Global hit seller—60 million sets sold! *The Witcher 3*’s new DLC, **Old Times Ballads**, is revealed, so why is CDPR’s stock price **actually down 7%**?

CDPR announced a new major DLC for The Witcher 3, titled “Old Times,” which is set to be released in 2027, yet its stock price immediately dropped by 7%. Since it’s been a long time coming to release fresh content, why did the stock fall instead? An Ipopema Securities analyst explains the reasons.

The Witcher 3’s New DLC “Old Times” Announced—A New Expansion After 10 Years

Polish game developer CD PROJEKT RED (CDPR) announced yesterday (5/27) that The Witcher 3: Wild Hunt expansion (major DLC) “Old Times” is expected to launch in 2027, marking the first time a brand-new expansion has been announced in a decade since “Blood and Wine” for The Witcher 3 was released in 2016.

As the third installment in the The Witcher series, The Witcher 3 is known for its dark fantasy open world, and the story follows monster hunter Geralt of Rivia as he searches for his daughter Ciri.

The game is one of the best-selling medieval RPGs of all time. Global sales have surpassed 60 million copies, while the entire The Witcher franchise has sold over 85 million copies.

Image source: CDPR official The Witcher 3 new DLC “Old Times” announced—expansion announced again after 10 years

The Witcher 3 New DLC Announced, Yet CDPR Stock Drops 7%

Although players have been quite looking forward to The Witcher 3’s new DLC, the company’s stock price plummeted in response.

The company originally planned to release the new DLC news today, but it was leaked because the data was uploaded in advance to the RED Launcher. As a result, the company had no choice but to announce it earlier—yesterday. This marketing misstep made investors uneasy, causing the stock to drop by more than 7% that day, from 259.9 points down to 233 points.

Image source: Google Finance The Witcher 3 new DLC announced, CDPR stock drops 7%

As for the news about The Witcher 3’s new DLC, rumors had already been circulating as early as 2025. Ipopema Securities analyst Michał Wojciechowski told Reuters that the market originally expected the DLC to be released in 2026, and the delay to 2027 disappointed investors—also leading people to suspect that the follow-up title “Witcher 4” may be pushed back to 2028.

CDPR’s last year’s financial report: Cyberpunk 2077 stays hot and drives the business

However, CDPR’s finances remain solid. According to the company’s official 2025 financial report, annual revenue reached 860,700,000 PLN, and net profit reached 595,000,000 PLN.

CDPR co-CEO Michał Nowakowski said that the continued strong sales of Cyberpunk 2077 are the main reason for the company’s steady income, and the company sold its stake in the GOG platform for 90,700,000 PLN at the end of 2025 in order to concentrate resources.

The company also plans to release its first-quarter 2026 financial report and hold an earnings call at 5:30 PM Central European Time today.

Although CDPR’s stock price dropped after the DLC announcement, from a player’s perspective it may just be short-term noise. After the disastrous launch of the original release version of Cyberpunk 2077, players are more eager to see the company learn from the experience, polish the game thoroughly, and only then release it.

The Witcher 3 Wins Big Awards—Blood and Wine Also Took Best RPG as a DLC

Since The Witcher 3 launched in 2015, it has accumulated more than 250 annual major awards. Notably, Blood and Wine in 2016 set a record as the first game to win the Game Awards’ Best RPG title based solely on an expansion pack.

Image source: CDPR The Witcher 3 award-winning expansion DLC Blood and Wine

However, at that time, the game’s lead director Konrad Tomaszkiewicz had already left CDPR and founded a new studio, Rebel Wolves. The studio also brought on people including Jakub Szamałek, one of the writers of Cyberpunk 2077, and Bartłomiej Gaweł, the art director of The Witcher 3. Its first game, Lyria of the Blood Moon, is scheduled to launch this September.

Even though the core team had moved on, CDPR announced in 2024 that The Witcher 4 is in development, with Ciri as the protagonist. The Witcher 3: Wild Hunt Old Times will give players a chance to revisit Geralt’s adventures.

Players are eagerly waiting to see whether Old Times can recreate the brilliance of Hearts of Stone and Blood and Wine—or even include elements that connect to the story of Witcher 4.