WARSAW – CD Projekt S.A. (WSE: CDR) saw its shares edge lower on Wednesday, even as the company unveiled a free remaster of its critically acclaimed title, The Witcher 3: Wild Hunt. The stock declined 0.82% to 240.90 zlotys by 15:23 CEST, on trading volume that reached 395,850 shares – a figure 39% above the daily average. The move erased roughly 200 million zlotys from the company's market capitalization, which now stands at 24.01 billion zlotys.
The remaster, announced at Gamescom on August 25, is scheduled for release on September 29 across PC, PlayStation 5, and Xbox Series X|S. Existing owners will receive the upgraded version at no cost, along with the two major expansions, Hearts of Stone and Blood and Wine. New distribution points include native versions for Nintendo Switch 2 and Battle.net, expanding the game's reach to additional platforms.
The free upgrade serves as a strategic move to strengthen the franchise's installed base ahead of a paid expansion, Songs of the Past, slated for 2027. Erste Group analyst Krzysztof Tkocz projects that the remaster could lift the current installed base from over 65 million copies to between 70 and 75 million, representing growth of 7.7% to 15.4%. This expanded audience would provide a larger pool of potential buyers for the upcoming expansion, which will also be available on Battle.net and will include a Geralt-themed skin for Diablo 4 as a cross-promotional incentive.
While the remaster is free for existing owners, it opens new revenue streams through new storefronts and potential new players. Level-design lead Miles Tost described it as “a great opportunity for people … to jump in,” emphasizing the goal of rebuilding trust and engagement before the paid expansion arrives. The company's first-quarter results showed the Witcher franchise generating 44.7 million zlotys, up 36% year-over-year, accounting for 23.4% of group revenue. Total group revenue rose 6% to 191.1 million zlotys, with net profit of 106.2 million zlotys and cash reserves of 1.41 billion zlotys.
However, the market's reaction was not solely focused on the remaster. Investors were also digesting management's 2028 target for The Witcher 4, which lengthens the gap before the next flagship release. The stock trades at 39.4 times trailing earnings, a valuation that leaves little room for delays in the 2027 expansion or the 2028 flagship title.
Risks remain. The free upgrade may re-engage existing owners without generating significant new sales, and platform royalties and development costs could dilute incremental profits. The 70–75 million installed base case is an analyst estimate, not company guidance. The September launch will provide an early test of the strategy, with investors watching new-platform unit sales, active-player growth, and wishlists for Songs of the Past.
CD Projekt's move is part of a broader trend in the gaming industry, where free upgrades and expansions are used to extend the lifecycle of established titles. The company's robust cash position provides a buffer while larger projects remain in development, but the market's patience will be tested as it waits for the next major release.
