MANAGEMENT BOARD REPORT ON CD PROJEKT
GROUP ACTIVITIES FOR THE PERIOD BETWEEN
1 JANUARY AND 31 DECEMBER 2025
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
2 CD PROJEKT GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
SUSTAINABILITY
FINANCIAL
RESULT S
This report on the activities of the CD PROJEKT Group and CD PROJEKT S.A., in its key aspects contains infor-
mation related to the separate financial statement of CD PROJEKT S.A. Due to the fact that the activities and
separate financial statement of CD PROJEKT S.A. have a dominant influence on the activities and consolidated
financial statement of the CD PROJEKT Group as a whole, information presented in subsequent sections of
this report will refer to consolidated financial statement of the Group, whose scope covers the activities and
financial result of CD PROJEKT S.A.
Disclaimer
This English language translation has been prepared solely for the convenience of English-speaking readers.
Despite all the eorts devoted to this translation, certain discrepancies, omissions or approximations may
exist. In case of any dierences between the Polish and the English versions, the Polish version shall prevail.
CD PROJEKT, its representatives and employees decline all responsibility in this regard.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
3 CD PROJEKT GROUP
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Esteemed Shareholders,
I am proud to present to you the CD PROJEKT Group’s annual
earnings report, which summarizes the year 2025.
This period was marked by intensive ongoing production work on
the first game in the new Witcher saga. Our team is passionately
fleshing out Ciri’s story while harnessing the full potential of Unreal
Engine 5. We presented our ambitions in this regard in the form of
a tech demo, unveiled at last June’s Unreal Fest. We believe that
the quality bar we’re aiming for with this project will not only satisfy
fans’ expectations, but redefine the RPG genre as a whole.
2025 was also a pivotal year for our presence in North America.
The Boston and Vancouver teams, both of which continued to grow,
successfully brought Cyberpunk 2 out of the conceptual phase and
into pre-production. Meanwhile, the first game set in this universe was made available on additional platforms.
The Ultimate Edition of Cyberpunk 2077 launched on Nintendo Switch 2 on the day of the console’s global
premiere, and was also released on Apple devices running the macOS system.
The power of our brands is borne out by sales figures, which feel us with pride and testify to the longevity of
our games. In 2025, as it celebrated its 10th anniversary, The Witcher 3 crossed the 60 million copies sold
milestone, while – for its part – Cyberpunk 2077 has sold over 35 million copies. The ability to maintain solid
sales dynamics over many years after each release is a cornerstone of our financial stability. It enables us
to comfortable finance parallel production work on several AAA projects, while also investing in groundbre-
aking innovations, and developing our third, proprietary IP codenamed Hadar – within which we have already
begun conceptual work on a new game.
In the coming year we will continue to reinforce our development teams and accelerate work on key projects.
We will also oer new content to fans of our franchise, enabling them to further interact with their favorite
universes.
Building global franchises requires not only technological proficiency, but also a healthy organizational “core”.
We want CD PROJEKT to continue attracting top talent, and oer a space for safe and inspiring professional
development. Over the past year we focused on reinforcing our corporate identity, making sure that the
CD PROJEKT DNA forms a strong organizational blueprint for each of our dev teams – regardless of its geo-
graphical location. This matter is especially important given our plans for further dynamic growth.
I would like to oer my heartfelt thanks to our Shareholders for their trust, which enables us to continue our
work without compromising on quality. Special thanks are also due to our employees – it is your creativity
and determination that enables CD PROJEKT to continue pursuing unique projects, which always aspire to be
counted among the highlights of the video game industry, as well as of popular culture at large.
Respectfully,
Michał Nowakowski
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
4 CD PROJEKT GROUP
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Table of contents
6 KEY HIGHLIGHTS OF 2025
7 BRIEF OUTLINE OF THE CD PROJEKT GROUP
8 Activity profile
10 Mission and values
11 Strategy
13 ACTIVITIES OF THE CD PROJEKT GROUP
14 Activities of the CD PROJEKT Group
15 Changes in the organizational structure of the CD PROJEKT Group in 2025
16 Description of business segments, products and services, outlets, suppliers and customers
25 Key factors relevant for further development of the CD PROJEKT Group
25 Disclosure of significant accomplishments in the scope of research and development
27 Disclosure of significant agreements
27 Risk management at the Group
32 RESULTS OF OPERATIONS OF THE CD PROJEKT GROUP
33 Discussion of the key economic and financial figures disclosed
in the consolidated and separate financial statements
54 STATEMENT REGARDING THE APPLICATION OF CORPORATE GOVERNANCE POLICIES
55 Statement regarding the application of corporate governance policies
60 Internal control and risk management
63 Shareholders who control major stock packages
63 Holders of securities which carry special control rights
64 Limitations on the exercise of voting rights
64 Limitations on transferability of ownership rights to the Issuer’s securities
64 Rules governing appointment and dismissal of managerial sta
64 Right to adopt decisions concerning issue or buy-back of the Issuer’s shares
65 Rules for amending the Issuer’s Articles of Association
65 General Meeting
67 Managerial and supervisory bodies
75 Diversity policy
76 CORPORATE GOVERNANCE SUPPLEMENTARY INFORMATION
77 Agreements which may result in changes in the proportions
of shares held by shareholders and bondholders
79 Information regarding the control system of employee share programs
79 Disclosure of the purchase and redemption of own shares
80 Board and the Supervisory Board
80 Remuneration paid out to members of the Company’s governing bodies
81 Gross remuneration of members of the Management Board of CD PROJEKT S.A.
83 Gross remuneration of Supervisory Board members
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
5 CD PROJEKT GROUP
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84 Disclosure of retirement benefits and similar compensation payable to former members
of the Issuer’s executive, supervisory or administrative bodies, and of any liabilities associated
with such benefits, specifying the aggregate amounts for each category of recipients
84 Agreements between the Issuer and members of its managing bodies concerning compensation
in the event of their resignation or dismissal, including dismissal or recall as a result of a merger
84 Transactions between the Issuer and members of its managing
and supervisory bodies not otherwise reported
85 Changes in basic management practices at the Company and its Group
85 Disclosure of significant legal proceedings
86 SUSTAINABILITY STATEMENT
87 Sustainability statement
96 Environmental disclosures
118 Social disclosures
140 Governance-related disclosures
146 ATTACHMENTS
147 Attachment 1. Disclosure requirements in ESRS covered by the undertaking’s sustainability statement
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
6 CD PROJEKT GROUP
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Key highlights of 2025
■
In April the Cyberpunk 2 team wrapped up the project’s conceptual phase and com-
menced preproduction
■ In June the State of Unreal 2025 kicked o with a tech demo of The Witcher 4,
which was met with highly positive reception on the part of gaming media and
the gaming community
■ In June Cyberpunk 2077: Ultimate Edition launched on Nintendo Switch 2 – in
parallel with the global launch of the console itself
■ In July CD PROJEKT announced that it was collaborating with Studio TRIGGER
on Cyberpunk: Edgerunners 2 – another installment in the anime series, which is
expected to launch on Netflix
■ In July a dedicated edition of Cyberpunk 2077: Ultimate Edition was released on
Mac devices equipped with Apple Silicon chips
■ In Deceber CD PROJEKT sold 100% of GOG sp. z o.o. shares to Mr. Michał Kiciński
in a competitive tender
■ In 2025 CD PROJEKT RED announced major cumulative sales milestones for its
products:
- over 60 million copies of The Witcher 3: Wild Hunt (May 2025)
- over 35 million copies of Cyberpunk 2077 (November 2025)
- over 10 million copies of Cyberpunk 2077: Phantom Liberty (May 2025)
CD PROJEKT GROUP
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01
BRIEF OUTLINE OF
THE CD PROJEKT GROUP
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
8 CD PROJEKT GROUP
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Activity profile
CD PROJEKT S.A. (also referred to as CD PROJEKT, the Company or us), headquartered in Warsaw, conducts
business activities in the dynamically growing global digital entertainment segment, focusing on video games.
Up until 30 December 2025 the CD PROJEKT Group carried out its operations in two main global segments:
CD PROJEKT RED and GOG.COM. Pursuant to a sale contract concluded on 29 December 2025, on 31 Decem-
ber 2025 Mr. Michał Kiciński purchased 100% of shares of GOG sp. z o.o. from CD PROJEKT. Consequently, the
former company ceased to be a member of the CD PROJEKT Group.
The financial eect of the sale of shares, along with the financial eect of activities heretofore carried out in the GOG.COM
segment, were presented in 2025 as discontinued activities. Eective on 1 January 2026, the Group is carrying on with
activities previously described as the activities of its CD PROJEKT RED segment. As a consequence of the sale of one of
its two segments, the Group no longer distinguishes separate activity segments in the context of its business activities.
CD PROJEKT RED
Development and publishing video games and managing the Company’s franchises, including through creation
and production of tie-in products.
GOG.COM
Digital distribution of video games via the Company’s proprietary GOG.COM platform and the GOG GALAXY
application. The GOG.COM segment existed in the framework of the Group until 30 December 2025.
Map 1 The CD PROJEKT Group around the world
During the reporting period:
■ 96.7% of the CD PROJEKT Group’s sales revenues came from exports,
■ digital distribution accounted for 87.4% of the Group’s sales revenues.
Boston
HUBS
Warsaw
CD PROJEKT RED European Hub and Headquarters
CD PROJEKT RED North American Hub
DEV OFFICES
Cracow
Wroclaw
Vancouver
REGIONAL SITES
Portland
Seoul
Tokyo
Presenting gamers with ambitious,
innovative, high-quality games
Parallel development projects
supporting an ambitious release
schedule
Oering unique development
opportunities and career
advancement options for team
members while retaining
creative autonomy
Steady stream of revenues
and earnings - enabling
financial independence
Development and expansion of
franchises by creating synergies
and supporting recognition of
our brands beyond the field of
videogames
Supporting and harnessing synergies
in the context of our franchises
Collaboration with experienced
quality-focused partners in expanding our
franchises to new fields of entertainment
(beyond videogames)
Management and protection of intellectual property
related to globally recognized franchises, beloved
by fans throughout the world
Maintaining control over the creative process
– caring for the quality of products
which comprise our franchises
Games developed by experienced
teams which prioritize quality
Parallel production by CD PROJEKT RED
development studios with teams
located in Poland, USA and Canada
Applying own tools and know-how to
development of open-world story-driven RPGs
Development of games in the context of
a strategic partnership which involves
the use of Unreal Engine
to support open-world gameplay
Carrying out global marketing and
sales campaign – by internal PR, Marketing
and Biz Dev teams
Maintaining dialogue with gamers
in 11 languages
FRANCHISE
MANAGEMENT
PUBLISHING
TECHNOLOGY
PRODUCTION
INTELLECTUAL
PROPERTY
STAKEHOLDER VALUE
OUR KEY CAPITALS
INTELLECTUAL CAPITAL
IP rights: Cyberpunk and The Witcher, in
selected fields of exploitation
TECHNOLOGICAL CAPITAL
Gamedev technologies and tools
RELATIONS AND SOCIAL CAPITAL
Strong communities
established around our products
Longstanding trust-based relations
with business partners
PRODUCT CAPITAL
Portfolio of available games and tie-in products
HUMAN CAPITAL
Team of experienced developers, highly skilled
in creating and producing games,
centered around a shared set of values
Internal publishing team with experience
in leading global marketing campaigns,
successfully promoting sales of our games
Eective backoce team supporting our operations
FINANCIAL CAPITAL
Financial reserves
Presenting gamers with ambitious,
innovative, high-quality games
Parallel development projects
supporting an ambitious release
schedule
Oering unique development
opportunities and career
advancement options for team
members while retaining
creative autonomy
Steady stream of revenues
and earnings - enabling
financial independence
Development and expansion of
franchises by creating synergies
and supporting recognition of
our brands beyond the field of
videogames
Supporting and harnessing synergies
in the context of our franchises
Collaboration with experienced
quality-focused partners in expanding our
franchises to new fields of entertainment
(beyond videogames)
Management and protection of intellectual property
related to globally recognized franchises, beloved
by fans throughout the world
Maintaining control over the creative process
– caring for the quality of products
which comprise our franchises
Games developed by experienced
teams which prioritize quality
Parallel production by CD PROJEKT RED
development studios with teams
located in Poland, USA and Canada
Applying own tools and know-how to
development of open-world story-driven RPGs
Development of games in the context of
a strategic partnership which involves
the use of Unreal Engine
to support open-world gameplay
Carrying out global marketing and
sales campaign – by internal PR, Marketing
and Biz Dev teams
Maintaining dialogue with gamers
in 11 languages
FRANCHISE
MANAGEMENT
PUBLISHING
TECHNOLOGY
PRODUCTION
INTELLECTUAL
PROPERTY
STAKEHOLDER VALUEOUR KEY CAPITALS
INTELLECTUAL CAPITAL
IP rights: Cyberpunk and The Witcher, in
selected fields of exploitation
TECHNOLOGICAL CAPITAL
Gamedev technologies and tools
RELATIONS AND SOCIAL CAPITAL
Strong communities
established around our products
Longstanding trust-based relations
with business partners
PRODUCT CAPITAL
Portfolio of available games and tie-in products
HUMAN CAPITAL
Team of experienced developers, highly skilled
in creating and producing games,
centered around a shared set of values
Internal publishing team with experience
in leading global marketing campaigns,
successfully promoting sales of our games
Eective backoce team supporting our operations
FINANCIAL CAPITAL
Financial reserves
Presenting gamers with ambitious,
innovative, high-quality games
Parallel development projects
supporting an ambitious release
schedule
Oering unique development
opportunities and career
advancement options for team
members while retaining
creative autonomy
Steady stream of revenues
and earnings - enabling
financial independence
Development and expansion of
franchises by creating synergies
and supporting recognition of
our brands beyond the field of
videogames
Supporting and harnessing synergies
in the context of our franchises
Collaboration with experienced
quality-focused partners in expanding our
franchises to new fields of entertainment
(beyond videogames)
Management and protection of intellectual property
related to globally recognized franchises, beloved
by fans throughout the world
Maintaining control over the creative process
– caring for the quality of products
which comprise our franchises
Games developed by experienced
teams which prioritize quality
Parallel production by CD PROJEKT RED
development studios with teams
located in Poland, USA and Canada
Applying own tools and know-how to
development of open-world story-driven RPGs
Development of games in the context of
a strategic partnership which involves
the use of Unreal Engine
to support open-world gameplay
Carrying out global marketing and
sales campaign – by internal PR, Marketing
and Biz Dev teams
Maintaining dialogue with gamers
in 11 languages
FRANCHISE
MANAGEMENT
PUBLISHING
TECHNOLOGY
PRODUCTION
INTELLECTUAL
PROPERTY
STAKEHOLDER VALUEOUR KEY CAPITALS
INTELLECTUAL CAPITAL
IP rights: Cyberpunk and The Witcher, in
selected fields of exploitation
TECHNOLOGICAL CAPITAL
Gamedev technologies and tools
RELATIONS AND SOCIAL CAPITAL
Strong communities
established around our products
Longstanding trust-based relations
with business partners
PRODUCT CAPITAL
Portfolio of available games and tie-in products
HUMAN CAPITAL
Team of experienced developers, highly skilled
in creating and producing games,
centered around a shared set of values
Internal publishing team with experience
in leading global marketing campaigns,
successfully promoting sales of our games
Eective backoce team supporting our operations
FINANCIAL CAPITAL
Financial reserves
Presenting gamers with ambitious,
innovative, high-quality games
Parallel development projects
supporting an ambitious release
schedule
Oering unique development
opportunities and career
advancement options for team
members while retaining
creative autonomy
Steady stream of revenues
and earnings - enabling
financial independence
Development and expansion of
franchises by creating synergies
and supporting recognition of
our brands beyond the field of
videogames
Supporting and harnessing synergies
in the context of our franchises
Collaboration with experienced
quality-focused partners in expanding our
franchises to new fields of entertainment
(beyond videogames)
Management and protection of intellectual property
related to globally recognized franchises, beloved
by fans throughout the world
Maintaining control over the creative process
– caring for the quality of products
which comprise our franchises
Games developed by experienced
teams which prioritize quality
Parallel production by CD PROJEKT RED
development studios with teams
located in Poland, USA and Canada
Applying own tools and know-how to
development of open-world story-driven RPGs
Development of games in the context of
a strategic partnership which involves
the use of Unreal Engine
to support open-world gameplay
Carrying out global marketing and
sales campaign – by internal PR, Marketing
and Biz Dev teams
Maintaining dialogue with gamers
in 11 languages
FRANCHISE
MANAGEMENT
PUBLISHING
TECHNOLOGY
PRODUCTION
INTELLECTUAL
PROPERTY
STAKEHOLDER VALUEOUR KEY CAPITALS
INTELLECTUAL CAPITAL
IP rights: Cyberpunk and The Witcher, in
selected fields of exploitation
TECHNOLOGICAL CAPITAL
Gamedev technologies and tools
RELATIONS AND SOCIAL CAPITAL
Strong communities
established around our products
Longstanding trust-based relations
with business partners
PRODUCT CAPITAL
Portfolio of available games and tie-in products
HUMAN CAPITAL
Team of experienced developers, highly skilled
in creating and producing games,
centered around a shared set of values
Internal publishing team with experience
in leading global marketing campaigns,
successfully promoting sales of our games
Eective backoce team supporting our operations
FINANCIAL CAPITAL
Financial reserves
Presenting gamers with ambitious,
innovative, high-quality games
Parallel development projects
supporting an ambitious release
schedule
Oering unique development
opportunities and career
advancement options for team
members while retaining
creative autonomy
Steady stream of revenues
and earnings - enabling
financial independence
Development and expansion of
franchises by creating synergies
and supporting recognition of
our brands beyond the field of
videogames
Supporting and harnessing synergies
in the context of our franchises
Collaboration with experienced
quality-focused partners in expanding our
franchises to new fields of entertainment
(beyond videogames)
Management and protection of intellectual property
related to globally recognized franchises, beloved
by fans throughout the world
Maintaining control over the creative process
– caring for the quality of products
which comprise our franchises
Games developed by experienced
teams which prioritize quality
Parallel production by CD PROJEKT RED
development studios with teams
located in Poland, USA and Canada
Applying own tools and know-how to
development of open-world story-driven RPGs
Development of games in the context of
a strategic partnership which involves
the use of Unreal Engine
to support open-world gameplay
Carrying out global marketing and
sales campaign – by internal PR, Marketing
and Biz Dev teams
Maintaining dialogue with gamers
in 11 languages
FRANCHISE
MANAGEMENT
PUBLISHING
TECHNOLOGY
PRODUCTION
INTELLECTUAL
PROPERTY
STAKEHOLDER VALUEOUR KEY CAPITALS
INTELLECTUAL CAPITAL
IP rights: Cyberpunk and The Witcher, in
selected fields of exploitation
TECHNOLOGICAL CAPITAL
Gamedev technologies and tools
RELATIONS AND SOCIAL CAPITAL
Strong communities
established around our products
Longstanding trust-based relations
with business partners
PRODUCT CAPITAL
Portfolio of available games and tie-in products
HUMAN CAPITAL
Team of experienced developers, highly skilled
in creating and producing games,
centered around a shared set of values
Internal publishing team with experience
in leading global marketing campaigns,
successfully promoting sales of our games
Eective backoce team supporting our operations
FINANCIAL CAPITAL
Financial reserves
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A. between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
9 CD PROJEKT GROUP
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Scheme 1 Business model of the CD PROJEKT Group
1
1
We consider value in the context of the above diagram in relation to employees, gamers and investors.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
10 CD PROJEKT GROUP
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Intangible assets upon which the CD PROJEKT’s business model is founded, include human capital, intellectual
capital and social capital:
1.
Human capital, consisting of the knowledge, experience and creativity of our employees, is an invaluable
source of innovation, enabling us to develop unique products and services. It is due to the engagement and
passion of the CD PROJEKT team that we have been able to develop games which resonate with millions of
gamers worldwide.
2. Intellectual capital, comprising, among others, IP rights to games and brands such as The Witcher and Cyber-
punk, constitutes the foundation for the Group’s business activities and ensures strong position on the market.
Unique, widely recognized IPs attract gamers and contribute to the Company’s value.
3. Solid business relations and social capital, based on trust and cooperation with business partners along with
a vibrant and engaged gaming community, is a prerequisite of success in the video game industry. Close
links to the gaming community allow us to create products and services adapted to the prevailing tastes and
demands, while smooth cooperation with partners enables eective distribution and promotion of games, as
well as access to cutting-edge technological solutions.
The intangible assets listed above are mutually supportive, thus generating value for the Company and its stakeholders.
Mission and values
Our mission is to create revolutionary
role-playing games, with memorable stories,
that inspire gamers.
Be ambitious
Set the goal and
preserve
Be honest
with everyone
at all time
Be kind
and respectful
to all around you
Always remember
about gamers
OUR VALUES:
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Strategy
DISCLOSURE OF STRATEGY, BUSINESS MODEL AND VALUE CHAIN
[ESRS 2 SBM-1]
In the framework of its strategy adopted in 2022, in the coming years the CD PROJEKT RED studio intends
to focus on:
1. Development and publishing of revolutionary RPGs in the framework of The Witcher and Cyberpunk franchi-
ses. The Studio is also carrying out conceptual work on a game representing its third, internally developed IP,
codenamed Hadar.
2. Implementing the franchise flywheel concept, which involves developing an ecosystem of mutually supporting
products, rooted in the potential of the Studio’s franchises. The Group has announced its openness to collabo-
ration with various external partners in order to create new ways to interact with its franchises.
3. Further enrichment of our franchise ecosystem with games oering multiplayer features.
Achieving the Group’s ambitious business goals depends, among others, on its commitment to increasing
team engagement by shaping a robust, healthy organizational culture based on mutual respect and observance
of legal and ethical standards while promoting continuous talent development. Our initiatives, rooted in the
five ambitions, support our plan to ensure sustainability at the CD PROJEKT Group and contribute to long-term
increases in its value.
A full description of the assumptions upon which the CD PROJEKT Group’s strategy is based can be found in
a set of documents published on the Company website.
Provoke reflection
through the memorable
stories
Be a company people
want to be a part of
Continue the green
transformation on our
campus and beyond
Build relationships
based on trust and
transparency
Use our resources
and competencies
to support others
SUSTAINABILITY AMBITIONS:
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
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ACTIONS UNDERTAKEN IN THE SCOPE OF IMPLEMENTING THE ADOPTED STRATEGY,
AND ANTICIPATED VECTORS OF DEVELOPMENT OF THE CD PROJEKT GROUP
At CD PROJEKT RED the year 2025 was marked by intensifying development work on ongoing projects (further deta-
ils can be found in the section titled Disclosure of significant achievements in the scope of research and development
elsewhere in this report), continuing work on tie-in products in the framework of the franchise flywheel concept,
and carrying on with the information campaign for the upcoming first installment in the new Witcher trilogy –
The Witcher 4.
In 2025 we also continued work on our new IP, codenamed Hadar, which is being developed internally by the
Company, based on its own resources and skills. This activity is aligned with the Group’s franchise portfolio
development strategy.
In the coming quarters, the Studio will focus primarily on further development work on ongoing projects; we
also plan to publish one of the heretofore unannounced gaming projects. In parallel, the studio will continue
scaling its dev teams, adapting their respective structures and headcount to the growing needs associated
with our multi-project strategy.
CD PROJEKT GROUP
BUSINESS
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GOVERNANCE
SUSTAINABILITY
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02
ACTIVITIES OF THE CD PROJEKT GROUP
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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Activities of the CD PROJEKT Group
ORGANIZATIONAL STRUCTURE OF THE CD PROJEKT GROUP
As of 31 December 2025, the CD PROJEKT Group consisted of the parent entity – CD PROJEKT S.A. – and
three subsidiaries: CD PROJEKT RED Inc., CD PROJEKT RED Canada Ltd., and CD PROJEKT SILVER Inc.
Scheme 2 CD PROJEKT Group at the end of 2025 (capital and voting share)
* companies subject to full consolidation
Table 1
Basic activity profile of each member company of the CD PROJEKT Group as of 31 December 2025
Company Scope of activity
CD PROJEKT S.A.
Serves as the holding company, and coordinates the activities of the CD PROJEKT
Group. Its principal scope of activity, carried out through the CD PROJEKT RED studio,
involves development and publishing of video games and tie-in products.
CD PROJEKT RED Inc.
This company coordinates development work on Cyberpunk and Project Sirius, and
participates in publishing and promotional activities focused on CD PROJEKT Group projects.
CD PROJEKT RED
Canada Ltd.
This company carries out development in the framework of the CD PROJEKT RED studio.
CD PROJEKT SILVER
Inc.
This company participates in development of entertainment products tied to CD PROJEKT
brands.
CD PROJEKT RED Canada Ltd. and CD PROJEKT SILVER Inc. were not subject to full consolidation in 2025.
Detailed information in this regard can be found in the Consolidated financial statements of the CD PROJEKT
Group for 2025.
CD PROJEKT S.A.
100%
CD PROJEKT RED Inc.*
100%
CD PROJEKT SILVER Inc.
100%
CD PROJEKT RED Canada Ltd.
*Spółki objęte konsolidacją. Szczegółowe informacje znajdują się w Śródrocznym skróconym skonsolidowanym
sprawozdaniu finansowym Grupy Kapitałowej CD PROJEKT za okres od 1 stycznia do 30 czerwca 2025 r.
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RESULT S
Changes in the organizational structure
of the CD PROJEKT Group in 2025
PURCHASE OF REMAINING SHARES AND MERGER BETWEEN
THE MOLASSES FLOOD LLC AND CD PROJEKT RED INC.
On 21 March 2025 the share capital of CD PROJEKT RED Inc. was increased by 708 thousand USD, to 8 628
thousand USD. The increased value of existing shares was fully paid up in cash by the parent Company. The
aim of this capital increase was to facilitate remittance of the first installment of the payment for 100 000 sha-
res of The Molasses Flood LLC, the ownership of which, pursuant to agreements concluded with its minority
shareholders on 12 and 18 March 2025, respectively, was transferred to CD PROJEKT RED Inc. on 31 March
2025. As a result, CD PROJEKT RED Inc. became the owner of 100% (i.e. 550 000) shares of the aforemen-
tioned company. The intent of the Board of Directors of CD PROJEKT RED Inc. was to proceed with a merger
between The Molasses Flood LLC as the target company, and its sole partner – CD PROJEKT RED Inc. as the
surviving company. This merger was formally registered on 1 April 2025. Under the applicable legal regulations,
CD PROJEKT RED Inc. therefore entered into all rights and obligations previously appertaining to The Molasses
Flood. The merger was carried out in accordance with US law.
The goal of the merger was to further integrate The Molasses Flood team and its ongoing tasks with the
structures and development processes in force at the CD PROJEKT RED studio, as well as to streamline the
structure of the Group.
SALE OF GOG SP. Z O.O.
On 29 December 2025, as a result of a competitive tender carried out in collaboration with an external con-
sultant, CD PROJEKT entered into an agreement with Mr. Micha Kiciński, a major shareholder of the Company,
concerning sale of shares in GOG sp. z o.o. Based on this agreement, on 31 December 2025 Mr. Michał Kiciń-
ski purchased from the Company 2 715 (i.e. 100%) shares of GOG, representing 100% of votes at the general
meeting thereof, for a price of 90 695 440 PLN.
The sale of GOG is in accordance with the development strategy of the CD PROJEKT Group, which emphasizes
focusing on the core activity of the Company, i.e. developing and publishing video games and tie-in products
which comprise its existing and upcoming franchises.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
16 CD PROJEKT GROUP
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RESULT S
Description of business segments, products and
services, outlets, suppliers and customers
In 2025 the Group conducted business activities in two segments:
■ CD PROJEKT RED,
■ GOG.COM (until 30 December 2025).
CD PROJEKT RED SEGMENT
Activities within this segment focus on the Company’s franchises – The Witcher and Cyberpunk – and involve
the following:
■ developing and publishing video games;
■ coordinating promotion, distribution and sales of own products;
■ managing the Group’s franchises and IP;
■
collaborating with external partners in the scope of creating, selling, licensing or publishing tie-in products
based on the Group’s franchises.
Key products and business model
[ESRS 2 SBM-1]
Video game development commenced in 2002 and initially focused on the studio’s RPG debut: The Witcher.
This game, set in Andrzej Sapkowski’s fantasy world, was released in 2007.
The Studio’s key product portfolio currently includes the following video games:
■ The Witcher;
■ The Witcher 2: Assassins of Kings;
■ The Witcher 3: Wild Hunt with two expansion packs – Hearts of Stone and Blood and Wine;
■ Cyberpunk 2077 with its expansion pack – Phantom Liberty.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
17 CD PROJEKT GROUP
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Sales of CD PROJEKT RED games are carried out under the following core business models:
■ sales of territorial distribution rights (for box and digital editions), settled post factum on the basis of monthly or
quarterly sales reports / licensing reports submitted by the Company’s business partners;
■ supplies of physical box editions to the Company’s business partners for retail resale.
Digital distribution agreements concluded by the Company are typically settled in monthly cycles, while distri-
bution of physical video game editions follows quarterly reporting cycles. Depending on the specific partner
or contract, the Company also collects licensing reports – these are submitted 30, 45 or 60 days following the
end of each reporting period (typically each month or quarter).
Key sources of revenue
In 2025 the most important CD PROJEKT RED products from the point of view of revenues were:
■ Cyberpunk 2077, together with its expansion – Phantom Liberty,
■ The Witcher 3: Wild Hunt, together with its expansions – Hearts of Stone and Blood and Wine.
Additionally, the Company continued to oer earlier instalments in The Witcher franchise, including The Witcher
and The Witcher 2: Assassins of Kings, both of which continue to attract players and provide a stable revenue
stream. The Company also obtained revenues from tie-in products (in the framework of the franchise flywheel
concept) associated with The Witcher and Cyberpunk franchises.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
18 CD PROJEKT GROUP
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Cyberpunk 2077
On 26 November 2025 CD PROJEKT RED announced that over 35 million copies of Cyberpunk 2077 had
been sold. Earlier, on 28 May 2025, the Studio announced that the Phantom Liberty expansion had sold over
10 million copies.
Chart 1 Cyberpunk 2077 and Phantom Liberty – sales by distribution type
Chart 2 Cyberpunk 2077 and Phantom Liberty – sales by hardware platform
The observed increase in sales in 2023 – evident on both charts – is due to the release, in September 2023, of
the Phantom Liberty expansion, while the 2025 spike was mainly due to inclusion of the base game in the Play-
Station Plus Extra and Premium catalogue on PlayStation 4 and 5, as well as to the release of Cyberpunk 2077:
Ultimate Edition on Nintendo Switch 2.
2
Sum of the number of copies of the standalone game and the Ultimate Edition bundle
3
Sum of the number of copies of the standalone expansion and the Ultimate Edition bundle
4
For the years 2020-2022 only the sales of Cyberpunk 2077 are presented; for the years 2023-2025 the figures aggregate sales of the
standalone base game, of the standalone Phantom Liberty expansion, and of both of those products included in the Ultimate Edition
bundle; for the year 2025 the figures include payments associated with inclusion of the base edition of the game in the PlayStation Plus
Extra and Premium catalogues.
2020
2021
2022
2023
2024
2025
Physical distribution Digital distribution
92%
97%
3%
95%
5%
8%
15%
85%
95%
5% 10%
90%
2020
2021
2022
2023
2024
2025
PC PlayStation Xbox Nintendo Switch
13%
15%
71%
25%
57%
65%
22%
13%
13%
58%
29%
19%
12%
26%
62% 51%
29%
9%
10%
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
19 CD PROJEKT GROUP
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RESULT S
Map 2 Purchases of Cyberpunk 2077 and Phantom Liberty by region in 2025 (revenues)
The Witcher 3: Wild Hunt
2025 marked another year of strong sales of The Witcher 3: Wild Hunt. On 26 November 2025 CD PROJEKT RED
announced that over 60 million copies of the game had been sold.
Chart 3 The Witcher 3 – revenues by distribution type
North America
40.3%
South America
3.3%
Europe
30.7%
Asia
22.3%
Africa
0.6%
Australia
2.8%
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Dystrybucja fizyczna Dystrybucja cyfrowa
14%
69%
51%
75%
49%
31%
32%
81%
77%
82%
84%
93%
95%
92%
6%
95%
68%
19%
23%
85%
88%
86%
94%
18% 15% 12%
5%
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
20 CD PROJEKT GROUP
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RESULT S
Chart 4 The Witcher 3 – revenues by hardware platform
Map 3 Purchases of The Witcher 3 by region in 2025 (revenues)
Key suppliers and clients in the value chain
[ESRS 2 SBM-1]
Developing large-scale RPGs is a process which involves collaboration with dozens of companies – this includes
typical B2B relationships as well as contractual arrangements with representatives of the creative industry and
artists from around the world. Our business partners include actors, musician, graphic artists, writers and trans-
lators, as well as – among others – video game distributors, manufacturers of gaming consoles and computer
hardware, developers of software, technologies and game engines, external studios (e.g. audio and motion
capture) or providers of streaming services.
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
PC PlayStation Xbox Nintendo Switch
42%
44%
23%
42%
43%
48%
33%
14%
36%
37%
38%
28%
41%
42%
43%
16%
39%
18%
18%
35%
24%
21%
19%
26%
9%
25%
23%
11%
20%
25%
12%
34%
38%
12%
16%
8%
11%
North America
28.9%
South America
5.4%
Europe
36.5%
Asia
26.6%
Africa
0.4%
Australia
2.3%
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A. between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
21 CD PROJEKT GROUP
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A schematic depiction of key elements of the CD PROJEKT Group’s value chain is provided below
5
.
5
No member company of the CD PROJEKT Group carries out activities in the following sectors: extraction of fossil fuels, manufacturing of chemicals, manufacturing of controversial weapon types, tobacco farming and
processing. Given that, as of the preparation date of this report, the European Commission has not adopted a delegated act listing ESRS sectors, this report does not include disclosures specified in sections 40(b) and
40(c) of ESRS 2 in the Commission Delegated Regulation (EU) 2023/2772 (Commission Delegated Regulation (EU) 2023/2772 of 31 July 2023 supplementing Directive 2013/34/EU of the European Parliament and of the
Council as regards sustainability reporting standards – Ocial Journal of the European Union; 22 December 2023; item L 2023/2772).
PUBLISHING
DIGITAL AND PHYSICAL DISTRIBUTION
END-USER GAMING DEVICES
WASTE
gamers - energy used for gaming
waste associated with box editions of games
and merchandise
collectors of waste associated with products
withdrawn from sale
providers of marketing services
providers of event services
producers of marketing materials
SERVICES RELATED TO SUPPORT ACTIVITIES
SERVICES RELATED TO OPERATIONS
TOOLS
OFFICES AND EQUIPMENT
artists and creators, including actors, musicians, writers
companies providing specialized outsourcing services, incl. QA, localization, art, animation,
translation, programming, training, accounting, consultancy
business partners in the process of producing
physical box set components and fan merchandise
external partners implementing projects under the flywheel franchise
platform proprietors and producers of gaming equipment
suppliers of software and technology used directly in games
suppliers of software used in production of games and operating activities
IT equipment providers - workspace, server room and conference room equipment
vendors of furniture, appliances and oce supplies
property managers at owned and leased properties
suppliers of cleaning services; equipment and facility maintenance
providers of construction and renovation services
suppliers of cloud-based data processing services
suppliers of fuel, energy and other utilities
collectors of municipal waste and waste generated by business activities
providers of services related to business travel
providers of delivery, warehousing and transport services
ACTIVITIES
ASSOCIATED WITH
PRODUCTION OF
GAMES AND TIEIN
PRODUCTS
UPSTREAM
VALUE CHAIN OF THE CD PROJEKT GROUP
DOWNSTREAM
distributors of digital
and box editions of games;
distributors and licensees of fan merchandise
providers of streaming services
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
22 CD PROJEKT GROUP
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In 2025 CD PROJEKT S.A. sales to two clients – Valve Corporation and Sony Interactive Entertainment– exce-
eded 10% of the Group’s consolidated sales revenues and totaled 382 824 thousand PLN and 218 492 thousand
PLN respectively (44.2% and 25.2% of the Group’s sales revenues respectively). These clients are not aliated
with CD PROJEKT S.A. or any of its subsidiaries. No other client accounted for more than 10% of consolidated
sales revenues of the CD PROJEKT Group.
The video game development process relies on certain bought-in tools and technical solutions; however, these
do not result in significant concentration of supply. No CD PROJEKT RED supplier accounted for more than 10%
of the segment’s total revenues in 2025.
GOG.COM SEGMENT UNTIL 30 DECEMBER 2025
Target and scope of business activity
The segment’s activities involved digital distribution of a handpicked portfolio of games for the PC and for
macOS and Linux operating system, carried out through the proprietary storefront at GOG.COM and the GOG
GALAXY application.
The platform enabled customers to purchase games, remit payment and download game files to their perso-
nal devices, while the GOG GALAXY application provided – among others – automatic updates, cloud saves,
online and cross-play features.
Among the key dierences between GOG.COM and its competition was its focus on ensuring that single-player
gamers are distributed in the DRM-free model. The platform’s mission also included preservation of video game
history and fostering growth of the gaming community. In addition to the above, GOG.COM ensured compatibility
of its games with current versions of MS Windows, macOS and popular distributions of Linux, which constituted
a particular advantage in the case of classic games.
In 2025 the Group also used GOG.COM to market its own products directly to end users – this included games
set in The Witcher universe, as well as Cyberpunk 2077 together with its expansion – Phantom Liberty.
Key suppliers and clients
GOG sp. z o.o. marketed games via online channels directly to millions of individual users worldwide. As such,
the segment did not have key clients in the usual sense of the term.
As of the close of 2025, no external supplier in the GOG.COM segment accounted for 10% of the Group’s con-
solidated revenues in terms of the value of purchases.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
23 CD PROJEKT GROUP
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KEY CORPORATE EVENTS
On 8 January 2025, at a meeting of the Company’s Supervisory Board:
■ Mr. Adam Kiciński and Mr. Marcin Iwiński were appointed Chairpersons of the Supervisory Board for the new
term; consequently, they will each hold the title of Joint Chairperson of the Supervisory Board;
■ Mr. David Gardner was appointed Deputy Chairperson of the Supervisory Board for the new term;
■
An Audit Committee was appointed, with the following composition: Professor Agnieszka Słomka-Gołębiowska,
Ms. Beata Cichocka-Tylman, Mr. Adam Kiciński. Professor Agnieszka Słomka Gołębiowska was named Chair
of the Audit Committee.
On 15 January 2025 the Management Board adopted a resolution concerning approval of the CD PROJEKT S.A.
Dividend Policy, which will apply to dividends for the financial year 2025 and subsequent years. Further infor-
mation can be found in the Dividends section of this report, as well as on the Company website.
On 1 April 2025 the merger between The Molasses Flood LLC as the target company and CD PROJEKT RED
Inc. as the surviving company was ocially registered. The merger was preceded by an increase in the share
capital of CD PROJEKT RED Inc. and acquisition thereby of the remaining shares of the target company from
minority shareholders. This process was described in more detail in the section titled Changes in the organi-
zational structure of the CD PROJEKT Group in 2025 above.
On 7 May 2025 the Management Board of the Company recommended that an amount of 99 910 510.00 PLN
from the profit obtained in 2024 be allocated towards a dividend at 1 PLN per Company share. The recom-
mendation also suggested transferring the remaining portion of the divisible net profit for the previous year,
at 370 762 147.32 PLN, to the Company’s reserve capital. On 20 May the Supervisory Board of the Company
endorsed the Management Board’s recommendation, and, subsequently, on 23 June the Ordinary General
Meeting of the Company voted to allocate profit as proposed in the recommendation, with the dividend record
date set to 30 June and the dividend payment date set to 9 July.
