• CD PROJEKT Group - Selected financial data translated into EUR
• Table of contents
• Interim condensed consolidated income statement
• Interim condensed consolidated statement of comprehensive income
• Interim condensed consolidated statement of financial position
• Interim condensed statement of changes in consolidated equity
• Interim condensed consolidated statement of cash flows
• General Information
• Consolidation policies
  • Consolidated companies – as at 30 June 2023
  • Subsidiaries
• Basis of preparation of the interim condensed consolidated financial statements
• Going concern assumption
• Compliance with the International Financial Reporting Standards
  • Amendments to standards or interpretations effective from 1 January 2023 applicable and adopted by the Group
  • Standards and interpretations adopted by the IASB but not yet endorsed by the EU
  •  Amendments to IAS 12 The International Tax Reform - Pillar Two Model Rules - applicable to annual reporting periods beginning on or after 1 January 2023,
  •  Amendment to IAS 1 Presentation of financial statements: Classification of liabilities as current or non-current and Non-current Liabilities with Covenants - 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,
  •  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.
• Functional currency and presentation currency
  • Functional currency and presentation currency
  • Transactions and balances
• Assumption of comparability of the financial statements and changes in accounting policies
  • Presentation changes
  • Seasonality or cyclicality of the Group’s operations
• Audit by the registered auditor
• Operating segments
  • Presentation of the financial statements taking into account operating segments
  • 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
  • Information on individual operating segments
  • Consolidated income statement by segments for the period from 01.01.2023 to 30.06.2023
  • Consolidated income statement by segments for the period from 01.01.2022 to 30.06.2022*
  • Consolidated statement of financial position by segments as at 30.06.2023
  • Consolidated statement of financial position by segments as at 31.12.2022
  • 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
  • Material events
  • Note 2. Property, plant and equipment
  • Changes in property, plant and equipment (by category) for the period 01.01.2023 – 30.06.2023
  • Amounts of contractual commitments to purchase property, plant and equipment in the future
  • Right-of-use assets relating to property, plant and equipment
  • Note 3. Intangible assets and expenditure on development projects
  • Changes in intangible assets and expenditure on development projects for the period 01.01.2023 – 30.06.2023
  • Amounts of contractual commitments to purchase intangible assets in future
  • Note 4. Goodwill
  • Note 5. Investment properties
  • Changes in investment properties for the period 01.01.2023 – 30.06.2023
  • Contractual liabilities on purchase of investment properties
  • Note 6. Inventories
  • Change in inventory write-downs
  • Note 7. Trade and other receivables
  • Change in write-downs of receivables
  • Current and overdue trade receivables as at 30.06.2023
  • Other receivables
  • Note 8. Other financial assets
  • Note 9. Prepayments and deferred costs
  • Note 10. Deferred income tax
  • Deductible temporary differences underlying the deferred tax asset
  • Taxable temporary differences underlying the deferred tax provision
  • Net deferred tax asset/provision
  • * restated data
  • Income tax expense recognized in the income statement
  • Note 11. Share capital
  • Share capital – structure as at 30.06.2023
  • Changes in share capital
  • Note 12. Provision for retirement and similar benefits
  • Note 13. Other provisions
  • Change in other provisions
  • Note 14. Other liabilities
  • Current and overdue trade receivables as at 30.06.2023
  • Note 15. Deferred income
  • Note 16. Information on financial instruments
  • Fair values and hierarchy of specific classes of financial instruments
  • Financial assets – classification and measurement
  • Financial liabilities – classification and measurement
  • Note 17. Sales revenue
  • Sales revenue – geographical structure*
  • Sales revenue – by type of production
  • Sales revenue – by distribution channel
  • Note 18. Operating expenses
  • Note 19. Other operating income and expenses
  • Other operating income
  • Other operating expenses
  • Note 20. Finance income and costs
  • Finance income
  • Finance costs
  • Note 21. Leases of low-value assets and short-term leases
  • Note 22. Issuance, redemption and repayment of debt and equity securities
  • Issuance of debt securities
  • Issuance of equity securities
  • Note 23. Dividend paid (or declared) and received
  • Note 24. Transactions with related entities
  • Terms and conditions of transactions with related entities
  • Transactions with related entities after consolidation eliminations
  • Note 25. Unpaid loans or defaults on loan agreements in the cases where no corrective measures were adopted by the balance sheet date
  • 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
  • Note 27. Changes in the structure of the Group and Group companies during the reporting period
  • Note 28. Agreements that may result in future changes in the proportions of shares held by shareholders and bondholders
  • Assumptions adopted for the valuation of the Incentive Plan A for the years 2023–2027.
  • Changes in entitlements granted under Incentive Plan A for the years 2023–2027
  • Assumptions adopted for the valuation of the Incentive Plan B for the years 2023–2027.
  • Changes in entitlements granted under Incentive Plan B for the years 2023–2027
  • Note 29. Tax settlements
  • Note 30. Explanations to the condensed consolidated statement of cash flows
  • Note 31. Cash flows and non-monetary changes resulting from changes in liabilities in financing activities
  • Note 32. Post-balance sheet date events
  • Events with no impact on the financial statements for the period from 1 January to 30 June 2023
• Interim condensed separate income statement
• Interim condensed separate statement of comprehensive income
• Interim condensed separate statement of financial position
• Interim condensed separate statement of changes in equity
• Interim condensed separate statement of cash flows
  • Explanations to the condensed separate statement of cash flows
• Assumption of comparability of the financial statements and changes in accounting policies
  • Changes in accounting policies
  • Presentation changes
• Notes to separate financial statements of CD PROJEKT S.A.
  • A. Deferred tax
  • Deductible temporary differences underlying the deferred tax asset
  • * restated data
  • Taxable temporary differences underlying the deferred tax provision
  • * restated data
  • Net deferred tax asset/provision
  • * restated data
  • Income tax expense recognized in the income statement
  • B. Other provisions
  • Change in other provisions
  • C. Goodwill
  • D. Business combinations
  • E. Dividend paid (or declared) and received
  • F. Trade and other receivables
  • Change in write-downs of receivables
  • Current and overdue trade receivables as at 30.06.2023
  • Other receivables
  • G. Information on financial instruments
  • Fair values and hierarchy of specific classes of financial instruments
  • Financial assets – classification and measurement
  • Financial liabilities – classification and measurement
  • H. Transactions with related entities
• Statement of the Management Board of the Parent Company
  • On the fairness of preparation of the interim condensed consolidated financial statements
  • On the entity authorized to review the fairness of preparation of interim condensed consolidated financial statements
• Approval of the financial statement

1

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
2
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 30 June 2023
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
3
CD PROJEKT Group - Selected financial data translated into EUR
PLN EUR
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
Net sales of products, services, goods for resale
and materials
325 214 377 916 70 499 81 400
Cost of sales of products, services, goods for resale
and materials
107 213 101 334 23 241 21 827
Operating profit/(loss) 99 087 137 484 21 480 29 613
Profit/(loss) before tax 120 727 153 616 26 171 33 088
Net profit/(loss) attributable to owners
CD PROJEKT S.A.
91 271 113 746 19 786 24 500
Net cash from operating activities 121 599 142 656 26 360 30 727
Net cash from investing activities (148 373) 132 928 (32 164) 28 632
Net cash from financing activities (101 717) (2 141) (22 050) (461)
Net increase/(decrease) in cash and cash equivalents (128 491) 273 443 (27 854) 58 897
Number of shares (in thousands) 100 627 100 739 100 627 100 739
Net earnings/(loss) per share (in PLN) 0.91 1,13 0,20 0.24
Diluted earnings/(loss) per share (in PLN/EUR) 0.91 1,13 0,20 0.24
Book value per share (in PLN/EUR) 20.21 18.89 4.54 4.04
Diluted book value per share
(in PLN/EUR)
20.21 18.88 4.54 4.03
Dividend declared or paid per share (in PLN/EUR) 1.00 1.00 0.22 0.22
PLN EUR
30.06.2023 31.12.2022 30.06.2023 31.12.2022
Total assets 2 180 597 2 274 124 489 989 484 898
Liabilities and provisions for liabilities
(excluding accruals)
118 436 214 626 26 613 45 763
Non-current liabilities 30 041 36 186 6 750 7 716
Current liabilities 116 759 204 534 26 236 43 612
Equity 2 033 797 2 033 404 457 002 433 571
Share capital 99 911 100 771 22 450 21 487
The financial data presented above was translated into EUR as follows:
 Items of the consolidated income statement and the consolidated cash flow statement 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 30 June
2023: 4.6130 PLN/EUR and from 1 January to 30 June 2022: 4.6427 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 on the last day of the reporting period. These rates were,
respectively, as follows: 4.4503 PLN/EUR as at 30 June 2023 and 4.6899 PLN/EUR as at 31 December 2022.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
4
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 ........................................................................................................... 7
Interim condensed consolidated statement of financial position ........................................................................................................................ 8
Interim condensed statement of changes in consolidated equity ..................................................................................................................... 10
Interim condensed consolidated statement of cash flows ................................................................................................................................... 12
Notes to the interim condensed consolidated financial statements ....................................................................................................................... 14
General Information ......................................................................................................................................................................................................... 15
Consolidation policies ..................................................................................................................................................................................................... 15
Consolidated companies – as at 30 June 2023 ............................................................................................................................................... 15
Subsidiaries .................................................................................................................................................................................................................. 16
Basis of preparation of the interim condensed consolidated financial statements ..................................................................................... 16
Going concern assumption .............................................................................................................................................................................................17
Compliance with the International Financial Reporting Standards.....................................................................................................................17
Amendments to standards or interpretations effective from 1 January 2023 applicable and adopted by the Group ................. 17
Functional currency and presentation currency ...................................................................................................................................................... 18
Functional currency and presentation currency ............................................................................................................................................... 18
Transactions and balances ...................................................................................................................................................................................... 18
Assumption of comparability of the financial statements and changes in accounting policies ............................................................... 18
Presentation changes ................................................................................................................................................................................................ 19
Seasonality or cyclicality of the Group’s operations ........................................................................................................................................ 19
Audit by the registered auditor ..................................................................................................................................................................................... 19
Notes – operating segments of the CD PROJEKT Group ......................................................................................................................................... 20
Operating segments ........................................................................................................................................................................................................ 21
Information on individual operating segments ................................................................................................................................................. 22
Consolidated income statement by segments for the period from 01.01.2023 to 30.06.2023 ........................................................ 23
Consolidated income statement by segments for the period from 01.01.2022 to 30.06.2022* ...................................................... 24
Consolidated statement of financial position by segments as at 30.06.2023 ....................................................................................... 25
Consolidated statement of financial position by segments as at 31.12.2022.......................................................................................... 27
Notes – other explanatory notes to the interim condensed consolidated financial statements ................................................................... 29
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 .................................................................................................................................... 30
Note 2. Property, plant and equipment................................................................................................................................................................ 31
Note 3. Intangible assets and expenditure on development projects ...................................................................................................... 33
Note 4. Goodwill ......................................................................................................................................................................................................... 34
Note 5. Investment properties ............................................................................................................................................................................... 34
Note 6. Inventories .................................................................................................................................................................................................... 35
Note 7. Trade and other receivables ................................................................................................................................................................... 35
Note 8. Other financial assets ................................................................................................................................................................................. 37
Note 9. Prepayments and deferred costs .......................................................................................................................................................... 38
Note 10. Deferred income tax ................................................................................................................................................................................ 39
Note 11. Share capital ................................................................................................................................................................................................. 41
Note 12. Provision for retirement and similar benefits ..................................................................................................................................... 41
Note 13. Other provisions ........................................................................................................................................................................................ 42
Note 14. Other liabilities ........................................................................................................................................................................................... 42
Note 15. Deferred income ....................................................................................................................................................................................... 43
Note 16. Information on financial instruments ................................................................................................................................................... 43
Note 17. Sales revenue ............................................................................................................................................................................................. 45
Note 18. Operating expenses................................................................................................................................................................................. 46
Note 19. Other operating income and expenses .............................................................................................................................................. 47
Note 20. Finance income and costs .................................................................................................................................................................... 48
Note 21. Leases of low-value assets and short-term leases ......................................................................................................................... 48
Note 22. Issuance, redemption and repayment of debt and equity securities ...................................................................................... 49
Note 23. Dividend paid (or declared) and received ........................................................................................................................................ 49
Note 24. Transactions with related entities ....................................................................................................................................................... 49
Note 25. Unpaid loans or defaults on loan agreements in the cases where no corrective measures were adopted
by the balance sheet date ....................................................................................................................................................................................... 51
Note 26. Changes in contingent liabilities or contingent assets which occurred after the end of the last financial year ........ 52
Note 27. Changes in the structure of the Group and Group companies during the reporting period ............................................ 54

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
5
Note 28. Agreements that may result in future changes in the proportions of shares held by shareholders
and bondholders ........................................................................................................................................................................................................ 54
Note 29. Tax settlements ........................................................................................................................................................................................ 56
Note 30. Explanations to the condensed consolidated statement of cash flows .................................................................................. 57
Note 31. Cash flows and non-monetary changes resulting from changes in liabilities in financing activities ............................... 59
Note 32. Post-balance sheet date events .......................................................................................................................................................... 60
Interim condensed separate financial statements of CD PROJEKT S.A. ............................................................................................................... 61
Interim condensed separate income statement ..................................................................................................................................................... 62
Interim condensed separate statement of comprehensive income ................................................................................................................ 62
Interim condensed separate statement of financial position ............................................................................................................................. 63
Interim condensed separate statement of changes in equity ............................................................................................................................ 65
Interim condensed separate statement of cash flows.......................................................................................................................................... 67
Assumption of comparability of the financial statements and changes in accounting policies .............................................................. 69
Changes in accounting policies ............................................................................................................................................................................ 69
Presentation changes ............................................................................................................................................................................................... 69
Notes to separate financial statements of CD PROJEKT S.A. ............................................................................................................................ 70
A. Deferred tax....................................................................................................................................................................................................... 70
B. Other provisions ................................................................................................................................................................................................. 71
C. Goodwill .............................................................................................................................................................................................................. 72
D. Business combinations .................................................................................................................................................................................. 72
E. Dividend paid (or declared) and received ................................................................................................................................................ 76
F. Trade and other receivables......................................................................................................................................................................... 76
G. Information on financial instruments ..........................................................................................................................................................78
H. Transactions with related entities................................................................................................................................................................ 81
Statement of the Management Board of the Parent Company ......................................................................................................................... 82
Approval of the financial statement ........................................................................................................................................................................... 83

