The 2025 financial reporting season brought historic results for the Polish insurance giant PZU, which generated a net profit of PLN 6.7 billion. Meanwhile, the European Central Bank recorded its third consecutive annual loss of approximately €1.3 billion, although this is significantly lower than the previous year. Global markets are also reacting to massive gains by Spain's Grifols and weaker results from the Holcim conglomerate.
Record Profit for the PZU Group
The Polish insurer achieved a historic result of PLN 6.7 billion in net profit on record revenues.
Third Consecutive Annual Loss for the ECB
The European Central Bank closed 2025 with a loss of approximately €1.3 billion, reducing it by over 80%, however.
Profit Explosion for Grifols
The Spanish biotech company increased its profit by 156% and is effectively reducing its debt.
Crisis at the Holcim Conglomerate
The cement sector giant recorded a drastic 73% drop in profit in 2025.
Analysis of the 2025 financial reports indicates strong performance in the insurance sector, alongside challenges for central banking and the construction industry. The PZU Group achieved historic success, posting its highest-ever revenues and a net profit of PLN 6.7 billion. The Polish company has become one of the region's leaders, demonstrating resilience to market turbulence. A similar trend is visible among global players — France's Axa declares itself crisis-proof after a decade of restructuring, and Germany's Munich Re exceeded its financial targets. The Swiss reinsurer Swiss Re closed the year with a profit of $4.8 billion, representing a 47% increase compared to the previous year, despite some discrepancies in reported revenues. Founded in 1998, the European Central Bank generated profits for most of its history; however, the sharp interest rate hikes that began in 2022 radically changed its balance sheet situation.The situation of the European Central Bank remains difficult. The bank recorded an operating loss of around €1.25–1.3 billion. This result is over 80% better than last year's, attributed to a decrease in interest expenses due to monetary policy easing. Nevertheless, due to the negative result, the ECB will again not distribute dividends to national central banks, including Germany's Bundesbank. Against this backdrop, the increase in the value of the institution's gold reserves stands out positively. In the pharmaceutical and biotech sector, attention is drawn to the Spanish giant Grifols. The company managed to more than double its net profit, reaching €402 million, which represents a 156% increase. This success is the result of an excellent run in its bioscience division and an effective strategy to reduce leverage. Meanwhile, sentiment in the construction industry is much worse — the Holcim conglomerate reported a 73% year-on-year collapse in profits, suggesting a serious cooling in global infrastructure and housing investment markets. „The financial result reflects the impact of monetary policy on the Eurosystem\'s balance sheet.” (The financial result reflects the impact of monetary policy on the Eurosystem's balance sheet.) — ECB Statement On the Polish capital market, apart from PZU, Stalprofil and ASBIS positively surprised. ASBIS recorded dynamic growth, identifying Poland as one of its fastest-growing sales markets, directly linked to the ongoing boom in data center infrastructure and artificial intelligence-based technologies.