On 7 May the Management Board of the Company voted to allow exercise of some or all entitlements assigned to
participants of the first stage of Incentive Program A for 2023-2027 by extending an oer to the aforementioned
participants to purchase own shares from the Company, and, consequently, to apply to the General Meeting for
approval of a share buy-back program linked to the vesting of the first stage of Incentive Program A, whereby
in mid-2026 the first group of entitled parties will be able to purchase CD PROJEKT shares at nominal price. On
23 June the Ordinary General Meeting granted the requested authorization to the Management Board to carry
out a buy-back program pursuant to terms and conditions listed in Current Report no. 7/2025. Subsequently, on
5 September 2025, the Management Board of the Company adopted a resolution concerning the conditions
and procedure for carrying out a buy-back of Company stock. As a result, between 8 and 12 September 2025
a total of 87 914 of the Company’s own shares were purchased, at a weighted average price of 254.84 PLN per
share. The number of shares purchased corresponded to 100% of entitlements assigned to participants of the
first stage of Incentive Program A for 2023-2027 and outstanding as of the adoption date of the aforementioned
resolution of the Management Board.
On 23 June an Ordinary General Meeting of CD PROJEKT took place. In addition to standard resolutions related
to approval of reports for the preceding financial year, as well as resolutions addressing the above matters,
the General Meeting also voted to (I) authorize the Management Board to purchase own shares, (II) introduce
changes in Incentive Program B (as described in the section titled Incentive Program B below), and (III) amend
the Company Articles (as described in the section titled Amendments to Company Articles adopted in 2025
below). The full content of the relevant resolutions can be found on the Company website.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
24 CD PROJEKT GROUP
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RESULT S
On 24 November 2025 the Supervisory Board appointed the following persons to the Management Board for
the next term, beginning on 1 January 2026:
■ Mr. Michał Nowakowski,
■ Mr. Adam Badowski,
■ Mr. Piotr Nielubowicz,
■ Mr. Piotr Karwowski,
■ Mr. Paweł Zawodny,
■ Mr. Jeremiah Cohn,
■ Ms. Karolina Radziszewska.
During the new term all reappointed Members of the Management Board would continue to discharge their
previous roles, while the newly appointed Member – Ms. Karolina Radziszewska – would serve as Chief People
Ocer (CPO).
On 29 December 2025 the Management Board of the Company proceeded with disclosure – originally deferred
on 6 December 2025 – of inside information on having entered into negotiations concerning sale of 100% of
shares in GOG sp. z o.o. with Mr. Michał Kiciński, who is a major shareholder of the Company, and on having
concluded a corresponding agreement therewith. This process is further described in the section titled Changes
in the organizational structure of the CD PROJEKT Group in 2025 above.
On the same day the Management Board of CD PROJEKT announced that on 29 December 2025 the Company,
as a result of a competitive tender carried out in collaboration with an external consultant, concluded a con-
tract with Mr. Michał Kiciński concerning sale of shares in GOG sp. z o.o. with a registered oce in Warsaw. As
a result thereof, on 31 December 2025 Mr. Michał Kiciński acquired 2715 shares of GOG from the Company (i.e.
100% of existing shares, representing 100% of votes at the general meeting of GOG), for a price of 90 695 440
PLN. This transaction was entered into the Company’s account in the fourth quarter of 2025, with the actual
payment being remitted in January 2026. In conjunction with the foregoing:
■
as contractually agreed, prior to conclusion of the sale transaction, the Company received a payment of
44 200 000 PLN corresponding to profits obtained by GOG in the preceding years and attributable to the
Company as the sole shareholder thereof;
■ following conclusion of the sale transaction, the Company entered into a distribution agreement with GOG,
concerning distribution of the Company’s games on the GOG.COM platform and specifying a new collaboration
framework, including financial settlements in the first six years following the sale transaction.
EVENTS FOLLOWING THE BALANCE SHEET DATE
On 7 January 2026 the share capital of CD PROJEKT RED Inc. was increased by 627 thousand USD, to 9 255 tho-
usand USD. The increased value of existing shares was fully paid up in cash by the parent Company. The aim of this
capital increase was to facilitate remittance of the second and final installment of the payment for 100 000 shares of
The Molasses Flood LLC, the ownership of which, pursuant to agreements concluded with its minority shareholders
on 12 and 18 March 2025, respectively, was transferred to CD PROJEKT RED Inc. on 31 March 2025.
An Extraordinary General Meeting of the Company was held on 11 March 2026. The General Meeting adopted
a resolution concerning the Earnings Condition for the years 2026-2029 in the framework of Incentive Program
B, which was set at 5 000 000 000 (five billion) PLN in consolidated net earnings from continuing activities of the
CD PROJEKT Group in the aforementioned years.
In connection with the political and economic situation in the Middle East, the Company is monitoring developments
and analyzing the potential impact of geopolitical and macroeconomic factors on its operations, financial results, and
supply chain. As of the preparation date of this report, the Company has not identified any direct material eects of
this situation on its business or the presented financial results.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
25 CD PROJEKT GROUP
BUSINESS
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CORPORATE
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RESULT S
Key factors relevant for further development of the CD PROJEKT Group
The following factors are regarded as key to development of the CD PROJEKT Group:
■ recruitment and enabling professional development of top specialists, experts and managerial sta;
■ eective implementation of the production plan – parallel development of top-quality AAA games and sup-
porting products which meet the demands and expectations of gamers, by employing cutting-edge tools and
development practices;
■ technological development – creating and exploiting innovative solutions (including in the field of AI); further
improvement and adaptation of the Unreal Engine technology in the framework of our strategic collaboration
with Epic Games;
■ capability for eective communication with the global gaming community and with other stakeholders;
■ building the Studio’s reputation and perception of its products, and fostering recognition of its brands;
■ further growth of the global electronic entertainment market with particular focus on the video game segment;
■ securing appropriate funding for our activities;
■ stability of the legal environment, particularly as concerns IPR regulations.
Important risk factors – both external and internal – which, in the Management Board’s opinion, may negatively aect
the Group’s activities and growth are described in the risk assessment section elsewhere in this report.
In addition to the above, the activities of CD PROJEKT Group member companies are aected by external factors
such as the macroeconomic outlook, legal reforms and changes in taxation. In this sense, CD PROJEKT is in a similar
position to many other companies conducting business on domestic and international markets.
Disclosure of significant accomplishments in
the scope of research and development
Research and development work, including the ongoing search for new solutions, evaluating their eectiveness and
identifying ways to apply them constitutes a core aspect of CD PROJEKT RED’s business profile and the studio’s
daily activities.
R&D work related to video game development begins at the conceptual phase and lasts while successive prototypes
are made available for testing and optimization, ensuring compatibility, usability and playability – all the way to the
final product: a ready-for-release video game.
Development activities
In 2025 development activities were carried out mainly in the framework of the following projects:
■ The Witcher 4 – the first instalment in the upcoming Witcher trilogy;
■ Cyberpunk 2 (formerly codenamed Orion) – the second game set in the Cyberpunk universe;
■ Project Sirius – an online multiplayer game set in The Witcher universe;
■
Cyberpunk: Edgerunners 2 – a new installment in the cult anime series co-developed with the Japanese Studio
TRIGGER and expected to launch on the Netflix platform;
■ Cyberpunk 2077: Ultimate Edition – dedicated Nintendo Switch 2 release, completed and released on 5 June
2025;
■ Cyberpunk 2077: Ultimate Edition – dedicated MacOS release for devices equipped with Apple Silicon har-
dware – completed and released on 17 July 2025.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
26 CD PROJEKT GROUP
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RESULT S
Research activities
The largest project in research phase in 2025 was Hadar. In this scope, we carried out internal conceptual work on
our third franchise which will, in the future, provide a setting for a new video game.
In addition, there was ongoing work on new technologies, as well as further development and improvements to
existing games, mainly Cyberpunk 2077 – including development of Cyberpunk 2077: Ultimate Edition for MacOS
Apple devices equipped with Apple Silicon chips. Regarding development work on The Witcher 4, the Studio con-
tinued to engage in the Cinematic Experience project – an innovative set of tools automating creation of nonlinear
quests, cutscenes and animations for open-world AAA games (co-financed by the European Union in the framework
of the European Funds for Innovative Economy 2021-2027 program).
The Studio was also involved in research and development work on other unannounced supporting projects which
reinforce the franchise flywheel concept, and which will be publicly revealed following evaluation of their potential com-
mercial or commencement of the related information campaign, as appropriate. In 2025 development expenses on
four such projects (one of which is not a video game) were subject to capitalization.
In 2025 the team responsible for Artificial Intelligence research continued investigating opportunities for employing
existing AI-based tools or developing custom tools to support creation of future products – particularly in the scope
of automating prototyping, testing and generating realistic crowds of non-player characters (NPCs). Some of the
ongoing initiatives progressed to testing and preliminary utilization. In parallel, the team performed a review and
consolidation of research projects, which resulted in new initiatives focusing on the most promising directions of
work. The AI team is currently pursuing approximately a dozen research projects.
In 2025 the User Experience (UX) research team carried out research focusing on amplification of user experience,
and improving the usability of existing solutions in ongoing CD PROJEKT RED projects. The team carried out over
30 research projects – among others by testing conceptual work and prototypes intended to provide the player
with the desired level of experience, or to define – at an early stage of development – requirements, motivations
and risks based on user experience, which is used as a point of reference.
For its part, the Game Analytics team played a pivotal role in supporting development of the dedicated Nintendo
Switch 2 edition of Cyberpunk 2077 – by designing and deploying complex telemetry solutions for control schemes
and game settings. The team also actively supported the development of The Witcher 4, where it created new
engine usage reporting systems. These activities enabled better understanding of the behavior and eciency of
tools and services, which, in turn, highlighted areas in need of optimization and process changes leading to more
ecient work of dev teams.
A dedicated team at the Studio continued development of a proprietary online technology codenamed REDPlay,
supporting cross-platform features in the Studio’s games, and enabling new multiplayer-centric solutions.
In 2018 CD PROJEKT gained the status of a Research and Development Center (CBR). On 5 September 2025 the
Ministry of Development and Technology issued a decision confirming that the Company continues to engage in
R&D activities and upholding its status as a CDR.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
27 CD PROJEKT GROUP
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RESULT S
Disclosure of significant agreements
A significant agreement concluded by the issuer during the reporting period was the agreement – signed on
29 December 2025 – concerning sale of 100% of shares in GOG sp. z o.o. to Mr. Michał Kiciński, who is a major
shareholder of the Company. This agreement is further described in the section titled Changes in the organizational
structure of the CD PROJEKT Group in 2025 above.
Following conclusion of the sale transaction, the Company entered into a distribution agreement with GOG, concer-
ning distribution of the Company’s games on the GOG.COM platform and specifying a new collaboration framework,
including financial settlements in the first six years following the sale transaction.
During the reporting period CD PROJEKT Group member companies also entered into various agreements in the
course of their ongoing activities – this includes, among others, distribution contracts covering CD PROJEKT RED
products, IT upkeep and maintenance services, procurement of services and technical infrastructure, investments,
and administrative maintenance of the Company’s campus.
The Company does not possess any knowledge regarding contracts concluded between its shareholders during
the reporting period.
Risk management at the Group
Risk management process
[ESRS 2 SBM-3]
A Risk Management Procedure is in place at the CD PROJEKT Group. In this context, the Group identifies and
monitors risk which may significantly aect its ongoing projects, activity profile and market standing, as well
as risks related to continuing activities, including business processes, regulatory and business environment,
and finances.
The pool of risks identified and monitored by the Group also includes risks related to sustainability.
Risks are assessed on an ongoing basis, by identifying and analyzing threats and opportunities which may
aect our current activities. The materiality of such threats and opportunities is assessed on the basis of their
likelihood of materialization, and their impact. Handling each risk may involve its acceptance, mitigation, transfer
or avoidance. The risk management process is based on a set of Key Risk Indicators (KRIs), which express the
status of the given threat or opportunity in the context of specific risks.
Risk management at member companies of the CD PROJEKT Group is the responsibility of the Management
Board of each of these companies. Oversight of risk management at CD PROJEKT S.A. is provided by the Audit
Committee. Information concerning the risk management proces is conveyed at regular meetings between the
Legal Department, the CFO, who is also a Board Member, and the Audit Committee.
In this report we describe risks regarded as material from the point of view of the CD PROJEKT Group’s activities.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
28 CD PROJEKT GROUP
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BUSINESS MODEL RISKS
Risk associated with focusing on a limited number of projects with long investment cycles and unpre-
dictable commercial potential
CD PROJEKT RED focuses on developing multifaceted role-playing games with nonlinear storylines and based
on cutting-edge technological solutions. Such projects often entail long investment cycles and incur major
development and marketing costs, which means that the Group runs a significant risk of failing to secure satis-
factory return on investment – especially in the event of poor commercial performance of the given release.
The main component of this risk involves committing significant financial and organizational assets to a project
which may eventually fail to meet gamers’ – or the market’s – expectations. Shifting preferences, development
of competing products, changes in market trends or underestimation of production challenges may result in
limited interest and therefore lower sales of the given release.
This exposure is structural in character – when pursuing projects with long investment cycles we undertake
numerous decisions regarding creative aspects of each product, as well as business decisions which deal with
selection of partners, shaping our oering, and carrying out promotional and marketing activities. While these
decisions are based on available analyses, market data, and collaboration oers, they may nevertheless fail to
fully account for the products’ market potential, or gamers’ expectations. This, in turn, may result in decisions
which ultimately restrict the commercial appeal of the given product, thereby aecting its reception, availability
or sales volume.
Focusing on a limited number of projects means that the availability of products in digital distribution channels
is of crucial importance for achieving the anticipated sales results. This concerns, in particular, collaboration
with operators of digital distribution platforms, as well as with regional distributors who handle physical sales.
Restriction of product availability in selected markets, hardware platforms or distribution channels may result
from decisions undertaken by the Group in the scope of distribution, as well as external factors such as tech-
nical, regulatory or business requirements imposed by distribution partners or platform owners. This risk may
materialize as termination or downscaling of cooperation with a distribution partner, changes in the partner’s
business strategy, regulatory decisions, international sanctions, contractual disputes, financial problems on the
part of the distributor, or random events. Such materialization may result in limited product availability, delayed
releases, lower revenues and reduction in the commercial potential of aected products.
Risk associated with entering new market segments
Entering new market segments, where we may not yet possess extensive experience and know-how, provides
an opportunity to reach a wider audience, which might then be enticed to take up interest in our games, but
on the other hand carries the risk of project failures and may cause us to incur additional costs. The Group’s
exposure to this risk depends on the scale and scope of initiatives undertaken, as well as on the degree to
which these new areas of activity diverge from the Group’s existing activity profile. Investing in new market
segments may call for collaboration with external partners, which, in turn, might cause diculties in ensuring
optimal project management, i.e. making sure that collaborative activities are performed in a timely fashion,
that our IP is appropriately understood, or that our quality expectations are honored. This could ultimately drive
up costs, cause delays, have a potential negative eect on our reputation, or reduce the value of our brands
and our intellectual property.
Risk of failure to meet production goals
Development of AAA games, which represents the core business of the CD PROJEKT Group, involves complex,
iterative processes, and is characterized by long production cycles. During the development process we need
to continually adapt to the changing market, accurately predict gamers’ preferences, and follow up on trends
created by competing gamedev studios. Exposure to this risk is both constant and significant, given that our
production goals are aected by technological progress – including changes in the scope of IT tools, software,
technologies and gaming platforms. This results in the need to continually refine our solutions and oer ever
more sophisticated products, along with the risk of having to adjust our projected development schedules.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
29 CD PROJEKT GROUP
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An additional risk factor concerns basing our games on Unreal Engine, whose development, availability and
conditions of use depend on the vendor – Epic Games International S.à r.l. Failure to meet development goals,
including in the context of production time, quality or entertainment appeal, may result, among others, in
additional costs, delays, reduced sales revenues, impairment charges on development expenditures, or a loss
of reputation for the Studio.
Risk related to collaboration with key suppliers
In the course of their activities, Group member companies cooperate with many external entities. The Group
relies on these entities, among others, for specialized applications and software, licenses, and other services
required in its daily work. Ooading certain activities to experienced contractors may increase the eciency
of ongoing projects, but also exposes the Group to collaboration-related risks, which include excessive depen-
dence on specific suppliers, and delays in procurement of services, which may have a trickle-down eect on
development schedules of dependent products. Exposure to this risk is operational in character, and mainly
concerns activities which rely on services that would be dicult to replace on short notice. Choosing the wrong
contractor or terminating cooperation with a key supplier of essential products or services may impair the
progress of ongoing projects, harm sales and thereby have a detrimental eect of the financial performance
and reputation of Group member companies. The character of our collaboration with Epic Games International
S.à r.l. entails a risk whereby termination of the collaboration agreement might jeopardize the continuity of our
development projects, particularly in the scope of their schedules and costs.
Risk associated with unavailability of IT infrastructure or services, including cybersecurity risk
CD PROJEKT Group’s activities, including development work, as well as sales, publishing and back-oce activities,
are increasingly reliant on the reliability, availability and security of IT infrastructures. This concerns both in-house
systems and services procured from external partners and suppliers in the context of key business processes at
the Group. This risk may manifest itself, among others, in unavailability of on-premises or cloud infrastructure along
with potential data security violations, loss or leakage of data caused, among others, by hacking, server downtime,
supplier-side disruptions, long power outages, or human error. IT systems, including servers, network infrastructure
and Internet access devices, may be susceptible to interference and outages caused by various factors, which may,
in turn, negatively impact operations or eectiveness of ongoing projects.
Risk of failure to meet expectations resulting from promotional campaigns
The promotional campaign of a future release usually commences long before the release itself, and is based
on materials available at the given stage in the product development cycle. Throughout the development phase,
the game, along its visuals and features, is subject to frequent changes, refinement and optimization, which
means the Group is significantly exposed to risks related to marketing and promotional communication. The
promotional campaign consists of written and oral announcements (e.g. press releases, product descriptions,
developer interviews), supported by promotional materials (such as screenshots and trailers), advertisements,
and other forms of content published in support of product release marketing. Such materials may not accurately
reflect the finished product, resulting in erroneous expectations on the part of gamers, and the inability of the
product to meet such expectations. This risk may manifest itself e.g. in the form of presentations of game visuals
which are based on the current state of development and do not correspond to actual gameplay experience,
emphasizing features which may ultimately be modified or removed from the product, or presenting certain
limitations in a way which is not suciently clear and understandable. The risk may also stem from changes in
the properties of product features introduced at a late stage in the production process, or technical limitations
of platforms other than the platform on which the given product is showcased – coupled with imprecise com-
munication giving rise to individual interpretations, as well as human error. In certain cases, this may expose
the Company to legal challenges, trigger a decrease in stock prices, or harm the reputation of the Company
and of the given product or franchise.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
30 CD PROJEKT GROUP
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RESULT S
LEGAL RISKS
Risk of regulatory noncompliance
The activities of the Group are subject to a wide range of legal regulations and industry standards. These require-
ments may dier depending on the territory where Group member companies carry out activities, and where
our products are oered. Exposure to this risk is constant, and calls for ongoing monitoring of the regulatory
environment in which we operate – especially as relates to protection of intellectual property, personal data
protection, corporate law (including stock market regulations), antitrust regulations, consumer rights, labor law,
tax law, international and domestic accounting regulations, EU sustainability regulations, and environmental
law, including the requirements of ISO 14001 and the EMAS regulation. Frequent changes in the applicable
laws or interpretations, occurring both in Poland and abroad, carry the risk of noncompliance. Some changes
in legal regulations may fail to acknowledge the specific nature of the video game industry, potentially forcing
us to incur major unforeseen expenditures as we work to maintain legal compliance. Materialization of this
risk may result in administrative or financial penalties, mandatory restrictions being imposed upon the Group’s
activities, and loss of reputation.
Risk associated with intellectual property rights
Our products and services are based upon intellectual property. Eective acquisition, licensing and protection
of intellectual property rights is therefore an important aspect of the Group’s activities. Given that our products
are oered globally, on many dierent markets and under local names, the Group is constantly exposed to risks
associated with conflicts with existing trademarks, denial of registration, or trademark infringement claims. In
addition, we may be unable to locally register some of our trademarks due to their resemblance or equivalence
to trademarks which have already been registered. There is also a risk of inadvertent infringement of third-party
intellectual property rights. Such situations might arise e.g. in the case of improperly worded contractual provi-
sions, erroneous assessment of the boundaries of permitted use, or dierences in the scope of IPR protection
between individual jurisdictions. The Group also faces risks related to infringement of its own IPR, e.g. through
unauthorized distribution of games, incorporation of elements of our games in third-party creations and products,
and third-party registration of trademarks related to our games. An additional risk factor involves growing interest
in applying generative artificial intelligence (GAI) tools in creative and production-related processes. Use of GAI
is fraught with regulatory and interpretational ambiguities, especially as concerns IPR protection for content
generated with their use. Materialization of the presented risks may result in legal and financial consequences,
restriction in use of intellectual property, project delays, and reputational harm.
Risk associated with changes or diering interpretations of fiscal regulations, and with subsidies
Tax law is an area of frequent and complex changes, which constantly exposes the Group to risks resulting
from introduction of additional reporting obligations, imposition of new restrictions upon tax settlements, or
uncertainties with regard to the correctness of the applied solutions. Benefitting from tax relief and preferential
tax rates calls for coherent internal standards, appropriate documentation, and ongoing internal control – all of
which may be called into question by the fiscal authorities. The Company also makes use of subsidies which
support ongoing investment and development projects. Relying on this form of funding may involve the risk of
having the relevant documentation, justifications for funding requests, or calculations and settlements, questio-
ned by the authorities – while the corresponding projects are in progress as well as after they have concluded.
6
Eco-Management and Audit Scheme
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
31 CD PROJEKT GROUP
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RESULT S
TEAMRELATED RISKS
Risk related to recruitment and retention of employees, and team building
The activities and growth prospects of the Group are largely reliant on the availability, knowledge, experience,
talent and motivation of employees. The Group is constantly exposed to risks related to employee churn,
including departure of key personnel and diculties in filling empty positions – particularly where specialized
skillsets are required. This may result in development delays, along with reduced innovation and quality of
business processes, impacting the quality of our games, hampering communication with the gaming community,
and blunting the Group’s competitive edge. It may also result in increased organizational and operational costs.
Notable risks in this area also involve low engagement on the part of employees, increased incidence of
professional burnout due to excessive workload, or lack of eective collaboration between teams. Improper
management of these issues can lead to lack of motivation and elevated stress levels among employees, with
a potential trickle-down eect on churn rate and quality of work.
Given the scale and diversity of our organization, we furthermore face the risk of employment-related irregula-
rities, including undesirable dynamics in employee relations. This may potentially carry legal and organizational
consequences for the Group, or harm its public image.
FINANCIAL RISKS
The Group is exposed, in particular, to the following risks:
■ credit rating risks,
■ liquidity-related risks,
■ exchange rate risks,
■ risks related to changes in interest rates, and with inflation.
A description of these risk categories is provided in the Consolidated Financial Statements of the CD PROJEKT
Group for 2025. The scope of disclosures provided therein is consistent with the requirements of Art. 49 section
2 item 7 of the Accounting Act, in particular with regard to risks, and reflects the goals and methods of managing
financial risks in place at the Group.
CD PROJEKT GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
SUSTAINABILITY
FINANCIAL
RESULT S
03
RESULTS OF OPERATIONS
OF THE CD PROJEKT GROUP
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
33 CD PROJEKT GROUP
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Discussion of the key economic and financial figures disclosed
in the consolidated and separate financial statements
CONSOLIDATED INCOME STATEMENT
Table 2 Consolidated income statement of the CD PROJEKT Group (in PLN thousands)
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
*
change change %
Sales revenue .%
Sales of products .%
Sales of services - -.%
Sales of goods for resale and materials .%
Cost of sales of products, services, goods
for resale and materials
- -.%
Costs of products and services sold - -.%
Cost of goods for resale and materials sold .%
Gross profit on sales .%
Selling expenses .%
Total administrative expenses, including: - -.%
cost of research projects - -.%
Other operating income .%
Other operating expenses - -.%
(Impairment)/reversal of impairment of
financial instruments
- - - -
Operating profit .%
Finance income .%
Finance costs .%
Profit before tax .%
Income tax - -
Net profit on continuing operations .%
Net profit on discontinued operations .%
Net profit .%
*restated data
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
34 CD PROJEKT GROUP
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ACTIVITY
CORPORATE
GOVERNANCE
SUSTAINABILITY
FINANCIAL
RESULT S
DESCRIPTION AND ASSESSMENT OF THE FACTORS AND UNUSUAL EVENTS
AFFECTING THE RESULTS OF OPERATIONS OF THE CD PROJEKT GROUP IN 2025
The strong sales of Cyberpunk 2077 together with the Phantom Liberty expansion, as well as the continuously
important sales of The Witcher 3: Wild Hunt had the greatest impact on the results of the CD PROJEKT Group
in 2025.
With regard to game production, the most significant expenditure incurred during the reporting period related
to The Witcher 4 and Cyberpunk 2, which were in the development phase at the end of the period in question.
On 1 April 2025, a business combination occurred between The Molasses Flood LLC, as the acquiree (not
consolidated so far) and its sole shareholder, CD PROJEKT RED Inc, as the acquirer (covered by consolidation).
The main items in the consolidated statement of financial position that changed as a result of the business com-
bination included Shares in non-consolidated subordinated entities, Goodwill, Property, plant and equipment
and Lease liabilities.
On 29 December 2025, the Parent Company entered into an agreement with Mr. Michał Kicinski, a significant
shareholder of the Company, for the sale of shares in GOG sp. z o.o. Pursuant to the Sale Agreement, Mr.
Michał Kiciński acquired 2 715 shares in GOG, from the Parent Company on 31 December 2025, representing
100% of the shares in GOG and 100% of the votes at the Shareholders’ Meeting of GOG, for the price of PLN
90 695 440.00. From the perspective of the Group’s consolidated financial statements, this meant the sale of
the whole “GOG.COM” segment. Therefore, the segment was excluded from the note presenting the Group’s
operating segments and is presented as discontinued operations in accordance with the principles under IFRS
5. The net profit on discontinued operations for the reporting period also includes the net gain on the sale of
shares in GOG sp. z o.o. Given the changes described above, comparative data in the income statement and
in the statement of comprehensive income were restated in accordance with IFRS 5. A detailed description of
the changes can be found in Note 6 of the Consolidated financial statements of the CD PROJEKT Group for
the year 2025.
DISCUSSION OF THE CONSOLIDATED INCOME STATEMENT OF THE CD PROJEKT GROUP
Sales of products, including revenue from licensing of products, mainly internally generated games, had the
largest share in the Group’s Sales revenue in 2025. In the period discussed, this item included:
■ licence revenue resulting from the sale of Cyberpunk 2077, including the Phantom Liberty expansion;
■ licence revenue resulting from the sale of The Witcher 3: Wild Hunt with Hearts of Stone and Blood and Wine
expansions;
■ licence revenue related to accompanying products based on The Witcher and Cyberpunk brands;
■ revenue relating to other games, mainly including: The Witcher 2: Assassins of Kings, GWENT: The Witcher
Card Game, The Witcher, and Thronebreaker: The Witcher Tales.
The higher revenue relative to 2024 is mainly due to strong sales of Cyberpunk brand products, including:
■ one-o revenue from making the basic version of Cyberpunk 2077 available as part of a PlayStation Plus Extra
or Premium subscriptions on PlayStation 4 and PlayStation 5 consoles;
■ revenue relating to Cyberpunk 2077: Ultimate Edition for Nintendo Switch 2 consoles released in the second
quarter of 2025.
Under Sales of goods for resale and materials the Group is reporting mainly revenue from the sale of physical
goods, and the increase in the value of the item relative to 2024 is mainly due to the launch sales to distributors
of the game Cyberpunk 2077: Ultimate Edition on Nintendo Switch 2 cartridges.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
35 CD PROJEKT GROUP
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The Cost of products and services sold, where the cost of amortization of expenditure on development
projects (primarily the cost of own games development) is presented, is the most significant component of
the CD PROJEKT Group’s Cost of sales of products, services, goods for resale and materials. The value of
the said item in 2025 comprised mainly the amortization of expenditure on the Cyberpunk 2077, including
its expansion Phantom Liberty. A decrease compared with 2024 is due to the reducing balance amortization
method adopted for the main products.
The Cost of goods for resale and materials sold in 2025 included the cost of finished physical sets, their com-
ponents and franchise products sold to distributors, and the increase relative to 2024 is mainly due to the launch
sale to distributors of the game Cyberpunk 2077: Ultimate Edition on Nintendo Switch 2 cartridges.
The costs of promotion of products had the largest share in the Selling expenses of the CD PROJEKT Group
in 2025. They were mainly related to the promotion and sales support of Cyberpunk 2077 together with the
Phantom Liberty expansion (including the launch of Cyberpunk 2077: Ultimate Edition for the Nintendo Switch
2 console), support of franchise lines and promotion of Witcher brand titles.
The second largest category of costs disclosed under this heading in 2025 were the costs of maintenance and
updates of the products released, primarily Cyberpunk 2077.
Administrative expenses of the CD PROJEKT Group comprise mainly:
■
remuneration of the administrative teams and the external costs of third party services classified in this category
which, in step with an increase in the scale of operations of the segment’s companies, are growing gradually;
■ remuneration of the management (including earnings-related remuneration for a given period);
■
the costs of research projects, including work on future games during the initial period of their development (rese-
arch phase) before moving on to the implementation of projects (development phase) and starting to capitalize
them within Expenditure on development projects which is a part of Non-current assets; in the period discussed
these mainly consisted of costs of work on internally developed technologies and the costs of the Hadar project;
■ the costs associated with the functioning of the Incentive Plans A and B.
As regards Other operating income and expenses, in 2025 the Group recognized mainly the revenue from
utilization of the tax relief for innovative employees, revenue from marketing collaboration and from the lease
of oce space (and the accompanying maintenance costs) in the real estate complex located at ul. Jagiellońska
74 and 76 in Warsaw.
In 2025, the CD PROJEKT Group reported a significant surplus of Finance income over Finance costs. The
surplus consisted mainly of interest on bonds and bank deposits.
The eective rate of the Income tax of the CD PROJEKT Group reported under continuing operations in 2025
was 3.2%, and it was mainly aected by:
■ withholding tax paid abroad, increasing the eective tax rate;
■
the application of a preferential 5% CIT rate (the so-called IP Box) for income from qualified intellectual property
rights;
■ the application of research and development relief;
■ osetting of income from capital gains against prior year loss and, as a result, no tax on capital gains;
■ an increase in deferred tax assets mainly due to the anticipated future utilization of the adjustments relating to
prior years in connection with obtaining a new tax ruling.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
36 CD PROJEKT GROUP
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RESULT S
Consolidated Net profit of the CD PROJEKT Group for 2025 amounted to PLN 594 708 thousand and was PLN
150 455 thousand (33.9%) higher than in 2024. It consisted of a significantly higher (by PLN 77 878 thousand, i.e.
17.6%) than in the comparative period Net profit from continuing operations, which corresponds to operations
previously presented within the CD PROJEKT RED segment, and Net profit from discontinued operations,
consisting mainly of gain on sale of GOG Sp. z o.o. after tax, as well as net profit of the GOG.COM segment.
Table 3 Net profitability ratio of the CD PROJEKT Group – Alternative Performance Measure
01.01.2025-31.12.2025 01.01.2024-31.12.2024
Net profit margin
(Net profit from continuing operations /
Sales revenues)
.% .%
The Group’s Net profitability ratio on continuing operations was 60.1% in the discussed year 2025, compared with
55.5% in the prior year. Its increase in the discussed period was largely driven by strong sales of Cyberpunk 2077
together with the Phantom Liberty expansion, coupled with lower production costs of the products sold, resulting
from amortization of expenditure on the production of these games.
The Net profitability ratio presents additional information, indicating what part of Sales revenue remains within
the enterprise in the form of a Net profit after all the costs and tax charges shown in the Income statement have
been covered. An increase in the value of this ratio means an increase in the eectiveness of the activities
carried out, related to the level of the Sales revenue earned. The ratio used is a standard and commonly used
measure in financial analysis, and its usefulness was analysed in terms of the information provided to investors
on the eectiveness of the activities of the CD PROJEKT Group. Due to the disposal of GOG Sp. z o.o. in the
period under discussion – which in previous years generated the results of the GOG.COM segment – presented
in this report as discontinued operations, the Net profitability ratio as at the end of 2025 refers to the Group’s
results from continuing operations (formerly the CD PROJEKT RED segment).
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
37 CD PROJEKT GROUP
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INCOME STATEMENT OF CD PROJEKT S.A.
Table 4 Income statement of CD PROJEKT S.A. (in PLN thousands)
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
*
change change %
Sales revenue .%
Sales of products .%
Sales of services - -.%
Sales of goods for resale and materials .%
Cost of sales of products, services, goods
for resale and materials
- -.%
Costs of products and services sold - -.%
Cost of goods for resale and materials sold .%
Gross profit on sales .%
Selling expenses .%
Administrative expenses, including: - -.%
cost of research projects - -.%
Other operating income .%
Other operating expenses - -.%
(Impairment)/reversal of impairment of
financial instruments
- - - -
Operating profit .%
Finance income .%
Finance costs .%
Profit before tax .%
Income tax - -
Net profit .%
*restated data
DISCUSSION OF THE INCOME STATEMENT OF CD PROJEKT S.A.
CD PROJEKT S.A. is the Parent Company of the CD PROJEKT Group and, at the same time, the largest entity
within the Group. Therefore, a commentary on the Income statement of the Group corresponds directly to the
operations and results of CD PROJEKT S.A. In the period under discussion, the main dierences between the
Group’s and CD PROJEKT S.A.’s results are due to:
■ dividend received by CD PROJEKT S.A. from GOG sp. z o.o. in the amount of PLN 44 200 thousand, which is
subject to elimination on a consolidated basis and presented in Finance income on a separate basis;
■ the sale of GOG Sp. z o.o. shown as Net profit on discontinued operations on a consolidated basis and gain
on disposal of an investment within Finance income on a separate basis (PLN 65 730 thousand).
In 2025, the Sales revenue of CD PROJEKT S.A. amounted to PLN 866 989 thousand and was the same as
the Group’s sales revenue. Net profit of the Company amounted to PLN 635 209 thousand and represented
106.8% of the Group’s net profit.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
38 CD PROJEKT GROUP
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION OF THE CD PROJEKT GROUP
Table 5 Consolidated statement of financial position of the CD PROJEKT Group (in PLN thousands)
31.12.2025 31.12.2024
*
change change %
NON-CURRENT ASSETS .%
Property, plant and equipment .%
Intangible assets - -.%
Expenditure on development projects .%
Investment properties - -.%
Goodwill .%
Shares in non-consolidated subordinated entities - -.%
Prepayments and deferred costs - -.%
Other financial assets .%
Deferred tax assets .%
Other receivables .%
CURRENT ASSETS - -.%
Inventories .%
Trade receivables - -.%
Current income tax receivable .%
Other receivables .%
Prepayments and deferred costs - -.%
Other financial assets - -.%
Bank deposits over months - -.%
Cash and cash equivalents - -.%
TOTAL ASSETS .%
*restated data
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
39 CD PROJEKT GROUP
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CORPORATE
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SUSTAINABILITY
FINANCIAL
RESULT S
31.12.2025 31.12.2024
*
change change %
EQUITY .%
Share capital .%
Supplementary capital .%
Share premium .%
Treasury shares - - - -
Other reserves .%
Foreign exchange dierences on
translation
- - -
Retained earnings/(Accumulated losses) - - - -
Net profit (loss) for the period .%
NON-CURRENT LIABILITIES .%
Other financial liabilities .%
Other liabilities - -.%
Deferred tax provision - - -.%
Deferred income .%
Provision for retirement and similar
benefits
.%
Other provisions - -
CURRENT LIABILITIES - -.%
Other financial liabilities - -.%
Trade payables - -.%
Current income tax liabilities - - -.%
Other liabilities - -.%
Deferred income - -.%
Provision for retirement and similar
benefits
.%
Other provisions .%
TOTAL EQUITY AND LIABILITIES .%
*restated data
DISCUSSION OF THE CONSOLIDATED STATEMENT OF
FINANCIAL POSITION OF THE CD PROJEKT GROUP
Assets
Expenditure on development projects, in which the Group recognizes expenditure on the development of
games, their versions on new platforms and other products of a similar nature, incurred and deferred, had the
largest share in the value of the Group’s Non-current assets as at the end of 2025, as well as a significant
impact on the increase in the balance thereof. The increase in the item in question in the period discussed
is mainly a result of incurring higher expenditure on the production of future products than the amortization
of completed productions. The largest expenditure incurred in the period analysed related to the following
projects: The Witcher 4 and Cyberpunk 2. During the reporting period, two capitalized projects were completed
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
40 CD PROJEKT GROUP
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CORPORATE
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SUSTAINABILITY
FINANCIAL
RESULT S
(Cyberpunk 2077: Ultimate Edition for the Nintendo Switch 2 console and for Apple computers) and reclassi-
fied from Expenditure on development projects in progress to Expenditure on completed development pro-
jects. As at 31 December 2025, the Group has capitalized eight projects under Expenditure on development
projects in progress, two of which are non-gaming projects. They are The Witcher 4, Cyberpunk 2, Sirius,
Cyberpunk: Edgerunners 2 and four unannounced projects.
The balance of Property, plant and equipment primarily consists of:
■ the value of the real estate complex at ul. Jagiellońska 74 and 76, the recognized part thereof being the part
to be used by CD PROJEKT S.A. for its own purposes (buildings and structures and land);
■
plant and machinery, where the Group recognizes, among other things, computers, servers and other electronic
devices used in its activities, and plant and machinery related to owned real estate;
■ expenditure on construction work on the CD PROJEKT campus in Warsaw (Assets under construction).
The increase during the discussed year 2025 in the Group’s Property, plant and equipment was mainly related
to expenditure on construction work at the CD PROJEKT campus in Warsaw, including primarily expenditure
on a new oce building commissioned in the third quarter of 2025 adapted to the specific nature of the work
related to game development. A second project to build a mocap studio with two halls for performance capture
is underway.
The most significant items recognized in Intangible assets are mainly the value of the CD PROJEKT corporate
brand and The Witcher trademark, as well as the value of the copyrights and computer software held by the Group.
The increase in Goodwill of the CD PROJEKT Group in 2025 is due to the business combination that took place
on 1 April 2025 between the previously non-consolidated The Molasses Flood LLC as the acquiree and
CD PROJEKT RED Inc. as the acquirer. Moreover, the balance comprises amounts resulting from accounting
for the business combination between the Parent Company with the CDP Investment Group on 30 April 2010
(arising in CD Projekt Red Sp. z o.o.) and accounting for the acquisition of a development studio located in
Wrocław by CD PROJEKT S.A. from Strange New Things sp. z o.o. sp. k. on 18 May 2018.
The balance of Investment properties consists of the values of the properties at ul. Jagiellońska 74 and ul.
Jagiellońska 76, the parts thereof classified as earmarked for lease.
Shares in non-consolidated subordinated entities comprise shares in CD PROJEKT RED Vancouver Studio
Ltd. and CD PROJEKT SILVER Inc. The decrease in the balance in the period under discussion is a result of
the business combination that took place on 1 April 2025 between previously non-consolidated The Molasses
Flood LLC as the acquiree and CD PROJEKT RED Inc. as the acquirer.
Current and non-current Other financial assets as at the end of 2025 comprise mainly the value of domestic and
foreign bonds purchased by CD PROJEKT S.A. to diversify credit risk, including the measurement of derivative
financial instruments constituting interest rate hedges in the case of bonds in foreign currencies.
The increase in Deferred tax assets during 2025 is mainly the result of an increase in the value of the reported
qualifying costs of research and development activities under the R&D relief.
The value of Inventories as at the end of 2025 consists mainly of ready-made physical sets and elements of
physical sets of the editions of games of own production intended for external distributors.
