CDR GPW WIG20 Periodic report · PAP Biznes
CD Projekt (CDR) · H1 2026 results and valuation
Share price: 274.50 zł · 2026-11-10
CD Projekt creates and publishes video games and related products. The company operates as a developer, publisher, and promoter of entertainment products for the gaming market. Sources: Half-year report (2026-09-02) · Wikipedia
Results H1 2026 vs H1 2025 · year over year · published 2 Sep 2026 and 28 Aug 2025
Net income up 37.8% year on year. The report's language is unchanged.
1 · Numbers
+37.8%
Net income vs H1 2025
Net income 249.1M vs 180.7M
Revenue +22.6%
Why Net income rose by 37.8% primarily due to higher revenues from franchises and collaborations with external licensing partners regarding the creation and sale of new products based on the Company's brands.
2 · How the report reads
Unchanged
Language tone vs last period
Report language: upbeat for a company report — about as upbeat as in H1 2025.
Weak signal: formal report language, not a call.
3 · What stood out
CD PROJEKT RED intends to recommend a dividend of at least 25% of net profit starting from the 2025 financial year as part of its Dividend Policy.
Valuation
Is CD Projekt undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −3.1% growth a year (3-year revenue growth), the model's fair value is 42.77 zł a share — the stock trades 542% above it. Today's price assumes 22.8% growth a year.
Current price
274.50 zł
close of 2026-11-10
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+22.8% for 10 yrs
Fair value / share
42.77 zł
Buy below
32.08 zł
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Figure
In the first half of 2026, sales revenue from two customers exceeded 10% of total sales for CD PROJEKT RED S.A.
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Figure
The Management intends to recommend a dividend of at least 25% of net profit starting from the 2025 financial year as part of the Company's Dividend Policy.
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Figure
The campaign collected over 28 million USD from 50,773 supporters during this quarter.
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Figure
CD PROJEKT RED equity rose by 270,859 thousand PLN to reach 3,560,718 thousand PLN as of June 30, 2026, compared to the end of 2025.
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Figure
Product sales, primarily from royalties for Cyberpunk 2077, the Phantom Liberty expansion, and The Witcher 3: Wild Hunt with its expansions, accounted for the largest share of group revenue in H1 2026.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: H1 2026. Ring: H1 2025.
Upbeat for a company report — about as upbeat as in H1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.
Sentences that drove the tone
“498 (Impairment)/reversal of impairment of financial ins truments (6) (1”
“At the same time, t he amount of the research and developm ent relief repor ted and not dedu cted is being reduced (the reduction am ount is calculat ed...”
“At the same time, the balance of the Increase/(Decre ase) in liabilities, excluding loans and borrowings was increased.”
Full figures
PLN · PAP Biznes report (2026-09-02), consolidated statement; H1 vs the same period a year earlier (restated); net income to parent shareholders
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Revenue | 435.3M | 355.0M | +22.6% |
| Gross profit | 405.9M | 317.0M | +28.0% |
| Operating income | 245.3M | 166.2M | +47.6% |
| Net income | 249.1M | 180.7M | +37.8% |
| EPS | 2.47 | 1.79 | +38.0% |
| P/E today 40.6 | 34.1 | 63.5 | −29.4 |
Topics
Topics are drawn from the full report text, not management commentary.
Most discussed now
- The attac hed notes are an int egral part of these financ ial statements.
- New English language translation has been prepared solely for the convenience of English s peaking readers.
Top topics in H1 2025
- Nothing dropped away.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Half-year report · ESPI periodic · routine
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- Uchwały podjęte przez Zwyczajne Walne Zgromadzenie Spółki · ESPI 10/2026 · routine
- Quarterly report · ESPI periodic · routine
- Projekty uchwał Zwyczajnego Walnego Zgromadzenia · ESPI 9/2026 · routine
- Ogłoszenie o zwołaniu Zwyczajnego Walnego Zgromadzenia · ESPI 8/2026 · routine
- Ocena Rady Nadzorczej dot. wniosku Zarządu w sprawie podziału zysku netto osiagnietego w 2025 roku · ESPI 7/2026
The Supervisory Board recommends a 2025 net profit distribution of 635,208,677.41 PLN, reduced by 25,739,304.00 PLN of accumulated losses, resulting in a final amount of 609,469,373.41 PLN.