According to Trump, due to requests from allies in the Middle East region, he postponed the planned attack on Iran by at least several days, as chances for a compromise were seen. The Iranian side's statements, however, had a somewhat different tone, and given the ongoing lack of agreements on the main disputed points (Ormuz Strait, enriched uranium), it is probably difficult to expect a quick resolution of the conflict. Nevertheless, European indices gained over 1.0%, and offshore optimism slightly dampened the hawkish tone of the published Fed protocol from the last meeting.
Finally, the S&P 500 gained a little over 0.80%. The optimism was also reflected in the domestic equity market, where the WIG20 gained 1.60%, returning above the 3600-point level. Around 1.0% gains were also seen in second- and third-line stocks.
Macro data - releases and forecasts
Today in the national macroeconomic calendar, the start of the monthly data set from the domestic economy will be published. This will include, among others, industrial production, construction and manufacturing output, and data from the Polish labor market. In the case of activity data, BNP Paribas economists expect a continuation of the recovery that followed two months of declines (January and February). They say the industrial production dynamics rose by 3.9% year‑on‑year and construction by 1.2% year‑on‑year. Polish labor market data lost some importance in the context of future RPP actions.
It is worth noting that in the case of wages in the enterprise sector, they expect further slowdown to 5.9% year‑on‑year. Globally, the main point of the day will be the preliminary May PMI data for major world economies. Since the start of the war in the Middle East, a clear divergence between the services and industrial sectors is visible. While the former clearly loses, partly due to fears of demand decline, the latter improves its activity, staying well above the 50-point level. A key driver for growth in the industrial sector was, among others, the rise in inventories, which some companies could build preemptively in fear of supply chain disruptions.
WIG20 and mWIG40
CD Projekt The profit distribution for 2025 recommends that the shareholders' meeting allocate the entire 2025 net profit to the company's reserve capital. The management also added that it maintains the dividend policy adopted in January 2025. "The board submits to the next ordinary shareholders' meeting a proposal to distribute the company's 2025 net profit of 635,208,677.41 PLN, reduced by 25,739,304.00 PLN, representing the negative value of undivided results from previous years, shown in connection with the transformation of comparative period data, i.e., 609,469,373.41 PLN in such a way that this amount will be entirely allocated to the company's reserve capital." This recommendation is driven by the achievement of CD Projekt Group's strategic goals.
cyber_Folks 1Q26 results
• The cyber_Folks group in the first quarter of 2026 achieved 79.3 million PLN EBITDA profit and 22.9 million PLN net profit. PAP Business consensus expected 73.8 million PLN EBITDA and 16.3 million PLN net profit.
• The company's revenue in this period was 245.3 million PLN, 29% higher year‑on‑year. Consensus expected 234.8 million PLN. Operating profit was 62.9 million versus 73.8 million PLN.
• Results were influenced by both organic growth of individual business segments and further integration of the European e‑commerce ecosystem, including the finalization of the PrestaShop acquisition.
• "E‑commerce is no longer just a visual layer of an online store. Competitive advantage increasingly shifts towards operations, data, integration, and process automation. Merchants no longer want to run a business with several separate tools – they expect one environment that allows end‑to‑end sales management. That is the ecosystem we are building at cyber_Folks at the European level."
• Total sales value (GMV) across the ecosystem reached about 40 billion PLN in Q1 2026, equivalent to about 160 billion PLN GMV annually.
Cyfrowy Polsat 1Q26 results
• Cyfrowy Polsat had 847 million PLN adjusted EBITDA and 3.635 billion PLN revenue in Q1 2026.
• Cyfrowy Polsat in Q1 2026 achieved 127.9 million PLN net profit versus 82.6 million PLN a year earlier.
• Operating profit in this period was 425.6 million PLN versus 410.3 million PLN EBIT in Q1 2025.