The consolidated balance of Trade receivables as at 31 December 2025 comprised mainly receivables resulting
from licence reports received after the balance sheet date, relating to sales in the periods of the last quarter
of the year. Their decrease compared with the end of 2024 was directly attributable to lower sales, compared
with the prior year, in the last quarter of the year.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
41 CD PROJEKT GROUP
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SUSTAINABILITY
FINANCIAL
RESULT S
The Group’s Other receivables as at the end of 2025 comprised:
■ receivables from the disposal of shares in GOG Sp. z o.o. described in detail in the section Changes in the
organizational structure of the CD PROJEKT Group in 2025 – the main reason for the increase in the total
value of Other receivables;
■ prepayments for deliveries and development projects;
■ tax receivables, mainly withholding tax withheld by foreign recipients of licences, and VAT settlements;
■ advances for the purchase of an investment property.
Current and non-current Prepayments and deferred costs as at the end of 2025 mainly comprise deferred
fees for the use of software, licences and rights and deferred prepayments related to services. The change
in the balance of the item in question is mainly due to the sale of GOG sp. z o.o. and excluding its data from
consolidation – which historically included significant amounts related to contracted minimum guarantees,
advances and prepayments for titles sold by the company.
The total value of financial reserves in the form of Cash and cash equivalents, Bank deposits over 3 months
and liquid financial assets in the form of purchased bonds (recognized in total in current and non-current Other
financial assets) held by the Group as at 31 December 2025 amounted to PLN 1 324 910 thousand, i.e. PLN
147 124 thousand less than the balance as at the end of the prior year.
As at the end of 2025, Non-current assets accounted for 61.9% and Current assets for 38.1% of Total assets of
the CD PROJEKT Group.
Equity and liabilities
An increase in the CD PROJEKT Group’s Equity during 2025 was mainly due to the net profit earned and the
settlement of costs of the incentive plans in an amount exceeding a net decrease in equity resulting from the
payment of dividend for 2024.
Under non-current and current Other financial liabilities as at the end of 2025, the Group reported lease
liabilities, including in particular liabilities relating to the perpetual usufruct of land at ul. Jagiellońska 74 and
Jagiellońska 76 in Warsaw.
Trade payables of the Group as at the end of 2025 decreased compared to the previous balance sheet date
mainly due to the sale of GOG sp. z o.o. (which conducted trading activities characterized by a high level of
trade payables) and not including its data in the Group’s consolidated Trade payables as at the end of the
reporting period.
The Group’s Other liabilities as at 31 December 2025 comprised mainly current social security and tax (mainly
PIT) liabilities.
The Group’s current and non-current Deferred income as at the end of 2025 mainly includes the so-called
minimum guarantees, i.e. advances received or due from publishers and distribution partners towards royalties
related to sales in future periods and deferred income concerning subsidies.
The balance of current Other provisions of the CD PROJEKT Group consists mainly of provisions for earnings-
-related remuneration and provisions for costs.
As at the end of 2025, Equity represented 93.9% of Equity and liabilities of the CD PROJEKT Group, whereas
Current and non-current liabilities represented 6.1%.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
42 CD PROJEKT GROUP
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ACTIVITY
CORPORATE
GOVERNANCE
SUSTAINABILITY
FINANCIAL
RESULT S
DESCRIPTION OF THE STRUCTURE OF ASSETS AND EQUITY & LIABILITIES OF THE CONSOLI-
DATED BALANCE SHEET, INCLUDING FROM THE PERSPECTIVE OF LIQUIDITY
As at the end of 2025, the CD PROJEKT Group had assets with a carrying value of PLN 3 503 320 thousand.
Within these assets, liquid financial reserves maintained in bank accounts, in the form of bank deposits and
bonds (foreign and domestic) amounted to PLN 1 324 910 thousand and represented 37.8% of the total assets.
Assets with limited liquidity (Property, plant and equipment, Expenditure on development projects, Investment
properties and Shares in non-consolidated subordinated entities) totalling PLN 1 525 510 thousand represented
43.5% of the total assets. As at 31 December 2025, the total of Trade receivables, Other current receivables
and Inventories amounted to PLN 342 914 thousand, whereas the sum of current and non-current liabilities
amounted to PLN 213 461 thousand. As at the end of 2025, the Group did not have any external liabilities in
respect of loans or borrowings. The accumulated cash and cash equivalents, deposits and bonds ensure the
Group’s high liquidity and may be used to secure the financing of the Group’s further development, including
the financing of the development of future products and technologies, promotional support for scheduled
premières, securing future investment opportunities and ensuring funds for possible unplanned situations or
emerging opportunities.
EVALUATION CONCERNING THE MANAGEMENT OF FINANCIAL RESOURCES
In 2025, the Group managed its financial resources by striving to balance the security of resources, their ava-
ilability and the highest possible eciency in their use. Own funds were the main source of financing the ope-
rations. As at the end of 2025, the Group did not have any external liabilities in respect of loans or borrowings.
The purpose of maintaining financial reserves in the form of cash and cash equivalents, deposits and bonds is
to secure the financing of the Group’s ongoing development, including in particular the financing of the imple-
mentation of the current strategy involving the parallel implementation of a number of multi-year research and
development projects, independent publishing activities, the development of activities related to the Company’s
brands in new areas, and to secure funds for possible unplanned situations or emerging opportunities.
As part of its treasury management, the Group purchases bonds and uses bank deposits. In the reporting period,
the total interest on bonds and bank deposits recognized in Finance income amounted to PLN 67 279 thousand.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
43 CD PROJEKT GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
SUSTAINABILITY
FINANCIAL
RESULT S
STATEMENT OF FINANCIAL POSITION OF CD PROJEKT S.A.
Table 6 Statement of financial position of CD PROJEKT S.A. (in PLN thousands)
31.12.2025 31.12.2024
*
change change %
NON-CURRENT ASSETS .%
Property, plant and equipment .%
Intangible assets - -.%
Expenditure on development projects .%
Investment properties - -.%
Goodwill .%
Investments in subordinated entities - -.%
Prepayments and deferred costs - -.%
Other financial assets .%
Deferred income tax assets .%
Other receivables .%
CURRENT ASSETS - -.%
Inventories .%
Trade receivables - -.%
Current income tax receivable - -
Other receivables .%
Prepayments and deferred costs .%
Other financial assets - -.%
Bank deposits over months - -.%
Cash and cash equivalents ,%
TOTAL ASSETS .%
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
44 CD PROJEKT GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
SUSTAINABILITY
FINANCIAL
RESULT S
31.12.2025 31.12.2024
*
change change %
EQUITY .%
Share capital .%
Supplementary capital .%
Share premium .%
Treasury shares - - - -
Other reserves .%
Retained earnings/(Accumulated losses) - - - -
Net profit (loss) for the period .%
NON-CURRENT LIABILITIES .%
Other financial liabilities .%
Other liabilities - -.%
Deferred income .%
Provision for retirement and similar
benefits
.%
Other provisions - -
CURRENT LIABILITIES .%
Other financial liabilities - -.%
Trade payables .%
Current income tax liabilities - - -.%
Other liabilities .%
Deferred income .%
Provision for retirement and similar
benefits
.%
Other provisions .%
TOTAL EQUITY AND LIABILITIES .%
* restated data
DISCUSSION OF THE STATEMENT OF FINANCIAL POSITION OF CD PROJEKT S.A.
CD PROJEKT S.A. is the Parent Company of the CD PROJEKT Group and, at the same time, the largest entity
within the Group. For this reason, the commentary to the Group’s statement of financial position corresponds
in principle to the activities and financial position of CD PROJEKT S.A.
The balance sheet total of CD PROJEKT S.A. as at the end of 2025 was PLN 3 507 416 thousand and corre-
sponded to 100.1% of the balance sheet total of the CD PROJEKT Group.
The largest dierences between the consolidated statement of financial position of the CD PROJEKT Group and
the separate statement of financial position of CD PROJEKT S.A. relate mainly to Investments in subordinated
entities. As at the end of 2025, CD PROJEKT S.A, on a separate basis, discloses investments in subordinated
entities of PLN 56 531 thousand which are excluded from consolidation at the Group level or presented under
Shares in non-consolidated subordinated entities and Goodwill which, at the consolidated level, includes
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
45 CD PROJEKT GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
SUSTAINABILITY
FINANCIAL
RESULT S
disclosures relating to CD PROJEKT RED Inc. and the business combination with The Molasses Flood LLC
carried out during the reporting period.
CONSOLIDATED STATEMENT OF CASH FLOWS OF THE CD PROJEKT GROUP
Table 7 Consolidated statement of cash flows of the CD PROJEKT Group (in PLN thousands)
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
*
OPERATING ACTIVITIES
Net profit
Total adjustments:
Depreciation and amortization of property, plant and equipment, intangible
assets, expenditure on development projects and investment properties
Amortization of development projects recognized as cost of goods sold
Foreign exchange (gains)/losses ( )
Interest and shares in profits ( ) ( )
(Gains)/losses on investing activities ( )
Increase/(Decrease) in provisions ( )
(Increase)/Decrease in inventories ()
(Increase)/Decrease in receivables
Increase/(Decrease) in liabilities, excluding loans and borrowings
Change in other assets and liabilities
Costs of share-based incentive plans
Other adjustments
Cash from operating activities
Income tax expense ( )
Withholding tax paid abroad
Income tax (paid)/refunded ( ) ( )
Net cash from operating activities
INVESTING ACTIVITIES
Inflows
Sale of intangible assets and property, plant and equipment
Repayment of loans granted -
Expiry of bank deposits over months
Redemption of bonds
Interest on bonds
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
46 CD PROJEKT GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
SUSTAINABILITY
FINANCIAL
RESULT S
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
*
Interest received on deposits
Inflows from execution of forward contracts
Other inflows from investing activities
Outflows
Acquisition of intangible assets and property, plant and equipment
Expenditure on development projects
Expenditure on intangible assets -
Acquisition of investment properties and capitalization of expenditure
Purchase of shares in subsidiaries -
Placement of bank deposits over months
Purchase of private equity interests in the gaming segment
Purchase of bonds and cost of their purchase
Balance of GOG’s cash and cash equivalents as at the date of disposal -
Transaction-related expenses relating to sale of shares
-
Net cash from investing activities
( ) ( )
FINANCING ACTIVITIES
Inflows
Settlement of lease receivables
Interest received
Outflows
Purchase of treasury shares to exercise entitlements under the
incentive plan
-
Dividends and other distributions to shareholders
Payment of lease liabilities
Interest received
Net cash from financing activities
( ) ( )
Net increase/(decrease) in cash and cash equivalents ( ) ( )
Change in cash and cash equivalents in the balance sheet ( ) ( )
Cash and cash equivalents as at the beginning of the period
Cash and cash equivalents as at the end of the period
*restated data
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
47 CD PROJEKT GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
SUSTAINABILITY
FINANCIAL
RESULT S
DISCUSSION OF THE CONSOLIDATED STATEMENT
OF CASH FLOWS OF THE CD PROJEKT GROUP
Under Operating activities in 2025, the CD PROJEKT Group showed net cash inflows of PLN 590 880 thousand,
i.e. PLN 69 583 thousand more than in 2024.
The consolidated net profit was adjusted for:
I. Non-cash items (a net increase):
■ Depreciation/Amortization – mainly of Property, plant and equipment and Intangible assets;
■ Amortization of development projects, recognized as the cost of sales, corresponding primarily to
the amortization of expenditure on the development projects related to Cyberpunk 2077 together with
the Phantom Liberty expansion and The Witcher 3 edition for new generation consoles, Xbox Series
X|S and PlayStation 5;
■ Foreign exchange (gains)/losses, an increase resulting mainly from the measurement of foreign bonds
and foreign currency bank deposits;
■
(Profit)/loss from investing activities, a decrease in the balance of cash flows within operating activities
resulting mainly from the adjustment related to the sale of shares in GOG sp. z o.o. and the settlement
and measurement of derivative financial instruments – qualifying as investing activities;
■ Increase/(decrease) in provisions, a decrease resulting mainly from an increase in provisions for ear-
nings-related remuneration;
■ Costs of share-based incentive plans, an increase in the balance resulting from the elimination of the
accounting settlement of non-cash costs of share-based incentive plans;
■ Other adjustments, an increase in the balance of cash flows;
II. Items related to changes in current assets and current liabilities (a net increase):
■ (Increase)/decrease in inventories, a decrease in the balance of cash flows as a result of an increase
in inventories;
■ (Increase)/decrease in receivables, an increase in the balance of cash flows as a result of a decrease
in receivables;
■ Increase/(decrease) in liabilities, excluding loans and borrowings, an increase in the balance of cash
flows as a result of an increase in liabilities relating to purchase of property, plant and equipment and
liabilities relating to increased expenditure on development projects;
■ Changes in other assets and liabilities, an increase in the balance of cash flows resulting mainly from
a decrease in the balance of prepayments and deferred costs;
III. Item recognized in other sections of the statement of cash flows – Interest and shares in profits, resulting
in a decrease in the cash flows shown under operating activities;
IV. The dierence between the corporate income tax recognized in the income statement and the tax actually
paid during 2025, taking into account settlements related to withholding tax (a decrease).
The negative balance of Net cash outflows from investing activities during the discussed year 2025 was mainly
due to investments made in the area of Expenditure on development projects, primarily related to production
of games (the highest expenditure was related to The Witcher 4 and Cyberpunk 2 projects), as well as outflows
relating to Purchase of intangible assets and property, plant and equipment and Investment properties (in
both cases mainly related to construction projects on the CD PROJEKT campus at ul. Jagiellońska 74 and 76
in Warsaw).
Negative Net cash flows from financing activities of the CD PROJEKT Group in 2025 were mainly due to the
payment of dividend for the prior year and the purchase of treasury shares.
In total, in 2025, the CD PROJEKT Group generated Net cash outflows of PLN 10 771 thousand. During the
same period, the Group invested PLN 513 241 thousand in the development of new products and related
technologies, made dividend payments of PLN 99 911 thousand, and completed a construction project on the
CD PROJEKT campus.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
48 CD PROJEKT GROUP
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FINANCIAL
RESULT S
STATEMENT OF CASH FLOWS OF CD PROJEKT S.A.
Table 8 Statement of cash flows of CD PROJEKT S.A. (in PLN thousands)
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
*
OPERATING ACTIVITIES
Net profit
Total adjustments: ( )
Depreciation and amortization of property, plant and equipment, intangible
assets, expenditure on development projects and investment properties
Amortization of development projects recognized as cost of goods sold
Foreign exchange (gains)/losses ( )
Interest and shares in profits ( ) ( )
(Gains)/losses on investing activities ( )
Increase/(Decrease) in provisions ( )
(Increase)/Decrease in inventories ()
(Increase)/Decrease in receivables
Increase/(Decrease) in liabilities, excluding loans and borrowings ()
Changes in other assets and liabilities
Costs of share-based incentive plans
Other adjustments
Cash from operating activities
Income tax on profit/(loss) before tax ( )
Withholding tax paid abroad
Income tax (paid)/refunded ( ) ( )
Net cash from operating activities
INVESTING ACTIVITIES
Inflows
Dividends received -
Sale of intangible assets and property, plant and equipment
Repayment of loans granted
Expiry of bank deposits over months
Redemption of bonds
Interest on bonds
Interest received on deposits
Inflows from execution of forward contracts
Other inflows from investing activities
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
49 CD PROJEKT GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
SUSTAINABILITY
FINANCIAL
RESULT S
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
*
Outflows
Acquisition of intangible assets and property, plant and equipment
Expenditure on development projects
Expenditure on intangible assets -
Acquisition of investment properties and capitalization of expenditure
Loans granted
-
Recapitalization of a subsidiary
Placement of bank deposits over months
Purchase of private equity interests in the gaming segment
Purchase of bonds and cost of their purchase
Transaction-related expenses relating to sale of shares
-
Net cash from investing activities
( ) ( )
FINANCING ACTIVITIES
Inflows
Settlement of lease receivables
Interest received
Outflows
Purchase of treasury shares for the purpose of implementing the
incentive plan
-
Dividends and other distributions to shareholders
Payment of lease liabilities
Interest paid
Net cash from financing activities
( ) ( )
Net increase/(decrease) in cash and cash equivalents ( )
Change in cash and cash equivalents in the balance sheet ( )
Cash and cash equivalents as at the beginning of the period
Cash and cash equivalents as at the end of the period
*restated data
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
50 CD PROJEKT GROUP
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GOVERNANCE
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FINANCIAL
RESULT S
DISCUSSION OF THE STATEMENT OF CASH FLOWS OF CD PROJEKT S.A.
CD PROJEKT S.A. is the Parent Company of the CD PROJEKT Group and, at the same time, the largest
entity in the Group which accounts for all of the Group’s sales and controls, as at the end of 2025, 99.6%
of the Group’s cash and cash equivalents, deposits and investments in bonds, and has the largest impact
on cash flows of the CD PROJEKT Group as part of its operating, investing and financing activities. For
this reason, a commentary on the statement of cash flows of the Group, excluding the impact of con-
siderably smaller subsidiaries, covers, in principle, the operations and cash flows of CD PROJEKT S.A.
EVALUATION OF THE FEASIBILITY OF INVESTMENT PLANS
As at 31 December 2025, the Group had no liabilities in respect of loans and borrowings and had at its disposal
own cash, deposits and Treasury bonds and bonds guaranteed by governments totalling PLN 1 324 910 thousand.
As at the end of 2025, the Group’s trade receivables amounted to PLN 125 441 thousand, other receivables
amounted to PLN 215 194 thousand and the balance of current liabilities was PLN 180 304 thousand. The planned
sources of funding for future investment plans include accumulated own funds and future net cash inflows from
operating activities. As at the date of preparation of this report, the Group does not anticipate any problems in
securing funds for the implementation of its investment plans in the foreseeable future.
DIVIDENDS
On 15 January 2025, the Management Board of the Company passed a resolution on adopting the Dividend
Policy of CD PROJEKT S.A. which will apply to the dividend for the financial year 2025 and subsequent years. It
is the intention of the Management Board to recommend to the General Meeting in the coming years dividend
payments of at least 25% of the Company’s net profit on an average annual basis, subject to the possibility of
delaying dividend payments. More information on the adopted Policy, including its full text, is available on the
Company’s website.
In accordance with the Management Board’s recommendation and the Supervisory Board’s positive opinion
regarding its proposal, the Company’s Annual General Meeting decided to designate the amount of PLN 99 910
510.00 from the profit generated in 2024 for dividends (PLN 1 per 1 share of the Company participating in the
dividend). The Company paid the dividend on 9 July 2025.
INFORMATION ON LOANS AND BORROWINGS IN 2025
In 2025, the CD PROJEKT Group had no external debt in respect of loans or borrowings and, therefore, no
agreements in this respect were incurred or terminated.
INFORMATION ON LOANS GRANTED IN 2025
In 2025, CD PROJEKT S.A. granted loans to related parties: The Molasses Flood LLC and CD PROJEKT RED Inc.
Under a loan agreement dated 7 April 2025, a loan of USD 4 350 thousand was granted to CD PROJEKT RED
Inc., which was disbursed in tranches up to the total amount of the loan. The interest rate on the loan granted is
determined based on a variable rate, namely the 90-day Average SOFR, updated quarterly, plus a margin upda-
ted annually (in 2025, the margin was 2.0 p.p.). Pursuant to the agreement, the loan may be repaid in tranches,
and its total repayment should be made by 30 June 2028. On 1 April 2025, following the business combination
between The Molasses Flood LLC, as the acquiree and its sole shareholder CD PROJEKT RED Inc., an open
liability in respect of the loan granted to The Molasses Flood LLC by CD PROJEKT S.A. in the amount of USD
554 thousand became a liability of CD PROJEKT RED Inc. and was repaid in full on 29 May 2025.
In 2025, none of the CD PROJEKT Group companies granted any loans to entities from outside the Group.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
51 CD PROJEKT GROUP
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ACTIVITY
CORPORATE
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SUSTAINABILITY
FINANCIAL
RESULT S
INFORMATION ON SURETIES AND GUARANTEES GRANTED IN 2025
AND OTHER MATERIAL OFFBALANCESHEET ITEMS
In 2025, at the request of CD PROJEKT S.A., a bank guarantee was issued to secure the fulfilment of the les-
see’s obligations under the lease agreement, the subject of which is the lease of commercial premises (oces),
parking spaces and warehouse space in Kraków.
More information on sureties and guarantees and other material o-balance-sheet items is presented in the
Consolidated financial statements of the CD PROJEKT Group for 2025.
INFORMATION ON THE CURRENT ECONOMIC AND FINANCIAL POSITION OF THE GROUP
For years, the Group has conducted profitable operations which generate net cash inflows from operating acti-
vities. The work completed in earlier years, culminating in the Group’s biggest ever release of Cyberpunk 2077,
for which the expansion the Phantom Liberty was released in 2023, took the Company and the Group to a new
business and economic level.
Consolidated Net profit generated in the reporting period was mainly related to the continued sale of products
launched in previous years and the release of Cyberpunk 2077 for the Nintendo Switch 2 console. At the same
time, the Group worked intensively on new projects in the reporting period, as part of its ongoing research and
development projects, which (together with successive releases) should drive revenues in future years. Positive
current financial results and a stable financial position have enabled the Company to pay dividends for another
consecutive year – PLN 99 911 thousand in 2025. As at the balance sheet date, the Group has PLN 1 324 910
thousand of financial reserves (cash and cash equivalents, bank deposits, bonds) accumulated to finance its
operations and investment projects, including research and development projects an
INFORMATION ON THE ANTICIPATED ECONOMIC
AND FINANCIAL POSITION OF THE GROUP
In line with the CD PROJEKT Group’s strategy update announced on 4 October 2022 focusing on the long-term
development of key projects, the Group’s activities in the coming years will be based on existing and new
productions under the brands: The Witcher, Cyberpunk and a third franchise codenamed Hadar under which
work has begun on a new video game. The performance of research and development work associated with
subsequent projects will require ongoing funding and commitment from the team. At the same time, there
are plans to continue actively the sales of CD PROJEKT RED’s productions already released, which – based
on historical data – are characterised by a multi-year life cycle. The sales of the games already released will
be supported by new product launches and franchise flywheel events.
As at the date of preparation of this report, the Management Board believes that the Group’s financial and eco-
nomic position is stable and does not anticipate any threats to liquidity or restrictions to the Group’s solvency
in the period of 12 months after the balance sheet date.
TRANSACTIONS WITH RELATED ENTITIES
Transactions between related entities are concluded on an arm’s length basis as part of the normal business
activities carried out by the CD PROJEKT Group entities. Detailed information on transactions with related entities
and the terms and conditions of transactions between related entities is provided in the Financial statements of
CD PROJEKT S.A. for 2025 and in the Consolidated financial statements of the CD PROJEKT Group for 2025.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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DESCRIPTION OF THE MAIN DOMESTIC AND FOREIGN INVESTMENTS
AND THE STRUCTURE OF THE MAIN CAPITAL INVESTMENTS
As at the end of 2025, the material items of the Group’s Assets comprised Cash and cash equivalents (PLN 114 115
thousand), Bank deposits with a maturity date of more than 3 months (PLN 520 813 thousand), domestic bonds
(PLN 472 119 thousand) and foreign bonds (PLN 217 863 thousand). Surplus cash is invested both domestically
and abroad, in banks cooperating with the Group or in low-risk financial instruments (respecting the principle
of diversification of deposits placed and investments made), in line with the financial asset management policy
adopted by the Company (Current report no. 18/2025 of 24 November 2025). As at 31 December 2025, Cash
and cash equivalents, deposits and bonds amounted to PLN 1 324 910 thousand. More information on the
structure of the main equity investments and financial investments is included in the “Financial risk management
objectives and policies” section of the Consolidated financial statements of the CD PROJEKT Group for the
year 2025 and the Financial statements of CD PROJEKT S.A. for the year 2025.
The business activities of the Group, and CD PROJEKT S.A. in particular, are directly related to the production
and release of video games. The ongoing production of new projects is, at the same time, the main focus of
the investments of the Group and the parent company. Expenditure incurred on new development projects
is presented within Non-current assets under Expenditure on development projects. The balance of expendi-
ture incurred as at the end of 2025 amounted to PLN 1 148 143 thousand and increased by PLN 452 722 tho-
usand compared with the end of 2024. The Company’s intention is to further increase the production capacity,
number and scale of its projects in line with the updated strategy announced in October 2022.
In connection with the acquisition of the properties at ul. Jagiellońska 74 and 76 in Warsaw in 2018 and 2019,
the Group began the process of revitalising the CD PROJEKT campus by adapting it to the needs and specific
nature of its business. In 2025, a new oce building was completed and the construction of the mocap studio
began. The Group intends to continue this process in the coming years.
A detailed description of the individual items making up the Group’s Non-current assets is included in the com-
mentary on the Consolidated statement of financial position of the Group in this report.
As at the end of 2025, the CD PROJEKT Group had the following wholly owned subsidiaries of CD PROJEKT S.A.
operating abroad:
■ CD PROJEKT RED Inc. (Boston, Waltham, USA),
■ CD PROJEKT RED Canada Ltd. (Vancouver, Kanada).
Moreover, CD PROJEKT RED Inc. holds 100% of the shares in CD PROJEKT SILVER Inc. (Boston, Waltham, USA).
As at the end of 2025, GOG sp. z o.o. was the Company’s only domestic subsidiary in the CD PROJEKT Group
(100% of the shares).
Total investments in domestic and foreign subordinated entities disclosed in the separate financial statements of
CD PROJEKT S.A. – the Group’s holding company – amounted to PLN 56 531 thousand as at the end of 2025.
In 2025, the CD PROJEKT Group financed its current operations and investment projects with its own funds.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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EXPLANATION OF THE DIFFERENCES BETWEEN THE FINANCIAL RESULTS REPORTED
FOR 2025 AND THE PREVIOUSLY PUBLISHED FORECASTS FOR A GIVEN YEAR
The CD PROJEKT Group has not published any financial forecasts for 2025, therefore, no explanations are
given for the dierences between the financial results shown in the report.
DESCRIPTION OF THE UTILIZATION OF ISSUE PROCEEDS BY THE
COMPANY BY THE DATE OF PREPARATION OF THE REPORT
In the period from 1 January to 31 December 2025 and by the date of preparation of this report, the Company
did not issue any securities.
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04
STATEMENT REGARDING THE APPLICATION
OF CORPORATE GOVERNANCE POLICIES
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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Statement regarding the application of corporate governance policies
STATEMENT
The statement on the application of corporate governance policies at the CD PROJEKT Group and CD PROJEKT S.A.
in 2025 constitutes a distinct part of the Management Board report on the activities of the CD PROJEKT Group
and CD PROJEKT S.A., pursuant to § 72 section 7 item 5 of the Finance Minister’s regulation of 6 June 2025
concerning current and periodic information to be published by issuers of securities, and the conditions for
considering as equivalent the information required by the laws of a non-member state (JL 2025, item 755).
APPLICABLE CORPORATE GOVERNANCE POLICIES
In 2025 CD PROJEKT S.A. was subjected to corporate governance policies set forth in the 2021 Code of Best
Practice for WSE Listed Companies (annexed to Stock Exchange Council resolution of 13/1834/2021 of 29 March
2021) (hereinafter referred to as “Best Practices”). The Best Practices can be accessed on the Warsaw Stock
Exchange website at https://www.gpw.pl/best-practice2021.
The Best Practices constitute one of the points of reference for the Company’s corporate governance system,
and are applied in a way which acknowledges the specific nature of our activities in the electronic entertainment
industry, as well as the structure of the Group itself. We monitor, on an ongoing basis, the applicability of specific
policies, and periodically review them in the context of current regulatory and organizational requirements.
As of the preparation date of this statement, our COMPLY ratio stands at 86%. Information regarding application
of Best Practices is available on our website under the Corporate Governance tab.
Our statement regarding application of Best Practices provides explanations for non-application of certain
policies, of policies we apply, as well as those which we do not apply. In the aforementioned document we
also provide, on a voluntary basis, disclosures related to policies which we do apply. This is done in order to
present a full and transparent description of our approach to corporate governance.
Scheme 3 The Company’s COMPLY ratio
With regard to the status of implementation of Best Practices, we currently do not apply nine of these policies –
numbered 2.1, 2.2 and 2.11.6 (“Supervisory Board” section), as well as 3.1, 3.3, 3.4, 3.6, 3.7 and 3.10 (“Internal
systems and functions” section).
2021 2022 2023 2024 2025
73%
76%
84%
86% 86%
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
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DISCLOSURE POLICY AND INVESTOR COMMUNICATIONS
All policies related to disclosure policy and investor communications are applied.
Our Company maintains a clear information policy. We strive to provide all stakeholders with equal access to
information regarding our activities, in both Polish and English [1.1]. We organize meetings, conferences and calls
with investors, analysts, experts and media representatives, as well as chat sessions with individual investors.
During meetings which involve members of the Management Board, these members answer questions related
to, among others, financial results, strategy and production plans [1.6-1.7]. Our earnings are published as soon as
possible after the close of each reporting period [1.2]. We have adopted a business strategy which acknowledges
our ESG ambitions. The Strategy, along with our actions and achievements, can be found on our website under
the Strategy and Sustainability tabs [1.3-1.4]. Our Sustainability Statement, which is annexed to the Management
Board report on CD PROJEKT Group and CD PROJEKT S.A. activities, as well as CD PROJEKT’s financial state-
ments, provide information on our involvement in social initiatives, along with funds allocated to charity work [1.5].
MANAGEMENT BOARD AND SUPERVISORY BOARD
Policies applied:
Appointment to the Management Board and Supervisory Board is contingent upon possessing the required com-
petencies, skills and experience. Membership of the Management Board represents the main area of professional
activity for all Management Board members [2.6]. Members of the Management Board may not hold membership
of the governing bodies of any entity external to the CD PROJEKT Group, except as expressly authorized by the
Supervisory Board [2.7]. The extent of involvement of Supervisory Board Members enables them to properly
discharge their duties [2.8]. As of the preparation date of this report, three members of the Supervisory Board meet
independence criteria and have no actual and material links to any shareholder who controls at least 5% of the
total number of votes at the Company [2.3]. Chairpersonship of the Audit Committee is reserved to an indepen-
dent member of the Supervisory Board who is not also the Chair of the Supervisory Board [2.9]. The Supervisory
Board and the Management Board follow transparent decision-making rules – their resolutions are adopted in
open ballots, although a secret ballot may be held upon request in matters indicated in the Code of Commercial
Companies [2.4]. Members of the Supervisory Board and Management Board who oppose the given resolution
are entitled to have their dissent registered in the minutes [2.5]. The Company provides the Supervisory Board
with appropriate administrative, technical and organizational resources to enable ecient operation [2.10]. The
Supervisory Board submits to the General Meeting an annual report on its activities, which includes disclosure
required under law, as well as those mandated by the Best Practices [2.11].
Policies not applied:
[2.1] Companies should have in place a diversity policy applicable to the management board and the supervi-
sory board, approved by the supervisory board and the general meeting, respectively. The diversity policy
defines diversity goals and criteria, among others including gender, education, expertise, age, professional
experience, and specifies the target dates and the monitoring systems for such goals. With regard to gender
diversity of corporate bodies, the participation of the minority group in each body should be at least 30%.
Explanation: Thus far, the Supervisory Board and the General Meeting have not adopted formal diversity regu-
lations related to the Company’s governing bodies. A Diversity Policy is in force at the Company, pursuant to
which a general non-discrimination principle applies to members of the Management Board and Supervisory
Board, as well as to all team members, although the Policy does not set out specific goals and deadlines in
this regard. As of the submission date of this report we have not attained a minority gender participation level
of 30% on the Management Board; however, a woman was appointed to the Management Board on 1 January
2026, increasing the share of the minority gender within that body. With regard to the Supervisory Board, the
minority gender participation ratio stands at 40%. Diversity, equality and respect for human rights are all basic
values enshrined in the Rules of the Game. CD PROJEKT Group Business and Ethics Standards. We are also
a signatory to the Diversity Charter, which prohibits workplace discrimination and obligates its signatories to
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
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engage in activities which foster and promote diversity. The Company also continues to monitor legislative
changes in the area of gender diversity, related to EU Directive no. 2022/2381 and the associated Polish imple-
menting act, and plans actions to align its activities with the above legal requirements.
[2.2] Decisions to elect members of the management board or the supervisory board of companies should
ensure that the composition of those bodies is diverse by appointing persons ensuring diversity, among
others in order to achieve the target minimum participation of the minority group of at least 30% according
to the goals of the established diversity policy referred to in principle 2.1.
Explanation: The Company has not enacted formal diversity regulations related to diversity on its governing
bodies, including minority gender participation targets. Decisions concerning appointment to these bodies are
based primarily on factors which include professional experience and knowledge in areas important from the
point of view of the Company’s activities. When shaping the composition of governing bodies, we also take into
account the broader organizational context, and the need to bring a diverse set of perspectives to the table.
This approach is evidenced by changes in the composition of the Supervisory Board, which took place on 1
January 2025, as well as changes in the composition of the Management Board, eective on 1 January 2026,
both of which increased the involvement of women in the Company’s governing bodies. As of the submission
date of this report, we have not attained a minority gender participation level of 30% on the Management
Board; however, with regard to the Supervisory Board, the minority gender participation ratio stands at 40%.
[2.11.6] In addition to its responsibilities laid down in the legislation, the supervisory board prepares and
presents an annual report to the annual general meeting once per year. Such report includes at least
information regarding the degree of implementation of the diversity policy applicable to the management
board and the supervisory board, including the achievement of goals referred to in principle 2.1.
Explanation: Reports submitted by the Supervisory Board do not specify the extent to which the diversity policy is
implemented in relation to the Management Board and the Supervisory Board, including the achievement of the cor-
responding objectives. As noted in the explanation accompanying policy 2.1, thus far the Supervisory Board and the
General Meeting have not adopted formal diversity regulations related to the Company’s governing bodies. Should the
Company decide to adopt such regulations, the Supervisory Board’s report will include the corresponding disclosures.
INTERNAL SYSTEMS AND FUNCTIONS
Policies applied:
The Company has internal control, risk management and compliance management systems in place. Its internal
systems and functions are designed to account for the specific nature of the video game industry, including the
peculiarities of the game development process, long project cycles, as well as the pivotal role of technology and intel-
lectual property. Oversight of the internal control system is the responsibility of the Management Board, managerial
sta and other persons employed by the Company in the context of accounting, financial and operational control.
A formalized risk management process is in place, based on the Risk Management Procedure, along with a compliance
management process governed by the Compliance Policy. Risk management is the responsibility of holders of
executive positions, while compliance is the responsibility of the Chief Compliance Ocer [3.2]. Persons responsible
for compliance and risk management answer directly to appropriate members of the Management Board [3.5]. In order
to ensure appropriate oversight, the Management Board submits to the Supervisory Board its annual assessments
of the eectiveness of internal systems and functions. The Supervisory Board includes annual reviews of these
systems and functions in its activity reports, while the Audit Committee monitors the eectiveness thereof [3.8-3.9].
Policies not applied:
[3.1] Listed companies maintain ecient internal control, risk management and compliance systems and an
ecient internal audit function adequate to the size of the company and the type and scale of its activity;
the management board is responsible for their functioning.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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Explanation: We partly deviate from this policy insofar as we have not established a distinct internal audit func-
tion. Internal control functions which at other organizations are entrusted to dedicated internal audit units, are
handled by the Company in a dispersed form, by specialized teams which possess the required competencies.
In particular, this includes representatives of the Accounting Department, the Financial Department (especially
the Financial Control team), the Legal Department (especially the Corporate Law and Privacy & Compliance
teams), the IT Department (especially the Cybersecurity team), and the Investor Relations Department (including
the ESG team which operates within its framework). The eectiveness of the applied model is further bolstered
by direct involvement of the Management Board, the Audit Committee and the Supervisory Board – especially
with regard to financials, accounting, disclosures, risks and compliance management, and ESG. The adopted
organizational solutions acknowledge the scale of activities and the project-driven characteristics of the Com-
pany’s business, which involves long production cycles, seeking alignment between creativity and technological
progress, and a peculiar risk profile. The applied control model is a good match for these requirements, and
facilitates management of identified risks while at the same time ensuring regulatory compliance without the
need for a dedicated internal audit function. The potential need to disaggregate this function in the Company’s
organizational framework is subject to analysis on the part of the Management Board and the Audit Committee,
and may be considered in the future.
[3.3] Companies participating in the WIG20, mWIG40 or sWIG80 index appoint an internal auditor to head
the internal audit function in compliance with generally accepted international standards for the professional
practice of internal auditing. In other companies which do not appoint an internal auditor who meets such
requirements, the audit committee (or the supervisory board if it performs the functions of the audit com-
mittee) assesses on an annual basis whether such person should be appointed.
Explanation: There is currently no internal auditor or dedicated audit unit at the Company. The Audit Commit-
tee, acting in compliance with the Best Practices, performs – on an annual basis – assessments of whether the
internal audit function should be disaggregated as a distinct organizational unit, given, in particular, the scale
of the Company’s activities, its risk profile, and the complexity of internal processes in the video game industry.
Should the relevant circumstances change, and an internal auditor be appointed, the Company will comply
with this policy.
[3.4] The remuneration of persons responsible for risk and compliance management and of the head
of internal audit should depend on the performance of delegated tasks rather than short-term results of
the company.
Explanation: We partly deviate from this policy in the sense that – as noted in explanations associated with policies
3.1 and 3.3 above – internal audit has not been disaggregated in our structure as a distinct organizational unit,
and therefore we are unable to comment upon the remuneration provided to such a unit, which would enable us
to comply with the policy. Nevertheless, should an internal auditor be appointed, we will comply with this policy.
[3.6] The head of internal audit reports organisationally to the president of the management board and
functionally to the chair of the audit committee or the chair of the supervisory board if the supervisory board
performs the functions of the audit committee.
Explanation: As noted in explanations associated with policies 3.1 and 3.3 above, internal audit has not been
disaggregated in our structure as a distinct organizational unit. Should an internal auditor be appointed, we
will comply with this policy.
[3.7] Policies 3.4 to 3.6 apply also to members of the company’s group which are material to its activity if
they appoint persons to perform such tasks.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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Explanation: We partly deviate from this policy – with regard to appointing individuals responsible for internal
audit functions at the Group’s member companies. Our subsidiaries have restricted organizational frameworks
which are adapted to the size of each entity and to the scale of its activities. With regard to compliance and risk
management systems, the corresponding functions are part of a centralized model, and handled by holders
of specific roles at the parent Company, who provide groupwide coordination of the relevant activities – the-
reby ensuring operational uniformity, a consistent set of standards, and oversight of their application at each
member company of the Group.
[3.10] Companies participating in the WIG20, mWIG40 or sWIG80 index have the internal audit function
reviewed at least once every five years by an independent auditor appointed with the participation of the
audit committee.
Explanation: As noted in explanations associated with policies 3.1 and 3.3 above, internal audit has not been
disaggregated in our structure as a distinct organizational unit. Should an internal auditor be appointed, we
will comply with this policy.
GENERAL MEETING AND SHAREHOLDER RELATIONS
All policies related to general meetings and shareholder relations are applied.
We work to ensure that our dialogue with shareholders enables proper exercise of their rights without obstructing
the Company’s governing bodies [4.10]. Shareholders may participate in the General Meeting and exercise voting
rights remotely, using electronic communication tools [4.1]. General Meetings are recorded, with live streams and
recordings posted on our corporate website [4.3]. When selecting the date and venue of a General Meeting, we
try to enable the greatest possible number of shareholders to participate [4.2]; the same also applies to media
representatives [4.4]. Should a General Meeting be convened in the manner specified in Art. 399 § 2-4 and Art.