Key financial data of the
CD PROJEKT Group
1

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
7
Interim condensed consolidated income statement
Note
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022*
Sales revenue 325 214 377 916
Sales of products 17 238 084 285 868
Sales of services 17 799 1 235
Sales of goods for resale and materials 17 86 331 90 813
Cost of sales of products, services, goods for resale and materials 107 213 101 334
Costs of products and services sold 18 42 701 37 013
Cost of goods for resale and materials sold 18 64 512 64 321
Gross profit/(loss) on sales 218 001 276 582
Selling expenses 18 85 106 90 599
Administrative expenses 18 58 866 45 968
Other operating income 19 33 708 5 386
Other operating expenses 19 8 654 7 909
(Impairment)/reversal of impairment
of financial instruments
4 (8)
Operating profit/(loss) 99 087 137 484
Finance income 20 51 610 39 354
Finance costs 20 29 970 23 222
Profit/(loss) before tax 120 727 153 616
Income tax 10 29 456 39 870
Net profit/(loss) 91 271 113 746
Net profit/(loss) attributable to owners of CD PROJEKT S.A. 91 271 113 746
Net earnings/(loss) per share (in PLN) - -
Basic for the reporting period 0.91 1.13
Diluted for the reporting period 0.91 1.13
*
restated data
Interim condensed consolidated statement of
comprehensive income
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
Net profit/(loss) 91 271 113 746
Other comprehensive income subject to reclassification to gains or losses after
specific conditions have been met:
(1 359) (6 439)
Exchange differences on measurement of foreign operations (1 696) 1 552
Measurement of derivative financial instruments – fair value through other
comprehensive income, taking into account the tax effect
337 (7 991)
Other comprehensive income not subject to reclassification to gains or losses - -
Total comprehensive income 89 912 107 307
Total comprehensive income attributable to non-controlling interests - -
Total comprehensive income attributable to owners of CD PROJEKT S.A. 89 912 107 307

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
8
Interim condensed consolidated statement of financial
position
Note 30.06.2023 31.12.2022
NON-CURRENT ASSETS 1 296 676 1 119 978
Property, plant and equipment 2 161 009 145 252
Intangible assets 3 69 785 69 157
Expenditure on development projects 3 596 575 473 202
Investment properties 5 37 429 42 560
Goodwill 3,4 56 438 56 438
Shares in non-consolidated subordinated entities 16 43 477 41 607
Prepayments and deferred costs 9 42 727 31 074
Other financial assets 8,16 242 203 207 437
Deferred tax assets 10 46 658 52 862
Other receivables 7,16 375 389
CURRENT ASSETS 883 921 1 154 146
Inventories 6 8 118 12 701
Trade receivables 7,16 83 557 165 290
Current income tax receivable 12 356 1 458
Other receivables 7 42 359 57 139
Prepayments and deferred costs 9 21 494 22 886
Other financial assets 8,16 249 576 279 515
Bank deposits over 3 months 16 317 125 337 330
Cash and cash equivalents 16 149 336 277 827
TOTAL ASSETS 2 180 597 2 274 124

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
9
Note 30.06.2023 31.12.2022
EQUITY 2 033 797 2 033 404
Equity of the shareholders of CD PROJEKT S.A. 2 033 797 2 033 404
Share capital 11, 22 99 911 100 771
Supplementary capital 1 714 604 1 567 325
Share premium 116 700 116 700
Treasury shares - (99 993)
Other reserves 12 984 2 255
Foreign exchange differences on translation 208 1 904
Retained earnings (Accumulated losses) (1 881) (2 651)
Net profit (loss) for the period 91 271 347 093
Non-controlling interests - -
NON-CURRENT LIABILITIES 30 041 36 186
Other financial liabilities 16 18 206 18 883
Other liabilities 14 2 500 2 620
Deferred tax provision 10 46 50
Deferred income 15 2 753 3 669
Provision for retirement and similar benefits 12 366 366
Other provisions 13 6 170 10 598
CURRENT LIABILITIES 116 759 204 534
Other financial liabilities 16 8 478 9 578
Trade payables 16 49 870 72 119
Current income tax liabilities - 2 116
Other liabilities 14 10 760 10 244
Deferred income 15 25 611 22 425
Provision for retirement and similar benefits 12 10 10
Other provisions 13 22 030 88 042
TOTAL LIABILITIES AND EQUITY 2 180 597 2 274 124

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
10
Interim condensed statement of changes in consolidated equity
Share
capital
Supplementary
capital
Share
premium
Treasury
shares
Other
reserves
Foreign
exchange
differences
on
translation
Retained
earnings
(Accumulated
losses)
Net profit
(loss) for
the period
Equity of the
shareholders
of
CD PROJEKT
S.A.
Non-controlling
interests
Total equity
01.01.2023 – 30.06.2023
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
Costs of the
incentive plan
- - - - 10 392 - - - 10 392 - 10 392
Appropriation of the
net profit/offset of
loss
- 246 412 - - - - (246 412) - - - -
Payment of dividend - - - - - - (99 911) - (99 911) - (99 911)
Redemption of
treasury shares
(860) (99 133) - 99 993 - - - - - - -
Total
comprehensive
income
- - - - 337 (1 696) - 91 271 89 912 - 89 912
Equity
as at 30.06.2023
99 911 1 714 604 116 700 - 12 984 208 (1 881) 91 271 2 033 797 - 2 033 797

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
11
Share
capital
Supplementary
capital
Share
premium
Treasury
shares
Other
reserves
Foreign
exchange
differences
on
translation
Retained
earnings
(Accumulated
losses)
Net profit
(loss) for
the period
Equity of the
shareholders
of
CD PROJEKT
S.A.
Non-controlling
interests
Total equity
01.01.2022 – 30.06.2022
Equity
as at 01.01.2022
100 739 1 425 647 115 909 - 47 994 1 591 202 476 - 1 894 356 - 1 894 356
Costs of the
incentive plan
- - - - 2 320 - - - 2 320 - 2 320
Appropriation of the
net profit/offset of
loss
- 135 195 - - - - (135 195) - - - -
Payment of dividend - - - - - - (100 739) - (100 739) - (100 739)
Total
comprehensive
income
- - - - (7 991) 1 552 - 113 746 107 307 - 107 307
Equity
as at 30.06.2022
100 739 1 560 842 115 909 - 42 323 3 143 (33 458) 113 746 1 903 244 - 1 903 244

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
12
Interim condensed consolidated statement of cash flows
Note
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
OPERATING ACTIVITIES
Net profit/(loss) 91 271 113 746
Total adjustments: 30 21 148 23 992
Depreciation and amortization of property, plant and equipment,
intangible assets, expenditure on development projects
and investment properties
6 611 7 346
Amortization of development projects recognized as cost of goods sold 43 213 36 215
Foreign exchange (gains)/losses 18 842 (4 855)
Interest and participation in profits (25 225) (17 553)
(Gains)/losses on investing activities (43 042) 1 486
Increase/(Decrease) in provisions (49 904) (50 187)
(Increase)/Decrease in inventories 4 583 750
(Increase)/Decrease in receivables 78 922 72 643
Increase/(Decrease) in liabilities, excluding loans and borrowings (15 429) 7 523
Change in other assets and liabilities (8 112) (34 673)
Other adjustments 10 689 5 297
Cash from operating activities 112 419 137 738
Income tax expense 13 496 15 236
Withholding tax paid abroad 15 960 24 634
Income tax (paid)/refunded (20 276) (34 952)
Net cash from operating activities 121 599 142 656

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
13
Note
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
INVESTING ACTIVITIES
Inflows 420 885 461 761
Sale of intangible assets and property, plant and equipment 514 14
Repayment of loans granted - 11 910
Expiry of bank deposits over 3 months 329 970 265 000
Redemption of bonds 56 411 173 090
Interest on bonds 6 479 2 102
Interest received on deposits 17 195 9 018
Inflows from execution of forward contracts 10 273 -
Other cash inflows from investing activities 43 627
Outflows 569 258 328 833
Acquisition of intangible assets and property, plant and equipment 29 696 25 621
Expenditure on development projects 162 616 89 710
Expenditure on intangible assets 380 -
Acquisition of investment properties and capitalization of expenditure 98 145
Loans granted 4 215 3 400
Purchase of shares in a subsidiary 3 515 -
Contribution to the capital of a subsidiary - 26 010
Purchase of bonds and cost of their purchase 58 973 168 120
Placement of bank deposits over 3 months 309 765 -
Outflows from execution of forward contracts - 15 763
Other outflows on investing activities - 64
Net cash from investing activities (148 373) 132 928
FINANCING ACTIVITIES
Inflows 29 20
Payment of finance lease liabilities 28 20
Interest paid 1 -
Outflows 101 746 2 161
Dividends and other distributions to shareholders 99 911 -
Payment of lease liabilities 1 441 1 894
Interest paid 394 267
Net cash used in financing activities 31 (101 717) (2 141)
Net increase/(decrease) in cash and cash equivalents (128 491) 273 443
Change in cash and cash equivalents in the balance sheet (128 491) 273 443
Cash and cash equivalents as at the beginning of the period 277 827 411 586
Cash and cash equivalents as at the end of the period 149 336 685 029

Notes to the interim condensed
consolidated financial statements
2

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
15
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 top parent of the group: CD PROJEKT S.A.
Consolidation policies
Consolidated companies – as at 30 June 2023
% 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 Inc.
(currently: CD PROJEKT RED Inc.)
100% 100% acquisition accounting
Spokko sp. z o.o. 100% 100% not consolidated
CD PROJEKT RED Vancouver Studio Ltd. 100% 100% not consolidated
The Molasses Flood LLC 71% 71% not consolidated
CD PROJEKT SILVER Inc. 100% 100% not consolidated

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
16
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 2%,
 the share in the parent entity’s revenue from sales and financial transactions does not exceed 1%,
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 excluded from consolidation cannot exceed:
 5% of the share in the parent entity’s total assets,
 2% of the share in the parent entity’s revenue from sales 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 direct 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 involvement in the subsidiary.
Subsidiaries 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. Accounting policies of subsidiaries have been changed where necessary to ensure consistency
with the accounting policies adopted by the Group.
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 2022 approved for publication on 30 March 2023.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
17
Going concern assumption
These interim condensed consolidated financial statements have been prepared based on the assumption that the Group and the
Parent Company will continue in operation as a going concern in the foreseeable future, i.e. for a 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 has not identified any facts or
circumstances which would indicate 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 significantly curtailing its existing operations.
By the date of preparing the consolidated financial statements for the period from 1 January to 30 June 2023, 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 30 June 2023.
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 2023 and the assessment of impact of
IFRS changes on the future consolidated financial statements of the Group has been presented in the second part of the
Consolidated Financial Statements for 2022.
Amendments to standards or interpretations effective from 1 January 2023
applicable and adopted by the Group
 IFRS 17 Insurance Contracts - endorsed on 19 November 2021, applicable to reporting periods beginning on or after 1 January
2023,
 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies
(published on 12 February 2021) - endorsed on 2 March 2022 and applicable to annual periods beginning on or after 1 January
2023,
 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors - endorsed on 2 March 2022 and
applicable to periods beginning on or after 1 January 2023,
 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction - endorsed on 11 August
2022 and applicable to periods beginning on or after 1 January 2023,
 Amendments to IFRS 17 Insurance Contracts concerning Initial Application of IFRS 17 and IFRS 9 - Comparative Information -
endorsed on 8 September 2022 and applicable to periods beginning on or after 1 January 2023.
These amendments have no material impact on the accounting Policies applied by the Group in respect of 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 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
18
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:
 Amendments to IAS 12 The International Tax Reform - Pillar Two Model Rules - applicable to annual reporting periods beginning
on or after 1 January 2023,
 Amendment to IAS 1 Presentation of financial statements: Classification of liabilities as current or non-current and Non-current
Liabilities with Covenants - 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,
 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
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 functional currency based on the exchange rate as at the date of
transaction. 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 changes in 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 2022, with the exception of changes in 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 2022.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
19
Presentation changes
In these interim condensed consolidated financial statements for the period from 1 January to 30 June 2023 changes were
introduced in the presentation of selected financial data. In order to ensure comparability of the financial data in the reporting
period, presentation of the data for the period from 1 January to 30 June 2022 was changed. The data is presented after the
following change:
 In the income statement for the period from 1 January 2022 to 30 June 2022, presentation of the provisions for the variable
component of the performance-related remuneration of the Management Board Members was changed. Consequently, the
following items changed:
- Selling expenses – a decrease of PLN 10,708 thousand
- Administrative expenses – an increase of PLN 10,708 thousand
Seasonality or cyclicality of the Group’s operations
A detailed description of seasonality and cyclicality of the operations is presented in the Management Board Report on CD PROJEKT
Group activities in the period between 1 January and 31 June 2023.
Audit by the registered auditor
The financial data presented in the statement of financial position as at 30 June 2023 and the financial data presented in the income
statement, cash flow statement and the statement of changes in equity for the period from 1 January to 30 June 2023 and from
1 January to 30 June 2022 was not audited by the registered auditor. The data for the periods referred to above was reviewed by
the registered auditor. The statement of financial position as at 31 December 2022 was audited by the registered auditor.

