Will the CDR Universe Heat Up the Warsaw Dance Floor? The Expert Answers
CD Projekt, a Polish video game developer and distributor, has long remained at the center of investors’ and gamers’ attention, making it the subject of speculation about future projects and strategic decisions.
Read also: CD Projekt shares are deeply undervalued. Expert: "The Witcher 4 will not debut before 2028"
In an interview with FXMAG, Grzegorz Gawkowski, a stock analyst at Millennium Bank’s Brokerage Office, explained what can realistically be expected from CDR in the third quarter of the current year.
"In my view, investors will focus in the coming months not only on financial results, but primarily on information about the progress of key projects," he said.
After announcing the release of the third expansion to The Witcher 3 (Songs of the Past) in 2027, the market began to approach the possibility of implementing the incentive program for 2023–2026 more cautiously.
In the coming quarters, the current product portfolio will need to generate an additional about 420 million PLN net profit for the company to achieve its target.
"Although management maintains faith in achieving these assumptions, the share price currently discounts the risk of failing to meet them, and smaller projects announced for 2026 may prove insufficient to fill this gap", the expert added.
Therefore, in my opinion, the most important event of the third quarter is Gamescom in August, the first opportunity to showcase materials from the Songs of the Past expansion. The company emphasized that a guided demo (playthrough led and discussed by the developer) should be expected.
I believe, that the reception of these materials could be a very significant factor influencing the company’s share price in the third quarter.
Grzegorz Gawkowski stressed that a "successful showcase can give a strong boost to breaking the recent weakness in the share price."
"Just as it happened after the presentation of the Witcher 4 tech demo, when the price clearly moved up and the market’s attention shifted to the title’s high sales potential in 2027," he added.
Nevertheless, in addition to the long‑awaited DLC for The Witcher 3, the key element of CD Projekt’s universe remains the Cyberpunk brand, the main driver of CDR’s financial results.
Exceeding the level of 40 million copies sold confirms that the company belongs to a very small group of studios that can maintain high sales of their games for many years after launch.
The recent peak in player numbers shows that the title responded well both to the introduced promotion and to its presence in pop culture, which is the result of a record sale (-70% on Steam), the announcement of the second season of the anime "Cyberpunk: Edgerunners", and a collaboration with the game "Wuthering Waves".
"I believe, that these actions will clearly support the game’s sales in the second half of the year. And while I agree with the view that the sales effect of the second season of the anime will probably be smaller than that of the first part, consistent expansion of the Cyberpunk brand will soon be one of the main factors supporting the company’s share price", the expert summarized.
Read also: CD Projekt shares before the new ATH? Expert says when to expect The Witcher 3 DLC and The Witcher 4 release. "I remain cautious"
See also: CD Projekt shares before the breakthrough? GPW waits for The Witcher 3 DLC. Expert points to potential dates.
CD Projekt Shares on Friday, July 10
The share price of CD Projekt on Friday, July 10 is at 233,6 PLN.
Since the beginning of the year, the price has fallen by more than 5%.
Chart. CD Projekt share price
Source: TradingView.
Read also: CD Projekt shares fell, but not for long. The company announced The Witcher 3 DLC
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