Newsletter January 2026

Tania Sen
3 dni temu
30 minut(y) czytania

Economic forecasts for 2026 - another year of growth ahead

According to Bank Pekao’s latest economic report, Polish GDP growth is accelerating slightly and will reach around 4% in 2026, up from roughly 3.5% in 2025. One driver mentioned is a surge in investment activity after delays in project execution. Also private consumption stays strong, real wages of Poles keep growing and over 40bn€ EU funding will support the growth as well. Another sources are forecasting 3,5-3,9% growth, but it is worth noticing the growth forecasts have been lifted around 0,5% since last summer. Velobank (Read full report here) forecasts 3,7% growth for 2026.

Pekao is expecting inflation to slow down to around 1.9% in 2026, and the National Bank of Poland’s reference interest rate could fall to around 3.25% following several cuts from current 4%. Lowest interest rate forecasts are at 3% for 2026. Stable prices and lower borrowing costs should help maintain consumer purchasing power even as wage growth moderates - it might also act positively on the real estate market.

According to NBP data, the inflation excluding food and energy reached 2.7% y/y in December 2025, while the overall CPI stood at 2.4% y/y for the same period. Inflation is now at the target level.

The labour market is projected to stay stable, with unemployment declining slightly to around 5,5% and slight reductions in overall employment. Wage growth should moderate.

Looking ahead to 2027, GDP growth is forecast to slow, inflation may edge up slightly, and investment momentum could taper once the 2026 peak passes - but overall the outlook remains positive. Source, Source

Poland’s central bank president Adam Glapiński said he envisions a target level for interest rates at around 3.5%. Source

GDP regional data in Poland

Regional GDP per capita in Poland summarizes well the differences within the country - and the position of Warsaw as a leader. And more interestingly - big Polish cities are at the same level or above Finland when it comes to GDP per capita in Purchase Power standards.

Source: GUS data for 2024, Statista, Tilastokeskus.

Market forecasts show stable outlook for the Złoty in 2026

Analysts expect the złoty to remain broadly stable in 2026, with the Bloomberg consensus placing EUR/PLN near 4.26, while USD/PLN is projected around 3.55. The shift in sentiment is notable: JP Morgan, previously one of the most bearish institutions, now forecasts EUR/PLN at 4.05. Most forecasts stay in the 4.20-4.30 range, signaling expectations of a calm but strong year for the Polish currency. The currency currently is "too strong" for many export companies, cutting their competitive edge.

Vs. US dollar, in 2025 the złoty strengthened for a third consecutive year, gaining about 15% against the dollar and ending near 3.60 zł (≈ 0.83 EUR). Source, Source

Poland’s pay gap in 2025 analyzed: the average salary hides how people really earn

Poland’s statistics office GUS has published new wage data highlighting the middle‑income level salary, which gives a more realistic picture of earnings than the national average.

2025 statistic from GUS (published in January 2026) highlights persistent wage inequality in Poland. In July 2025, the bottom 10% of earners received equal to minimum wage 4,666 PLN (about 1,037 EUR), while the top 10% earned 14,000 PLN (about 3,111 EUR), with men earning more than women in most categories. Large companies paid significantly higher salaries, averaging 10,339 PLN (about 2,297 EUR), compared with 5,812 PLN (about 1,291 EUR) in the smallest firms. The highest sector median salary was in information and communication at 11,707 PLN (about 2,602 EUR). Source, Source

Unemployment in Poland again up by 0,1%

Poland’s registered unemployment rate was 5.7% at the end of December 2025, according to preliminary data from the Ministry of Family, Labour and Social Policy, Poland (Data from Gov.pl, 9th of Jan 2026). This is 0.1 percentage point higher than in November. The number of unemployed people reached 888,600, about 15,000 more than a month earlier. The rise might be seasonal, as job offers usually fall in December. Regional rates ranged from 3.6% in Wielkopolskie to 9.2% in Podkarpackie and Warmińsko‑Mazurskie. Poland remains still one of the EU countries with the lowest unemployment, close to Malta and the Czech Republic. Source

Poland to receive a record 40 billion EUR from EU funds in 2026

Poland may receive 173.3 billion PLN (~41.1 billion EUR) in EU funding in 2026 from the National Recovery Plan (KPO). Minister Katarzyna Pełczyńska‑Nałęcz noted that Poland’s investment rate remains below the EU average and that KPO funds will be a key driver of growth. Beneficiaries might include Newag (rail manufacturing), Pesa (rail manufacturing), Budimex (construction), Unibep (construction), Asseco Poland (IT), Comarch (IT), KGHM (mining & energy) and Polfa Tarchomin (pharmaceuticals). Source, Source

KSeF mandatory rules from February 2026

From February 2026, VAT taxpayers must issue structured e-invoices using KSeF. This includes taxpayers without a registered office in Poland but with a permanent business place involved in sales or services.

For latest updates, please, check KSeF official website, or call the hotline using their contact page

PRODUCTION & MANUFACTURING

New industrial orders in Poland rose by 24.5% year‑on‑year in November, signalling stronger demand for manufactured goods and a rebound in production. Source

Polish Bank Pekao has declared all loans granted to Grupa Azoty Polyolefins (the largest Polish chemical group) immediately due. The total amount is 3.952 billion PLN (≈ 910 million EUR). In addition, on the article from 14th of January 2026, Grupa Azoty is taking impairment charges of about EUR 282 million on loans to Grupa Azoty Polyolefins. Source, Source

FCA Poland (automotive manufacturing, PL) part of Stellantis (automotive manufacturing, NL/FR) will begin talks with unions about cutting one shift at its Tychy plant, mainly affecting fixed‑term workers. Employees losing jobs may move to the company’s engine or van factories. Source

Mercedes‑Benz (a German car manufacturer) will expand its Jawor plant in Poland with a new production and storage hall worth over 25 million EUR. Source, Source