Notes – operating segments of the
CD PROJEKT Group
3

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
21
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 based on 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 2022.
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 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
22
Information on individual operating segments
Continuing operations
Consolidation eliminations Total continuing operations
CD PROJEKT RED GOG.COM
01.01.2023 – 30.06.2023
Sales revenue 244 271 84 522 (3 579) 325 214
from external customers 240 760 84 454 - 325 214
between segments 3 511 68 (3 579) -
Net profit/(loss) of the segment 91 420 (141) (8) 91 271
Continuing operations
Consolidation eliminations Total continuing operations
CD PROJEKT RED GOG.COM
01.01.2022 – 30.06.2022
Sales revenue 295 488 88 751 (6 323) 377 916
from external customers 289 301 88 615 - 377 916
between segments 6 187 136 (6 323) -
Net profit/(loss) of the segment 113 475 353 (82) 113 746

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
23
Consolidated income statement by segments for the period from 01.01.2023 to 30.06.2023
CD PROJEKT RED GOG.COM Consolidation eliminations Total
Sales revenue 244 271 84 522 (3 579) 325 214
Sales of products 236 595 - 1 489 238 084
Sales of services 506 439 (146) 799
Sales of goods for resale and materials 7 170 84 083 (4 922) 86 331
Cost of sales of products, services, goods for resale and materials 50 922 59 752 (3 461) 107 213
Costs of products and services sold 42 725 4 (28) 42 701
Cost of goods for resale and materials sold 8 197 59 748 (3 433) 64 512
Gross profit/(loss) on sales 193 349 24 770 (118) 218 001
Selling expenses 64 931 20 184 (9) 85 106
Administrative expenses 55 157 3 926 (217) 58 866
Other operating income 34 089 691 (1 072) 33 708
Other operating expenses 8 946 629 (921) 8 654
(Impairment)/reversal of impairment
of financial instruments
4 - - 4
Operating profit/(loss) 98 408 722 (43) 99 087
Finance income 50 828 782 - 51 610
Finance costs 28 482 1 577 (89) 29 970
Profit/(loss) before tax 120 754 (73) 46 120 727
Income tax 29 334 68 54 29 456
Net profit/(loss) 91 420 (141) (8) 91 271
Net profit/(loss) attributable to owners of CD PROJEKT S.A. 91 420 (141) (8) 91 271

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
24
Consolidated income statement by segments for the period from 01.01.2022 to 30.06.2022*
CD PROJEKT RED GOG.COM Consolidation eliminations Total
Sales revenue 295 488 88 751 (6 323) 377 916
Sales of products 283 471 - 2 397 285 868
Sales of services 1 927 136 (828) 1 235
Sales of goods for resale and materials 10 090 88 615 (7 892) 90 813
Cost of sales of products, services, goods for resale and materials 43 791 63 208 (5 665) 101 334
Costs of products and services sold 37 141 42 (170) 37 013
Cost of goods for resale and materials sold 6 650 63 166 (5 495) 64 321
Gross profit/(loss) on sales 251 697 25 543 (658) 276 582
Selling expenses 69 844 20 874 (119) 90 599
Administrative expenses 43 031 3 164 (227) 45 968
Other operating income 5 362 2 183 (2 159) 5 386
Other operating expenses 8 379 1 872 (2 342) 7 909
(Impairment)/reversal of impairment
of financial instruments
(8) - - (8)
Operating profit/(loss) 135 797 1 816 (129) 137 484
Finance income 34 910 4 444 - 39 354
Finance costs 17 578 5 694 (50) 23 222
Profit/(loss) before tax 153 129 566 (79) 153 616
Income tax 39 654 213 3 39 870
Net profit/(loss) 113 475 353 (82) 113 746
Net profit/(loss) attributable to owners of CD PROJEKT S.A. 113 475 353 (82) 113 746
* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
25
Consolidated statement of financial position by segments as at 30.06.2023
CD PROJEKT RED GOG.COM Consolidation eliminations Total
NON-CURRENT ASSETS 1 269 324 44 633 (17 281) 1 296 676
Property, plant and equipment 159 837 2 778 (1 606) 161 009
Intangible assets 69 146 1 129 (490) 69 785
Expenditure on development projects 594 129 2 212 234 596 575
Investment properties 37 429 - - 37 429
Goodwill 56 438 - - 56 438
Investments in subordinated entities 15 405 - (15 405) -
Shares in non-consolidated subordinated entities 43 477 - - 43 477
Prepayments and deferred costs 6 100 36 627 - 42 727
Other financial assets 242 203 - - 242 203
Deferred tax assets 44 785 1 887 (14) 46 658
Other receivables 375 - - 375
CURRENT ASSETS 840 247 51 078 (7 404) 883 921
Inventories 8 118 - - 8 118
Trade receivables 83 176 5 035 (4 654) 83 557
Current income tax receivable 10 784 1 572 - 12 356
Other receivables 40 432 1 927 - 42 359
Prepayments and deferred costs 9 484 14 760 (2 750) 21 494
Other financial assets 249 576 - - 249 576
Bank deposits over 3 months 317 125 - - 317 125
Cash and cash equivalents 121 552 27 784 - 149 336
TOTAL ASSETS 2 109 571 95 711 (24 685) 2 180 597

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
26
CD PROJEKT RED GOG.COM Consolidation eliminations Total
EQUITY 2 010 528 38 887 (15 618) 2 033 797
Equity of the shareholders of CD PROJEKT S.A. 2 010 528 38 887 (15 618) 2 033 797
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
Treasury shares - - - -
Other reserves 13 997 704 (1 717) 12 984
Foreign exchange differences on translation (741) (65) 1 014 208
Retained earnings (Accumulated losses) 7 373 2 (9 256) (1 881)
Net profit (loss) for the period 91 420 (141) (8) 91 271
Non-controlling interests - - - -
NON-CURRENT LIABILITIES 30 014 1 174 (1 147) 30 041
Other financial liabilities 18 206 1 147 (1 147) 18 206
Other liabilities 2 500 - - 2 500
Deferred tax provision 46 - - 46
Deferred income 2 753 - - 2 753
Provision for retirement and similar benefits 339 27 - 366
Other provisions 6 170 - - 6 170
CURRENT LIABILITIES 69 029 55 650 (7 920) 116 759
Other financial liabilities 8 251 743 (516) 8 478
Trade payables 19 501 34 972 (4 603) 49 870
Other liabilities 5 415 5 345 - 10 760
Deferred income 18 479 9 882 (2 750) 25 611
Provision for retirement and similar benefits 9 1 - 10
Other provisions 17 374 4 707 (51) 22 030
TOTAL LIABILITIES AND EQUITY 2 109 571 95 711 (24 685) 2 180 597

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
27
Consolidated statement of financial position by segments as at 31.12.2022
CD PROJEKT RED GOG.COM Consolidation eliminations Total
NON-CURRENT ASSETS 1 104 545 32 593 (17 160) 1 119 978
Property, plant and equipment 143 837 3 269 (1 854) 145 252
Intangible assets 69 476 171 (490) 69 157
Expenditure on development projects 471 528 1 439 235 473 202
Investment properties 42 560 - - 42 560
Goodwill 56 438 - - 56 438
Investments in subordinated entities 15 092 - (15 092) -
Shares in non-consolidated subordinated entities 41 607 - - 41 607
Prepayments and deferred costs 5 314 25 760 - 31 074
Other financial assets 207 437 - - 207 437
Deferred tax assets 50 867 1 954 41 52 862
Other receivables 389 - - 389
CURRENT ASSETS 1 095 224 64 332 (5 410) 1 154 146
Inventories 12 701 - - 12 701
Trade receivables 164 079 6 621 (5 410) 165 290
Current income tax receivable 38 1 420 - 1 458
Other receivables 55 340 1 799 - 57 139
Prepayments and deferred costs 6 508 16 378 - 22 886
Other financial assets 279 515 - - 279 515
Bank deposits over 3 months 337 330 - - 337 330
Cash and cash equivalents 239 713 38 114 - 277 827
TOTAL ASSETS 2 199 769 96 925 (22 570) 2 274 124

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
28
CD PROJEKT RED GOG.COM Consolidation eliminations Total
EQUITY 2 009 986 38 715 (15 297) 2 033 404
Equity of the shareholders of CD PROJEKT S.A. 2 009 986 38 715 (15 297) 2 033 404
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 3 268 391 (1 404) 2 255
Foreign exchange differences on translation 955 (65) 1 014 1 904
Retained earnings (Accumulated losses) 6 351 4 (9 006) (2 651)
Net profit (loss) for the period 342 095 5 248 (250) 347 093
Non-controlling interests - - - -
NON-CURRENT LIABILITIES 36 156 1 367 (1 337) 36 186
Other financial liabilities 18 883 1 337 (1 337) 18 883
Other liabilities 2 620 - - 2 620
Deferred tax provision 50 - - 50
Deferred income 3 666 3 - 3 669
Provision for retirement and similar benefits 339 27 - 366
Other provisions 10 598 - - 10 598
CURRENT LIABILITIES 153 627 56 843 (5 936) 204 534
Other financial liabilities 8 687 1 417 (526) 9 578
Trade payables 38 787 38 236 (4 904) 72 119
Current income tax liabilities 2 116 - - 2 116
Other liabilities 4 382 5 862 - 10 244
Deferred income 16 379 6 046 - 22 425
Provision for retirement and similar benefits 9 1 - 10
Other provisions 83 267 5 281 (506) 88 042
TOTAL LIABILITIES AND EQUITY 2 199 769 96 925 (22 570) 2 274 124

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2022
(all amounts in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
Notes – other explanatory notes to the
interim condensed consolidated
financial statements
4

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
30
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
Material events
The following unusual events had a material impact on the results, assets, equity & liabilities and cash flows of the CD PROJEKT
Group in the reporting period (which was not observed in the comparative period):
 In the CD PROJEKT RED segment, in connection with the determination of the new framework for the Sirius project developed
by The Molasses Flood studio, a write-down of expenditure incurred on development work until the end of 2022 was partially
reversed (an increase in the balance of Other operating income of PLN 21 531 thousand) and part of the expenditure incurred
on the project in the first quarter of 2023 was written off (an increase in the balance of Other operating expenses of
PLN 2 745 thousand). This materially affected the Group’s net profit or loss and the relevant items of the Statement of financial
position and the Statement of cash flows presented in this Report,
 In connection with the fact that CD PROJEKT S.A. is taking advantage of tax relief for an innovative employee, the CD PROJEKT
RED segment reduced current personal income tax liabilities under PIT4 and PIT8A and recognized income in this respect
(an increase in the balance of Other operating income of PLN 7 718 thousand); at the same time, the deferred tax asset relating
to the R&D relief available in subsequent periods was reduced accordingly, resulting in an increase in the balance of Income
tax in the Income statement,
 In the second quarter of the current year, Incentive Plan A and Incentive Plan B were introduced in the CD PROJEKT Group,
replacing the existing inventive program operated since 2020. The cost of rights awarded as part of the said incentive plans
determined by an actuarial valuation were accounted for partly as modifications. The settlement of costs of this modification,
taking into account earlier periods of the former incentive plan, resulted in a one-off increase in the cost associated with the
functioning of the incentive plans in the reporting period. The total amount of the Group’s costs relating to the functioning of
the incentive plans in the first half of 2023 was PLN 10 392 thousand.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
31
Note 2. Property, plant and equipment
Changes in property, plant and equipment (by category) for the period 01.01.2023 – 30.06.2023
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 01.01.2023
40 435 82 297 1 925 58 856 3 251 5 776 28 089 220 629
Increase due to: - 24 811 2 867 22 636 674 1 665 5 627 58 280
purchase - 141 2 15 804 31 306 5 627 21 911
lease contracts
concluded
- 283 - - 642 - - 925
transfer from
investment
properties
- 3 854 - 316 - - - 4 170
transfer from assets
under construction
- 20 148 2 865 6 512 - 1 359 - 30 884
reclassification - 50 - - - - - 50
other - 335 - 4 1 - - 340
Decrease due to: - 4 535 99 451 10 35 30 939 36 069
sale - - - 201 5 - - 206
scrapping - 1 044 99 190 5 35 1 1 374
transfer from assets
under construction
- - - - - - 30 884 30 884
reclassification - - - 50 - - 54 104
lease contracts
terminated
- 3 491 - - - - - 3 491
other - - - 10 - - - 10
Gross carrying amount
as at 30.06.2023
40 435 102 573 4 693 81 041 3 915 7 406 2 777 242 840
Accumulated depreciation
as at 01.01.2023
1 817 25 351 717 42 482 1 537 3 473 - 75 377
Increase due to: 283 4 293 95 5 985 321 494 - 11 471
depreciation charge 283 3 310 95 5 920 318 494 - 10 420
transfer from
investment
properties
- 570 - 48 - - - 618
reclassification - 81 - - - - - 81
other - 332 - 17 3 - - 352
Decrease due to: - 4 415 99 458 10 35 - 5 017
sale - - - 200 5 - - 205
scrapping - 924 99 177 5 35 - 1 240
reclassification - - - 81 - - - 81
lease contracts
terminated
- 3 491 - - - - - 3 491
Accumulated depreciation
as at 30.06.2023
2 100 25 229 713 48 009 1 848 3 932 - 81 831
Impairment write-downs
as at 01.01.2023
- - - - - - - -
Impairment write-downs
as at 30.06.2023
- - - - - - - -
Net carrying amount
as at 01.01.2023
38 618 56 946 1 208 16 374 1 714 2 303 28 089 145 252
Net carrying amount
as at 30.06.2023
38 335 77 344 3 980 33 032 2 067 3 474 2 777 161 009

