We have finalized the December newsletter earlier-than-normal as we intend to just enjoy the rest of 2024.
But, we are working hard! Our annual publication, Finnish Business & Culture is now at the final editing stage and it will be published in mid January. It's gonna be again an awesome package, filled with success stories, expert interviews, new market entries and surely interesting sports & culture news.
Please find here two videos - Finnish books published in Polish in 2024 and publication teaser.
We'd like to wish you a merry & peaceful Christmas time and success for 2025 on all fronts!
And of course, we hope you like the newsletter ;)
Tuomas & Weronika & whole Spondeo team
Economy in Poland
GDP: The most optimistic forecaster for 2025 is (surprisingly) the government, which is now predicting growth of 3,9% for the next year. The state-owned bank PKO, however, predicts 3,5% growth, ING 3,2% and S&P 3,1%. Latest GDP growth forecasts for 2024 were 2,8-2,9%.
PMI: 48,9 in November, bit down from October. Meanwhile in Germany PMI was 43,2.
INFLATION: November inflation rate decreased a bit to 4,7%. Inflation predictions for the end of 2025 are showing 3-3,5% figures
REFERENCE RATE: No changes, talks about lowering rates continues.. the President of NBP predicts opening the rate cut talks in October 25.
PLN: No big changes, PLN has a stable and strong year. According to the Finance Minister Domanski, PLN is currently too strong for the export companies, and limiting the growth.
SALARIES: Wages in enterprises rose by 10,5%, average salary in November was 8478PLN.
UNEMPLOYMENT: Whereas unemployment stays at 5% levels, it is important to point out that employment has dropped by 0,5%, which converts to around 40 000 lost jobs.
EXPORT: During Jan-Oct, exports fell slighly but more alarming was 4,7% decline in exports to Germany. Imports increased by 1,4%.
PRODUCTION: November production data was a disappointment, -1,5% y/ y and also production prices dropped by 3,7%. Steepest declines were in automotive sector (-16,4%), construction (-9,3%) and beverages (-7%)
ECONOMY NEWS
Sejm approves 2025 budget with record deficit and key investments
The Sejm has approved the 2025 state budget, which will have deficit over 5% of GDP. The budget predicts a record deficit of €63.1 billion (PLN 289 billion), with revenues of €146.5 billion (PLN 632.6 billion) and expenditures of €211.3 billion (PLN 921.6 billion). Key allocations include €43.1 billion (PLN 186.6 billion) for defense, €50.6 billion (PLN 221.7 billion) for healthcare, and funds for social programs, including Family 800+ (€14.4 billion, PLN 62.8 billion). The budget now moves to the Senate for review.
Some key investments in the 2025 budget are CPK, railway infrastructure, and the first nuclear power plant.
Source: euractiv.pl
High demand for skilled workers in Poland
The Polish labour market seeks skilled professionals like carpenters, roofers, and welders. Their monthly earnings range from €980 to €1,630, and experienced specialists can earn up to €4,130. These professions are valued due to the construction and industrial sector's growth. The shortage of skilled workers raises their earnings, making them comparable to many office jobs. High demand exists in occupations with earnings up to €1,510. The most profitable jobs are for roofers, plasterers, and construction machinery operators. During the recent years, many such positions were filled in by non-EU workers.
Source: money.pl
EIC to invest over €1.4 billion in innovation for 2025
The European Innovation Council (EIC) will allocate more than €1.4 billion in 2025 to support groundbreaking research and innovative companies across the EU, including Poland. Funding will focus on strategic technologies like quantum computing, green energy, and biotechnologies. The EIC offers grants through various programs, including the EIC Accelerator, Pathfinder, Transition, and STEP Scale-Up, aimed at scaling up transformative projects.
Source: inwestycje.pl
Poland's R&D spending rises but still lags behind top countries
In 2023, Poland's research and development expenditure reached €11.7 billion, a 22.6% increase from the previous year, according to the PFR report. This represents 1.56% of GDP, up from 0.55% in 2004, but still below the EU average of 2.2%. Sweden, Belgium, and Austria lead in R&D spending as a percentage of GDP. Corporate spending dominated in Poland, accounting for 65% of total expenditure, followed by higher education (33%) and the government (2%).
