Due to better-than-expected results in 1Q, Dino gained almost 10%, and most trading companies were also relatively stronger than the market. The outflow of foreign investors was evident in over 8.6% discount of KGHM and 2.6% drop of the banking index. Around 3% were also lost by Orlen and PGE.
In the coming week, the GPW will report on Cyfrowy Polsat, Tauron, JSW, Enea, and Pepco.
WIG20 and mWIG40
Benefit Systems Management comment on results
• Benefit Systems maintains its 2024 assumptions after the first quarter. Benefit Systems expects about 130k new cards in Poland, in the EU foreign segment at least 100k, and in Turkey a significant acceleration of card growth year‑on‑year to about +70k new cards. As part of its investment plans, the company is analysing markets for potential acquisitions and also plans to open about 70 new fitness clubs. In 2026 the group expects further improvement in results. In Poland it expects comparable operating profitability to 2025, and in the EU an improvement in year‑on‑year results is expected.
• In the period April‑May a stabilization of year‑on‑year activity is seen, compared to slight increases in the first quarter.
Budimex, PolimexMostostal Co‑operation in rebuilding Ukraine Budimex, Polimex Mostostal and the MON‑affiliated Sinevia signed an agreement in the Ministry of State Assets on cooperation in rebuilding Ukraine.
JSW Preliminary 1Q’26 results Jastrzębska Spółka Węglowa estimates that in the first quarter of 2026 it had an EBITDA loss of PLN 238.6 m and a net loss of PLN 615.9 m. PAP Business consensus had expected an EBITDA loss of PLN 297.1 m and a net loss of about PLN 588.2 m. According to estimates, sales revenue in Q1 2026 was PLN 2.097 m versus expectations of PLN 2.1534 m.
Mo‑Bruk Dividend Management recommends paying a dividend of PLN 15.23 per share. Management recommends setting the dividend date to 30 July 2026 and the payment date to 5 October 2026.
Rainbow Tours Situation in the tourism industry President of the Polish Tourism Chamber Paweł Niewiadomski said that despite turbulence caused by the war in the Middle East the industry expects another year of sales growth. He added that initially, after the outbreak of war, customers were hesitant to buy tours, now sales have started. He also pointed out that the rise in aviation fuel prices did not lead to a significant increase in organized trip prices, helped by a relatively strong zloty. When asked about possible problems with aviation fuel availability, the expert replied that it is not yet a risk factor for the industry.
Tauron Loan from BGK Tauron group company Tauron Zielona Energia signed a loan agreement with BGK for PLN 227.1 m to build photovoltaic farms and an energy storage facility under KPO funds and to increase resilience under Investment G3.1.4 Energy Support Fund.
SWIG80 and others
Atal Management comment on results
• Atal expects higher sales in Q2 2026 than in the previous quarter (644 preliminary agreements).
• Currently Atal expects a cost increase in construction budgets of about 3‑4%. The company wants to maintain stable profitability by reducing discounting and price promotions in sales.
• This year the company plans to finish construction of 5 524 apartments.
• Currently Atal’s land bank holds investments in 40 projects, where it can build about 10 000 apartments on already owned land.
Cognor Holding 1Q’26 results Revenue was PLN 591.3 m (+8.8% y/y and 2.3% below forecasts). EBIT was PLN 12.0 m vs PLN 3.9 m per consensus. Net loss was PLN 1.1 m versus expected PLN 7.0 m.
Creotech Quantum, Milton Essex Cooperation agreement The subject of the agreement is to cooperate in the joint development of a hardware and software platform for further joint commercialization of the biometric gateway developed by Milton Essex as a system intended for border control and critical infrastructure security, using quantum encryption technology developed by Creotech Quantum.
Enter Air Dividend Management recommends a dividend of PLN 2.5 per share. Management recommended setting the dividend date to 14 August 2026 and the payment date to 21 August 2026. Forte Situation in the furniture industry
• The geopolitical situation and rising production costs are causing furniture sales and exports to fall – the president of the National Chamber of Furniture Manufacturers Jan Szynaka pointed out.
• In his view, in the current uneasy times people consider that buying furniture is not a priority, because furniture is not a first‑need product. Such decisions, however, translate into a decline in furniture sales in retail chains.
• "The difficult situation in the industry is also affected by rising production costs. High electricity demand in furniture factories significantly raises production costs. Fuel and timber prices have also gone up. Over the last two years labor costs have risen as well," he noted.
Krynica Vitamin Dividend Management recommends allocating PLN 7.59 m of 2025 net profit for dividends, giving PLN 0.62 per share. The proposed dividend date is 30 June 2026, and the proposed payment date is 15 July 2026.
PKP Cargo PKP Cargo’s restructuring proceedings filed a request with the Judge‑Commissioner to change the deadline for submitting the final restructuring proposals to the creditors’ council from 22 May to 29 May 2026.
Scope Fluidics Delays in the BACTEROMIC project Currently, searches for a location for a semi‑automatic production line for BACTEROMIC panels and achieving readiness of this line are taking longer than planned – Scope Fluidics informed in a statement. The plan announced in February aimed to have an internally validated line at the beginning of the second half of 2026.
Woodpecker Strategic options review Woodpecker decided to start the process of reviewing strategic options. As stated, the goal of the strategic options review is to analyse possible directions for further development of the company and identify solutions that, in the view of management, can most contribute to long‑term value growth for shareholders.
ZUE 1Q’26 preliminary results Revenue was PLN 148.1 m (-17.8% y/y and -11.4% below expectations). EBIT was PLN -3.7 m (-18.5% y/y vs -4.4 m consensus). Net loss was PLN -4.4 m versus -4.7 m expectations (-7.6% y/y). Enter Air Dividend