400 § 3 of the Code of Commercial Companies, the Management Board undertakes all appropriate actions
to enable the General Meeting to be held [4.5]. The Supervisory Board issues opinions on all draft resolutions
submitted by the Management Board to the General Meeting [4.7]. Draft resolutions submitted to the General
Meeting are published on our website, along with the corresponding justifications. Should a shareholder demand
to include a particular matter in the meeting agenda – we will ask them to present a suitable justification for
the proposed resolution [4.6]. While the General Meeting is in progress, any shareholder may introduce draft
resolutions in matters covered by the meeting agenda. Notwithstanding this right, our Guide to the CD PROJEKT
General Meeting contains basic provisions related to submission of draft resolutions by shareholders prior to the
General Meeting [4.8]. Information about candidates for appointment to the Supervisory Board, together with
their resumes, is posted on our website well in advance of the General Meeting. Each member of the Supervisory
Board submits a statement concerning fulfillment of criteria applicable to members of the Audit Committee, as
well as on the existence of actual and material relations between themselves and any shareholder who controls
at least 5% of the total number of votes in the Company [4.9.1-4.9.2]. Members of the Management Board and
Supervisory Board take part in General Meetings insofar as is necessary to address shareholders’ questions
[4.11]. Regarding resolutions concerning the issue of shares with subscription rights, should such circumstances
arise, the corresponding resolution will specify the issue price or the mechanism of setting the price [4.12]. Thus
far, resolutions concerning issue of shares with exclusion of subscription rights have been adopted only in the
context of incentive programs, were regarded as aligned with the Company’s interest, and did not constitute
a violation of rights held by existing shareholders of the Company who did not participate in the take-up of such
shares [4.13]. In January 2025 the Management Board of the Company adopted a Dividend Policy which was
subsequently published on the Company website. Management Board recommendations concerning allocation
of profit achieved during the given financial year are based on analysis of all aspects, financial and otherwise,
which the Management Board deems relevant for reaching a decision in this matter. The final decision regarding
allocation of profit and payment of a dividend rests with the General Meeting. In previous years the Company
had regularly paid out dividends, which reflected its attitude towards profit sharing [4.14].
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
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CONFLICTS OF INTEREST AND RELATED PARTY TRANSACTIONS
All policies related to conflicts of interests and related party transactions are applied.
Pursuant to the provisions of Management Board Regulations and Supervisory Board Regulations, Members of
these bodies should notify the Supervisory Board of any conflict of interest which has arisen, or may arise, in
connection with their duties [5.1]. If a Member of the Management Board or of the Supervisory Board believes that
the given decision contradicts the Company’s interest, their dissenting opinion is recorded in the meeting minutes
[5.2]. The rules for dealing with potential conflicts of interest are also reflected in the way in which the Company
concludes transactions with related parties. Such transactions are governed by a separate set of Regulations.
Company Shareholders are not accorded any preferential treatment in their transactions with the Company
or other members of its Group on account of their status [5.3]. In situations where a related party transaction
requires approval by the supervisory Board, the Supervisory Board may avail itself of third-party opinions [5.5].
In situations where a related party transaction requires General Meeting approval, the Supervisory Board shall
prepare an opinion concerning the advisability of entering into such a transaction [5.6] and shareholders will be
provided with information required to assess whether the transaction is in the Company’s interest [5.7]. Decisions
concerning the conditions and means of carrying out share buy-back programs are undertaken by the Management
Board of the Company in the form of a resolution, while ensuring that shareholders’ interests are respected [5.4].
REMUNERATION
All policies related to remuneration are applied.
Remuneration oered to members of the Management Board and Supervisory Board, as well as other top
managers, is sucient to ensure recruitment, retention and incentivization required to properly manage the
Company and supervise its operations [6.1]. With regard to members of the Supervisory Board the Company
applies solutions which promote independence of its members – specifically, the said remuneration is not
dependent on the number of meetings held, or on short-term financial performance of the Company. Members
of the Audit Committee obtain additional fixed monthly remuneration in association with their involvement in the
Audit Committee [6.4-6.5]. In adopting incentive programs we are guided, among others, by the need to secure
optimal conditions for long-term improvement of financial results posted by the Company and the Group, along
with long-term growth in Company value [6.2]. In this context, our long-term incentive program for members
of the Management Board and other top managers is based on financial and non-financial criteria covering
periods which are, in each case, at least three years long [6.3].
Internal control and risk management
[ESRS 2 GOV-5]
DESCRIPTION OF KEY COMPONENTS OF THE INTERNAL
CONTROL AND RISK MANAGEMENT SYSTEM
Internal control processes at CD PROJEKT Group member companies are carried out by appropriately trained
personnel – in particular, representatives of the Legal Department (with particular involvement of Corporate
Law and Privacy and Compliance teams), the Tax Department, the Accounting Department, the Financial
Department (especially the Financial Control team), the IT Department (especially the Cybersecurity team),
and the Investor Relations Department (including the ESG Team which operates within its framework). The
aforementioned teams cooperate in the context of control processes, with regard to both financial reporting
and sustainability, disseminate knowledge of standards and best reporting practices to other involved teams.
Activities undertaken in the context of control are rooted in internal regulations (policies, by-laws, procedures)
which determine the scope of duties and responsibilities of each employee. When required, external expert
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advice is sought. CD PROJEKT S.A. provides support for other member companies of the CD PROJEKT Group
whose organizational structure is less extensive – this occurs on the basis of intragroup service contracts.
Comprehensive oversight of internal control process at each member company of the CD PROJEKT Group is
the responsibility of their respective management boards, whereas in the case of CD PROJEKT S.A., this is the
responsibility of the CFO – Board Member who also exercises direct oversight over financial and legal matters
by coordinating the activities of the directors of the corresponding departments.
Mitigating risks related to the process of preparing financial statements is carried out, among others, by applying
the adopted accounting policy, uniform reporting principles, agreed-upon schedules, verification of financial
data, division of responsibilities, and an authorization system. A Risk Management Procedure is in force at the
CD PROJEKT Group, governing the process of identifying, analyzing and monitoring risks. A description of our
risk management process, along with risks regarded as material given the scope of our activities, can be found
in the section titled “Risk Management at the Capital Group” elsewhere in this report.
REPORTING PROCESSES
In our work on preparing financial statements and consolidated financial statements for the Company and the
Group, the appropriate teams extract data from dedicated financial and accounting systems, including ERP sys-
tems, as well as other internal sources of knowledge. IT systems in use at the Company, among others, facilitate
financial management, enable circulation of financial and accounting data, support electronic document flows,
generate complex financial reports and assist in planning, budgeting and verifying financial results.
The teams involved in this process verify the correctness of data and collate it in the form of reports consistent
with regulatory requirements. Ensuring veracity of disclosures is the responsibility of teams involved in their
preparation – depending on their specific competencies – and is guided by internal regulations, particularly
in the framework of the Accounting Department which bears responsibility, among others, for accounting
services, managing accounts and statutory disclosures. Maintaining security, availability, confidentiality and
integrity of data processed in IT systems is the responsibility of the IT & Cybersecurity team, as well as (in
terms of legal and regulatory compliance) – the Privacy & Compliance team, which operates in the framework
of CD PROJEKT S.A.’s Legal Department.
Preparation of the Sustainability Statement covers a survey of sustainability aspects which are important for
the CD PROJEKT Group, in accordance with the double materiality principle described in ESRS standards. An
ESG Management Group has been established in the Company’s organizational structure, consisting of VPs
and directors whose competencies cover sustainability aspects identified in the materiality survey. Members
of the Group are responsible for gathering and verifying, in a timely fashion, data concerning sustainability,
which is supplied to the ESG Team in the framework of our annual reporting cycle. This process also covers
subsidiary companies subjected to consolidation. The resulting draft statement is verified by ESG Management
Group members, depending on their specific scopes of responsibility, and subsequently approved by the Chief
Compliance Ocer and VP for Investor Relations. Finally, the statement is submitted for approval to the CFO
(who is also a Board Member). Following approval by the CFO, it is subjected to external attestation.
OVERSIGHT OF THE PREPARATION OF FINANCIAL STATEMENTS
Financial statements of the Company and the Group are prepared in accordance with the following regulations:
■ CD PROJEKT S.A. Accounting Policy,
■ International Accounting Standards,
■ Accounting Act of 29 September 1994.
7
European Sustainability Reporting Standards, introduced by Directive (EU) 2022/2464 of the European Parliament and of the Council of
14 December 2022 as regards sustainability reporting (Corporate Sustainability Reporting Directive, CSRD)
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
62 CD PROJEKT GROUP
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Supervising proper preparation of financial statements and sustainability disclosures is the responsibility of the
CFO – Board Member.
Preparation of separate financial statements at the Group’s subsidiaries is the responsibility of their respective
management boards. Financial statements at the Group’s subsidiaries are prepared and approved in accordance
with the legal regulations applicable to the given company.
AUDITS AND REVIEWS OF FINANCIAL STATEMENTS
The annual financial statements of the Company and the Group (both separate and consolidated) are subjec-
ted to formal audits, while semiannual financial statements are subjected to reviews by independent licensed
auditors, pursuant to the Act of 11 May 2017 on statutory auditors, audit firms and public supervision.
Review reports accompanying semiannual financial statements are submitted to shareholders, while audit
reports accompanying annual financial statements are submitted to shareholders and to the General Meeting.
The entity contracted to carry out audits and reviews of the Company’s financial statement is selected by the
Supervisory Board. Further information about CD PROJEKT’s auditor can be found in the section titled “Entity
authorized to perform audits of financial statements” further below.
FINANCIAL
STATEMENT VERIFIED
BY THE MANAGEMENT
BOARD
FINANCIAL
STATEMENT ASSESSED
BY THE SUPERVISORY
BOARD
FINANCIAL
STATEMENT APPROVED
BY THE GENERAL
MEETING
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
63 CD PROJEKT GROUP
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Shareholders who control major stock packages
Up-to-date information about CD PROJEKT’s shareholding structure is updated on an ongoing basis
and can be found under the Shareholders tab on our website.
The Company’s share capital amounts to 99 910 510 PLN, divided into 99 910 510 shares with a nominal value
of 1 PLN per share. Mr. Marcin Iwiński (incumbent Co-Chair of the Supervisory Board) and Mr. Michał Kiciński –
both of whom are co-founders of CD PROJEKT S.A. – continue to be the Company’s largest shareholders.
Shareholders who control, directly or indirectly, major stock packages as of 31 December 2025:
Qty. of shares
Percentage share
in share capital (%)
Number
of votes controlled
Percentage share
of total number of
votes at the GM (%)
Marcin Iwiński .% .%
Michał Kiciński
*
.% .%
Piotr Nielubowicz .% .%
Nationale-Nederlanden Powszechne
Towarzystwo Emerytalne S.A. (all funds
collectively)
**
.% .%
incl. Nationale-Nederlanden Otwarty
Fundusz Emerytalny
**
5 030 225 5.03% 5 030 225 5.03%
* As disclosed in the most recent notification submitted to the Company on 13 November 2023 (Current Report no. 41/2023)
** As disclosed in the most recent notification submitted to the Company on 13 August 2024 (Current Report no. 15/2024)
Changes during the reporting period
During the reporting period the Company did not receive any notifications concerning changes in the share-
holding structure for major stock packages.
Changes following the reporting period
Following the balance sheet date the Company has not received any notifications concerning changes in the
shareholding structure for major stock packages.
Holders of securities which carry special control rights
All shares of the Company are ordinary bearer shares which do not incorporate any special rights, including
control rights.
8
The shareholding structure, including percentages of the Company’s share capital and votes at the General Meeting controlled by each
shareholder, is determined on the basis of formal notifications submitted to the Company by shareholders who control at least 5% of the
total number of votes at the General Meeting of Shareholders.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
64 CD PROJEKT GROUP
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Limitations on the exercise of voting rights
Limitations on the exercise of voting rights by shareholders are detailed in §25a and b of the Company
Articles.
In accordance with Company Articles, the following key restrictions apply to the exercise of voting rights:
■ no shareholder (acting singlehandedly or jointly, in the case of groups of entities) may exercise more than 20%
of voting rights incorporated by all Company shares outstanding on the day of the General Meeting;
■ if a shareholder (acting singlehandedly or jointly, in the case of groups of entities) is entitled to exercise voting
rights at the General Meeting from stock packages held under dierent legal titles, the votes they control are
subject to cumulation;
■
if, as a result of the aforementioned cumulation, the number of voting rights controlled by the given shareholder
(acting singlehandedly or jointly, in the case of groups of entities) exceeds 20% of the total number of votes,
these votes are subject to reduction.
Pursuant to §25b of the Company Articles, restriction of voting rights does not apply to parties controlling 50%
or more of the total number of votes at the Company solely when the shares have been purchased by way of
a public tender oer to acquire all remaining shares of the Company.
Except as listed above, no other limitations apply to the exercise of voting rights, including temporal restrictions
on voting or other provisions under which, in cooperation with the Company, ownership of securities is deprived
of some rights incidental thereto.
Limitations on transferability of ownership rights to the Issuer’s securities
The Company Articles do not provide for any limitations on transferability of ownership rights to the Issuer’s securities.
Rules governing appointment and dismissal of managerial sta
Pursuant to the Company Articles, the Management Board consists of one or more members. Members of the
Management Board are appointed and dismissed by the Supervisory Board for a joint four-year term. Supervisory
Board resolutions concerning appointment, dismissal or suspension of Management Board members require
a 4/5 supermajority of votes.
Right to adopt decisions concerning issue
or buy-back of the Issuer’s shares
The Company Articles do not provide for any special empowerment of the Management Board in the context
of deciding to issue or buy back Company shares.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
65 CD PROJEKT GROUP
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Rules for amending the Issuer’s Articles of Association
The Company Articles are posted on our corporate website.
Any change in the Company Articles requires a suitable General Meeting resolution, pursuant to the provisions
of the Code of Commercial Companies, along with a corresponding entry in the registry of entrepreneurs which
is part of the National Court Register. Any announcement of a convocation of a General Meeting whose agenda
includes proposed amendments to the Company Articles includes a description of existing statutory provisions
as well as the full text of any proposed amendments.
According to the Company Articles, responsibility for collating the consolidated text of the amended Articles
rests with the Supervisory Board.
AMENDMENTS TO COMPANY ARTICLES ADOPTED IN 2025
In 2025 the Company Articles were amended by General Meeting resolutions adopted on 23 June 2025.
The amendments introduced by these resolutions were subsequently registered on 12 September 2025, and
concerned mainly the following:
■ updated description of the Company’s areas of activity, compliant with new regulations applicable thereto;
■ adjusting the provisions of the Articles to the amended conditions of Incentive Program B, whereby its partici-
pants may be assigned a total of 4 100 000 entitlements, i.e. 600 000 more than originally anticipated (while
maintaining the aggregate number of entitlements assignable under Incentive Programs A and B at 5 000 000);
■ identifying the Supervisory Board as the body responsible for contracting an audit firm to perform attestation
of sustainability disclosures.
General Meeting
Organization of the General Meeting, its key prerogatives and shareholders’ rights are described in the
Company Articles, General Meeting Regulations and the applicable legal acts – particularly the Act of
15 September 2000 – Code of Commercial Companies.
ORGANIZATION OF THE GENERAL MEETING, ITS PREROGATIVES AND SHAREHOLDERS’ RIGHTS
The General Meeting is the highest governing body of the Company, and may be called on an ordinary or
extraordinary basis. General Meeting resolutions require a 3/5 supermajority of votes, except in matters where
the applicable regulations call for a higher supermajority.
The General Meeting is called to order by the person discharging the responsibilities of Chair or Deputy Chair
of the Supervisory Board. If neither is present, the General Meeting is called to order by a person appointed
for this duty by the Management Board.
A General Meeting Chair is elected from among persons entitled to participate in the General Meeting, with
each shareholder entitled to nominate a single candidate.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
66 CD PROJEKT GROUP
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Upon request of a shareholder entitled to participate in the General Meeting, a Ballot Committee may be
appointed. Members of the Ballot Committee are elected from among persons entitled to participate in the
General Meeting.
General Meetings are held in Warsaw. Shareholders may take part in the proceedings personally, by a proxy,
or using electronic communication tools (e-GM), in accordance with the Terms and Conditions of Participation
in the General Meeting of CD PROJEKT S.A. using Remote Electronic Communication Tools.
The General Meeting, among others:
■ approves financial statements and grants discharge to members of governing bodies;
■ adopts resolutions concerning allocation of profit and payment of dividends;
■ appoints and dismisses members of the Supervisory Board and determines their remuneration;
■ is empowered to determine the maximum amount of expenses related to remuneration of Supervisory Board
advisors, which the Company may incur during the given financial year;
■ adopts resolutions concerning issue of convertible bonds and priority bonds;
■ appoints intermediaries in disputes between the Company and members of its Management Board.
The Company respects shareholder rights, including, in particular, the right to demand convocation of a General
Meeting, submit draft resolutions and obtain information about the Company within the limits specified by the
applicable laws.
GENERAL MEETINGS HELD IN 2025
One General Meeting was held in 2025 – on 23 June 2025 (Ordinary General Meeting). The resolutions adop-
ted at the General Meeting are presented in the section titled “Key Corporate Events” elsewhere in this report.
The full text of all adopted resolutions can be found on the Company’s corporate website.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
67 CD PROJEKT GROUP
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Managerial and supervisory bodies
MANAGEMENT BOARD OF CD PROJEKT S.A.
[ESRS 2 GOV-1]
Organization of the Management Board and its key prerogatives are described in the Company Articles, Mana-
gement Board Regulations and the Act of 15 September 2000 – Code of Commercial Companies. In conducting
its activities, the Management Board is guided by the Best Practices for WSE Listed Companies, 2021 edition.
Composition of the Management Board as of the preparation date of this report:
Michał Nowakowski – Joint Chief Executive Ocer, Member of the Board
Jointly-responsible for the company’s long term vision, coordinates the company’s activities and its mana-
gement. In particular responsible for the Company’s business strategy and eective sales policy. Sup-
ports development of new product lines and manages the Company’s back catalog (franchise flywheel).
Shapes long-term business relations with key partners. Represents company in relation with the investors.
Directly supervises the following:
Business development | Comic Book and Animation narrative | Investor Relations
Adam Badowski – Joint Chief Executive Ocer, Member of the Board
Jointly-responsible for the company’s long term vision, coordinating the company’s activities and
its management. In particular responsible for the Company’s creative vision, and for managing,
developing and maintaining the Company’s creative teams. Develops and defines the unique
image and style which distinguish the Company and its products on the market.
Directly supervises the following:
Game direction | Story | Global Art
Piotr Nielubowicz – Chief Financial Ocer, Member of the Board
Responsible for the Company’s financial strategy, and for financial and non-financial reporting and
legal area. Oversees strategic corporate projects, key investments and Company’s climate and
environmental policy.
Directly supervises the following:
Finance | Accounting | Taxes | Legal & Compliance
Piotr Karwowski – Joint Chief Operating Ocer, Member of the Board
Responsible for the Company’s game development processes and optimization of its operational
capabilities, including in-house production, external games development and management of the
Group’s studios. Additionally oversees development of online and user experience competencies.
Directly supervises the following:
Games production | Studio operations | IT & Cybersecurity | Shared Development Services
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
68 CD PROJEKT GROUP
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Paweł Zawodny – Joint Chief Operating Ocer, Member of the Board
Responsible for shaping of the company’s technological strategy and the optimization of its
operational capabilities. He plays a crucial role in the process of both technological and organi-
zational transformation within CD PROJEKT RED. He oversees the company’s eorts in techno-
logical innovation, including the development of tools and competencies in the area of Artificial
Intelligence (AI).
Directly supervises the following:
Technologies | Research & Development (R&D), including Artificial Intelligence (AI)
Jeremiah Cohn – Chief Marketing Ocer, Member of the Board
Responsible for the Company’s global marketing strategy, product communication and branding
in support of franchise development. Oversees eorts to build recognition of the Company,
its IP, and product releases by shaping engagement with fans and the gamers community.
Directly supervises the following:
Marketing | PR & Communication | Franchises
Karolina Radziszewska
*
– Chief People Ocer, Member of the Board
Responsible for shaping the Company’s strategy concerning recruitment, team management, and
talent development. She also participates in building a shared-values organizational culture that
supports the Company’s global growth.
Directly supervises the following:
HR | Culture, Diversity&Inclusion | Internal Communication
*From 1 January 2026
Tenure of incumbent Members of the Management Board as employees of CD PROJEKT Group member com-
panies (in years)
*From 1 January 2026
Karolina Radziszewska*
Paweł Zawodny
Jeremiah Cohn
Piotr Karwowski
Michał Nowakowski
Adam Badowski
Piotr Nielubowicz
27
24
22
19
12
8
1
*Członkini Zarządu od 1.01.2026 r.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
69 CD PROJEKT GROUP
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Changes in the composition of the Management Board in 2025 and after the balance sheet date, up
until the preparation date of this report
In 2025 the Management Board consisted of six Members: Mr. Michał Nowakowski, Mr. Adam Badowski, Mr.
Piotr Nielubowicz, Mr. Piotr Karwowski, Mr. Paweł Zawodny and Mr. Jeremiah Cohn.
As disclosed by the Company in Current Report no. 17/2025, on 24 November 2025, the Supervisory Board
appointed the following persons to a new joint four-year term of the Management Board commencing on 1
January 2026:
■ Mr. Michał Nowakowski,
■ Mr. Adam Badowski,
■ Mr. Piotr Nielubowicz,
■ Mr. Piotr Karwowski,
■ Mr. Paweł Zawodny,
■ Mr. Jeremiah Cohn,
■ Ms. Karolina Radziszewska.
Resumes of incumbent Management Board Members, including descriptions of their experience in the area
of video game development and electronic entertainment, which represents the primary focus of the Compa-
ny’s economic activity, along with the Company’s products and geographical location, as well as information
concerning membership of the governing bodies of other companies, are available on the Company’s website
under the Management Board tab.
Operations and prerogatives of the Management Board
The Management Board is the executive body of the Company. Its prerogatives involve directing all Company
matters which are not otherwise reserved to the General Meeting or the Supervisory Board. In particular, the
Management Board:
■ works to ensure that Company matters are managed in a clear and eective manner, and in compliance with
the applicable laws;
■ determines the Company’s strategy and its main business objectives, and is responsible for ensuring imple-
mentation thereof;
■
manages Company matters and represents the Company in courts of law and otherwise. The right to represent
the Company appertains to two Management Board members acting in concert, or to any single Management
Board member acting in concert with a commercial proxy;
■
exercises due diligence in the decision-making process, acts within the boundaries of acceptable risk, and
remains loyal to the Company.
A meeting of the Management Board may be called by any of its members. In carrying out its meetings, the
Management Board may use remote electronic communication tools (in particular, videoconferencing tools). The
Management Board may adopt resolutions at meetings or outside of meetings, using remote communication
tools, or in writing. Management Board resolutions are adopted by an absolute majority of votes. Management
Board Members who oppose the given resolution are entitled to have their dissent recorded in the minutes.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
70 CD PROJEKT GROUP
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SUPERVISORY BOARD OF CD PROJEKT S.A.
[ESRS 2 GOV-1]
Organization of the Supervisory Board and its key prerogatives are described in the Company Articles,
Supervisory Board Regulations and the Act of 15 September 2000 – Code of Commercial Companies
Composition of the Supervisory Board as of the preparation date of this report:
Marcin Iwiński – Co-Chair of the Supervisory Board
Key competences and areas of experience:
Familiarity with the game dev industry | Management | Strategy
Marketing and distribution | International markets | Communication and PR
Adam Kiciński – Co-Chair of the Supervisory Board, Member of the Audit Committee
Key competences and areas of experience:
Familiarity with the game dev industry | Management | Strategy
Marketing and distribution | Technology and IT | Human talent management
David Gardner – Deputy Chair of the Supervisory Board,
independent Member of the Supervisory Board*
Key competences and areas of experience:
Familiarity with the game dev industry | International entrepreneurship | Venture Capital
Strategic growth and expansion | Digital content and MMOs | Restructuring of enterprises
Agnieszka Słomka-Gołębiowska – Chair of the Audit Committee,
independent Member of the Supervisory Board
*
Key competences and areas of experience:
Corporate management and development | International entrepreneurship
Corporate governance | Sustainable development | Finance | Emerging technologies
Beata Cichocka-Tylman – Member of the Audit Committee,
independent Member of the Supervisory Board
*
Key competences and areas of experience:
Familiarity with the game dev industry | Innovation | Finance
R&D activities, particularly in the context of IT, public aid, enterprise development and finance
*A Member of the Supervisory Board is regarded as independent if they fulfill the independence criteria specified in the Act of May 11, 2017 on
licensed auditors, audit firms and public supervision, and Commission Recommendation of February 15, 2005 on the role of non-executive
or supervisory directors of listed companies and on the committees of the (supervisory) board (2005/162/WE), and are not materially linked
to any shareholder who controls at least 5% of the total number of votes at the Company.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
71 CD PROJEKT GROUP
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In 2025 three members of the Supervisory Board – Mr. David Gardner, Ms. Agnieszka Słomka-Gołębiowska
and Ms. Beata Cichocka-Tylman – met independence criteria specified in the Auditor Act, and had no actual
and material links to any shareholder controlling at least 5% of the total number of votes at the Company.
Resumes of incumbent Supervisory Board Members, including descriptions of their experience in the area of
video game development and electronic entertainment, which represents the primary focus of the Company’s
economic activity, along with the Company’s products and geographical location, as well as information con-
cerning membership of the governing bodies of other companies, are available on the Company’s website
under the Supervisory Board tab.
Changes in the composition of the Supervisory Board in 2025 and following the balance sheet date,
up until the preparation date of this report
A new joint four-year term of the Supervisory Board commenced on 1 January 2025. During this term the
Supervisory Board is composed of: Mr. Marcin Iwiński, Ms. Beata Cichocka-Tylman, Mr. David Gardner, Mr. Adam
Kiciński and Ms. Agnieszka Słomka-Gołębiowska.
On 8 January 2025, at the first meeting of the new Supervisory Board:
■ Mr. Adam Kiciński and Mr. Marcin Iwiński were appointed Chairs of the Supervisory Board for the new term;
consequently, under § 18 section 1 of the Company Articles, they will share the title of Co-Chair of the Supervi-
sory Board;
■ Mr. David Gardner was appointed Deputy Chairperson of the Supervisory Board for the new term;
■ an Audit Committee was appointed, as described in the section titled “Audit Committee of CD PROJEKT S.A.”
further below.
Operations and prerogatives of the Supervisory Board
The Supervisory Board is the non-executive governing body of the Company. It exercises ongoing supervision
over the Company’s activities. It consists of five members, appointed and dismissed by the General Meeting.
The Supervisory Board holds meetings as needed, however at least three meetings must be convened during
each financial year. In order to hold a meeting of the Supervisory Board, all of its members must be invited.
Supervisory Board resolutions are adopted by an absolute majority of votes, or by a 4/5 supermajority of votes in
matters specified in § 19 of the Company Articles. The Supervisory Board may adopt meetings during meetings
or outside of meetings – in writing or using remote electronic communication tools.
In discharging its duties, the Supervisory Board is also guided by the principles listed in 2021 Code of Best
Practice for WSE Listed Companies.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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AUDIT COMMITTEE OF CD PROJEKT S.A.
The Audit Committee acts on the basis of Art. 128 section 1 of the Act on statutory auditors, audit firms
and public supervision of 11 May 2017 and the Audit Committee Regulations.
Composition of the Audit Committee as of 31 December 2025
Ms. Agnieszka Słomka-Gołębiowska – meets the independence criteria specified in Art. 129 section 3 of
the Auditor Act and the criterion specified in Art. 129 section 1 of the Auditor Act, i.e. possessing knowledge
and skills in the area of accounting or auditing financial statements, gained in the course of higher education
and professional experience.
Mr. Adam Kiciński – meets the criteria specified in Art. 129 section 5 of the Auditor Act, i.e. possessing
knowledge and skills related to the Company’s main business segment, gained during his employment at the
Company, and in particular during his tenure as Member of the Management Board of the Company.
Ms. Profesor Beata Cichocka-Tylman – meets the independence criteria specified in Art. 129 section 3 of
the Auditor Act and the criterion specified in Art. 129 section 1 of the Auditor Act, i.e. possessing knowledge
and skills in the area of accounting or auditing financial statements, gained in the course of gaining profes-
sional experience, and also meets the criteria specified in Art. 129 section 5 of the Auditor Act, i.e. possessing
knowledge and skills related to the Company’s main business segment, gained in the course of professional
experience at other companies.
The Supervisory Board verifies fulfillment of the above criteria on the basis of declarations or additional infor-
mation supplied by the Management Board. The Supervisory Board may, at any time, alter the composition of
the Audit Committee, or dismiss a member of the Audit Committee.
Changes in the composition of the Audit Committee in 2025 and after the balance sheet date, up until
the preparation date of this report
As noted in the section concerning changes in the composition of the Supervisory Board, on 8 January 2025,
at the inaugural session of the new term of the Supervisory Board, an Audit Committee was appointed with the
following composition: Professor Agnieszka Słomka-Gołębiowska, Ms. Beata Cichocka-Tylman, Mr. Adam Kiciński.
Professor Agnieszka Słomka-Gołębiowska was further appointed Chair of the Audit Committee.
Consequently, throughout 2025 and up until the preparation date of this statement the composition of the Audit
Committee was consistent with requirements specified in the Act.
Agnieszka
Słomka-Gołębiowska
CHAIR OF THE AUDIT
COMMITTEE
Adam
Kiciński
MEMBER OF THE AUDIT
COMMITTEE
Beata
Cichocka-Tylman
MEMBER OF THE AUDIT
COMMITTEE
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73 CD PROJEKT GROUP
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Criterion specified in the Act
Fulfillment of criterion
at CD PROJEKT
(as of the preparation
date of this Report)
The majority of Audit Committee members, including its chairperson, fulfill independence
criteria
At least one member of the Audit Committee possesses knowledge and skills in the scope
of accounting or auditing financial statements
At least one member of the Audit Committee possesses knowledge and skills related to the
Company’s main business segment
Operations of the Audit Committee
The Audit Committee is a standing committee and consists of three members, one of whom is named Chairperson of
the Audit Committee. Members of the Audit Committee are appointed in an open ballot by the Supervisory Board from
among its members. The term of oce of the Audit Committee is equivalent to the term of oce of the Supervisory Board.
The Audit Committee may, among others:
■ solicit information from the Company or the Group in matters related to financial reporting, financial audits,
control, internal audits and risk management, insofar as is required for the Audit Committee to perform its duties;
■ invite to its meetings individuals who possess knowledge and information required to analyze matters which
are being considered by the Audit Committee;
■ apply to the Management Board to prepare analyses and opinions in support of Audit Committee operations.
The Audit Committee submits reports on its activities to the Supervisory Board, describing its composition and
number of meetings held by the Audit Committee during each financial year.
Meetings of the Audit Committee
The Audit Committee is a collegial body and is required to hold meetings prior to publication of financial sta-
tements, as scheduled by its Chair. Meetings of the Audit Committee may be held in person or using remote
electronic communication tools. The Audit Committee works by issuing decisions, opinions, petitions, recom-
mendations and reports, which are submitted to other governing bodies of the Company.
The Audit Committee held five meetings in 2025 in the course of discharging its responsibilities – including
matters related to sustainability reporting and attestation thereof.
INVOLVEMENT OF THE GOVERNING BODIES OF THE COMPANY
IN MATTERS RELATED TO SUSTAINABILITY
[ESRS 2 GOV-1], [ESRS 2 GOV-2]
The Audit Committee of the Supervisory Board monitors reporting activities, and assesses the eectiveness of
internal control and risk management systems in the scope of sustainability. On the level of the Management
Board, oversight of sustainability disclosures is the responsibility of the CFO – Member of the Board. Management
of impact, risks and opportunities in individual areas of sustainability is performed by the appropriate Members of
the Management Board, as determined by their respective responsibilities published on our corporate website.
In 2023 the Management Board of the Company appointed the ESG Management Group, which consists of top
managers, and assigned to its members specific duties related to managing organizational impact in their respective
areas of responsibility – including setting goals and managing risks with regard to key aspects of sustainability.
The ESG Team, which is part of the Investor Relations Department, holds regular meetings with the CFO, who is
also a Board Member, and with the Audit Committee. During these meetings, the ESG Manager reports, among
others, on the progress towards sustainability goals and initiatives undertaken by the Company to ensure ali-
gnment between the CD PROJEKT Group’s actions and the applicable regulations.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
74 CD PROJEKT GROUP
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Members of the Management Boad discuss matters related to sustainability at meetings with representatives
of departments charged with managing these matters. In 2025 such meetings concerned, among others, the
outcome of workforce engagement surveys, implementation of the provisions of the EU Pay Transparency
Directive, establishment of business relations, new technologies (including AI), and IT security.
The competencies of Members of the Management Board correspond to areas regarded as material in the
context of impact, risks and opportunities faced by CD PROJEKT. The Audit Committee includes one person
with skills and experience in the area of sustainability. Members of the Supervisory Board as well as of the
Management Board may solicit external expert advice in carrying out specific sustainability-related projects. The
governing bodies of the Company have access to a knowledge base maintained by the Polish Association of
Listed Companies which includes, among others, summaries and reports; and they may furthermore participate
in dedicated training sources and conferences.
ENTITY AUTHORIZED TO PERFORM AUDITS OF FINANCIAL STATEMENTS
A dedicated Policy of choosing and rotating the audit firm entitled to audit financial statements and provide
permitted non-audit services at the CD PROJEKT Group (the Policy) is in force at the Company, having been
formally adopted by the Audit Committee.
Key provisions of the Policy
The Policy specifies, among others, rules regarding:
■
selection and rotation of the audit firm, and of the key statutory auditor at the CD PROJEKT Group in the context
of audits of financial statements, attestation of sustainability disclosures, and procurement from the audit firm,
from entities aliated therewith, or from members of the audit firm’s business network, of permissible services
other than audits and attestation;
■ criteria for organizing tenders and evaluating oers in a manner consistent with equal opportunity, fair compe-
tition and transparency criteria;
■ oversight of the auditor selection process on the part of the Audit Committee;
■
actions undertaken by the Audit Committee in the context of assessing independence and recommending
selection of an audit firm to the Supervisory Board.
The initial contract with a new audit firm is signed for at least two years, with a prolongation option concerning
further periods, each of which must be at least two years long. The key statutory auditor may be contracted
to perform financial audit services for a period not exceeding 5 years. The maximum duration of an unbroken
period whereby the same audit firm performs statutory audits is 10 years.
If the Company is notified of circumstances indicating that the audit firm cannot fulfill requirements arising from
legal regulations, professional ethics guidelines, independence principles or the national code of professional
conduct, the Company, in collaboration with the Audit Committee, shall analyze whether there are grounds for
dissolving the existing contract with that audit firm.
In 2025 the provisions of the Policy were amended by Audit Committee decision no. 4/2025.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
75 CD PROJEKT GROUP
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FINANCIAL
RESULT S
Selection of audit firm
On 27 June 2024 the Audit Committee issued Decision no. 1, presenting the Supervisory Board with its
recommendation to prolong the contract with the existing audit firm, i.e. Grant Thornton Polska PSA with
a registered oce in Poznań. On 4 July 2024, having familiarized itself with a recommendation of the Company
Audit Committee concerning prolongation of the contract with the licensed auditor, the Supervisory Board of
CD PROJEKT S.A. adopted a resolution selecting Grant Thornton Polska PSA with a registered oce in Poznań
as the entity responsible for:
■
performing audits and reviews of separate and consolidated financial statements of the Company and the
CD PROJEKT Group for 2024-2025, including annual and semiannual reports, as appropriate (also covering
verification of their compliance with ESEF standards),
■ performing attestation of sustainability disclosures for 2024-2025, and
■ performing reviews of remuneration reports for 2024-2025.
The corresponding agreement was signed on 9 July 2024 for a two-year period. The recommendation concer-
ning prolongation of the contract with the existing audit firm conforms to all applicable regulations.
Information concerning compensation due to the entity contracted to perform audits of annual financial state-
ments, reviews of financial statements, attestation of sustainability disclosures, and other permissible services
is provided in Note 44 in the Financial Statement of CD PROJEKT S.A. for 2025, and in Note 45 in the Conso-
lidated Financial Statements of the CD PROJEKT Group for 2025.
Permissible services other than audits of financial statements
The audit firm is permitted to provide to CD PROJEKT Group member companies other permissible non-audit
services, as long as those services are consistent with the applicable legal regulations, and do not jeopardize
the auditor’s independence. In each case, the Audit Committee performs an assessment of the eect of such
services on the auditor’s independence, and needs to issue consent for procurement thereof.
In 2025, in accordance with the corresponding Audit Committee decision, the audit firm contracted to per-
form audits of financial services provided other permissible services to the Company, namely a review of the
CD PROJEKT S.A. Supervisory Board report on remuneration of Management Board and Supervisory Board
members in 2024. The Audit Committee did not identify any threats to the independence of the entity autho-
rized to perform audits of financial statements.
Diversity policy
Information concerning diversity policies applicable at the Company with regard to members of its administra-
tive, governing and supervisory bodies, including their aims, means of implementation, and eects during the
reporting period are presented in the section titled “Social disclosures” elsewhere in this report.
CD PROJEKT GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
SUSTAINABILITY
FINANCIAL
RESULT S
05
CORPORATE GOVERNANCE
SUPPLEMENTARY INFORMATION
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
77 CD PROJEKT GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
SUSTAINABILITY
FINANCIAL
RESULT S
Agreements which may result in changes in the proportions
of shares held by shareholders and bondholders
INCENTIVE PROGRAMS FOR 20232027
Based on resolutions adopted by the General Meeting of the Company of 18 April 2023, two new incentive programs were
introduced on that day, covering the financial years 2023-2027: Incentive Program A and Incentive Program B respectively.
Incentive Program A
Incentive Program A is aimed at persons who are not members of the Company’s Management Board. According
to the adopted provisions, entitlements will be assigned under this program in each financial year belonging to
the 2023-2027 period (i.e. in five stages). The total number of entitlements assigned under Incentive Program
A may not exceed 1 500 000, while the aggregate number of entitlements assigned under Incentive Program
A and Incentive Program B may not exceed 5 000 000. Entitlements shall vest either by:
I.
extending an oer to participants to claim subscription warrants which incorporate the right to take up the
equivalent number of shares issued in the framework of a conditional increase in the parent Company’s share
capital, or
II. extending an oer to participants to purchase from the parent Company a certain number of own shares which
the parent Company will have previously acquired in the framework of a buy-back program instituted specifi-
cally for this purpose.
Exercise of entitlements assigned in the framework of Incentive Program A will require a declaration, issued by
the parent Company, of fulfillment of the loyalty condition, which is defined as the existence of a legal relation-
ship between the participant of Incentive Program A and the Company or an aliate thereof throughout the
vesting period. The share take-up or purchase price in the exercise of entitlements assigned under Incentive
Program A will be equivalent to the nominal price of Company shares. The vesting period is, in all cases, no
shorter than 3 years.
As of the preparation date of this report:
I. 100 444 entitlements have been assigned at the first stage of Incentive Program A (in 2023), 82 034 of which
remain outstanding;
II. 183 189 entitlements have been assigned at the second stage of Incentive Program A (in 2024), 159 450 of
which remain outstanding;
III. 123 186 entitlements have been assigned at the third stage of Incentive Program A (in 2025), 112 644 of which
remain outstanding;
IV. 142 922 entitlements have been assigned at the fourth stage of Incentive Program A (in 2026), 142 922 of
which remain outstanding.
Incentive Program B
Incentive Program B is aimed at members of the parent Company’s Management Board as well as persons
who do not hold membership of the Management Board. According to the adopted provisions, entitlements will
be assigned under this program in each financial year belonging to the 2023-2027 period (i.e. in five stages).