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
32
Amounts of contractual commitments to purchase property, plant and equipment in the future
30.06.2023 31.12.2022
Construction of an office building on the CD PROJEKT campus 97 072 -
Leasing of passenger cars 554 599
Total 97 626 599
Right-of-use assets relating to property, plant and equipment
30.06.2023
Gross amount
Accumulated
depreciation
Net amount
Land 14 540 771 13 769
Real properties 9 385 4 606 4 779
Vehicles 2 464 674 1 790
Total 26 389 6 051 20 338
31.12.2022
Gross amount
Accumulated
depreciation
Net amount
Land 14 540 669 13 871
Real properties 14 332 8 735 5 597
Civil and hydraulic engineering facilities 99 99 -
Vehicles 2 264 625 1 639
Total 31 235 10 128 21 107

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
33
Note 3. Intangible assets and expenditure on development projects
Changes in intangible assets and expenditure on development projects for the period
01.01.2023 – 30.06.2023
Expenditure on
development projects
in progress
Expenditure on
completed
development p
rojects
Trademarks
Patents and licenses
Copyright
Computer software
Goodwill
Intangible assets
under construction
Total
Gross carrying amount
as at 01.01.2023*
247 277 930 087 33 199 4 160 18 469 50 078 56 438 172 1 339 880
Increase due to: 148 058 - - 1 255 5 907 - 1 716 151 941
purchase - - - 1 255 5 523 - 1 320 3 103
assets internally
generated
148 058 - - - - - - 396 148 454
transfer from
intangible assets
under construction
- - - - - 343 - - 343
reclassification - - - - - 41 - - 41
Decrease due to: 14 589 - - 41 - 4 552 - 359 19 541
scrapping 2 745 - - - - 4 552 - - 7 297
utilization of
impairment write-
downs
11 844 - - - - - - - 11 844
transfer from
intangible assets
under construction
- - - - - - - 343 343
reclassification - - - 41 - - - 16 57
Gross carrying amount
as at 30.06.2023
380 746 930 087 33 199 5 374 18 474 46 433 56 438 1 529 1 472 280
Accumulated
amortization
as at 01.01.2023
- 657 011 - 2 767 301 33 853 - - 693 932
Increase due to: - 43 471 - 450 150 2 254 - - 46 325
amortization charge - 43 471 - 450 150 2 254 - - 46 325
Decrease due to: - - - - - 4 551 - - 4 551
scrapping - - - - - 4 551 - - 4 551
Accumulated
amortization
as at 30.06.2023
- 700 482 - 3 217 451 31 556 - - 735 706
Impairment write-downs
as at 01.01.2023
33 375 13 776 - - - - - - 47 151
Increase - - - - - - - - -
Decrease due to: 33 375 - - - - - - - 33 375
reversal of write-
downs
21 531 - - - - - - - 21 531
release of write-
downs (write-off)
11 844 - - - - - - - 11 844
Impairment write-downs
as at 30.06.2023
- 13 776 - - - - - - 13 776
Net carrying amount
as at 01.01.2023
213 902 259 300 33 199 1 393 18 168 16 225 56 438 172 598 797
Net carrying amount
as at 30.06.2023
380 746 215 829 33 199 2 157 18 023 14 877 56 438 1 529 722 798
* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
34
Amounts of contractual commitments to purchase intangible assets in future
Not applicable.
Note 4. Goodwill
During the period from 1 January to 30 June 2023 there were no changes in goodwill.
Note 5. Investment properties
The Parent Company owns a real estate complex located at ul. Jagiellońska 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 partly classify these
properties as investment properties. The remaining part of the property 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 the expert surveyor, for the buildings recognized 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 valuation of the individual assets 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.
Changes in investment properties for the period 01.01.2023 – 30.06.2023
Gross carrying amount as at 01.01.2023 47 946
Increase due to: 98
capitalized expenditure 98
Decrease due to: 5 033
scrapping 864
reclassification to other asset categories 4 169
Gross carrying amount as at 30.06.2023 43 011
Accumulated amortization as at 01.01.2023 5 386
Increase due to: 941
amortization charge 941
Decrease due to: 745
scrapping 127
reclassification to other asset categories 618
Accumulated amortization as at 30.06.2023 5 582
Impairment write-downs as at 01.01.2023 -
Increase -
Decrease -
Impairment write-downs as at 30.06.2023 -
Net carrying amount as at 30.06.2023 37 429
Contractual liabilities on purchase of investment properties
Not applicable.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
35
Note 6. Inventories
30.06.2023 31.12.2022
Goods for resale 8 115 12 697
Other materials 3 4
Gross inventories 8 118 12 701
Inventory write-downs - -
Net inventories 8 118 12 701
Change in inventory write-downs
Not applicable.
Note 7. Trade and other receivables
30.06.2023 31.12.2022
Trade and other receivables, gross 127 105 223 636
Write-downs 814 818
Trade and other receivables 126 291 222 818
from related entities 423 1 855
from other entities 125 868 220 963
Change in write-downs of receivables
Trade
receivables
Other
receivables
Total
OTHER ENTITIES
Write-downs as at 01.01.2023 86 732 818
Increases, including: 2 - 2
write-downs recognized for past-due and disputed receivables 2 - 2
Decreases, including: 6 - 6
release of write-downs 6 - 6
Write-downs as at 30.06.2023 82 732 814

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
36
Current and overdue trade receivables as at 30.06.2023
Total Not overdue
Overdue, in days
1 – 60 61 – 90 91 – 180 181 – 360 >360
RELATED ENTITIES
gross receivables 573 312 247 14 - - -
default ratio - 0% 0% 0% 0% 0% 0%
write-down resulting
from the ratio
- - - - - - -
write-down
determined
individually
- - - - - - -
total expected credit
losses
- - - - - - -
Net receivables 573 312 247 14 - - -
Total Not overdue
Overdue, in days
1 – 60 61 – 90 91 – 180 181 – 360 >360
OTHER ENTITIES
gross receivables 83 066 81 571 1 383 12 18 2 80
default ratio - 0% 0% 0% 0% 0% 0%
write-down resulting
from the ratio
- - - - - - -
write-down
determined
individually
82 - - - - 2 80
total expected credit
losses
82 - - - - 2 80
Net receivables 82 984 81 571 1 383 12 18 - -
Total
gross receivables 83 639 81 883 1 630 26 18 2 80
impairment write-
downs
82 - - - - 2 80
Net receivables 83 557 81 883 1 630 26 18 - -

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
37
Other receivables
30.06.2023 31.12.2022
Other gross receivables, including: 43 466 58 260
tax receivables, other than corporate income tax 26 074 43 414
prepayments for inventories 14 142 6 940
prepayments for development projects 1 718 1 433
security deposits 475 1 071
settlements with employees 59 -
provisions for sales revenue – prepayments 53 137
prepayments for property, plant and equipment and intangible assets 30 135
settlements with suppliers of property, plant and equipment items - 4 160
settlements with payment operators - 7
settlements with members of the Management Boards of the Group companies - 2
other 915 961
Write-downs 732 732
Other receivables, including: 42 734 57 528
current 42 359 57 139
non-current 375 389
Note 8. Other financial assets
30.06.2023 31.12.2022
Loans granted 4 789 739
Bonds 464 196 475 848
Derivative financial instruments 20 534 7 809
Private equity interests in the gaming sector 2 260 2 556
Other financial assets, including: 491 779 486 952
current 249 576 279 515
non-current 242 203 207 437

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
38
Note 9. Prepayments and deferred costs
30.06.2023 31.12.2022*
Minimum guarantees, advance payments and prepayments GOG.COM 47 706 41 457
Software, licences 10 042 6 186
Costs of future marketing services 1 522 1 597
Fees for pre-emptive rights 1 218 1 271
Costs of repairs and maintenance 974 1 142
Costs of IT security resources 451 380
Staff relocation costs 365 39
Property and personal insurance 263 785
Costs in connection with redevelopment of the car park 260 260
Business travel (tickets, hotels, insurance) 235 85
Transaction costs 143 -
Perpetual usufruct 141 -
Domains, servers 125 235
Other prepayments and deferred costs 776 523
Prepayments and deferred costs, including: 64 221 53 960
current 21 494 22 886
non-current 42 727 31 074
* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
39
Note 10. Deferred income tax
Deductible temporary differences underlying the deferred tax asset
31.12.2022*
Differences affecting
the deferred tax
recognized in the
profit or loss
30.06.2023
Provision for other employee benefits 376 - 376
Provision for costs of performance-related
and other remuneration
49 565 (40 310) 9 255
Tax loss 5 467 1 306 6 773
Foreign exchange losses 7 573 17 507 25 080
Difference between the carrying and tax
amount of expenditure on development
projects
34 836 (16 762) 18 074
Salaries and wages and social security payable
in future periods
47 25 72
Deferred income in respect of virtual wallet
top-ups and fringe benefit scheme
3 955 216 4 171
Other provisions 34 167 (4 590) 29 577
Tax value of leased non-current assets 20 697 (265) 20 432
Research and development relief 318 126 (40 623) 277 503
Prepayments recognized as revenue for tax
purposes
7 523 (4 552) 2 971
Difference between the net carrying amount
and tax amount of property, plant and
equipment and intangible assets
12 (12) -
Measurement of forward contracts 892 (665) 227
Other - 20 20
Total deductible differences, including: 483 236 (88 705) 394 531
taxed at 5% 71 657 (399) 71 258
taxed at 19% 410 344 (88 222) 322 122
deferred tax charged abroad 1 235 (84) 1 151
Deferred income tax asset 81 900 (16 803) 65 097
* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
40
Taxable temporary differences underlying the deferred tax provision
31.12.2022*
Differences affecting
the deferred tax
recognized in the
profit or loss
30.06.2023
Difference between the net carrying amount
and tax amount of property, plant and
equipment and intangible assets
17 780 1 939 19 719
Current period revenue invoiced in the
subsequent period/accrued income
132 427 (68 541) 63 886
Foreign exchange gains 8 722 (8 131) 591
Difference between the carrying and tax
amount of expenditure on development
projects
254 638 (42 463) 212 175
Book value of leased non-current assets 20 844 (414) 20 430
Other 151 60 211
Total taxable differences, including: 434 562 (117 550) 317 012
taxed at 5% 382 911 (83 862) 299 049
taxed at 19% 50 214 (33 592) 16 622
deferred tax charged abroad 1 437 (96) 1 341
Deferred tax provision 29 088 (10 603) 18 485
* restated data
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
(the so-called IP BOX). 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 asset/provision
30.06.2023 31.12.2022*
Deferred tax asset 65 097 81 900
Deferred tax provision 18 485 29 088
* restated data
Income tax expense recognized in the income statement
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
Current income tax, including: 23 256 32 862
withholding tax paid abroad 15 961 24 634
Change in deferred tax 6 200 7 008
Income tax expense recognized in the income statement 29 456 39 870

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
41
Note 11. Share capital
Share capital – structure as at 30.06.2023
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 -
On 18 April 2023, an Extraordinary General Meeting of the Parent Company took place at which the shareholders approved, among
others, resolutions concerning a decrease of the share capital and redemption of 860 290 own shares acquired by the Parent
Company between 5 and 24 October 2022. The contents of the resolutions passed by the Extraordinary General Meeting is
available on the Parent Company’s website
.
On 26 June 2023, in connection with the adopted resolutions, the District Court for the City of Warsaw in Warsaw entered in the
Register of Businesses changes consisting in, among other things, decreasing the Parent Company’s share capital by PLN 860 290
and thereby, redemption of 860 290 of the Parent Company’s own shares (i.e. own shares acquired earlier with a view to their
redemption as part of the buyback executed between 5 and 24 October 2022). As a result, 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 series A – M shares. The total number of votes resulting from all shares of the Parent Company
is 99 910 510.
There were no changes in the amount of the Parent Company’s share capital after the balance sheet date.
Changes in share capital
01.01.2023 –
31.06.2023
01.01.2022 –
31.12.2022
Share capital as at the beginning of the period 100 771 100 739
Increase due to: - 32
issuance of shares paid up in cash – incentive plan - 32
Decrease due to: 860 -
redemption of own shares 860 -
As at the end of the period 99 911 100 771
Note 12. Provision for retirement and similar benefits
30.06.2023 31.12.2022
Provision for retirement and disability bonuses 376 376
Total, including: 376 376
current 10 10
non-current 366 366
During the period from 1 January to 30 June 2023 there were no changes in provisions for retirement and similar benefits.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
42
Note 13. Other provisions
30.06.2023 31.12.2022
Provision for liabilities, including: 28 200 98 640
provision for costs of the audit and review of the financial statements 73 167
provision for costs of external services 910 850
provision for costs of performance-related and other remuneration 9 254 67 966
provision for other costs 17 963 29 657
Total, including: 28 200 98 640
current 22 030 88 042
non-current 6 170 10 598
Change in other provisions
Provision for costs of
performance-related
and other
remuneration
Other provisions Total
As at 01.01.2023 67 966 30 674 98 640
Provisions recorded during the year 9 254 36 927 46 181
Provisions utilized/released 67 966 48 655 116 621
As at 30.06.2023, including: 9 254 18 946 28 200
current 9 254 12 776 22 030
non-current - 6 170 6 170
Note 14. Other liabilities
30.06.2023 31.12.2022
Liabilities in respect of taxes, customs duties, social security and other, with the
exception of corporate income tax
9 775 9 547
VAT 4 309 5 302
Withholding tax 504 32
Personal income tax 1 071 1 944
Social security contributions 3 764 2 043
PFRON (State Disabled Persons Fund) 91 75
PIT-8AR (personal income tax) settlements 36 134
Other - 17
Other liabilities 3 485 3 317
Liabilities in respect of pre-emptive rights and costs of future marketing services 2 500 2 620
Other settlements with employees 148 241
Other settlements with members of the Management Boards 1 32
Prepayments received from foreign customers - 8
Other liabilities 836 416
Total other liabilities 13 260 12 864
current 10 760 10 244
non-current 2 500 2 620

