The weakness of the gains is evidenced by the fact that only 6 of the 20 largest companies ended the day with gains, with Orlen (+2%) playing a key role after news of a higher-than-expected dividend proposal.
However, the retail sector lost – Żabka (despite solid Q1 results), Pepco and Dino Polska were overvalued by more than 2%. The mWIG40 performed relatively better thanks to Cyfrowy Polsat’s gains (almost +10%) and also Benefit Systems, Asbis or Lubawa.
The event of the day on foreign markets was the Fed meeting. As expected, U.S. interest rates remained unchanged. The equity market initially reacted with a sell-off to comments from the departing Fed president – Jerome Powell stated at a press conference that economic prospects in the U.S. remain highly uncertain, and in the near future higher energy prices will drive inflation, which is already elevated in the U.S.
By the end of the session, losses were partially recovered, and Nasdaq 100 tech companies recorded almost +0.6% gains even amid continued strong oil price rises.
EXPECTATIONS FOR TODAY’S SESSION
Yesterday’s U.S. session saw Alphabet, Amazon, Meta and Microsoft publish results. Overall, they met or exceeded expectations, and all companies indicated strong business conditions and demand for AI solutions.
In the retail sector, Alphabet’s shares rose the most (+5%) due to strong cloud segment (GCP) growth and advertising revenue. Meta’s shares were slightly down (-5%) – with guidance for Q2 “only” meeting expectations, the company raised its investment forecast by 10 billion USD.
WIG20 and mWIG40
Alior Bank Dividend Ordinary General Meeting Alior Bank decided to allocate 1,165.8 million PLN from 2025 earnings for a dividend, i.e., 8.93 zł per share. The dividend date was set for 13 May 2026, and the payment date for 27 May 2026.
Budimex Cancellation of the selection of the offer Budimex received information about the cancellation of the selection procedure for the construction of the bypass around Szczekociny and Goleniowy on national road no. 78. In August it was announced that Budimex’s offer of 294.76 million PLN net was chosen as the most favorable in this tender.
Cyfrowy Polsat Management comment on results
• Cyfrowy Polsat expects that in 2026 Free Cash Flow will be in the high hundreds of millions of PLN.
• Cyfrowy Polsat expects a low single-digit growth of adjusted EBITDA in 2026.
• The new strategy of Cyfrowy Polsat will be long‑term, and the company declares a review of each business branch in the Polsat Plus Group. The company does not exclude both divestments and additional investments. The long‑term strategy will be announced by the end of 2026 at the latest.
• According to the CEO, the company has already seen the effects of the changes introduced, which included a new unlimited individual subscription offer, a new Multiplay offer and a new online TV offer. The company is therefore satisfied with the results of Q1 2026.
Erste Bank Poland Q1 26 results Interest income was 3,063 million PLN (-3.6% y/y and -0.2% vs forecasts), commission income was 771.5 million PLN (+6% y/y and +1.2% vs forecasts). Total costs were 1,630.1 million PLN (+21.6% y/y and +0.5% vs expectations). Reserve balance was -144.5 million PLN (+20.5% y/y and 5.5% below consensus). Net profit was 1,027.7 million PLN (-40.7% y/y and +1.1% vs consensus). The bank stated that integration and rebranding costs related to the change of the main shareholder amounted to 90.7 million PLN, of which 66.5 million PLN were rebranding and 24.2 million PLN were integration.
Eurocash 2025 results EBITDA of Eurocash was 541.9 million PLN in 2025, down 40.1% y/y, and the group’s net loss, including the abandoned activity (Inmedio), reached 311.7 million PLN. Eurocash group sales revenue was 30,023.9 million PLN in 2025, 4.6% lower than the previous year. The group’s gross margin increased by 0.1 pp y/y to 13.3%. After cleaning the group’s results of the effect of the restructuring reserve of 290 million PLN, EBITDA for the fiscal year ending 31 December 2025 was 832.1 million PLN, and the net loss was 46.6 million PLN. Total cash flows in 2025 were -48.1 million PLN, and operating cash flows reached 789.5 million PLN.