Pursuant to changes introduced by Resolution no. 23 of the General Meeting of 23 June 2025, the total number
of entitlements assigned under Incentive Program B may not exceed 4 100 000 (previously the figure stood
at 3 500 000), with the added provision that the total number of entitlements assigned to participants of this
program and of Incentive Program A may not exceed 5 000 000. Entitlements shall vest either by:
I.
extending an oer to participants to claim subscription warrants which incorporate the right to take up the
equivalent number of shares issued in the framework of a conditional increase in the Company share capital, or
II.
extending an oer to participants to purchase from the Company a certain number of own shares which the Com-
pany will have previously acquired in the framework of a buy-back program instituted specifically for this purpose.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
78 CD PROJEKT GROUP
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SUSTAINABILITY
FINANCIAL
RESULT S
Exercise of entitlements assigned under Incentive Program B will depend on confirmation by the parent Company
of the fulfillment of the earnings condition (for 70% of entitlements), the market condition (for 30% of entitlements),
certain individual conditions applied on a case-by-case basis, as well as – in all cases – the loyalty condition,
which is defined as the existence of a legal relationship between the participant of Incentive Program B and
the Company or an aliate thereof throughout the vesting period. The base share take-up or purchase price
in the exercise of entitlements assigned under Incentive Program B will be equivalent to the closing price of
Company stock on the last trading day preceding the adoption of a resolution enrolling the given participant
in the program. The program provides for a potential reduction in the take-up or purchase price coupled with
a proportional reduction in the number of entitlements exercisable by the given participant. The base vesting
period is equivalent to four consecutive financial years beginning with the year during which the given stage
of the program began (with an option to shorten the vesting period to 3 years for entitlements linked to the
earnings condition, should the four-year earnings target be met within the corresponding three-year period).
As of the preparation date of this report:
I.
662 000 entitlements have been assigned at the first stage of Incentive Program B (in 2023), 650 000 of which
remain outstanding;
II. 723 500 entitlements have been assigned at the second stage of Incentive Program B (in 2024), 710 000 of
which remain outstanding;
III.
740 500 entitlements have been assigned at the third stage of Incentive Program B (in 2025), 730 000 of
which remain outstanding;
IV. 750 000 entitlements have been assigned at the fourth stage of Incentive Program B (in 2026), 750 000 of
which remain outstanding.
Earnings condition – applicable to 70% of entitlements assigned during each stage of Incentive Program B
The earnings condition is considered fulfilled if, during the given vesting period, the CD PROJEKT Group posts
sucient consolidated earnings from continuing activities aggregated with the costs of estimating entitlements
assigned during the given stage of Incentive Program B as entered in the accounting records of CD PROJEKT
Group member entities.
For entitlements assigned during each stage of Incentive Program B the earnings conditions are as follows:
■ Stage I – for the years 2023-2026: 2 billion PLN,
■ Stage II – for the years 2024-2027: 3 billion PLN,
■ Stage III – for the years 2025-2028: 4 billion PLN,
■ Stage IV – for the years 2026-2029: 5 billion PLN.
For the next following stage of Incentive Program B, beginning with the financial years 2027, the correspon-
ding four-year earnings condition will be determined by the General Meeting in the form of a resolution (on
the parent Company’s Management Board’s request).
Following three financial years coinciding with the first stage of Incentive Program B, the consolidated net
earnings from continuing activities of the CD PROJEKT Group aggregated with the costs of estimating enti-
tlements assigned during the given stage of Incentive Program B as entered in the accounting records of
CD PROJEKT Group member entities, stood at 1 473 236 thousand PLN.
Market condition – applicable to 30% of entitlements assigned during each stage of Incentive Program B
The market condition is defined as a as a change in the price of parent Company stock on the Warsaw Stock
Exchange in such a way that the percentage dierence between the closing price of parent Company stock on
the final trading session of the final year subject to verification in the context of the above-mentioned earnings
condition compared to the closing price of parent Company stock on the final trading session of the year prece-
ding the year covered by the given stage of Incentive Program B is equal to or greater than the corresponding
percentage change in the value of the WIG index increased by 10 percentage points over the same period.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
79 CD PROJEKT GROUP
BUSINESS
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SUSTAINABILITY
FINANCIAL
RESULT S
Information regarding the control system of employee share programs
The incentive programs for the years 2023-2027 – Incentive Program A and B respectively – were introduced
on the basis of Company General Meeting resolutions of 18 April 2023. Detailed rules applicable to these
programs are expressed in their respective regulations adopted by the Management Board of the Company
and subsequently endorsed by the Supervisory Board of the Company and subsequently endorsed by its
Supervisory Board.
The full wording of these regulations is available on the Company’s corporate website.
Disclosure of the purchase and redemption of own shares
PURCHASE OF OWN SHARES
On 5 September 2025 the Management Board of the Company announced that, pursuant to Resolution no.
21 of the Ordinary General Meeting of the Company of 23 June 2025, it adopted a resolution concerning the
conditions and course of a buy-back program for Company shares (“Management Board Resolution”). The aim
of this buy-back was to enable the Company to facilitate exercise of some or all of the entitlements assigned
at the first stage of Incentive Program A for 2023-2027 by extending an oer to participants to buy Company
shares from the Company.
As a result of the buy-back program carried out in compliance with the aforementioned decision, between 8
and 12 September 2025 purchased a total of 87 914 of its own shares, which corresponds to 100% of entitle-
ments assigned to participants of the first stage of Incentive Program A for 2023-2027 and outstanding as of
the adoption date of the Management Board Resolution, with a nominal value of 1 PLN per share, representing
0.09% of the Company’s share capital, for a total price of 22 404 thousand PLN. The shares were purchased
on the ocial market of the Warsaw Stock Exchange. The Management Board of the Company provided deta-
iled information on the commencement and course of the buy-back programs in Current Reports no. 14/2025
and 15/2025 respectively. As of the preparation date of this report, the aforementioned shares remain in the
Company’s possession.
REDEMPTION OF OWN SHARES
The Company did not redeem any own shares during the reporting period.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
80 CD PROJEKT GROUP
BUSINESS
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CORPORATE
GOVERNANCE
SUSTAINABILITY
FINANCIAL
RESULT S
Company shares held by members of the Management
Board and the Supervisory Board
Table 9 Shares held by members of the Management Board and Supervisory Board of the Company*
Name Position
as of
19.03.2026
as of
31.12.2025
as of
01.01.2025
Michał Nowakowski
Management Board Member
Joint Chief Executive Ocer
Adam Badowski
Management Board Member
Joint Chief Executive Ocer
Piotr Nielubowicz
Management Board Member
Chief Financial Ocer
Piotr Karwowski
Management Board Member
Joint Chief Operating Ocer
Paweł Zawodny
Management Board Member
Joint Chief Operating Ocer
Marcin Iwiński Co-Chair of the Supervisory Board
Adam Kiciński Co-Chair of the Supervisory Board
* Based on declarations and notifications filed with the Company
The nominal value of each share is 1 PLN.
Persons discharging executive and supervisory responsibilities at CD PROJEKT S.A. do not directly hold any
shares of subsidiary entities belonging to the CD PROJEKT Group.
Remuneration paid out to members of the Company’s governing bodies
The Company pays out remuneration to members of its Management Board and Supervisory Board in accordance
with the remuneration policy. A Remuneration Policy for Members of the Management Board and Members
of the Supervisory Board of CD PROJEKT S.A. is in force at the Company, having been adopted in 2020 and
subsequently amended by a resolution of the General Meeting on 14 June 2024. On 4 July 2024 the Supervi-
sory Board of the Company, following Management Board recommendations, also adopted a resolution which
clarifies certain elements of this policy.
The policy contains all elements required under law, including descriptions of fixed and variable components
of remuneration packages oered to members of the Company’s governing bodies, including any additional
benefits, as well as the basic assumptions underpinning the Company’s incentive schemes. The current version
of the policy, along with the content of the aforementioned clarifying resolution of the Supervisory Board, can
be found on the Company website. The same section of the website also contains Supervisory Board reports
on the remuneration of members of the Company’s governing bodies in past years.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A. between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
81 CD PROJEKT GROUP
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FINANCIAL
RESULT S
Gross remuneration of members of the Management Board of CD PROJEKT S.A.
Table 10 Gross remuneration of members of the Management Board of CD PROJEKT S.A. during their tenure
Michał Nowakowski
Joint CEO
Adam Badowski
Joint CEO
Adam Kiciński
CSO until 31.12.2024;
currently Co-Chair
of the SB
Piotr Nielubowicz
CFO
Piotr Karwowski
Joint COO
Paweł Zawodny
Joint COO
Jeremiah Cohn
CMO
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
Fixed remuneration (base
remuneration for duties
performed, along with
any additional contracts
concluded with the
Company)
-
Fixed remuneration
(additional benefits)
- - -
Variable remuneration
due for the given
financial year (Short-term
incentive scheme*)
-
*Variable portion of remuneration assigned to members of the Management Board under the Company’s short-term incentive scheme, settled in annual cycles, depending on the consolidated net profit of the Group.
Variable remuneration assigned for 2024 was paid out in 2025, while variable remuneration assigned for 2025 was not paid out as of the balance sheet date.
Table 11 Value of remuneration obtained by members of the Management Board of CD PROJEKT S.A. during their tenure and paid out by the Company’s subsidiaries
Piotr Karwowski Jeremiah Cohn Adam Badowski
..-.. thousand PLN thousand USD -
..-.. thousand PLN thousand USD thousand USD
COMPENSATION PAID OUT IN THE FRAMEWORK OF LONGTERM SHAREBASED INCENTIVE SCHEMES
[ESRS 2 GOV-3]
Incentive Program B for 2023–2027
On 18 April 2023 the General Meeting adopted resolutions introducing Incentive Program B for the years 2023-2027. Entitlements corresponding to the first stage of Incentive
Program B were assigned to members of the Company’s Management Board on 26 May 2023, for the second stage – on 8 March 2024, and for the third stage – on 9 March 2025.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A. between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
82 CD PROJEKT GROUP
BUSINESS
ACTIVITY
CORPORATE
GOVERNANCE
SUSTAINABILITY
FINANCIAL
RESULT S
Table 12 Number of entitlements and value of potential benefits assigned to members of the Management Board at the first stage of Incentive Program B (corresponding
to the 2023-2026 period)
Michał Nowakowski
Joint CEO
Adam Badowski
Joint CEO
Adam Kiciński, CSO
until 31.12.2024; currently
Co-Chair of the SB
Piotr Nielubowicz
CFO
Piotr Karwowski
Joint COO
Paweł Zawodny
Joint COO
Jeremiah Cohn
CMO
Entitlements assigned thousand thousand thousand thousand thousand thousand thousand
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
01.01.2025-
-31.12.2025
01.01.2024-
-31.12.2024
Value of potential
benefits
Table 13 Number of entitlements and value of potential benefits assigned to members of the Management Board at the second stage of Incentive Program B (correspon-
ding to the 2024-2027 period)
Michał Nowakowski
Joint CEO
Adam Badowski
Joint CEO
Adam Kiciński, CSO
until 31.12.2024; currently
Co-Chair of the SB
Piotr Nielubowicz
CFO
Piotr Karwowski
Joint COO
Paweł Zawodny
Joint COO
Jeremiah Cohn
CMO
Entitlements assigned thousand thousand thousand thousand thousand thousand thousand
01.01.2025-
-31.12.2025
08.03.2024-
-31.12.2024
01.01.2025-
-31.12.2025
08.03.2024-
-31.12.2024
01.01.2025-
-31.12.2025
08.03.2024-
-31.12.2024
01.01.2025-
-31.12.2025
08.03.2024-
-31.12.2024
01.01.2025-
-31.12.2025
08.03.2024-
-31.12.2024
01.01.2025-
-31.12.2025
08.03.2024-
-31.12.2024
01.01.2025-
-31.12.2025
08.03.2024-
-31.12.2024
Value of potential
benefits
Table 14 Number of entitlements and value of potential benefits assigned to members of the Management Board at the third stage of Incentive Program B (corresponding
to the 2025-2028 period)
Michał Nowakowski
Joint CEO
Adam Badowski
Joint CEO
Piotr Nielubowicz
CFO
Piotr Karwowski
Joint COO
Paweł Zawodny
Joint COO
Jeremiah Cohn
CMO
Entitlements assigned thousand thousand thousand thousand thousand thousand
09.03.2025-
-31.12.2025
09.03.2025-
-31.12.2025
09.03.2025-
-31.12.2025
09.03.2025-
-31.12.2025
09.03.2025-
-31.12.2025
09.03.2025-
-31.12.2025
Value of potential
benefits
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A. between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
83 CD PROJEKT GROUP
BUSINESS
ACTIVITY
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GOVERNANCE
SUSTAINABILITY
FINANCIAL
RESULT S
The potential benefits listed in the above table for entitlements assigned at the first, second and third stage of the share-based Incentive Program B to members of the Mana-
gement Board reflect the fair value of the corresponding entitlements, based on an actuarial assessment valid on the date of assignment. Information concerning assumptions
made by the actuary in preparing the assessment of entitlements can be found in the Consolidated Financial Statements of the CD PROJEKT Group for 2025. The listed value
corresponds to costs recognized in the Company’s accounts in 2024 and 2025 in association with estimation of entitlements assigned under Incentive Program B and does
not include costs associated with estimation of expired entitlements assigned under the preceding program.
The dierence between the market price of CD PROJEKT shares on any given date and the corresponding take-up or purchase price for shares acquired in the framework of
Incentive Program B may dier significantly from the assessment provided by the actuary on the date of assignment of entitlements and recognized in the Group’s statement
of costs. Moreover, future benefits which may potentially be obtained by participants of the program depend on fulfilling a range of goals and conditions applicable to the pro-
gram, and also on the future price of shares at the moment such shares are taken up or purchased by the entitled parties. With regard to entitlements assigned under Incentive
Program B, the base purchase or take-up price of shares acquired by entitled parties (given fulfillment of the program goals and criteria) is 118.05 PLN, 107.75 PLN and 215.8
PLN for the first, second and third stage respectively.
Remuneration paid out to members of the Management Board during the financial year was not directly tied to achievement of sustainability goals.
Gross remuneration of Supervisory Board members
[ESRS 2 GOV-3]
Table 15 Gross remuneration (including for participation in the Audit Committee and inclusive of additional benefits) paid out to members of the Supervisory Board of
CD PROJEKT S.A.
Marcin Iwiński
Chairperson of the
Supervisory Board
(until 31.12.2024;
currently Co-Chair
of the Supervisory
Board)
Katarzyna Szwarc
Deputy Chair of the
Supervisory Board
(until 31.12.2024)
Maciej Nielubowicz
Secretary of the
Supervisory Board;
Member of the Audit
Committee (until
31.12.2024)
Michał Bień
Supervisory Board
Member; Chair of
the Audit Committee
(until 31.12.2024)
Jan Łukasz
Wejchert Członek
Supervisory Board
Member; Audit
Committee Member
(until 31.12.2024)
Adam Kiciński
Co-Chair of the
Supervisory Board;
Audit Committee
Member (since
01.01.2025)
David Gardner
Deputy Chair of the
Supervisory Board
(since 01.01.2025)
Beata
Cichocka-Tylman
Supervisory Board
Member; Audit
Committee Member
(since 01.01.2025)
Agnieszka Słomka-
-Gołębiowska
Supervisory Board
Member; Chair of the
Audit Committee (since
01.01.2025)
..-
-..
thousand PLN
- - - -
thousand PLN
thousand PLN
thousand PLN
thousand PLN
..-
-..
thousand PLN
thousand PLN
thousand PLN
thousand PLN
thousand PLN
- - - -
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
84 CD PROJEKT GROUP
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SUSTAINABILITY
FINANCIAL
RESULT S
During the financial year members of the Supervisory Board did not hold any executive positions at Group
member companies.
Persons who held membership of the Supervisory Board of the Company in 2025, with the exception of Mr.
Adam Kiciński, were not enrolled in Incentive Programs A and B for 2023-2027. Mr. Adam Kiciński, during his
tenure as Member of the Management Board of the Company was assigned a total of 100 thousand entitlements
at the first and second stage of Incentive Program B. In the event of attainment of Incentive Program B goals
for the first and second state thereof, Mr. Adam Kiciński will be entitled to take up or purchase Company stock
in accordance with this program’s regulations.
Remuneration paid out to members of the Supervisory Board in 2025 was not directly tied to achievement of
sustainability goals.
Disclosure of retirement benefits and similar compensation payable
to former members of the Issuer’s executive, supervisory or
administrative bodies, and of any liabilities associated with such benefits,
specifying the aggregate amounts for each category of recipients
As of 31 December 2025 the Company had no such liabilities.
Agreements between the Issuer and members of its managing
bodies concerning compensation in the event of their resignation
or dismissal, including dismissal or recall as a result of a merger
As of 31 December 2025 there were no provisions in force regulating compensation in the event of resignation
or dismissal of members of the Company’s Management Board, including when their dismissal or recall is due
to a merger involving the Company.
Transactions between the Issuer and members of its managing
and supervisory bodies not otherwise reported
In 2025 there were no significant transactions with members of the managing and supervisory bodies of
CD PROJEKT S.A. not disclosed elsewhere in this report.
The following transactions are not regarded as significant: medical coverage fees, incidental purchases by
members of the Management Board or Supervisory Board on the same terms as those oered to the rest of
the workforce.
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Changes in basic management practices at the Company and its Group
No significant changes in basic management policies aecting the Company and its Group occurred in 2025.
Disclosure of significant legal proceedings
The following legal proceedings took place during the reporting period (the presented status is valid for the
preparation date of this report):
CRIMINAL PROCEEDINGS IN WHICH CD PROJEKT S.A. IS RECOGNIZED AS THE VICTIM
Case against natural persons (including former members of the Management Board of Optimus S.A.)
In case no. XVIII K 126/09, following indictment filed by the District Attorney in the District Court for the City of
Warsaw, on 27 October 2016 the District Court convicted Mr. Michał L., Mr. Piotr L. and Mr. Michał D. of violating
sections 296 §1, 296 §3 and others of the Penal Code. The Company acted as an auxiliary prosecutor in the
court of first instance and will retain this status until the trial has concluded. Having found the defendants guilty,
the Court awarded the Company 210 thousand PLN in damages under Art. 46 of the Penal Code. According
to the operative part of the judgement, total losses sustained by the Company as a result of the defendants’
actions were estimated at not less than 16 million PLN (this figure follows from standard regulations applicable
to criminal trials). The Company subsequently filed an appeal against the judgment, contesting, among others,
the amount of damages awarded to the Company. An appeal against the full judgement was also filed by the
defendants’ attorneys. On 26 October 2017 the Appellate Court vacated the judgment of the court of first instance
and remanded the case to be retried in full. The District Court for the City of Warsaw subsequently filed the
case under no. XVIII K 316/17. The parent company continues to act in the capacity of an auxiliary prosecutor.
06
SUSTAINABILITY STATEMENT
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Sustainability statement
ESRS 2 GENERAL DISCLOSURES
[ESRS 2]
General basis for preparation of sustainability statements
[ESRS 2 BP-1]
This sustainability statement of the CD PROJEKT Group for 2025 (“the Statement”) covers information and con-
solidated data applicable to the CD PROJEKT Group and its parent entity, i.e. CD PROJEKT S.A. for the period
between 1 January and 31 December 2025. The scope of consolidation in this statement is equivalent to the scope
of consolidation in the CD PROJEKT Group financial statement unless indicated otherwise in the framework of
specific disclosures.
Information and data presented in the Statement as describing the “CD PROJEKT Group” relate to the following
entities: CD PROJEKT S.A., GOG Sp. z o.o. and CD PROJEKT RED Inc. The Statement covers the CD PROJEKT
Group value chain to the extent of its designation of materiality as determined by the Company in the double
materiality assessment performed in 2023.
Publication of the Statement follows the requirements of the Accounting Act of 6 December 2024 with regard
to the scope of sustainability disclosures, and complies with the EU corporate sustainability reporting directive
(CSRD Directive).
Disclosures in relation to specific circumstances
[ESRS 2 BP-2]
This Statement marks the second time the presented data are gathered and described in accordance with
ESRS. An adjustment in the calculation of Scope 2 and 3 carbon footprint for the preceding reporting period
was performed – details can be found in the section devoted to ESRS E1 Climate Change.
For the purposes of analyses of climate risks and opportunities, as well as scenario analyses carried out in 2022
and subsequently updated in 2023-2025, the following time horizons were applied – consistently with the hori-
zons adopted in the Paris Agreement:
■ short-term – by 2026,
■ medium-term – between 2027 and 2030,
■ long-term – between 2031 and 2050.
This Statement contains disclosures corresponding to standards E1, S1, S4 and G1, whose scope coincides with
the Company’s influence as defined in the double materiality assessment.
9
The presented consolidated sustainability data cover the activities of GOG Sp. z o.o. until the moment of divestiture, eective on 31 De-
cember 2025 (see Current Report no. 20/2025), while the itemized numerical data representing the balance sheet date (31 December
2025) are exclusive of GOG Sp. z o.o., since that company ceased to be a member of the Group at the end of the aforementioned day.
10
Act of 6 December 2024 amending the Accounting Act, the Act on Licensed Auditors, Audit Firms and Public Supervision, and certain
other acts.
11
Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014,
Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting.
12
ESRS (European Sustainability Reporting Standards) – European standards introduced by delegated regulation 2023/2772 supplementing
Directive 2013/34/EU of the European Parliament and of the Council as regards sustainability reporting standards.
13
Accords formulated at the 21th United Nations Climate Change Conference in 2015. Pursuant thereto, by the end of 2020 the EU presented
a long-term emissions reduction strategy together with updated climate plans (contributed by individual nations). In it, the EU committed
to reducing its emissions by 55% by 2030 compared to 1990 levels. EU member states furthermore agreed that the EU would undertake
action to ensure that, by 2050, it would become the first climate-neutral economy and society in the world.
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Estimated figures have been applied in the calculation of Scope 3 greenhouse gas emissions. The base estimation
methodology is described in the Climate change section.
This Statement takes advantage of interim regulations in forgoing ESRS disclosure requirements E1-E9 – Anticipa-
ted financial eects from material physical and transformational risks and potential climate-related opportunities.
Information provided to and sustainability matters addressed by the undertaking’s administrative,
management and supervisory bodies
[ESRS 2 GOV-2]
The Audit Committee of the Supervisory Board supervises the reporting process and oversees the eectiveness
of internal control and risk management systems in the context of sustainability. Within the Management Board,
responsibility for sustainability reporting rests with the CFO, who is also a Board Member. Managing impact, risks
and opportunities in specific areas of sustainability is the responsibility of appropriate Board Members, in accor-
dance with the division of responsibilities within the Board, as published on our corporate website.
In 2023 the Management Board of CD PROJEKT established the ESG Management Group, comprising high-level
managerial sta, and tasked it with overseeing the Company’s impact and risks in its members’ respective areas
of responsibility, as well as formulating goals related to important aspects of sustainability.
The ESG Team, which is part of the Investor Relations Department, holds regular meetings with the CFO, who is
also a Board Member, and with the Audit Committee. During these meetings, the ESG Manager reports, among
others, on the progress towards sustainability goals and actions undertaken by the Company to ensure alignment
between the CD PROJEKT Group’s activities and the applicable regulations.
Members of the Management Board discuss matters related to sustainability at meetings with representatives
of departments charged with managing these matters. In 2025 such meetings concerned, among others, the
outcome of workforce engagement surveys, implementation of the provisions of the EU Pay Transparency Directive,
establishment of business relations, new technologies (including AI), and IT security.
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Statement on due diligence
[ESRS 2 GOV-4]
At the CD PROJEKT Group the due diligence principle is construed as an ongoing process which aims to identify
undesirable circumstances related to sustainability, and take action to prevent the occurrence of such circumstan-
ces or mitigate their eects.
Table 16 Elements of the due diligence process described in each section of the Statement
Core elements of due diligence
Disclosures in the
sustainability statement
Embedding due diligence in governance, strategy and business model
S-
S-
Engaging with aected stakeholders in all key steps of the due diligence
S-
S-
Identifying and assessing adverse impacts
IRO-
SBM-
Taking actions to address those adverse impacts
S-
S-
Tracking the eectiveness of these eorts and communicating S-
Interests and views of stakeholders
[ESRS 2 SBM-2]
Dialogue is important to us. We want to be transparent with stakeholders in current matters related to the Group’s
business, and also receive feedback on our products and other business activities. Stakeholder opinions are
taken into account in the CD PROJEKT Group’s sustainability management process. At periodic meetings with
representatives of departments whose responsibilities include matters related to sustainability, Management
Board members receive information of issues regarded as important by the Company’s stakeholders – which
includes employees, gamers, business partners, investors and analysts. Examples of such feedback include
conclusions from Culture Amp surveys. The list of key stakeholder groups with which we most frequently
interact – updated during our 2023 double materiality assessment – is presented below.
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Table 17 Key stakeholders of the CD PROJEKT Group
Key stakeholders Type of engagement
Internal stakeholders
Team members
We maintain ongoing dialogue with our team members –
among others via meetings, e-mail, surveys, opinion
polls, periodic reviews and feedback collection. We
have also established a whistleblowing mechanism
called Speak Up through which reports of irregularities
can be submitted.
External stakeholders
Gamers and other customers
Proactive and reactive communication with gamers is
maintained – both via direct communication during trade
fairs and live meetings with the community hosted by
the Group, and via indirect interactions through social
media and portals.
Capital market:
• institutional and retail investors
• rating agency analysts, including ESG rating agencies
• sell-side analysts
• buy-side analysts
• representatives of capital market institutions and
organizations
We emphasize transparency – we provide detailed and
transparent information in the form of press releases,
current reports and periodic reports regarding financial
performance indicators and key operating and corpo-
rate events. We also engage in direct dialogue during
meetings, conferences and conference calls, and also
by responding to inquiries on an ongoing basis.
We care about providing transparent information on our
investor relations website. We organize and broadcast
General Meetings of Shareholders at which we facilitate
real-time remote voting. Each year we participate in
over a dozen international conferences and roadshows
dedicated to institutional investors, and in selected
events targeting individual investors. We run a dedicated
investor relations profile on X: @CDPROJEKTRED_IR.
Information regarding CD PROJEKT and its current
activities is provided in two language versions – in
Polish and in English.
Business partners (suppliers and clients)
We maintain business relations through individual
meetings, phone calls and e-mail conversations.
Media:
• trade journalists
• finance and economic journalists
• content creators
• opinion leaders
Our PR, marketing and investor relations departments
remain in constant contact with representatives of the
media, content creators and opinion leaders. Commu-
nication entails, among others: publishing current and
periodic reports, distributing press releases, holding
press conferences, actively communicating in social
media and delegating Company representatives to
take part in trade events, interviews and expert panels.
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Material impacts, risks and opportunities and their interaction with strategy and business model
Description of the process to identify and assess material impacts, risks and opportunities
[ESRS 2 SBM-3] , [ESRS 2 IRO-1]
In 2023 we carried out an assessment of material aspects of sustainability, in line with the double materiality
principle described in ESRS standards. A wide community of stakeholders, both external and internal, was invited to
participate in the assessment, which lasted between July and November 2023 and comprised the following stages:
Table 18 Stages of the double materiality assessment
Stage Methodology Results
Evaluation of the CD PROJEKT
Group value chain
• Internal evaluation workshops
• Analysis of available
documentation
Schematic description of the
CD PROJEKT Group value chain
Evaluation of the CD PROJEKT
Group’s environment
• Market benchmark
• Workshop with external experts
Broad list of sustainability aspects
regarded as potentially material for
the CD PROJEKT Group
Categorization and analysis of
the CD PROJEKT Group’s impact
on its social and environmental
surroundings, and the impact
thereof on the Company
• Analysis of gathered materials
• In-depth internal workshop
Registry of sustainability aspects
related to the ESRS AR disclo-
sure obligation, together with a pre-
liminary selection of impacts and
assignment of aspects to specific
ESRS standards
Narrowed-down list of ESG
aspects regarded as potentially
material for the CD PROJEKT Group
Impact materiality survey with focus
on severity and irreversibility of
consequences
• Quantitative analysis – surveys
targeting team members and
gamers
Itemized assessment of the impact
(severity and irreversibility of con-
sequences) of ESG aspects regar-
ded as potentially material for the
CD PROJEKT Group
Assessment of financial and impact
scope materiality
• In-depth interview with CFO,
Board Member and VP of Finance
Itemized assessment of the finan-
cial and impact scope materiality of
ESG aspects regarded as potentially
material for the CD PROJEKT Group
Analysis of results
• Plotting potentially material
aspects on two axes (impact
materiality and financial
materiality)
Matrix of ESG aspects regarded as
potentially material for the
CD PROJEKT Group
Summary of material aspects, risks
and opportunities
Approval of the list by a Board
Member
• Determining a cuto point and
approving the list of sustainability
aspects regarded as material for
the CD PROJEKT Group – by the
CFO
List of sustainability aspects regar-
ded as material for the CD PROJEKT
Group
The assessment produced a matrix of ESG aspects regarded as potentially material for the CD PROJEKT Group.
Each of these was assessed by applying the five-point Likert scale, and subsequently plotted on the matrix, based
on aggregate score.
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We decided to treat as material any aspect which received a score of at least 3 on any of the impact and financial
materiality scales. In addition, we also decided – despite the non-attainment of the required score threshold – to
elevate the materiality of the aspect titled “Reducing greenhouse gas emissions in the value chain and imple-
menting energy-ecient solutions” due to the fact that, much like any business activity, we do have impact on our
surroundings, including the natural environment and the climate. Furthermore, we decided to merge two aspects –
“Strengthening the DEI culture at CD PROJEKT” and “Fostering inclusive leadership and engagement of team
members” into a single aspect. We regard inclusive leadership as an indispensable component of our diversity
and inclusion culture, and the level of engagement will be subject to monitoring as one of the KPIs in this scope.
Chart 5 Matrix of material ESG topics for CD PROJEKT Group
FINANCIAL MATERIALITY
0 1
1
2
3
4
5
2 3 4 5
IMPACT MATERIALITY
4
3
2
1
5
6
8
11
10
9
13
12
16
15
14
7
1. Player protection
2. Reducing greenhouse gas emissions in the value chain and
implementing energy-ecient solutions
3. Transparency of remuneration and diversity on the
Management Board
4.
Involvement in community initiatives and cooperation with NGOs
5. Sustainable production of packaging and game accessories
6. Reinforcing the DEI culture at CD PROJEKT
7. Transparency in relations with business partners
8. Strenghtening inclusive leadership and team members’
engagement
9. Cybersecurity and privacy protection
of customer data
10. Creating a comfortable working environment and taking
care of work-life balance
11. Business ethics
12. Building engaged communities around our products
13. Responsible communitation and marketing of our products
14. Implementing accessibility features in our games
15. Oering competitive compensation package and equal
career opportunities
16. Management and protection of intellectual property
Material topics proposed not to be included in the final list
due to failure to achieve a score equal to or higher than
three points in at least one dimension.
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The double materiality survey revealed 12 material aspects which, in turn, determine the scope of disclosures provided in this
Statement.
Table 19 Materiality assessment: impact of the CD PROJEKT Group
ESRS disclosure
Aspects identified as material in the
materiality assessment Opis wpływu
E Climate
change
Reducing greenhouse gas
emissions in the value chain and
implementing energy-ecient
solutions
In the framework of its operating activities (Scope and ) the CD PROJEKT
Group aects the climate primarily through emissions of greenhouse gases
related to use of electrical energy at its oces. A significant portion of the
Group’s emissions arises in the value chain (Scope ) and is connected with
use of our products.
S Own
workforce
Oering a competitive salary
package and equal opportunities
for advancement
At the end of we employed a total of persons. Our impact arises
mainly from ensuring adequate employment conditions, including attractive
salary packages and additional benefits, caring for the well-being of our
employees by fostering an inclusive culture, providing a comfortable work
environment and oering opportunities for career and personal development
in the framework of our development paths. Our approach in this regard is
regulated, among others, by Rules of the Game. Business and Ethics Standards
at the CD PROJEKT Group.
Sharing knowledge, competences and resources represents an expression
of our professed values. Implementation of our Social Engagement Policy is
an important aspect of the process of shaping our organizational culture and
fostering employee engagement.
Ensuring comfort at work and
taking care of work-life balance
Strengthening the DEI culture at
CD PROJEKT by, among others,
fostering inclusive leadership
Involvement in community
initiatives and collaboration with
NGOs
S Consumers
and end users
Building engaged communities
around our products
In the case of the CD PROJEKT Group, consumers and end users are primarily
gamers. We believe we have an impact on them by creating games with complex
storylines, engendering emotions and provoking reflection. In our games we
aim to portray vibrant characters representing various mental constructs and
social groups. We also apply due diligence in managing impact on consumers,
engaging in ongoing dialogue with our user community, emphasizing quality
and responsible communication and marketing of our products.
Implementing accessibility
features in our games
Responsible communication and
marketing of products
G Business
conduct
Management and protection of
intellectual property
We manage our impact in this scope by ensuring compliance with regulations –
i.a. through organizing internal training sessions, applying adequate procedures
and making use of suitable tools.
Business ethics
Cybersecurity and data
protection
Transparency in relations with
business partners
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Table 20 Materiality survey: summary of material impact, risks and opportunities (IRO) at the CD PROJEKT Group
LEGEND:
IRO:
I
n
– negative impact of the CD PROJEKT Group on its environment,
I
p
– positive impact of the CD PROJEKT Group on its environment,
R – risk faced by the CD PROJEKT Group,
O – opportunity available to the CD PROJEKT Group.
Timeframe:
ST – short-term, MT – medium-term, LT – long-term.
ESRS IRO Description Timeframe
Value chain
Upstream
Own
operations Downstream
E
I
n
Greenhouse gas emissions in the value chain
ST, MT, LT X X
X
I
p
Reducing greenhouse gas emissions in the value chain and deploying energy-ecient solutions
ST, MT, LT X X
X
S
I
p
Oering a competitive salary package and equal opportunities for advancement
ST, MT X
I
p
Ensuring comfort at work and taking care of work-life balance
ST, MT X
I
p
Strengthening the DEI culture at CD PROJEKT by, among others, fostering inclusive leadership
ST, MT X
I
p
Involvement in community initiatives and collaboration with NGOs
ST, MT X
R
Risk associated with acquisition and retention of talent, and team building
ST, MT X
O
Increased employee engagement may translate into higher quality of the games being developed (which
may, in turn, increase their sales potential) and low voluntary turnover rates (thus reducing costs related to
recruitment and onboarding)
ST, MT X
O
Oering competitive employment conditions and equal career advancement opportunities while caring for
workplace comfort and work-life balance may improve CD PROJEKT’s prospects of being perceived as the
“employer of choice” for people considering a career in the gamedev industry
ST, MT X
O
Activities which foster a workplace culture based on safety and mutual respect enable us to create immersive
games which reflect the diversity of the world at large and of individual attitudes, and which touch upon
important societal issues
ST, MT X
O
By enabling involvement in social initiatives, we can build an organizational culture based on shared values,
and improve employee engagement
ST, MT X
14
IRO – shorthand for „Impact, risk, opportunity”
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ESRS IRO Description Timeframe
Value chain
Upstream
Own
operations Downstream
S
I
p
Building engaged communities around our products
ST, MT, LT X
X
I
p
Implementing accessibility features in our games
ST, MT, LT X
X
I
p
Responsible communication and marketing of products
ST, MT, LT X
X
R
Risk of failure to meet expectations resulting from promotional campaigns
ST, MT, LT X
X
O
Strengthening engagement of fan communities clustered around our products, and broadening the circle
of gamers interested in the Studio’s games, may translate into increased sales revenues for existing as well
as future games released by the Studio.
ST, MT, LT X
X
O
Responsibly shaping gamers’ expectations regarding the Company’s products may result in positive sentiment
surrounding successive releases and, as a consequence, improve their respective sales
ST, MT X
X
O
The ability to reach a broader group of customers with varied accessibility requirements may increase the
sales potential of games released by the Studio.
ST, MT X
X
G
I
p
Business ethics
ST, MT X X
X
I
p
Transparency in relations with business partners
ST, MT X X
X
R
Risk associated with regulatory compliance
ST, MT X X
X
R
Risk associated with collaboration with key suppliers
ST, MT X X
X
R
Risk of non-availability of IT infrastructures or services, including cybersecurity risks
ST, MT X X
X
R
Risk associated with intellectual property rights
ST, MT X X
X
O
Honest and transparent conduct in our relations with partners may help attract desirable collaborators,
leading to better products and a stronger brand
ST, MT X X
X
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Environmental disclosures
CLIMATE CHANGE
[ESRS E1]
Integration of sustainability-related performance in incentive schemes
[ESRS 2 GOV-3]
In 2025 the variable remuneration paid out to members of Company bodies under the CD PROJEKT S.A. Remune-
ration Policy was not directly tied to achievement of sustainability goals, including the GHG emissions reduction goal.
Transition plan for climate change mitigation
[ESRS E1-1]
In 2024 we developed the CD PROJEKT Group Decarbonization Plan
15
for the purposes of mitigating climate change
(“the Plan”). Preparation of the Plan was the responsibility of the Decarbonization Task Force which comprises the
CFO, representatives of the Operations Branch and the ESG Team which is part of the Investor Relations Department.
The main stages of developing the Decarbonization Plan, including determination of reduction goals for the
CD PROJEKT Group are as follows:
1. Analysis of energy usage at the CD PROJEKT Group.
2. Calculating and analysis of the Group’s Scope 1 and 2 carbon footprint in accordance with GHG Protocol stan-
dards (since 2021), and also of its Scope 3 carbon footprint (since 2022).
3. Analysis of the calculation of the Group’s Scope 1 and 2 carbon footprint from the point of view of SBTi require-
ments, in collaboration with an external advisor.
4. Developing a forecast for the Group’s Scope 1 and 2 emissions by 2030, based on the BAU (business-as-usual)
scenario while acknowledging internal business development plans (among others, changes in employment,
expansion of the Warsaw campus, growth of CD PROJEKT RED Inc. and IT equipment upgrades)
5.
Identifying decarbonization levers and estimating their reduction potential, in collaboration with an external advisor.
6. Setting Scope 1 and 2 reduction goals for 2030, in line with the Paris Agreement and SBTi guidelines (limiting
global warming to 1.5°C).
7. Analyzing potential modernization initiatives at CD PROJEKT’s Warsaw campus from the point of view of incre-
asing energy eciency of buildings and structures, and reduction in GHG
16
emissions.
8.
Developing a Decarbonization Plan for 2030 to enable us to meet our Scope 1 and 2 reduction goals.
The Decarbonization Plan was formally adopted by Resolution 6/2025 of the Management Board of CD PROJEKT S.A.
concerning adoption of the Decarbonization Plan for the CD PROJEKT Group for the purposes of mitigating
climate change by 2030.
The structure of existing and projected Scope 1 and 2 GHG emissions guides our reduction activities. Given our plans
to further expand our Warsaw campus, we expect an increase in our demand for energy, which will also result in
increased Scope 2 emissions. Consequently, the Group’s main decarbonization lever is electrical energy (with an
estimated contribution of 95%), which is why work to:
■ reduce emissions associated with purchases of such energy,
■ increase the share of electrical energy from renewable sources in our total energy consumption,
■ improve the energy eciency of buildings which are our property,
■ further expand the solar power arrays at our Warsaw campus.
15
According to ESRS requirements, the decarbonization plan is the so-called transition plan, developed for the purposes of mitigating
climate change. In its scope, the entity declares its objectives, activities and resources allocated towards implementation of the adopted
GHG emissions reduction goals.
16
Greenhouse gases
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Another notable contribution to the Group’s Scope 2 carbon footprint relates to use of thermal energy. Given our
limited ability to alter the means by which our buildings are heated (i.e. the municipal heating grid) as well as lack of
influence upon emissions produced by the supplier of thermal energy, our reduction goals will be pursued, among
others, by modernizing our existing infrastructure, reducing reliance on heating and deploying modern technologies
for intelligent management of heat consumption at our new oce building. The estimated contribution of this decar-
bonization lever is 5%.
The Decarbonization Plan is an embodiment of our ESG ambitions related to climate and the environment, which are
part of the CD PROJEKT business strategy. Financial resources required to perform the actions listed in the Decarboni-
zation Plan are allocated in annual financial planning cycles. The Plan does not cover reductions in Scope 3 emissions.
A suitable plan for this purpose will be developed in parallel with setting the Group’s future reduction goal for this scope.
We have not identified any locked-in emissions of greenhouse gasses which may jeopardize meeting the reduction
goal, or which may cause transformational risks for CD PROJEKT Group’s activities.
