CD Projekt named most valuable public game company in Poland, dominating 23 other devs on WSE

Poland is home to one of the most successful game companies in Europe. Here are the top 3 developers on the Warsaw Stock Exchange, with CD Projekt dominating its colleagues.

Cyberpunk 2077

There are currently 24 game companies listed on the WSE main market, Agnieszka Gontarek, director of the Warsaw Stock Exchange’s Issuers Department, told Newseria Biznes. Their combined market capitalization exceeds PLN 24 billion ($6 billion).

CD Projekt is the largest company on the list, with its stock worth almost PLN 11 billion ($2.76 billion) as of July 24 — almost as much as the other 23 game developers combined.

The Cyberpunk 2077 and The Witcher maker also accounts for 73% of the market value of the entire WIG-gry index. It is followed by Frostpunk creator 11 bit studios (9.3% of the index) and social casino developer Huuuge Games (4.3%).

Some Polish developers, such as Techland, remain private companies, so it is hard to estimate how much their shares might be worth. In 2022, market experts valued the Dying Light maker at $2.2 billion, which allowed to surpass CD Projekt at one point. However, its financial position has slightly deteriorated since then: a lack of new releases and depreciation of development costs for already released games led to a record net loss of PLN 90 million ($22.6 million) in 2023.

CD Projekt, on the other hand, is much more financially stable. Last year, the company’s annual net profit grew 39% year-over-year to PLN 481.1 million ($121.7 million) thanks to the success of Cyberpunk 2077 and its Phantom Liberty expansion (not to mention back catalog sales).

The WSE also runs NewConnect, an alternative stock exchange for smaller companies. Of the 358 companies listed there, 73 are game developers with a combined market value of more than PLN 1 billion ($251.3 million).

Lichthund is the latest game company to debut on the NewConnect market. The small indie studio, known for its lightspear-throwing action title Lichtspeer and upcoming food truck management sim Food Truck Empire, raised PLN 5 million ($1.26 million) in a public offering earlier this month.