Polish Game Development: CD Projekt, 11 bit and Indies — 2026-09-02
CD Projekt shares plummeted by up to 8% after CEO Michał Nowakowski confirmed *The Witcher 4* will not release until 2028, defying market hopes for a 2027 launch. Meanwhile, 11 bit studios reported weaker H1 2026 financials but signaled expansion beyond gaming, while Rebel Wolves’ debut title *The Blood of Dawnwalker* received strong early reviews.
Polish Game Development: CD Projekt, 11 bit and Indies — 2026-09-02
Top developments
CD Projekt confirms The Witcher 4 for 2028; stocks drop
During Gamescom 2026, CD Projekt co-CEO Michał Nowakowski officially confirmed that The Witcher 4 is targeting a 2028 release window, pushing back against investor expectations for a late 2027 launch. The announcement triggered an immediate sell-off on the Warsaw Stock Exchange, with shares falling by more than 6–8% in the days following the statement. Despite the short-term market reaction, analysts maintain that the delay allows for higher quality assurance, avoiding a repeat of the Cyberpunk 2077 launch issues, and long-term fundamentals remain strong.
11 bit studios reports H1 2026 dip; eyes non-gaming expansion
11 bit studios released its H1 2026 results, showing a net profit of PLN 1.79 million in Q2, down from previous periods, with revenues falling to PLN 25.26 million from PLN 39.74 million year-over-year. During the earnings call, CEO Przemysław Marszał revealed that the company plans to expand its activities beyond the video game segment, though details remain confidential. The studio confirmed that The Alters has sold over 600,000 copies and that the third DLC for Frostpunk 2 is scheduled for late 2026.
Rebel Wolves’ The Blood of Dawnwalker debuts to critical acclaim
Rebel Wolves, a studio founded by former The Witcher 3 developers, launched its debut title The Blood of Dawnwalker, which has received positive reviews for its open-world dark fantasy mechanics and player freedom. The game’s success marks a significant milestone for the Polish indie scene, demonstrating that ex-CD Projekt talent can successfully forge new IPs. This release adds momentum to the Polish gaming sector’s portfolio beyond the major publishers.
Cyberpunk TCG launch date set for November
CD Projekt announced that the Cyberpunk Trading Card Game will debut globally on November 6, 2026. This move diversifies the Cyberpunk IP into physical merchandise and tabletop gaming, leveraging the franchise's ongoing popularity despite the video game's delayed sequel.
Local view
Polish financial media highlighted the volatility of CD Projekt’s stock following the Witcher 4 delay. Business Insider Polska noted that the market was "disappointed" by the decision, with investors reacting sharply to the CEO's post on X regarding the 2028 timeline. Conversely, Strefa Biznesu argued that the "painful discount" might be a buying opportunity, citing analysts' belief in the company's long-term potential despite the lack of near-term catalysts. Gram.pl summarized August as a month of mixed results for Polish games, praising the "iron cannon" of new hits while criticizing underperforming titles.
Context & numbers
- Stock Movement: CD Projekt shares dropped between 6% and 8% immediately following the Gamescom announcement regarding The Witcher 4's 2028 release date.
- 11 bit Studios Financials: Q2 2026 Net Profit: PLN 1.79 million; Revenue: PLN 25.26 million (down from PLN 39.74 million YoY).
- Sales Figures: The Alters has sold over 600,000 units to date.
- Industry Scale: According to PARP data referenced in recent reports, the Polish gaming industry comprises approximately 824 studios and employs over 14,500 specialists.
On the radar
- Frostpunk 2 DLC: A third DLC for Frostpunk 2 is scheduled for release by the end of 2026.
- Witcher 3 Remaster: CD Projekt announced a remaster of The Witcher 3: Wild Hunt titled "Songs of the Past," with a trailer shown at Gamescom, though a specific release date within 2026 was not strictly defined in the immediate aftermath.
- PARP Funding Deadlines: Applications for certain Smart Economy European Funds related to the gaming sector close on September 3 and September 8, 2026, potentially impacting indie studio funding pipelines.
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