The EURUSD rate fell below 1.17 in yesterday’s session. Oil prices rose – Brent crude once again surpassed 105 USD per barrel.
See also: Shares of the company listed on the Warsaw Stock Exchange plunged! It’s certain, shareholders are saying goodbye to the dividend
Besides the indices, bonds also lost value, evident from the rise in government bond yields – the yields of 10‑year Polish government bonds ended the day above 5.6%.
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In this environment, domestic indices performed relatively weaker, led by WIG20.
Beyond global risk aversion, Warsaw’s blue chips were burdened by profit realization after a strong April rally and pressure in the banking sector.
WIG Banki fell almost 2.0%, twice as much as WIG20. The direct cause was the EU Court of Justice ruling, which issued a more consumer‑friendly decision than analysts expected.
The Court decided that a bank can lend beyond interest costs, but cannot charge interest on them. Now national courts, guided by these guidelines, will individually resolve disputes between consumers and banks. Additionally, next week the earnings season on the Warsaw Stock Exchange will begin, starting with banks – forecasts indicate weaker results compared to the previous quarter and the year earlier.
After yesterday’s data release, today’s economic calendar has fewer significant items. Nevertheless, we point out the domestic unemployment rate reading and the release of the University of Michigan consumer sentiment index for April, which allows assessment of the purchasing power of US consumers.
WIG20 and mWIG40
Construction Tender for a section of the KDP line by the Central Communication Port Company (CPK) announced on Thursday a procedure for building a high‑speed railway (KDP) segment between Warsaw and Łódź. A contractor is sought for the 14.3‑km “Y” section between the airport and Bolimów nodes. The company responsible for implementing the investment program, Port Polska CPK, seeks a contractor for construction works with design elements for projects under the task “Design and build high‑speed railway line no. 85 between the airport and Bolimów nodes (without nodes).” It concerns a 14.3‑km fragment of the line, part of the railway “Y”, which will connect Warsaw, Łódź, Poznań and Wrocław. Trains will run at up to 350 km/h. The line will enable such speed both in terms of technical parameters, geometric routing, collision‑free crossings, anti‑vibration and acoustic safeguards, and a new Polish standard of traction power supply – 25 kV alternating current.
Kęty Management commentary: The Kęty Group plans to maintain high utilization of production capacity, but the market still experiences high volatility due to geopolitical conditions, making planning for future quarters difficult. The group maintains its full‑year forecast despite better than expected Q1 results. “In the second quarter we face extreme volatility, mainly in raw materials, but we still expect high utilization. We will focus on leveraging opportunities and delivering raw material to a high production scale. However, volatility in raw materials and macro parameters should be expected. Even aluminum and injection premium in April remained significantly expensive. This is more visible in petrochemicals.” “We do not expect a significant rebound in the second half at the moment (...), adding uncertainty that accompanies us, it is difficult to forecast for the second half. (...) The annual forecast remains a goal; deviations after Q1 are not significant.” – added Warpechowski, asked about the possibility of a higher EBITDA result in the second half compared to the first half of the year.
KGHM Operational data in March: Copper sales by the KGHM group amounted to 70.2 thousand tonnes in March, up 8% year‑on‑year. Payable copper production was 61.6 thousand tonnes, up 4% year‑on‑year. Payable silver production was 76.3 tonnes, down 26.0 tonnes (‑25%) compared to March 2025 due to planned maintenance in the precious metals division. TPM production was 11.3 thousand tonnes, a decline of 4.3 thousand tonnes (‑28%) compared to March 2025. The decline occurred in all segments. Molybdenum production was 0.4 million pounds, up 0.1 million pounds (+33%) compared to the previous year. “In Q1 2026 copper production was close to the budgeted level. Silver and gold production exceeded the plan.” Silver sales were 87.6 tonnes, down 18.6 tonnes (‑18%) compared to March 2025. Sales growth was noted in KGHM INTERNATIONAL LTD. and Sierra Gorda S.C.M., decline in KGHM Polska Miedź. TPM sales were 15.1 thousand tonnes, down 5.4 thousand tonnes (‑26%) compared to the previous year. This is linked to lower TPM sales volume in all KGHM segments. Molybdenum sales were 0.4 million pounds, up 0.3 million pounds compared to March 2025.