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
43
Current and overdue trade receivables as at 30.06.2023
Total Not overdue
Overdue, in days
1 – 60 61 – 90 91 – 180 181 – 360 >360
To related entities 2 1 1 - - - -
To other entities 13 258 12 905 123 5 - 22 203
Total 13 260 12 906 124 5 - 22 203
Note 15. Deferred income
30.06.2023 31.12.2022
Subsidies 4 586 5 511
Sales relating to future periods 18 991 16 088
GOG wallet 4 746 4 460
Rental of company phones 41 35
Deferred income, including: 28 364 26 094
current 25 611 22 425
non-current 2 753 3 669
Note 16. Information on financial instruments
Fair values and hierarchy of specific classes of financial instruments
The Management Boards of Group companies analysed specific classes of financial instruments. Based on the analysis, it was
concluded that the carrying amounts of the instruments does not materially differ from their fair values, as at both 30 June 2023
and 31 December 2022.
30.06.2023 31.12.2022*
LEVEL 1
Assets measured at fair value
Assets measured at fair value through
other comprehensive income
220 483 243 091
bonds issued by foreign governments – EUR 15 609 25 111
bonds issued by foreign governments – USD 204 874 217 980
LEVEL 2
Assets measured at fair value through profit or loss
Derivatives 20 534 7 809
currency forwards – EUR 973 1 249
currency forwards – USD 19 561 6 560
Private equity interests in the gaming sector 2 260 2 556
private equity interests in the gaming sector – SEK 919 1 085
Private equity interests in the gaming sector – USD 1 341 1 471
Liabilities measured at fair value through profit or loss
Derivatives 227 891
currency forwards – EUR 56 72
currency forwards – USD 171 819
* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
44
Financial Instruments measured at fair value are classified to 3-stage fair value hierarchy:
Level 1 - quoted prices in active markets for identical assets or liabilities.
Level 2 - fair value based in observable market data.
Level 3 - fair value based on market data that is not observable in the market.
Financial assets – classification and measurement
30.06.2023 31.12.2022
Financial assets measured at amortized cost 798 895 1 014 332
Other non-current receivables 375 389
Trade receivables 83 557 165 290
Cash and cash equivalents 149 336 277 827
Bank deposits over 3 months 317 125 337 330
Treasury bonds and bonds guaranteed by the State Treasury 243 713 232 757
Loans granted 4 789 739
Financial assets measured at cost 43 477 41 607
Shares in non-consolidated subordinated entities 43 477 41 607
Assets measured at fair value through
other comprehensive income
220 483 243 091
Bonds issued by foreign governments 220 483 243 091
Financial assets measured at fair value through profit or loss: 22 794 10 365
Derivative financial instruments 20 534 7 809
Private equity interests in the gaming sector 2 260 2 556
Total financial assets 1 085 649 1 309 395
Financial liabilities – classification and measurement
30.06.2023 31.12.2022
Financial liabilities measured at amortized cost 76 327 99 689
Trade payables 49 870 72 119
Other financial liabilities 26 457 27 570
Financial liabilities measured at fair value
through profit or loss
227 891
Derivative financial instruments 227 891
Total financial liabilities 76 554 100 580
In accordance with the requirements of IFRS 9 Financial Instruments, the Parent Company 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 bonds guaranteed by the Polish State
Treasury is to hold them to maturity and to collect contractual cash flows;
 investment mandates for managing the foreign bonds portfolio allow selling bonds before maturity as part of the adopted
strategy;
 all bonds purchased meet the SPPI test.
As a result of the analysis conducted, purchased bonds 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 are measured at fair
value through other comprehensive income, because of the investment mandate which allows 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 on the fair value hierarchy.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
45
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.
30.06.2023 31.12.2022
LEVEL 1
Fair value of assets measured at amortized cost 236 096 219 713
Treasury bonds and bonds guaranteed by the State Treasury 236 096 219 713
Other items of financial assets and financial liabilities measured at amortized cost 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 in 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 historical cost as an acceptable
approximation of the fair value.
The Group did not determine the fair values of receivables, trade payables, cash and cash equivalents, bank deposits over 3 months
and loans granted with variable interest, because their carrying amounts are considered by the Group to be a reasonable
approximation of their fair values.
There were no movements between levels in the fair value hierarchy in the reporting period and in the comparative period.
Note 17. Sales revenue
Sales revenue – geographical structure*
01.01.2023 – 30.06.2023 01.01.2022 – 30.06.2022
in PLN in % in PLN in %
Domestic sales 14 079 4.33% 14 785 3.91%
Export sales, including: 311 135 95.67% 363 131 96.09%
Europe 70 964 21.82% 76 438 20.23%
North America 210 622 64.77% 248 040 65.64%
South America 1 746 0.54% 1 530 0.40%
Asia 24 164 7.43% 32 975 8.73%
Australia 3 407 1.04% 3 947 1.04%
Africa 232 0.07% 201 0.05%
Total 325 214 100% 377 916 100%
* The data presented relates to the place of residence of the customers of the Group companies: for CD PROJEKT S.A. –
distributors, and for retail sales conducted by GOG sp. z o.o., CD PROJEKT RED STORE sp. z o.o., CD PROJEKT Inc. – end
customers.
Sales revenue – by type of production
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
Own production 238 084 285 868
Third party production 86 331 90 813
Other revenue 799 1 235
Total 325 214 377 916

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
46
Sales revenue – by distribution channel
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
Games – box issues 21 942 17 436
Games – digital issues 288 172 346 839
Other revenue 15 100 13 641
Total 325 214 377 916
Note 18. Operating expenses
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022*
Depreciation and amortization of property, plant and equipment, intangible assets,
expenditure on development projects and investment properties, including:
6 611 7 346
depreciation on leased buildings 560 834
depreciation of leased vehicles 237 174
Materials and energy used 1 783 1 218
External services, including: 52 310 55 697
costs of short-term leases and low value leases 246 343
Taxes and fees 937 552
Salaries and wages, social insurance and other benefits 79 728 69 590
Business travel 1 812 563
Cost of using company cars 118 117
Cost of goods for resale and materials sold 64 512 64 321
Costs of products and services sold 42 701 37 013
Other costs 673 1 484
Total 251 185 237 901
Selling expenses 85 106 90 599
Total administrative expenses, including: 58 866 45 968
cost of research work 3 273 3 904
Costs of sales 107 213 101 334
Total 251 185 237 901
* restated data

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
47
Note 19. Other operating income and expenses
Other operating income
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
Reversal of a write-down of expenditure on development projects in progress 21 531 -
Tax relief for innovative employees 7 718 -
Rental income 2 187 3 351
Subsidies 924 931
Income from re-invoicing 429 398
Other sales 346 41
Fixed assets and goods for resale received free of charge 168 -
Release of unused provisions for costs 141 232
Refund of overpaid tax on civil law transactions 94 -
Payments from enforcement officers 27 -
Gains on disposal of non-current assets 24 9
Damages received - 1
Other 119 423
Total other operating income 33 708 5 386
Other operating expenses
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
Scrapping of fixed assets and intangible assets 2 879 482
Cost of rental 1 713 1 831
Depreciation of investment properties 928 929
Disposal of investment properties 737 -
Cost of sales of other sales 495 32
Costs relating to re-invoicing 429 398
Donations and charity 404 1 223
Provision for the uninsured portion of the US court settlement cost 335 -
VAT written off 255 -
Cost of destruction of materials and goods for resale 171 2 758
Irrecoverable receivables 54 -
Other 254 256
Total other operating expenses 8 654 7 909

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
48
Note 20. Finance income and costs
Finance income
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
Interest income 25 636 18 021
on current bank deposits 17 195 9 018
on bonds 8 339 8 788
on loans 102 215
Other finance income 25 974 21 333
settlement and measurement of derivative financial instruments 23 634 3 824
gain on redemption of bonds 2 294 17 507
forward contracts – Management Board - 2
other finance income 46 -
Total finance income 51 610 39 354
Finance costs
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
Interest expense 646 717
on bonds 18 201
on lease contracts 393 267
on liabilities to the State Treasury 232 248
on trade payables 3 1
Other finance costs 29 324 22 505
net foreign exchange losses 29 130 3 985
settlement and measurement of derivative financial instruments - 18 353
commission and fees on purchase of bonds 143 167
measurement of private equity interests in the gaming sector 51 -
Total finance costs 29 970 23 222
Net finance income/expense 21 640 16 132
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 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 30 June 2023 is included in Note 18).
As at 30 June 2023 and 31 December 2022, future payments in respect of irrevocable short-term leases and leases of low-value
assets were as follows:
30.06.2023 31.12.2022
Up to 1 year 319 467
From 1 to 5 years 199 334
Total 518 801

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
49
Note 22. Issuance, redemption and repayment of debt and equity securities
Issuance of debt securities
Not applicable.
Issuance of equity securities
Specification 30.06.2023 31.12.2022
Number of shares in thousands 99 911 100 771
Par value of shares in PLN 1 1
Share capital 99 911 100 771
Note 23. Dividend paid (or declared) and received
On 6 June 2023, the Ordinary Shareholders Meeting of the Parent Company decided to set aside a part of the Parent Company’s
net profit for 2022 for distribution to shareholders as dividend. In accordance with the Resolution adopted, on 20 June 2023, the
Parent Company paid out PLN 99 910 510 thousand, i.e. 1 PLN per each share participating in the dividend. The number of the
Parent Company’s shares giving right to the dividend was 99 910 510, which represented the total number of the Parent Company’s
shares as at the payment date less the Parent Company’s own shares (860 290 shares).
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 an 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.
In the process of determining prices in controlled transactions related entities belonging to the CD PROJEKT Group refer to methods
provided for in OECD Guidelines and in the national legislation, including the safe harbour legislation.
The selection of an appropriate method of verifying transfer prices is preceded by a detailed analysis of each transaction which
involves, among other things, the distribution of functions between parties to the transaction, assets engaged by the parties and
the distribution of risks. Prices are determined using the most appropriate method for a given type of transaction in such a way that
the terms of transactions between the CD PROJEKT Group companies correspond to the terms which independent entities would
agree to adopt in comparable circumstances.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
50
Transactions with related entities after consolidation eliminations
Sales to related entities Purchases from related entities Receivables from related entities Liabilities to related entities
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
30.06.2023 31.12.2022 30.06.2023 31.12.2022
SUBSIDIARIES
Spokko sp. z o.o. 226 737 1 140 - 2 156 246 -
CD PROJEKT RED Vancouver
Studio Ltd.
23 29 10 104 7 781 563 1 694 1 730 2 746
The Molasses Flood LLC 1 - 25 690 10 311 4 789 742 2 855 2 579
MEMBERS OF THE MANAGEMENT BOARDS OF GROUP COMPANIES AND SUPERVISORY BOARD MEMBERS
Marcin Iwiński - 1 - - - - - 7
Adam Kiciński - - - - - - - 13
Piotr Nielubowicz - 1 - - - 2 - 13
Michał Nowakowski - 3 - - - - - 4
Adam Badowski 1 6 - - - - 1 6
Piotr Karwowski 3 2 - - - - - 2
Urszula Jach - Jaki 1 1 - - - - - -
Maciej Gołębiewski - 2 - - - - - -
Paweł Zawodny 6 7 - - - - - -
Jeremiah Cohn - 1 - - - - - -

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
51
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 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
52
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 30.06.2023 31.12.2022
mBank S.A.
Bill of exchange agreement Framework agreement on financial market transactions PLN 50 000 50 000
Bill of exchange agreement Bank guarantee securing a rental contract PLN 427 427
Mazowiecka Jednostka Wdrażania Programów Unijnych
Contractual commitment Commitment to incur operating and renovation expenditures on leased space PLN - 20
Narodowe Centrum Badań i Rozwoju
Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0105/16 PLN 7 711 7 711
Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0110/16 PLN 3 846 3 846
Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0112/16 PLN 3 692 3 692
Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0118/16 PLN 1 358 1 358
Bill of exchange agreement Subsidy agreement POIR.01.02.00-00-0120/16 PLN 1 204 1 204
Pekao Leasing Sp. z o.o.
Bill of exchange agreement Lease contract 37/1991/21 PLN 240 314
Santander Bank Polska S.A. (previously: BZ WBK S.A.)
Bill of exchange agreement Framework agreement on financial market transactions PLN 23 500 23 500

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
53
Bank Polska Kasa Opieki Spółka Akcyjna
Bill of exchange agreement Framework agreement on financial market transactions PLN 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