Grupa Azoty Work on a new strategy Adopted in November 2025, Grupa Azoty’s strategy to 2030 is being implemented, and simultaneously work is underway to reorganise this strategy, partly due to recent global events and rising gas prices – the state assets minister’s representative informed the parliamentary subcommittee.
Grupa Azoty 2025 results Grupa Azoty had 322.76 million PLN EBITDA and 13.1 billion PLN revenue in 2025. Results are in line with earlier estimates.
ING BSK Q1 26 results Interest income was 2,333 million PLN (+6% y/y and +0.5% vs expectations), commission income was 595 million PLN (+3% y/y, -1.1% vs expectations). Total costs were 1,281 million PLN (+7% y/y and -0.5% vs expectations). Reserve balance was -210 million PLN (flat y/y and +8.5% above forecasts). Net profit was 823 million PLN (-19% y/y and -7.5% vs expectations).
InterCars Dividend Inter Cars’ board recommends that 20.1 million PLN from 2025 profits be paid as a dividend, giving 1.42 zł per share. The board also decided to propose a dividend date of 10 June 2026 and a payment date of 24 June 2026.
JSW Annual report JSW Group had a consolidated net loss of 6.25 billion PLN and an EBITDA loss of 4.99 billion PLN in 2025. The year before, the company had a net loss of 7.28 billion PLN and an EBITDA loss of 6.5 billion PLN. Results are in line with earlier estimates. The results were affected by the inclusion of an adjustment for the value of non‑financial fixed assets totaling 3.17 billion PLN. Revenue was 9.41 billion PLN versus 11.33 billion PLN in 2024. The company sees liquidity risk in August, partly due to the lack of loan execution from ARP. JSW expects that loan proceeds could reach it in May and June, continuing remedial actions.
Kruk Q1 26 results Revenue was 783.4 million PLN (-2.3% y/y and -1.1% vs consensus). EBITDA was 403.5 million PLN (-1.4% y/y and -3.7% vs consensus). EBIT was 384.4 million PLN (-2.3% y/y and -3.8% vs expectations), and net profit was 262.3 million PLN (+4.2% y/y, -3.5% vs expectations). Portfolio investments in Q1 2026 were 513 million PLN, up +124% y/y.
mBank Q1 26 results Interest income was 2,391 million PLN (-3.2% y/y and -0.9% vs consensus), commission income was 576 million PLN (+14.5% y/y and +4.6% vs consensus). Total costs were 1,172 million PLN (+14.2% y/y, in line with expectations), and reserve balance was -104 million PLN (-37% y/y and -40% vs consensus). Net profit was 953 million PLN (+35% y/y and +8.1% vs consensus).
• mBank expects that in 2026 total bank revenue will be at a similar level to 2025 despite a lower interest rate environment, as balance sheet and commission growth will offset margin pressure.
• The bank expects that the cost/revenue ratio will remain below the strategic target of 35%.
• The bank expects that legal risk costs will not be a significant burden with further reduction of the active mortgage portfolio in CHF and a falling number of court proceedings.
Mirbud New contract The Mirbud subsidiary, MRB2, signed a contract with the Municipality of Marki for a public procurement in a public‑private partnership named “Construction and maintenance of municipal roads in the Municipality of Marki.” The contract value is 327.98 million PLN gross. The contract concerns the construction and modernization of streets and their maintenance for 18 years.
Pekao SA Q1 26 results Interest income was 3,312 million PLN (-3.0% y/y and -1% vs expectations), commission income was 829 million PLN (+13.3% y/y and +2% vs expectations). Total costs were 1,844 million PLN (+12.7% y/y and 1% above expectations), and reserve balance was -189 million PLN (+23.5% y/y, -7% below forecasts). Net profit was 1,232 million PLN (-26.9% y/y but 5% above forecasts).
PKN Orlen Dividend The Orlen board recommends allocating 9.3 billion PLN for a dividend, giving 8 zł per share. The board’s proposal sets the dividend date as 18 June 2026 and the payment date as 25 June 2026. + PlayWay Q4 25 results Revenue was 63 million PLN (-21.4% y/y and -19.3% vs expectations), EBITDA was 69 million PLN (+74% y/y and +51% vs expectations), EBIT was 37.2 million PLN (-5% y/y and -18% vs expectations), and net profit was -15.5 million PLN (vs 36.1 million PLN forecast).