It is worth remembering that R&D subsidies are available in Poland. More info for example in the latest Ecovis newsletter - here.
Source: forsal.pl
Drop in job offers
November job offer data shows a 20% drop in job listings compared to October. Although the labor market remains relatively strong, sectors like IT and service centers experienced significant declines in job offers. Experts suggest that seasonal factors, automation, and tighter recruitment budgets are contributing to this downturn, with a potential recovery expected in 2025. Decline in available jobs may contribute more modest salary expectations for 2025
Source: pro.rp.pl
Why do Gen Z employees get fired?
A survey by Intelligent, an international consulting platform, reveals that 6 out of 10 companies fired Gen Z employees shortly after hiring them. Key reasons include a lack of motivation (50%), professionalism (46%), and organizational skills (42%). Communication issues and difficulties with receiving feedback also contributed. Experts advise employers to focus on potential, not just experience, and help new employees adjust through mentorship and structured induction. Gen Z workers can improve by showing initiative, a strong work ethic, and openness to feedback.
Source: tvn24.pl
Fewer Poles plan to save on holidays
49.4% of Poles are planning to cut holiday spending this year, compared to 73.2% in 2023. Retailers anticipate a strong season despite rising costs, including 20–30% price increases for some products like butter and chocolate.
Popular savings areas include alcohol, decorations, and food, but indulgence in premium products like champagne and artisan vodka persists. Holiday spending habits remain diverse, with many balancing quality with budget constraints, while experts warn against excessive debt for holiday celebrations.
Source: rp.pl
Butter prices a hot topic; government intervenes
From January to the end of October, butter prices in stores increased only by an average of 2% year-on-year. However, in recent months, the price hikes have become sharply double-digit. By early December, the annual increase had already surpassed 30%, according to the latest market data.
The average price of a 200g block of butter is now around 8-8,50 PLN (1,87€ - 2€) for private label butter, and over 9 PLN (2,10€) for classic brands (like Maslo Polskie Mlekovita, Łaciate, Masło Extra Wypasione, etc.). In Finland the average price of butter is around 2,5€ - 3,3€ (around 11 PLN - 14 PLN) for 200g blocks. In Germany around 1,6€ - 2,4€ (6,9 PLN - 10 PLN) for 200g blocks. In Czech prices are around 1,2€ - 1,4€ (5,1 PLN - 6 PLN) for 200g blocks.
Just before Christmas, The Government Agency for Strategic Reserves has announced a tender for the sale of 1,000 tons of frozen butter to stabilize the situation on the Polish market in connection with global price increases.
Source: Spondeo LinkedIN
POLISH BUSINESS NEWS
E-commerce growth: inPost, Allegro, and mBank
As the holiday season approaches, InPost is leading the charge with its guarantee that parcels sent by December 22 and 23 will reach recipients before Christmas Eve. This service, aimed at making online shopping more convenient, is joined by Allegro’s impressive growth, reaching 22.74 million users in November, however Allegro is facing pressure from Chinese competitors Temu and AliExpress. Meanwhile, mBank is taking ecommerce to the next level by offering its 3.8 million customers the ability to shop on Morele directly through the bank's app. With seamless payment options and an expanding product range, these companies are reshaping the way we shop and connect during the holiday rush
Sources: pb.pl, dlahandlu.pl, bankier.pl
Cyber_Folks will buy 49.9% of Shoper; SoftwareMind also shopping
Shoper is a local leader in Poland’s e-commerce solutions, offering software for online stores and supporting services like online payments, digital ads, logistics, and financing. Since July 2021, Shoper has been listed on the Warsaw Stock Exchange and is part of the sWIG80 index. Recently was announced that Cyber_Folks signed a preliminary deal to buy 49.9% of Shoper for €120 million. The shares come from holders like Modhaus and KFF Holding. Shoper will stay listed on the Warsaw Stock Exchange. Marcin Kuśmierz, CEO of Shoper, stated that this partnership will advance Polish e-commerce and benefit customers. If antitrust approval extends beyond February 15, 2025, the sale price may increase by €1 million. Integration details will follow in upcoming months.
SoftwareMind, a subsidiary of Aileron, acquires 100% of Warsaw based Core3 and increases team size by ~100 professionals. Core3 is a technology partner of Snowflake and IBM.