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
54
Note 27. Changes in the structure of the Group and Group companies during
the reporting period
Parent Company
 Acquisition of the remaining shares in the subsidiary Spokko sp. z o.o.
On 31 January 2023, as a result of the Parent Company concluding agreements for the sale of shares with the other shareholders
of the subsidiary Spokko sp. z o.o., the Parent Company acquired from those shareholders a total of 135 shares in Spokko sp. z o.o.
with a nominal value of PLN 50 each, as a result of which the Parent Company became the owner of 100% (i.e. 1089) of shares in
that subsidiary.
 Registration of the merger between the Parent Company and its subsidiary - CD PROJEKT RED STORE sp. z o.o.
On 28 February 2023, the District Court for the Capital City of Warsaw in Warsaw entered in the Register of Businesses the merger
through acquisition by the Parent Company, as the surviving company, with its subsidiary CD PROJEKT RED STORE sp. z o.o. with
its registered office in Warsaw, as the target company. The merger was carried out in accordance with the merger plan announced
on 17 November 2022, i.e. by transferring all the assets of CD PROJEKT RED STORE sp. z o.o. to the Parent Company, without
increasing the share capital of the Parent Company and without exchanging shares of the target company for shares of the Parent
Company due to the fact that the Parent Company holds 100% of the shares in the target company.
 Signing of the plan of a merger between the Parent Company and its subsidiary – SPOKKO sp. z o.o.
On 20 April 2023, the Management Board of the Parent Company informed that a merger plan between the Company, as the
surviving company, and its single-shareholder subsidiary SPOKKO sp. z o.o. was agreed upon and signed. The Merger Plan
(including attachments thereto) has been made available, among other things, as an attachment to current report no. 14/2023
.
Resolutions on the merger between the Parent Company and its subsidiary SPOKKO sp. z o.o. were passed by the General Meeting
of the Parent Company and the General Meeting of SPOKKO sp. z o.o. on 6 June 2023. The merger will become effective on the
date of its entry in the register.
CD PROJEKT Inc. (currently: CD PROJEKT RED Inc.)
On 31 May 2023, as a result of decisions taken by the Board of Directors of CD PROJEKT Inc. (currently: CD PROJEKT RED Inc.) and
CD PROJEKT S.A. (its sole shareholder), the share capital of CD PROJEKT Inc. was increased by USD 720 thousand i.e. to
USD 6 020 thousand. On the same date, CD PROJEKT RED Inc. concluded an agreement with The Molasses Flood LLC and one of
its shareholders at that time whereby CD PROJEKT Inc. acquired 60 000 additional shares in The Molasses Flood LLC as a result
of which it became the owner of 70.91% (i.e. 390 000) of its shares.
Note 28. Agreements that may result in future changes in the proportions of
shares held by shareholders and bondholders
Incentive Plan for the years 2020-2025
Based on the resolutions of the Parent Company’s General Meeting of 28 July 2020 and 22 September 2020, the incentive plan
for 2020-2025 was revised. In accordance with the adopted assumptions, a maximum of 4 000 000 entitlements, understood as
a conditional right to take up subscription warrants, entitling to take up shares in the Parent Company issued separately as part of
a conditional share capital increase, or alternatively to purchase, on preferential terms, the Parent Company’s treasury shares were
to be granted as part of the implementation of the plan. Taking up and exercising of rights from the subscription warrants or, as the
case may be, purchasing the Parent Company’s shares by the eligible persons was to be conditional upon the Parent Company’s
determination that the objectives and criteria of the plan have been met. The plan included performance-related objectives (80%
of entitlements), market related objectives (20% of entitlements), individual objectives in selected cases and, in each case, the
loyalty criterion which applies until the date of determining that the plan objectives and criteria have been met.
For more information on the principles of the incentive plan for the years 2020-2025, see e.g.
Management Board Report on
CD PROJEKT Group activities in 2021.
Based on the results achieved during the period of the functioning of the plan and the assumptions for the subsequent years of the
plan, the Management Board assessed the possibility of achieving the performance targets set in the plan over the entire period of
the plan duration and revised the estimates, considering it most likely that the performance targets would not be achieved over
that period.
On 20 December 2022, the General Meeting of the Parent Company passed Resolution no. 5 concerning discontinuation of the
incentive plan for the financial years 2020-2025. However, due to the fact that entry into force of that resolution was conditional
upon the General Meeting’s adopting specific resolutions on the introduction of a new incentive plan, the resolution concerning
discontinuation of the Plan for 2020-2025 became effective on 18 April 2023 and resulted in expiry of the Plan in its entirety.

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
55
During the reporting period, no new entitlements were granted as part of the Incentive Plan for the years 2020-20250. As at
18 April 2023, 2 113 000 entitlements granted remained in the Incentive Plan for the years 2020-2025. In accordance with the
Regulations of the Incentive Plan for the years 2020-2025, in the case of expiry of the incentive plan, entitlements awarded as part
of that plan also expire.
Incentive Plans for the years 2023-2027
Based on the resolutions of the General Meeting of the Parent Company of 18 April 2023, two new incentive plans for the financial
years 2023-2027 were introduced on that date by resolutions of the Parent Company’s General Meeting of 18 April 2023: the
Incentive Plan A and Incentive Plan B, which replaced the Incentive Plan for the years 2020-2025.
Incentive Plan A
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 entirety of the Incentive plan A. The entitlements shall be realized alternatively
through: (i) offering 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 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. Taking up and exercising of
rights from the subscription warrants or, as the case may be, purchasing the Parent Company’s shares by the participant under
Incentive Plan A shall be conditional upon meeting the loyalty criterion (understood as participants of 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
Company’s shares as part of executing entitlements under Plan A shall correspond to the nominal value of the Parent Company’s
shares. The vesting period shall be 3 years.
By the date of publication of this report, 100 444 entitlements were awarded under Incentive Plan A, of which 97 261 remain active.
Assumptions adopted for the valuation of the Incentive Plan A for the years 2023–2027.
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%
Changes in entitlements granted under Incentive Plan A for the years 2023–2027
Specification
01.01.2023 – 30.06.2023
Number of shares
Granted during the period 100 444
Forfeited during the period 3 183
Unrealized as at the end of the period 1 500 000
Granted unrealized as at the end of the period 97 261
Incentive Plan B
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 entirety of the
Incentive Plan B. The entitlements shall be realized alternatively through: (i) offering 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 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. Taking up and exercising the rights from the subscription warrants or, as the case may be,
purchasing the Parent Company’s shares by the eligible persons under 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 participants of
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 Company’s shares as part of exercising the entitlements under Plan B
will correspond to the price of the 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 shortening 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).

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
56
By the date of publication of this report, 662 000 entitlements were awarded under Incentive Plan B, of which 662 000 remain
active.
Assumptions adopted for the valuation of the Incentive Plan B for the years 2023–2027.
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%
Changes in entitlements granted under Incentive Plan B for the years 2023–2027
Specification
01.01.2023 – 30.06.2023
Number of shares
Granted during the period 662 000
Unrealized as at the end of the period 3 500 000
Granted unrealized as at the end of the period 662 000
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 better
developed tax systems.
In accordance with a general rule, tax settlements may be subject to inspections within 5 years from the end of the 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- V.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 the research and development relief
provided for in the Act of 15 February 1992 on corporate income tax (consolidated text, Journal of Laws of 2022, item 2587, as
amended, hereinafter the “CIT Act”).
Starting from the month following the submission of the CIT-8 tax return, the Parent Company is taking 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 is reducing 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 work for the Parent Company. At the
same time, the amount of the research and development relief reported and not deducted is being reduced (the reduction is the
product of the personal income tax liability due and the personal 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 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
57
Note 30. Explanations to the condensed consolidated statement of cash flows
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
Cash and cash equivalents reported in the statement of cash flows 149 336 685 029
Cash and cash equivalents in the balance sheet 149 336 685 029
Depreciation and amortization 6 611 7 346
Amortization of intangible assets 1 144 1 080
Amortization of expenditure on development projects 258 622
Depreciation of property, plant and equipment 5 196 5 625
Depreciation of investment properties 13 19
Foreign exchange gains/(losses) arise on the following items: 18 842 (4 855)
Foreign exchange gains and losses on measurement of private equity interests
in the gaming sector
246 -
Foreign exchange gains/(losses) on measurement of loans granted as
at the balance sheet date
224 26
Foreign exchange gains/(losses) on measurement of leases (172) -
Foreign exchange gains/(losses) on measurement of bonds 18 544 (4 881)
Interest and shares in profits comprise: (25 225) (17 553)
Interest on bank deposits (17 195) (9 018)
Interest on bonds (8 321) (8 587)
Interest accrued on loans granted (102) (215)
Interest on lease contracts 393 267
(Gains)/losses on investing activities arise on the following items: (43 042) 1 486
Proceeds from sale of property, plant and equipment (25) (14)
Net carrying amount of property, plant and equipment 1 5
Net carrying amount of non-current assets scrapped 133 199
Net carrying amount of scrapped intangible assets and expenditure on
research and development work
2 746 283
Net carrying amount of investment properties scrapped 737 -
Reversal of impairment write-downs of property, plant and equipment,
intangible assets and expenditure on development work
(21 531) -
Settlement and measurement of derivative financial instruments (22 998) 18 353
Measurement of private equity interests in the gaming sector 51 -
Disclosure of property, plant and equipment and intangible assets (5) -
Commission and fees on purchase of bonds 143 167
Proceeds from redemption of bonds (36 711) (157 700)
Value of bonds purchased 34 417 140 193
Change in provisions results from the following items: (49 904) (50 187)
Increase/(Decrease) in provisions for liabilities (70 440) (49 003)
Increase/(Decrease) in provision for costs of performance-related and other
remuneration recognized under expenditure on development projects
20 536 (1 184)
Change in inventories results from the following items: 4 583 750
(Increase)/Decrease in inventories 4 583 750

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
58
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
Change in receivables results from the following items: 78 922 72 643
(Increase)/Decrease in current receivables in the balance sheet 85 615 121 804
(Increase)/Decrease in non-current receivables in the balance sheet 14 (48)
(Increase)/Decrease in prepayments for investment properties - (79)
Income tax settled against withholding tax 14 909 29 548
Withholding tax paid abroad (15 960) (24 632)
Adjusted for current income tax (4 041) (27 205)
(Increase)/Decrease in prepayments for development projects 285 (26 786)
(Increase)/Decrease in prepayments for property, plant and equipment
and intangible assets
(105) 41
(Increase)/Decrease in receivables in respect of the sale of property, plant
and equipment and intangible assets
(1 795) -
Change in current liabilities, excluding loans and borrowings, results from the
following items:
(15 429) 7 523
Increase/(Decrease) in current liabilities in the balance sheet (24 949) 90 418
Adjusted for current income tax 2 116 24 446
Increase/(Decrease) in other current financial liabilities 1 100 (3 922)
Increase/(Decrease) in liabilities resulting from purchase of property, plant
and equipment
5 763 (2 722)
Increase/(Decrease) in liabilities resulting from purchase of intangible assets 541 32
Increase/(Decrease) in liabilities resulting from dividend from retained earnings - (100 739)
Increase/(Decrease) in liabilities resulting from purchase of investment properties - 10
Change in other assets and liabilities results from the following items: (8 112) (34 673)
(Increase)/Decrease in prepayments and accruals in the balance sheet (10 261) (19 767)
Increase/(Decrease) in deferred income in the balance sheet 2 270 (14 786)
Adjusted for prepayments and deferred costs with the double entry in liabilities (121) (120)
“Other adjustment” comprise: 10 689 5 297
Costs of the incentive plan 10 141 2 318
Measurement of derivative financial instruments (665) 63
Amortization and depreciation written off, reported under cost of sales,
consortium settlements and other operating expenses
- 1 046
Amortization and depreciation reported under cost of sales
and other operating expenses
1 544 1 664
Foreign exchange differences on translation (231) 271
Other adjustments (100) (65)

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
59
Note 31. Cash flows and non-monetary changes resulting from changes in liabilities in financing activities
01.01.2023 Cash flows
Non-monetary changes
30.06.2023
Takeover of leased fixed
assets
Foreign exchange
differences
Interest accrued
Adoption of resolution
on
the payment of dividend
Lease liabilities 20 967 (1 806) 925 (172) 393 - 20 307
Liabilities to
shareholders in
respect of payment
of dividend
- (99 911) - - - 99 911 -
Total 20 967 (101 717) 925 (172) 393 99 911 20 307
01.01.2022 Cash flows
Non-monetary changes
30.06.2022
Takeover of leased fixed
assets
Foreign exchange
differences
Interest accrued
Adoption of resolution
on
the payment of dividend
Lease liabilities 16 655 (2 141) 4 581 1 267 - 19 363
Liabilities to
shareholders in
respect of payment
of dividend
- - - - - 100 739 100 739
Total 16 655 (2 141) 4 581 1 267 100 739 120 102

Interim condensed consolidated financial statements of the CD PROJEKT Group for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
60
Note 32. Post-balance sheet date events
Events with no impact on the financial statements for the period from 1 January to 30 June 2023
On 10 July 2023, as a result of decisions taken by the Board of Directors of CD PROJEKT Inc. (currently: CD PROJEKT RED Inc.) and
the Parent Company (as its sole shareholder), the company’s name was changed from “CD PROJEKT Inc.” to “CD PROJEKT
RED Inc.” and its principal place of business was moved to Boston (Waltham), Massachusetts.
On 26 July 2023, the Management Board of the Parent Company announced a decision to adjust the scale and structure of the
Parent Company’s team to its operating needs and project publishing plans executed under the strategy of the CD PROJEKT Group.
As a result, workforce reduction will be carried out covering 9% of the personnel in the CD PROJEKT RED studio, including, among
others production and publishing teams as well as back-office. The process is planned to end in the first quarter of 2024. The
decision adopted is related to the ongoing transformation which involved, among other things, the CD PROJEKT RED studio
implementing the Agile methodology, making production methods more efficient and optimizing work organization. The change in
approach and an attempt to build more effective project teams is a continuation of the ongoing transformation processes which the
Parent Company believes are of key importance to creating high quality games, published on time and developed without
burdensome and excessive overtime work. The Parent Company informed that the estimated provisions for costs relating to
termination of employment contracts (including costs of severance pay) amounted to approximately PLN 4.5 million. The amount
will be charged to the net profit or loss of the CD PROJEKT Group in the third quarter of 2023.