16.7% stake in Sanok Rubber Company (rubber manufacturing, Poland) was bought by Michał Kiciński, co‑founder of CD Projekt (IT/gaming, PL), for about 23 million EUR. Source

Adamed Pharma (PL pharmaceutical group) signed a preliminary deal to acquire Sanofi’s manufacturing plant in Riells i Viabrea, Spain. Source

The Suwałki Special Economic Zone issued three new support decisions for projects by Schneider Polska (automotive containers, PL), Animex Foods (food processing, PL) and Cymes (bakery & confectionery, PL). Source, Source

Newag (PL rolling‑stock manufacturer) signed an execution contract to supply seven electric multiple units to the Małopolska region and Koleje Małopolskie for about 72 million EUR, with deliveries scheduled for 2028-2029. Source, Source

Olsztyn‑Mazury Airport will host a new Flight Eco Center, a large facility dedicated to dismantling and recycling end‑of‑life aircraft. The project is worth over 23 million EUR. Source

ZORKA (furniture manufacturing, Poland) known also as subcontractor for IKEA (Swedish furniture giant) is planning group layoffs affecting 233 employees between January and June 2026. Source

Arlen (PL manufacturer of uniforms) has begun a multi‑stage investment in Zakłady Odzieżowe Tarnowskie Góry (Polish suit producer) spending over 2.3 million EUR in the first phase and aiming to acquire 60% of the company. Source

Ive Outdoor (manufacturer of outdoor fitness and training equipment, HQs in the U.S. and Poland) has acquired Queenax (functional‑training systems, U.S., previously Precor), planning to build more new outdoor training zones. Source, Source

IT, INFORMATION AND COMMUNICATION

Spyrosoft (software & engineering services, PL ) expects to complete the acquisition of a German IT firm and finish its strategic options review in Q1 2026. Spyrosoft AdTech appoints CEO and COO. Source, Source

Wasko (IT services, PL) signed contracts worth about 8.5 million EUR with NASK‑PIB (public research institute, PL) to install and service access networks for the national OSE school connectivity program. Source, Source. In another project, Wasko also announced they renewed its Silver System Integrator status in Rockwell Automation’s Partner Network. Source

🇸🇪 Lovable (AI no‑code platform, SE), backed by Polish-DNA investors Sebastian Siemiątkowski (Klarna) and Mati Staniszewski (ElevenLabs), reached a valuation of about 6.0 billion EUR after its third 2025 funding round. Source

NASK (ICT research institute, Poland) and NAWA (academic exchange agency, Poland) signed a letter of intent to strengthen cooperation in digital security, development and artificial intelligence. Source

PROFESSIONAL, SCIENTIFIC, TECHNICAL, FINANCIAL AND OTHER SERVICES

Foreign financial groups from banking & capital markets from EU and US are again showing interest in Polish banks despite higher CIT. Source

🇸🇪 Skanska Commercial Development Europe (real estate development, SE) sold a Wrocław office building for 62 million EUR to a joint venture of Investika (real estate fund, CZ) and Bud Holdings (private equity, LU). Source, Source

Unihouse (modular construction, PL), a subsidiary of Unibep, signed a contract to expand the long‑term care and treatment centre (ZOL) in Zgorzelec, adding new infrastructure for chronically ill patients. Source

A consortium financing package for POLMED Group (medical services, PL), supported by ING Bank (banking, NL/PL), Accession Capital Partners, and others, has enabled the strategic acquisition of Radomskie Centrum Onkologii, a specialised oncology treatment centre. Source

Xtreme Brands (fitness & kids activity franchises, PL) plans to open over 100 new locations in 2026, supported by a growing base of more than 80 multi‑franchise partners. Source

Agora (media & publishing, Poland) announced plans for group layoffs affecting up to 170 employees, representing 6.56% of its workforce. Source

TRANSPORT & LOGISTICS

🇸🇪 Poland is adopting Sweden’s “Vision Zero” approach as the government sets a long‑term goal of eliminating all road‑traffic fatalities by 2050. According to the Ministry of Infrastructure, 2025 was the safest year on Polish roads. Source, Source

PKP Intercity (rail infrastructure, Poland) announced high‑speed‑train tender, starting a competitive dialogue to buy 20 electric units capable of 320 km/h (with an option for 35 more) Source

Pesa (rail vehicle manufacturing, PL) is acquiring Germany’s HeiterBlick. Source

Polska Żegluga Morska (maritime transport, Poland), Hass Holding/EuroAfrica (maritime transport, Poland) and Polska Żegluga Bałtycka-Polferries (maritime transport, Poland) have jointly taken equal stakes in Polsca S.A., a new company created to consolidate and strengthen Polish ferry operations on the Baltic Sea. Source

Poland remains far behind the EU average in the adoption of electric vehicles. In 2024, battery‑electric and plug‑in hybrid cars accounted for 3.7-4.4 percent of all registered vehicles in the EU, compared with only 0.7-1.1 percent in Poland. Source

Over 340,000 nearly new cars were sold on Poland’s secondary market in 2025 with lower mileage, stable vehicle age, rising shares of hybrids and EVs, and premium brands. Source

Poland’s electric‑vehicle market might stagnate in 2026 as sales repeat 2025 levels, despite rising interest in small urban EVs from popular brands. Source, Source

A warehouse fire in Tarnowo Podgórne was caused by a shipment of electric‑scooter batteries sent from Germany, with police ruling out third‑party involvement after the blaze destroyed about 11,000 m² of the Schenker facility and triggered smoke alerts for nearby residents. Source

Profile VOX (PL interior finishing manufacturer and distributor) signed a long‑term lease with 7R for over 20,000 m² of hybrid warehouse‑production space near Poznań. Source