Source: investors.shoper.pl
Luxury goods market in Poland is growing
Poland’s luxury goods market is set to reach €12.8 billion in 2024, a 24.6% year-on-year increase, according to KPMG. The premium and luxury car segment dominates, valued at €8.3 billion. Growing affluence and consumer awareness contribute to this expansion, with a significant rise in high earners. Approximately 76,000 individuals in Poland earn over €226,000 (over 1m PLN) annually. Other sectors showing strong growth include luxury hotels, real estate, and cosmetics. Notably, the art market, valued at €130 million in 2023, is also gaining popularity as an investment.
Mirbud and smaller railway companies
Mirbud plans to acquire a small railway company. On September 9, Torpol disclosed Mirbud’s share participation. Paweł Korzeniowski, Mirbud’s CFO, stated their focus on railway projects and readiness for tenders in the near future. Paweł Bruger, Corporate Communications Director, said the State Treasury will decide on any takeover, including Torpol. Seems that this decision has been successful and Mirbud is looking forward to make its business position stronger by acquiring smaller companies.
Recently, Mirbud offered the best bid in a railway tender worth around €46 million, with more tenders expected soon.
Polish National Railway investment program for 2023-2030 has a total value of €38bn.
Source: torpol.pl
Smart Vegetables in Zdunów?
Smart Vegetables Innovations (SVI) invested €7.95 million to expand their greenhouse in Zdunowie. This added a second module, doubling production capacity and securing SVI’s market leader position. Next year, they will expand the complex further. SVI became a hydroponic farming leader through strategic investments. Hydroponics offers benefits like year-round growth, water savings, and pesticide-free produce. SVI plans to continue growing and recorded an 85% sales increase in 2023.
Sources: wiadomoscihandlowe.pl, linkedin.com
A payment card by Żabka
Żabka wants to introduce a payment card with a credit limit. The card can be used at Żabka stores and other terminals. The credit limit would be up to €220 and the service will be managed through a mobile app.The project is still in early stage, as the company leaders are looking for a partner to provide the credit. This could be a bank or a loan company and Żabka's press office confirmed they are exploring this idea. Previously, Żabka worked with BNP Paribas for a similar service. They also partnered with Dipocket and Santander in the past.
In December, Zabka opened its 11000th store in Poland!
This month the leading European mobile bank, Revolut, launched BLIK payments for their Polish clients.
Source: cashless.pl
LPP steps up growth with strong Q3 results
LPP, the Polish fashion giant, recorded robust growth in Q3 2024, with revenue reaching €1.2 billion (+19.8% YoY), driven by strong sales networks and record e-commerce growth (+35.7%). Poland and international markets contributed double-digit increases, while Sinsay brand led expansions. The company achieved a stable net profit of €133 million and a 54.8% gross margin. LPP plans 650 new stores in 2024 and aims to double Sinsay’s footprint by 2025, supported by expanded logistics infrastructure and ambitious multi-channel strategies.
Source: lpp.com
Empik plans to expand to 400 stores by 2025
Empik will increase its store count to 400 by the end of 2025, up from 370 at the end of this year, according to Łukasz Sitko, board member and Retail Operations Director. The expansion focuses on entering new cities and densifying larger agglomerations, including smaller retail parks. Empik recently launched local showrooms in Warsaw to strengthen its omnichannel ecosystem, highlighted by a flagship 1,300 m² location at Dmowskiego roundabout. Empik also plans to scale private label products, increasing margins. November saw strong double-digit sales growth, but of course December will be crucial for annual results.
Source: pl.investing.com
Cedrob will invest over €30 million in new feed plant
Cedrob SA, one of the largest meat processing companies in Poland, specializing in the production of poultry products, plans to build a new animal feed plant in Raciąż, Masovian Voivodeship, with an investment of €30.4 million. The plant will feature modern technologies for efficient and high-quality grain processing and animal feed production. This investment will increase Cedrob’s capacity, joining its existing five feed plants across Poland. The company also recently expanded its production in Kutno.
