The best performer was sWIG80, which lost only 0.37%. Meanwhile, the German DAX and French CAC40 recorded overvaluations of 1.32% and 1.09% respectively.
Sentiment in Europe was negative, despite optimism on Wall Street. In the USA we had the release of good labor market data, and the first quarter earnings season shows the highest profit improvement since 2021. As a result, the S&P 500 rose 0.84% and the Nasdaq 1.71%.
This week the macroeconomic calendar will be relatively empty. Consequently, geopolitics and news related to the Middle East situation may again take the foreground. On Tuesday, market attention may focus on final CPI/HICP inflation estimates in Germany (preliminary HICP: 2.9% y/y), then shift to the USA, where inflation data will also be released.
On Wednesday, the data calendar will continue with final inflation indications. This time France will publish its estimates, where initial data indicated an acceleration of HICP dynamics to 2.5% y/y from 2.0% recorded in March. On the same day, a revision of Q1 GDP for the eurozone (0.8% y/y) will also be published.
Thursday will be slightly richer in data. The calendar includes, among others, final CPI estimates in Spain, GDP dynamics in Q1 in Poland, and US retail sales in April. For Polish data, BNP Paribas economists expect that the economic activity dynamics in the January-March period rose 3.8% y/y compared to 4.1% y/y recorded in Q4 2025.
The week will end with the publication of final CPI estimates in Poland for April (preliminary reading +3.2% y/y) and March balance of payments data, where BNP Paribas economists expect the current account deficit to shrink to 900 million EUR. At the end of the day, US industrial production data for April will be released.
WIG20 and mWIG40
Budimex Interview with the CEO about Budimex's goals for 2026: maintain stable profitability and an order portfolio similar to the current level, but contract signing may shift due to the pace of tender resolution and appeals – CEO Artur Popko assessed. The cumulative realization of the largest investments is expected in 2028–2029.
• "Our goal for 2026 is to maintain stable profitability and an order portfolio at a level similar to the current one, though it will be an ambitious challenge. It is worth noting that the cumulative realization of the largest investments is expected in 2028–2029, which may further increase pressure on resources and costs in the sector. Much also depends on the pace of proceedings. We must consider prolonged appeal procedures and the fact that signing some contracts may shift to next year" – said the PAP Biznes CEO.
• "In the longer term our strategic goal remains revenue and order portfolio growth. Looking at the scale of investment plans in Poland, we see great opportunities to achieve this goal" – added him.
• Budimex's order portfolio as of March 31, 2026, was 18.8 billion PLN.
• "The first quarter was demanding for the construction industry, mainly due to very unfavorable weather conditions, especially in January and February. Throughout 2026 we can, however, expect construction and assembly production growth in the 3–5% range." – Popko said.
• "We see many more tender procedures on the market. Additionally, some investment programs exit the preparation phase and start moving to the contractor selection stage. This is the case, for example, with Port Poland, both the rail part and the terminal itself. Added to this are GDDKiA, PKP PLK and PSE proceedings. We see a clear revival, especially in the public sector" – added.
Develia Board dividend recommendation: a total of 342.8 million PLN, giving 0.73 PLN per share. According to the board's proposal, 335.6 million PLN from 2025 profits and about 7.1 million PLN transferred from the reserve capital created from 2019 profits for dividend payouts and advance payments will be used. The board proposes the dividend record date to be September 25, 2026, and the dividend payment date to be September 30, 2026.
Eurocash EBITDA profit of the Eurocash group in Q1 2026 was 121.4 million PLN versus 121.1 million PLN a year earlier. PAP consensus assumed 120.9 million PLN EBITDA profit. Eurocash's parent net loss in Q1 was 86.4 million PLN versus 85.5 million PLN a year earlier and 77.5 million PLN expected by the market. Consolidated net loss was 89.4 million PLN in Q1.
Inter Cars Revenue in April: Inter Cars Group had 1,943.2 million PLN revenue in April 2026, an 8.9% year‑over‑year increase. Inter Cars sales were 1,219.1 million PLN (4.4% y/y), of which sales in Poland were 727.6 million PLN.
mBank Bond buyback: In the offer to buy back unprivileged senior bonds issued by mBank, the 11th series bonds with a total nominal value of 376.8 million euros and the 12th series bonds with a total nominal value of 552.2 million euros were correctly presented for buyback.
LPP Results: LPP Group recorded a 10% increase in revenue dynamics in constant currencies in Q1 (February‑April 2026). LFL sales fell 2.8%. Gross margin on sales is estimated at 58‑59%. "The Spring/Summer 2026 season was characterized by relatively low temperatures, especially in February and April. Although these conditions led to lower-than-expected revenue dynamics, historically the highest gross margin on sales for the first quarter and cost discipline compensated for the less favorable climate. As a result, the company estimates that operating profit (EBIT) rose year‑over‑year at a high double‑digit pace, and Q1 2026 was the fifth consecutive period of profitability improvement at the net profit level" – the company said.
XTB Dividend: The XTB shareholders' meeting decided to pay a 478.5 million PLN dividend from 2025 net profit, giving 4.07 PLN per share. The dividend record date was set for June 15, and payment will occur on June 24, 2026.
SWIG80 and others
Creotech Quantum: Creotech Quantum's share issuance begins an accelerated book‑building process (ABB) for up to 350,000 Series D shares. The company aims to raise up to 75 million PLN.
Noctiluca Agreement with a Chinese partner: Noctiluca signed an MTA (Material Transfer Agreement) with a Chinese advanced semiconductor display manufacturer. The partner operates in the advanced semiconductor display technology segment, including OLED and perovskite solutions used in the next‑generation displays.
Pekabex Pekabex conference plans production of over 230,000 cubic meters in 2026, as informed by company representatives during a video conference. In the medium term, the group's sales potential is estimated at about 3.5 billion PLN.
• "We are definitely still on track with our annual targets and here the production forecast for this year is definitely higher, because we want it to be over 230,000 cubic meters." – Vice‑president Tomasz Seremet said.
• The presentation shows that the group's total production capacity is about 300,000 cubic meters.
• In the medium term, Pekabex estimates annual revenue potential at about 3.5 billion PLN and EBITDA at 280 million PLN.
• In the vice‑president's view, the product mix acquired by the group is better.
• "We acquired, for example, from Germany new topics – three data centres. From Scandinavia a new product, namely wind turbine tower elements. This is an interesting area for us and it is already in production" – he said.
• "The backlog value is roughly the level of last year’s sales revenue. For 2026 we have contracted production at about 73% as of the end of March." – vice‑president Beata Żaczek added.
• At the end of March 2026, the company had a record order portfolio worth over 2.3 billion PLN, 26% higher than at the same time in 2025.