Panattoni (PL, development, construction and management of industrial space) 2025 summed up: company launched around 840,000 m² of new projects in Poland last year, with a total value of about 650 million EUR. Key projects include a 200,000 m² build‑to‑own logistics centre for Media Expert in Łódź, a new BSH production plant in Rzeszów and the final phase of Wrocław Campus 2. Source, Source, Source, Source

RETAIL & FMCG

The EU-Mercosur deal offers no benefits to Poland’s dairy sector, farmers protest at the end of December 2025. Source

Superauto.pl sold more than 7,000 new cars in 2025, reaching a total transaction value exceeding 1 billion PLN (~238 million EUR) and growing roughly four times faster than the overall market. Also, on January 15th, 2026, the company was presenting a preview of the new Volkswagen T-Roc. Source, Source, Source

OLX Group (online marketplace, global) expanded its B2B services and increased AI investments after growing revenue by 22%, strengthening its position in Poland’s re‑commerce market. Source

Allegro (e‑commerce marketplace, PL) agreed to sell 100% of its Slovenian and Croatian subsidiaries to Mutares SE & Co. (investment group, DE), including supporting tech teams in Czechia. Source

Sweets remain one of the five most important FMCG categories in Poland, and despite noticeable price increases, consumers continue to purchase them as an affordable source of everyday pleasure. Source

Żabka Group (retail & FMCG, PL) reported preliminary 2025 results with end‑customer sales up 14.2% year‑on‑year to 31.1 billion PLN (≈7.15 billion EUR) and opened 1 394 new stores in Poland and Romania. In less than two years, the company’s local Romanian chain Froo has opened more than 170 stores, and Żabka estimates the long‑term potential of the Romanian market at around 7,600 locations. Source, Source

Żabka (retail & FMCG, PL) is entering a new phase in the development of its ready‑meal portfolio, expanding the Szamamm soup line produced by the family‑owned Nowalijka Convenience Food facility in Piotrków Trybunalski. Source

Pepco Group (discount retailer giant, UK, EU) is preparing to sell its Dealz (a European discount retailer headquartered in Poland) chain in 2026, but the transaction may prove far more challenging. Source, Source, Source

Coca‑Cola HBC is investing further in water‑ and energy‑efficiency projects in Poland and Baltics. Source, Source

Polski Holding Rybny (fish processing & FMCG, PL) plans further acquisitions and expansion of its production site after buying Evra Fish, Stekrol and Libru Sea. Source, Source

Carrefour Polska (retail, PL) is preparing group layoffs affecting up to 250 employees, and the chain is closing additional stores. Source

🇸🇪 The Nutriment Company (premium pet‑food group, Sweden) acquired Poland’s Zoo Factory, using the long‑established premium pet‑food distributor as a fast entry point for the market. Source

🇸🇪 Lyko, a Swedish beauty retailer started by Rickard Lyko (Swedish, with Polish family roots from Lviv, Ukraine and Gdynia, Poland), is growing in Poland by offering a huge range of cosmetics online and expanding its operations across Europe. CEO shares his business story. Source, Source

Lululemon (athleisure & premium sportswear, Canada) will enter the Polish market in 2026, confirming plans to launch both on-site stores and online sales. Source

Tuszyte.pl (children’s clothing e‑commerce, PL) sold 50% of its shares to EB One (investment group, UK), giving the company new capital to speed up business expansion. Source

FT reports that CCC (footwear retail, PL) is accused of indirect links between its former Russian business and relatives of CEO Dariusz Miłek’s partner, allegations the company rejects, saying it has had no ties with Russia since early 2022. Source

Decathlon (retail, FR) is expanding into Poland’s electromobility market by partnering with Powerdot (EV infrastructure, PT) to install fast‑charging hubs at its stores nationwide. See the interview (in Polish) with Grigorij Grigoriev, the general manager of Powerdot in Poland. Source, Source

SHEIN (a global fast‑fashion e‑commerce retailer headquartered in Singapore) has launched a vast, highly automated logistics hub near Wrocław, ultimately expanding to 740,000 m². Source

UOKiK (consumer regulator, PL) fined Temu (e-commerce, CHN) and Zalando (e-commerce, DE) nearly 8.5 mln EUR for misleading price‑promotion practices and is pursuing six additional cases related to improper price information. Source

Poland’s renewable energy share slows down despite falling coal use

Poland’s renewable share reached 29.4% in 2025, almost unchanged from 2024, signaling a pause after earlier rapid growth. Coal remained dominant at 52.2% (but down from 56,6%), still the highest level in the EU, while gas‑fired generation increased to 13,2% as the market expanded. The government has pledged a faster transition but progress has been limited, with stalled legislation and delays in submitting an EU‑required emissions plan. Offshore wind and nuclear projects continue, yet policy gaps slow momentum. A new draft strategy targets up to 68.9% renewables by 2040. Source (Notes from Poland article in English)

Orlen launches production at the Różańsko gas field

Orlen (energy & fuels, Poland) began production at the Różańsko natural gas field in West Pomerania, estimated to hold around 1.2 billion sq m of gas. The project is linked to the expansion of the Dębno Oil and Gas Plant, which will also increase output from nearby fields. ORLEN currently covers about 20% of Poland’s annual gas demand, producing roughly 3.5 billion sq m per year. Source

Orlen to build a 40 MW solar farm next to its Płock refinery

Orlen will expand its renewable‑energy portfolio with a new 40 MW solar farm located directly beside the Płock refinery. The installation is expected to generate around 45,000 MWh of electricity per year and will be connected to the refinery’s internal grid, supplying power for its operations. It will be the company’s second‑largest on‑site PV project after the 44.2 MW plant in Możejki. The project follows Orlen’s acquisition of RES Project 5 from PNE Group. Contractor selection is planned for 2026, with commissioning scheduled for early 2028. Source

PST secures about 8.2 million EUR in public funding for three energy‑storage projects

