Grant Thornton Polska P.S.A.
ul. Abpa Antoniego Baraniaka 88 E
61-131 Poznań
Polska
T +48 61 62 51 100
F +48 61 62 51 101
www.GrantThornton.pl
udit – Tax – Accounting – Advisory
Member of Grant Thornton International Ltd
Grant Thornton Polska Prosta spółka akcyjna. Audit Firm No. 4055.
Management Board: Jan Letkiewicz – President of the Board, Jolanta Jackowiak – Vice-President of the Board, Dariusz Bednarski – Vice-President of the Board, Edward Nieboj –
Vice-President of the Board, Tomasz Wróblewski – Vice-President of the Board. Registered office address: ul. Abpa Antoniego Baraniaka 88 E, 61-131 Poznań, Poland.
Tax identification number NIP: 782-25-45-999. REGON: 302021882. Bank account: 31 1090 1476 0000 0001 3554 7340. District Court Poznań – Nowe Miasto i Wilda in Poznań, 8th
Commercial Division of the National Court Register, KRS No. 0001002477
Independent
Auditor’s Report on
Annual Financial Statements
For the Shareholders of CD PROJEKT Spółka akcyjna
Report on the Annual Financial Statements
Opinion
We have audited the annual financial statements of CD PROJEKT Spółka akcyjna (the Company) with its
registered office in Warsaw, 74 Jagiellońska street, which comprise the statement of financial position as of
December 31, 2025, the statement of profit or loss, the statement of comprehensive income, statement of
changes in equity, statement of cash flows for the financial year then ended, and additional information to the
financial statements containing information on significant accounting principles and other explanatory notes.
In our opinion the accompanying annual financial statements:
• give a true and fair view of the financial position of the Company as of December 31, 2025 and of its
financial performance and of its cash flows for the financial year then ended in accordance with the
International Accounting Standards, International Financial Reporting Standards and related
interpretations published in the form of European Commission regulations and adopted accounting
principles (policy),
• were prepared on the basis of properly maintained books of account,
• comply with the laws affecting the content and form of the annual financial statements and the
provisions of the Company’s articles of association.
The audit opinion is consistent with the additional report to the Audit Committee submitted on the same day as
this audit report.
Basis for Opinion
We conducted our audit in accordance with:
• the Act of May 11, 2017 on statutory auditors, audit firms, and public supervision (the Act on Statutory
Auditors),
• National Standards on Auditing in the wording of International Standards on Auditing adopted by
resolutions of the National Council of Statutory Auditors and the Council of Polish Agency for Audit
Oversight (NSA) and
• Regulation (EU) No. 537/2014 of the European Parliament and of the Council of April,16 2014 on
specific requirements regarding statutory audit of public-interest entities and repealing Commission
Decision 2005/909/EC (the Regulation 537/2014).
© Grant Thornton. All rights reserved
2
Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of
the Annual Financial Statements section of our report.
We are independent of the Company in accordance with the International Ethics Standards Board for
Accountants’ Handbook of the International Code of Ethics for Professional Accountants (including International
Independence Standards) (IESBA Code) adopted by the National Council of Statutory Auditors’ resolution
together with the ethical requirements that are relevant to our audit of the financial statements in Poland. In
particular, in conducting the audit the Key Audit Partner and the Audit Firm remained independent of the
Company in accordance with the provisions of the Act on Statutory Auditors and the Regulation 537/2014. We
have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in the audit of
the annual financial statements of the current period. They include the most significant assessed risks of
material misstatement, including assessed risk of material misstatement due to fraud. These matters were
addressed in the context of the audit of the annual financial statements as a whole, and in forming the auditor’s
opinion thereon. Below, we provided a summary of our response to those risks and where relevant, key
observations arising with those risks. We do not provide a separate opinion on these matters.
REVENUE
Description
The Company generates revenue primarily from game sales through global distribution platforms and from the
sale of physical versions of games and additional content. Recognizing revenue from sales generated by
licensing game distribution is a key area of the Company's financial reporting.
The revenue recognition process is complex due to the nature of the gaming industry, particularly sales through
distribution platforms. Due to the value of this revenue item and its significance to the annual financial
statements, as well as the complexity of the recognition process and the use of information from a third party in
the revenue recognition process, we have identified this matter as a key audit matter.
Disclosures regarding sales revenue are presented in Note 2 to the annual financial statements.