Source: portalspozywczy.pl
Polmlek expands into Morocco with Safilait acquisition
Polmlek Group has acquired a controlling stake in Safilait, Morocco’s third-largest dairy company, marking its expansion into the African market. The move follows an agreement with French dairy giant Bel. Safilait, established in 2006, specializes in fresh and UHT milk production, strengthening Polmlek's international presence and growth strategy.
Source: polmlek.com
Budimex to modernize Kościerzyna-Gdynia railway line
Budimex has signed a contract with PKP PLK to modernize the Kościerzyna-Gdynia railway line, with a total net value of €294 million. The project includes upgrading sections Kościerzyna-Somonino and Somonino-Kartuzy, spanning over 30 km. Scheduled for completion within 42 months, the modernization will enhance passenger traffic and improve line parameters.
Key upgrades include converting the single-track, diesel-powered line into an electrified double-track capable of passenger train speeds up to 140 km/h and freight speeds up to 100 km/h. The line, part of a historic coal transport route from the 1930s, will reduce congestion through Tricity. Preparations for tenders on additional sections of the line are underway.
Source: railway.supply
Tutlo faces charges for misleading customers
Polish startup Tutlo is under investigation by the Office of Competition and Consumer Protection (UOKiK) for misleading customers with unclear contract terms and payment mechanisms. Customers may be required to pay additional fees, even for unused lessons, after canceling courses. The company could face a fine of up to 10% of its annual turnover if the allegations are confirmed. Tutlo, known for its online language learning platform, is cooperating with UOKiK to resolve the issue and improve its practices.
Source: xyz.pl
Lay offs at Bosch?
Bosch is set to lay off globally more than 8,000 workers, with the most significant cuts impacting its Mobility division, which supplies parts to automotive companies. The layoffs come amid a challenging economic environment and ongoing transformation in the automotive industry, which have led to reduced demand, particularly for electric cars. Bosch previously announced plans to cut around 5,500 jobs in late November, but this figure may increase after negotiations with employee representatives. In Poland, Bosch employs nearly 10,000 people, with operations in Warsaw, Wrocław, Łódź, Rzeszów, and Goleniów. Other automakers, including Ford and Volkswagen, are also making similar reductions due to the crisis in the German automotive sector.
Source: rmf24.pl
Neptis, owner of Yanosik, planning IPO to Warsaw Stock Exchange
On December 18, 2024, Neptis, owner of the Yanosik app, will begin trading on the Warsaw Stock Exchange’s main market after moving from NewConnect. Neptis, controlled by Adam Tychmanowicz, Filip Maciej Kolendo, and Tadeusz Sudoł, has a strong financial position, with Q3 2024 cash exceeding PLN €1 million. The company reported a 9.9% revenue growth in 2024, reaching €9.8 million.
Source: wnp.pl
Cinkciarz.pl faces uncertainty over customer payouts
Cinkciarz.pl, an online currency exchange, is struggling with delays in client payments. There is uncertainty about whether its subsidiary, Conotoxia, will meet the Polish Financial Supervision Authority's (KNF) deadline of December 31, 2024, to settle outstanding debts. Despite promising a 60% refund to clients by November, the company faces "technical issues", with "full system functionality expected in three to four months". Cinkciarz's group is also "negotiating with international investors for further development".
Source: pb.pl
Businesses excluded from electric vehicle subsidies
The National Fund for Environmental Protection and Water Management (NFOŚiGW) has announced a new electric vehicle subsidy program with a budget of €368 million, financed through the National Recovery Plan. The new program, replacing the current "Mój elektryk" scheme, excludes all businesses except sole proprietorships (JDG).
The maximum subsidy is €9,200 for the purchase of new electric vehicles priced up to €51,750 net. Industry experts criticize these changes, warning of negative impacts on Poland’s e-mobility market, which is already seeing declines in new electric vehicle registrations.
Source: pb.pl
Poland's growing data center market driven by AI demand
Poland is rapidly becoming a key hub for data centers in Central and Eastern Europe, particularly around Warsaw, which hosts about one-third of the country’s data centers. JLL experts predict that by 2030, 20-25% of data center capacity will be dedicated to serving artificial intelligence demands. Despite this growth, challenges such as power grid modernization and location selection remain critical for success. As the data center market expands, investments in larger facilities are increasing, with projects from companies like Atman and Data4 set to add significant capacity near Warsaw.
