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

Corporate signature: Boryszew operates as a diversified industrial holding, combining four different business lines under one ticker:

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

Boryszew

WARSZAWA · KRS 0000063824 · SPÓŁKA AKCYJNA

Revenue

4.8 B PLN

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

The address Aleje Jerozolimskie 92, 00-807 Warsaw, places the Boryszew 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 historically the headquarters of many Polish industrial issuers were clustered - from PZU to Compensa.

The company has operated in its current legal form (joint-stock company under KRS number 0000063824) since 23 November 2001, but the business history goes back much further - 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, making successive acquisitions (Hutmen, 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. Under Polish PKD codes the principal 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 single multi-segment holding controlled by a "Polish founder-investor"

In the Polish stock-market sector Boryszew occupies a rare position: one of few large multi-segment holdings controlled neither by the State Treasury nor by a foreign group, but by a single Polish investor. Roman Karkosik holds the controlling stake - 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 Synthos, Skotan).

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

• Diversification as a sectoral-shock absorber - unlike the typical mWIG40 issuer focused on a single industry, Boryszew combines chemicals, metallurgy, and automotive. The cyclical patterns of these industries are spread out in time - in a year when automotive declines (e.g. German production slowing), chemicals may grow (stable demand for operating fluids). 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 Polish 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 the need to consolidate all operations in one country.
• The "Karkosik effect" on valuation - Boryszew historically shows higher valuation volatility than the mWIG40 average, partly due to the strategic decisions of the controlling shareholder (acquisitions, divestments, internal mergers between group companies). Minority investors view the ticker as exposure partly to the group's business strategy and partly to the controlling shareholder's personal strategy.

Implication for the investment profile: multi-vector exposure, 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 + Boryszew Automotive Plastics segment generates most of the group's reported revenue. Any slowdown in global car production (in 2025 Germany, France, the US recorded declines) feeds quickly into Boryszew's results. Conversely - in a year of automotive recovery, the group regains profitability with a 1–2 quarter lag.
• 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 with strong operating performance and low capex the dividend is more generous; in a year of high capex (e.g. Maflow plant modernisation) - there is no dividend at all. For income investors the company is not a stable choice.
• Controlling-shareholder strategic-decision risk - all of the group's key moves (asset sales, internal mergers, acquisitions) are in practice Roman Karkosik's decisions. This is an operational advantage (decision speed), but also a governance risk for minority shareholders - whose position is weak vis-à-vis the dominant shareholder.

For the Mazowieckie voivodeship itself, Boryszew is a typical "Warsaw management seat, factories in Poland" pattern - a model for many Polish industrial holdings, where the central office is in the capital and production assets are scattered in smaller cities (Sochaczew, Tychy, Skawina, Wrocław, Toruń).

What you'll find in the Boryszew profile

The Boryszew S.A. profile in our database carries the full picture of the company: composition of the four-member management board (CEO plus three members), the six-member supervisory board, the KRS registration history from 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), website boryszew.com, and the assigned PKD codes classifying the activity as chemical, metals, and automotive production. The profile is also available in English - important for international investors, since Boryszew is one of 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; PKD classification 20/24/29; company history - original plant founded 1911 in Sochaczew, S.A. 2001, WSE IPO 1996; editorial estimates for the position in the Polish industrial-holdings sector, as of 2026-05-02.