After a good finish to the previous week and rising investor hopes for an agreement between the USA and Iran, the start of trading on Monday proceeded under the sign of a moderate correction and profit-taking. According to media reports, the USA attacked Iranian targets again over the weekend, and Tehran responded, while Kuwait’s defense allegedly intercepted missile and drone attacks.
In addition, Israel attacked the southern suburbs of Beirut, which is an escalation compared to the April ceasefire on that front. As a result, oil prices fell by about 5-6%. The overvaluation on European indices, as well as on the Warsaw Stock Exchange, accelerated only after the opening of U.S. markets, although the local exchanges did not record significant changes.
>> Read also: Dollar and euro rates before the shock? Iran steps back
Meanwhile, in the evening hours we saw a clear improvement in sentiment. The S&P 500 and Nasdaq hit new records following Donald Trump’s announcement that Israeli and Hezbollah leaders agreed to suspend fighting in Lebanon. This satisfies Iranian demands for a pause in talks until Israel stops attacking Lebanese Hezbollah.
The impact of geopolitical events was visible in the course of trading on the Warsaw Stock Exchange. Warsaw indices fell slightly at the start of the session and rebounded in the afternoon, strongly overvalued around 15:00 as overseas investors entered the market.
This time the WIG20 was one of the weakest indices in the world, ending the session with a loss of over 1.5% compared to about 0.4-0.5% declines on major European exchanges.
The sWIG80 index looked relatively better, gaining over 0.6% thanks to the rise of many companies seen by investors as potential beneficiaries of the SAFE investment program, after the first contracts under this program were signed, including by the subsidiary Comp.
Today’s RPP meeting
On Tuesday, local market attention will focus on the Monetary Policy Council meeting in Poland. BNP Paribas economists do not expect changes in monetary policy and assume the reference rate will remain at 3.75%.
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However, since the last meeting, inflation in Poland has clearly accelerated (CPI: 3.2% y/y, core 3.0% y/y in April), which may lead to a tightening of the rhetoric of RPP decision‑makers. Global attention will focus on preliminary estimates of HICP inflation in the eurozone, which could be a key variable before the June ECB meeting.
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WIG20 and mWIG40
Allegro Financing from the EIB European Investment Bank signed a financing agreement on Monday, granting 1 billion PLN to Allegro. Allegro will use the funds for technology investments, contributing to the development of digital skills in the EU. The funds will cover almost 40% of Allegro’s R&D and innovation expenses planned for 2030.
Construction The Ministry of Infrastructure decided to increase the indexation level of road contracts, which were tendered before the Russian aggression in Ukraine – the GDDKiA said. The indexation limit was raised to 25% from 15%.
Cyber_Folks, Vercom Vercom shares sold by CBF cyber_Folks will sell no more than 4,340,405 Vercom shares, representing no more than 19.53% of its shares. Assuming the sale of all shares sold within ABB, cyber_Folks will hold 6,668,164 Vercom shares, representing 30% of the share capital and overall voting rights in Vercom. The goal is to maintain a strategic investor status in Vercom and continue actively supporting its dynamic development.
WP Holding Management commentary on results
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• The company wants to continue investing in the media segment. As CEO Jacek Świderski comments: "I would not expect a sudden improvement in EBITDA. Of course, EBITDA depends on revenues, which are gradually improving and will eventually intersect. Whether this happens in Q3, Q4, or later, I cannot share that reflection, but we are determined to continue these investments and further improve our product."
• In the tourism segment, after the start of the Gulf War, the company recorded significant revenue declines for five weeks, then a return to positive dynamics. "However, these events caused both the first and second quarter results to be under pressure from Gulf events. Whether we can recover the losses from the first and second quarter in Q3 remains to be seen. We have hopes, but we need to wait a bit, as Q3 in tourism is obviously the most important."
SWIG80 and others
Amica Management commentary on results
• Amica Group sees no supply chain disruptions due to the Gulf conflict and expects commodity price increases.
• "Importantly for Amica’s situation, container supply is very large and customers like Amica can negotiate rates with logistics partners. I believe we can repeat the savings we recorded last year also in 2026," said Vice‑President Michał Rakowski.
• "Regarding plastics, the lack of component availability for plastic parts production means prices can rise, and we expect such increases this year. We actively work on supplier diversification and price negotiations, similar to steel pricing. As of today, the first half of the year for Amica will be maintained at last year’s prices. Potential increases may occur in the second half, but we are negotiating with suppliers."
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• Use of own production capacity is slightly above 50%.
Asseco SEE Dividend Shareholders’ meeting Asseco SEE adopted a resolution to allocate 101.2 million PLN from net profit for 2025, giving a dividend of 1.95 PLN per share. The dividend date was set for June 24, and the payment date for June 30, 2026.
Creotech Instruments 1Q’26 results In the first quarter of 2026, total revenue was about 27 million PLN, compared to 25.5 million PLN in the same period of 2025. The largest share of sales came from the space projects segment, accounting for about 71.5% of the company’s revenue. After adjusting for non‑cash costs of the implemented incentive program, the net loss was 5.4 million PLN versus a 1.4 million PLN profit a year earlier. In ongoing operations, total revenue was about 18.0 million PLN versus nearly 21.7 million PLN a year earlier, and the net loss after adjusting for the incentive program was 6.9 million PLN. The spun‑off Creotech Quantum generated 9.0 million PLN in revenue and 1.5 million PLN net profit in Q1 2026. Feerum Order Book Current level of contracted orders for Feerum products in the machinery and food industry sector is about 133.9 million PLN.
Mabion Mabion signed a letter of intent with KriSan Biotech from Taiwan for planned cooperation in developing, producing, and supplying ADC‑based therapies and related services. The parties plan to sign a framework agreement by September 30 and aim to start services by the end of 2026.
Murapol Share sale in ABB Murapol shareholder, AEREF V PL Investments, completed the accelerated book‑building process, selling all shares held by the shareholder amounting to about 17.15% of the company’s share capital. The sale price per share was set at 41.00 PLN.
Tarczyński 1Q’26 results Tarczyński Group achieved 556 million PLN in sales revenue in Q1 2026, a 7.1% year‑on‑year increase. EBITDA was 74.6 million PLN versus 65.2 million PLN a year earlier (+14.5%). Consolidated net profit was 50.9 million PLN, 73.80% higher than the previous year. Export sales in the reporting period were 189.3 million PLN, a 10% year‑on‑year increase.
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Unibep Best offer The consortium offer with Unibep (as leader) for a total of about 874.1 million PLN net was again selected as the most favorable in the PKP PLK tender for construction works on the railway line from Gdańsk Osowa to Gdynia Główna. Unibep’s share is about 437.1 million PLN net.
VRG Dividend Shareholder VRG – Colian filed a draft resolution for the shareholders’ meeting, proposing a dividend of 11.7 million PLN from past profits, which would result in a payout of 0.05 PLN per share. The proposed dividend date is September 19, and the payment date is December 15, 2026. On May 18, the company stated that its board recommends not paying a dividend from 2025 profits and allocating the company’s net profit for the 2025 fiscal year of 8.1 million PLN entirely to replenish the reserve capital.
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