Source: investmap.pl
Pyszne.pl to launch a new app
Pyszne.pl, Poland's leading food delivery platform, is launching a new app and expanding its services to include grocery shopping and other categories. The company has seen a 15% year-on-year growth, with 17,000 partners, and plans a 10% increase by 2025. It aims to offer small electronics and further enhance convenience. Pyszne.pl also focuses on loyalty programs and may implement a subscription model to cater to price-sensitive customers.
Source: pb.pl
INTERNATIONAL INVESTMENTS IN POLAND
Summus Capital expands Polish portfolio with Lakeside acquisition
Summus Capital OÜ, an Estonia-based investment company, has acquired the Lakeside office building in Warsaw for €61.9 million from developer Atenor. The A-class, 23,834 m² property holds BREEAM Outstanding and WELL Gold certifications, reflecting its sustainability and energy efficiency. Lakeside is nearly fully leased to key tenants, including Lux Med, Polenergia, and Hewlett Packard, ensuring long-term stability.
This transaction marks Summus Capital’s strategic growth in Poland’s real estate market, following their investment in the React office building in Łódź, and reinforces their commitment to sustainable, high-value commercial properties in the CEE region.
Source: summus.ee
Mercedes-Benz will build industrial park in Jawor
Mercedes-Benz Manufacturing Poland has purchased two plots of land totaling over 46 ha near Jawor, from the Wałbrzych Special Economic Zone “INVEST-PARK”. This acquisition will support the development of an industrial park adjacent to the company’s new light commercial vehicle factory, announced in December. The park will help streamline production processes and provide logistical support for the factory. Mercedes-Benz’s investment strengthens the region's manufacturing sector, with modernized production and significant benefits for local suppliers. The factory will also focus on electric mobility, with the new facility being key to the company's shift to electromobility.
Sources: mercedes-benz-jawor.com.pl, propertynews.pl
Eastnine's investment in Warsaw
Swedish property investor Eastnine purchased the 46-story Warsaw Unit for €280 million from Ghelmaco. This building, with 59,800 sqm of space and 400 parking spots, boosts Eastnine’s property portfolio. The purchase was funded through a €168 million green loan and issuing nearly 8.8 million new shares. This acquisition marks Eastnine's major entry into Warsaw and currently, Poland now represents over 50% of Eastnine’s property portfolio.
Source: se.marketscreener.com
Toms Group moves production to Poland
Toms Group, Denmark’s largest confectionery manufacturer, is shifting chocolate production from its oldest factory in Ballerup to Nowa Sól, Poland, by 2028. The Polish plant will be the company's sole chocolate production facility. While the move will lead to fewer than 100 job losses in Denmark, the Nowa Sól plant will create 90-100 new jobs, contributing to the local economy in the Lubusz Voivodeship.
Source: just-food.com
ENERGY
Dalkia to take over heating network from ArcelorMittal
Dalkia Polska Energia (DPE) has signed an agreement with ArcelorMittal Poland to take over the heating network at the Sosnowiec branch. DPE will build a gas boiler house with a cogeneration engine to replace the existing coal boiler house. The new plant, set to be operational in 24 months, will ensure continuous heat supply to all recipients, including local residents. Dalkia’s focus on energy efficiency and renewable energy aligns with its strategy for sustainable development and modern technologies. ArcelorMittal Poland, the largest steel producer in the country, chose Dalkia as a specialist in heat supply.
Source: wnp.pl
BGK financing Tauron, Enea and Polenergia
Tauron Polska Energia has signed a loan agreement with Bank Gospodarstwa Krajowego (BGK) for €2.53 billion (PLN 11 billion) from the National Reconstruction and Resilience Plan (KPO). The funds will support the development and adaptation of the power grid to meet energy transformation and climate change needs, with a focus on Tauron Dystrybucja SA. The loan, with a fixed interest rate of 0.5% per year, will be repaid in semi-annual installments from 2034 to 2049. Tauron, the largest energy distributor in Poland, aims to complete the project by 2036.
In its strategy for 2025-2035, Tauron plans to gradually shut down coal-fired power plants, investing PLN 100 billion mainly in green energy (30%) and grid development (60%). The company's goal is to achieve climate neutrality by 2040 and increase installed capacity in renewable energy sources to 6.1 GW by 2035.