• "It was a very good quarter financially. Group revenue increased by 3% to over 3.6 billion PLN, and adjusted EBITDA profit by 4.7% to 847 million PLN. The green energy segment contributed significantly to this growth. At the same time, our key B2C and B2B service segment also delivered good results, increasing EBITDA profit by 2.3%. This was possible thanks to strong retail revenues, supported by the success of the multiplay strategy, and consistent cost discipline."
• Retail revenue from business customers in Q1 was 1.8594 billion PLN versus 1.799 billion PLN in the same period last year.
• Wholesale accounted for 789.1 million PLN of the company's revenue versus 767.6 million PLN in Q1 2025.
• B2C and B2B services achieved 2.605 billion PLN sales revenue and 621.9 million PLN adjusted EBITDA in Q1 2026. The media segment: TV and online accounted for 595.3 million PLN revenue and 119.7 million PLN adjusted EBITDA.
• In the green energy segment, due to the expansion of production capacity in wind, Polsat Plus Group recorded an 18% increase in electricity production, producing 327 GWh of green energy – 176 GWh from wind, 12 GWh from solar, and 140 GWh from biomass. EBITDA profit of this segment grew by 73% to 99 million PLN.
• At the end of Q1 2026, the number of B2C customers using contract services was 5.594 thousand, a 2.2% year‑on‑year decline, with the main reason for the decline being decreasing popularity of satellite TV and consolidation of services under one contract in households.
Dom Development Entry into a new market Dom Development established a subsidiary Dom Development Poznań, officially starting the developer's activity in the capital of Greater Poland. Entry into the Poznań market fits into the consistent geographic expansion strategy of the Group, as highlighted. Entry into the Poznań market fits into the consistent geographic expansion strategy of the Dom Development Group. Over the years of operation, it built a strong position in the largest Polish agglomerations. In 2025, it closed a record sales result of 4,448 net units. The Group's goal for the coming years is to increase sales to over 5,000 apartments per year. Achieving this goal requires deepening presence in existing markets and entering new ones. Poznań – with strong demand fundamentals, an educated and affluent customer base, and balanced price dynamics – meets the criteria of a market where the Group can build lasting value.
Enea 1Q26 results
• Enea Group had 1.548 billion PLN EBITDA profit in Q1 2026, and net profit attributable to the parent company's shareholders was 929 million PLN. Results are consistent with the company's earlier estimates.
• Sales revenue was 7.2 billion PLN, and operating profit was 1.19 billion PLN.
• For comparison, in the same period of 2025, Enea had 7.44 billion PLN revenue, 1.63 billion PLN EBIT, and 1.05 billion PLN net profit attributable to the parent company.
• In the Mining area, EBITDA reached 25.9 million PLN (year‑on‑year decline of 363.5 million PLN).
• "The decline in coal sales volume and lower sales price affected the realization of lower coal sales revenue. Additionally, a significant impact on EBITDA in the comparable period, i.e., Q1 2025, came from receiving compensation (a one‑off event of 144.85 million PLN)."
• The Production area recorded an EBITDA of 636.5 million PLN (year‑on‑year increase of 87.2 million PLN).
• In the Conventional Energy segment, EBITDA increased by 18.3 million PLN, mainly due to higher CDS margin, higher revenue from the Power Market, and increased margin on the Green Block, while the margin on electricity repurchase and lower revenue from Balancing Power decreased.
• In the Renewable Energy segment, EBITDA increased by 56.1 million PLN due to higher results in the Wind area.
• In the Heat segment, EBITDA increased by 12.7 million PLN, driven by higher unit margin.
• The Distribution area recorded an EBITDA of 741.1 million PLN (year‑on‑year decline of 3.2 million PLN).
Mirbud Most favorable offer The Mirbud offer of 683.53 million PLN gross was chosen as the most favorable by the contracting authority – the General Directorate of National Roads and Motorways – in the procurement for the public contract titled "Design and expansion of national road No. 25 on the Kokanin section with the Biskupice Ołoboczne junction (Kalisz bypass)."