Disclosures related to alignment with the Taxonomy are presented on pages 111-117 of this Statement. In 2025 we did
not set any goals concerning better alignment of CD PROJEKT Group’s activities with the criteria specified in Com-
mission Delegated Regulation (EU) 2021/2139.
Neither the CD PROJEKT Group nor CD PROJEKT S.A. are excluded from EU reference indicators aligned with the
Paris Agreement.
Description of the processes to identify and assess material climate-related impacts, risks and opportunities
[ESRS 2 IRO-1]
At the CD PROJEKT Group our impact on climate change emerges through emissions of greenhouse gases,
over 99% of which come from our value chain (Scope 3). Management of climate-related impacts and emissions
indicators is presented in sections E1-4 and E1-6, as appropriate.
In order to identify the means by which the CD PROJEKT Group might be aected by climate change, we have
carried out a scenario analysis process, taking into account CD PROJEKT Group’s activities in Poland. In the future
we intend to expand this analysis to cover CD PROJEKT RED Inc., which is based in Boston.
Climate-related risks and opportunities are assessed in the context of two climate change scenarios:
1. RCP 2.6
17
, IEA NZE
18
– increase in average temperatures by 1.5°C compared to the preindustrial period – in
line with the aspirational goal of the Paris Agreement: greater likelihood and scope of transformational risks:
■ attainment of EU emissions reduction goals for 2030 and 2050,
■ Poland implements actions intended to achieve climate neutrality by 2050,
■ global and EU climate policies implemented without delay,
■ rapid decarbonization,
■ high costs of CO
2
emissions permits,
■ new taxes covering emissions-heavy services (including digital services),
■ requirement to rely solely on ecologically sound components,
■ rapid obsolescence of existing, energy-hungry technologies,
■ frequency of extreme weather events remains at existing levels, and begins to decrease in the second half
of the century.
17
In our analysis we relied on RCP (representative concentration pathways) approved by the International Panel for Climate Change (IPCC), which
cover a range of potential future anthropogenic climate change factors. Each scenario diers with respect to its socioeconomic assumptions,
degree of mitigation, climate change and reductions in atmospheric pollution levels.
18
Iernational Energy Agency scenarios – forecasts and analyses of the development of energy systems under various social and economic
conditions; key pathways: NZE (Net Zero Emissions – assuming that net zero emissions are attained by 2050) and STEPS (Stated Policies
Scenario – assuming actions consistent with climate policies published thus far).
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2.
RCP 6, IEA STEPS – maintaining the existing pace of increase in greenhouse gas emissions (“business as usual”);
increase in global average temperatures by 3°C compared to the preindustrial period, resulting in irreversible
destabilization of the Earth’s climate; lower likelihood and scope of transformational risks:
■ non-attainment of EU emissions reduction goals for 2030 and 2050,
■ Poland fails to meet the climate neutrality goal and significantly diverges therefrom,
■ uncoordinated action based on existing regulations,
■ initial lack of rigorously levied fees,
■ lower short-term costs,
■ increasing risk of encountering rapid and disruptive regulatory changes in the future,
■ lack of pressure to deploy energy-ecient solutions,
■ increased frequency of extreme weather events.
Climate-related risks and opportunities have been assessed in three separate timeframes:
1. short-term perspective – by 2026,
2. medium-term perspective – 2027-2030 (based on interim EU climate goals – reduction in emissions by 55%
by 2030),
3. long-term perspective – 2031-2050 (based on long-term climate goals – achieving climate neutrality by 2050).
Our analysis covered 29 physical threats (16 chronic; 13 acute) and our transformational threat categories: regu-
latory, market, technological and reputational. The following summary presents threats which may aect the
CD PROJEKT Group irrespective of the likelihood of materialization. This likelihood is assessed for a scenario
where no mitigating actions are undertaken.
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According to IPCC findings regarding the consequences of climate change, the dierences in temperature
growth expected to occur by 2035 in both scenarios are negligible. Consequently, the likelihood of materializa-
tion of physical threats in this period remains similar, and is slightly greater in scenario RCP 6 when considering
the 2050 perspective (increase in average temperatures by 3°C). These conclusions have been confirmed in
the case of Poland using the World bank modeling tool based on IPCC scenarios.
When analyzing the potential consequences of materialization of physical threats related to climate change,
it is important to consider the geographical location of CD PROJEKT’s Warsaw campus, which is situated in
the Praga Północ district. The campus hosts our oces and our main server room, and may be susceptible to
chronic and acute threats resulting from global increases in temperature. According to the provisions of the
local climate change adaptation plan Praga Północ is characterized by an elevated risk of flooding. We have
analyzed the threat of river flooding based on flood threat maps available on Hydroportal. Taking into account
the flood scenarios listed therein, along with the technical characteristics of our buildings (entrance elevation),
we regard this as a low-probability event. On the other hand, the threat of flash flooding is seen as more likely,
19
IPCC Report
20
Climate Change Knowledge Portal
21
Strategy for adaptation to climate change for the city of Warsaw by 2030 with an outlook for 2050
22
Hydroportal
Table 21 Summary of the threats related to climate change
Likelihood of
occurrence by 2026
2027 – 2030 2031 – 2050
RCP 2.6 RCP 6 RCP 2.6 RCP 6
IEA NZE IEA STEPS IEA NZE IEA STEPS
Physical
Acute
Floods low = = = ↑
Power outages caused by extreme
weather events
high = = = ↑
Heat waves high = = = ↑
Transformational
Market
Energy price increases high ↑ = ↑ ↑
Need to raise product prices due
to energy price increases
low = = = =
Regulatory
Increased financial burden related
to introduction of EU climate regulations
low ↑
=
↑ =
Increased disclosure requirements related
to climate issues
low ↑ = ↑ =
Penalties related to noncompliance
with stricter environmental regulations
low = = = =
Technological
Increased expenditures related to the
need to upgrade equipment to meet
elevated energy eciency standards
low ↑ = ↑ =
Reduced interest in energy-intensive
games on the part of gamers
low = = ↑ =
Increased costs related to changes
aecting logistics and transport
low ↑ = ↑ =
Loss of key technology partners due
to non-fulfillment of their environmental
and climate protection standards
low ↑ = = =
Reputational
Loss of customers and investor interest
due to unambitious approach to climate
protection issues
low ↑ = ↑ =
The Group’s pro-environment activities
being branded as greenwashing
low ↑ = = =
= the likelihood of occurrence does not change from the level specified in the ‘likelihood of occurrence by 2026’ column
↑ the likelihood of occurrence increases from the level specified in the “likelihood of occurrence by 2026” column
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and we have worked out suitable adaptation plans. It should also be noted that the CD PROJEKT campus is
situated in the Warsaw urban heat island (UHI) zone, which results in an increasing frequency of heat waves.
Prolonged heat waves or other severe weather phenomena may cause power outages, and we regard the
likelihood of materialization of this threat as “high”.
Below we present adaptation activities corresponding to the key threats listed above.
Table 22 Summary of adaptation activities
Threat Our response geared towards maintaining continuity of operations
Flash floods
•
using cloud services and collocating our own servers at other geographical
locations,
• tried-and-tested remote work model enabling employees to fulfill their duties
without being physically present at the oce,
• a rainwater collection tank with a capacity of m
located in the parking lot
structure (another tank, with a capacity of m
is being deployed as part of
the new oce building currently under construction).
Heat waves
•
access to air conditioning at every workstation (in the design of our new
oce building we used an adjusted average summer temperature forecast of
+°C compared to the norm, which is +°C – due to rapidly progressing climate
change; operation of the air conditioning system will be monitored by BMS
),
•
window blinds providing a physical barrier for sunlight (in the new oce building
recessed balconies will be used to reduce insolation and heating of indoor
spaces); the window blinds will be automatically controlled by BMS to mitigate
excessive heating in summertime,
• tried-and-tested remote work model enabling employees to fulfill their duties
without being physically present at the oce.
Power outages
•
own power generator supplying power to the server room in case of prolonged
outages; ability to connect additional external generators in emergencies,
• tried-and-tested remote work model enabling employees to fulfill their duties
without being physically present at the oce (in this case, employees will be
able to remotely connect to a server which is powered by the auxiliary power
generator).
The scenario analysis also enabled us to determine the likelihood of materialization of transformational threats.
Threats belonging to this category have a higher likelihood of materialization in the IAE NZE scenario due to
the need to take immediate action to maintain compliance with the Paris Agreement. The average likelihood of
materialization of threats in this scenario is defined as “low/moderate”. The most likely threats include increases
in energy costs as well as – in the longer perspective – costs related to the need to carry out energy transfor-
mation throughout Poland. This countrywide transformation would entail progressive retirement of coal-fired
power plants which may result in power outages – a manifestation of physical as well as transformational threats.
In the IAE STEPS scenario transformational threats are less likely to materialize, with their corresponding likelihood
of materialization defined as “low”.
Our response to the identified transformational threats has been to develop and implement a Decarbonization
Plan for the CD PROJEKT Group – along with monitoring of the energy market, tracking legislative changes,
organizing training and educational campaigns for our team, obtaining external advice and performing energy
and EMAS audits. Activities foreseen by the Decarbonization Plan are particularly important in the context of the
risk of increases in energy prices for Polish enterprises. We have mitigated this risk by entering into an agreement
concerning purchase of energy from renewable sources, which fixes the pricing, and covers the energy require-
ments for our Warsaw campus by 2030.
23
BMS stands for Building Management System
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Given the adaptational measures, both those already undertaken and those being planned, we regard the eects
of materialization of physical and transformational threats as having no impact on our operational activities and
implementation of our business strategy. Resources required to implement adaptational measures are accounted
for in our annual financial plans.
No opportunities are identified for the CD PROJEKT Group in the “climate change” category.
Managing environmental and climate risk
Environmental and climate risk is monitored in the framework of monitoring compliance risks, in accordance with
the internal Risk Management Procedure described in the section titled “Risk management at the Group”.
Climate threats and opportunities were first analyzed in 2022. Since then, they are subject to ongoing monitoring
and annual reviews supervised by the CFO – Board Member responsible for CD PROJEKT’s environmental and
climate policy. The outcomes of these reviews drive suitable actions which involve members of the ESG Mana-
gement Group, depending on their specific competences.
Policies related to climate change mitigation and adaptation
[ESRS E1-2]
Our approach to climate change is explained in the CD PROJEKT S.A. Environmental Policy document, adopted
by the Management Board in 2022. The Policy lists the following pledges:
1. We will roll out and subsequently improve an Eco-Management System consistent with the ISO 14001 standard
and the EMAS regulation
24
,
2. We will mitigate the impact of our activities on the environment and the climate,
3. We will take environmental issues into account when making business decisions.
In 2024 we became the first gaming company in the world to obtain an EMAS certificate
25
, which we regard as
objective proof of our compliance with strict environmental requirements, as well as of the eectiveness of our
actions aimed at managing our environmental impact. Each year we submit to an external audit carried out by
a licensed environmental auditor to confirm that we continue to meet all requirements listed in the EMAS regulation
and validate the CD PROJEKT S.A. Environmental Statement. The document provides a comprehensive overview
of our impact on the environment and the climate, ensuring transparency of our actions and equal access to
information for all stakeholders. Further information concerning the EMAS certificate and the CD PROJEKT S.A.
Environmental Statement can be found on our corporate website.
In 2025 the EMAS system covered 86% of the CD PROJEKT Group’s activities.
The CD PROJEKT S.A. Environmental Policy and its Environmental Statement also contain a range of detailed com-
mitments related to climate change mitigation and adaptation, as well as to increasing the energy eciency of
our buildings and use of renewable energy sources.
24
EcoManagement and Audit Scheme is an EU environmental certification system introduced on the basis of Regulation (EC) No 1221/2009
of the European Parliament and of the Council of 25 November 2009 on the voluntary participation by organisations in a Community
eco-management and audit scheme (EMAS).
25
A confirmation of CD PROJEKT S.A.’s entry in the EMAS register with ID PL 2.14-009-98 is available on the websites maintained by the
General Directorate for Environmental Protection and the European Commission.
26
This figure is calculated as the share of the Company’s workforce in the total workforce of the CD PROJEKT Group.
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Actions and resources in relation to climate change policies
[ESRS E1-3]
In 2025 our climate-related responsibilities were fulfilled, among others, by the following:
■ Implementing actions foreseen by the CD PROJEKT Group Decarbonization Plan, including:
changing the supplier of electrical energy at the Warsaw campus, and purchasing (starting on 1 January
2025) electrical energy from renewable sources,
expanding our solar power array – deploying new solar panels with a total generating capacity of 29 kW
on the rooftop of our new oce building in Warsaw,
optimizing consumption of energy by deploying an advanced BMS system for automatic, remote manage-
ment of electrical and thermal energy consumption at the new oce building,
deploying an advanced, ecient air conditioning and ventilation system which uses ozone layer-friendly
coolant agents,
recuperation of heat from the server room for the purposes of heating water,
deploying a freecooling system which, whenever possible, relies on ambient temperature to cool the oce
building.
■ Carrying out investment in construction of a new oce building pursuant to the technical criteria of the “Ada-
ptation to climate change” objective listed in the “Construction of new buildings” activity section in Commission
Delegated Regulation (UE) 2021/2139
27
,
■ Maintaining our existing EMAS eco-management system through which we perform ongoing identification and
assessment of aspects of our activities, products and services which have, or may have, an impact on the environment,
■
Supporting electromobility and organizing the fourth edition of our Less Emissions campaign, encouraging
employees to use zero-emissions means of commuting to their oces.
Reductions resulting from key decarbonization activities such as purchasing electrical energy from renewable
sources, expanding our solar power generating capabilities and ramping up the resulting generation of energy,
optimizing use of electrical and thermal energy, and of fuels, supporting electromobility, and promoting emission-
s-free means of commuting are estimated at 1871 tCO
2
e in 2025.
The above activities are carried out mainly by the Operations and ESG teams. Their costs are accounted for in
annual financial planning cycles for the corresponding teams. The investment expenses incurred in the construc-
tion of our new oce building are disclosed as part of our taxonomy disclosures.
27
Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021 supplementing Regulation (EU) 2020/852 of the European Parliament
and of the Council by establishing the technical screening criteria for determining the conditions under which an economic activity quali-
fies as contributing substantially to climate change mitigation or climate change adaptation and for determining whether that economic
activity causes no significant harm to any of the other environmental objectives.
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Targets related to climate change mitigation and adaptation
[ESRS E1-4]
In 2023 the CD PROJEKT Group declared the following goal: “Reduce absolute GHG emissions at the CD PROJEKT
Group in Scopes 1 and 2 by 42% by 2030 (compared to 2023 baseline)”
29
.
The abovementioned goal is absolute and covers the entirety of CD PROJEKT Group operations. It is being
followed upon in accordance with the CD PROJEKT S.A. Environmental Policy and the Group’s Decarbonization
Plan which specifies decarbonization levers and activities aiming to ensure the anticipated reduction in emissions.
As of the preparation date of this statement the 2050 emissions reduction goal has not been set for the full value
chain (Scope 3). In 2025, we set a goal to develop, by 2026, the framework for a long-term emissions reduction
target across the value chain through 2050.
The Group’s Scope 1 and 2 carbon footprint and reduction goals cover the following greenhouse gases: carbon
dioxide (CO
2
), methane (CH
4
), nitrous oxide (N
2
O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulfur
hexafluoride (SF
6
) and nitrogen trifluoride (NF
3
), converted into CO
2
equivalents in accordance with the Greenhouse
Gas Protocol (GHG) (depending on the nature of emissions produced at the CD PROJEKT Group in 2021-2025).
Organizational boundaries for the reported Scope 1 and 2 GHG emissions are determined by operational control
and cover 100% of emissions produced at CD PROJEKT S.A. as the parent entity of the CD PROJEKT Group, 100%
of emissions produced at GOG sp. z o.o. and 100% of emissions produced at CD PROJEKT RED Inc. When setting
the Group’s reduction goal for 2030 we took into account development plans of the Group, including those of its
foreign subsidiaries, and estimated their respective potential emissions by 2030.
We settled on 2023 as the baseline year because emissions produced during this period more accurately reflect our
standard work cycle compared to emissions produced in 2021-2022 (due, among others, to the COVID pandemic)
and also partly cover the expansion of our Warsaw campus. In 2023 (i.e. the baseline year) our Scope 1 emissions
accounted for 0.01% of the CD PROJEKT Group’s total carbon footprint, while Scope 2 emissions amounted to
0.57% of this footprint – calculated both using the market-based (MB) and location-based (LB) approach. Implemen-
tation of the Group’s reduction goal in Scope 2 will be compared to market-based (MB) estimation of emissions.
28
The goal is rooted in decisive scientific evidence and is set in accordance with the SBTi methodology. It has not been subjected to SBTi
validation.
29
Given the changes in the structure of the Group, in 2026 we will recalculate baseline figures to account for these changes (in accordance
with the GHG Protocol methodology).
30
It applies to the activities of the CD PROJEKT Group in Poland as well as to CD PROJEKT RED Inc. incorporated in the USA.
31
Up until the moment of divestiture, eective on 31 December 2025.
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Energy consumption and mix
[ESRS E1-5]
Table 23 Energy consumption at the CD PROJEKT Group and CD PROJEKT S.A.
Energy consumption and mix
Grupa CD PROJEKT CD PROJEKT S.A.
01.01.2024-
-31.12.2024
01.01.2025-
-31.12.2025
2025/2024
change [%]
01.01.2024-
-31.12.2024
01.01.2025-
-31.12.2025
2025/2024
change [%]
1. Fuel consumption from coal and coal
products [MWh]
- -
2. Fuel consumption from crude oil and
petroleum products [MWh]
- -
3. Fuel consumption from natural gas
[MWh]
- -
4. Fuel consumption from other fossil
sources [MWh]
- -
5. Consumption of purchased or acquired
electricity, heat, steam, and cooling from
fossil sources [MWh]
- -
6. Total fossil energy consumption [MWh]
(calculated as the sum of lines 1 to 5)
- -
Share of fossil sources in total energy
consumption (%)
- -
7. Consumption from nuclear sources
[MWh]
- -
Share of consumption from nuclear
sources in total energy consumption (%)
- -
8. Fuel consumption for renewable
sources, including biomass
(also comprising industrial and municipal
waste of biologic origin, biogas,
renewable hydrogen, etc.) [MWh]
- -
9. Consumption of purchased or acquired
electricity, heat, steam, and cooling from
renewable sources [MWh]
10. The consumption of self-generated
non-fuel renewable energy [MWh]
11. Total renewable energy consumption
[MWh] (calculated as the sum of lines
8 to 10)
Share of renewable sources in total
energy consumption (%)
Total energy consumption [MWh]
(calculated as the sum of lines , and )
The disclosure covers all types of energy carriers used at the CD PROJEKT Group. Due to changes in source
data associated with receipt of corrective invoices, the energy consumption figures for 2024 have been adju-
sted. These adjustments are reflected in the above table.
32
The data presented for the CD PROJEKT Group for 2024 and 2025 covers GOG Sp. z o. o. In light of changes in the Group’s structure,
in 2026 we will recalculate our energy consumption in line with those changes.
33
Value updated compared to the 2024 Sustainability Statement.
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The total energy consumption of the CD PROJEKT Group in 2025 increased by 27% compared to 2024. This
is due to the opening of a new oce building at the CD PROJEKT S.A. campus in Warsaw.
Changing the supplier of energy at our Warsaw campus to a supplier capable of delivering energy from
renewable sources resulted in significant changes in the Group’s energy mix. The share of renewable energy
sources in the total consumption of energy at the CD PROJEKT Group increased by 62% (compared to 3% in
2024). The reported quantity of energy from renewable sources in 2025 covers electrical energy supplied to
the Warsaw campus (100% of which came from renewable sources), as well as energy generated by our own
solar panel arrays in Warsaw.
In 2025 the solar array generated 7% more energy than the year before. This is due to deployment of additional
solar panels on the rooftop of our new oce building. All of this energy is used by CD PROJEKT S.A. for its
own purposes.
During the reporting period we carried out a single purchase of fuel for the emergency generator in Wrocław;
however, the corresponding quantity reported in the table was lower than the applied unit of measurement.
The reported y/y change (by 100%) is due to the rounding methodology.
Use of other fossil fuels at the Group and at CD PROJEKT S.A. decreased by 31% compared to the preceding
year. This is due to a lower demand for fuel in company cars operated by CD PROJEKT S.A.
Given that we do not carry out business activities in sectors with significant impact on the climate, we do not
publish energy intensity indicators.
Gross Scopes 1, 2, 3 and Total GHG emissions
[ESRS E1-6]
Greenhouse gas emissions are computed in accordance with the GHG Protocol
34
. Our assessment covers
greenhouse gases which have been emitted: CO
2
, CH
4
, N
2
O. Estimations of Scope 1 and 2 emissions have been
consolidated according to the operational control criterion on the level of the CD PROJEKT Group, accounting
for 100% of emissions listed in the GHG Protocol and generated at the analyzed companies.
Greenhouse gas emissions at the CD PROJEKT Group comprise the following:
■
Scope 1 – direct GHG emissions at locations which are either owned or supervised by the Group. At the
CD PROJEKT Group this category covers emissions from combustion of fuels in mobile and static sources, and
releases of refrigerants.
■ Scope 2 – indirect GHG emissions related to generation of electrical and thermal energy consumed by the
Group. Our Scope 2 emissions have been calculated using the market-based approach (based on emissions
indicators published by energy suppliers) and the location-based approach (assuming emissions indicators
which depend on geographical location – e.g. that of Poland).
■ Scope 3 – other indirect GHG emissions not covered in Scopes 1 and 2, occurring anywhere in the value chain.
34
The Greenhouse Gas Protocol: a Corporate Accounting and Reporting Standard Revised Edition, GHG Protocol Scope 2 Guidance and
Corporate Value Chain (Scope 3) Accounting and Reporting Standard.
35
Figures provided for the CD PROJEKT Group cover the activities of GOG Sp. z o.o. and CD PROJEKT RED Inc. Given the change in the
Group’s structure, in 2026 we will recalculate our emissions in line with this change.
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Methodology of calculation and base assumptions
Our fuel-related and refrigerants-related emissions are calculated on the basis of coecients listed in the
DEFRA
36
database (based on IPCC’s Sixth Assessment Report on Global Warming Potentials – AR6). With
regard to thermal energy, we relied on intensity coecients reported for Poland by the Energy Regulatory Oce.
Regarding electrical energy, we used coecients provided by suppliers (market-based approach) along with
the average emissions coecient for electrical energy in Poland, calculated on the basis of statistics published
by KOBiZE (location-based approach). DEFRA and Climatiq coecients were applied to certain classes of
raw materials and services.
For liquid fuels (gasoline and diesel) which contain biocomponents we calculated OOS (outside of scopes)
emissions by applying the appropriate coecients from the DEFRA database. The resulting OOS emissions were
respectively: 1.45 tCO
2
e in 2023, 1.62 tCO
2
e in 2024 and 1.10 tCO
2
e in 2025 r. OOS emissions are published
independently of scopes, in accordance with the GHG Protocol.
In 2022-2023 we calculated our emissions in all Scope 3 categories which concern the CD PROJEKT Group.
Based on these calculations, we regard the following categories as material:
■ cat. 1 Purchased Goods and Services (approx. 62% of Scope 3 emissions), and
■ cat. 11 Use of Sold Products (approx. 36% of Scope 3 emissions).
The remaining 10 Scope 3 categories (cats 2-9 and 12-13) are regarded as immaterial, since their aggregate share
in the Group’s total carbon footprint was 1.52% in 2022 and 1.73% in 2023 respectively. Moreover, categories
10, 14 and 15 are not applicable to the CD PROJEKT Group.
Based on our analysis of the above-mentioned calculations for 2022-2023 for all categories, as well as the
methodology proposed by SBTi, we set the materiality threshold for Scope 3 emissions at a 5% share of the
given category in the CD PROJEKT Group’s total carbon footprint. This threshold is applied in our emissions
reporting from 2024.
In 2024 CD PROJEKT RED Inc. did not meet the adopted materiality threshold for emissions at the CD PROJEKT
Group; accordingly, in line with the adopted methodology, no Scope 3 emissions were reported in its context.
As a result of dynamic growth of CD PROJEKT RED Inc. in 2025, as well as a reduction in Scope 2 emissions
at CD PROJEKT S.A. the share of CD PROJEKT RED Inc. emissions in groupwide emissions increased, and its
emissions are now included in the reported Scope 3 figures.
In the context of the sale of GOG Sp. z o.o., eective on 31 December 2025, we assume that the materiality of
individual Scope 3 categories for the CD PROJEKT Group’s total carbon footprint in 2025 remained unchan-
ged in comparison with preceding years. Given the significant contribution of GOG Sp z o.o.’s emissions to
consolidated Scope 3 emissions indicators, in 2026 we intend to update our assessment of the materiality of
individual categories comprising this scope.
Due to improvements in the quality of raw source data – among others, access to detailed information concerning
the carbon footprint of cloud services, obtained directly from suppliers of such services, as well as updates to
the emissions coecient for data transfer services – we updated our category 1 Scope 3 emissions reported
for 2024. The adjusted 2024 figures are significantly lower than those reported in our 2024 Sustainability
Statement. The following tables are based on adjusted data.
36
UK Department for Environment, Food and Rural Aairs.
37
National Center for Emissions Management.
38
SBTi Corporate near-term criteria, Version 5.2 March 2024
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Table 24 Scope 1, 2 and 3 GHG emissions at the CD PROJEKT Group
Retrospective Reduction goals
01.01.2023-
-31.12.2023
(baseline year)
40
01.01.2024-
-31.12.2024
41
01.01.2025-
-31.12.2025
2025/2024
change [%]
01.01.2030-
-31.12.2030
[tCO
2
e]
% of fulfillment
compared to
baseline year
Scope GHG emissions
Gross Scope GHG
emissions [tCO
e]
-
Share of Scope GHG
emissions from regulated
emissions trading scheme [%]
- - - -
Scope GHG emissions
Gross Scope GHG
emissions (market-based
method) [tCO
e]
-
Gross Scope GHG
emissions (location-based
method) [tCO
e]
- -
Scope GHG emissions categories regarded as material
Total indirect GHG emissions
(Scope ) [tCO
e]
- -
- -
. Purchased goods and
services [tCO
e]
- -
. Use of sold products
[tCO
e]
- -
Total GHG emissions
Total GHG emissions
(market-based method)
[tCO
e]
- - - -
Total GHG emissions
(location-based method)
[tCO
e]
- - - -
39
Figures provided for the CD PROJEKT Group cover the activities of GOG Sp. z o.o. Given the change in the Group’s structure, in 2026
we will recalculate our emissions in line with this change.
40
2023 is the base year for Scope 1 and 2 emissions.
41
Due to receiving corrective invoices for purchased energy covering 2024, the carbon footprint in scope 2 was recalculated, and thus the
total emissions for 2024 were adjusted.
42
Value updated compared to the 2024 Sustainability Statement.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
108 CD PROJEKT GROUP
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RESULT S
Scope 1 GHG emissions at the CD PROJEKT Group in 2025 decreased on a year-on-year basis due to reduced
consumption of fuel in vehicles operated by CD PROJEKT S.A.
In market-based calculations carried out for the CD PROJEKT Group in 2025, we achieved a significant reduction
in Scope 2 emissions – by 66% compared to 2024. This reduction in emissions is due to migrating to a new
supplier of electrical energy at the CD PROJEKT Warsaw campus – one who is capable of delivering energy
from renewable sources (wind farms), attested to by certificates of origin. The emissions coecient for this
type of renewable source is 0.
Location-based figures are higher than their market-based counterparts. This is due to the fact that the MB
method accounts for the zero-emissions properties of energy from renewable sources, while the LB method
instead applies the standard Polish high-emissions energy mix to our consumption. Accordingly, the dierence
between MB and LB data shows the eectiveness of our decarbonization initiatives: despite a significant incre-
ase in the total consumption of energy – associated with the opening of a new oce building at our Warsaw
campus – our emissions have actually decreased.
Scope 3 covers 98% (LB) or 99% (MB) of all emissions generated at the CD PROJEKT Group.
The largest contribution to this figure is from category 11, which covers emissions from use of products marke-
ted by CD PROJEKT. Those emissions have decreased in line with changes in the estimated y/y gamer activity
dynamics related to the lifecycle of our products.
The second most important category is category 1, which covers emissions from services and raw materials
purchased by the Group. In this category, the Group’s emissions decreased by 61% year-on-year. This is mainly
due to improvements in the quality of our input data: in 2024, due to lack of input from service providers, emis-
sions related to data transfer were estimated on the basis of the volume of data transferred. In 2025 service
providers supplied us with detailed information on emissions from their services. This covers key CDN transfer
services procured by GOG and cloud services purchased by the Group. The carbon footprint reported by
providers is significantly lower than our previous estimates based on data transfer volumes – this is because it
acknowledges activities undertaken by service providers to meet their own emissions reduction goals.
Aggregate GHG emissions at the Group were lower by 17% (MB) or 16% (LB) compared to the preceding year.
Due to changes in the Group’s structure, in 2026 we intend to recalculate emissions in all scopes in a way
which acknowledges these changes.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
109 CD PROJEKT GROUP
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Progress towards reduction goal
In 2025 we achieved a significant reduction in Scope 1 and 2 GHG emissions compared to the 2023 baseline
figures. Progress towards our absolute reduction goal (market-based method; Scopes 1 and 2) stands at 155%
compared to the baseline year. This is due to implementation of a key decarbonization project at the Group,
i.e. migrating to energy from renewable sources at CD PROJEKT’s Warsaw campus.
Table 25 Scope 1, 2 and 3 GHG emissions at CD PROJEKT S.A.
01.01.2024-31.12.2024
01.01.2025-31.12.2025
2025/2024
change [%]
Scope GHG emissions
Gross Scope GHG emissions [tCO
e]
-
Share of Scope GHG emissions from regulated
emissions trading scheme [%]
- - -
Scope GHG emissions
Gross Scope GHG emissions (market-based
method) [tCO
e]
-
Gross Scope GHG emissions (location-based
method) [tCO
e]
Scope GHG emissions categories regarded as material
Total indirect GHG emissions (Scope ) [tCO
e]
-
. Purchased goods and services [tCO
e]
. Use of sold products [tCO
e]
-
Total GHG emissions
Total GHG emissions (market-based method)
[tCO
e]
-
Total GHG emissions (location-based method)
[tCO
e]
-
Scope 1 emissions at CD PROJEKT S.A. decreased on a year-on-year basis due to reduced use of fuel in
vehicles operated by the Company.
In Scope 2 the reduction in Company emissions calculated using the MB method was 66%. This is due to
migrating to a new provider of electrical energy at CD PROJEKT’s Warsaw campus – one, who is capable of
supplying electricity from renewable sources.
Location-based figures are higher than their market-based counterparts. The MB method accounts for the
zero-emissions properties of energy from renewable sources, while the LB approach energy consumption is
multiplied by a static emissions coecient which depends on geographical location. This coecient is high in
Poland due to the characteristics of the national energy mix, which is dominated by fossil fuels. Accordingly,
the dierence between MB and LB data shows the eectiveness of our decarbonization initiatives: despite
a significant increase in the total consumption of energy – associated with the opening of a new oce building
at our Warsaw campus – our emissions have actually decreased.
The Scope 3 carbon footprint of CD PROJEKT decreased by 6% in 2025 compared to 2024.
43
Value updated compared to the 2024 Sustainability Statement.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
110 CD PROJEKT GROUP
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The largest contribution to CD PROJEKT’s Scope 3 carbon footprint is from category 11, which covers emissions
from use of products sold. This accounts for 93% (LB) and 94% (MB) of the Company’s total emissions, and corre-
sponds to estimated emissions from use of electrical energy when playing our games – mainly Cyberpunk 2077,
Phantom Liberty and The Witcher 3: Wild Hunt. Overall, those emissions have decreased in line with changes
in the estimated y/y gamer activity dynamics related to the lifecycle of our products
Another important element of the Company’s Scope 3 emissions is associated with category 1, which covers
emissions from services and raw materials purchased by the Company. The corresponding emissions increased
by 131% y/y due to an increase in the value of services procured.
Despite an increase in revenues and employment, along with opening a new oce building at CD PROJEKT’s
Warsaw campus, total GHG emissions at the Company shrank by 6% (MB) and 5% (LB) respectively.
Table 26 Intensity of GHG emissions at the CD PROJEKT Group and CD PROJEKT S.A. (total GHG emissions
per net revenue)
Unit
2024 2025 Change [%]
CD PROJEKT
Group
CD PROJEKT
S.A.
CD PROJEKT
Group
CD PROJEKT
S.A.
CD PROJEKT
Group
CD PROJEKT
S.A.
Total GHG emissions
per net revenue
(location-based
method)
tCO
e/
million PLN
- -
Total GHG emissions
per net revenue
(market-based
method)
tCO
e/
million PLN
- -
GHG removals and GHG mitigation projects financed through carbon credits
[ESRS E1-7]
No GHG removals or GHG mitigation projects financed through carbon credits were carried out at the CD PROJEKT
Group in 2025.
Internal carbon pricing
[ESRS E1-8]
The CD PROJEKT Group does not apply internal pricing systems for carbon dioxide emissions.
44
Value updated compared to the 2024 Sustainability Statement.
45
The value for 2025 was calculated by dividing the total greenhouse gas emissions of the CD PROJEKT Group, excluding GOG, by the
Group’s net revenue, excluding GOG (according to the financial statements).
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
111 CD PROJEKT GROUP
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DISCLOSURE OF COMPLIANCE WITH EU TAXONOMY FOR SUSTAINABLE ACTIVITIES
Contextual information
Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment
of a framework to facilitate sustainable investment (hereinafter “EU taxonomy”) provides a classification system,
based on which we report what percentage share of the CD PROJEKT Group’s activities – based on turnover,
capital expenditures (CapEx) and operating expenditures (OpEx) – is environmentally sustainable.
The EU taxonomy transposes the EU environmental and climate-related objectives onto technical criteria which
can be applied to determine whether an activity is sustainable with respect to six environmental objectives:
1. climate change mitigation;
2. climate change adaptation;
3. sustainable use and protection of water and marine resources;
4. transition to a circular economy;
5. pollution prevention and control;
6. protection and restoration of biodiversity and ecosystems.
Activity carried out at the CD PROJEKT Group may be assigned to one of three categories:
1.
taxonomy-eligible activities for which the Technical Screening Criteria and Minimum Safeguards are all deemed
to have been satisfied – these are regarded as taxonomy-aligned activities;
2. taxonomy-eligible activities for which at least one of the Technical Screening Criteria has not been satisfied, or
for which Minimum Safeguards have not been satisfied – these activities are regarded as taxonomy-eligible
but not taxonomy-aligned;
3. non-taxonomy-eligible activities for which no Technical Screening Criteria exist.
Commission Delegated Regulation (EU) 2026/73 of 4 July 2025 introduced various ways to simplify the appli-
cation of the EU taxonomy. Notable means which are applicable to 2025 disclosures include:
1. new, simplified table templates for non-financial enterprises,
2. a 10% materiality threshold for investment expenditures and turnover.
Technical Screening Criteria (TSC) represent a set of criteria used to unambiguously determine what constitutes
substantial contribution to each objective and when a given activity does not cause significant harm. TSC are
defined in two separate legal acts:
1. Commission Delegated Regulation (EU) 2021/2139 (the so-called Climate Delegated Act) which lists TSC for
substantial contribution to two environmental objectives: climate change mitigation (CCM) and climate change
adaptation (CCA) along with criteria for not causing significant harm to other environmental objectives (DNSH), and
2.
Commission Delegated Regulation (EU) 2023/2486 (the so-called Environmental Delegated Act) which lists
TSC for substantial contribution and not causing significant harm to the remaining four environmental objec-
tives: water and marine resources (WTR), circular economy (CE), pollution prevention and control (PPC) and
biodiversity and ecosystems (BIO).
Minimum Safeguards (MS) specified in Art. 18 of Regulation 2020/852 are procedures applied to ensure compliance
with UN Guiding Principles on Business and Human Rights and OECD Guidelines for Multinational Enterprises.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
112 CD PROJEKT GROUP
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Evaluating alignment with the EU Taxonomy
The process of evaluating alignment with the Taxonomy was carried out with participation of the ESG Team,
with input from the Internal Control, Reporting, Administration and IT Departments.
The process involved the following four stages:
1. Identification
Based on activity descriptions listed in annexes to Commission Delegated Regulation (EU) 2021/2139 and
Commission Delegated Regulation (EU) 2023/2486 the CD PROJEKT Group carried out a review of its 2025
activities – in the context of turnover and capital expenditures (CapEx) – and identified Taxonomy-eligible areas.
2. Allocation
For each activity identified as Taxonomy-eligible, we determined the corresponding revenues and capital
expenditures incurred by the Group in 2025. Details of the allocation methods are described in the section
titled “Accounting principles” elsewhere in this section.
3. Verification
Verification of eligibility is enabled by two types of assessment:
■ Assessment of compliance with TSC
Compliance with TSC specified in Commission Delegated Regulation (EU) 2021/2139 and Commission Delega-
ted Regulation (EU) 2023/2486 was analyzed for Taxonomy-eligible activities which, during the reporting year,
contributed over 10% to expenditures or revenues, as appropriate. This analysis was performed with respect
to each criterion specifying what constitutes substantial contribution and lack of significant harm, in order to
determine whether the given activity is aligned with TSC.
■ Assessment of compliance with MS
Compliance with Minimum Safeguards was assessed on the basis of diagnostic queries specified in the Guide
for Enterprises Concerning Application of Minimum Safeguards of the EU Taxonomy, developed by the Working
Group for Application of the EU Taxonomy operating in the framework of the Ministry of Economic Develop-
ment and Technology, in collaboration with the Ministry of Development Funds and Regional Policy. Minimum
Safeguards are specified in Art. 18 of Commission Delegated Regulation (EU) 2020/852 and largely based
on due diligence procedures as defined in UN Guiding Principles on Business and Human Rights and OECD
Guidelines for Multinational Enterprises.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
113 CD PROJEKT GROUP
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According to recommendations, noncompliance with Minimum Safeguards occurs when any of the following
circumstances arise:
Table 27 Assessment of compliance with Minimum Safeguards
Circumstances Verification method
1.
Inadequate or non-existent due diligence processes
in the areas of human rights, including labor rights,
corruption, taxation, and fair competition.
Due diligence processes are verified by completing an
annual questionnaire based on the guidelines contained
in the Guide for businesses on applying the minimum
guarantees of the EU Taxonomy.
2.
The company has been held liable or found to be in
violation of the law in connection with incidents of
corruption, unfair competition, illegal tax practices,
labor law violations, or human rights violations.
The verification consisted of reviewing whether any final
convictions had been handed down against companies in the
Group in the areas of labor law or human rights, corruption,
unfair competition, or prohibited practices related to taxation. As
a result of this verification, no information was found regarding
final judgments in the above areas.
3. The company refused to engage in dialogue with
the OECD National Contact Point (OECD NCP).
In , we did not receive an invitation to dialogue from
the OECD’s NPC, so there was no room for refusal.
4. The Business and Human Rights Resource Centre
(BHRRC) raised an allegation against the company, and
the company did not respond to it within three months.
The BHRRC
, database was verified and showed no reports
concerning the Group companies in the period from January
, , to December , .
The aforementioned analysis indicates that CD PROJEKT Group activities in 2025 were consistent with
Minimum Safeguards.
4. Calculation
By applying the information obtained in the three preceding stages, we prepared tables concerning our revenues
and capital expenditures, consistent with the Commission Delegated Regulation (EU) 2026/73 of 4 July 2025.
Accounting principles
When calculating the eligible fraction of turnover, capital expenditures (CapEx) and operating expenditures
(OpEx) the following criteria were applied:
Turnover
Regarding revenues, the basis for calculations were the consolidated revenues of the CD PROJEKT Group for
2025, as disclosed in its consolidated financial statement, Notes 1 and 3. The numerator represents revenues
from activities regarded as eligible (i.e. within activity 7.7 Acquisition and ownership of buildings – revenues
from renting oce space at our Warsaw campus).