BGK granted also a PLN 1 billion renewable loan to Enea, supporting its renewable energy (OZE) projects and PLN 750 million to Polenergy for offshore wind projects.
Source: inwestycje.pl
Electricity production in November 2024
In November 2024, Poland's total electricity production increased by 0.31% year-on-year to 14.76 TWh, with coal accounting for 66.36% and renewable energy sources (RES) making up 20.94%. Wind power saw an 8.56% increase, while hydropower decreased by 40.31%. From January-November 2024, production rose 2.64% to 136.81 TWh, with gas and other renewables showing significant growth. PSE operates Poland's power transmission network.
Source: wysokienapiecie.pl
Grenevia bought 35% of Projekt-Solartechnik
Grenevia S.A. recently bought 34.80% of Projekt-Solartechnik S.A. The Marcjanik Family Trust and Maciej Marcjanik sold their shares for around €40 million. Grenevia's goal is to grow in the solar energy market. This acquisition has shown a strong focus in their strategy. Company directors want to expand their presence in renewable energy. Projekt-Solartechnik is now part of Grenevia’s larger plan. This includes increasing investments in green technologies and the deal shows Grenevia's commitment to a sustainable future. This new partnership will help both companies grow and innovate in the renewable energy sector.
Source: grenevia.com
Polsat Plus Group and ZE PAK launch green hydrogen production in Konin
Polsat Plus Group and ZE PAK have launched a green hydrogen electrolyser in Konin. Using a 2.5 MW PEM electrolyser, the facility produces around 1,000 kg of green hydrogen daily, enough to fuel 40 city hydrogen buses. The project is part of Polsat Plus Group’s Strategy 2023+, focused on low-emission energy and hydrogen economy development. The group also operates NESO hydrogen refueling stations across Poland, with plans for expansion.
Source: zielona.interia.pl
HOUSING & CONSTRUCTION MARKET
NFOŚiGW and Stoen cooperation
The National Fund for Environmental Protection and Water Management (NFOŚiGW) will provide over €2.6 million to fund ten energy storage facilities in Warsaw by Stoen Operator. This investment aims to stabilize energy quality and enhance the security of the city's power grid. This project is part of the 4.8 Zero-emission energy system program. The agreement was signed on November 27th. Stoen Operator plans to build facilities each with 150 kW capacity. These will stabilize voltage, provide emergency power, and compensate for reactive power. The total project cost is over €4.3 million, expected to complete by 2027.
Source: NFOŚiGW
Housing sales falling
Sales of new apartments in Poland's largest cities fell by 24% in November 2024 compared to October, according to Tabelaofert.pl. November had fewer sales despite many promotions. The shorter month, with two public holidays, and weather encouraging trips, might have affected sales. Buyers are not expecting mortgage rate cuts soon and they also doubt the government's housing plans. Experts say that the offer prices per square meter are not reliable due to discounts. Developers are slowing down new projects because of high costs and expensive loans. New flats will not be cheaper due to rising construction costs.
Source: obserwatorfinansowy.pl
Polish housing prices rose “fastest in the world”
In the past year, Kraków's housing prices surged nearly 25%, and Warsaw saw a 14.2% increase. Kraków topped global rankings, followed by Dubai and Madrid. Poland's housing market faces a structural deficit of 2-3 million apartments, pushing prices up, especially in major cities like Warsaw and Kraków. Despite high EU interest rates, the demand for housing continues to drive prices. Investment in real estate remains popular, as Poles seek safer savings options amid inflation, says expert Jarosław Jędrzyński in a Puls Biznesu interview.
Source: pb.pl
Polish construction companies 2024 – key players and industry outlook
Despite challenges, Poland's largest construction companies saw average revenue growth of 3.6% in 2023, totaling nearly €10.58 billion. Leaders include Budimex (€2.25 billion), Strabag (€1.33 billion), and PORR (€1.03 billion), with Trakcja PRKiI achieving 37.5% growth. Net profits averaged €20 million, declining from 2022 due to rising costs and limited projects. Key hurdles include material prices, labor shortages, and delayed EU funding. However, optimism remains, with 43% of firms planning international expansion and infrastructure projects poised to stabilize the market amidst fierce competition and economic pressures.
