Best Dividend Stocks on GPW 2026: 8 Polish Companies with Highest Yields

Quick Answer

2026 is a record dividend year on the Warsaw Stock Exchange (GPW): Bank Pekao paid a record 19.77 PLN per share (~7.8% yield), PZU declared a record 4.80 PLN (~6.5%), Orlen paid a record 8.00 PLN (~5.1%), and Asseco Poland paid an extraordinary 13.05 PLN (~5.7%). Yields on the strongest payers range roughly 4.4% to 7.8% — lower than headline dividends suggest, because the WIG20 roughly doubled in the 2023–2026 bull market and hit an all-time high of 4,084 points in August 2026. Polish dividends are subject to the 19% "Belka tax" (podatek Belki), but investors can avoid it entirely by holding dividend stocks inside an IKE account (2026 contribution limit: 28,260 PLN). Beware two popular myths: Dino Polska has never paid a dividend, and CCC (now Modivo, ticker MDV) has not paid one since 2019.

Why Consider Polish Dividend Stocks?

The old "Poland is cheap" argument has largely played out: after a three-year bull run of roughly +100%, the WIG20 trades around 15–17x earnings in 2026 — no longer a deep discount to the Euro Stoxx 50. What remains is a genuine dividend culture at profitable, state-influenced blue chips: banks and insurers paying out 50–75% of record profits.

Key features of GPW dividend investing in 2026:

• Solid yields at record payouts — Several blue chips offer 5-8% dividend yields even after the rally
• PLN-denominated — No currency risk for Polish residents
• IKE/IKZE tax shelter — Eliminates the 19% Belka tax on dividends and capital gains
• State ownership influence — The Polish Treasury, as a major shareholder in banks and energy companies, has supported generous payouts
• Falling rates — the NBP reference rate has been cut to 3.75% (March 2026), which historically supports equity valuations but compresses bank margins going forward

Top 8 Dividend Stocks on GPW (2026)

Dividends below are the actual FY2025 dividends declared/paid in 2026; prices and yields as of 2 September 2026.

1. Bank Pekao (PEO)

Pekao is Poland's second-largest bank and the most generous large-cap dividend payer on GPW in 2026. With a strong capital position (CET1 above 15%) and a high payout ratio on record profits, it is the yield leader among blue chips. Contrary to a common misconception, Pekao did not "restart" dividends recently — it has paid in almost every year for decades.

Risk factors: Interest rate sensitivity (NBP cuts compress margins), credit quality in a slowing cycle, regulatory capital requirements.

2. PZU (PZU)

PZU is Poland's largest insurer and one of the most reliable dividend payers on GPW, with a formal policy targeting 50-100% of consolidated net profit. The 2026 dividend of 4.80 PLN is a record, up from 4.47 PLN a year earlier.

Risk factors: Interest rate sensitivity, catastrophic event exposure, potential government-directed investments, planned group restructuring.

3. Asseco Poland (ACP)

Asseco is Poland's largest IT company and one of the largest software houses in Europe, with an unbroken multi-decade dividend streak. The 2026 payout of 13.05 PLN was exceptional — roughly triple the prior year, drawing on accumulated reserves — so do not extrapolate this yield forward mechanically.

Risk factors: The 2026 dividend is one-off in scale; public procurement dependency, margin pressure, subsidiary complexity.

4. PKO Bank Polski (PKO)

PKO BP is Poland's largest bank by assets, with 11+ million retail clients. It resumed payouts in 2022 (from FY2021 profits) after the COVID-era suspension, skipped one year, and has since raised the dividend to 6.14 PLN in 2026 (5.48 PLN in 2025). Some investors consider PKO the "safest" Polish bank stock due to implicit state backing.

Risk factors: Interest rate cycle (NBP cuts compress margins), residual Swiss franc mortgage litigation costs, credit cycle risk.

5. Orlen (PKN)

Orlen (renamed from PKN Orlen in 2023; the GPW ticker remains PKN) is Central Europe's largest energy group following the Lotos and PGNiG mergers, spanning refining, petrochemicals, energy generation, gas distribution, and retail. The dividend policy sets a rising guaranteed base dividend, and 2026's 8.00 PLN was the highest in company history.

Risk factors: Oil price volatility, energy transition pressure, political influence on strategy, heavy capex for green investments.

6. Budimex (BDX)

Budimex is Poland's largest construction company (majority owned by Spanish Ferrovial) and consistently pays out a very high share of profits. Revenue is supported by EU-funded infrastructure projects and the Polish motorway and railway construction boom. Some investors consider Budimex a proxy for EU structural funds flowing into Poland.

Risk factors: Order backlog cyclicality, labor cost inflation, raw material price swings, EU funding cycle dependency.

7. Orange Polska (OPL)

Orange Polska resumed dividend payments in 2021 after years of investing in fiber infrastructure. With FTTH coverage exceeding 6 million households and a growing convergent customer base, the company generates stable cash flows, and the dividend has increased every year since the restart.

Risk factors: Intense competition from Play (Iliad) and T-Mobile, 5G investment requirements, potential price wars.

8. KGHM Polska Miedz (KGH)

KGHM is one of the world's largest copper producers and the largest silver producer — but treat it as a commodity-cycle play, not an income stock. It paid no dividend at all in 2025, and the 1.50 PLN paid in 2026 yields under half a percent at the current share price, which more than doubled in the bull market.

Risk factors: Copper price volatility, high production costs, regulatory/windfall tax risk, dividend unreliability.

Not dividend stocks, despite the hype: Dino and CCC/Modivo

Two of the most-discussed GPW names are often wrongly listed as dividend payers:

• Dino Polska (DNP) has never paid a dividend since its 2017 IPO — all profit is reinvested in the store network. (Note the 1:10 stock split effective 31 July 2025; the share price of ~36 PLN corresponds to ~360 PLN pre-split.)
• CCC no longer exists under that name — the company became Modivo S.A. (ticker MDV) in February 2026 — and its last dividend was 0.48 PLN for FY2018, paid in 2019. Nothing since.

If you see either name in a "Polish dividend stocks" list, the list was not fact-checked.