Polimex-Mostostal Gets a Permanent Boss and Two Deputies — But Can a Leadership Shakeup Justify an 8% Pop?
Shares of Polish construction giant Polimex-Mostostal surged 8.2% to PLN 7.42 as the company ended weeks of executive uncertainty by installing a permanent management team. The question for investors: does settling the corner office actually change the business, or is this rally built on relief alone?
An Energy Insider Now Runs a Construction Company — And That's the Point. Piotr Andrusiewicz has served as president of Enea Wytwarzanie and Enea Elektrownia Połaniec since April 2024. He joined Polimex in May 2026 to develop its offshore wind business and later ran its strategic power-generation and offshore unit, including oversight of the Baltica 2 offshore wind power export project.
The Polish state, through PGE, Enea, and Orlen, controls nearly 64% of Polimex's shares. Putting an Enea executive in charge signals that the state-owned energy shareholders want Polimex tightly aligned with Poland's massive energy-transition spending. The company's order backlog stood at PLN 9.4 billion as of end-March, with PLN 5.3 billion in the energy segment alone.
The Abrupt Firing That Preceded This Was the Real Story. The supervisory board fired former president Jakub Stypuła in early July without stating reasons — days after Stypuła was still publicly representing the company at a Ukraine reconstruction conference. Andrusiewicz was initially delegated for just three months. His permanent appointment — via a formal qualification process — removes the overhang of a leaderless company sitting on billions in contracts.
Profitability Is Slipping Even as the Backlog Looks Strong. Q1 2026 revenue came in at PLN 861 million, down slightly year-over-year, while operating profit fell to PLN 30.6 million from PLN 39.1 million and net income dropped to PLN 19.9 million from PLN 27.5 million.
The 2026–2028 strategy targets PLN 10 billion in cumulative revenue with an operating margin above 4%. The new vice president for "development and transformation," Bartosz Krysta, arriving September 14, will be tasked with closing that gap.
An 8% Rally on a Management Announcement Suggests How Nervous the Market Had Been. The stock sat near PLN 6.45–6.86 for a week before today's jump — a range that reflected genuine investor unease over corporate governance. The move higher prices in stability, not growth. Whether Andrusiewicz can convert a PLN 9.4 billion backlog into improved margins will determine if the stock holds these levels or fades once the relief trade runs its course.