PST (renewables & energy storage, Poland), part of Grenevia Group (industrial & energy transition, Poland), signed the final conditional agreement with the National Fund for Environmental Protection and Water Management (public environmental fund, Poland) to co‑finance three energy‑storage facilities. The company will receive ~8.2 million EUR in grants for projects totalling 130 MWh and requiring ~28.9 million EUR in capex. Funding will be disbursed in tranches between 2026 and 2028. Agreements may be cancelled if the climate ministry overturns the fund’s approval. The last project is scheduled for completion in September 2028. Source

PSE proposes competitive model for grid connections to speed up new renewables and storage

Polskie Sieci Elektroenergetyczne (transmission system operator, Poland) wants new renewable‑energy and battery‑storage projects to be built faster, and for grid‑connection terms to become a formality for investors ready to deliver real installations. CEO Grzegorz Onichimowski said PSE is advocating a competitive allocation model, where developers compete for available connection capacity. The proposal is part of PSE’s wider “anti‑blackout” package and its 2040 strategy, which also includes new flexibility mechanisms, stronger cybersecurity requirements and reforms. Source, Source

Tauron Ciepło heating network in Sosnowiec and other company updates

Tauron Ciepło (district heating, PL) has acquired a coal‑fired boiler plant and over 9 km of local heating pipelines in Sosnowiec from Veolia Południe, integrating them as a ZCP transfer together with employees. The company plans to connect the network to its main system after the heating season and then shut down the old coal unit to improve local air quality.

In addition, the company signed a contract worth over 93 million PLN (≈21.3 million EUR) with Naviga‑Stal to modernise the Pilchowice I hydropower reservoir and improve its long‑term safety and performance.

Tauron also obtained nearly 538 million PLN (≈123 million EUR) in financing from the National Fund for Environmental Protection and Water Management to build 11 battery‑energy‑storage units between 2026 and 2028. Source, Source, Source

Polish mobile energy storage system

GreenSANE (energy storage technology, PL) has introduced Poland’s first fully domestic mobile battery bank, designed as a silent and emission‑free alternative to diesel generators. The system targets municipalities, the military, and the event and construction sectors, where mobile power is often needed. The unit is built on a trailer and offers high‑capacity battery storage suitable for field operations and temporary infrastructure. Source

R.Power signs long‑term energy storage deal with Axpo

A subsidiary of R.Power (renewable energy, PL) has signed a storage‑services agreement with Axpo Polska (part of the Axpo Group - renewable energy in Poland, Switzerland, EU) for a large‑scale battery system rated at 150 MW and around 300 MWh. The contract runs until the end of 2037, with services starting once the battery enters commercial operation. Axpo will manage optimisation of the asset, and the payment model is based on profit‑sharing, with Axpo guaranteeing a minimum revenue level for R.Power’s subsidiary. The company develops renewable‑energy and BESS projects across Poland, Romania, Italy, Portugal, Spain and Germany. Source

PGE selects Polimex Mostostal and Siemens for new OCGT projects

PGE (electric power, Poland) chose a consortium of Polimex Mostostal (construction & engineering, Poland) and Siemens Energy (energy technology, Germany) to build two new gas peaker units in Rybnik and Dolna Odra. Each unit will have 588 MW and should start working in 2030. PGE raised the budgets to match the bids. The plants will support peak demand and may later use CCS or hydrogen. Polimex and Siemens already work on other large gas projects in Poland, and both have strong positions in the energy sector. Source

Çalık Renewables acquires 255 MW solar portfolio in Poland

Çalık Renewables (renewable energy, Turkey) has acquired a 255 MW portfolio of operational solar farms in Poland from PAD RES (renewable energy development, Poland/UK‑Japan JV). The Sztum and Stargard installations generate over 270,000 MWh annually. PAD RES will continue managing the assets and will also cooperate with Çalık Renewables on energy‑storage and cable‑pooling wind projects. This is Çalık Renewables’ first RES investment in Poland, raising its foreign green‑energy capacity above 400 MW. The deal supports PAD RES’s strategy of rotating assets to fund further clean‑energy expansion. Source

Predictions for 2026

Poland’s construction market is expected to exceed 92 billion EUR in 2026, supported by strong investment in wind and solar projects and expanded public funding for affordable housing. Budget limits for social‑housing programmes rose to ≈1.15 billion EUR and ≈1.6 billion EUR.

Poland’s modular‑construction market grew from 4.4 billion PLN (≈1.01 billion EUR) in 2024 to 4.6 billion PLN (≈1.06 billion EUR) in 2025 and is expected to continue up to 7.2 billion PLN (≈1.66 billion EUR) by 2030. Source, Source

Polish housing prices rise in Q3 2025 - GUS (published on 8th of January 2026)

Housing prices in Poland increased in the third quarter of 2025, the Central Statistical Office (GUS) reports. Prices were 0.9% higher than in the second quarter. On the primary market, prices rose by 1.0%, and on the secondary market, they increased by 0.8%. Compared with the third quarter of 2024, overall housing prices were 4.0% higher. New homes became 4.6% more expensive, and existing homes rose by 3.5%. Housing prices are now much higher than in 2015. Source

Developers expect a stable, more active housing market in 2026

Polish developers forecast a stable housing market in 2026, with moderate growth and signs of renewed activity after a slower 2025. Demand is expected to improve due to lower inflation, more predictable interest rates and continued migration to large cities. Companies do not expect major disruptions and see room for gradual price increases, especially in Warsaw, Kraków and Wrocław. Source, Source

Legal changes could slow down hotel industry development

Deputy Minister Tomasz Lewandowski commented that the Polish government is preparing a legal amendment that would ban creating independent units in hotel‑type buildings, meaning no separate land‑and‑mortgage registers for such premises. "This could block the sale of holiday apartments and condo‑hotel units, push capital abroad, raise prices of small flats and slow down tourism development in Poland" - comments President of the Arche Group (real estate, Poland), Władysław Grochowskiof. Source

