According to D. Trump, Iran wants an agreement, and in the scenario of its absence the U.S. will impose a complete blockade on the entire Iranian economy. On the other hand, we received information from Iran that it is seeking to establish new traffic management rules in the Strait of Hormuz in cooperation with regional countries.
As a result, Brent crude prices fell slightly from 114 to 110 USD, which the market positively received. Major indices gained around 1.0%, although the German DAX (+1.67%) stood out.
Oil above 100 USD remains a serious inflation risk
Crude prices above 100 USD still pose a significant inflation risk, so treasury bond yields remained near local highs. For domestic 10‑year treasury bonds, yields again rose above 5.80%. The Warsaw WIG20 index also rose, with trading above 1.7 billion PLN, up nearly 1.1%. The driving force behind Warsaw’s blue chips remained Orlen.
The share price of the listed company rose over 4.5% in response to information about higher potential petrochemical margins, and additional support came from earlier reports of a higher-than-expected dividend (8 PLN per share versus forecasts of about 7 PLN).
Attention is drawn to the RPP decision
Today in the global macro calendar, the PMI services readings are highlighted. Locally, attention will focus on the RPP decision regarding interest rates. Consensus assumes they will be kept at 3.75%, in line with market expectations. As with other central banks, investors will focus on the officials’ views on the impact of the energy shock on future inflation. The decision will be complemented by Chairman Adam Glapiński’s speech on Thursday.
WIG20 and mWIG40
Allegro Cooperation with Itaka Group Allegro will collaborate with Itaka in the tourism services area. “Tourism is not a new category for us. In the Sports and Tourism category we have 2.6 million buyers. (…) We have over 1.3 million unique offers in the Tourism category.”
Developers BIK data for April: the number of mortgage loan inquiries in April rose 29.8% year‑on‑year. A total of 42.28 thousand people applied for a mortgage, 18.7% more than the previous year. In April 2026, 42.28 thousand people applied for a mortgage versus 35.61 thousand a year earlier, an 18.7% increase year‑on‑year. At the same time, the number of people applying for a mortgage was 33.2% lower compared to March. The average value of the requested mortgage was 500.41 thousand PLN in April and was 9.3% higher than in April 2025. Compared to the record March 2026, it fell 1.2%. “In April we no longer have as many people applying for a mortgage as last month, confirming that the demand impulse linked to geopolitical tensions in the Middle East was short‑lived. With the de‑escalation of the situation, emotions cooled noticeably.”
Energa Recommendation to split 2025 profit. Energa’s board will allocate the company’s net profit for 2025 of 289.3 million PLN to increase the reserve capital, which will mean no dividend payout. The company stated that the recommendation remains in line with the “Strategic Development Plan of the Energa Group for 2024‑2030” and the “Multi‑Year Strategic Investment Plan of the Energa Group for 2024‑2030”. “Planned investments include, in particular, the construction of gas‑steam power plants in Ostrołęka and Grudziądz, new renewable sources, the modernization and expansion of the distribution network, and the modernization of existing generation assets. In 2025, a decision was made to implement further projects, i.e. the construction of a second gas block in Grudziądz and a new unit in Gdańsk, which secured contracts in the Power Market from 2029.”
Inter Cars Board commentary
• After increasing revenue by 9% year‑on‑year in 2025, Inter Cars expects a 10% growth in 2026. The company announced the opening of its first branch in Germany in the coming days.
• “In the fourth quarter of 2025 Inter Cars again recorded a sales increase of over 10%. Sales for the fourth quarter were 5.7 billion PLN. In a cumulative 12‑month view for 2025, the dynamic was almost 9% … We maintain that we will achieve a 10% dynamic in 2026.”
• Zamora highlighted the trend of declining share of total sales in Poland.
• “It now accounts for less than 38% of the group’s total sales. This shows that Inter Cars is no longer a purely Polish company, but also indicates that we have highly diversified revenues across the entire group.”
• “The organic growth that Inter Cars is pursuing remains a more effective formula than growth through mergers and acquisitions. Mathematically, we see that Inter Cars could become a leader in the independent automotive parts distribution market in Europe after 2026.”
• Inter Cars plans to open its first branch in Germany this weekend.