Żabka Management comment on results
• The group maintains expectations of a moderate to high single‑digit comparable sales growth (LFL) in 2026 and medium term. It also assumes maintaining adjusted EBITDA margin in the upper part of the 12–13% range, while gradually improving net profit margin towards about 4.5% medium term.
• “The first quarter was varied in terms of LFL. The first 45 days of the quarter were affected by very significant adverse weather: snow, ice, negative temperature, and the rest of the quarter was weather‑wise close to normal, so our results were uneven in the quarter.” “Taking all this into account and the dynamics in the last month, especially what we observe with normalized weather, we are optimistic about the full‑year results in terms of LFL.” – said Tomasz Blicharski, Chief Strategy & Development Officer.
• Żabka Group expects in subsequent quarters an improvement in the net debt to EBITDA ratio.
• As part of a pilot, the network is testing vending machines. So far, dozens of such devices have been installed, e.g., in workplaces. “After the first few months of operation, it is clear that customer interest is high.”
Żabka UOKiK proceedings The office informed that in advertising materials prepared by Żabka Polska regarding the offer in Żabka Nano stores, next to the product photo a promotional price appears in a red circle written in larger font, below a higher price crossed out with a star. “The star refers to a small‑font text at the bottom of the ad, which for example informs that the crossed‑out price is the lowest maximum of the prices in force 30 days before the promotion. The lowest prices in individual stores are given on price tags next to goods.” – UOKiK. According to the office, Żabka Polska does not publish the legally required lowest price in advertising materials for the Żabka Nano store offer, but refers to the parameter “lowest maximum of prices,” and directs consumers to the stores.
SWIG80 and others
Agora Negotiations for the manager program in Helios gora started negotiations with key managers of the subsidiary Helios who are also minority shareholders of Helios regarding the change of terms currently applicable to the options to buy‑sell the shares they hold in Helios.
Archicom Dividend Archicom wants to allocate 105.29 million PLN for a dividend, giving 1.80 zł per share. The proposed dividend date is 17 July 2026, and the payment date is 31 July 2026.
Asseco BS Dividend Asseco Business Solutions wants to pay a dividend of 3.75 zł per share – as per the resolutions of the General Shareholders’ Meeting called for 27 May. The proposed dividend date is 8 June 2026, and the payment date is 16 June 2026.
CI Games Management comment on results
• CI Games assesses that the planned 2026 launch of the game Lord of the Fallen 2 is realistic and plans a budget comparable to the first part, although production may be lower than the first part; marketing expenses may be lower than the first part – the company’s representatives informed. They expect significantly higher sales of the new game.
• The company is satisfied with progress on other projects – the next iteration of Sniper Ghost Warrior and the H project.
• The company treats AI only as a tool to streamline work and does not plan major changes due to this technology.
Decora Estimated Q1 26 results Decora estimates that the group’s consolidated net profit in Q1 2026 increased y/y by 8.4% to 21.8 million PLN. The company estimates that sales revenue increased by 4.1% y/y to 177.4 million PLN, and EBITDA increased by 11.9% y/y to 35.8 million PLN.
Enter Air Q4 25 results Revenue was 529.2 million PLN (-7.6% y/y and 9.3% below expectations). EBIT was -80.6 million PLN versus expected +15.2 million PLN. Net loss was 74.0 million PLN versus expected +2.4 million PLN profit.
Gobarto Share buyback Shareholders of Gobarto will decide on authorising the board to purchase up to 500 thousand shares, representing 1.8% of share capital – the company informed in draft resolutions for the General Shareholders’ Meeting called for 28 May 2026. The purchase price cannot be lower than 10 zł per share and cannot exceed 27 zł per share.
Mangata Holding Management comment on results
• Mangata Holding in 2026 expects revenue of about 800 million PLN, with an EBITDA margin of 12‑14%.