Capital expenditures (CapEx)
Regarding capital expenditures (CapEx), the basis for calculations were capital expenditures incurred in each
consolidated member company of the CD PROJEKT Group. Investment expenditures are presented in the
Group’s Consolidated Financial Statement for 2025, in:
■ Note 10. Statement of changes in property, plant and equipment – increase due to purchase;
■ Note 11. Statement of changes in intangible assets and expenditure on development projects – increase due
to purchase assets generated internally;
■ Note 13. Statement of changes in investment properties – increase due to capitalized expenditures.
The denominator covers the full value of investment expenditures associated with construction of a new oce
building at our Warsaw campus (between 2024 and 2025).
46
https://www.business-humanrights.org/en/companies/?company_name=CD+PROJEKT§or=&headquarters=&letter=#company_index_form
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
114 CD PROJEKT GROUP
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The numerator represents investment expenditures related to activities regarded as eligible (i.e. within activity
7.1 Construction of new buildings – construction of a new oce building, and within activity 8.1 Data processing,
hosting and similar activities – expenditures on operating the server room and maintaining websites).
Operating expenditures (OpEx)
Regarding operating expenditures (OpEx), as defined in Commission Delegated Regulation (EU) 2021/2178, section
1.1.3, it was determined that these do not play a significant role in the Group’s business model; consequently, in
line with section 1.1.3.2 of the aforementioned Regulation, this KPI was excluded from calculations and disclosures.
Supplementary information
Data used in calculations was drawn from the financial and accounting system operated by CD PROJEKT S.A.
and from financial and accounting systems operated by other member companies of the Group which are
subject to consolidation.
In the process of assigning turnover and investment expenditures to categories, the Group avoided double
counting by applying the appropriate consolidation eliminations, in line with the applicable accounting regulations.
The presented analysis did not reveal any types of activity which would contribute to more than one environ-
mental objective. Consequently, there was no need to apply special procedures to avoid double counting.
Table 28 Nuclear and fossil gas related activities
Nuclear energy related acivities
1. The undertaking carries out, funds or has exposures to research, development, demonstra-
tion and deployment of innovative electricity generation facilities that produce energy from
nuclear processes with minimal waste from the fuel cycle.
NO
2. The undertaking carries out, funds or has exposures to safe operation of existing nuclear
installations that produce electricity or process heat, including for the purposes of district
heating or industrial processes such as hydrogen production from nuclear energy, as well
as their safety upgrades.
NO
3. The undertaking carries out, funds or has exposures to safe operation of existing nuclear
installations that produce electricity or process heat, including for the purposes of district
heating or industrial processes such as hydrogen production from nuclear energy, as well
as their safety upgrades.
NO
Fossil gas related activities
1.
The undertaking carries out, funds or has exposures to construction or operation of electricity
generation facilities that produce electricity using fossil gaseous fuels.
NO
2. The undertaking carries out, funds or has exposures to construction, refurbishment, and ope-
ration of combined heat/cool and power generation facilities using fossil gaseous fuels.
NO
3.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation
of heat generation facilities that produce heat/cool using fossil gaseous fuels.
NO
Given that the CD PROJEKT Group does not conduct, finance or become exposed to the types of activity listed
in the above table, the report does not contain disclosure tables for key indicators corresponding to activities
4.26-4.31, i.e. activities related to production of energy in nuclear processes or production of energy from
gaseous fossil fuels – as any such tables would only contain null values.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A. between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
115 CD PROJEKT GROUP
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Table 29 Proportion of turnover, CapEx, OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering
year 2025 (summary KPIs)
Financial
year
2025
Breakdown by environmental objectives
of Taxonomy aligned activities
KPI Total
Proportion
of Taxonomy
eligible
activities
Taxonomy
aligned
activities
Proportion
of Taxonomy
aligned
activities
Climate Change
Mitigation
Climate Change
Adaptation
Water
Circular Economy
Pollution
Biodiversity
Proportion of
enabling activities
Proportion of
transitional
activities
Not assessed
activities
considered
non-material
Taxonomy
aligned
activities
in previous
financial year
Proportion
of Taxonomy
aligned
activities
in previous
financial year
() () () () () () () () () () () () () () () ()
Text Currency % Currency
% % % % % % % % % % Currency %
Turnover .. .% . .% .% .% .% .% .% .% .% .% .% . .%
CapEx .. .% .. .%
.%
.% .% .% .% .% .% .% .% . .%
OpEx .. .% . .% .% .% .% .% .% .% .% .% .% . .%
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A. between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
116 CD PROJEKT GROUP
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Table 30 Proportion of turnover from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year 2025
(activity breakdown)
Reported KPI Turnover
Financial year 2025
Podział według celów środowiskowych
i działalności zgodnej z systematyką
Economic
Activities
Code
Taxonomy
eligible KPI
(Proportion
of Taxonomy
eligible
Turnover)
Taxonomy
aligned KPI
(monetary value
of Turnover)
Taxonomy
aligned KPI
(Proportion
of Taxonomy
aligned
Turnover) ()
Climate Change
Mitigation
Climate Change
Adaptation
Water
Circular Economy
Pollution
Biodiversity
Enabling activity
Transitional
activity
Proportion
of Taxonomy
aligned in
Taxonomy
eligible
() () () () () () () () () () () () () ()
Text Currency % % % % % % % %
(E where
applicable)
(T where
applicable)
%
Aquisition and
ownership of
new buildings
. .% .% .% .% .% .% .% .% .% .%
Sum of alignment per objective .% .% .% .% .% .%
Total KPI (Turnover) .% .% .% .% .% .% .% .% .% .%
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A. between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
117 CD PROJEKT GROUP
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Table 31
Proportion of CapEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year 2025 (activity
breakdown)
Reported KPI CapEx
Financial year 2025
Breakdown by environmental objectives
of Taxonomy aligned activities
Economic
Activities
Code
Taxonomy
eligible KPI
(Proportion
of Taxonomy
eligible CapEx)
Taxonomy
aligned KPI
(monetary value
of CapEx)
Taxonomy
aligned KPI
(Proportion
of Taxonomy
aligned CapEx)
Climate Change
Mitigation
Climate Change
Adaptation
Water
Circular Economy
Pollution
Biodiversity
Enabling activity
Transitional
activity
Proportion
of Taxonomy
aligned in
Taxonomy
eligible
() () () () () () () () () () () () () ()
Text Currency % % % % % % % %
(E where
applicable)
(T where
applicable)
%
Construction
of new
buildings
. .% .. .% .% .% .% .% .% .% .%
Data
processing,
hosting
and related
activities
. .% . .% .% .% .% .% .% .% .%
Sum of alignment per objective .% .% .% .% .% .%
Total KPI (CapEx) .% .. .% .% .% .% .% .% .% .%
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
118 CD PROJEKT GROUP
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RESULT S
Social disclosures
OWN WORKFORCE
[ESRS S1]
The disclosures provided in this section cover employees – by which we mean persons who have signed
a contract of employment with the Company. Our workforce also includes individuals covered by other types
of civil law contracts, self-employed service providers and persons whose involvement with the Company is
mediated by employment agencies. As of 31 December 2025, the CD PROJEKT Group employed 1 261 persons
(including 1 097 at CD PROJEKT S.A.).
Interests and views of stakeholders
Collective bargaining coverage and social dialogue
[ESRS 2 SBM-2], [ESRS S1-8]
The Group’s greatest strength and value are rooted in members of our team. Their talent, commitment and
motivation make up the CD PROJEKT Group’s human capital. They and their creative ideas drive the success
of our company. The voice of the team is important to us – which is why we undertake numerous initiatives to
foster a feedback culture, encouraging team members to ask questions and share their opinions. We also build
engagement by carrying out open, transparent and two-way internal communication.
Since 2021 CD PROJEKT has supported a team of RED Teams Representatives (RTR). RTR members are elected
from among all employees and constitute a representative body which advises the CD PROJEKT Management
Board. The main role of RTR is to identify organizational threats requiring corrective action, propose solutions
and implement them in collaboration with the Management Board.
In 2022 we rolled out the Culture Amp tool for measuring team engagement. This helps us keep track of the
condition of our organization and implement – in collaboration with internal teams – solutions which address
the issues and shortcomings identified by our employees.
In 2023 a company committee was established at CD PROJEKT in the framework of one of Poland’s nationwide
trade unions. This committee was later transformed into an inter-company committee. The committee operates
independently of RTR. The Company acknowledges both bodies, and the goal of its cooperation with each of
them is to ensure a balance between the interests of employees and organizational eciency, thus promoting
equitable and smooth development.
There are no collective bargaining agreements in place within the Group.
In 2023 employees and RTR members took part in a double materiality assessment.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
119 CD PROJEKT GROUP
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RESULT S
Material impacts, risks and opportunities and their interaction with strategy and business model
[ESRS 2 SBM-3]
The CD PROJEKT Group has impact on its workforce in various ways, including by upholding appropriate
employment standards, attractive salary packages and additional benefits, enabling well-being of employees –
among others by providing a safe and comfortable work environment, and oering career and personal deve-
lopment opportunities in the framework of our available development paths. Specific regulations in this regard
are included, among others, in Rules of the Game. Business and Ethics Standards at the CD PROJEKT Group.
The following employment-related issues were identified in our double materiality assessment:
1. Creating a comfortable working environment and taking care of work-life balance
2. Oering competitive compensation package and equal career opportunities
3. Reinforcing diversity culture at CD PROJEKT, i.a. by fostering inclusive leadership
4. Involvement in community initiatives and cooperation with NGOs
No risks related to violations of human rights, including child labor, forced labor or human tracking have been
identified at any member company of the CD PROJEKT Group.
With regard to employment, in the framework of our Risk Management Procedure we identify risk related to
talent acquisition, retention and team building. A description of this risk is provided in the section titled “Risk
Management at the Group” elsewhere in this report. We do not expect the implementation of the plan for tran-
sitioning to a low-emissions economy to have a major impact on persons employed at the CD PROJEKT Group.
With regard to employment, we identify, among others, the following opportunities:
1. Increased employee engagement may translate into higher quality of the games being developed (which may,
in turn, increase their sales potential) and low voluntary turnover rates (thus reducing costs related to recruit-
ment and onboarding).
2.
Oering competitive employment conditions and equal career advancement opportunities while caring for
workplace comfort and work-life balance may improve CD PROJEKT’s prospects of being perceived as the
“employer of choice” for people considering a career in the gamedev industry.
3. Activities which foster a workplace culture based on safety and mutual respect enable us to create immersive
games which reflect the diversity of the world at large and of individual attitudes, and which touch upon impor-
tant societal issues.
4. By enabling involvement in social initiatives, we can build an organizational culture based on shared values,
and improve employee engagement.
In the area of employment our focus is on maximizing the positive impact of our organization on our workforce,
fully exploiting the identified opportunities, and minimizing the likelihood of materialization of identified risks.
The presented impacts, risks and opportunities apply equally to all team members.
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Policies related to own workforce
[ESRS S1-1]
Policies related to employment
Recruitment, employment and remuneration conditions at the CD PROJEKT Group are governed by internal
by-laws, including in particular our Work Rules and Pay Rules.
Work Rules are a basic reference for rights and responsibilities shared by all team members regardless of
contract type, position or type of work performed.
Pay Rules specify the remuneration and any additional benefits for which team members are eligible. This
document was updated in 2025 in order to align its provisions with the anticipated regulatory requirements
concerning pay transparency.
Occupational health and safety
CD PROJEKT’s impact on the safety of our employees is managed by the Occupational Health and
Safety (OHS) Commission. This body provides advice and consultancy for the employer. Its mission inc-
ludes enforcing OHS rules at the workplace and improving OHS conditions. During periodic meetings,
OHS Commission members discuss issues related to workplace safety, formulate tips and recommen-
dations for the employer, and apply for solutions which aim to improve workplace safety and comfort.
Our approach to human rights, including counteracting discrimination
Our human rights commitments to employees are set out in Rules of the Game. Business and Ethics Standards
at the CD PROJEKT Group. The document covers issues such as inclusion, health, personal development,
equitable workplace conditions and diversity.
Rules of the Game also provide a detailed description of our approach towards counteracting all forms of discrimi-
nation. Everyone is accorded the same rights – regardless of gender, disability, race, religion, background, age,
worldview, skin color or sexual orientation. Our standards include, among others, the following commitments:
■ We do not discriminate in the recruitment process. Competences and skills are all that counts.
■ We are guided by objective criteria when making personnel decisions, e.g. concerning raises or promotions.
■ We organize webinars and internal training on counteracting discrimination, harassment, mobbing and other
forms of undesirable conduct.
■ We train team managers in matters related to inclusive leadership.
■ We do not tolerate oensive comments, crude humor and any similar conduct, including actions which carry
a sexual subtext or allude to the appearance of other persons.
Our Rules of the Game emphasize that we do not condone any form of forced labor. We also oppose all forms
of modern slavery, child labor and human tracking.
Diversity Policy
Diversity, equality, and respect for human rights are among the core values of the CD PROJEKT Group. In 2019,
we adopted a Diversity Policy that serves as a framework applicable to everyone employed across the Group,
including members of the Management Board, the Supervisory Board, and key managers. The Policy is built
on the principles of non-discrimination and equal treatment, particularly regarding gender, age, disability, edu-
cation, and professional experience. Its goal is to ensure that personnel decisions are based on competence,
qualifications, and experience, while respecting a wide range of perspectives and backgrounds.
Regarding the Company’s governing bodies, the Policy is implemented by prioritizing knowledge, professional
experience, education, and skills relevant to the Company’s business profile, while maintaining the principles
of equal treatment and non-discrimination. During the reporting period, the Diversity Policy was applied as
intended, and decisions concerning the composition of the governing bodies were made based on merit,
without any discriminatory practices.
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We monitor legislative changes, including those regarding gender balance in corporate boards. Should the
Company become subject to additional obligations in this area, we will adapt our actions to comply with the
applicable laws.
Additionally, we are a signatory to the Diversity Charter, an international initiative bringing together European
employers dedicated to promoting and fostering diversity in the workplace. Detailed data on our diversity
structure, including the gender and age distribution of CD PROJEKT S.A.’s top management and employees, is
presented in the Diversity Metrics section.
Furthermore, our action plan for diversity and inclusion is outlined in our D&I Strategy.
Social Engagement Policy
Our Social Engagement Policy explains our approach to eecting positive social change. CD PROJEKT’s social
engagement priorities include initiatives which benefit the gamedev industry as well as the local community.
Implementing this policy is particularly important in the process of integrating team members around shared
values. The document describes available forms of support, areas in which we wish to become engaged, as
well as a catalogue of types of organizations with which we do not intend to cooperate.
Our social policies are consistent with international standards, including the UN Universal Declaration of Human
Rights and OECD guidelines concerning enterprises and human rights.
Processes for engaging with own workforce and workers’ representatives about impacts
[ESRS S1-2]
With regard to engaging with the workforce, the CD PROJEKT Group ensures participation of RTR members
(workforce representatives) or trade union representatives in discussions which concern key matters related
to employment.
Consultations carried out with RTR in 2025 concerned, among others, the following issues:
■ pay transparency (collecting feedback on training materials, collecting and reporting employee feedback con-
cerning internal communication and clarity of regulations being rolled out),
■ performance development (regularly collecting feedback from employees after each process update cycle),
■
Culture Amp engagement survey (consultations concerning planned system and process changes; discussions
around improving psychological security; discussing survey outcomes and planning actions),
■
organizing Town Hall meetings (preparing agenda proposals on the basis of needs voiced by employees;
collecting feedback after each meeting).
In addition, the following matters, among others, were raised on RTR request during the reporting period:
■
procedures related to overtime (consultations concerning existing practices, uniformization of rules, setting limits),
■
analysis of communication and collaboration standards in selected teams (collecting feedback from employees,
identifying potential diculties, formulating and communicating recommendations),
■ remediation plans (reporting a request to uniformize the process, proposing rules).
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Employees can participate in periodic meetings with the Management Board to discuss issues such as the
adopted strategy, new initiatives underway at the Company, financial results of the CD PROJEKT Group, pro-
gress of development work, business plans and production schedules. At Q&A sessions accompanying these
meetings in 2025 we discussed, among others, pay transparency issues and eco-friendly solutions deployed
at our new oce building. In addition, in 2025 we also held a set of less formal meetings called “Coee with
the Board”, where employees were able to approach the Board with any pressing concerns. All such meetings
held at CD PROJEKT enable in-person or remote participation.
Our schedule of periodic meetings also includes events during which newly hired employees can meet with
representatives of the Board – in order to get to know each other, shorten the social distance and exchange
impressions following the first weeks of employment.
Our standard practice is to gather feedback after each Company event. We also monitor the reception of
employee benefits (such as menstrual leave or day camps for employees’ children) to better align our benefits
package with the needs of our team.
We work to ensure that various groups of our employees are heard, and create favorable conditions for exchange
of experiences among members of such groups (e.g. within the RED Parents network or the red_ev_club for
users of electric vehicles).
We have also enacted a standard practice whereby we pilot any training course which we expect to include
in our career development portfolio. For each such training course we assemble a focus group, consisting of
representatives of various departments and organizational tiers, contributing a diverse set of perspectives and
experience. We then collect their feedback regarding the subject matter of the course and the way in which
training is organized by external experts. This enables us to adapt the training portfolio to the unique needs of
our organization. In 2025 we piloted, among others, non-violent communication and psychological resilience
workshops.
Processes to remediate negative impacts and channels for own workers to raise concerns
[ESRS S1-3]
Incidents, complaints and severe human rights impacts
[ESRS S1-17]
At CD PROJEKT we want to build a workplace where our declared values are respected on a daily basis, and
it is important for us that each employee feels at ease. This is why we developed the SpeakUp! Policy for pre-
venting irregularities at the CD PROJEKT Group, which provides basic guidelines for reporting irregularities,
rights and requirements related to whistleblowing, and responsibilities of all parties involved in this process.
The above policy is augmented with detailed policies which concern:
■
reporting improper conduct in employee relations (including cases of mobbing, discrimination or harassment), and
■
reporting regulatory infractions (including breaches of the applicable laws, internal by-laws and ethical guidelines).
In the framework of the SpeakUp! procedure, employees may report irregularities using an internal form, which
provides an anonymization option, in person or in writing. Persons from outside of the CD PROJEKT Group may
report irregularities in writing, by e-mail or using a public form provided on our website.
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At CD PROJEKT we apply organizational and procedural solutions which form part of our internal control system
and aim to reduce the risk of infractions. These include appropriate division of responsibilities, risk management
procedures, and oversight of key processes. The Compliance team, which operates in the framework of our
Legal Department, carries out ongoing monitoring of legislative processes, coordinates SpeakUp! activities,
and provides support for other teams in the scope of compliance, thus limiting the Company’s exposure to
potential irregularities.
Whistleblowing mechanisms:
■ for employees:
internal form with the option to file an anonymous report
in-person notifications
written notifications
■ for third parties:
anonymous form on the CD PROJEKT website
written notifications mailed to the Company with an annotation saying “Confidential: Compliance”,
or e-mailed to naruszenia@cdprojektred.com
In 2025 a total of 57 whistleblowing notifications were submitted across all channels. In this scope:
■ 7 notifications were filed by employees,
■ no instances of discrimination, including harassment, were identified,
■ no significant human rights-related incidents (e.g. forced labor, human tracking or child labor) were identified,
■ no penalties were imposed and no damages awarded in the context of human rights-related incidents.
Depending on the type of irregularity and the parties involved, notifications may be received by the Chief
Compliance Ocer, a delegated member of the Management Board, a delegated member of the Supervisory
Board, the Chief People Ocer or a Trusted Person. In each case we take action commensurate with the
specifics of the given case. Investigations are carried out in accordance with the law, our internal regulations,
confidentiality requirements and the need to ensure impartiality.
Trusted Persons who are elected by CD PROJEKT S.A. employees in a general, democratic ballot, and receive
the appropriate training. Their main role is to receive notifications of alleged irregularities in employee relations,
and to provide counseling and advice in this regard.
In the case of notifications which concern the Chief Compliance Ocer, a member of the legal team or a member
of the Management Board, we refer to external experts in order to preclude any potential conflicts of interest.
Following an investigation, the Management Board (or the Supervisory Board, as appropriate) receives a final
report, and the parties concerned are notified of the outcome of the investigation. In its annual report on the
performance of the internal control system, risk and compliance management, and internal audit, the Manage-
ment Board provides the Supervisory Board with information regarding the number of reports received, types
of irregularities alleged and follow-up actions taken.
Every whistleblower is entitled to protection against potential negative consequences of submitting a notifi-
cation (i.e. reprisals). The same protection is accorded to witnesses and other persons providing assistance in
reporting the irregularity. All employees may, at any point in time, familiarize themselves with key aspects of the
SpeakUp! regulations based on information provided on the Company intranet. An introduction to SpeakUp!
regulations are also provided as part of our onboarding training courses which all new hires undergo.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
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Taking action on material impacts and approaches to mitigating material risks and pursuing material
opportunities related to own workforce, and eectiveness of those actions and approaches
[ESRS S1-4]
On the operational level, HR matters are the responsibility of the VP of HR, whereas issues related to organi-
zational culture, diversity and internal communication are handled by the Culture, Diversity & Inclusion Director.
Both areas are supervised by the Chief People Ocer, who is also a member of the Management Board.
The eectiveness of our activities related to employment is assessed, among others, in the framework of the
Culture Amp engagement survey, by monitoring the voluntary churn level and the pay gap ratio. Values of these
indicators for the reporting period are presented in the following subsections.
A key challenge faced in 2025 was to strengthen and further expand the CD PROJEKT RED team. This upsca-
ling is necessary for us to be able to realize the Company’s ambitious plans, which envision parallel work on
multiple AAA releases and enriching our franchises with additional high-quality products representing various
fields of digital entertainment. In 2025 we recruited 368 persons, focusing primarily on building our Boston
hub. This expansion in North America enables us to tap into a world-class talent pool without presenting relo-
cation barriers. Our aim is to put in place a strong, balanced development structure, which draws upon diverse
perspectives contributed by our international teams.
We realize that such dynamic upscaling comes with certain challenges, which primarily deal with maintaining
our unique organizational culture. In response, we are intensively involved in ensuring coherent communication
across the Group, and building mutual understanding and trust among collaborating teams – e.g. by organizing
support workshops. As before, our priority in this scope is to provide employees with comfortable working con-
ditions and ensure job satisfaction – which we view as a prerequisite of meeting our long-term strategic goals.
In 2025 we carried out, among others, the following activities in the scope of employment:
■
Preparing the CD PROJEKT Group for introduction of pay transparency, i.a. by adapting our internal procedures
to legal requirements in the EU, in the USA and in Canada. This process was augmented by support for cultural
changes related to communication and spreading knowledge of how our remuneration system operates.
■ Global Onboarding – in response to the dynamic growth of CD PROJEKT, we rolled out a global onboarding
process, focusing on eciency and quick acculturation of new hires.
■
Mentoring – we introduced an internal mentoring program, with expert and leader roles equipped to sup-
port talent development and internal knowledge sharing. The structure of the program involves consciously
matching mentors and mentees, and working on clearly defined development goals. The program eciently
supports competences which are crucial for pursuing our long-term strategy.
■ Burnout Prevention initiative – a guidebook for managers with practical tips on how to consciously manage
their team members’ well-being and identify early symptoms of burnout. We also initiated a series of manage-
rial courses in this scope. In 2026 we plan to organize internal workshops with the aim to raise awareness of
burnout risk, and equip employees with tools to eciently handle this risk.
■
The AI @ RED initiative, aimed particularly at our back oce employees – spreading awareness of AI and
means of utilizing AI tools to improve work eciency. The activity focuses on existing tools, legal aspects and
potential cybersecurity risks.
47
On 24 November 2025 the Management Board of the Company announced, by issuing Current Report no. 17/2025, that the Supervisory
Board of the Company had appointed Ms. Karolina Radziszewska to the position of Chief People Ocer and Member of the Management
Board of the Company, eective on 1 January 2026.
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In 2025 we also undertook a range of activities to promote shared values in our organizational culture, and
support diversity as a means of fostering positive emotions and a sense of belonging among our employees:
■
3rd edition of our Friends and Family Day, inviting family members and friends of our employees to visit
CD PROJEKT oces in Warsaw, Kraków and Wrocław. Guests were able to tour the places where their friends
and relatives work, and take advantage of numerous attractions – including guided studio tours and presen-
tations for adults, as well as games, recreational activities and DIY workshops for children. In total, nearly 650
guests took part in the 2025 edition of Friends and Family Day.
■ Collaboration with the A.R.T. Foundation, which operates locally by providing support for individuals coping
with personal crises and alienation. In this context we invited a group of senior citizens to our oces under the
“workplaces then and now” banner, enabling guests and our employees to share their respective experien-
ces. In 2025 CD PROJEKT employees also organized astronomy and origami workshops for senior citizens;
moreover, we provided the A.R.T. Foundation with a financial donation earmarked for providing psychological
support for its charges.
■ Voluntary work at the “Celestyniaki” animal shelter, where our employees helped walk dogs and tidy up the
storeroom. During this activity we also filmed a spot encouraging viewers to donate 1.5% of their tax to the shelter.
■
Girls in the Game! – in 2025 we wrapped up the third edition and inaugurated the fourth edition of our mentoring
and scholarship program aimed at high school-age girls who are interested in pursuing gamedev careers. The
aim is to support an underrepresented demographic in the tech industry – i.e. young women. Participants were
provided with scholarships (with a net value of 12 000 PLN) to fund educational and development activities,
and each month took part in two online workshops with CD PROJEKT experts. They can further continue their
involvement by providing mentoring and support for fresh participants through the Mentee Buddy role. In 2025
we successfully recruited the first three graduates of the program, evidencing its eectiveness and positive
influence on the participants’ career prospects.
■
Donation to the Kampania Przeciw Homofobii (KPH) anti-homophobia campaign in the framework of the “Building
equality together” grant. The goal is to strengthen the potential of local groups which support LGBT+ commu-
nities in municipalities with less than 250 thousand inhabitants. As a longstanding partner of KPH we were
oered a place on the competition board, and took part in selecting organizations which would receive support.
Furthemore, the following events were organized in the reporting period in the context of our ESG ambition
“Use our resources and competencies to support others”:
■ Promised Land Art Festival (PLAF) – in 2025, in partnership with the Municipality of Łódź and “EC1 Łódź – Mia-
sto Kultury” we organized the seventh edition of PLAF. This annual event brings together hundreds of gaming
enthusiasts, comic book aficionados and fans of visual arts. It consists of a professional track where industry
professionals from around the world (including members of the CD PROJEKT team) share their knowledge
and experience, and an open day titled “Art for All”, where participants who are contemplating a career in the
creative industry can – among others – consult their portfolios with experts or meet with recruiters representing
gamedev companies.
■ Sharing knowledge and experience at third-party events – in 2025 members of the CD PROJEKT team gave
talks at numerous events, including the Game Developers Conference in San Francisco, Paris Games Week,
The Power of Play in Pesaro, Game Industry Conference in Poznań and Digital Dragons in Kraków.
Amount donated to charity in 2025r.: 545 thousand PLN.
48
This figure is equivalent to the value of the “Donations and charitable activities” line item in Note 3 Other Operating Costs in the CD PROJEKT
Group’s consolidated financial statement for 2025.
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Targets related to managing material impacts, advancing positive impacts, as well as to risks and
opportunities
[ESRS S1-5]
The following goals had been set for 2025 with regard to employment area:
Goal Status
Maintain the engagement score for CD PROJEKT employ-
ees at a minimum of % by (as measured in the
Culture Amp survey)
Done. The Culture Amp workforce engagement score
for was % (with a participation coecient of
approximately %).
Maintain the gender pay gap (based on Compa Ratio
figures) at a maximum of %
Done. The Compa Ratio value for year end was %.
Pilot diversity training courses and include them in
our general development path
Done. We piloted two diversity training courses, and
included them in our general development path:
1.
Empathetic collaboration and communication,
which helps participants build empathy, improve
clarity of communication and adopt a constructive
approach to discussing tough issues (105 partici-
pants in total).
2.
Eective cross-cultural communication, which
builds openness, promotes fair and equal treat-
ment, and reinforces collaboration across cultural
boundaries (187 participants in total).
Develop a strategy for promoting the well-being of
employees
Done. We created a Burnout prevention toolkit for RED
managers which helps with conscious management of
team members’ well-being and identify early symptoms
of burnout. We also initiated a series of managerial
training courses in this scope.
Maintain involvement in at least three initiatives con-
sistent with our Social Engagement Policy
Done. In we organized, among others, another
edition of our Girls in the Game! Mentoring program, and
supported voluntary work benefitting senior citizens in
collaboration with the A.R.T. Foundation, as well as work
at the local “Celestyniaki” animal shelter.
The following goals are set for subsequent years in the scope of employee relations:
1. Maintain the engagement score for CD PROJEKT employees at a minimum of 80% (as measured on an annual
basis in the Culture Amp survey).
2. Maintain the gender pay gap (based on Compa Ratio figures) at a maximum of 2%.
3. Pilot training courses for top talent, ensuring continuity at key leadership positions.
These goals were proposed by the HR and Organizational Culture, Diversity and Inclusion teams, and subsequ-
ently accepted by the Management Board. Neither employees nor their representatives took part in setting our
goals or in evaluating the achievement thereof.
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Consolidated figures describing our workforce presented in the context of S1-6 – S1-16 are inclusive of GOG Sp.
z o.o. activities up until the moment of divestiture (eective on 31 December 2025 – see Current Report 20/2025);
however, itemized numerical data presented for the balance sheet date (31 December 2025) no longer include
GOG Sp. z o.o., as that company ceased to be a member of the Group at the end of the balance sheet date.
Characteristics of the Undertaking’s Employees
[ESRS S1-6]
The CD PROJEKT Group’s own workforce comprises persons employed in Poland and in the USA under con-
tracts of employment.
The figures below are presented in headcount. The most representative employment data is included in the
financial statements in the following sections:
■ note 42 “Employment” in the Consolidated Financial Statements of the CD PROJEKT Group as concerns the
CD PROJEKT Group,
■ note 41 “Employment” in the Separate Financial Statement of CD PROJEKT S.A. as concerns CD PROJEKT S.A.
Table 32 Number of employees by gender, country of employment and contract type – Poland
Poland
CD PROJEKT Group CD PROJEKT S.A.
Women Men Women Men
31.12.2025
31.12.2024
31.12.2025
31.12.2024
31.12.2025
31.12.2024
31.12.2025
31.12.2024
Permanent sta
(permanent contracts
of employment)
Probationary sta
(trial-period or limited-
period contracts of
employment)
Employees
without fixed
time commitments
- - - - - - - -
Full-time employees
Part-time employees
49
The data in the financial statements shows one additional person in CD PROJEKT S.A. (and correspondingly in the consolidated data) – this
refers to an individual employed through an employment agency who, in accordance with ESRS, has been included in the S1-7 indicator.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
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Table 33 Number of employees by gender, country of employment and contract type – USA
USA
CD PROJEKT Group
Women Men
31.12.2025 31.12.2024 31.12.2025 31.12.2024
Permanent sta (permanent contracts of
employment)
Probationary sta (trial-period or limited-
period contracts of employment)
Employees without fixed
time commitments
- - - -
Full-time employees
Part-time employees
Table 34 Employment by gender
Women Men
31.12.2025 31.12.2024 31.12.2025 31.12.2024
Women
Men
Total
Table 35 Departures and new hires during the reporting period – Poland
Polska
CD PROJEKT Group CD PROJEKT S.A.
31.12.2025 31.12.2024 31.12.2025 31.12.2024
New hires
Total departures
Voluntary departures
Table 36 Departures and new hires during the reporting period – USA
USA
CD PROJEKT Group
31.12.2025 31.12.2024
New hires
Total departures
Voluntary departures
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Table 37 Turnover rates
CD PROJEKT Group CD PROJEKT S.A.
01.01-31.12.2025 01.01.-31.12.2024 01.01.-31.12.2025 01.01.-31.12.2024
Churn rate .% .% .% .%
Voluntary churn rate .% .% .% .%
Characteristics of non-employees in the undertaking’s own workforce
[ESRS S1-7]
Table 38 Non-employees in the own workforce
CD PROJEKT Group CD PROJEKT S.A.
31.12.2025 31.12.2024 31.12.2025 31.12.2024
Non-employees included in own
workforce (number of persons)
Non-employees included in our own workforce comprise creators and artists employed under civil law contracts,
and self-employed contractors.
Diversity metrics
[ESRS S1-9], [ESRS 2 GOV-1]
Table 39 Gender and age breakdown of top managerial sta at CD PROJEKT S.A.
CD PROJEKT Group
Women Men
Management
Board and
Supervisory
Board
01.01.2026 31.12.2025 31.12.2024 01.01.2026 31.12.2025 31.12.2024
Persons
%
Persons
%
Persons
%
Persons
%
Persons
%
Persons
%
< % % % % % %
-
.%
.%
.%
.%
.%
.%
> .% % %
.%
.%
.%
Figures reported for 1 January 2026 remain valid as of the preparation date of this report. The Management
Board of CD PROJEKT S.A. consists of seven executive members, while the Supervisory Board consists of
five non-executive members, including three members who meet independence criteriach. From 1 January
2026 the Management Board included one woman (14% of the composition of this body), while the Supervisory
Board included two women (40% of the composition of this body). The Company’s ocial bodies do not include
any workforce representatives as members.
50
The churn rate is computed as the ratio between the total number of individuals who ceased being employees of the Company/Group
during the reporting period and the average employment rate for the same period. The average employment rate is an arithmetic mean
of employment figures at the end of each of the 12 months comprising the reporting period.
51
On 24 November 2025 the Management Board of the Company issued Current Report 17/2025, disclosing that the Supervisory Board of
the Company had appointed Ms. Karolina Radziszewska as Member of the Management Board and Chief People Ocer (CPO) eective
on 1 January 2026.
52
Independence criteria are specified in Art. 129 section 3 of the Act on Licensed Auditors, Audit Firms and Public Supervision of 11 May
2017, and in Annex II to the Commission Recommendation of 15 February 2005 on the role of non-executive or supervisory directors of
listed companies and on the committees of the (supervisory) board (2005/162/WE).
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
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Table 40 Employee age structure by gender
Poland
Women Men
CD PROJEKT Group CD PROJEKT S.A. CD PROJEKT Group CD PROJEKT S.A.
31.12.2025
31.12.2024
31.12.2025
31.12.2024
31.12.2025
31.12.2024
31.12.2025
31.12.2024
<
-
>
Adequate Wages
[ESRS S1-10]
CD PROJEKT Group employees receive remuneration commensurate with their workload. All wages are above
the minimum wage. In order to be able to continue oering competitive salary packages, we revise our pay
matrix each year, based on market benchmarks and professional job evaluation tools.
One of the core assumptions of the pay transparency project carried out in 2025 is to enable employees to
review the adequacy of their wages, and understand the factors which shape remuneration.
Social protection
[ESRS S1-11]
In line with Polish social security regulations applicable to contracts of employment, as well as internal standards
in force at CD PROJEKT RED Inc., all employees of the Group are covered by social security programs (social sup-
port, medical coverage) in the event of loss of income as a result of illness, layos, workplace accidents (including
accidents which result in disability), parental leave or retirement.
Persons with disabilities
[ESRS S1-12]
Table 41 Percentage of persons with disabilities
CD PROJEKT Group CD PROJEKT S.A.
31.12.2025 31.12.2024 31.12.2025 31.12.2024
Percentage of persons with disabilities .% .% .% .%
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
131 CD PROJEKT GROUP
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Training and Skills Development metrics
[ESRS S1-13]
A Training and Development Team, is in place at CD PROJEKT, enabling all employees to systematically
expand their professional skills. We adopt a broad approach to career development – for us, it involves gaining
additional knowledge in the given field, as well as developing soft skills and exchanging experience with
members of other teams.
In 2025, similarly to preceding years, we organized general development paths, which aim to build key stra-
tegic competences among our teams, as well as custom programs in the framework of personalized develop-
ment plans, which are available to all employees.
A structured skill management and career development planning process is in place at the Company, with data
gathered on the training management platform and in the “Performance Development” employee evaluation
system.
In 2025 81% of employees took part in at least one training course.
Table 42 Statistics on the development opportunities
Path/Category Description
Total hours of
instruction Number of activities
General develop-
ment path
Workshops and training courses focusing on
soft skills (e.g. coping with stress, personal
eciency, collaboration and communication)
h activities
Managerial deve-
lopment path
Training program targeting managerial sta –
from beginners to advanced leaders (suppor-
ting, among others, strategic thinking, team
management and eective communication)
h activities
Expert
development path
Technical and expert training courses focusing
on building hard skills
h activities
Conferences
Participation in conferences, including as
speakers
h conferences
Other forms of
training
Training courses which do not fall into any of
the above categories (e.g. language classes)
h activities
Reporting human capital development indicators
In order to better adapt our training and development portfolio to the needs of our team members, we carry
out ongoing monitoring of the relevant performance indicators, including:
■ number of hours of instruction (2025 average: 12.7 h per person in total workforce),
■ participation in conferences (128 employees participating in 2025),
■ presentation of data by location, gender, seniority and type of training.
53
The duties of the Training and Development Team include presenting CD PROJEKT S.A. and CD PROJEKT RED Inc. employees with training
opportunities. The figures quoted in the descriptions accompanying ESRS S1-13 are representative of both of those entities taken together.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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Assessment of the eectiveness of development programs
All training programs – whether for managerial sta or for other team members – are regularly assessed with
regard to their eectiveness.
In this process we rely on the following tools:
■ Kirkpatrick model, which takes into account not only the perceived satisfaction of participants, but also measura-
ble increases in knowledge, behavioral changes and end results. Evaluation is based on interviews with partici-
pants following the conclusion of each course, targeted surveys sent out three months thereafter, and the overall
engagement survey. This helps us make sure that the programs we oer eectively contribute to the Company’s
strategic objectives.
■
engagement survey oraz pulse check – anonymous surveys, where employees are able to evaluate, among others,
our training and career development program in light of their own expectations related to their respective roles, as
well as opportunities for practical application of the gained knowledge in their everyday work.
We continue to observe strong interest in career development activities on the part of our managerial sta. In
2025 a total of 245 persons took part in activities comprising the managerial development path.
Table 43 Periodic performance evaluations and career development reviews
Percentage of employees who received feedback in the framework
of performance evaluation and career development reviews
during the reporting period
CD PROJEKT Group CD PROJEKT S.A.
01.01.-31.12.2025 01.01.-31.12.2024 01.01.-31.12.2025 01.01.-31.12.2024
Women .% .% .% .%
Men .% .% .% .%
% of employees .% .% .% .%
Table 44 Average number of training hours per employee
Average number of training hours in the reporting period
CD PROJEKT Group CD PROJEKT S.A.
01.01.-31.12.2025 01.01.-31.12.2024 01.01.-31.12.2025 01.01.-31.12.2024
Women . . . .
Men . . . .
% of employees . . . .
Health and safety metrics
[ESRS S1-14]
During the reporting period:
■ 100% of Group employees and 0% of other members of its workforce were covered by an OHS system, pursuant
to legal regulations;
■ no workplace-related fatalities or workplace-related health issues were reported;
■ one workplace accident was reported at the Group (CD PROJEKT S.A.);
■ no cases of occupational diseases were reported;
■ no lost days were reported as a result of any of the above.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
133 CD PROJEKT GROUP
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Work-life balance
[ESRS S1-15]
Pursuant to labor law, all employees are entitled to parental leave.
Table 45 Employees who took a parental leave during the reporting period
CD PROJEKT Group CD PROJEKT S.A.
01.01.-31.12.2025 01.01.-31.12.2024 01.01.-31.12.2025 01.01.-31.12.2024
Women .% .% .% .%
Men .% .% .% .%
Total .% .% .% .%
Remuneration metrics (pay gap and total remuneration)
[ESRS S1-16]
Table 46 Remuneration metrics
CD PROJEKT Group CD PROJEKT S.A.
