CD Projekt H1 2026 Results: Profit, Licensing and Witcher 4

Share reaction

▼ −0.7%Sep 1 → Sep 3 · #5 of 8 this season

The gist

CD Projekt delivered 435.3M PLN of revenue and 249.1M PLN of net profit in the first half of 2026, up 23% and 37% year on year. Net margin, the share of revenue that becomes bottom-line profit, reached 57%, lifted by 95M PLN of high-margin licensing tied to external Witcher and Cyberpunk rights and Netflix royalties. Management used that income to show that older franchises can bridge the gap to the next releases. It also admitted that a second-stage incentive target will "most likely" be missed. The average analyst price target stood at about 246 PLN in late September.

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RevenuePLN 435.3M+23% y/y

Net incomePLN 249.1M+37% y/y

Net margin57%H1 2026

Share price, 3 months, log scaleline: call Sep 2

Full report: 8 sectionsthe first sentence of each section is public, the rest with a free account

🔒Takeaways from the whole briefCD Projekt reported H1 2026 revenue of 435.3 million PLN and net profit of 249.1 million PLN, helped by almost 95 million PLN of licensing income.

🔒Guidance qualityManagement mostly maintained its timing roadmap rather than giving hard financial targets.

🔒Capital allocationThe capital-allocation message was to keep funding the game pipeline and the two core franchises.

🔒Accounting qualityThe reported profit looks real, but it had help from mix and accounting adjustments.

🔒Quarter-to-quarter continuityThe multi-period story is that CD Projekt's bridge strategy is becoming more real.

🔒Earnings scorecardResults against expectations, line by line

🔒Analyst Q&AWhat analysts asked and how concretely management answered

🔒Management toneCD Projekt's first-half report showed resilient profitability, supported by steady sales of older games and almost PLN 100 million from licensing its brands to partners (bankier.pl).

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Questions and answers

What did CD Projekt report for H1 2026?

Revenue: PLN 435.3M; Net income: PLN 249.1M; Net margin: 57%.

How did CD Projekt shares react?

Down 0.7%: from the close on Sep 1, 2026 (before call day) to the close on Sep 3, 2026. That is #5 of 8 companies this season.

What is in the full report?

Takeaways from the whole brief, Guidance quality, Capital allocation, Accounting quality, Quarter-to-quarter continuity, Earnings scorecard, Analyst Q&A, Management tone.

How to read it

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