• The planned level of investment spending in 2026 is 50 million PLN.
• The board still does not see improvement in the automotive sector but sees development potential, e.g., in the data center sector.
• The board does not plan changes in the approach to potential acquisitions and seeks growth opportunities through takeovers.
Medinice Completion of clinical trials CoolCryo Medinice completed the clinical trial of the CoolCryo medical product, confirming data completeness and allowing formal transition to the analysis stage and further regulatory work.
Mostostal Warszawa Order portfolio The order portfolio of Mostostal Warszawa group at the end of December 2025 was about 2.37 billion PLN.
Odlewnie Polskie Dividend Odlewnie Polskie want to pay 9.04 million PLN of 2025 net profit as a dividend, i.e., 0.45 zł per share.
Onde New contract Onde entered into a contract with a Polish target company belonging to the renewable energy investor’s capital group for construction work worth 110 million PLN.
Pharmena Interview with Pharmena’s CEO plans to conduct clinical trials of a medical product for use in difficult‑to‑heal wounds in 2027 and start the product launch process in the EU market. It also seeks a partner for developing a drug candidate and expects revenue growth through new dietary supplement distribution channels.
Selena FM Dividend The Selena FM board recommends the general meeting allocate 54.1 million PLN from 2025 profit for a dividend, giving 2.5 zł per share. The board proposes the dividend acquisition date be set to 9 June, and the payment date to 30 June 2026.
Sfinks 2025 results Sfinks had 9.64 million PLN EBITDA in 2025 compared to 14.64 million PLN the previous year. The group’s net profit in 2025 was -7 million PLN vs -5 million PLN the year before.
Skarbiec TFI Interview with the CEO
• Skarbiec TFI, after implementing announced regulatory changes, wants to exit with its own ETF funds.
• According to the CEO, Skarbiec TFI may have a positive operating result in 2026 even without variable remuneration. The CEO believes the current moment from a cost perspective is optimal.
• Skarbiec Holding seeks takeover opportunities, including another brokerage house; the CEO will also recommend a dividend for the previous fiscal year.
• The CEO announces expanding Noble Securities’ sales potential. “We want, among other things, to implement a platform for distributing various TFI products based on our solution – Skarbiec24. Secondly, we want to supplement the brokerage house’s activity with foreign markets. This is important, especially regarding the direction the market is heading, and what investors are interested in.”
• The CEO also wants to offer attractive asset‑management services to clients.
Sonel The Sonel board conference observes increased customer interest and expects improved results in 2026. It plans to increase employment to achieve higher production, but for now postpones investment in a new plant.
Stalexport Preliminary results Q1 26 Stalexport estimates that the group recorded 66.2 million PLN net profit attributable to the parent company’s shareholders in Q1 2026 versus 65.1 million PLN the previous year. Estimated operating profit rose to 77.8 million PLN from 77.5 million PLN the previous year, EBITDA fell to 102.4 million PLN from 103.6 million PLN, and revenue was 148 million PLN versus 141.5 million PLN the previous year.
Tarczyński Dividend The company’s board recommends a dividend of 2.65 zł per share for 2025.
Wasko Dividend Wasko recommends paying 9.1 million PLN from 2025 net profit as a dividend, giving 0.1 zł per share. The proposed dividend date is 23 June 2026, and the payment date is 14 July 2026.
Wikana Share buyback
The Wikana board intends to submit a resolution to authorise the board to purchase no more than 3 million shares at a price not higher than 10 zł per share and in total not more than 30 million zł at the next general meeting.
Wittchen Management comment on results
• Wittchen wants to continue cost optimisation (marketing, physical stores) this year and diversify the product mix, increasing the share of clothing and accessories. The company wants to continue reducing inventories.
• Geopolitical events related to the Middle East conflict negatively affect demand for luggage and travel accessories.
• The Middle East conflict brings the risk of higher prices from manufacturers.
• This year the company wants to start building a distribution centre near Warsaw – the investment will finish in 2027 and cost a total of 32‑33 million PLN net.
• The decision on a possible share buyback may be made no earlier than after Q1 results.
