Investors discounted further US military attacks on targets in Iran in this way. In addition, WTI oil fell by over 3.7%, and gold dropped by nearly 1.4%. The atmosphere was attempted to be saved by US Secretary of State Marco Rubio, who said that an agreement with Iran is still possible, even though the US military carried out an attack on the south of the country on Monday. Markets are therefore cautious about further optimistic statements from the US administration.
Meanwhile, during the session across the ocean we saw clearer rises – those markets were closed on Monday due to a holiday, so they only “caught up” yesterday with the weekend information about a closer agreement in the Middle East. The national exchange was included in the above trends, where due to foreign players’ movements WIG20 lost over 1.0%, mWIG40 over 0.5%, while sWIG80 closed the day with a minimal plus.
Strong falls of KGHM, Modivo, LPP and Pepco
Among the blue chips on Tuesday growth continued for energy companies and some consumer companies (Żabka, Allegro had a small decline), while KGHM and the clothing industry (Modivo, LPP and Pepco) fell more sharply.
Upcoming macro data – what will trigger market volatility?
Today we again have no significant economic data releases, so volatility may be lower, unless information that changes the perception of the geopolitical situation in the Middle East flows into the market. On Thursday, market attention will again shift across the ocean, where data on PCE inflation in April and a revision of GDP for Q1 of the current year will be published. The first measure will be particularly crucial for markets.
Already in March PCE inflation accelerated noticeably, exceeding 3% YoY. If the trend persists, it may strengthen expectations of interest rate hikes in the USA and thus support the dollar.
The week will end with the publication of preliminary inflation estimates for May in many European countries. Among the countries that will publish their estimates is also Poland, which already feels the effects of the conflict in the Middle East and the price level remains at 3.2%.
WIG20 and mWIG40
GPW Management comment on results
• Management expects slightly lower revenue growth dynamics in the next quarters and significantly higher operating costs, mainly due to the implementation of the WATS system.
• "On the other hand, this will be partially offset by the expected reduction in non-core company costs, which is already happening now, but will happen more in the second half of the year"
• The group also maintained that an increase in CAPEX is expected in the next quarters, due to the intensification of work on the implementation of GPW WATS in Q2 and investments in cybersecurity and digital tool development, including AI.
• The group will analyze the area related to M&A and the role of the exchange in the region, or more broadly in Europe.
• The development of the ETF fund offer remains one of the strategic priorities of GPW, and by the end of the year their number should increase to about 50. Currently 33 ETFs are listed on GPW.
Pracuj Group Management comment on results
• Pracuj Group raises expectations for the next quarters and expects high single-digit revenue growth in recruitment services at 7-9%.
• Management expects this year to be weaker in the German market, but the next years should be better.
• The group still expects a moderate single-digit growth of MRR in the HR Software area.
• Pracuj Group focuses on complementary acquisitions, on a smaller scale. The market still shows a divergence between public company valuations and the expectations of potential sellers in the private sector.
Kruk Dividend Shareholders’ meeting decided to allocate 390.9 million PLN for dividends, giving 20 PLN per share. The record date for dividend eligibility was set for 1 June 2026, and the payment date for the dividend on 3 June 2026.
PGE 1Q’26 results PGE Group had 4.14 billion PLN recurring EBITDA and 1.94 billion PLN net profit in Q1 2026. Results are in line with estimates. Reported EBITDA was 4.08 billion PLN, and sales revenue 17.45 billion PLN.
PlayWay Dividend Management recommends the shareholders’ meeting allocate 115.9 million PLN for the 2025 dividend, giving 17.39 PLN per share. The proposed dividend date is 7 July, and the payment is to take place on 17 July 2026.
Selvita Funding from NCBR More effective therapies and future drugs – work on such solutions is covered by an agreement signed on Tuesday in Krakow by Selvita and the National Centre for Research and Development. The agreement is for 91 million PLN.
SWIG80 and others
ATM Group Dividend Shareholders’ meeting ATM Group decided to pay a dividend from net profit for 2025 of about 22.8 million PLN, giving 0.27 PLN per share. The dividend date was set for 1 June, and the payment will take place on 3 June 2026.
BoomBit 1Q’26 results Consolidated and adjusted EBITDA of the BoomBit group was 9 million PLN in Q1 2026 versus 5.1 million PLN a year earlier, an increase of 78% YoY. In this period sales revenue was 67.8 million PLN.