Read the report here.
In 2024, construction sector have had a worse year. The latest data showed 9% y/y decline in construction and assembly production and new apartments delivered fell by 10% (November 24). However, latest GUS data showed increase in new building permits.
Source: polskiprzemysl.com.pl
Poland's government plans housing support for 2025
Minister of Development Krzysztof Paszyk confirmed there will be no 0% housing loan program, citing Poland’s record-high interest rates—nearly double the EU average. He announced a new housing program, to be presented in Q1 2025, with €1.04 billion allocated in next year’s budget. Paszyk emphasized the urgency of addressing housing shortages, particularly for young Poles aged 25-35.
Source: money.pl
FINNISH COMPANIES UPDATES
Drop’s entry into the Polish market
Drop has officially expanded into the Polish market, marking a significant milestone in their journey to bring their innovative products to more customers across Europe. With Poland's dynamic economy and a strong demand for their offerings, Drop is excited to explore new growth opportunities and partnerships. The team worked closely with local businesses and partners, including Rafal Sternicki / Vital-Sauna Sp. z o.o., Petro Kogut / Heatica, and Jakub Daniš / Svenska Living sp. z o.o. With the help of Spondeo, Drop made a smooth market entry. They’re looking forward to future collaborations in this vibrant market!
Source: LinkedIn
ICEYE Secures $65 Million funding extension in 2024
ICEYE, the Finnish- Polish unicorn has successfully secured a $65 million extension to its previous growth funding round, raising the total amount to $158 million for 2024. This extension builds on the earlier $93 million raised in April 2024 and involves participation from investors such as Solidium Oy, BlackRock, Seraphim, Plio Limited, and Christo Georgiev. The financing will support the advancement of ICEYE's synthetic aperture radar satellite constellation and its intelligence, surveillance, and reconnaissance capabilities. Overall, ICEYE has raised over $500 million to date.
Delegation of CPK project in Finland
The delegation, led by Finnish Ambassador Päivi Laine and CPK CEO Dr Filip Czernicki, had the opportunity to explore key projects and infrastructure in Finland.
During the visit, the group:
Explored the Helsinki-Vantaa Airport and discussed the T2 terminal extension project-
Experienced various modes of public transport, including the airport train line
Learned about the surrounding areas, particularly the airport city, Aviapolis.
The main goal was to exchange knowledge on infrastructure and urban planning solutions, with a focus on integrating airport development with the needs of residents, businesses, and the environment.
Sources: biznes.pap.pl , LinkedIn / Marta Szewczyk
Finnair suspends the connection to Wroclaw
Finnair has suspended its newly opened route to Wroclaw, and the last flight shall take place on 6th January 2025. The connection was opened in spring 2024.
Source: Spondeo LI
CULTURE
Magical evening with Santa in Poznań
Spondeo had again the privilege of blending Finnish culture with business to create a memorable event. This year, it was the Magical Evening with a Film and Santa Claus from Finland at CK Zamek in Poznań, hosted by Weronika Gidel-Asunmaa.
This special evening was made possible with the generous support of Orion Pharma Poland and Artur Iglinski Law Firm. What made the event even more meaningful is that all proceeds went to the Bread Of Life Foundation to support their ‘Under Wings’ project. We were happy with the results and the audience's warm reception. The cinema hall was packed, the audience actively participated with smiles, and we managed to raise a significant sum for charity!
What happened at the event? Outside the Cinema Hall, we sold crafts made by primary school children—showcasing their talent and creativity! The crafts were a hit, and all the proceeds went to charity. Children had a special opportunity to chat with a real Santa from Finland. There were many questions, some tricky, but Santa answered them all with a smile! On the big screen, we premiered the film Niko the Reindeer and Santa's Lost Sleigh, which had the audience laughing and crying in equal measure.
Finland’s Independence Day event in Poland
Esko Kilpinen, the FTG Chairman, and H.E. Paivi Laine, Ambassador of Finland to Poland, welcomed members of the Finnish community and officially opened the event. This celebration wouldn’t have been possible without the support of their partners: YIT – Urban Developer and Construction Company, Fortum, Nordea, ECOVIS LEGAL POLAND, Multan, Pruś i Wspólnicy Kancelaria Prawna i Podatkowa sp.j., Nokia, Pagero, Suomen Unipol Oy, and Wärtsilä.