Auditor’s response
Audit procedures performed in this area included, among others:
• review of accounting policy in the part concerning revenue recognition and related estimates and
judgments,
• understanding and assessing the Company's internal controls regarding revenue recognition,
• detailed substantive tests, including test of details of revenues verification with license reports,
• verification of selected transactions at the turn of reporting periods,
• analytical procedures consisting in particular of analysis of sales and margins and their trends by
month and year,
• analysis of disclosures concerning sales revenues in the financial statements.
© Grant Thornton. All rights reserved
3
EXPENSES FOR DEVELOPMENT COSTS
Description
The Company operates in the gaming industry, in which it incurs significant expenditures on the production of
new game titles and the development of existing projects. In accordance with its adopted accounting policy, it
presents development expenditures, both in progress and completed, as an asset.
After completing a project and releasing a game to the market, capitalized expenditures are subject to
amortization. Determining the economic useful life of games and the amortization method requires the
Management Board to make significant judgments and estimates, particularly regarding the projected period of
revenue generation for individual game titles, sales dynamics over time, the product lifecycle, and the potential
impact of updates, game add-ons, and continued product support on its economic useful life.
Determining the scope of development expenditures that qualify for capitalization as assets, determining the
expected useful life and amortization of capitalized expenditures, and assessing them in the context of
impairment, all involve significant accounting judgments and estimates. Due to these facts, we have identified
the issue of development expenditures as a key audit matter.
Disclosures about development activities are presented in the annual financial statements in notes 10 and 11 to
these financial statements.
Auditor’s response
Audit procedures performed in this area included, among others:
• Understanding and assessing the Company's accounting policy for development work in accordance
with the requirements of IAS 38,
• Understanding internal controls in the area of recording development expenditures and the proper
operation of the IT system,
• substantive tests, including verification of the correctness of the allocation of expenditures for
development works on a selected sample,
• assessment of the premises and tests conducted for impairment of development work in progress and
completed,
• assessment of the correctness of the adopted rates and the method of depreciation of the
development work,
• analysis of disclosures related to development works in the financial statement.
Responsibilities of Management Board and Supervisory Board for the Annual Financial Statements
The Management Board of the Company is responsible for the preparation, on the basis of properly maintained
books of account, of these annual financial statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with the International Accounting
Standards, International Financial Reporting Standards and related interpretations published in the form of
European Commission regulations, adopted accounting principles (policy), legal regulations, and the
Company’s articles of association. The Management Board of the Company is also responsible for such internal
control as the Management Board determines is necessary to enable the preparation of annual financial
statements that are free from material misstatements, whether due to fraud or error.
In preparing the annual financial statements, the Management Board is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the Management Board either intends to liquidate the
Company or to cease the operations, or has no realistic alternative but to do so.
© Grant Thornton. All rights reserved
4
In accordance with the Accounting Act of September 29, 1994 (the Accounting Act), the Management Board
and the Supervisory Board of the Company are obliged to assure compliance of the annual financial statements
with the requirements of the Accounting Act. The Supervisory Board is responsible for overseeing the
Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Annual Financial Statements
Our objectives are to obtain reasonable assurance about whether the annual financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with NSAs will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these annual financial statements.
The scope of the audit does not include assurance on the future viability of the Company or on the efficiency or
effectiveness with which the Management Board has conducted or will conduct the affairs of the Company.
As part of an audit in accordance with NSAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the annual financial statements, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Management Board.
• Conclude on the appropriateness of the Management Board’s use of the going concern basis of
accounting and based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the annual financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause the Company to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the annual financial statements, including
the disclosures, and whether the annual financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
We communicate with the Supervisory Board regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
We also provide the Supervisory Board with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From matters communicated with the Supervisory Board, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that the matter should not be communicated in
© Grant Thornton. All rights reserved
5
our report because the adverse consequences of doing so would reasonably be expected to outweigh the
public interest benefits of such communication.
Other Information including the Report on the Company’s operations
The other information comprises the Report on the Company and Group’s operations for the financial year
ended December 31, 2025, the Corporate Governance Statement and the Sustainability Reporting which are
separate parts of the Report on the Company and Group’s operations and the Annual Report for the year ended
December 31, 2025 (but does not include the financial statements and our auditor’s report thereon).