PKO BP Dividend recommendation: The PKO BP board recommends a dividend of 6.14 PLN per share from 2025 net profit. The bank’s 2025 net profit was 10.24 billion PLN, of which 7.67 billion PLN is recommended for dividends (74.95% of 2025 net profit). The dividend date is proposed as 5 August 2026, with payment on 13 August 2026.
Rainbow Tours Dividend recommendation: The Rainbow Tours board recommends allocating 125.14 million PLN from 2025 profit to dividends, yielding 8.60 PLN per share. The remaining 109.2 million PLN is proposed to be retained as retained earnings and used to fund reserve capital.
Synektik Estimated revenue: Synektik Group estimates consolidated revenue for the first half of the 2025 financial year (ending 31 March 2026) at about 441 million PLN, versus 327.8 million PLN a year earlier. Preliminary estimates for January‑March 2026 revenue are about 213 million PLN, up about 71% from the same period in 2024.
Unimot Management commentary: Unimot plans 2026 investments in storage terminals expected to bring additional EBITDA in 2028. Unimot expects its segments, except bitumen, to benefit from the current dynamic market situation. “We plan to start new storage capacity investments, especially for mandatory reserves, but also for future aviation fuel turnover. These investments should start in 2026. Of course, this also depends on approvals and authorities. Additional revenue and margins in this area should appear in 2028.” The board was asked during an online chat how they assess the impact of regulatory changes (e.g., mandatory reserves, EU energy policy) on terminal segment profitability. “Due to regulatory changes, demand for additional storage capacity for mandatory fuel reserves will arise. … We plan, among others, terminal storage investments expected to bring additional EBITDA in 2028.” Unimot also informed that it expects each business in the group to fully utilize its potential in the demanding market and regulatory environment in 2026. “Looking at the market, planned lower road investments may negatively affect the bitumen business. Other businesses should benefit from the current dynamic market situation.”
SWIG80 and others
Arlen New consortium agreement: The consortium led by Arlen and partner KFR has an agreement with the State Treasury – 4th Regional Logistics Base in Wrocław worth 23.76 million PLN gross. The contract covers delivery of 20,000 mountain infantry containers. The buyer can exercise an option to order an additional 20,000 containers. The maximum value of potential orders under the option is 23.76 million PLN gross.
Boombit Blockchain exit: Boombit is exiting blockchain operations and intends to focus entirely on the mobile sector; Q4 2025 was a turning point and the company expects to maintain a positive trend in 2026. “In Q4 we had nearly 60 million PLN in revenue, 25% more than the previous quarter. And that was the effect of Midcore games.”
Bumech Reorganization: Bumech reorganizes its defense sector activities and transfers them to the listed company Capital Partners. It will develop projects related to the production and trade of military equipment and technologies within a dedicated business structure.
Capital Partners will become the target center of the group’s defense activities. The company was previously prepared as a platform for energy assets but its purpose was changed to align with the defense segment developed since 2025. The change reflects the assessment of prospects for individual business segments. The company believes the defense sector better matches current market conditions and requires a structure enabling independent development.
Under the adopted model, Bumech transfers Bumech Defense – a company holding a concession for trading military equipment and defense technologies – to Capital Partners. The next step is to bring the organized part of the enterprise, including production facilities in Szopienice, staff, and operational competencies. Ultimately, this activity will be integrated into Capital Partners and operate as a separate segment within the public company.
Creepy Jar 2025 results: Creepy Jar had 17.2 million PLN net profit and 15.9 million PLN EBIT in 2025. Previously the company estimated 16.4 million PLN net profit and 15.1 million PLN operating profit. Sales revenue was 29.8 million PLN. The proposed dividend date is 25 June, with payment on 1 July 2026.
