Investment fund management companies closed 2025 with their best performance in recent years. Net profit increased by 37.8% to PLN 1.371bn, while revenues grew more than twice as fast as costs. As a result, the cost-to-income ratio fell to 67.6% — its lowest level in at least five years. The industry’s assets grew significantly more slowly than its profits.
Data period: 2025 (balance-sheet position as at 31 December 2025) · Statistics Poland publication: 26 June 2026
The latest Statistics Poland data show the asset-management sector in markedly better operating shape. At the end of December 2025, 55 investment fund management companies were operating, managing 411 investment funds (excluding funds in liquidation). The financial data cover 56 entities, including one company acquired during the year.
Revenue rises while costs remain contained: operating margin at a five-year high
The key to the record result was the gap between revenue and cost growth. Operating revenue reached PLN 4,832.4 million (+15.4%), with almost all of that amount—PLN 4,695.9 million—coming from fund-management fees, which rose by 16.3%. Operating costs increased by only 5.8%, to PLN 3,267.1 million. As a result, operating profit climbed 38.0% to PLN 1,575.5 million, while the cost-to-income ratio fell from 73.8% to 67.6%.
The increase in costs was driven mainly by external services—PLN 1,890.3 million, or 57.9% of all operating costs (+5.3%)—and employee remuneration including related charges (18.1% of costs, +3.6%). However, growth in management-fee income was sufficiently strong to more than offset the higher cost base.
| Income statement (PLN millions) | 2024 | 2025 | Change |
|---|---|---|---|
| Operating revenue | 4 186,7 | 4 832,4 | +15,4% |
| including fund-management fees | 4 037,2 | 4 695,9 | +16,3% |
| Operating costs | 3 089,3 | 3 267,1 | +5,8% |
| including external services | 1 794,8 | 1 890,3 | +5,3% |
| Gross profit | 1 230,2 | 1 694,4 | +37,7% |
| Net profit | 995,0 | 1 371,3 | +37,8% |
Net profit was not distributed evenly across the sector. The aggregate PLN 1,371.3 million result comprised profits of PLN 1,394.2 million generated by 46 companies and losses of PLN 22.8 million reported by 10. Most of the sector was profitable, but profitability remains highly concentrated among the largest players.
Assets and equity: growth slower than profits
The balance sheet expanded much more slowly than the income statement. Total assets of fund management companies increased by 4.9% to PLN 4,022.7 million. Current assets (77.1% of total assets) rose by 2.7%, but their most liquid component—short-term investments—grew by as much as 16.7%, to PLN 2,301.8 million. On the liabilities side, equity rose 17.0% to PLN 3,068.6 million, reflecting the retention of high profits, while liabilities and provisions fell by 21.4%.
The share of foreign investors in the share capital of fund management companies declined by 2.6 percentage points to 21.1%. Foreign capital was present in 10 companies, and exceeded 50% in eight of them.
At the same time, product consolidation is continuing. According to the Polish Financial Supervision Authority (KNF), the total number of funds, including those in liquidation, fell to 559 from 605 a year earlier, mainly due to the liquidation of closed-end investment funds.
What this means for the market
- For the fund management industry, 2025 was a year of record profitability: net profit rose 37.8%, while the cost-to-income ratio reached its lowest level in at least five years, at 67.6%.
- The revenue model remains based almost entirely on management fees (97% of operating revenue), so results depend directly on the value and composition of fund assets under management.
- The companies’ own assets are growing more slowly (+4.9%) than their profits—an effect of operating leverage rather than balance-sheet expansion.
- The market is consolidating: the number of funds—especially closed-end funds—is falling, as is the share of foreign capital in the companies’ share capital.
Source: Statistics Poland, “Financial results of investment fund management companies in 2025” (26 June 2026); fund-count data: Polish Financial Supervision Authority (KNF), as at 3 March 2026. Own analysis based on Statistics Poland data.
