CD Projekt S.A.

For the first half of 2026, sales revenue reached over PLN 435 million, up 23% year over year. Gross profit on sales was nearly PLN 406 million, up 28%, operating costs were over PLN 160 million, up 6%, and net profit reached nearly PLN 0.2 billion, up 37%. The CFO said net profit was PLN 249 million, cash flow from ongoing business was an estimated positive PLN 229 million, development spending was nearly PLN 385 million in H1, and liquid reserves stood at nearly PLN 1.29 billion at the end of June. Management did not provide formal revenue guidance; instead, it said the company is not guiding on the exact uplift from Witcher 3 Remastered or future licensing revenues. For the incentive program, management said the first tranche target of PLN 2 billion cumulative net profit over 2023-2026 is 86% complete, with about PLN 273 million still needed over the remaining two quarters, and said the second tranche target of PLN 3 billion for 2024-2027 will most likely not be met.

The CEO framed the half as evidence that both core franchises are “stronger than ever” and entering the next growth chapter. He emphasized evergreen demand for Cyberpunk, the expanding ecosystem around licensing and partnerships, and a three-release plan in the Witcher universe that he said will build momentum from Remastered to Songs of the Past to Witcher 4. His tone was upbeat and confident, but he repeatedly avoided quantifying revenue impact or specific attach-rate expectations.

The CFO focused on the improving income statement and balance sheet. He highlighted over PLN 435 million of H1 sales revenue, nearly PLN 406 million of gross profit, nearly PLN 0.2 billion of net profit, and a 57% net profitability level, while noting that operating costs rose 6% to over PLN 160 million mainly due to administrative expenses. On cash and capital allocation, he said the company ended June with nearly PLN 1.29 billion in liquid reserves, invested nearly PLN 385 million in development work in the first half, spent PLN 59 million on tangible and intangible assets, and generated an estimated positive PLN 229 million of cash from ongoing business; he also noted PLN 87 million from the GOG share sale and a PLN 11 million reversal tied to the incentive program.

Analysts focused on development spend, the commercial upside from Witcher 3 Remastered, Phantom Liberty attach rates, AI efficiency, and project status. Management said development expenditure is being ramped quarter by quarter as teams grow and projects move into more advanced phases, but it would not guide on the peak level; for Remastered, they said it should bring back existing players and attract new ones, including on Switch 2, but they would not quantify the revenue uplift. On AI, management said CD Projekt is still predominantly people-driven and views AI as a tool rather than something that can make complete games, especially for complex titles. They also said Witcher 4 is in full production, two unannounced projects remain in development, Sirius is still in preproduction, and Hadar is in concept with over 30 people and a target of up to 50 by year-end.