The period of anticipation for important news has begun. At least as far as CD Projekt is concerned.
Will CD Projekt announce something new?
We know that Redzi are working on "The Witcher 4", which will start a new cycle of games from the world of Geralt of Rivia, and the second part of "Cyberpunk 2077".
However, investors (and game fans) are also waiting for new DLC for "Wild Hunt".
We wrote more about this in the article: CD Projekt shares before the breakthrough? GPW waits for DLC for Witcher 3. Expert points to potential dates.
Hope in the hearts of CD Projekt shareholders was poured in by Michał Nowakowski, who in a letter to shareholders, added to the 2025 report, conveyed that the company in the "ongoing year" will "continue strengthening development teams and accelerate work on key projects".
"Meanwhile, for fans of our franchises we want to offer new content that will allow them to interact with the universes they love," he added, which the market was entitled to interpret as confirmation that a new add‑on for "Witcher 3" will indeed be produced.
That statement did not end there. CFO Piotr Nielubowicz, who was asked about the incentive program for 2023‑2026, assuming 2 billion PLN of cumulative net profit, added that "thanks to good sales results of older titles from the back catalog this year and new content" the company can achieve this goal.
However, he did not specify what "new content" he meant. Thus he left a large field for further speculation.
It is worth noting that analysts’ patience is also running out. In the latest monthly report DM BOŚ removed the company from the list of potential investment hits. Besides it, "flying" Bank Millennium, Digital Network, Decory and Artifex Mundi.
"Our portfolio composition in the coming month is subject to noticeable changes. In particular, we add Asseco Poland, Neuca and Azoty to the long positions list, while we remove Millennium, Digital Network, Decora, Artifex Mundi and CD Projekt from the list. For short positions we add 11 bit studios and do not remove any company," we read in the DM BOŚ monthly report dated 23 April 2026.
"We lower the short‑term relative recommendation for CD Projekt to 'neutral' (previously 'overweight'), because we believe the company’s share price has already incorporated the expected positive information in May," the message read.
Analysts may have been discouraged by the company’s recent announcement from Fool's Theory, which collaborates with CD Projekt and allegedly worked on the famous DLC.
The studio was looking for a person responsible for creating vegetation in the game. It doesn’t sound particularly scary, but many were concerned about the required experience with Unreal Engine 5.
This is the engine that will underpin "Witcher 4", while the foundation of the "trio" was a different technology. And that is exactly what investors saw as proof that the mythical add‑on for "Wild Hunt" will indeed not be produced.
It is worth adding that this is a large over‑interpretation. After all, Fool's Theory can work on both DLC and help with work on the "fourth".
It is worth adding that on 18 May we have another anniversary of the release of "Wild Hunt". It is possible that on that day CD Projekt will announce something: perhaps the release date of a new DLC that will bring us into the realities of "Witcher 4".
According to rumors, the story add‑on is supposed to be a bridge between the two parts.
Also read: CD Projekt shares will shake up the gaming market? Expert: "Sector leaders can often drag smaller entities behind"
See also: CD Projekt shares before the breakthrough? GPW waits for DLC for Witcher 3. Expert points to potential dates.
CD Projekt shares have a problem in a key area
The CD Projekt share price at the end of the Wednesday session was at 267,1 PLN, which means an increase of 1.87%.
Over the month the price rose by 11%. Bulls, however, have a problem breaking through around 300 PLN.
Chart. CD Projekt share price
Source: TradingView.
Also read: CD Projekt shares will accelerate the boom? Investors wait for DLC for Witcher 3. We know possible dates!
See also: CD Projekt shares surprise! "The company stands before the best quarter of the year"
Source: StockWatch.
