CD Projekt’s financial results may not satisfy investors
CD Projekt, a Polish computer game producer and distributor, will publish its financial results in a few hours, showing the company’s condition in the first quarter of the current year.
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The event takes place the day after the long‑awaited announcement of "Song of Past", the third story expansion for "The Witcher 3: Wild Hunt".
The information, officially confirmed by the company, appeared after an unintended leak in RED Launcher and did not satisfy demanding investors.
The expansion’s release is planned only for 2027, while more information about "Song of Past" will be revealed in the summer of 2026.
Comments on the upcoming company report were given by Grzegorz Gawkowski, a stock analyst at Millennium Bank’s Brokerage Office, in an interview with FXMAG.
"After the 1Q’26 results, I would expect primarily the maintenance of strong sales of Cyberpunk 2077 and the Freedom’s Shadow add‑on. However, I do not expect the report itself to be a significant event for the market from a trading perspective. The management’s comments on the progress of projects and new information related to the Witcher universe are far more important," he said.
Indeed, the company officially confirmed work on the third expansion for The Witcher 3 – Song of Past. The announcement itself is not a surprise, as speculation around the project has been growing for months, but the market clearly expected an official stance from the company.
From an investor’s perspective, the release date of the expansion is crucial, and it has been scheduled only for 2027, while the market discounted the debut already in 2026, among other things, in the context of the incentive program for 2023‑2026.
"In my opinion, a later release date for the DLC is a mild disappointment, because the 2026 debut scenario had been heavily discounted for some time and may already have been factored into the company’s valuation. On the other hand, the decision to return to The Witcher 3 seems logical from a business and marketing standpoint", the expert added.
The expansion could serve as a bridge before the release of The Witcher 4 and reignite player interest in the series. At the same time, the information about the 2027 DLC release reinforces my belief that The Witcher 4 will not debut before 2028.
It is hard to expect, that CD Projekt will decide to release a new expansion for The Witcher 3 and The Witcher 4 in the same year—he explained.
Nevertheless, the upcoming CDR results will certainly help assess the company’s market situation, which has been setting the mood on the Warsaw exchange for a long time.
From the perspective of the report itself, I would expect results similar to last year’s, with high profitability maintained and still good sales of the main titles. On the cost side, a slight improvement q/q is possible due to the lack of major marketing events in 1Q’26.
After announcing the new expansion for The Witcher 3, market attention will focus mainly on further project details, the schedule of future releases, and comments regarding The Witcher 4—said Grzegorz Gawkowski.
At 5:00 p.m. CD Projekt will also host a commemorative stream dedicated to the expansion Witcher 3: Blood and Wine.
Read also: CD Projekt shares before the breakthrough? The Warsaw Stock Exchange awaits The Witcher 3 DLC. The expert points to potential dates
See also: CD Projekt shares before a new ATH? The expert says when to expect The Witcher 3 DLC and the release of The Witcher 4. "I remain cautious"
CD Projekt shares at a 7% discount
The price of CD Projekt shares at Wednesday’s close fell by 7,54% to 233 PLN.
Over the month, CDR’s trading fell by over 18%.
On Thursday, shortly after the session opened, the price fell 0.94% to 230,8 PLN.
Chart. CD Projekt share price
Source: TradingView.
Read also: CD Projekt shares will again spark the market? New game is coming! The expert says when to expect The Witcher 3 DLC
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