CD Projekt S.A.

Sales revenue for the first half of 2026 reached over PLN 435 million, up 23% year over year. Gross profit on sales was nearly PLN 406 million, up 28% year over year, and net profit reached nearly PLN 0.2 billion, up 37% year over year. Operating costs rose 6% to over PLN 160 million. IP licensing revenue was almost PLN 95 million. Net profit from continuing operations was PLN 249 million, supported by PLN 47 million in amortization, depreciation and non-cash SBC costs. Development investment in H1 was nearly PLN 385 million, and liquid reserves were nearly PLN 1.29 billion at end-June. Management did not give formal future revenue guidance, but said Witcher 3 Remastered, Edgerunners 2, back-catalog strength, and partnerships are expected to help achieve the first tranche of the incentive program; they said they are not guiding on the uplift from Remastered or on future licensing revenue.

Michal Nowakowski framed the half as evidence that both core franchises are stronger than ever and that CD Projekt is moving into a new growth phase. He emphasized Cyberpunk as an evergreen franchise, citing sales momentum, platform expansion, licensing partnerships, and the upcoming Edgerunners season as ways to keep audiences engaged between game releases. On the Witcher side, he focused on a coordinated pipeline of releases, saying the next few years are intended to build from Remastered to Songs of the Past and then Witcher 4, while stressing that player interest in the universe remains strong.

Piotr Nielubowicz said H1 revenue growth was supported not just by core product sales but by a new IP licensing line that booked almost PLN 95 million, including some Netflix-related merchandising royalties. He noted gross profit improved faster than revenue because cost of sales was slightly lower, while operating costs rose 6% mainly on administrative expenses. On the balance sheet, he highlighted nearly PLN 1.29 billion in liquid reserves, equity up 8% to PLN 3.5 billion, liabilities stable at PLN 227 million, and development-related spending of nearly PLN 385 million in H1. He also said the company had completed 86% of the first incentive-program target and that the second stage is likely to miss, leading to a PLN 11 million reversal of noncash costs.

Analysts focused on development spend, asking whether quarterly project investment would keep rising, and management said the increase is being driven by ongoing team growth and more advanced production phases rather than one specific release. Questions also centered on Witcher 3 Remastered economics and licensing revenue; management said they are not guiding on the uplift from Remastered or future licensing, but expect it to help reach this year’s incentive target. On pipeline status, management said Witcher 4 is in full production on all target platforms, Songs of the Past is in development with 220 people working on it, Sirius remains in preproduction with a smaller and still-experimental multiplayer-focused team, and Hadar is still in concept/prototyping with over 30 people.