Polish investment fund management companies, known as TFI, generated PLN 768.8 million in net profit in the first half of 2026, up 45.9% from PLN 526.9 million a year earlier, according to Statistics Poland. Revenue rose significantly faster than operating expenses.
Revenue exceeds PLN 2.6bn
Operating revenue reached PLN 2,606.3 million, 21.1% higher than in the first half of 2025. Management fees generated PLN 2,516.6 million, accounting for roughly 96.6% of revenue. Operating expenses increased by 10.2% to PLN 1,731.3 million, while operating profit climbed 51.2% to PLN 889.4 million. Gross financial profit grew 45.8% to PLN 951.6 million.
Costs rise more slowly than revenue
The ratio of operating costs to revenue fell from about 73% in H1 2025 to 66.4% in H1 2026. External services were the largest expense category at PLN 969.8 million, or 56% of operating costs, followed by salaries and associated charges at 17.1%. Some 47 firms recorded combined net profits of PLN 779.6 million, while eight made losses totalling PLN 10.8 million.
Balance-sheet assets cross PLN 4bn
The managers’ own balance-sheet assets reached PLN 4,024 million at the end of June 2026, up 18.4%, and their equity totalled PLN 2,682.6 million. Short-term assets amounted to PLN 2,870.9 million, while cash and equivalent holdings reached PLN 1,581 million. These figures concern the management companies’ own assets, not the value of investment funds held for clients.
Fewer firms but record nominal profit
There were 54 active investment fund managers at the end of June compared with 56 a year earlier, and the number of investment funds including those in liquidation declined from 570 to 548. The PLN 768.8 million sector net profit was the highest first-half amount in Statistics Poland’s historical series starting in 2008, unadjusted for inflation.
Selected sector costs and funding
External services cost PLN 969.8 million, staff compensation and related charges PLN 295.6 million, and costs borne by managers above fund expense limits PLN 81.1 million. Foreign participation in the sector’s basic capital fell to 18.2%. The managers’ trade payables rose to PLN 466.1 million from PLN 250.2 million, while total liabilities and provisions reached PLN 1,341.4 million.
Source: Statistics Poland, Financial Results of Investment Fund Management Companies in H1 2026, published 22 October 2026. Original Polish analysis.