CelonPharma Management comment on investment plans Celon Pharma estimates the progress of investments in Slovakia at 60-70% and is preparing to launch the drug Reduzek in the market from Q1 2028. “Reduzek is a large-scale project for us. In this case there is a market opportunity, because semaglutide is not patent-protected in several markets of our part of Europe – mainly Balkan countries – Slovakia, Romania, Bulgaria, Croatia, Serbia, Baltic – Lithuania, Estonia, Latvia, and in those markets from 2028, from the first quarter we are preparing to launch products. To do this safely, without entering patent risk, we must produce and export the drug from one of these markets, hence our investment in Slovakia.” Cloud Technologies Management comment on results
• Cloud Technologies expects further growth in data sales and also plans further acquisitions in the US market.
• Due to the introduction of a new product “Data Curation” at the end of Q1, management believes it is possible to accelerate revenue growth dynamics in the next quarters.
• "What makes us happy is that we maintain a high level of profitability, the operating leverage effect works for us and as we have repeatedly mentioned, increasing the scale of operations should also have a positive impact on profitability in the future" – said the president.
Digital Network Dividend Management recommends that the company pay 4.46 PLN dividend per share for 2025.
Echo Investment 1Q’26 results Revenue was 469 million PLN (-3.8% from consensus), EBIT 77.3 million PLN (-1.2% from consensus), and net profit 10.3 million PLN (-6.4% from consensus). In Q1 2025 Echo Investment had 85.4 million PLN net loss, 94.6 million PLN revenue and 65.6 million PLN EBIT loss.
Erbud Withdrawal from contract Erbud withdrew from a contract worth about 56 million PLN net for the reconstruction of the Military Hospital building with the outpatient clinic SP ZOZ in Szczecin. The basis for withdrawal was the lack of payment guarantee from the investor.
Inpro Dividend Inpro recommends shareholders’ meeting to pay 10 million PLN dividend from net profit for 2025, giving 0.25 PLN per share. The proposed dividend date is 24 July, and the payment is to take place on 7 August 2026.
Huuuge 1Q’26 results Huuuge had 24.3 million USD adjusted EBITDA in Q1 2026, a decline of 3.8% YoY. The consensus Business PAP assumed 23.2 million USD adjusted EBITDA. Revenue in Q1 was 56.5 million USD, versus 62.4 million USD in the same period 2025. Consensus Business PAP assumed 56.6 million USD revenue.
Mercator Medical Estimated 1Q’26 results Mercator Medical estimates consolidated net profit in Q1 2026 at 12.9 million PLN versus 30.3 million PLN net profit in Q1 2025 and 3.5 million PLN net profit in Q4 2025. Consolidated sales revenue of Mercator Medical in Q1 2026 was 145.6 million PLN versus 147.7 million PLN in Q1 2025 and 138 million PLN in Q4 2025. EBITDA result in Q1 2026 was 15.4 million PLN versus 5.4 million PLN in Q1 2025 and 13.7 million PLN in Q4 2025.
Mostostal Zabrze Estimated 1Q’26 results Mostostal Zabrze estimates that in Q1 2026 it had 8.3 million PLN consolidated net profit, 9.6 million PLN EBIT and 316 million PLN sales revenue. At the end of April 2026 the backlog value was 1.1908 million PLN, and the estimated value of contracts to be signed based on current offers is 385.7 million PLN.
PCF Group Write-offs and estimated 1Q’26 results PCF Group will create in its Q1 results a write-down of 100% of the value of the company allocated to the subsidiary Game On Creative, which will reduce the consolidated result and reduce the value of fixed assets by 24.9 million PLN. The group estimates an EBIT loss in Q1 of 20.9 million PLN. The group estimates its revenue in Q1 at 45.6 million PLN versus 63 million PLN a year earlier. The operating loss is estimated at almost 20.9 million PLN compared to 4.3 million PLN loss in Q1 2025. According to estimates EBITDA was 8.4 million PLN versus 1.7 million PLN last year.
Selena FM Dividend Shareholders of Selena FM decided to pay a total of 54.1 million PLN from 2025 profit for dividends, giving 2.5 PLN per share. Dividend date is 9 June, and payment on 30 June 2026.
Spyrosoft Interview with management
• Spyrosoft counts on orders from the public sector, including in the UK and Germany, "Regarding the public sector in Poland – the company wants to be active in the defense sector and is starting tenders in this area. (...) However, the biggest opportunities we see outside Poland"
• The financial plans were maintained: goals for 2026, defined in the 2022-2026 strategy, are: revenue growth of 25-35% annually and EBITDA margin of 11-14%. Plans for the next period will be presented in 2027.
• "Regarding the prospects of individual sectors in the next quarters is quite good – they stand out: financial sector, robotics, retail, energy sector" • According to management, further acquisitions can be expected in the next quarters. Unimot 1Q’26 results The Unimot Group achieved in Q1 2026 adjusted EBITDA of 105 million PLN and sales revenue of 3.529 million PLN. The Group’s results in the same period last year were 47 million PLN and 3.408 million PLN respectively.
