CD Projekt S.A. Q2 2026 Earnings Recap

Shares of CD Projekt edged down 0.7% following the earnings release as investors appeared to digest solid but unspectacular financial results, despite continued franchise momentum and promising pipeline visibility.

Key Takeaways

• First-half 2026 sales revenue exceeded PLN 435 million, up 23% year-over-year, driven by Cyberpunk product sales and new IP licensing revenue totaling nearly PLN 95 million.
• Gross profit increased 28% to PLN 406 million, with operating costs rising modestly (+6%) mainly due to administrative expenses, while selling expenses remained stable.
• Net profit reached nearly PLN 0.2 billion, marking a 37% increase year-over-year and delivering a net margin of 57%.
• Franchise engagement remains strong with Cyberpunk 2077 surpassing 14 million copies sold and Phantom Liberty hitting 15 million copies; Witcher 3 remains a pillar with 65 million copies sold and remastered releases coming.
• Despite positive underlying fundamentals and an active release pipeline (including Witcher 4 targeted for 2028), the market likely viewed growth as steady rather than accelerating, with no material upside surprises or revised guidance disclosed.