Among the largest companies the banking sector stood out very positively – good results for 1Q’26 were presented by PKO BP (+3.3%), while mBank (+4.9%) and ErstePL (+5.3%) grew even stronger. Profit realization after recent gains (even despite very good results) was observed for KGHM (-3.2%).
>> Read also: Dollar rate before the shock? Big changes coming in the Fed
Yesterday's gains also "sold" Modivo shares (-2.1%), and the worst sector was energy, where PGE was overvalued by 3.3% and Tauron by 2.6%. Optimistic sentiment was also visible in Europe and on Wall Street.
Despite slight (about +1.0%) oil price increases at the end of the day, equity markets discounted expectations of a possible positive message from President Donald Trump's meeting with Chinese leader Xi Jinping. As stated in yesterday's White House statement, they agreed that the Strait of Hormuz must remain open for free transport of energy resources. Meanwhile, support for the tech bull market came from good results of companies like Cisco (+13.4%) and Nebius (+6.6%), allowing the S&P 500 to set another historic high this year. The Dow Jones index also surpassed the psychological level of 50,000 points.
The earnings season is in full swing!
Today, in the absence of significant macroeconomic releases, domestic investors will still focus on quarterly reports. The earnings season for Q1 is accelerating and more companies are releasing reports. Globally, the focus will be on the continuation of meetings between the U.S. delegation and Chinese representatives during the Trump-Xi summit.
WIG20 and mWIG40
Allegro Management commentary on results
• Allegro is very satisfied with the dynamics achieved in the foreign segment and believes it can grow faster than expected in new forecasts.
• Management plans to allocate additional margins earned in international markets to further accelerate GMV growth, while total spending on international operations should stay within the 2026 limit of 12% of adjusted EBITDA in Poland.
• "We also see very positive changes in traffic structure, i.e., how customers reach our marketplaces in Central and Eastern Europe. We have a growing share of organic traffic, showing that customers are attached to our platform, not just lured by a promotion (...). We see an increasing share of customers using our apps abroad, which is a good future prognostic" – said Allegro CEO.
• In Poland Allegro does not see a negative impact from the Middle East situation, but does not rule out pressure on consumers later in the year.
• "We are not changing the full-year forecast of 7 to 10% growth (EBITDA). This is because we do not raise seller fees, but increase employee salaries, and in some cases pay more to suppliers. When expanding our advertising offer or improving delivery quality, lowering shipping costs, or increasing engagement in the fintech sector, we generate higher-margin revenue that offsets some of these cost increases" – said CFO.
AmRest Collaboration with Taco Bell Taco Bell will partner with AmRest and plans to open its first restaurant in Poland in Q4 2026.
AutoPartner Preliminary 1Q’26 results Auto Partner Group estimates net profit in Q1 2026 at PLN 62.1 m, 58.3% higher YoY. Net sales revenue is estimated at PLN 1.170 m, 9% higher YoY, and operating profit at PLN 88.1 m, 56% higher YoY.
• The company stated that the reported estimates were influenced by – further expansion and sales development; pricing policy focusing on increasing gross profitability, aided by favorable conditions such as a slight EUR/PLN rise in Q1 2026, and the end of deflationary trends in commodity prices.
• The company also saw a positive impact from launching a logistics warehouse center in Zgorzelec, contributing to some increase in operating costs, while maintaining strong overall cost discipline.
Benefit Systems 1Q’26 results Revenue was PLN 1 383.9 m (+45.4% YoY and +2.5% from consensus). EBITDA was PLN 413.8 m (+107.8% YoY and +10.3% from consensus). EBIT was PLN 232.1 m (+130.9% YoY and +13.6% from expectations), and net profit per share was PLN 229.6 m (+304.9% YoY and +47.2% from expectations).
• As the company states, the positive impact of the MAC acquisition is: consolidation of about PLN 198 m revenue (excluding MAC, 25% YoY growth). Card and B2C pass volumes grew about 16% YoY (excluding MAC). ARPU grew a few percent YoY (excluding MAC).
• The number of sports cards in Poland rose to 1.872 k at the end of Q1 versus 1.785 k a quarter earlier and 1.676 k a year earlier. In May, estimates were 1.874 k. The number of B2C passes at the end of Q1 was 358 k versus 288 k a year earlier.
• For 2026, the company expects a 130 k increase in cards in Poland, 100+ k in the EU foreign segment, and in Turkey expects "significant acceleration of card growth YoY". ARPU growth YoY is expected at a few percent in Poland and the EU.
• In Poland the company expects comparable profitability to 2025, in the EU expects improved YoY results, and in Turkey better results thanks to MAC consolidation through full 2026 and achieving positive gross margin in cards.
• The company expects 20+ club openings in Poland, 30+ in Turkey and 20+ in other markets.
• The company stated it still analyzes markets for potential acquisitions, while consciously limiting the pace of new openings or fitness network acquisitions, focusing on maximizing sales efficiency and improving profitability of existing points.