Poland’s new “shelter law”, fully impacting projects from 2026

A new law, coming this year, will require many new residential and commercial buildings to incorporate civil‑protection functions such as emergency shelter space. The rules apply to projects seeking permits after 31 December 2025 and may cover offices, malls and logistics facilities. Developers face higher construction costs due to reinforced structures and additional systems, which could influence rents and investment decisions. Detailed technical standards will follow in 2026, but safety is already becoming a core market consideration. Source, Source, Source

Poland’s PRS market surpasses 25,000 units as investor interest grows

Poland’s institutional rental (PRS) sector expanded to about 25,100 units by October 2025, rising 24% since the start of the year, according to the latest Savills and CRIDO report. Strong demand, demographic shifts and growing tenant expectations continue to support the market, although limited land availability and slow administrative procedures remain key barriers. Warsaw, Kraków and Trójmiasto recorded the fastest growth, while rents stayed broadly stable across major cities. The three largest operators: Resi4Rent, Vantage Rent and LifeSpot now control nearly half of the national PRS stock. Source, Source

Erbud prepares new acquisitions in Poland and abroad

Erbud (construction & industrial services, Poland) has summarized the most important events for them in 2025. The company also has shared an opinion that it is returning to acquisitions after a pause, focusing on companies that strengthen its industrial services division, the group’s most profitable segment. While they previously mentioned that management is cautious about new contracts, it still sees opportunities created by the recession in Germany and plans to expand both in Poland and Western Europe. Erbud aims to grow its maintenance and industrial service operations, which already support energy, chemical and manufacturing clients. Source, Source, Source.

Pekabex welcomed in Germany and Sweden 🇸🇪

Pekabex (prefabricated construction, PL) is accelerating its foreign expansion with major projects in Germany and Sweden. Its German subsidiary PGU will build a new 3,971 sq m guesthouse in Berlin’s Kreuzberg district, replacing an older structure and delivering 114 rooms, services and accessible parking by 2027. At the same time, Swedish unit Betbygg Sverige AB (🇸🇪 subsidiary of Pekabex Group) is developing a housing complex near Stockholm for the public foundation Signalisten (🇸🇪), creating around 250 rental apartments using prefabricated concrete elements. Source, Source, Source

Hotele Korona launch major thermal resort project near Zegrze lake

A consortium of 13 banks is financing a large‑scale investment by the family‑owned Hotele Korona group in Jachranka, where a new resort complex will include over 500 hotel rooms, conference facilities, a medical zone and nearly 3,000 sq meters of outdoor thermal pools supplied with naturally heated, mineral‑rich water. To secure the geothermal source, the company is establishing its own mining operation, while local authorities consider whether the area could obtain official spa status. Source

Budimex consortium with Porr grabbed RailBaltica 4bn PLN deal

PKP Polskie Linie Kolejowe has selected a consortium led by Budimex as the preferred bidder forRail Baltica line. The deal value is PLN 4.05 billion. The consortium includes Budimex (70%), Budimex Kolejnictwo (5%) and PORR (25%). Works are scheduled to start immediately after contract signing and will run for 46 months. Source

Poland launches national app to locate the nearest bomb shelter

Poland’s interior ministry has introduced a new mobile app and website called “Where to Hide”, allowing users to find the nearest designated shelter during emergencies. The system shows shelter locations and routes, though detailed information such as capacity or access conditions is still limited as the app remains under development. The launch follows growing concern over civil defense readiness after Russia’s invasion of Ukraine. The government was investing around 5 billion PLN (1.19 billion EUR) in 2025 in population protection, alongside a nationwide audit of shelters and new civil‑defense regulations inspired by Nordic models. Source

Poland’s MilTech accelerator attracts strong interest from defense‑focused start‑ups

This Winter Polish start‑ups and small companies applied to join MilTech, a new accelerator run by Akces NCBR (National Centre for Research and Development - R&D funding agency, Poland) in cooperation with the Ministry of Defence. The program supports dual‑use technologies that can strengthen national security and modernize the defense sector. Participants can receive about 66,700 EUR non‑repayable grant plus 22,200 EUR in mentoring and expert services to move quickly from prototype to deployment. The program targets space and satellite systems, maritime‑infrastructure technologies, scalable UAV platforms, counter‑drone solutions and AI for drone‑swarm autonomy. Recruitment was open until the end of January and the winners will be selected soon. Source, Source

SATIM signs technology supply deal with Rheinmetall

SATIM Monitoring Satelitarny (SAR satellite analytics, Poland) signed an agreement to deliver radar‑imaging technology to Rheinmetall (defense group, Germany). SATIM will provide AI‑driven analysis of SAR satellite imagery for the SPOCK‑1 reconnaissance program, a 1.7‑billion EUR project awarded to Rheinmetall and ICEYE. The cooperation aims to strengthen situational awareness, decision‑making, and operational response for the Bundeswehr, including units stationed in Lithuania. SATIM’s CEO highlighted the blend of deep‑tech innovation with Rheinmetall’s scale, while Rheinmetall emphasized rapid, ready‑to‑use ISR capabilities for NATO’s eastern flank. Source

🇸🇪 Sweden, Poland, Turkey sign more deals

Poland’s defense ministry signed contracts worth around 600 million EUR to strengthen reconnaissance and counter‑drone capabilities. The package includes an electronic intelligence system from Saab (🇸🇪 defense technology, SE), an automated jamming and counter‑UAV system from Aselsan (defense electronics, TR), and six Leopard 2 PLM1 tank simulators from a Polish supplier. Source, Source, Source