Responsibilities of the Management Board and the Supervisory Board
The Management Board of the Company is responsible for the preparation of the other information in
accordance with the Accounting Act and other legal regulations. The Management Board and the Supervisory
Board of the Company are obliged to assure compliance of the Report on the Company’s operations with the
requirements of the Accounting Act.
Responsibilities of the Auditor
Our opinion on the annual financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon that results from NSAs. In connection with our audit of the annual
financial statements, our responsibility is to read the other information and, in doing so, consider whether it is
materially inconsistent with the annual financial statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated. If, based on the work we have performed, we conclude that there is a
material misstatement of the other information, we are required to report that fact.
We have nothing to report regarding the Other Information.
Additionally, according to the Act on Statutory Auditors, our responsibility is to express an opinion on whether
the Report on the Company’s operations, insofar as it does not concern the Sustainability Reporting, has been
prepared in accordance with legal regulations and whether information included therein is consistent with the
accompanying annual financial statements. Moreover, we are obliged to express an opinion on whether the
Company included the required information in the Corporate Governance Statement.
Opinion on the Report on the Company’s operations
In our opinion, the Report on the Company’s operations, insofar as it does not concern the Sustainability
Reporting, has been prepared in accordance with the applicable legal regulations, i.e. Article 49 of the
Accounting Act and Paragraph 72 of the Regulation of the Minister of Finance of June 6, 2025 on current and
periodic information disclosed by issuers of securities and the conditions for recognition as equivalent of the
information required by law of a non-member state (the Regulation on current and periodic information), and
information included therein is consistent with the accompanying annual financial statements. Moreover, taking
into account our knowledge of the Company and its environment obtained during the audit of the annual
financial statements, we state that we have not identified any material misstatements in the Report on the
Company’s operations, insofar as it does not concern the Sustainability Reporting.
Information on the Sustainability Reporting and the assurance thereof
The Sustainability Reporting of the Company and Group, presented as a separate part of the Report on the
Company and Group’s operations and disclosed in chapter Sustainability Reporting of this report, is subject to a
separate assurance engagement conducted by our audit firm and by the same key audit partner who conducted
the audit of the financial statements.
© Grant Thornton. All rights reserved
6
Opinion on the Corporate Governance Statement
In our opinion, the Corporate Governance Statement includes the information required by Paragraph 72 clause
7 point 5 of the Regulation on current and periodic information. The information specified in Paragraph 72
clause 7 point 5 letters c-f, h and i of the Regulation on current and periodic information included in the
Corporate Governance Statement complies with applicable regulations and is consistent with the information
included in the annual financial statements.
Report on Other Legal and Regulatory Requirements
Information resulting from the article. 19 Act on certain forms of supporting innovative activities
In note 2 to the annual financial statements, the Company included information of net revenues from sales of
research and development services produced by the Company classified as services in the field of scientific
research and development, within the meaning of the polish regulations for classification of goods, services and
industrial property rights, granted to the entrepreneur by the office competent for industrial property, in amount
365 451 TPLN for period January 1 to December 31 2024, and in amount 372 518 TPLN for period January 1 to
December 31, 2025 in accordance with the requirements of Art. 19 of the Act of 30 May 2008 on certain forms
of supporting innovative activities. We do not issue a separate opinion on this note.
Statement on non-audit services
To the best of our knowledge and belief we confirm that we have not provided non-audit services prohibited in
accordance with the provisions of Article 136 of the Act on Statutory Auditors and Article 5 clause 1 of the
Regulation 537/2014.
Appointment of the Audit Firm
We were appointed to audit the annual financial statements of the Company for the years 2024 and 2025 by the
Supervisory Board’s resolution of July 4, 2024. We have been auditors of the Company since the financial year
ended December 31, 2018, i.e. for 8 consecutive financial years. We were appointed for two-year periods: 2018
and 2019; 2020 and 2021, 2022 and 2023 and 2024 and 2025.
Paweł Zaczyński
Statutory Auditor No. 13290
Key Audit Partner performing the audit on behalf of
Grant Thornton Polska Prosta spółka akcyjna,
Poznań, ul. Abpa Antoniego Baraniaka 88 E, Audit Firm No. 4055
Warsaw, March 18, 2026.
THIS IS TRANSLATION ONLY. The Polish language version of the report is the only valid and legally binding
version. This translation into English is provided to facilitate understanding of the report.
