
Polish state-owned companies reported a combined net profit of over 19 billion złoty in the second quarter of 2026, a sharp turnaround from a 658 million złoty loss in the same period last year, according to a report published on Thursday. The figure, which exceeds analyst forecasts by 6.4 percent or 1 billion złoty, marks one of the highest quarterly results in history for the group, often referred to as the "Holding Tuska" due to its 19 Warsaw Stock Exchange-listed firms managed under government-appointed leadership.
The surge was driven largely by energy giants Orlen and PGE. Orlen posted a net profit of 7.7 billion złoty, up 390 percent year-on-year, as refining margins soared amid a spike in fuel prices following the Middle East conflict. Diesel prices on the London exchange rose 132 percent this year, outpacing Brent crude’s 63 percent increase, boosting Orlen’s earnings by 893 million złoty above projections. PGE’s coal-based power generation also swung to a 763 million złoty EBITDA in Q2, reversing a 527 million złoty loss a year earlier, as higher gas prices lifted electricity rates across Poland’s energy system.
The combined performance of the 19 state-controlled firms outpaced the 7.1 billion złoty net profit reported by the 19 largest private companies listed on the GPW, which grew 44 percent year-on-year but fell short of the state sector’s gains. Analysts polled by PAP had anticipated the state group’s results to be lower by roughly 1 billion złoty .
Follow us for live European news
6 further sources not geolocated