Companies with medium capitalization attract more and more attention, and not only among national investors. In 2025, this segment experiences a real flourishing, powered by both increased interest in foreign capital and greater activity of native players.
This year, not only the largest entities from WIG20 are dialecting on the Warsaw court. Medium companies from the MWIG40 index mark their place more and more clearlywhich in terms of this year's results only slightly disappears to the Blue Chips indicator – only about 4 percent points. This index can boast of an impressive rate of return of approx. 23 percent. from the beginning of the year. It is worth adding that in April medium -sized companies showed greater resistance to global turmoil than the largest companies, which meant that market correction was less severe for them.
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What's more, the losses have already been completely made up, and the MWIG40 index for the first time in history pierced the barrier of 7.5 thousand. points, setting a new bull market record.
Medium -sized companies in the Investors' attention center
Market data indicate that foreign investors are an important driving force of increases in both the largest and parts of medium -sized companies, especially those liquid and attractive sectoral. “Good results of Polish world indexes, which have been at the forefront in terms of phrases since the beginning of the year, testify to the change in the attitude of global investors to European markets,” explains to “Parkiet” Dariusz Świniarski, managing in the TFI treasury. He indicates that capital rotation from the USA to European and emerging markets significantly supports valuations.
Świniarski also draws attention to the favorable sectoral composition of the mWIG40. “Significant, 31 % share of the financial sector, which is currently favored by both domestic and foreign investors, helps to keep the index at a high level. Companies from the industrial sector are also doing well, which are responsible for 13.5 percent. participation in the index, and IT companies with 12 % participation “-he notes, adding that some of them have reached over 50 % return on this year.
Medium companies from mWIG40 stand out from the entire market thanks to their advantages. “Medium capitalization companies are better related to the improvement of domestic dynamics of GDP than the largest companies. The combination of this feature with the growing financial results and high profit payments for shareholders speaks for further growth potential” – emphasizes the expert.
The biggest stars of this year's increases
Banks such as Millennium and ING BSK stand out among the motorboats in 2025. Their shares achieved two -digit rates – 68 percent respectively. and 37 percent – A The courses have established new historical Maksima. The banking sector uses the inflow of capital to Europe and the expectations of acceleration of economic growth. However, the growing probability of interest rate reductions in the future may cool this optimism a bit.
The decisive leader of the growth turned out to be Lubawa, whose shares gained nearly 150 percent Investors' interest has fueled the plans of European countries regarding the increase in expenditure on reinforcement, which can translate into new contracts for the equipment manufacturer for the army. At the peak, the company's market value exceeded PLN 1.8 billion.
An additional support for the course were record financial results for 2024 and completed orders for products such as bulletproof vests, reconnaissance sets and masking systems.
Asseco Poland also recorded a successful start of the year. The shares of this IT company brought investors about 56 percent. profit. The course clearly accelerated the growth after a few years of a calmer upward trend. The increase in interest was influenced by improving results – a record net profit for 2024 in the amount of PLN 520 million and a growing order portfolio worth over PLN 10.8 billion. In addition, investors appreciate regularly paid dividends – in 2025 the company declared the highest payment in its history PLN 3.94 per share.
Among this year's stars was also Newag, a rolling stock manufacturer. His shares increased by over 56 percent, reaching record price levels. The quotations supported high expectations about future results and successes in the implementation of large contracts for the supply of electrical and hybrid locomotives and rolling stock modernization. Investors have also positively received the announcements of billion investments in the Polish Railway.
Returns to the path of growth
It is worth noting that among this year's increase leaders, companies also appeared, which in 2024 did not enjoy the recognition of investors. An example is Eurocash, whose shares in 2025 gained about 55 percent. Although growth was not enough to fully make up for losses from the previous year, better than expected results for the fourth quarter of 2024 restored the faith of investors in the company. Analysts note, however, that Eurocash is still facing challenges such as price war and rising labor costs. Despite this, the company is counting on improving efficiency and consumption, which can translate into better sales results in 2025.
A similar story was written by Tauron, whose shares also returned to the favor of investors. As a result of this year's dynamic increase in the course, the actions have reached levels not fallen for over a decade. The company's strategy at the end of 2024 helped in this.covering the ambitious plans of the RES investment and the announcement of the resumption of dividend payments. Good financial results for 2024 and optimistic forecasts at 2025 additionally supported the positive moods around the company.
