CD PROJEKT (+) : Q1 26 likely quiet, all eyes on new content reveal

Research evidence excerpt

CD PROJEKT (+) : Q1 26 likely quiet, all eyes on new content reveal

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INTERNET & MEDIA

CD PROJEKT OUTPERFORMPRICE* PLN255.5  TARGET PRICE PLN310 (UPSIDE 21%) TARGETunchangedPRICE EPS-38%26e nonEPSmaterial27e

Q1 26 likely quiet, all eyes on new content reveal

CD Projekt will release its Q1 26 results on May 28th. We expect Q1 26 revenue to be stable YoY on13 MAY 2026

Securities Research Report a comparable basis, while momentum is likely to pick up in the coming quarters helped by the release

Production time: 05:24* (London time)

of new content – potentially Witcher 3 DLC – expected in Q3 26. We are now assuming a reveal of

Research Analysts & Publishing Entities

Witcher 3 DLC early June or late August. We maintain our Outperform rating with PLN310 TP. In our

Nicolas Langlet view, current share price fails to reflect the group’s capacity to generate higher and more sustainableBNP Paribas SA

(+33) 1 42 99 51 98 revenue through simultaneous AAA game development as well as better monetization of its IPs.

nicolas.langlet@bnpparibas.com

Q1 26 likely to be a quiet quarter

We expect Q1 26 revenue to be stable YoY on a comparable basis at PLN181m. The contribution

from licencing deals on Xbox Game Pass for Cyberpunk 2077 and Witcher 3 should be offset by

lower back catalog sales. EBIT margin should remain high (c.50%), implying EBIT of PLN90m.

All eyes on 2026 new content reveal

The two most likely reveal windows for CD Projekt’s as-yet-unannounced new content are early June

(Summer Game Fest, Xbox conference and others) and end of August (Games Con). We continue

to think that unannounced content teased by management for 2026 is a paid DLC for Witcher 3 that

could bridge the narrative between Witcher 3 and the upcoming Witcher 4. We estimate the DLC