🇸🇪 Sweden buys 🇫🇮 🇵🇱ICEYE satellites to build its own space‑based intelligence

Sweden has signed an agreement with ICEYE (PL/FI) to receive SAR satellites, software and full ground infrastructure, giving the country independent space‑based intelligence capabilities. The deal, signed by FMV’s (defense tech, SE) CEO Carl‑Fredrik Edström and ICEYE’s Seppo Aaltonen, will provide high‑resolution radar data (16 cm per pixel) usable in any weather: the important advantage for Nordic conditions. Source

On a sidenote, ICEYE (SAR satellites, FI) also confirmed the successful deployment of two satellites from a SpaceX (Space, launch services, US) Falcon 9, executed together with Exolaunch (satellite deployment & launch integration, DE), expanding its radar‑imaging constellation for 2026. Source

🇸🇪 Sweden receives Polish Piorun systems in record time

Sweden’s Defence Materiel Administration (FMV) has taken delivery of the Polish RBS 102 Piorun very‑short‑range air‑defence systems just three months after placing the order in September 2025. FMV and the Swedish Armed Forces conducted acceptance checks directly in Poland, enabling same‑day handover and immediate transport to Sweden. The contract with MESKO (defence manufacturing, Poland) is worth 3 billion SEK and deliveries will continue until 2027. Source

New Unmanned Ground Vehicle designed for modern military operations

Łukasiewicz‑PIAP (defense robotics, PL) has developed the HUNTeR unmanned ground vehicle, a flagship example of Poland’s growing defense‑technology capabilities. The 4.7‑metre hybrid‑drive platform weighs nearly four tonnes, reaches speeds of up to 50 km/h and offers high off‑road mobility. It is equipped with advanced sensors, including day and thermal cameras and lidars, enabling reconnaissance, patrol and security‑support missions even in harsh weather. Source, Source

Ponar scaling up production for defense needs

PONAR Wadowice (oil hydraulic elements and systems, high pressure water systems, PL) will spend 23 million EUR for new machining centers, loading systems and specialized production equipment to scale up its manufacturing capacity. The project received support under the Polish Investment Zone, using 2025 rules that extend tax relief to defense‑related projects; the company will benefit from a 50% tax exemption worth roughly 11.5 million EUR. The investment enables full‑scale production of hydraulic drive and control systems for defense, dual‑use and civilian industries. PONAR employs around 760 people across its sites in Wadowice and Łaziska Górne. Source

Bumech partners with U.S. defense firm UMT to expand armored‑vehicle and anti‑drone capabilities

Bumech (drilling of underground headings, mining machines, Poland) has expanded its defense ambitions by signing a cooperation agreement with U.S.‑based United Manufacturing Technologies or UMT (OTT-USA) (high level manufacturing of armored vehicles, (e.g. Puma M36)). The partnership covers the overhaul and modernization of American wheeled and tracked armored vehicles, engineering support and access to U.S. components. Both sides plan to create a joint venture in the United States and develop anti‑drone and remote‑weapon systems produced in Poland and the U.S. This is Bumech’s third defense partnership in recent months, and the announcement pushed the company’s share price higher. Source

Fighter jets order for Poland has been delayed

Poland’s acquisition of FA‑50PL light combat aircraft has been officially delayed by two years, confirming earlier speculation about schedule slippage. Instead of the planned 2025 delivery, the first of 36 jets will now arrive in mid‑2027, with the final aircraft expected in early 2029. Although the delay had been widely anticipated, the revised timetable was only recently formalised. The setback affects one of Poland’s key modernisation programs, intended to expand the Air Force’s fleet amid rising regional security demands. Source, Source

Warsaw: Team Finland delegation with Minister Ville Tavio’s visit to Poland

Photo: Ministry of Foreign Affairs Finland Linkedin

Minister for Foreign Trade and Development Ville Tavio joined a Team Finland trade mission to Warsaw on 26-27th of January. The delegation of around 20 companies focused on comprehensive security and the energy sector, areas where Poland is making major investments. Tavio held high‑level meetings with Poland’s Minister of Finance and Economy Andrzej Domański and Deputy Minister for Economic Development and Technology Michal Baranowski, among other representatives. Their discussions covered bilateral cooperation as well as current challenges and opportunities in international trade policy. Source, Source, Source

The delegation of Finnish businesses enjoyed a seminar day focusing on Polish business environment and on day 2 dedicated sessions focused on energy and comprehensive security. Recap by Agnieszka Wrobel from Team Finland here.

Orlen signed hydgogen deals with three 🇫🇮 Finnish companies

Orlen (Polish energy and fuel group) signed agreements with three Finnish companies to secure future supplies of renewable hydrogen for Poland. The partners are 🇫🇮 ABO Energy Suomi (Finland, renewable energy projects), 🇫🇮 Nordic Ren‑Gas (Finland, e‑methane production) and 🇫🇮 VolagHy Kuopio SPV (Finland, synthetic fuels). Their projects include large‑scale hydrogen, e‑methane and eSAF production. Orlen plans to store hydrogen in Polish salt caverns and develop transport routes from Finland. The company already cooperates with 🇫🇮 P2X Solutions, another Finnish hydrogen producer. Source

🇫🇮 Finnish Lehtovuori acquired 🇸🇪 Team Tejbrant with factory in Poland

Lehtovuori (urban infrastructure & shelters, FI) has acquired Sweden’s Team Tejbrant (urban shelters, SE), becoming the Nordic market leader in shelter solutions. The deal doubles Lehtovuori’s revenue to about 30 million EUR and increases its workforce to 150 employees. It also adds new factories in Sweden and Poland, plus a sales unit in Germany. The company expects stronger growth across Europe as cities invest in modern public‑space infrastructure. Lehtovuori plans to expand operations in Ylöjärvi, strengthening its role as a full‑service provider of urban furniture and shelter systems. Source

Updated map of Finnish production companies in Poland is available here.

