CD Projekt: Shifting slate

Research evidence excerpt

CD Projekt: Shifting slate

Equity Research

European Media

29 May 2026

CD Projekt

Shifting slate

With the announcement that the third expansion to The

Witcher 3 will come in 2027, we have pushed out all of our

releases by a year. On its own, that should not matter too CDR.WA/CDR PW UNDERWEIGHT Unchanged

much, but we think it hits confidence on delivery on all future European Media NEUTRAL

releases. 1Q26 was ahead of consensus but below Barclays. Unchanged

Price Target PLN 155.00

lowered -6% from PLN 165.00

For some time, we have worried about the ability of CD Projekt to deliver the slate

Price (28-May-26) PLN 228.20modelled by analysts. Following news of the release of the Songs of the Past expansion for

Potential Upside/Downside -32.1%The Witcher 3 in 2027, we have now 1) pushed The Witcher 4 to 2028; 2) pushed The Source: Bloomberg, Barclays Research

Witcher 5 from 2030 to 2031 (intended to be 3 years after TW4); 3) pushed Cyberpunk 2

from 2031 to 2032; 4) removed a modelled expansion for TW4 as management noted this

Market Cap (PLN mn) 22799

was unlikely and 5) pushed back two smaller Witcher games. Our thinking is as follows: A)

Shares Outstanding (mn) 99.91CD Projekt games have always seen continuing good sales over time, so they need some

Free Float (%) 66.43time to achieve their sales potential; B) we think that sales of Songs of the Past will slow

52 Wk Avg Daily Volume (mn) 0.3up pretty quickly when The Witcher 4 is released - Witcher fans are much more likely to

Dividend Yield (%) 0.44want to plunge into a big new adventure; so C) they will not release TW4 until maybe 18

Return on Equity TTM (%) 19.61months after the release of Songs of the Past. Of course to allow this 18mth window we