Boryszew in 2026: a diversified chemical-and-metals holding controlled by Roman Karkosik, an mWIG40 issuer from Aleje Jerozolimskie

Boryszew in 2026: a holding controlled by Roman Karkosik, four business lines from chemicals to automotive, on the WSE since 1996

Boryszew S.A. – headquartered at Aleje Jerozolimskie 92 in Warsaw and registered in the KRS under number 0000063824 – is one of the longest-listed Polish industrial holdings on the Warsaw Stock Exchange. The company has been on the WSE since 1996, placing it among the issuers listed continuously for nearly three decades – alongside PKO BP, Bank Handlowy and a handful of other Polish "old numbers".

Its corporate signature: Boryszew operates as a diversified industrial holding, combining four distinct business lines under a single ticker:

• Chemicals – Boryszew ERG (KRS 0000288711) in Sochaczew, a producer of automotive operating fluids (Borygo, Polixo) and industrial adhesives.
• Non-ferrous metallurgy – the Skawina non-ferrous metals mill (aluminium), Hutmen in Wrocław (copper), and other smaller metallurgical plants.
• Automotive plastics – Boryszew Automotive Plastics in Tychy, a supplier of structural plastics to the automotive industry.
• Maflow – a global producer of automotive air-conditioning systems, with plants in Poland, Italy, Brazil, China and India.

Boryszew

WARSZAWA · KRS 0000063824 · SPÓŁKA AKCYJNA

Revenue

4.8 B PLN

Aleje Jerozolimskie 92: a Warsaw management seat, factories spread across Poland

The address Aleje Jerozolimskie 92, 00-807 Warsaw, puts Boryszew's management seat in the very centre of the capital – typical for diversified holdings whose core business is portfolio management rather than production at a single site. Aleje Jerozolimskie is one of Warsaw's main office avenues, where the headquarters of many Polish industrial issuers have historically clustered – from PZU to Compensa.

The company has operated in its current legal form (a joint-stock company under KRS number 0000063824) since 23 November 2001, but the business history reaches much further back – the original Boryszew plant (which gave the company its name) was founded in 1911 in Sochaczew as a synthetic-rubber factory. In the post-war period it was one of the state-owned chemical plants. After privatisation in the 1990s, the company evolved into a diversified holding through successive acquisitions (Hutmen, the Skawina mill, Maflow, Boryszew Automotive Plastics).

Governance: a four-member management board (CEO plus three members) and a six-member supervisory board. The company has a registered electronic-delivery address (ADE: PL-91496-14802-STUWV-24) and a website at boryszew.com. Its principal PKD activity codes include 20 (manufacture of chemicals and chemical products), 24 (manufacture of basic metals) and 29 (manufacture of motor vehicles) – reflecting the group's three main business segments.

Boryszew on the WSE: a multi-segment holding controlled by a "Polish founder-investor"

Within the Polish stock market, Boryszew occupies a rare position: one of the few large multi-segment holdings controlled neither by the State Treasury nor by a foreign group, but by a single Polish investor. The controlling stake is held by Roman Karkosik – an entrepreneur and one of the most recognisable Polish founder-investors of the 1990s, also known from other listed positions (Impexmetal – historically connected, Hutmen – within the Boryszew group, NBO Polska, plus investments in companies such as Synthos and Skotan).

Three structural features of the Boryszew model explain its mWIG40 positioning:

• Diversification as a sector-shock absorber – unlike the typical mWIG40 issuer focused on a single industry, Boryszew combines chemicals, metallurgy and automotive. The cycles of these industries are staggered – in a year when automotive declines (e.g. German car production slowing), chemicals may grow (demand for operating fluids stays stable). This makes the group resilient to single-sector shocks.
• Global automotive reach via Maflow – Maflow serves global OEMs (Volkswagen, Stellantis, Renault-Nissan, BMW). It is the only mWIG40 issuer with production assets in five countries on four continents (Poland, Italy, Brazil, China, India). The structural benefit: exposure to global automotive demand without having to consolidate all operations in one country.
• The "Karkosik effect" on valuation – Boryszew has historically shown higher valuation volatility than the mWIG40 average, partly because of the controlling shareholder's strategic decisions (acquisitions, divestments, internal mergers between group companies). Minority investors treat the stock as exposure partly to the group's business strategy and partly to the controlling shareholder's personal strategy.

What this means for the investment profile: multi-vector exposure, a variable dividend, controlling-shareholder influence

“Boryszew is a classic case of a Polish 1990s holding, in which a single founder-investor built a group of scale large enough for nearly three decades on the Warsaw exchange. The multi-vector exposure (chemicals + metallurgy + automotive) gives the group resilience to single shocks, but it also makes financial analysis more complex - compared with a typical single-sector mWIG40 issuer, the investor must understand four different value chains at once.”

Three expected consequences for the company's 2026 investment profile:

• Cyclical sensitivity to automotive – the Maflow plus Boryszew Automotive Plastics segment generates most of the group's reported revenue. Any slowdown in global car production (Germany, France and the US all recorded declines in 2025) feeds quickly into Boryszew's results. According to the company's 2025 financial statements, group revenue came to roughly PLN 4.84bn (down from PLN 5.12bn a year earlier), with net profit falling to PLN 23.6m from PLN 110.5m in 2024. Conversely, in a year of automotive recovery the group regains profitability with a lag of one to two quarters.
• A variable dividend policy – Boryszew has paid dividends irregularly, in the PLN 0.10–0.80 per share range, depending on the annual result. In a year of strong operating performance and low capex the dividend tends to be more generous; in a year of heavy capex (e.g. modernisation of a Maflow plant) there is no dividend at all. For income investors, the company is not a reliable pick.
• Controlling-shareholder decision risk – all of the group's key moves (asset sales, internal mergers, acquisitions) are in practice Roman Karkosik's decisions. That is an operational advantage (speed of decision-making) but also a governance risk for minority shareholders, whose position is weak vis-à-vis the dominant owner.

For the Mazowieckie voivodeship itself, Boryszew embodies the typical "Warsaw management seat, factories across Poland" pattern – a model shared by many Polish industrial holdings, where the head office sits in the capital while production assets are scattered across smaller cities (Sochaczew, Tychy, Skawina, Wrocław, Toruń).

What you'll find in the Boryszew profile

The Boryszew S.A. profile in our database gives the full picture of the company: the composition of the four-member management board (CEO plus three members), the six-member supervisory board, the KRS registration history since 23 November 2001 (with traces of acquisitions and internal mergers), the registered address at Aleje Jerozolimskie 92, e-delivery status (ADE PL-91496-14802-STUWV-24), the boryszew.com website, and the assigned PKD codes classifying the business as chemical, metals and automotive production. The profile is also available in English – relevant for international investors, since Boryszew is one of the few Polish multi-segment holdings with production assets on four continents.

Data: Polish KRS Court Register (KRS 0000063824); Boryszew S.A. – annual reports 2023–2025; financial statements filed with KRS; PKD classification 20/24/29; company history – original plant founded 1911 in Sochaczew, S.A. since 2001, WSE debut 1996; editorial estimates of the company's position in the Polish industrial-holdings sector, as of 2026-07-27.