Funds raised through the charity raffle supported the Polish Humanitarian Action (PAH) and its 'SOS POWÓDŹ' campaign, which aids this year’s flooding victims from southern Poland.
Source: FTG / LinkedIn
Maustetytöt gig in Warsaw; supported by the Embassy
5th December, a Finnish alternative pop bank Maustetytöt gave a gig in Warsaw. The evening was supported by the Embassy of Finland to celebrate Finnish Independence day and the event was opened by HE Päivi Laine. Maustetytöt song "Syntynyt suruun ja puettu pettymyksiin" has spent incredible 42 weeks on radio357 playlist, longer than any other foreign song this year.
Source: Spondeo LI
2026 World Cup: Poland and Finland will play each other
Poland will face Finland in the 2026 World Cup qualifiers, with both teams vying for second place in the group, which guarantees participation in the play-offs. However, Finland is struggling after coach Markku Kanerva's departure, which leaves the team in disarray. Finnish journalist Ari Virtanen shared concerns about the upcoming qualifiers, emphasizing that the new coach will face high-stakes matches immediately. Despite recent setbacks, including a drop in Nations League ranking, both teams have the potential to compete for a spot in the tournament.
Source: sport.tvp.pl
Poland announces cultural programme for EU Presidency
Poland has unveiled its cultural programme for its upcoming EU Presidency, focusing on dialogue, diversity, and youth. Over the next six months, Poland will highlight the role of culture in shaping identity and fostering European unity. Two key priorities include supporting young creators and updating the legal framework for the audiovisual sector. The programme includes conferences on young artists and artificial intelligence in media, alongside nearly 100 cultural events across Europe. The initiative aims to promote Polish culture while fostering international cooperation and addressing contemporary challenges through art, theatre, music, and literature.
More information: gov.pl
EVENTS
On-demand webinar: The future of e-invoicing in Poland and Europe
In 2024, the KSeF implementation deadline in Poland was postponed again, reflecting broader European trends. This webinar from Pagero and Deloitte explores the latest changes in e-invoicing, including the ViDA package and its impact on the EU.
The webinar covers the current state of the KSeF system in Poland and best practices for 2025, providing an overview of e-invoicing regulations across Europe. It also addresses the impact of ViDA and offers guidance on how companies can prepare for the harmonized e-invoicing and digital reporting requirements. Additionally, experts share proven strategies and technological solutions to help businesses smoothly implement e-invoicing and stay compliant.
Missed the live webinar? Catch the recording to learn about e-invoicing in Poland (#KSeF) and Europe (#ViDA). Stay ahead of the latest regulations and challenges.[Link]
Interesting Expo events, Jan-Feb:
// Expo organizers: MPT Warsaw and Kielce //
Solar Energy Expo, Jan 14-16, 2025
Renewable Energy Industry Fair attracting 17,892 visitors, 270 exhibitors, and participants from 35 countries
Wire-Tech Poland, Jan 14-16, 2025
International Cable and Wire Technology Fair with 5,000 visitors, 90 exhibitors, and representation from 12 countries
Warsaw Metaltech, Jan 21-23, 2025
Metal Processing Technology, Machinery, and Tools Fair with 5,396 visitors, 110 exhibitors, and participation from 8 countries
Maintenance Poland, Jan 21-23, 2025
International Industrial Maintenance Fair with 5,000 visitors, 90 exhibitors, and participation from 15 countries
Control & Drives Poland, Jan 21-23, 2025
Industrial Drives and Control Fair with 7,000 visitors, 100 exhibitors, and participation from 15 countries
Warsaw Build, Feb 18-20, 2025
International Building Materials Fair with 17,502 visitors, 304 exhibitors, and participation from 7 countries
Registration: https://warsawexpo.eu/kalendarz-targowy/warsaw-build/
Warsaw HVAC Expo, Feb 25-27, 2025
International HVAC Fair bringing together 18,791 visitors, 357 exhibitors, and participants from 35 countries
Budma Expo in Poznan, Feb 11-14, 2025
International Construction and Architecture fair
Registration: https://budma.pl/en
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