Interim condensed separate financial
statements of CD PROJEKT S.A.
5

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
62
Interim condensed separate income statement
Note
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022*
Sales revenue 243 490 290 969
Sales of products 236 593 283 752
Sales of services 470 1 137
Sales of goods for resale and materials 6 427 6 080
Cost of sales of products, services, goods for resale and materials 49 130 41 007
Costs of products and services sold 42 405 36 780
Cost of goods for resale and materials sold 6 725 4 227
Gross profit/(loss) on sales 194 360 249 962
Selling expenses 67 065 70 635
Administrative expenses 52 891 40 026
Other operating income 34 102 5 618
Other operating expenses 8 844 8 592
(Impairment)/reversal of impairment
of financial instruments
4 (8)
Operating profit/(loss) 99 666 136 319
Finance income 53 726 36 350
Finance costs 28 482 21 374
Profit/(loss) before tax 124 910 151 295
Income tax A 29 382 39 435
Net profit/(loss) 95 528 111 860
Net earnings/(loss) per share (in PLN) - -
Basic for the reporting period 0.95 1.11
Diluted for the reporting period 0.95 1.11
* restated data
Interim condensed separate statement of
comprehensive income
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
Net profit/(loss) 95 528 111 860
Other comprehensive income subject to reclassification to gains or losses after
specific conditions have been met
337 (7 991)
Measurement of derivative financial instruments – fair value through other
comprehensive income, taking into account the tax effect
337 (7 991)
Other comprehensive income not subject to reclassification to gains or losses - -
Total comprehensive income 95 865 103 869

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
63
Interim condensed separate statement of financial
position
Note 30.06.2023 31.12.2022
NON-CURRENT ASSETS 1 261 942 1 094 596
Property, plant and equipment 159 479 143 439
Intangible assets 70 414 70 324
Expenditure on development projects 594 134 471 537
Investment properties 37 429 42 560
Goodwill C 49 168 49 168
Investments in subordinated entities 57 910 53 566
Prepayments and deferred costs 6 100 5 314
Other financial assets G 242 203 207 437
Deferred tax assets A 44 737 50 868
Other receivables F,G 368 383
CURRENT ASSETS 838 024 1 089 378
Inventories 8 118 9 886
Trade receivables F,G 83 188 164 708
Current income tax receivable 10 716 -
Other receivables F 40 376 54 677
Prepayments and deferred costs 9 362 6 189
Other financial assets G 249 576 279 515
Bank deposits over 3 months G 317 125 337 330
Cash and cash equivalents G 119 563 237 073
TOTAL ASSETS 2 099 966 2 183 974

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
64
Note 30.06.2023 31.12.2022
EQUITY 2 006 408 2 001 765
Share capital 11,22* 99 911 100 771
Supplementary capital 1 681 466 1 539 437
Share premium 116 700 116 700
Treasury shares - (99 993)
Other reserves 14 504 3 777
Retained earnings (Accumulated losses) (1 701) -
Net profit (loss) for the period 95 528 341 073
NON-CURRENT LIABILITIES 29 968 36 106
Other financial liabilities G 18 206 18 883
Other liabilities 2 500 2 620
Deferred income 2 753 3 666
Provision for retirement and similar benefits 339 339
Other provisions B 6 170 10 598
CURRENT LIABILITIES 63 590 146 103
Other financial liabilities G 2 085 1 788
Trade payables G 18 945 39 587
Current income tax liabilities - 2 116
Other liabilities 5 452 4 350
Deferred income 18 479 15 032
Provision for retirement and similar benefits 9 9
Other provisions B 18 620 83 221
TOTAL LIABILITIES AND EQUITY 2 099 966 2 183 974
* Detailed information on changes in items are presented in relevant notes to interim condensed consolidated financial statements.

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
65
Interim condensed separate statement of changes in equity
Share capital
Supplementary
capital
Share premium Treasury shares Other reserves
Retained
earnings
(Accumulated
losses)
Net profit (loss)
for the period
Total equity
01.01.2023 – 30.06.2023
Equity
as at 01.01.2023
100 771 1 539 437 116 700 (99 993) 3 777 341 073 - 2 001 765
Costs of the incentive
plan
- - - - 10 390 - - 10 390
Retained earnings /
(Accumulated losses) of
the acquired entity
- - - - - (1 701) - (1 701)
Appropriation of the net
profit/offset of loss
- 241 162 - - - (241 162) - -
Payment of dividend - - - - - (99 911) - (99 911)
Redemption of Treasury
shares
(860) (99 133) - 99 993 - - - -
Total comprehensive
income
- - - - 337 - 95 528 95 865
Equity
as at 30.06.2023
99 911 1 681 466 116 700 - 14 504 (1 701) 95 528 2 006 408

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
66
Share capital
Supplementary
capital
Share premium Treasury shares Other reserves
Retained
earnings
(Accumulated
losses)
Net profit (loss)
for the period
Total equity
01.01.2022 – 30.06.2022
Equity
as at 01.01.2022
100 739 1 366 952 115 909 - 49 515 235 934 - 1 869 049
Costs of the incentive
plan
- - - - 2 318 - - 2 318
Appropriation of the net
profit/offset of loss
- 135 195 - - - (135 195) - -
Payment of dividend - - - - - (100 739) - (100 739)
Total comprehensive
income
- - - - (7 991) - 111 860 103 869
Equity
as at 30.06.2022
100 739 1 502 147 115 909 - 43 842 - 111 860 1 874 497

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
67
Interim condensed separate statement of cash flows
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
OPERATING ACTIVITIES
Net profit/(loss) 95 528 111 860
Total adjustments: 25 688 36 941
Depreciation and amortization of property, plant and equipment, intangible assets,
expenditure on development projects and investment properties
5 774 5 501
Amortization of development projects recognized as cost of goods sold 43 217 36 138
Foreign exchange (gains)/losses 18 842 (4 859)
Interest and participation in profits (25 077) (16 966)
(Gains)/losses on investing activities (45 962) 3 883
Increase/(Decrease) in provisions (48 493) (49 728)
(Increase)/Decrease in inventories 1 768 2 792
(Increase)/Decrease in receivables 80 058 73 045
Increase/(Decrease) in liabilities, excluding loans and borrowings (14 588) (1 323)
Change in other assets and liabilities (1 545) (16 581)
Other adjustments 11 694 5 039
Cash from operating activities 121 216 148 801
Income tax expense 13 422 14 803
Withholding tax paid abroad 15 960 24 632
Income tax (paid)/refunded (20 123) (34 188)
Net cash from operating activities 130 475 154 048

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
68
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
INVESTING ACTIVITIES
Inflows 420 246 462 168
Sale of intangible assets and property, plant and equipment 22 6
Repayment of loans granted - 12 934
Expiry of bank deposits over 3 months 329 970 265 000
Redemption of bonds 56 411 173 090
Interest on bonds 6 479 2 102
Interest received on deposits 17 048 8 397
Inflows from execution of forward contracts 10 273 -
Other inflows from investing activities 43 639
Outflows 566 793 332 815
Acquisition of intangible assets and property, plant and equipment 28 284 25 165
Expenditure on development projects 161 585 89 710
Expenditure on intangible assets 380 -
Acquisition of investment properties and capitalization of expenditure 98 145
Loans granted 4 215 4 000
Purchase of shares in a subsidiary 440 -
Contribution to the capital of a subsidiary 3 053 29 912
Purchase of bonds and cost of their purchase 58 973 168 120
Placement of bank deposits over 3 months 309 765 -
Outflows from execution of forward contracts - 15 763
Net cash from investing activities (146 547) 129 353
FINANCING ACTIVITIES
Inflows 29 20
Payment of finance lease liabilities 28 20
Interest paid 1 -
Outflows 101 467 1 646
Dividends and other distributions to shareholders 99 911 -
Payment of lease liabilities 1 162 1 402
Interest paid 394 244
Net cash from financing activities (101 438) (1 626)
Net increase/(decrease) in cash and cash equivalents (117 510) 281 775
Change in cash and cash equivalents in the balance sheet (117 510) 281 775
Cash and cash equivalents as at the beginning of the period 237 073 345 795
Cash and cash equivalents as at the end of the period 119 563 627 570

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
69
Explanations to the condensed separate statement of cash flows
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
“Other adjustment” comprise: 11 694 5 039
Costs of the incentive plan 9 539 2 149
Amortization and depreciation written off, reported under cost of sales,
consortium settlements and other operating expenses
- 1 046
Amortization and depreciation reported under cost of sales
and other operating expenses
1 501 1 844
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) -
Assumption of comparability of the financial
statements and changes in 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 2022, with the exception of changes in accounting policies and presentation changes described below. These interim
condensed financial statements should be read in conjunction with the financial statements for the year ended 31 December 2022.
Changes in accounting policies
Changes in accounting policies relating to the Company are the same as those described in the section Comparability of the
financial statements and consistency of accounting policies of the consolidated financial statements for the period from 1 January
to 30 June 2023.
Presentation changes
In these interim condensed separate financial statements for the period from 1 January to 30 June 2023 changes were introduced
in the presentation of selected financial data. In order to ensure comparability of the financial data in the reporting period,
presentation of the data for the period from 1 January to 30 June 2022 was changed. The data is presented after the following
change:
 In the income statement for the period from 1 January 2022 to 30 June 2022, presentation of the provisions for the variable
component of the performance-related remuneration of the Management Board Members was changed. Consequently, the
following items changed:
- Selling expenses – a decrease of PLN 10,708 thousand
- Administrative expenses – an increase of PLN 10,708 thousand

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
70
Notes to separate financial statements of
CD PROJEKT S.A.
A. Deferred tax
Deductible temporary differences underlying the deferred tax asset
31.12.2022*
Differences affecting
the deferred tax
recognized in the
profit or loss
30.06.2023
Provision for other employee benefits 348 - 348
Provision for costs of performance-related and
other remuneration
48 719 (39 466) 9 253
Foreign exchange losses 7 118 17 492 24 610
Difference between the carrying and tax
amount of expenditure on development
projects
34 848 (16 762) 18 086
Salaries and wages and social security payable
in future periods
47 25 72
Other provisions 33 282 (4 864) 28 418
Tax value of leased non-current assets 20 671 (265) 20 406
Research and development relief 317 927 (40 623) 277 304
Prepayments recognized as revenue for tax
purposes
7 523 (4 552) 2 971
Total deductible differences, including: 470 483 (89 015) 381 468
taxed at 5% 71 651 (399) 71 252
taxed at 19% 398 832 (88 616) 310 216
Deferred income tax asset 79 361 (16 857) 62 504
* restated data
Taxable temporary differences underlying the deferred tax provision
31.12.2022*
Differences affecting
the deferred tax
recognized in the
profit or loss
30.06.2023
Difference between the net carrying amount
and tax amount of property, plant and
equipment and intangible assets
16 358 2 019 18 377
Current period revenue invoiced in the
subsequent period/accrued income
132 887 (69 392) 63 495
Foreign exchange gains 8 417 (8 305) 112
Difference between the carrying and tax
amount of expenditure on development
projects
253 594 (42 205) 211 389
Book value of leased non-current assets 20 849 (426) 20 423
Other 7 60 67
Total taxable differences, including: 432 112 (118 249) 313 863
taxed at 5% 382 910 (83 862) 299 048
taxed at 19% 49 202 (34 387) 14 815
Deferred tax provision 28 493 (10 726) 17 767
* restated data

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
71
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
(the so-called IP BOX). When determining the appropriate tax rate for temporary differences, the Company relied on forecasts of
which tax base will give rise to the realization of the temporary differences recognized.
Net deferred tax asset/provision
30.06.2023 31.12.2022*
Deferred tax asset 62 504 79 361
Deferred tax provision 17 767 28 493
* restated data
Income tax expense recognized in the income statement
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
Current income tax, including: 23 251 32 788
withholding tax paid abroad 15 960 24 632
Change in deferred tax 6 131 6 647
Income tax expense recognized in the income statement 29 382 39 435
B. Other provisions
30.06.2023 31.12.2022
Provision for liabilities, including: 24 790 93 819
provision for costs of the audit and review of the financial statements 73 137
provision for costs of performance-related and other remuneration 9 254 67 121
provision for other costs 15 463 26 561
Total, including: 24 790 93 819
current 18 620 83 221
non-current 6 170 10 598
Change in other provisions
Provision for costs of
performance-related
and other
remuneration
Other provisions Total
As at 01.01.2023 67 121 26 698 93 819
Provisions recorded during the year 9 254 36 178 45 432
Provisions utilized/released 67 121 47 340 114 461
As at 30.06.2023, including: 9 254 15 536 24 790
current 9 254 9 366 18 620
non-current - 6 170 6 170

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
72
C. Goodwill
During the period from 1 January to 30 June 2023 there were no changes in goodwill.
D. Business combinations
Business combinations of jointly controlled entities are not covered directly in the International Financial Reporting Standards,
therefore when accounting for such transactions, the Company uses a method consistent with the pooling of interests method,
which assumes that:
 assets and liabilities of combining entities are measured at carrying amounts derived from the Company’s consolidated
financial statements. This means that goodwill previously recognized in the consolidated financial statements and all other
intangible assets recognized as part of accounting for the combination are moved to separate financial statements;
 transaction costs relating to the business combination are recognized in the income statement (finance costs);
 mutual balances of receivables/payables are eliminated;
 any difference between the amount paid or transferred and net assets acquired (at amounts derived from consolidated
financial statements) is reflected in the equity of the acquiring company (the amount embedded in equity is not a component
of supplementary capital, and therefore is not subject to distribution);
 the income statement presents the results of the combined entities from the moment when the combination occurred, while
the data for prior periods of the year in which the combination took place are recognized in equity as retained earnings, and
the data for the year preceding the business combination are not restated.
On 28 February 2023, the District Court for the Capital City of Warsaw in Warsaw entered in the Register of Businesses the merger
through acquisition by the Parent Company, as the surviving company, with its subsidiary CD PROJEKT RED STORE sp. z o.o. with
its registered office in Warsaw, as the target company. The merger was carried out in accordance with the merger plan announced
on 17 November 2022, i.e. by transferring all the assets of CD PROJEKT RED STORE sp. z o.o. to the Parent Company, without
increasing the share capital of the Parent Company and without exchanging shares of the target company for shares of the Parent
Company due to the fact that the Parent Company holds 100% of the shares in the target company. The merger was aimed at
simplifying the Group’s structure in connection with plans to continue the existing operations of the acquired company in
cooperation with a specialized third party. The Parent Company informed of the registration of the merger in its
current report
no. 7/2023.

