Declines on the Warsaw Stock Exchange: Dino (-3.0%), CD Projekt (-2.06%)
Meanwhile, Dino performed the worst (-3.0%), and the runner-up in declines was CD Projekt (-2.06%). In the small and medium company segment, demand prevailed, and the mWIG40 and sWIG80 rose respectively by 0.53% and 0.62%.
Investor sentiment in Europe was also not the best. The German DAX fell by 0.34% and the French CAC40 slipped by 0.24%. The cause was tensions in the Middle East. The U.S. military carried out new attacks on a military facility in Iran on Wednesday, which posed a threat to U.S. forces and commercial shipping in the Strait of Hormuz. After the European session ended, however, positive news emerged.
U.S. and Iranian negotiators reached an agreement
U.S. and Iranian negotiators reached an agreement on a framework for a cease‑fire agreement, including a 60‑day extension of the truce, although it has not yet received final approval from the U.S. president – Axios reported on Thursday.
The White House officials confirmed the reports. Axios reports that the negotiated terms are intended to make shipping through the Strait of Hormuz "unrestricted," meaning no transit fees or harassment, and that Iran will have to remove all mines from the strait within 30 days. As a result, Wall Street indices ended the day on an upward note: S&P 500 and Nasdaq set new historic highs.
Today the Middle East may again be in the spotlight. Investors will await further information after yesterday’s announcement that the U.S. and Iran reached an agreement on a cease‑fire framework. In the morning oil slightly falls and investors’ reaction at the start of the European session is expected to be positive. The macro calendar includes the release of preliminary inflation estimates for May in many European countries.
The market expects company results
Among the countries that will publish their estimates is also Poland, which already feels the effects of the Middle East conflict and the price level remains at 3.2%.
Friday is also the last day of May, when a wave of Q1 report releases will occur.
Many companies will present their results today, some of which have already done so before trading begins. As a result, this day will also be rich in company earnings conferences.
WIG20 and mWIG40
Asseco Poland The Asseco Poland conference would like to stop limiting itself to Poland and engage more strongly, e.g., in the EU public sector – representatives of the company informed at a press conference. They indicated that Asseco is working on further acquisitions and a motivational program.
• "It seems that – if we also look at the backlog – we are quite safe on the revenue protection side. If it were as it is, we would be very satisfied. We do not have such an area today – as it used to be dynamic rising labor costs – that would be an obvious area of concern" – said Karolina Rzońca‑Bajorek, vice‑chair of the board, CFO of Asseco Poland, at the press conference.
• "If we get more contracts – African contracts or military contracts – it should generally be good everywhere. Of course, we depend on a certain spending dynamic (...), so it is definitely some risk to match the number of people to the number of projects. Because now there is indeed accumulation" – she added.
• The consolidated order portfolio of Asseco for 2026, in the software and own services area, currently has a value of 12.3 billion PLN and is 21% higher than the same period last year. Auto Partner Dividend Shareholders of Auto Partner decided that the company will pay a dividend of 19.6 million PLN, i.e., 0.15 PLN per share. The dividend date was set for June 11, and the payment date for June 25, 2026.
CD Projekt Results Consolidated net profit of CD Projekt in Q1 2026 was 106.2 million PLN. According to PAP Business calculations, EBITDA profit was 110.2 million PLN. Consensus expected 94.9 million PLN net profit and 106.6 million PLN EBITDA profit. Revenues were 191.1 million PLN, with expectations of 183.5 million PLN. CD Projekt’s operating profit in Q1 was 97.1 million PLN, versus consensus of 91.6 million PLN. In the same period last year CD Projekt recorded 111.8 million PLN net profit, 180.1 million PLN revenue and 94 million PLN EBIT. "In the first three months of this year we achieved solid revenues – mainly thanks to strong sales of 'Cyberpunk 2077' and 'The Witcher 3', and also due to adding them to the Xbox Game Pass Premium and Ultimate game catalog" – said CFO Piotr Nielubowicz.
CD Projekt CD Projekt’s earnings conference still plans to release smaller materials worked on in 2026 – the joint CEO of CD Projekt, Michał Nowakowski, informed during the audio conference.
• "Our early plans assumed that 'Songs of the Past' could be released this year, but we decided that its launch will take place in 2027. Of course we also have other materials (content) that are currently at an advanced production stage, and although they are not on the same scale as a large expansion, we still plan to release them this year" – said Nowakowski.
