CD Projekt’s shares tumbled 4.7% to 245.1 zloty on Tuesday, the steepest decline in the WIG20 index, as investors reacted to management’s announcement that The Witcher 4 would not launch before 2028.
Joint chief executive Michał Nowakowski said in a social media update that the studio’s next flagship title remains on track for a 2028 release window, effectively ruling out a 2027 debut that some market participants had anticipated. The project employs more than 500 staff and is described by Nowakowski as the company’s most ambitious effort to date. No new material related to the game will be showcased at Gamescom 2026, the industry’s largest video game trade fair.
The announcement overshadowed the simultaneous unveiling of Songs of the Past, the third expansion to The Witcher 3, which was scheduled for presentation at Gamescom. The timing of the delay raised questions among investors about the studio’s near-term pipeline and revenue outlook.
CD Projekt’s next earnings report is due on September 2, 2026. The Warsaw-based developer, Poland’s largest game studio, has not provided additional financial guidance tied to the delay.