Kino Polska Management commentary: Kino Polska plans increased programming investments in 2026. The company notes a shift in viewer attention toward informational content at the expense of entertainment channels. “2025 was such a start (...), we began gradually changing our programming strategy and also in 2025 we wanted to start stronger investments in content.” “In 2026 we aim to further change our programming strategy. You will see this in the coming months, regarding Stopklatka, Zoom and Filmboxy. And this level of investment will grow to adapt our channels to our audience.”
Murapol Dividend recommendation: Murapol intends to allocate an additional 80.4 million PLN from 2025 net profit to dividends, giving 1.97 PLN per share. In December Murapol paid a dividend advance of 2.94 PLN per share for 2025. The total dividend for 2025 will be 200.3 million PLN.
Niewiadów - PGM Management commentary: Niewiadów Polska Military Group and its subsidiary Precision Equipment Plants Niewiadów (ZSP) formed Niewiadów Warhead Systems, focusing on specialized warhead production for UAVs. Niewiadów PGM acquired shares representing 25% of Niewiadów Warhead Systems’ capital and votes, the rest held by ZSP. “With the support of the group’s parent companies, Niewiadów Warhead Systems will focus on producing specialized warheads for UAVs. Production will occur in close cooperation with Tech Robotics.” The goal is to develop a portfolio of products with diverse tactical purposes, including training and combat solutions. The offer structure aims to support the full end‑user preparation cycle, from training to testing and simulations to operational use. Niewiadów Warhead Systems will focus on solutions tailored to modern battlefield requirements, considering forces’ needs for precision, effectiveness and flexibility.
OT Logistics Management commentary: OT Logistics board recommended allocating the 2025 profit of 8.8 million PLN entirely to reserve capital. This recommendation deviates from the company’s dividend policy. “The board, by making this recommendation, deviating from the dividend policy adopted in the OT Logistics Group Strategy for 2026, is guided by the need to ensure liquidity and capital necessary for further development and investment execution, despite current unfavorable market trends.” “The deviation is incidental; in future years the board intends to follow the dividend policy, but each time it will consider the company’s and group’s situation and market environment.”
OT Logistics 2025 results: OT Logistics Group recorded EBITDA of 36.8 million PLN in 2025, a decline of 36.7% year‑on‑year. Revenue was 272.9 million PLN, down almost 15% year‑on‑year. Net loss was 46.2 million PLN versus 9.1 million PLN loss a year earlier. The group’s results were significantly affected by a downturn in the bulk cargo segment. Port segment revenue fell 10.5% year‑on‑year, mainly due to lower transshipment services for bulk goods at OT Port Gdynia, especially agro products, and at OT Port Świnoujście, where lower volumes included coal, coke, agro products and other bulk cargo.
Quercus TFI Share buyback: WZA Quercus TFI approved a share buyback of up to 8.5% of all shares valued at 55.7 million PLN at a price of 13 to 18 PLN. “We continue the tradition of sharing profits with our shareholders. We allocate 100% of last year’s unit profit to the buyback.” – said Sebastian Buczek, Quercus TFI CEO.
ZM Ropczyce 2025 results: Zakłady Magnezytowe Ropczyce Group recorded 8.1 million PLN net profit in 2025. Sales revenue was 394.4 million PLN, 8.2% lower year‑on‑year. Gross sales profit was 71.9 million PLN, with a gross margin of 18.2%. Operating profit was 16.9 million PLN. The group improved EBITDA from 23.6 million PLN in 2024 to 34.2 million PLN, a 45.3% increase year‑on‑year.
“The results achieved in 2025 show that despite a difficult market environment we can effectively manage our operations and improve profitability. This is mainly due to consistent cost optimisation and strong relationships with key customers.”
It was noted that the largest share of the company’s sales structure in 2025, as in the previous year, was iron and steel smelting. Sales in this segment were 198.6 million PLN, a decrease of about 7.5% year‑on‑year, due to lower production levels at key customers and the European steel industry situation.