01.01.-31.12.2025 01.01.-31.12.2024 01.01.-31.12.2025 01.01.-31.12.2024
Pay gap .% .% .% .%
Ratio of the annual total compensation
for the organization’s highest-paid
individual to the median annual
total compensation for all other
employees
. . . .
Compa Ratio % % % %
Given the employment structure in the gamedev industry, both in Poland and globally, and the resulting di-
culty in accessing reference statistics for all employment tiers, the potential dierences between remuneration
oered to women and men at CD PROJEKT are analyzed with the use of the Compa Ratio (CR) coecient. In
our opinion, this coecient accurately reflects the gender-related variability of remuneration packages.
CR is based on midpoint values of pay ranges oered at respective employment tiers. The presented values
represent the CR value for women divided by the corresponding CR value for men.
54
Pay gap – dierence between the gross hourly remuneration rate for women and men divided by the average gross hourly rate for men;
the calculation covers all individuals employed under contracts of employment as of 31 December 2025, with remuneration converted
into FTE equivalents and into PLN. The aggregate indicator presented for 2025 covers CD PROJEKT S.A. and CD PROJEKT RED Inc.
55
Total employment ratio – covers all individuals employed under contracts of employment between 1 January and 31 December 2025
whose employment spanned the entire reporting period; remuneration has been converted into PLN. The following components of com-
pensation packages were taken into account: base remuneration, overtime pay, duty allowance, lump-sum compensation associated
with remote work, and any additional revenue increments. The aggregate indicator presented for 2025 covers CD PROJEKT S.A. and
CD PROJEKT RED Inc.
56
The aggregate indicator presented for 2025 covers CD PROJEKT S.A. and CD PROJEKT RED Inc.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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CONSUMERS AND ENDUSERS
[ESRS S4]
CD PROJEKT markets its games globally with help from digital distribution platforms and distributors of box
editions. The end users of our products are gamers from around the world. We also develop, co-develop or
sublicense development and distribution rights for other products based on our franchises.
In the case of GOG, our consumers are users who purchase games using the GOG.COM digital distribution plat-
form and the GOG GALAXY application.
Interests and views of stakeholders
[ESRS 2 SBM-2]
“Always remember about gamers” is one of our core principles which guide us in our daily work as we develop
top-quality products, decide on pricing or provide services and customer support. We believe in building strong,
long-term relations with the gaming community gathered around our products – whether games or tie-in pro-
ducts based on our proprietary IPs.
At CD PROJEKT we emphasize open, transparent communication. We engage with gamers in eleven langu-
ages (English, Polish, Russian, German, French, Spanish, Japanese, Brazilian Portuguese, Korean, simplified
Chinese and traditional Chinese). We also have a presence on all top social media platforms such as Facebook,
X, Twitch and TikTok, and on their regional counterparts – e.g. Bilibili in China or NaverCafe in Korea. Numerous
direct communication channels, coupled with their global reach, enable us to better understand the expectations
and opinions voiced by our community.
We pay close attention to suggestions and comments received from gamers. Some of them are taken into
account when making business decisions, e.g. rolling out further upgrades to existing games or charting future
development plans for specific franchises or products. Community representatives have also taken part in
a double materiality survey conducted at the CD PROJEKT Group in 2023.
At GOG we also communicate with platform users via social media where everyone may react to our posts and
provide their own opinions and comments. GOG team members often follow up on these, engaging in discussions
in order to better understand user feedback or provide on-the-spot technical support. GOG also communicates
with users in a similar manner on discussion forums, on its website and on the Reddit platform.
GOG engages in inclusive, active communication with the gaming community, analyzing feedback and replying
to questions and comments. On popular communication fora (which include the GOG forum, dedicated Discord
servers, a Twitch channel, Reddit and top social media platforms) team members moderate discussions and
provide backstage peeks at the work going on at GOG. Thanks to its Dreamlist tool, GOG is able to find out which
games are particularly sought after by platform users, and take action to provide access to such games. GOG
also maintains a dedicated communication channel on Discord – “GOG Partons”, where users receive access to
exclusive content such as interviews and platform updates, and are able to contact our team members directly.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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Material impacts, risks and opportunities and their interaction with strategy and business model
[ESRS 2 SBM-3]
At CD PROJEKT RED we believe we can influence the world at large by developing games which enrich gamers’
perceptions. This is why we do not shy away from confronting socially important topics in the stories we tell –
although we refrain from moralizing and advancing specific viewpoints.
Our games depict social inequalities, the various paths people take through life, and the problems they face.
We want to make sure that the characters populating the worlds we create represent a diverse set of mindsets,
social groups, and backgrounds. In The Witcher 3: Wild Hunt, we tackle, among others, the issues of domestic
violence, strained family relationships, and discrimination. For its part, Cyberpunk 2077 addresses alienation
and dehumanization of society. Our products reach millions of people around the world — so we want to focus
on what’s important.
In the scope of gamer relations, we focus on maximizing the positive impact of CD PROJEKT activities on
the communities gathered around our releases, and on exploiting the arising business opportunities. We build
strong relations with gamers based on ongoing dialogue and responsible marketing communication. We work
to expand our communities by enriching our franchises with entertainment products representing formats other
than video games. In parallel, we want to entice more gamers to reach for our releases – by adding, insofar as
possible, additional accessibility features to existing games. We also localize our games into foreign languages –
The Witcher 3: Wild Hunt is now available in 17 language versions, including 9 fully dubbed versions, while
Cyberpunk 2077 has 19 language localizations, including 11 fully dubbed releases.
Given our activity profile, we have not thus far identified any negative impact on the gaming community.
The following aspects of community relations have been identified as significant in our double materiality survey:
1. Building engaged communities around our products
2. Adding accessibility features to our games
3. Responsible communication and marketing of products
Risks and opportunities in the scope of community relations
Under the CD PROJEKT S.A. Risk Management Procedure, with regard to community relations, we have iden-
tified a risk titled Risk of failure to meet expectations resulting from promotional campaigns described in the
section titled “Risk Management at the Group” elsewhere in this report.
The identified opportunities in this area include:
■ strengthening engagement of fan communities clustered around our products, and broadening the circle of
gamers interested in the Studio’s games, may translate into increased sales revenues for existing as well as
future games released by the Studio,
■ responsibly shaping gamers’ expectations regarding the Company’s products may result in positive sentiment
surrounding successive releases and, as a consequence, improve their respective sales,
■
The ability to reach a broader group of customers with varied accessibility requirements may increase the sales
potential of games released by the Studio.
The impact, risks and opportunities identified in the area of community relations apply equally to all end users
of our games.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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Policies related to consumers and end-users
[ESRS S4-1]
Community relations policies
In our dealings with gamers we are guided by our internal Pillars of communication with the community and
our Social media policy. The former document lists principles which guide our community relations, while the
Social media policy spells out rules which need to be followed by CD PROJEKT employees when using social
media platforms.
As we work to enable the gaming community to draw inspiration from our products, we have formalized the
issue of creating content based on our games. In the Fan content guidelines we specify how gamers are able
to make use of our releases while respecting all applicable legal regulations and CD PROJEKT’s intellectual
property rights.
The terms of use for games and services oered by CD PROJEKT are set out in the CD PROJEKT User
Agreement. In 2025, we updated this document, consolidating previously separate license agreements for
individual games and services into a single framework. We also implemented changes to simplify the text as
much as possible, ensuring it is clear and user-friendly for our players. In doing so, we followed the principles
of plain legal language and legal design.
Rules for engaging in discussions in our public online fora are set forth in their respective Regulations which
transparently specify what kind of messaging and behavior is not allowed. These regulations also spell out
penalties which forum participants may expose themselves to if they do not respect the applicable rules.
At GOG there is the GOG Code of Conduct, which applies to all platform users and helps build a safe online space
for engaging in polite, lively discussions on topics related to the products and services oered on the platform.
Human rights policy in relation to gamers
The CD PROJEKT Human Rights Policy pledges to respect human rights with regard to all social groups aected
by our activities – including gamers.
Our actions are consistent with international standards, including the UN Universal Declaration of Human Rights
and UN Guiding Principles on Business and Human Rights.
Our approach to external communication
In pursuing external communication CD PROJEKT applies a general, codified set of guidelines (Writing Style
Guide for External Communication), which provides tips regarding, among others, vocabulary and accessibility.
Individual video games and tie-in products (such as comics) follow customized, codified sets of guidelines for
all persons involved in communication in their respective contexts. We also work to build communication skills
by organizing training on media relations and public speaking for our employees. These courses are intended
for persons who conduct public presentations and showcase the Studio’s products.
Our approach to targeted advertising
In our marketing activities we make use of external advertising platforms which allow us to accurately target
persons who may potentially be interested in purchasing our games. Rather than develop internal user databa-
ses, we rely on standards and safeguards applied by global partners. This means that we do not collect private
information regarding gamers’ preferences in our own systems, and that full control over advertising content
remains in gamers’ hands – they can, at a time of their choosing, review and update their privacy settings
directly in platforms such as Google or Meta. This approach enables us to eectively market our product while
also respecting customers’ privacy.
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between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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Processes for engaging with consumers and end-users about impacts
[ESRS S4-2]
On the operational level building relations with the gaming community is the responsibility of the VP, PR and
Communication, while on the Management Board level this activity is managed by the Chief Marketing Ocer.
This structure ensures appropriate oversight and alignment of communication activities with the Company’s
strategy, mission and values, while also providing mechanisms for dealing with issues related to ethics, accuracy
and responsibility of communication.
Releasing content for the gaming community, gaming media, content creators and opinion leaders is the
responsibility of members of the PR & Communication team – including Community Managers and PR Managers.
Their tasks also include making appropriate adjustments in communication and/or clarifying interpretational
ambiguities on the part of the gaming community or media representatives – immediately after they arise once
a given piece of content has been published.
Direct communication with gamers
At CD PROJEKT we manage social media profiles for our studio as well as our products, enabling any interested
party to post opinions and comments. We also take into account feedback provided via e-mail using publicly
available mailboxes. We gather opinions by monitoring posts in our product fora, and chats which accompany
our live events on streaming platforms. We analyze comments submitted in person during fairs, conferences and
other live events which involve our gaming community. In our work on perfecting our games we also make use
of feedback received in the framework of technical support or during playtests organized by CD PROJEKT RED
under the RED Playtesting Program.
In 2021, with the release of Update 2.1 for Cyberpunk 2077, which added accessibility options for gamers with
special needs, we launched a special form, through which gamers may submit ideas and comment on changes.
GOG manages its own set of English social media profiles (on X, Instagram, Facebook, TikTok and YouTube),
along with Polish profiles in selected cases (on Facebook). Social media also serves as a platform for engaging
in continuous dialogue with users – given that anyone may react to posts, and provide feedback and comments,
often resulting in direct interaction with GOG team members. GOG also communicates – in a similar way – with
users who post in its forums, on its website or on the Reddit platform.
Product support
At CD PROJEKT, the Technical Support – part of the Player Experience & Safety Team department – is respon-
sible for ongoing player assistance and resolving technical issues. Inquiries are handled through a dedicated
support portal (support.cdprojektred.com). The collected data is analyzed and shared with relevant production
teams, enabling eective prioritization and the continuous improvement of our games. In their interactions
with players, the Technical Support team follows internal Best Practices based on empathy, professionalism,
precision, clear communication, and thorough information verification.
The Player Experience & Safety team’s role extends beyond reactive problem-solving; it also involves proactively
preventing future issues to optimize the player and user experience. This structure also includes the Technical
Communication team, which manages the support site’s knowledge base and prepares patch notes. These
materials are developed in accordance with the principles of usability, clarity, and reliability.
GOG provides product support for gamers who purchase games on the GOG.COM platform and through the
GOG Galaxy application. Under the Voluntary Refund Policy a product may be returned within 30 days of pur-
chase, even if it has been downloaded and run by the customer. Additionally, the GOG technical support team
assists gamers who have experienced technical issues or glitches preventing completion of the game within
30 days of purchase. Technical issue reporting forms are posted on the GOG.COM website.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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Measuring the eectiveness of community relations
Performance indicators applicable to relations with the gaming community include the level of engagement
of social media users in relation to the quantity of content posted, as well as changes in the number of active
participants in online fora. Measuring the eectiveness of our initiatives also involves sentiment surveys and
monitoring the ratings of our products posted e.g. on digital distribution platforms. Following each game update,
we gauge gamers’ satisfaction with the introduced changes – primarily by monitoring reactions in social media.
Processes to remediate negative impacts and channels for consumers and end-users to raise concerns
[ESRS S4-3]
No negative impact on gamers has been identified in the framework of CD PROJEKT Group’s business activities.
Whistleblowing channels
According to our Rules of the Game: Business and Ethics Standards, each employee may report suspected
irregularities under the SpeakUp! Policy in force at the Group. A dedicated irregularity reporting form is provided
on the CD PROJEKT corporate website, and reports may also be mailed directly to the Company. CD PROJEKT
ensures anonymity and confidentiality in regard to all whistleblowing reports.
Other than the SpeakUp! Policy, we also provide public channels available to users (journalists, gamers, etc.)
who wish to directly contact CD PROJEKT. Community Managers remain in touch with the gaming communities
among others via ocial social media profiles and discussions fora. For their part, PR Managers take care of
direct interactions with media representatives, content creators and opinion leaders throughout the world.
We also provide public e-mail addresses which can be used to contact CD PROJEKT in the following matters:
■ for media representatives: media@cdprojektred.com
■ for members of the gaming community: contact.community@cdprojektred.com.
Eectiveness of the available whistleblowing channels
The eectiveness of our whistleblowing channels is assessed on the basis of the number of irregularity reports
submitted, and their perceived validity. In the annual CD PROJEKT S.A. Management Board report on the func-
tioning of the internal control system, risk management, compliance and internal audit the Board notifies the
Supervisory Board of the number of submitted reports, types of irregularities reported, and follow-up actions taken.
Taking action on material impacts on consumers and end-users, and approaches to managing material risks
and pursuing material opportunities related to consumers and endusers, and eectiveness of those actions
[ESRS S4-4]
On the operational level managing relations with the gaming community is the responsibility of the Community
Team. For its part, the Player Experience & Safety Team supports the community, among others by providing
technical support, disseminating information concerning updates to previously published games, implementing
improvements on the basis of submitted reports, and caring for gamer safety in collaboration with the legal
department.
Appropriate product labeling
In our care for the safety of gamers we make sure that CD PROJEKT products are appropriately labeled, among
others by doing the following:
■
labeling games with an age-based rating suitable for the given territory (e.g. PEGI, ESRB). Information regarding
each game’s rating is placed on its physical package, on a dedicated website, on selected marketing materials
related to the game, and on its product sheet;
■ putting in place photosensitivity warnings.
We also take action to restrict access to certain types of content related to the Studio’s games for persons
regarded as too young to access such content. This is done by adding age gates to dedicated websites and
the studio’s product websites on digital distribution platforms.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
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Best practices in support of responsible purchases
In September 2025 we published a video feed titled Cyberpunk 2077: Ultimate Edition on
Nintendo Switch
TM
2 – New Ways to Play, which was circulated in social media soon after the game launched
on Nintendo Switch 2. The goal was to introduce the game to new groups of users – gamers in the process of
migrating from other platforms, as well as the broad Nintendo user community – by showcasing four intuitive
control modes, adapted to various gameplay styles and user needs. The video material supports informed
decision-making on the part of consumers, emphasizing the features and flexibility of the product, while also
building awareness of the game’s availability on a new platform.
Building strong communities around our games
In 2025 we undertook a range of initiatives aimed at strengthening relations with gamers – among others the
following:
■
In May 2025 we celebrated the tenth anniversary of the release of The Witcher 3: Wild Hunt – a joint celebration
with the gaming community which lasted until the end of the year. In this scope gamers were able to obtain
anniversary gadgets, watch video streams featuring voice actors lending their voices to Geralt in the Polish and
English edition of the game, and join us in dedicated channels where we prepared dedicated communication
content related to the anniversary.
■
In May 2025 we launched The Witcher in Concert – a dedicated concert tour, which began with a series of special
anniversary concerts held in May and June in Warsaw, Boston and Poznań (accompanying the Pyrkon Fantasy
Festival). The global tour kicked o in August in Cologne (at gamecom) and comprised over 60 concerts in the
United States, European Union, United Kingdom and Singapore. In late 2025 we announced a continuation of
the tour, with over 30 further concerts scheduled in Europe and Asia.
■
In June 2025 Cyberpunk 2077 was published for Nintendo Switch 2 as one of the release titles for that console.
The event was preceded by a series of community events, enabling gamers to try out – among others – new
control methods oered by the console ahead of the game’s release.
■
In December 2025 we celebrated the fifth anniversary of the launch of Cyberpunk 2077 – to mark that occasion
we prepared a range of attractions for gamers, including a recording by Hanako (in-game character), a weeklong
event dedicated to community-generated content, as well as a live stream for Japanese users.
Targets related to managing material negative impacts, advancing positive impacts, and managing
material risks and opportunities
[ESRS S4-5]
The following goals had been set for 2025 with regard to interaction with the gaming community:
Goal Status
Developing an internal accessibility standard in the
scope of product communication
Done. In we rolled out key improvements regarding
accessibility – including support for Alt Text across all our
English and Polish social media channels, autodescription
features in trailers, and podcast transcripts.
Developing a strategic approach to deployment of
specific accessibility solutions in our future games
Done. In , we developed a vision and strategy
for implementing accessibility standards in our future
products. We began this process by creating profiles
of users with specific needs, for whom we defined and
prioritized dedicated assistive features. Subsequently,
we integrated the implementation stages of these
key functionalities into the development roadmaps of
individual projects.
Neither gamers nor their representatives took part in setting our goals for 2025 or in evaluating their attainment
thereof.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
140 CD PROJEKT GROUP
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Governance-related disclosures
ESRS G1 BUSINESS CONDUCT
Description of the processes to identify and assess material impacts, risks and opportunities
[ESRS 2 IRO-1]
The following significant aspects related to business conduct were identified in our double materiality assessment:
1. Business ethics
2. Transparency in relations with business partners
3. Cybersecurity and privacy protection
4. Management and protection of intellectual property
Business conduct policies and corporate culture
[ESRS G1-1]
Rules of the Game. Business and ethics standards at the CD PROJEKT Group
A set of standards titled Rules of the Game. Business and ethics standards at the CD PROJEKT Group are in
force at the CD PROJEKT Group. They represent our commitment to uphold ethical norms, legal requirements
and rules which govern our everyday work. The Standards explain which types of conduct are supported, and
which ones are not tolerated – among others, in the context of human rights, privacy protection, compliance and
whistleblowing. They were formally enacted by the Management Board in 2021, and reviewing them forms part
of our compliance-related responsibilities discharged by the appropriate member of the Management Board.
In addition, the Company follows internal procedures, rules and instructions which govern its respective areas
of activity. Risks related to ethical aspects are identified in the course of risk assessment and management
processes at the Company, particularly in the context of compliance-related risks and risks associated with
collaboration with external suppliers. Potential infringements of ethical norms are analyzed as part of the Spe-
akUp! Process, and followed up – in justifiable circumstances – by appropriate investigations and corrective
actions. Such investigations may be launched as a result of a whistleblowing notification (submitted by known
parties or anonymously) or ordered by the Chief Compliance Ocer.
Fair Play – Code for Suppliers
At CD PROJEKT we wish to promote responsible business practices, ethical employment conditions and susta-
inable growth. This is why in 2023 the Management Board enacted a set of regulations titled Fair Play – Code
for Suppliers. The code lists our commitments along with our expectations regarding our suppliers and their
supply chains. It covers the following areas: ethics and compliance, human rights and environmental protection.
SpeakUp! whistleblowing policy at CD PROJEKT S.A.
Our SpeakUp! Whistleblowing policy is detailed in section [ESRS S1-3].
Anti-corruption policy
A formal Anti-Corruption Policy is in force at the CD PROJEKT Group. The document contains basic guidelines
on how to recognize, prevent and mitigate the risk of corruption in our business activities and in our dealings
with public bodies, This includes a pledge to:
■ maintain our accounts in a diligent, accurate, verifiable and timely manner,
■ disburse payments in accordance with the law and our internal financial control standards,
■ maintain transparency in our recruitment process,
■ screen the beneficiaries of our charitable activities.
The Anti-Corruption Policy also contains rules related to accepting and giving gifts, resolving conflicts of interest,
and engaging in dealings with third parties.
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Cybersecurity policy
A general Information Security Policy is in force at the CD PROJEKT Group, forming the basis upon which
Group member companies build their own internal information security policies. The document defines
key components of a cybersecurity management system, including a management structure which involves
process owners (among them – representatives of IT and legal departments), System Administrators,
System Owners and the IT Director. An important role in these processes is reserved to the Cyberse-
curity Team, which participates, among others, in software reviews, supervision of IT systems architec-
ture, dealing with security vulnerabilities, organizing penetration tests and handling security incidents.
A Business Continuity Plan (BCP) is developed for each critical system. These plans are approved by the IT Director
and periodically tested. Backup recovery procedures cover all locations and are tested on an at least annual basis.
Cybersecurity is augmented by ongoing vulnerability analysis. Systems are subject to automatic monito-
ring, while critical systems are additionally subject to periodic manual testing. We also carry out internal
audits which cover, among others, reviews of critical systems, server configurations and IT equipment.
A cybersecurity incident management policy is in force at the Group. Incidents are reported, analyzed
and tracked by the Cybersecurity Team. Any employee may report a potential cybersecurity incident.
In line with our policy, we carry out screening of external partners who require access to our IT infrastruc-
ture. This process covers, among others, cybersecurity and data protection. Our security requirements with
regard to external partners – depending on the level of data confidentiality – are published on our website.
Cybersecurity risks are managed in accordance with the CD PROJEKT Group Risk Management Procedure.
We organize mandatory annual training courses for our employees in order to raise awareness of cybersecurity
issues.
Personal data protection
CD PROJEKT makes every eort to protect personal data from any potential threats, in particular through
appropriate technical and organizational safeguards – including procedures and technologies designed to
ensure personal data protection.
Activities related to protection of personal data are carried out on the basis of:
■ The CD PROJEKT Group Personal Data Protection Policy, which specifies, among others, means of handling
personal data protection incidents. This internal document provides an organizational framework for personal
data protection at the CD PROJEKT GROUP;
■ The CD PROJEKT Group Privacy Policy – a public document which specifies means by which personal data is
processed in the context of most services we provide to consumers (its scope and exclusions are specified in
items 4-5 of the Policy).
In addition to the above, the Company also possesses other documents which facilitate disclosure obligations
in special cases related to data protection – including the following:
1. The www.cdprojekt.com Website Privacy Policy – concerning processing of personal data on the CD PROJEKT
corporate website,
2. The GWENT: The Witcher Card Game Privacy Policy – concerning processing of data in the context of GWENT,
3.
Supplementary information concerning personal data protection provided to persons involved in the recruitment
process, employees, collaborators, business partners, Press Center users, etc.
The Company’s organizational structure includes dedicated teams responsible for managing personal data
protection and cybersecurity – including the Privacy & Compliance Team which operates in the framework of
the Legal Department. Personal data protection activities are monitored on an ongoing basis by an external
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Data Protection Ocer contracted by the Company. The Management Board receives annual reports on the
activities of the DPO. In addition, the Company has appointed, and provides regular training for, persons who
assist the Privacy team in ensuring compliance with personal data protection regulations – the so-called Data
Champions. Their role is to oversee processing of personal data within their respective teams, represent a con-
tact point for the Privacy team, and provide ongoing support for data providers in exercising their legal rights.
The following personal data protection principles are in force at CD PROJEKT:
■ in accordance with existing regulations, we process personal data only in the necessary scope, justified by
clearly communicated goals,
■ we always notify persons to whom the data pertains of the reasons and legal basis for processing of their data,
and also of their rights in this regard,
■ when selecting subcontractors who may obtain access to personal data, we make sure that they are able to
provide an appropriate level of security for the data entrusted to them,
■
we monitor, on an ongoing basis, the security of the personal data we process, and we act upon reports concer-
ning possible security violations; when required, we report personal data security violations to the appropriate
public bodies, and also notify persons to whom the data pertains.
Risks associated with personal data protection are analyzed i.a. through impact analysis in the context of data
protection, wherever required.
Protection of intellectual property
The intellectual property rights vested in CD PROJEKT are primarily related to The Witcher and Cyberpunk 2077
franchises. In each case, we work to ensure that our IP is appropriately protected – as a component of our
long-term approach to protection of key CD PROJEKT brands.
Within the framework of IPR protection:
■
we ensure that each element of intellectual property created by CD PROJEKT receives the appropriate legal protection.
■ we deal with the sublicensing of the intellectual property rights vested in CD PROJEKT, i.e. to numerous mar-
keting and merchandising partners,
■ we are responsible for ensuring that the content created by CD PROJEKT does not infringe upon third-party
rights – among others, by securing appropriate contractual provisions, providing guidelines to production teams,
carrying out internal training, and monitoring the risk of violating trademark rights.
■ we take legal action to protect our intellectual property,
■ we analyze and evaluate – in the legal context – emerging technologies and tools which are, or may be, used
in our video game development process.
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Business conduct training
At CD PROJEKT we organize in-person as well as online training courses, including e-learning courses, which
are available at any time for all employees.
The following training courses were organized in 2025:
■ Confidentiality and whistleblowing procedures
■ 372 participants; training provided as part of the onboarding process
■ Counteracting corruption and procurement procedures
■ 35 participants; training provided for selected teams at CD PROJEKT S.A.
■ 21 participants; training provided for selected teams at CD PROJEKT RED Inc. (Purchasing, Compliance &
Ethical Practices)
■ Risk management for risk owners at CD PROJEKT RED Inc.
■ 5 participants; in-person training and e-learning courses
■ Cybersecurity
■ 724 participants; mandatory training
■ Conduct in the context of regulatory inspections being carried out at the Company:
■ 5 participants; training provided for selected team
■ Personal data protection
■ 4 participants; mandatory training for selected individuals (Data Champions)
Management of relationships with suppliers
[ESRS G1-2]
At CD PROJEKT establishing and maintaining relations with key business partners is the responsibility of the
Business Development department. For its part, the Procurement department assists CD PROJEKT employees
in purchasing products and services required in our daily activities.
Our expectations with regard to suppliers are listed in Fair Play – Code for Suppliers. The Code is currently
provided to suppliers on an informational basis, and compliance is voluntary.
In the framework of our Risk management procedure we identify risks related to cooperation with key
suppliers, as described in the section titled “Risk Management at the Group” elsewhere in this report. During
the reporting period, we conducted an analysis of social and environmental risks within our value chain.
In 2024 we launched an internal database of suppliers, which we divide into key, strategic and operating suppliers.
The database lists the screening status for each supplier, along with recommendations concerning collaboration. No
social or environmental criteria were taken into account in the supplier selection process during the reporting period.
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
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Prevention and detection of corruption and bribery
Confirmed incidents of corruption or bribery
[ESRS G1-3], [ESRS G1-4]
No corruption incidents were identified and no penalties for breaches of anti-corruption regulations were
imposed upon the Company in 2025.
Our approach to preventing corruption is described in the CD PROJEKT Group Anti-Corruption Policy. Revie-
wing and investigating reports of corruption occurs in the framework of the SpeakUp! Policy for preventing
irregularities at the CD PROJEKT Group. In the process of preparing the Company’s and Group’s annual reports,
the Management Board and the Supervisory Board obtain summary reports detailing the number and type of
notifications, the associated outcomes, and any relevant training carried out. Moreover, once a year the Mana-
gement Board presents the Supervisory Board of the Company with its annual report on the performance of
the internal control system, risk and compliance management, and internal audit, which also summarizes the
above-mentioned information.
Our annual anti-corruption training courses focus on raising awareness among employees on the basis of practical
examples. The courses cover identifying corruption attempts, counteracting corruption, and avoiding conflicts
of interest. They include theoretical classes, based on specific case studies, where we help participants adopt
the appropriate course of action and dispel myths surrounding the phenomenon of corruption. The courses are
oered to all employees involved in procurement, business and administrative tasks – including Procurement,
IT & Cybersecurity, Business Development, Administration, IMC and HR departments.
Political influence and lobbying activities
[ESRS G1-5]
In 2025 the Company was entered in the EU Transparency Register (REG: 508733799558-10). This entry was
accompanied by a meeting with European Commission representatives focusing on legislative and regulatory
initiatives which may have an influence on the European video game industry – including digital services (Digi-
tal Services Act, Digital Fairness Act), regulations concerning online safety (Online Safety Act) and AI-related
regulations (AI Act).
The Company takes an active part in legislative initiatives, and becomes involved in shaping the regulatory
landscape – among others, through its participation in the “SprawdzaMy” initiative which performs analyses
and issues position papers in the context of proposed legislative changes concerning entrepreneurs – going
beyond the video game industry.
The Company is also a member of the Polish Games Association, which takes part in public consultations
concerning regulations with potential impact on the video game industry. Since 2025 the Association is also
a member of the National Chamber of Commerce for Electronics and Telecommunications, which advocates
for the industry’s interests in its dealings with public administration bodies.
For its part, CD PROJEKT RED Inc. has been entered in the American registry of lobbyists in the state of Massa-
chusetts, and has contracted providers of professional lobbying consulting services in the context of activities
aimed at fostering support for the video game industry in Massachusetts.
In 2025 the Group made no financial or material contributions to any political entity. Our pledge to maintain
political neutrality and refrain from supporting any political party is enshrined in Rules of the Game. Business
and Ethics Standards at the CD PROJEKT Group.
No member of any of the Company’s governing bodies held a comparable position in any public administration
body, including regulatory bodies, during the two-year period preceding their appointment.
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Payment practices
[ESRS G1-6]
In the framework of managing our liabilities at the CD PROJEKT Group we diligently monitor the flow of invoices
and take care to discharge our financial liabilities within their respective contractual deadlines. While 30 days
is the recommended payment timeframe, the actual deadlines depend on our business needs and are, in each
instance, specified in agreements concluded with our contractors.
Out of the payments made in 2025, 95% in CD PROJEKT S.A. (compared to 96% in 2024) and 96% in GOG Sp.
z o.o. (compared to 92% in 2024) were settled on time.
CD PROJEKT Group member companies currently do not face any legal proceedings resulting from payment
arrears.
ATTACHMENTS
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
147 CD PROJEKT GROUP
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Attachment 1. Disclosure requirements in ESRS covered
by the undertaking’s sustainability statement
[ESRS 2 IRO-2]
Table 47 Compliance with ESRS standard
Disclosure
requirement Full name of the disclosure requirement Page
ESRS General disclosures
BP- General basis for preparation of sustainability statements
BP- Disclosures in relation to specific circumstances
GOV- The role of the administrative, management and supervisory bodies
, ,
,
GOV-
Information provided to and sustainability matters addressed by the undertaking’s
administrative, management and supervisory bodies
,
GOV- Integration of sustainability-related performance in incentive schemes ,
GOV- Statement on due diligence
GOV- Risk management and internal controls over sustainability reporting
SBM- Strategy, business model and value chain , ,
SBM- Interests and views of stakeholders
SBM-
Material impacts, risks and opportunities and their interaction with strategy and
business model
,
IRO-
Description of the processes to identify and assess material impacts, risks and
opportunities
IRO-
Disclosure requirements in ESRS covered by the undertaking’s sustainability statement
ESRS E Climate change
GOV- Integration of sustainability-related performance in incentive schemes
E- Transition plan for climate change mitigation
IRO-
Description of the processes to identify and assess material climate-related impacts,
risks and opportunities
E- Policies related to climate change mitigation and adaptation
E- Actions and resources in relation to climate change policies
E- Targets related to climate change mitigation and adaptation
E- Energy consumption and mix
E- Gross Scopes , , and total GHG emissions
E- GHG removals and GHG mitigation projects financed through carbon credits
E- Internal carbon pricing
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between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
148 CD PROJEKT GROUP
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Disclosure
requirement Full name of the disclosure requirement Page
ESRS S Own workforce
SBM- Interests and views of stakeholders
SBM-
Material impacts, risks and opportunities and their interaction with strategy and
business model
S- Policies related to own workforce
S-
Processes for engaging with own workers and workers’ representatives about impacts
S-
Processes to remediate negative impacts and channels for own workers to raise
concerns
S-
Taking action on material impacts on own workforce, and approaches to mitigating
material risks and pursuing material opportunities related to own workforce, and
eectiveness of those actions
S-
Targets related to managing material negative impacts, advancing positive impacts,
and managing material risks and opportunities
S- Characteristics of the undertaking’s employees
S- Characteristics of non-employee workers in the undertaking’s own workforce
S- Collective bargaining coverage and social dialogue
S- Diversity metrics
S- Adequate wages
S- Social protection
S- Persons with disabilities
S- Training and skills development metrics
S- Health and safety metrics
S- Work-life balance metrics
S- Compensation metrics (pay gap and total compensation)
S- Incidents, complaints and severe human rights impacts
ESRS S Consumers and end-users
SBM- Interests and views of stakeholders
SBM-
Material impacts, risks and opportunities and their interaction with strategy and
business mode
S- Policies related to consumers and end-users
S- Processes for engaging with consumers and end-users about impacts
S-
Processes to remediate negative impacts and channels for consumers and end-
users to raise concerns
S-
Taking action on material impacts on consumers and end-users, and approaches to
managing material risks and pursuing material opportunities related to consumers
and end-users, and eectiveness of those actions
S-
Targets related to managing material negative impacts, advancing positive impacts,
and managing material risks and opportunities
Management Board report on the activities of the CD PROJEKT Group and CD PROJEKT S.A.
between 1 January and 31 December 2025 (all figures quoted in PLN thousands unless indicated otherwise)
149 CD PROJEKT GROUP
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Disclosure
requirement Full name of the disclosure requirement Page
ESRS G Business conduct
IRO-
Description of the processes to identify and assess material impacts, risks and
opportunities
G- Corporate culture and business conduct policies and corporate culture
G- Management of relationships with suppliers
G- Prevention and detection of corruption and bribery
G- Confirmed incidents of corruption or bribery
G- Political influence and lobbying activities
G- Payment practices
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Table 48 List of datapoints in cross-cutting and topical standards that derive from other EU legislation
Disclosure Requirement and related datapoint Page
ESRS GOV- Board’s gender diversity paragraph (d)
ESRS GOV- Percentage of board members who are independent paragraph (e)
ESRS GOV- Statement on due diligence paragraph
ESRS SBM- Involvement in activities related to fossil fuel activities paragraph (d) I N/A
ESRS SBM- Involvement in activities related to chemical production paragraph (d) II N/A
ESRS SBM- Involvement in activities related to controversial weapons paragraph (d) III N/A
ESRS SBM- Involvement in activities related to cultivation and production of tobacco
paragraph (d) IV
N/A
ESRS E- Transition plan to reach climate neutrality by paragraph
ESRS E- Undertakings excluded from Paris-aligned Benchmarks paragraph (g)
ESRS E- GHG emission reduction targets paragraph
ESRS E- Energy consumption from fossil sources disaggregated by sources (only high
climate impact sectors) paragraph
N/A
ESRS E- Energy consumption and mix paragraph
ESRS E- Energy intensity associated with activities in high climate impact sectors paragraphs
to
N/A
ESRS E- Gross Scope , , and Total GHG emissions paragraph
ESRS E- Gross GHG emissions intensity paragraphs to
ESRS E- GHG removals and carbon credits paragraph
ESRS E- Exposure of the benchmark portfolio to climate-related physical risks paragraph
Omitted based on ESRS
Appendix C
ESRS E- Disaggregation of monetary amounts by acute and chronic physical risk paragraph
(a)
Omitted based on ESRS
Appendix C
ESRS E- Location of significant assets at material physical risk paragraph (c)
Omitted based on ESRS
Appendix C
ESRS E- Breakdown of the carrying value of its real estate assets by energy-eciency
classes paragraph (c)
Omitted based on ESRS
Appendix C
ESRS E- Degree of exposure of the portfolio to climate- related opportunities paragraph
Omitted based on ESRS
Appendix C
ESRS E- Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European
Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph
Not material
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Disclosure Requirement and related datapoint Page
ESRS E- Water and marine resources paragraph Not material
ESRS E- Dedicated policy paragraph Not material
ESRS E- Sustainable oceans and seas paragraph Not material
ESRS E- Total water recycled and reused paragraph (c) Not material
ESRS E- Total water consumption in m per net revenue on own operations paragraph Not material
ESRS - IRO - E paragraph (a) listing of activities that negatively aect biodiversity of
the relevant areas
Not material
ESRS - IRO - E paragraph (b) identified significant negative impacts in terms of land
degradation, desertification or soil sealing
Not material
ESRS - IRO - E paragraph (c) impact of operations on endangered species Not material
ESRS E- Sustainable land/agricultural practices or policies (b) Not material
ESRS E- Sustainable oceans / seas practices or policies paragraph (c) Not material
ESRS E- Policies to address deforestation paragraph (d) Not material
ESRS E- Non-recycled waste paragraph (d) Not material
ESRS E- Hazardous waste and radioactive waste paragraph Not material
ESRS - SBM - S Risk of incidents of forced labour paragraph (f)
ESRS - SBM - S Risk of incidents of child labour paragraph (g)
ESRS S- Human rights policy commitments paragraph
ESRS S- Due diligence policies on issues addressed by the fundamental International
Labor Organisation Conventions to , paragraph
ESRS S- processes and measures for preventing tracking in human beings paragraph
ESRS S- workplace accident prevention policy or management system paragraph
ESRS S- grievance/complaints handling mechanisms paragraph (c)
ESRS S- Number of fatalities and number and rate of workrelated accidents paragraph
(b) and (c)
ESRS S- Number of days lost to injuries, accidents, fatalities or illness paragraph (e)
ESRS S- Unadjusted gender pay gap paragraph (a)
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Disclosure Requirement and related datapoint Page
ESRS S- Excessive CEO pay ratio paragraph (b)
ESRS S- Incidents of discrimination paragraph (a)
ESRS S- Non-respect of UNGPs on Business and Human Rights and OECD paragraph
(a)
ESRS - SBM – S Significant risk of child labour or forced labour in the value chain
paragraph (b)
Not material
ESRS S- Human rights policy commitments paragraph Not material
ESRS S- Policies related to value chain workers paragraph Not material
ESRS S-Non-respect of UNGPs on Business and Human Rights principles and OECD
guidelines paragraph
Not material
ESRS S- Due diligence policies on issues addressed by the fundamental International
Labor Organisation Conventions to , paragraph
Not material
ESRS S- Human rights issues and incidents connected to its upstream and downstream
value chain paragraph
Not material
ESRS S- Human rights policy commitments paragraph Not material
ESRS S- non-respect of UNGPs on Business and Human Rights, ILO principles or and
OECD guidelines paragraph
Not material
ESRS S- Human rights issues and incidents paragraph Not material
ESRS S- Policies related to consumers and end-users paragraph
ESRS S- Non-respect of UNGPs on Business and Human Rights and OECD guidelines
paragraph
ESRS S- Human rights issues and incidents paragraph
ESRS G- United Nations Convention against Corruption paragraph (b)
ESRS G- Protection of whistleblowers paragraph (d)
ESRS G- Fines for violation of anticorruption and anti-bribery laws paragraph (a)
ESRS G- Standards of anti- corruption and anti- bribery paragraph (b)
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Michał Nowakowski
Joint Chief Executive Ocer,
Member of the Board
Piotr Nielubowicz
Chief Financial Ocer,
Member of the Board
Adam Badowski
Joint Chief Executive Ocer,
Member of the Board
Piotr Karwowski
Joint Chief Operating Ocer,
Member of the Board
Paweł Zawodny
Joint Chief Operating Ocer,
Member of the Board
Jeremiah Cohn
Chief Marketing Ocer,
Member of the Board
Karolina Radziszewska
Chief People Ocer,
Member of the Board
CONTACT FOR INVESTORS: IR@CDPROJEKT.COM
WWW.CDPROJEKT.COM