🇸🇪 Sweden, 🇵🇱 Poland and 🇫🇮 Finland unite around Jantar Unity vessel milestone and Wärtsilä‑powered innovation

The new ferry Jantar Unity, operated under the Polsca brand, departed Świnoujście on January 20th, in the evening for its first commercial sailing to Trelleborg, Sweden. Polish‑built RoPax powered by Wärtsilä’s (marine technology & propulsion systems, Finland) high‑efficiency 10V31DF dual‑fuel engines and LNGPac™ system. The vessel carried 158 heavy‑goods vehicles, including 12 trailers, along with 161 passengers. Dinner was served to 147 truck drivers and 14 passengers travelling in private cars. The successful debut confirms the ship’s role in strengthening freight capacity on the Poland-Sweden route. Prices listed. Source, Source.

🇫🇮 YIT shelters in Poland

YIT (developer with Finnish roots) and Verona Shelters Finland Oy have signed a cooperation agreement to operate on the Polish market in the field of shelter construction. The partnership aims to expand Poland’s protective infrastructure, where current shelter capacity covers around 4% of the population compared with nearly 90% in Finland. The companies plan to offer shelters of all classes built to certified Finnish standards and to share technical expertise to raise awareness and improve safety levels in Poland. Source

Polish fund Balnord investing in 🇫🇮 Finnish Avenue Biosciences

Avenue Biosciences, a protein engineering technology company, has announced about 4.8 million EUR in seed extension funding round co-led by Polish Balnord and Finnish Tesi, to scale a high-throughput protein engineering technology that accelerates the discovery of protein-based therapies and tools for the biotechnology industry. Source

🇫🇮 🇵🇱 Finnish Business & Culture in Poland 2026 has been released!

Spondeo is proudly presenting our 5th edition of our annual magazine Finnish Business & Culture in Poland. The content includes:

💡 Introduction of Embassies & Chambers, incl interview of Polish Ambassador to Finland; news and event summaries

🛡️ In the spotlight: Defense section

🎉 24 Finnish success stories from the Polish market; including market entries, investments; M&A's..

🤝 Introduction of business support companies - trusted local partners

📖 Culture & sport section introducing 3 books about Poland, Finnish books translated into Polish, associations, listing Finnish professional athletes in Poland and so on.. obviously not forgetting Santa Claus.

🗺️ Maps and rankings of Finnish companies in PolandIn total 80 pages package, as always!

Our most humble thanks for our great sponsors: YIT - Urban developer and construction company, Hillwood Polska, Invest in Poznan, ECOVIS LEGAL POLAND Multan, Pruś i Wspólnicy Kancelaria Prawna i Podatkowa sp.j. ,Leinonen Poland ,Pinja Group, Orion Pharma, Finnlines, Fazer, Polar Night Software,HT Laser Oy, ReBuild Ukraine, Thomson Reuters, Sand Valley Golf Resort, Grupa WPIP, BSJP | bnt attorneys in CEE, Bilans Kancelaria Doradców Podatkowych, Nordic Business Forum.

Online version here. Linkedin post with video.

🇸🇪 Swedish King to pay state visit to Poland in March 2026

King Carl XVI Gustaf and Queen Silvia of Sweden will make a state visit to Poland on 10-12 of March 2026 at the invitation of President Karol Nawrocki. The visit aims to strengthen already close Polish‑Swedish relations. The Swedish delegation will include senior ministers responsible for foreign affairs, defence, civil defence and culture. Talks will focus on security and defence cooperation, support for Ukraine, economic ties, innovation and talent attraction. The royal couple will visit Warsaw and Gdańsk, accompanied by a business delegation organised by Business Sweden. Source

The government has published detailed information on procurement rules

The Public Procurement Office published updated guidance explaining who must follow Poland’s public‑procurement rules, when the law applies, key thresholds, available procedures and the main principles governing how bids must be prepared and evaluated. Read about the detailed rules: Source

3% digital tax suggested

The Ministry of Digital Affairs in Poland proposed a new digital tax for companies operating in Poland. The tax would be up to 3% and apply to firms with global revenue above 1 billion EUR and Polish revenue above about 6 million EUR. It targets companies that run marketplaces, social‑media platforms or sell user data. Streaming services, telecoms, banks and online shops selling their own products would be excluded. Consultations will take place on 2 February. Similar taxes exist in France, Spain and Italy, but not in Finland or Germany. Source

Online registration in healthcare system from January 1st, 2026

Poland’s Central e‑Registration system officially launched on 1 January 2026 after a two‑year pilot run by the Ministry of Health. The service, available through the Internet Patient Account (pacjent.gov.pl) and the mojeIKP app, lets patients book first cardiology visits and preventive exams such as mammography and cytology online. The platform introduces a central waiting list, automatic notifications and SMS reminders, aiming to shorten queues, reduce missed appointments and simplify access to care. Source

ESG reporting proposals

Poland’s Government Legislation Centre has published a draft amendment to the accounting act that would exempt many companies from mandatory ESG reporting, despite earlier EU‑aligned rules requiring disclosures starting with 2025 statements. The proposal would significantly reduce the number of firms obliged to prepare sustainability reports, easing administrative burdens but raising concerns about transparency and alignment with EU expectations. The legislative process is still at an early stage, and business groups are preparing to assess the impact on compliance and investor requirements. Source, Source, Source

UOKiK imposes over 5.5 million EUR in fines for pyramid schemes

Poland’s competition authority UOKiK fined iGenius (online investment training, USA) and International Markets Live (IML) (digital financial education, USA) for approx. 5.5 million EUR for running pyramid‑type promotional schemes. The investigation showed that participants’ earnings depended mainly on recruiting new members rather than selling real services. UOKiK ruled that both companies misled consumers and violated collective interests. The regulator also ordered the firms to stop the illegal practices and inform customers about the decision. Source