• “We officially open the first branch this weekend, and it will be a branch that sells exclusively to workshops.”
• The group estimates about 25 million PLN per year in savings from the first phase of warehouse robotisation in Zakroczym.
• “However, regarding the next phase, the second phase of Zakroczym robotisation, its launch occurred at the end of 2025, so we will feel the effects only in 2026. A logistics centre in Romania was also launched. This is the first warehouse built from scratch for automation. … The benefits of this warehouse will also be felt in 2026.”
mBank UniCredit made an offer to acquire Commerzbank. UniCredit made an offer on Tuesday to acquire the German Commerzbank, the main shareholder of mBank in Poland. The Italian bank’s offer is initially valid until 16 June. The German state, which holds over 12% of shares, opposes the sale. UniCredit, in line with its March announcement, made an official offer to buy all Commerzbank shares. The Italian bank, which already controls nearly 30% of Commerzbank shares, wants to acquire additional shares by 16 June. The offer may be extended until 3 July. The Italian bank’s goal is to exceed the 30% threshold required by German takeover law. UniCredit offers 0.485 new UniCredit shares for each Commerzbank share, corresponding to a valuation of 30.80 euros per share and a 4% premium over the March 13 closing price. Based on this, UniCredit values Commerzbank at almost 35 billion euros. According to dpa, UniCredit does not assume that the share swap will give it a controlling stake in the Frankfurt‑based bank. Commerzbank shares currently trade at about 35 euros, making it unlikely that the Italian bank will persuade many shareholders to accept the offer. Żabka Dividend recommendation Board of Directors
Zabka Group recommended a dividend of 0.12 euros per share. The Board of Directors recommended that the general meeting allocate the 2025 profit of 102.2 million euros as follows: 24.55 million euros to cover past losses; 5.11 million euros to the mandatory legal reserve, created in accordance with Luxembourg law; and the remaining 72.56 million euros to be distributed to shareholders.
SWIG80 and others
Creepy Jar GreenHell sales. Creepy Jar sold over 12 million copies of the game “Green Hell” on all platforms. “Nearly 7 years after the Early Access release, over 12 million of you traverse the harsh Amazon jungle, creating shared stories or simply trying to survive in your shelters during nights full of threats.”
Dekopol Further problems with the Oval Sky investment. The mayor of Warsaw issued a decision refusing to issue certificates of independent use of premises as part of the OVAL SKY investment. Dekpol Target Company – Dekpol Deweloper sp. z o.o. – is obliged to issue the certificate to clients by 15 October 2026. Dekpol stated in its communication that this is an event independent of Dekpol Deweloper. In the target company’s view, the mayor’s refusal to issue certificates was unfounded, through a far‑reaching misinterpretation of applicable law. “All actions taken by Dekpol Deweloper were in accordance with applicable law, due diligence, and full cooperation with the relevant public administration authorities. Accordingly, the target company will take actions to protect its and its clients’ interests, including actions aimed at using the available appeal mechanisms provided by applicable law.”
Cogeneration Estimated 1Q26 results. Cogeneration estimates consolidated EBITDA profit in Q1 2026 at about 323 million PLN, and net profit at about 213 million PLN. Consolidated sales revenue is estimated at about 1.07 billion PLN, and investment outlays at 33 million PLN. Estimated consolidated net cash flows were about 5 million PLN. Electricity sales in Q1 2026 were 1,050 GWh (including a dominant unit of 672 GWh), and heat sales are forecast at 4,855 TJ (including a dominant unit of 4,276 TJ). As stated, the estimates for consolidated electricity sales revenue were higher than Q1 2025 by 20%, i.e. 79 million PLN, totaling 475 million PLN. “Higher electricity sales revenue was mainly due to a 36% higher sales volume at Cogeneration S.A. compared to Q1 2025.”
Unibep Most favourable consortium offer. The consortium with Unibep, totaling about 874.1 million PLN net, was chosen as the most favourable in the PKP PLK tender for construction works on the railway line between Gdańsk Osowa and Gdynia Główna. Unibep’s share is about 437.1 million PLN net. The consortium consists of Unibep, as the leader, and Track Tec Construction.
