
3 hours · 2 summary articles
Polish state firms post record quarterly profits as fuel and energy prices surge
Polish state firms post record Q2 profit as Orlen and PGE drive surge
Polish state-owned companies reported a combined net profit of over 19 billion złoty in the second quarter of 2026, a sharp reversal from a 658 million złoty loss in the same period a year earlier, according to a report published on Thursday. The results exceeded analyst forecasts by 6.4%, or 1 billion złoty.
The surge was driven largely by Grupa Orlen, which posted a net profit of 7.7 billion złoty, up 390% year-on-year. The company attributed the gains to soaring fuel prices following the escalation of conflict in the Middle East, which boosted refining margins. Diesel prices on the London exchange rose 132% this year, outpacing Brent crude’s 63% increase, the report noted .
Polska Grupa Energetyczna also benefited from higher energy prices, with its coal-powered plants generating 763 million złoty in EBITDA compared to a 527 million złoty loss a year ago. The report stated that gas prices, which often set electricity rates, remained elevated due to the same geopolitical tensions .
The combined performance of the 19 state-controlled firms, often referred to as the "Tusk Holding," marked only the second time in history their quarterly profits had surpassed this level. By comparison, Poland’s 19 largest private listed companies reported a 44% year-on-year increase in net profit to 7.1 billion złoty .
Follow us for live European news
3 further sources not geolocated