• CD Projekt still plans to release smaller materials worked on in 2026 – Michał Nowakowski also indicated that the scale of the narrative expansion for 'The Witcher 3' titled 'Songs of the Past' is similar in scale to the 'Blood and Wine' expansion.
• "Our early plans assumed that 'Songs of the Past' could be released this year, but we decided that its launch will take place in 2027. Of course we also have other materials (content) that are currently at an advanced production stage, and although they are not on the same scale as a large expansion, we still plan to release them this year" – said Nowakowski.
Diagnostyka Group Results Diagnostyka Group had 82.6 million PLN net profit in Q1 2026, which is a 13.3% year‑on‑year increase. PAP Business consensus expected 72.5 million PLN profit. Recurring EBITDA in Q1 2026 was 179.6 million PLN (11.4% year‑on‑year increase), and operating profit 123.1 million PLN (9.7% year‑on‑year increase). Consensus expected 164.7 million PLN recurring EBITDA and 108.7 million PLN EBIT.
Inter Cars Inter Cars will pay a dividend of 1.42 PLN per share from 2025 net profit, i.e., it will allocate 20.12 million PLN for dividend payment. The dividend date was set for June 10, and the payment date for June 24, 2026.
JSW Severance program From the one‑time cash severance program at JSW, 526 employees have benefited so far. Last Friday a subsidy agreement was signed between JSW and the Ministry of Energy, opening the way to launch the program. "This is the first stage of the process. In total, 1,156 employees can benefit from the one‑time severances" – the company wrote. Each employee who chooses to participate will receive 170 thousand PLN.
Orlen Orlen Group conference is interested in increasing its presence in Ukraine, discussing involvement with Ukrnafta – Orlen CEO Ireneusz Fąfara informed at Thursday’s press conference.
• Orlen CEO declares that the Ukrainian market is extremely important for the group, especially for the Możec refinery, which sells almost 18% of its products there.
• "We believe the war will end and the winning side will be Ukraine. We would like to engage more in this market than we are currently. We are one of the main partners supplying fuel to Ukraine and would like to strengthen this position" – said Ireneusz Fąfara.
• Since last year’s summer, Orlen sells roughly one gas vessel per month to Ukraine.
• Orlen negotiates with a partner the cooperation terms for the SMR project in Włocławek – Orlen CEO Ireneusz Fąfara informed.
• "We are now at the stage of setting cooperation rules for the SPV project in Włocławek. Our goal, task and ambition is for our partner to profit from working with us, not from us. Therefore we presented him with cooperation terms for this project in line with our operating philosophy, the state‑owned company’s operating philosophy, with a specific legal regulation. We are in the process of negotiating cooperation terms with the partner" – said CEO Ireneusz Fąfara at Thursday’s press conference.
Pekao Dividend Shareholders of Bank Pekao decided that the bank will allocate nearly 5.19 billion PLN of 2025 profit to dividends, giving 19.77 PLN per share. The dividend date was set for June 15, and the payment date for June 29, 2026.
SWIG80 and others
Apator Dividend The board of Apator recommends to the shareholders’ meeting a dividend of 1.20 PLN per share from 2025 profit. The declared dividend value will be 39.1 million PLN.
Creepy Jar Creepy Jar’s conference wants to release version 1.0 of the game "StarRupture" in 2027, also focusing on closing the narrative for interested players – the company’s CEO, Krzysztof Kwiatek, informed at the video conference. Meanwhile, the CFO, Grzegorz Piekart, indicated that alongside work on the title’s early access release, the game developer is creating a plan for the game’s port to other major gaming platforms.
Digitree Group Digitree Group’s acquisition signed a term sheet regarding the planned acquisition of 100% of the shares of the strategic‑creative agency Neon Shake. The transaction value will be 6.85 million PLN. "The transaction fits into Digitree Group’s strategy of organic growth and further acquisitions building a broad, integrated marketing‑technology offering" – the press release said.
Mangata Dividend Shareholders of Mangata Holding decided that the company will allocate 30.05 million PLN of 2025 profit to dividends, giving 4.5 PLN per share. The dividend date was set for June 11, and the payment date for June 25, 2026.
ZE PAK Results ZE PAK had a net loss of 10.3 million PLN in Q1 2026 and revenue of 343.1 million PLN. In the same period 2025 the company recorded a net loss of 13.8 million PLN and revenue of 309.3 million PLN. The company’s operating loss in Q1 was 8.4 million PLN, versus 9.4 million PLN EBIT loss in the same period last year.
