CD Projekt: 1Q26 supported by Game Pass inclusions

Research evidence excerpt

CD Projekt: 1Q26 supported by Game Pass inclusions

Equity Research

European Media

27 May 2026

CD Projekt

1Q26 supported by Game Pass

inclusions

The key boost to our 1Q26 forecasts comes from both CDR.WA/CDR PW UNDERWEIGHT

Cyberpunk 2077 and The Witcher 3 being added to the Xbox Unchanged

Game Pass subscription service during the quarter, which European Media UnchangedNEUTRAL

usually comes with a notable upfront component. We are Price Target PLN 165.00

ahead of consensus for Q1, but our FY forecasts are Unchanged

unchanged. Price (25-May-26) PLN 255.80 Potential Upside/Downside -35.5%

Source: Bloomberg, Barclays Research

We do not change our FY results or price target in this note, just show our 1Q26 forecasts for the

first time. We are above consensus for 1Q26, essentially because we are factoring in a decent Market Cap (PLN mn) 25557

contribution from both Cyberpunk 2077 and The Witcher 3 going into the Xbox Game Pass Shares Outstanding (mn) 99.91

subscription service. CD Projekt saw a boost to 3Q25 revenues when Cyberpunk 2077 was added Free Float (%) 66.43

to PlayStation Plus, while Ubisoft and Embracer have also seen benefits to certain quarters from 52 Wk Avg Daily Volume (mn) 0.3

this situation. The upfront payments from subscription services typically come at a very high Dividend Yield (%) 0.40

margin, so we also model a yoy jump up in operating profit margin for the group in 1Q26. Return on Equity TTM (%) 19.61

Current BVPS (PLN) 32.96

CD Projekt looks expensive to us on a multi-year average P/E basis, while we think that market Source: Bloomberg

forecasts assume exceptionally good delivery over the 2027-32 period, certainly compared to

anything achieved in the past. It may be that a new expansion for The Witcher 3 can support Price Performance Exchange-WSE