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
73
Income statement for the period from 01.01.2023 to 28.02.2023
CD PROJEKT S.A.
CD PROJEKT RED STORE
sp. z o.o.
Business combination
adjustment
CD PROJEKT S.A.
after combination
Sales revenue 55 765 1 458 (11) 57 212
Sales of products 52 454 - - 52 454
Sales of services - 108 (11) 97
Sales of goods for resale and materials 3 311 1 350 - 4 661
Cost of sales of products, services, goods for resale and materials 17 516 1 006 - 18 522
Costs of products and services sold 14 658 93 - 14 751
Cost of goods for resale and materials sold 2 858 913 - 3 771
Gross profit/(loss) on sales 38 249 452 (11) 38 690
Selling expenses 19 914 127 (3) 20 038
Administrative expenses 10 854 208 (26) 11 036
Other operating income 8 446 98 (40) 8 504
Other operating expenses 8 621 508 (21) 9 108
Operating profit/(loss) 7 306 (293) (1) 7 012
Finance income 13 688 5 - 13 693
Finance costs 8 176 3 (1) 8 178
Profit/(loss) before tax 12 818 (291) - 12 527
Income tax (1 446) - - (1 446)
Net profit/(loss) 14 264 (291) - 13 973

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
74
Statement of financial position as at 28 February 2023
CD PROJEKT S.A.
CD PROJEKT RED STORE
sp. z o.o.
Business combination
adjustment
CD PROJEKT S.A.
after combination
NON-CURRENT ASSETS 1 145 098 545 (3 040) 1 142 603
Property, plant and equipment 153 785 149 (140) 153 794
Intangible assets 70 580 396 - 70 976
Expenditure on development projects 505 453 - - 505 453
Investment properties 42 345 - - 42 345
Goodwill 49 167 - - 49 167
Investments in subsidiaries 51 152 - (2 900) 48 252
Prepayments and deferred costs 2 620 - - 2 620
Other financial assets 211 045 - - 211 045
Deferred tax assets 58 580 - - 58 580
Other receivables 371 - - 371
CURRENT ASSETS 1 303 979 814 (25) 1 304 768
Inventories 10 242 259 - 10 501
Trade receivables 49 436 306 (25) 49 717
Current income tax receivable 3 071 - - 3 071
Other receivables 66 812 225 - 67 037
Prepayments and deferred costs 11 655 19 - 11 674
Other financial assets 534 491 - - 534 491
Bank deposits over 3 months 442 023 - - 442 023
Cash and cash equivalents 186 249 5 - 186 254
TOTAL ASSETS 2 449 077 1 359 (3 065) 2 447 371

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
75
CD PROJEKT S.A.
CD PROJEKT RED STORE
sp. z o.o.
Business combination
adjustment
CD PROJEKT S.A.
after combination
EQUITY 2 014 138 908 (2 896) 2 012 150
Equity of the shareholders of CD PROJEKT S.A. 2 014 138 908 (2 896) 2 012 150
Share capital 100 771 29 (29) 100 771
Supplementary capital 1 639 437 2 764 (2 764) 1 639 437
Share premium 116 700 - - 116 700
Treasury shares (99 993) - - (99 993)
Other reserves 3 587 - - 3 587
Retained earnings (Accumulated losses) 239 372 (1 594) (103) 237 675
Net profit (loss) for the period 14 264 (291) - 13 973
Non-controlling interests - - - -
NON-CURRENT LIABILITIES 26 385 59 (59) 26 385
Other financial liabilities 19 221 59 (59) 19 221
Other liabilities 5 498 - - 5 498
Deferred income 1 327 - - 1 327
Provision for retirement and similar benefits 339 - - 339
CURRENT LIABILITIES 408 554 392 (110) 408 836
Other financial liabilities 263 506 85 (85) 263 506
Trade payables 31 961 178 (25) 32 114
Other liabilities 2 620 - - 2 620
Deferred income 16 121 1 - 16 122
Provision for retirement and similar benefits 9 - - 9
Other provisions 94 337 128 - 94 465
TOTAL LIABILITIES AND EQUITY 2 449 077 1 359 (3 065) 2 447 371
No other business combinations of the Group entities took place in the reporting period.

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
76
E. Dividend paid (or declared) and received
On 6 June 2023, the Ordinary General Meeting of the Company decided to set aside a part of the Company’s net profit for 2022
for distribution to shareholders as dividend. In accordance with the adopted resolution, on 20 June 2023, the Company paid out
the total amount of PLN 99 910 510, i.e. 1 PLN per share participating in the dividend. The number of shares of the Company giving
the right to dividend was PLN 99 910 510, i.e. the total number of the Company’s shares less the Company’s own shares held then
(i.e. 860 290 shares).
F. Trade and other receivables
30.06.2023 31.12.2022
Trade and other receivables, gross 124 746 220 586
Write-downs 814 818
Trade and other receivables 123 932 219 768
from related entities 4 978 5 535
from other entities 118 954 214 233
Change in write-downs of receivables
Trade
receivables
Other
receivables
Total
OTHER ENTITIES
Write-downs as at 01.01.2023 86 732 818
Increases, including: 2 - 2
write-downs recognized for past-due and disputed receivables 2 - 2
Decreases, including: 6 - 6
release of write-downs 6 - 6
Write-downs as at 30.06.2023 82 732 814

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
77
Current and overdue trade receivables as at 30.06.2023
Total Not overdue
Overdue, in days
1 – 60 61 – 90 91 – 180 181 – 360 >360
RELATED ENTITIES
gross receivables 4 978 4 978 - - - - -
default ratio - 0% 0% 0% 0% 0% 0%
write-down resulting
from the ratio
- - - - - - -
write-down
determined
individually
- - - - - - -
total expected credit
losses
- - - - - - -
Net receivables 4 978 4 978 - - - - -
Total Not overdue
Overdue, in days
1 – 60 61 – 90 91 – 180 181 – 360 >360
OTHER ENTITIES
gross receivables 78 292 76 830 1 374 3 3 2 80
default ratio - 0% 0% 0% 0% 0% 0%
write-down resulting
from the ratio
- - - - - - -
write-down
determined
individually
82 - - - - 2 80
total expected credit
losses
82 - - - - 2 80
Net receivables 78 210 76 830 1 374 3 3 - -
Total
gross receivables 83 270 81 808 1 374 3 3 2 80
impairment write-
downs
82 - - - - 2 80
Net receivables 83 188 81 808 1 374 3 3 - -

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
78
Other receivables
30.06.2023 31.12.2022
Other gross receivables, including: 41 476 55 792
tax receivables, other than corporate income tax 24 451 41 766
prepayments for inventories 14 041 6 826
prepayments for development projects 1 718 1 433
security deposits 432 687
settlements with employees 40 -
prepayments for property, plant and equipment and intangible assets 30 135
settlements with suppliers of property, plant and equipment items - 4 160
settlements with payment operators - 7
settlements with members of the Management Boards - 2
other 764 776
Write-downs 732 732
Other receivables, including: 40 744 55 060
current 40 376 54 677
non-current 368 383
G. Information on financial instruments
Fair values and hierarchy of specific classes of financial instruments
The Management Boards of the Company analysed specific classes of financial instruments. Based on the analysis, it was concluded
that the carrying amounts of the instruments does not materially differ from their fair values, as at both 30 June 2023 and
31 December 2022.
30.06.2023 31.12.2022
LEVEL 1
Assets measured at fair value
Assets measured at fair value through
other comprehensive income
220 483 243 091
bonds issued by foreign governments - EUR 15 609 25 111
bonds issued by foreign governments - USD 204 874 217 980
LEVEL 2
Liabilities measured at fair value through profit or loss
Derivatives 20 534 7 809
currency forwards - EUR 973 1 249
currency forwards - USD 19 561 6 560
Private equity interests in the gaming sector 2 260 2 556
private equity interests in the gaming sector - SEK 919 1 085
Private equity interests in the gaming sector - USD 1 341 1 471
Financial Instruments measured at fair value are classified to 3-stage fair value hierarchy:
Level 1 - quoted prices in active markets for identical assets or liabilities.
Level 2 - fair value based in observable market data.
Level 3 - fair value based on market data that is not observable in the market.

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
79
Financial assets – classification and measurement
30.06.2023 31.12.2022
Financial assets measured at amortized cost 768 746 972 990
Other non-current receivables 368 383
Trade receivables 83 188 164 708
Cash and cash equivalents 119 563 237 073
Bank deposits over 3 months 317 125 337 330
Treasury bonds and bonds guaranteed by the State Treasury 243 713 232 757
Loans granted 4 789 739
Financial assets measured at cost 57 910 53 566
Investments in subordinated entities 57 910 53 566
Assets measured at fair value through
other comprehensive income
220 483 243 091
Bonds issued by foreign governments 220 483 243 091
Financial assets measured at fair value through profit or loss: 22 794 10 365
Derivative financial instruments 20 534 7 809
Private equity interests in the gaming sector 2 260 2 556
Total financial assets 1 069 933 1 280 012
Financial liabilities – classification and measurement
30.06.2023 31.12.2022
Financial liabilities measured at amortized cost 39 236 60 258
Trade payables 18 945 39 587
Other financial liabilities 20 291 20 671
Total financial liabilities 39 236 60 258
In accordance with the requirements of IFRS 9 Financial Instruments, the Company 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 bonds guaranteed by the Polish State
Treasury is to hold them to maturity and to collect contractual cash flows;
 investment mandates for managing the foreign bonds portfolio allow selling bonds before maturity as part of the adopted
strategy;
 all bonds purchased meet the SPPI test.
As a result of the analysis conducted, purchased bonds 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 are measured at fair
value through other comprehensive income, because of the investment mandate which allows 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 on the fair value hierarchy.

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
80
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.
30.06.2023 31.12.2022
LEVEL 1
Fair value of assets measured at amortized cost 236 096 219 713
Treasury bonds and bonds guaranteed by the State Treasury 236 096 219 713
Other items of financial assets and financial liabilities measured at amortized cost 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 in 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 historical cost as an acceptable
approximation of the fair value.
The Company did not determine the fair values of receivables, trade payables, cash and cash equivalents, bank deposits over
3 months and loans granted with variable interest, because their carrying amounts are considered by the Company to be
a reasonable approximation of their fair values.
There were no movements between levels in the fair value hierarchy in the reporting period and in the comparative period.

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
81
H. Transactions with related entities
Sales to related entities Purchases from related entities Receivables from related entities Liabilities to related entities
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
01.01.2023 –
30.06.2023
01.01.2022 –
30.06.2022
30.06.2023 31.12.2022 30.06.2023 31.12.2022
SUBSIDIARIES
GOG sp. z o.o. 4 017 6 455 379 1 502 4 394 2 798 4 2 610
CD PROJEKT Inc. 187 170 7 890 8 224 2 909 43 1 249 1 185
Spokko sp. z o.o. 226 737 1 140 - 2 156 246 -
CD PROJEKT RED STORE sp. z o.o. - 735 - 69 - 839 - 19
CD PROJEKT RED Vancouver
Studio Ltd.
23 29 10 104 7 781 563 1 694 1 730 2 746
The Molasses Flood LLC 1 - 25 690 10 311 4 789 742 2 855 2 579
THE PARENT COMPANY’S MANAGEMENT BOARD AND MEMBERS OF THE SUPERVISORY BOARD
Marcin Iwiński - 1 - - - - - 7
Adam Kiciński - - - - - - - 13
Piotr Nielubowicz - - - - - 2 - 13
Michał Nowakowski - 1 - - - - - 4
Adam Badowski 1 6 - - - - 1 6
Piotr Karwowski - - - - - - - 2
Paweł Zawodny 6 7 - - - - - -
Jeremiah Cohn - 1 - - - - - -

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
82
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 as 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 in a true, fair and clear manner the Group’s financial position and
its results of operations.
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 2023, 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 Regulation of the Minister of Finance of 29 March 2018 on current and
periodical information submitted by issuers of securities and conditions for considering as equivalent the information required under
the legislation of a non-Member State.
On the entity authorized to review the fairness of preparation of interim condensed consolidated
financial statements
On 9 March 2022, the Supervisory Board of the Parent Company selected Grant Thornton Polska Prosta spółka akcyjna with its
registered office in Poznań, as recommended by the Audit Committee, as auditor to carry out the review of semi-annual and the
audit of the annual financial statements of the Company and its Group for 2022 and 2023. Grant Thornton Polska Prosta spółka
akcyjna has been entered on the list of entities authorized to audit financial statements by the National Chamber of Statutory
Auditors with the number 4055.

Interim condensed separate financial statements of CD PROJEKT S.A. for the period from 1 January to 30 June 2023
(all amounts are in PLN thousand, unless stated otherwise)
The attached notes are an integral part of these financial statements
83
Approval of the financial statement
This semi-annual report has been signed and approved for publication by the Management Board of CD PROJEKT S.A. on
30 August 2023.
Warsaw, 30 August 2023
Adam Kiciński Piotr Nielubowicz Adam Badowski
President of the Management Board
Vice-President 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

84