UOKiK informs on safety risks in playrooms and trampoline parks

The Polish consumer watchdog, UOKiK, reports that inspections carried out by the Trade Inspectorate uncovered multiple safety hazards in children’s playrooms and trampoline parks at the start of the winter break. Inspectors found sharp elements, damaged nets, torn protective padding, exposed cables, unstable platforms and even structural gaps, all of which pose real risks to young users. The authority stresses that operators must ensure equipment is properly secured and maintained so children can jump, climb and slide without danger. Source

Urgent need for energy repairs: DTEK met EU partners at World Economic Forum

DTEK, Ukraine’s largest private energy company, met US, European and global partners at the World Economic Forum to stop Russian attacks on Ukraine’s power system and speed up repairs. Russia continued destroying power plants, heating stations and power lines during winter. DTEK asked for emergency equipment and funding, and also discussed long‑term investment in stronger, decentralised energy infrastructure. In Davos-Klosters, Switzerland, DTEK met senior officials from the US, EU, EBRD, EIB and Moldova, and co‑hosted the Ukrainian energy roundtable with Naftogaz Group (oil&gas group, Ukraine) to plan future energy security. Source, Source

Check out DTEK Weekly Digest for investment opportunities and latest collaborations.

Ukrainian IT sector unicorns

Ukrainian technology companies attracted 458 million EUR (498 million USD) in 2025, up 8% from 2024 according to according to AVentures Capital’s (investment fund, Ukraine, backed by entrepreneurs and talents from IT sector) Dealbook of Ukraine - 2026. Late‑stage rounds made up about half of all funding, and Series A almost doubled. Two new unicorns appeared: Monobank (fintech, a retail product of "Universal Bank", created in partnership with the mono IT team), even though it was already a giant company, now it is valued at over 920 million EUR. Then, there is also Preply (e-learning platform, Ukraine, U.S.), valued at almost 1.10 billion EUR. Defense tech companies grew fastest, raising about 119 million EUR. AI startups attracted far more capital than non‑AI firms. Kyivstar (telecom operator, Ukraine) listed on NASDAQ (U.S.-based stock exchange and the second-largest by market capitalization globally), raising 164 million EUR, and bought Uklon (ride-sharing app, Ukraine) for 143 million EUR. Despite the Russian strikes against the country, Ukraine’s tech sector continued to scale. Source

Ukraine develops national LLM

Ukraine moved into the implementation phase of its national large language model (LLM), with the first beta planned for spring 2026. The project is developed with Kyivstar (telecom operator, Ukraine), which finances and builds the system before handing it to the state. The model is based on Google’s Gemma and adapted to Ukrainian language and public‑sector needs. The main challenge is preparing high‑quality data, much of which still exists only on paper. After testing, the LLM will be available to public institutions and later open‑sourced. Source

Drone stats dashboards on Brave1 Market

Brave1 Market, Ukraine’s main defense tech platform, now offers real‑time drone performance data for manufacturers. The system shows how many targets a drone hits, what types they are, the average strike distance from the front line, and how each model compares with others. This update helps companies improve their technology faster and reduces the risk of promoting weak solutions, because decisions rely on clear data, not opinions. Source

Poland will co-produce drones with Ukrainian companies

Ukraine is moving part of its drone and missile manufacturing to Poland, confirmed by Foreign Minister Radosław Sikorski. He said the shift is linked to Poland’s 48th military‑aid package and gives Warsaw access to Ukrainian defense know‑how and joint EU‑funded projects. Sikorski noted that European financing will support shared military capabilities, marking Poland’s transition from aid provider to co‑producer. He added that the EU has committed 90 billion EUR to sustain Ukraine’s defense budget for two more years and argued that Europe can maintain support even without the United States. Source, Source

Six Polish towns gain city status

Poland began 2026 with a positive administrative milestone: six towns were upgraded to city status on 1st of January: Branice, Janów, Janów Podlaski, Małkinia Górna, Stanisławów and Staroźreby. Source

Landmark exhibition brings Warhol to Warsaw

A new exhibition at the Państwowe Muzeum Etnograficzne in Warsaw presents Forms of Presence: Art of Lemkos/Carpatho‑Rusyns (17 Jan-30 Jun 2026), featuring a rare selection of Andy Warhol’s works shown alongside pieces by Nikifor and Jerzy Nowosielski. Source

Might be unknown for many, but Andy Warhol's (born as Andrew Warhola) roots are in Poland, he was born in Lemko (part of Rusyn minorities) family. More about the exhibition and his roots in Notes from Poland article.

Polish theatre showcased internationally in Paris

On 23d of January 2026, Paris hosted a forum of performative readings of new Polish drama at Plateaux Sauvages (theater in France), featuring works by Malina Prześluga, Agnieszka Szpila and Małgorzata Sikorska‑Miszczuk. The event accompanies the release of a special issue of Théâtre/Public dedicated to contemporary Polish theatre, strengthening Poland’s cultural visibility abroad. Source

🇫🇮 2025: Finnish books published in Polish

Image from Spondeo's publication Finnish Business & Culture in Poland, 2026

For the 2026 edition of Spondeo’s publication we collected facts about some Finnish books that have been translated into Polish language in 2025. KIRJA Translators Collective, founded in 2019 by participants of Finnish literature translation workshops, promotes Finnish writing in Poland by reviewing, translating and actively showcasing new works to readers and publishers

Read more

Upcoming events

FEBRUARY

Kickstart 2026: Networking, Insights & Economic Outlook (mBank, SPCC), Feb 12, Warsaw

An economic outlook from mBank’s chief economist and a panel on 2026 business trends moderated by Marzena Zahlin from the SPCC, with speakers from Essity, OX2, Tieto and mBank. The event also features a welcome session for new members and networking. It takes place on February 12th, in English, with free participation for SPCC member companies upon registration. Location: mBank, Prosta 18, Warsaw. Details