CD PROJEKT Group Earnings Chat: 20 March 2026

Key insights

6 takeaways

01
CD PROJEKT holds 1.3 billion PLN in cash and deposits with a 60% profit margin, while needing 527 million PLN in net earnings over the next four quarters to meet incentive program targets.See it on page 4
02
The development pipeline includes eight capitalized projects: The Witcher 4, Cyberpunk 2, Sirius, Cyberpunk: Edgerunners 2, three unannounced games, and one unannounced non-gaming project.See it on page 1
03
The 'Hadar' project is being developed as the company's third major intellectual property, with internal team size projected to reach 40–50 personnel by the end of 2026.See it on page 5
04
CD PROJEKT has divested from GOG to focus exclusively on internal AAA game development and the expansion of its core franchises.See it on page 5
05
The company has successfully transitioned its development pipeline to Unreal Engine through a strategic collaboration with Epic Games.See it on page 5
06
Management maintains a human-centric creative process, utilizing AI tools only for operational efficiency rather than as a replacement for creative work.See it on page 3

Summary

The CD PROJEKT Group earnings chat held on March 20, 2026, served as a platform for management to address investor inquiries following the release of the company’s 2025 financial results. The primary objective was to provide transparency regarding the company’s development pipeline, capital allocation strategies, and operational focus. Management emphasized a strategic shift toward internal development of AAA titles and the expansion of core franchises, while maintaining a disciplined approach to dividend policies and project capitalization.

Key findings from the session include the confirmation of eight capitalized projects, including major titles such as The Witcher 4, Cyberpunk 2, Sirius, and Cyberpunk: Edgerunners 2, alongside four unannounced projects, one of which is non-gaming. Management noted that the Hadar project is intended to serve as the company's third major intellectual property, with team sizes expected to reach 40–50 personnel by the end of 2026. Financial highlights included a record 1.3 billion PLN in cash and deposits and a 60% profit margin. Regarding the incentive program, the company reported that it must generate 527 million PLN in net earnings over the remaining four quarters to meet its targets, a goal management believes is achievable through upcoming content releases.

The company maintains a neutral stance on industry-wide trends, such as the emergence of AI, noting that while such tools are used to enhance efficiency, the creative process remains human-centric. Furthermore, the transition to Unreal Engine is described as a successful collaboration with Epic Games. The company also confirmed its divestment from GOG to focus exclusively on game development and franchise expansion. The session concluded with a commitment to future transparency, with management signaling that upcoming product campaigns will be timed to maximize market impact.