WARSAW, August 26, 2026, 15:23 (CEST)
- The Witcher 3: Wild Hunt — Remastered launches September 29 as a free upgrade.
- CD Projekt traded down 0.82% on volume equal to 139% of its daily average.
- An analyst expects the remaster to lift the 65 million-copy installed base to 70–75 million.
The Witcher 3: Wild Hunt — Remastered gives CD Projekt S.A. WSE: CDR a low-price acquisition tool for its 2027 paid expansion. The upgrade is free for existing owners, but opens two new storefronts and refreshes a game with 65 million lifetime sales.
Shares fell 0.82% to 240.90 zlotys by 15:23 CEST. Volume reached 395,850 shares, already 39% above the stock’s average full-day turnover. The price decline erased about 200 million zlotys of quoted value.
The market reaction was not a clean vote on the remaster. Investors were also absorbing management’s 2028 target for The Witcher 4. That timetable lengthens the gap before CD Projekt’s next flagship release.
| Investor measure | Value | Why it matters |
|---|---|---|
| CDR share price | 240.90 zlotys, down 0.82% | 15:23:28 CEST, Aug. 26 |
| Trading volume | 395,850 shares | 1.39× average daily volume |
| Quoted value lost | About 200 million zlotys | 2-zloty decline × 99.91 million shares |
| Current installed base | More than 65 million | Potential audience for the 2027 expansion |
| Analyst installed-base case | 70–75 million | Five million to 10 million additional players |
| Q1 Witcher IP revenue | 44.7 million zlotys | 23.4% of group revenue |
CD Projekt unveiled the remaster at Gamescom on August 25. It launches on PC, PlayStation 5 and Xbox Series X|S. Native Switch 2 and Battle.net versions add new distribution points company announcement.
Existing owners also receive the Hearts of Stone and Blood and Wine expansions at no charge. The package upgrades visuals, combat, movement, monster behavior and the skill tree. Preorders are open for the new Switch 2 version.
The commercial bridge is Songs of the Past, a paid Witcher 3 expansion due in 2027. It will also sell through Battle.net. Purchases there unlock a Geralt-themed skin in Diablo 4.
Erste Group analyst Krzysztof Tkocz expects a meaningful positive fourth-quarter impact. He projects the installed base could reach 70–75 million before the paid expansion arrives Reuters.
That would represent growth of 7.7%–15.4% from today’s milestone. The forecast does not disclose an average selling price. Existing-user upgrades produce no direct remaster revenue.
Level-design lead Miles Tost called the remaster “a great opportunity for people … to jump in.” The free content also aims to rebuild trust before CD Projekt asks players to pay for Songs of the Past.
The Witcher franchise generated 44.7 million zlotys in first-quarter revenue, up 36%. That equaled 23.4% of group sales. Group revenue rose 6% to 191.1 million zlotys Q1 presentation.
CD Projekt reported 106.2 million zlotys of quarterly net profit. It held 1.41 billion zlotys of cash, deposits and bonds. That liquidity funds a release bridge while larger projects remain in development.
The shares traded at 39.4 times trailing earnings, with a 24.01 billion-zloty market value. The multiple leaves little room for delays if the 2027 expansion or 2028 flagship target slips Google Finance.
Risks. A free upgrade may re-engage owners without creating many new sales. Platform royalties and development costs could dilute the incremental profit. The 70–75 million-copy case is an analyst estimate, not company guidance.
The September launch will test the strategy quickly. Investors should watch new-platform unit sales, active-player growth and wishlists for Songs of the Past.
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