Dino Polska 1Q’26 results Revenue was PLN 8 439.4 m (+14.8% YoY and +0.4% from consensus). EBITDA was PLN 564.9 m (+6.1% YoY and +7.3% from consensus). EBIT was PLN 419.2 m (+1.2% YoY and +9.1% from expectations), and net profit was PLN 316.0 m (+1.5% YoY and +8.5% from consensus). LfL sales grew 4.4%.
Dom Development Management commentary on results
• Dom Development raises prices and reduces discounts due to expected cost pressure, but still rates May sales as satisfactory.
• The group estimates 2026 potential transfers at about 5 k units and considers entering the Poznań market with an offer.
• At the end of Q1 2026, Dom Development had a land bank with the potential to build a total of about 20.3 k units, allowing sales to be maintained at the current level for almost five years.
Eurocash No dividend Eurocash management wants to propose to the general meeting to allocate the entire net profit for 2025 of PLN 67.52 m to reserve capital.
JSW New CEO The supervisory board appointed Bogusław Oleksei, currently serving as CEO, to the position of CEO.
KGHM Management commentary on results
• In early July KGHM plans to present a new strategy.
• KGHM plans capital expenditures in the group in 2026 at about PLN 4 bn, similar to last year.
• KGHM is discussing with interested parties about cooperation on new products in the electromobility area.
PGE Preliminary 1Q’26 results PGE Group estimates that in Q1 2026 it had about PLN 4.14 bn recurring EBITDA and about PLN 1.94 bn net profit per share. Reported EBITDA in Q1 was about PLN 4.08 bn. PAP Business consensus assumed PLN 3.87 bn reported EBITDA and PLN 1.95 bn net profit.
PKO BP Management commentary on results
• PKO BP aims to maintain the interest income level in 2026 close to 2025.
• Despite geopolitical turbulence, PKO BP does not see pressure on asset quality and expects risk costs not to rise.
• The bank sees tightening competition in the market but does not plan to engage in a price war.
• Bank representatives informed that in Q1 52% of mortgage sales were for fixed-rate periods.
• PKO BP expects to acquire 250‑300 k new customers through Allegro by 2026.
PZU Management commentary on results
• PZU expects that after regulatory changes in capital requirements the group's solvency ratio will remain above 200% and will be able to implement its dividend policy and enable potential acquisitions.
SWIG80 and others
Action Preliminary 1Q’26 results Action Group estimates Q1 2026 net profit at PLN 12.5 m and revenue at about PLN 728.5 m. Estimated gross sales profit was PLN 67.2 m.
• "Consistently we are building the third pillar of the company called ActionTechSolutions, i.e., technologies for companies that improve their efficiency. In this group we have technologies such as energy efficiency technologies, i.e., energy storage, electromobility or photovoltaics, and autonomous robots. The first stage involved cleaning robots, and now we are starting to work with humanoid robots" – said Sławomir Harazin, Action vice‑president. He noted that this group also includes recycling machines and technologies such as RFID (wireless remote object identification technology using radio waves – e.g.), artificial intelligence or drones.
Bloober Team Silent Hill 2 sales The game "Silent Hill 2" sold 6 million copies. The number includes physical and digital sales and subscription services.
Creotech Quantum Creotech Quantum share issuance set the issue price of Series D shares at PLN 232. The company issues 350,000 common shares of Series D, and the offer size will be PLN 81.2 m gross.
Echo Investment Echo Investment office sale Echo Investment signed the final sale agreement for the Brain Park B building in Kraków. The buyer is Polish company Sando Office. The transaction value is €40.3 m plus VAT.
GK Immobile Share buyback Immobile shareholders will decide on a buyback of up to 3.55 m shares (representing 4.17% of share capital) to implement a motivational program for no more than PLN 24.95 m – the company informed in draft resolutions at the AGM called on 26 June. Shareholders will then also establish the motivational program.
Mostostal Zabrze Share buyback Mostostal Zabrze shareholders decided to authorize the board to conduct a share buyback of up to PLN 17.145 m. The buy‑back price will be between PLN 5‑13.
Niewiadów Memorandum cooperation Memorandum Niewiadów Polska Military Group signed a five‑year cooperation memorandum with Slovak ZTS – ŠPECIÁL. The document concerns setting cooperation rules, including artillery systems and medium‑caliber armaments produced by ZTS.
Onde Dividend The general meeting of Onde decided to allocate PLN 16.9 m of 2025 profit for dividend payment, meaning PLN 0.31 dividend per share. Dividend date was set for 19 May, and payment date for 22 May 2026.
Oponeo.pl Dividend Oponeo.pl management recommends that the company pay a dividend of PLN 11.24 m from 2025 profit, i.e., PLN 1 per share. Proposed record date is 23 June, and payment date is 30 June 2026.