Modivo Management comment and new projects The Modivo Group plans to launch a new off‑price network under the Shockprice brand in smaller cities. "HalfPrice is a story about big brands, and Shockprice is a story about the best price." Shops under the Shockprice brand would be opened in smaller cities. CAPEX in 2026 will not exceed 700 million PLN.
Pekao Bank Pekao's loyalty program introduced a loyalty program for its individual shareholders. The program does not aim to encourage share purchases or promote investing – its role is to support those who have already made an investment decision or plan to transfer their shares to Pekao's Brokerage Office. Participants of the program will gain access to additional banking benefits, as well as promotional currency rates at Pekao's exchange office and the possibility of obtaining a mortgage loan without commission and with a reduced margin. The benefit offer will be expanded in subsequent stages of the program.
Tauron 1Q26 results
• Tauron Group had 2.09 billion PLN EBITDA and 979 million PLN net profit in Q1 2026. Results for Q1 were consistent with the company's earlier estimates.
• Sales revenue and other income totaled 9.51 billion PLN, and operating profit was 1.41 billion PLN.
• Distribution segment EBITDA was 1.184 million PLN, Renewable Energy (RE) segment EBITDA 131 million PLN, Production segment EBITDA 252 million PLN, Heat segment EBITDA 205 million PLN, Wholesale and Retail Trade segment EBITDA 279 million PLN.
• "In Q1 2026, the Group's investment outlay was 1,148 million PLN and was higher than the 2025 outlay of 1,072 million PLN (excluding capital investments). The change is mainly due to increased investment in BU Distribution, Production, Sales and Others and lower investment in BU RE."
SWIG80 and others
Apator Management comment
• Apator expects to maintain the sales growth trend in 2026 and sees opportunities for a record year for the gas segment. It also aims to improve EBITDA margin. Management currently sees no room to increase dividend payouts.
• "We expect to maintain the sales growth trend across the group in 2026 – varying by segment. (...) Q2 will be interesting for the gas segment (...) – dynamic adjustment of production capacity and taking over competitors' orders from the market is an opportunity for this segment to be record‑setting this year," said President Maciej Wyczesany.
• He added that management still sees potential in the water and heat segment in the domestic market and, although there is uncertainty about shifting contracts in foreign markets, export potential is large.
• 2026 should also be, according to management, a good year for electric energy metering, and work in the ICT solutions area is starting to bear fruit.
• A factor that will affect the group's profitability and a potential threat is, according to management, cost inflation and rising commodity prices.
Agora Dividend Agora's management recommends to the shareholders' meeting a dividend of 23.29 million PLN from 2025 net profit, which gives 0.50 PLN per share. The remaining amount of 30.85 million PLN from 2025 net profit is proposed to be allocated to reserve capital. The proposed dividend date is July 6, and payment would occur on July 20, 2026.
Elektrotim Dividend The Elektrotim shareholders' meeting decided to allocate nearly 20 million PLN from 2025 profit for dividend payment, giving 2 PLN per share. The amount of 8.8 million PLN was allocated to reserve capital. The dividend right date will be June 19, and payment will occur on July 24.
Kino Polska 1Q26 results estimates The Kino Polska Group estimates that it had 20.1 million PLN net profit in Q1 2026, 6% higher year‑on‑year, and revenue reached 78.9 million PLN, 3% higher year‑on‑year. Operating profit was 25.7 million PLN, an 8% year‑on‑year increase. "In the 3‑month period ending March 31, 2026, the Group generated higher results in most of its business segments. The highest growth was in the Zoom TV segment. In Q1 2026 the Group recorded negative exchange differences."
