As a result, European indices rose over 1.0%, U.S. WTI crude was over‑priced by more than 2%, and the European Brent benchmark consolidated near $110/bbl. Improved foreign investor sentiment contributed to a 1.8% rise in the WIG20 and a return of blue‑chips above 3,600 points.
Domestic investors were more restrained – the mWIG40 gained 0.8%, and the sWIG80 closed just below the line. On the other hand, high Treasury yields weighed on U.S. technology companies.
Nasdaq fell 0.45%, and the S&P 500 finished below the line
Nasdaq fell 0.45%, and the S&P 500 ended the day slightly below the line. In the evening, uncertainty increased with statements from Donald Trump – he said that at the request of leaders from Saudi Arabia, Qatar, and the United Arab Emirates, he had postponed the planned Tuesday attack on Iran. He also threatened to attack if an agreement with Tehran is not reached.
Upcoming sessions will continue to run in the rhythm of incoming information about the situation in the Middle East. In connection with the Trump‑Xi summit, investors hoped for a faster agreement between Iran and the U.S., which has not yet materialised.
Regarding published data, we note the May PMI figures (preliminary estimates), the FOMC meeting minutes, and the University of Michigan report containing expectations of inflation in the long and short term.
Time for results: Cyfrowy Polsat, Tauron, JSW, Enea, and Pepco
For U.S. tech companies, a key event will be the release of Nvidia’s Q1 report on Wednesday (May 20) after the session, and on Thursday before the session, Wal‑Mart will publish its report. On the Warsaw Stock Exchange, reports will be released this week by Cyfrowy Polsat, Tauron, JSW, Enea, and Pepco.
WIG20 and mWIG40
Banks WIBOR Reform Until the end of 2026 banks will be able to use WIBOR in new contracts, but simultaneously with the implementation of the new POLSTR index. WIBOR can be used in all existing contracts, instruments, and bonds until the end of 2036.
Budimex The most favourable offer – Budimex’s offer for the Pisza bypass project and construction for over PLN 161 million was selected as the best in the GDDKiA tender.
CI Games The termination of the CI Games agreement was signed with Epic Games under an agreement that released the company from obligations arising from the binding agreement entered into in June 2024.
Cyber_folks Dividend Shareholders of Cyber_folks decided that the company will allocate PLN 38.16 million of net profit for 2025 to dividend payment, which amounts to PLN 2.5 per share. The dividend record date is July 1, and the payment date is July 3 2026.
Handlowy Dividend The Management Board of Handlowy Bank recommends that the dividend for shareholders be PLN 9.8 per share. The proposed record date is June 25, and the payment date is June 30 2026.
JSW Q1’26 results were in line with estimates. JSW Group had a consolidated net loss of PLN 615.9 million and an EBITDA loss of PLN 238.6 million in Q1 2026. In the previous year the company had a net loss of PLN 1.36 billion and an EBITDA loss of PLN 1.23 billion. EBITDA loss excluding one‑off events was PLN 192.4 million versus PLN 551.8 million a year earlier. Revenues were PLN 2.097 billion versus PLN 2.384 billion in Q1 2025. In Q1 2026 JSW produced over 3.2 million tonnes of coal, 13.1 % more, and almost 0.8 million tonnes of coke, 7.1 % more, compared to Q1 2025. Compared to Q4 2025, coal production was 7.3 % lower, and coke production fell 11.3 %. The realised coal sales price in Q1 2026 was PLN 612.75, 4.4 % lower than the analogous period in 2025. Coke coal price fell 3.2 % year‑on‑year to PLN 722.39/t. The average price of coke sold in Q1 2026 fell 12.3 % year‑on‑year to PLN 923.58/t.
mBank Rejection of the Commerzbank takeover offer by UniCredit The Board and Supervisory Board of Commerzbank recommended shareholders reject the voluntary public takeover offer made by UniCredit, stating that the offer did not provide an adequate premium and did not reflect the fundamental value of the bank.
Polenergia Estimated Q1’26 results Polenergia Group estimates its EBITDA in Q1 2026 at PLN 126 million and adjusted EBITDA at PLN 155.4 million. Analysts surveyed by PAP Biznes expected an EBITDA of PLN 133.4 million. In Q1 2026 the group’s adjusted net profit was PLN 14.8 million.
SWIG80 and others
Apator Q1’26 results Sales were PLN 332.9 million (+17.4 % YoY, +3.4 % vs consensus), EBITDA PLN 47.3 million (+35.4 % YoY and +3.2 % vs consensus), EBIT PLN 28.9 million (+60.9 % YoY and +4.7 % vs consensus), and net profit per share PLN 20.0 million (+66 % YoY and -2.5 % vs expectations).
Genomtec Share sales in ABB 5HT The Family Foundation, a shareholder of Genomtec, is launching an ABB public offer for up to 2 million of its shares.
InterCars Q1’26 results Sales were PLN 5 428.0 million (+14 % YoY and +0.9 % vs consensus), EBITDA PLN 388.5 million (+26 % YoY and +5.6 % vs expectations), EBIT PLN 316.6 million (+26 % YoY and +7.3 % vs consensus), and net profit per share PLN 211.3 million (+34 % YoY and +4.0 % vs consensus).
Molecure Q1’26 results The company generated PLN 0.13 million in revenue, EBIT PLN -4.08 million (vs -4.6 million expected), and net loss PLN -4.06 million (-4.5 million per consensus).
Newag Dividend The Newag Board recommends a dividend of PLN 135 million from 2025 net profit, which is PLN 3 per share.
Sanok Sanok Rubber Company’s share buyback invited offers to sell no more than 1,344,095 shares, about 4.99 % of its share capital, at a price of PLN 21.50 per share. The offer acceptance period starts on May 19 2026, and the closing date is May 25 2026.
Shoper Dividend Shareholders of Shoper decided that the company will allocate PLN 16.88 million for the 2025 dividend, which is PLN 0.6 per share. The dividend record date is June 12, and the payment date is June 16 2026.
Vercom Dividend Shareholders of Vercom decided that the company will pay PLN 60.09 million in dividends, which is PLN 2.73 per share. The dividend record date is June 12, and the payment date is June 16 2026.
Vistula Group No dividend The VRG Board recommends not paying a dividend from 2025 profit and allocating the entire PLN 8.1 million net profit of 2025 to reserve capital. The Board is considering approaching the WZ to adopt a resolution to introduce a long‑term incentive program in the company.
