Market value of the listed PCC companies: € 322.3 million
Two PCC Group companies – PCC Rokita SA and PCC Exol SA – remained listed on the Warsaw Stock Exchange (GPW). PCC SE maintained its majority shareholdings in both Polish companies. Based on published shareholder notifications and disclosures, 16,728,811 shares of PCC Rokita SA, representing 82.58 % of its share capital, and 151,648,640 shares of PCC Exol SA, representing 87.09 % of its share capital, were attributable to PCC SE.
The stock exchange listing of these companies enables continuous external market-based price formation and thereby provides transparency in valuing these equity interests. At the same time, it effectively serves to open up the possibility of structuring future financing measures with direct access to the capital markets, and facilitates access for both institutional and private investors.
The capital market environment in 2025 was shaped by a generally moderate but uneven macroeconomic backdrop. The International Monetary Fund projected global economic growth of 3.2 %, while forecasts for the euro area indicated 1.4 % growth with average inflation of 2.1 %. For Poland, the growth expectation published by the Polish Central Bank stood at approximately 3.6 %, with inflation of around 3.9 %. As a result, Poland’s overall economic environment proved more robust than that of many Western European countries, even though industrial demand right across Europe remained subdued.
Monetary policy also influenced the stock market environment in 2025. In October 2025, the Polish Central Bank reduced its reference interest rate to 4.50 %. Lower interest rates generally support equity markets by improving financing conditions and increasing the relative attractiveness of equities compared to fixed interest alternatives. In the chemicals sector, however, the positive impact of this stimulus remained limited. Key reasons included the still slow recovery of important European sales markets, muted industrial demand, and persistently high competitive and pricing pressure across large parts of the sector. In addition, sustained supply-side pressure – particularly from Chinese imports – weighed on the market environment, while investment activity in many customer industries remained restrained, resulting in only a modest improvement in expectations for a broader demand recovery over the course of the year.
Although the energy environment eased somewhat compared to prior years, energy-intensive industrial companies did not experience a full return to pre-crisis cost structures prevailing in Europe. Despite declining energy prices, cost levels in many areas remained above pre-crisis levels and thus continued to significantly influence competitiveness and margin development. The relief on the cost side therefore was only enough to partially offset the structural burdens facing the chemicals sector.
Against this backdrop, the European sector index STOXX Europe 600 Chemicals was marked by elevated volatility in the 2025 trading year. At year-end, the index stood 6.8 % below its level at the beginning of the year. The performance of chemical-related equities in 2025 continued to depend heavily on the respective business model, earnings stability, and the credibility of investment and financing strategies. Capital market attention focused particularly on companies able to demonstrate resilient operating performance, stable cash flows, and a clear strategic orientation even under challenging conditions.
These factors also shaped the performance of the two listed PCC companies. Share price developments of the PCC subsidiaries, measured in Polish złoty (PLN), were mixed but overall showed a predominantly positive trend. At the same time, the PLN appreciated significantly against the euro.
The stock exchange listing of these companies enables continuous external market-based price formation and thereby provides transparency in valuing these equity interests. At the same time, it effectively serves to open up the possibility of structuring future financing measures with direct access to the capital markets, and facilitates access for both institutional and private investors.
The capital market environment in 2025 was shaped by a generally moderate but uneven macroeconomic backdrop. The International Monetary Fund projected global economic growth of 3.2 %, while forecasts for the euro area indicated 1.4 % growth with average inflation of 2.1 %. For Poland, the growth expectation published by the Polish Central Bank stood at approximately 3.6 %, with inflation of around 3.9 %. As a result, Poland’s overall economic environment proved more robust than that of many Western European countries, even though industrial demand right across Europe remained subdued.
Monetary policy also influenced the stock market environment in 2025. In October 2025, the Polish Central Bank reduced its reference interest rate to 4.50 %. Lower interest rates generally support equity markets by improving financing conditions and increasing the relative attractiveness of equities compared to fixed interest alternatives. In the chemicals sector, however, the positive impact of this stimulus remained limited. Key reasons included the still slow recovery of important European sales markets, muted industrial demand, and persistently high competitive and pricing pressure across large parts of the sector. In addition, sustained supply-side pressure – particularly from Chinese imports – weighed on the market environment, while investment activity in many customer industries remained restrained, resulting in only a modest improvement in expectations for a broader demand recovery over the course of the year.
Although the energy environment eased somewhat compared to prior years, energy-intensive industrial companies did not experience a full return to pre-crisis cost structures prevailing in Europe. Despite declining energy prices, cost levels in many areas remained above pre-crisis levels and thus continued to significantly influence competitiveness and margin development. The relief on the cost side therefore was only enough to partially offset the structural burdens facing the chemicals sector.
Against this backdrop, the European sector index STOXX Europe 600 Chemicals was marked by elevated volatility in the 2025 trading year. At year-end, the index stood 6.8 % below its level at the beginning of the year. The performance of chemical-related equities in 2025 continued to depend heavily on the respective business model, earnings stability, and the credibility of investment and financing strategies. Capital market attention focused particularly on companies able to demonstrate resilient operating performance, stable cash flows, and a clear strategic orientation even under challenging conditions.
These factors also shaped the performance of the two listed PCC companies. Share price developments of the PCC subsidiaries, measured in Polish złoty (PLN), were mixed but overall showed a predominantly positive trend. At the same time, the PLN appreciated significantly against the euro.
PCC Rokita SA experiences a share price decline of 11.2 %
The closing price of PCC Rokita SA (PLPCCRK00076) as of December 31, 2025 was PLN 61.3, representing a year-on-year decline of 11.2 %. The market capitalization of the shares held by PCC SE at the end of the year was thus the equivalent of € 242.9 million. After the reporting date, the shares of PCC Rokita SA showed encouraging strength due to the brightening business climate. As of March 31, 2026, the shares of PCC Rokita SA were trading at PLN 66.0, representing a price gain of 7.7 % or PLN 4.7 since the beginning of the year. This strong upturn underscores the high level of confidence of capital market participants in our value creation.
PCC Exol SA sees a share price rise of 0.5 %
The price performance of PCC Exol SA (PLPCCEX00010) reflects the volatile geopolitical development of its sales markets, with fluctuating demand in the end markets compounded by destocking by the end customers serving those markets. The closing price as of December 31, 2025 was PLN 2.21, which corresponds to a year-on-year increase of 0.5%. The market capitalization of the shares held by PCC SE thus increased to the equivalent of € 79.4 million. In the first quarter of 2026, PCC Exol SA found itself confronting volatilities in its sales markets. As of March 31, 2026, PCC Exol SA stock was valued at PLN 2.0, representing a decrease of 8.1 % since the beginning of the year.
