Live our 3 main video assets have had 26 million* total views. *own channels; the data does not include the ONL viewership; data as of August 31st, 2026 11
Slide 12: The Witcher announcements dominate the Gamescom Opening Night show
THE WITCHER ANNOUNCEMENTS DOMINATE THE GAMESCOM OPENING NIGHT SHOW ` SHARE OF VOICE (7%)* SHARE OF VOICE (6.7%)* *source: © Fancensus; "share of voice" measures the number of social media post mentions for all PC & console ONL-announced 12 titles between 25th to 26th of August for the following plat
Slide 13: Songs of the Past wishlist data
` * *data collected from all platforms with a wishlisting option for Songs of the Past 13
Slide 14: Development teams engaged in ongoing projects
DEVELOPMENT TEAMS ENGAGED IN ONGOING PROJECTS No. of developers April 30, 2026 513 163 83 24 173 19 975 ` July 31, 2026 519 184 84 33 196 30 1 045 The Witcher 4 Cyberpunk 2 Sirius Hadar Shared Services* Other *e.g. Localization, Central Quality Assurance, Data, Insights & Experiences, Motion Capture
Slide 15: Financial Results
` Financial Results OF THE CD PROJEKT RED GROUP 15
Slide 16: CD PROJEKT RED Group — Profit and loss account
CD PROJEKT RED GROUP — PROFIT AND LOSS ACCOUNT H1 2026 vs. H1 2026 vs. H1 2025* H1 2026 H1 2025 [PLN] H1 2025 [%] Sales revenue 355 021 435 308 80 287 23% – Cyberpunk IP - own projects 279 933 268 598 -11 335 -4% – Witcher IP - own projects 65 499 71 726 6 227 10% – Revenues from IP licensing 9 375
Slide 17: Revenues - net profit vs. costs and expenses
CD PROJEKT RED GROUP * Revenues - net profit vs. costs and expenses ` 37% 49% 51% 57% * CD PROJEKT RED segment for H1 2023 and H1 2024, CD PROJEKT RED Group continued operations for H1 2025 and H1 2026 Net profit Costs & expenses X% Net profit / revenues All figures in PLN thousands 17
Slide 18: CD PROJEKT RED Group — Assets
CD PROJEKT RED GROUP — ASSETS Assets 31.12.2025 30.06.2026 change change % Non-current assets 2 168 647 2 618 100 449 453 21% Expenditure on development projects 1 148 143 1 512 454 364 311 32% – New development during H1 2026 384 953 - – Amortization during H1 2026 20 642 - Other financial assets *
Slide 19: CD PROJEKT RED Group — Equity and liabilities
CD PROJEKT RED GROUP — EQUITY AND LIABILITIES Equity and liabilities 31.12.2025 30.06.2026 change change % Equity 3 289 859 3 560 718 270 859 8% Liabilities 213 461 226 975 13 514 6% Liabilities 85 432 120 817 35 385 41% ` Deferred income 17 746 11 795 -5 951 -34% Provisions 110 283 94 363 -15 920 -
Slide 20: Research, development & product maintenance costs
CD PROJEKT RED GROUP Research, development & product maintenance costs 250 000 225 000 200 000 175 000 150 000 125 000 ` 100 000 75 000 50 000 25 000 0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Cost of product maintenance - released products (P&L - Selling costs) Research works costs - new pro
Slide 21: Main changes in cash, deposits & bonds
CD PROJEKT RED GROUP Main changes in cash, deposits & bonds 1 700 000 1 650 000 87 390 -355 580 46 554 -59 215 1 600 000 249 107 -21 574 14 054 228 926 1 550 000 1 500 000 ` 1 450 000 1 400 000 1 350 000 1 324 910 1 300 000 1 285 646 Total cash from “ongoing business”: +228 926 PLN 1 250 000 Total d
Slide 22: CD PROJEKT RED Group — Incentive Program B
CD PROJEKT RED GROUP — INCENTIVE PROGRAM B Consolidated net profit from continuing operations, adjusted by costs of Incentive Program B 5 000 000 4 000 000 3 000 000 ` 95% 80% 59% 2 000 000 14% 1 000 000 0 Stage 1 Stage 2 Stage 3 Stage 4 (2023-2026) (2024-2027) (2025-2028) (2026-2029) 2023 2024 2025
Slide 23: Thank you
` Thank you ir@cdprojekt.com karolina.gnas@cdprojekt.com 23
Slide 24: Legal Disclaimer
Legal Disclaimer This presentation was created by CD PROJEKT RED S.A. (“CD PROJEKT RED”). Data contained in this presentation is valid as of the day of its preparation. Consequently, this presentation will not be subject to changes, updates or modifications to account for events which might occur aft
Slide 25: RED®
CD PROJEKT RED®