Polish Game Development: CD Projekt, 11 bit and Indies — 2026-09-08
CD Projekt RED reported strong H1 2026 financial results with revenue up 23% year-on-year, yet its stock price declined as investors reacted to the confirmation that *The Witcher 4* is now targeted for a 2028 release. Meanwhile, 11 bit studios signaled a strategic expansion beyond traditional gaming, while the Polish indie sector prepares for a busy September launch window.
Polish Game Development: CD Projekt, 11 bit and Indies — 2026-09-08
Top developments
CD Projekt RED posts record H1 profits despite stock dip
In its financial report released on September 2, 2026, CD Projekt RED Group announced revenues of 435 million PLN ($116.5 million) for the first half of 2026, a 23% increase year-on-year. Consolidated net profit rose by 37% to 249 million PLN, with a net profitability margin of 57%. Despite beating analyst forecasts by approximately 25%, the company’s shares fell by over 8% shortly after the earnings call and subsequent comments regarding the Witcher 4 timeline.
The Witcher 4 confirmed for 2028 release window
During Gamescom 2026 coverage and subsequent investor communications, CD Projekt confirmed that The Witcher 4 is targeting a 2028 release. This clarification followed earlier speculation and caused volatility on the Warsaw Stock Exchange, as some investors had hoped for an earlier timeline. The company emphasized that quality remains the priority, with joint CEO Michał Nowakowski stating that cost-driven development is incompatible with their ambitions for the title.
11 bit studios expands beyond gaming
11 bit studios CEO Przemysław Marszał revealed during a recent conference that the company plans to expand its activities outside the video game segment. While specific details were withheld, Marszał noted that The Alters has sold over 600,000 copies to date. This strategic pivot suggests a diversification effort potentially aimed at leveraging their IP or technology in adjacent entertainment or interactive media sectors.
Cyberpunk TCG launch date set
CD Project announced that the Cyberpunk Trading Card Game (TCG) will have its global debut on November 6, 2026. The announcement was part of the company's broader presence at Gamescom 2026, highlighting their strategy to expand the Cyberpunk universe beyond video games into tabletop and physical collectibles.
Local view
Polish financial media highlighted the disconnect between CD Projekt’s solid operational results and its market performance. Parkiet noted that while the studio exceeded expectations with a quarter-billion PLN profit, the market remains focused on the distant horizon of Witcher 4. Business Insider Polska reported that the stock's 8% drop was driven by "impatient investors" reacting to the 2028 release date confirmation, illustrating the high valuation pressure on the Warsaw-listed giant. Meanwhile, PolskiGamedev.pl pointed out that September is a critical month for Polish indies, with The Blood of Dawnwalker leading the pack of domestic releases, signaling a resilient pipeline outside the major AAA studios.
Context & numbers
- H1 2026 Revenue: 435 million PLN (approx. $116.4 million), up 23% YoY.
- H1 2026 Net Profit: 249 million PLN, up 37% YoY.
- Net Margin: 57% for the first half of 2026.
- Stock Reaction: Shares dropped up to 8% following the Witcher 4 release date clarification.
- PARP Report Deadline: The application period for certain PARP game industry support programs closed on September 8, 2026, reflecting ongoing state support for the sector.
On the radar
- September Indie Launches: Polish media are closely tracking The Blood of Dawnwalker and other domestic titles launching in September, which could serve as a counter-narrative to the AAA delays.
- Gamescom Aftermath: Analysts will be watching for long-term sentiment shifts after the Gamescom announcements, particularly regarding the Cyberpunk TCG pre-orders and Witcher 4 community engagement metrics.
- Global Layoffs Context: With global industry layoffs forecasted to hit 14,666 in 2026, the stability of Polish studios' workforce and continued hiring (implied by strong profits) remains a key differentiator for the sector.
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