Murapol Management comment Murapol sold 235 apartments in April and aims to increase sales by about 10% year‑on‑year in 2026. Management does not expect a price increase in the housing market, which still has high supply. In Q1 there was a revival compared to 2025, but the impact of ongoing war will also affect future months. We view it with moderate optimism (...). We want to increase sales by about 10%, transfer 10% (in 2026 – note PAP) in a still difficult market characterized by high supply. There is still no demand balance, it is not a market of dynamic growth but moderate, so we are not accelerating our declarations. "On the supply side, the scale of new apartment introductions remains lower year‑on‑year, with higher sales. As a result, the market sees a gradual reduction in the available primary market supply. Data indicate sustained activity on both sides of the market, with a simultaneous gradual limitation of supply relative to sales. In the medium‑ and long‑term horizon, these economic conditions remain stable and important for market functioning." "Sales in April and May are at the level of January and February, lower than March, when at the end of the quarter there was acceleration and positive sentiment among customers and developers (...). Sales go according to assumptions (...), we see nothing concerning. (...) In April we sold 235 apartments." "Throughout the year we intend to sell about 3,300 units and a likely number of introductions will be around 3,000. Regarding the structure of new introductions, we will focus mainly on agglomerations, seven main markets in Poland." "We do not raise prices, in terms of transaction prices, we use promotions, we adjust offer prices to the product, but we do not expect price increases, we expect stable prices this year and continuation of the customer market trend. There is an environment of high supply – it has slightly balanced, but there is no absolute equilibrium here (...). I do not expect higher price increases than those that could potentially offset the cost side."
Shoper 1Q26 results Net profit of Shoper in Q1 2026 was 12 million PLN versus 9.8 million PLN a year earlier. The result was 2% higher than analyst expectations, who forecasted 11.8 million PLN. Shoper revenue in this period was 55.7 million PLN, while consensus expected 55.4 million PLN. Revenue rose 7.7% year‑on‑year. EBITDA was 20.2 million PLN, while consensus expected 20.3 million PLN. EBITDA rose 16.8% year‑on‑year. Operating profit was 14.6 million PLN, while 14.7 million PLN was expected. In Q1 2026, the omnichannel sales value realized by Shoper customers reached 6.1 billion PLN, increasing 49% year‑on‑year and doubling the business scale compared to Q1 2024. Online store GMV rose to 3.1 billion PLN (+13% y/y), confirming sustained high merchant activity and further development of the entire Shoper e‑commerce ecosystem."
Quercus TFI Quercus TFI's share buyback invites sale of up to 3,711,000 shares at 15 PLN per share. Offer acceptance will start on May 22 and end on June 1. Unibep 1Q26 estimates
• Unibep Group estimates that its operating profit in Q1 2026 was 0.9 million PLN, revenue 329 million PLN, and net loss attributable to shareholders was 5.5 million PLN.
• Analysts surveyed by PAP Business expected that in Q1 Unibep would have a 4.7 million PLN net loss, 1.7 million PLN operating profit, and 343.5 million PLN revenue.
• "According to estimated data, despite a decline in overall sales, consolidated gross sales profit rose to 30.3 million PLN (versus 30.0 million PLN a year earlier), allowing a clear increase in gross margin profitability to 9.2% from 7.0% in the same period last year. Estimated operating profit (EBIT) was about 0.9 million PLN versus 4.4 million PLN in the same period 2025."
• The order book was worth 3.7 billion PLN on March 31, 2026, versus 3 billion PLN a year earlier; contracting (construction + modular) was 132 million PLN versus 307 million PLN a year earlier.
• "The value of contracts secured in the first quarter alone in the construction and modular segments was 132 million PLN. After the reporting period, Unibep secured a contract for a hotel building worth 149 million PLN. The company is currently finalizing agreements worth about 2.1 billion PLN (with Unibep's share) thanks to the best offers in tender procedures, although for most of these procedures the appeal procedure has not been completed."
Unibep The Unibep consortium offer was invalidated by PKP Polish Railways (PLK) with a notice of invalidation of the Unibep consortium and Track Tec selection in the tender for designing and executing works titled: "Section C – construction works on railway line No. 201 from Gdańsk Osowa to Gdynia Główna" as part of the "Works on the Kościerzyna – Gdynia section" project, the company said. Unibep previously informed that the offer value with option is about 874.1 million PLN net, of which Unibep's share is about 437.1 million PLN net. The contracting authority will conduct a new review and assessment of offers."
