Foreign companies paid PLN 37.6 billion in dividends from Poland in 2025 – what does this mean for investors?

In 2025, 92 major companies with foreign ownership paid a combined PLN 37.6 billion in dividends from Poland. The largest payouts included those made by Santander Bank Polska, Jeronimo Martins Polska, ING Bank Śląski and Canpack. These figures demonstrate the income-generating potential of the Polish market for international investors. At the same time, foreign-owned businesses continue to reinvest earnings and expand their operations in Poland, showing that shareholder distributions and long-term investment can go hand in hand.

Dividends paid by foreign companies in Poland provide an indication of the income generated by international businesses operating in the country. An analysis of nearly 300 of Poland’s largest companies by revenue, based on financial statements available through the National Court Register (KRS), found that 92 companies with foreign ownership distributed a total of PLN 37.6 billion in dividends in 2025.

The total was approximately PLN 4 billion lower than in 2024, but it remained substantial. For international investors, these distributions provide one indication of the potential to generate income from business operations in Poland.

However, dividend payments do not represent the full value of profits generated by foreign-owned businesses. Some earnings are retained in Poland and may be used to finance further expansion, production capacity, infrastructure and new business projects.

Which foreign-owned companies paid the largest dividends in Poland?

The companies making the largest dividend payments in 2025 represented a broad range of industries, including banking, retail, manufacturing and telecommunications.

Source: Business Insider Polska, based on financial statements available through the KRS, 20 September 2026. The countries reflect the investor classifications used in the analysis and do not necessarily indicate where the direct dividend recipient is registered.

The sectoral diversity is particularly noteworthy. Substantial dividend payments come not only from companies serving Polish consumers but also from manufacturers operating within international supply chains.

One example is packaging manufacturer Canpack, which paid PLN 2.4 billion in dividends to its American owner in 2025. The company had made no such distributions in the preceding two years, illustrating how dividend policies can change in response to financing requirements and shareholder decisions.

A large dividend payment does not necessarily indicate an equally high profit in the same financial year. Companies may also distribute earnings accumulated in previous years.

Do foreign investors reinvest their profits in Poland?

Yes. Foreign-owned companies in Poland not only distribute dividends to shareholders but also retain a proportion of their earnings within their Polish operations. These retained profits can help finance ongoing business activities and new investments. Statistics published by the National Bank of Poland (NBP) illustrate the scale of this activity.

According to the NBP’s report on foreign direct investment, income earned by foreign direct investors from their activities in Poland reached PLN 135.2 billion in 2024.

This comprised:

• PLN 63.6 billion in dividends,
• PLN 56.4 billion in reinvested earnings,
• PLN 15.2 billion in interest income.

Reinvested earnings therefore accounted for approximately 42% of foreign direct investment income in 2024. This represents an important source of financing for the continued operations of foreign-owned businesses in Poland.

The NBP figures for 2024 should not be directly compared with the PLN 37.6 billion reported for 2025, as the two datasets cover different groups of companies and use different statistical scopes.

How does Biedronka combine dividend payments with business expansion in Poland?

Jeronimo Martins Polska, the operator of the Biedronka supermarket chain, demonstrates how distributing profits to foreign shareholders can coincide with further expansion in the Polish market.

In 2025, the company paid PLN 2.6 billion in dividends, approximately 36% less than in the previous year. At the same time, its net profit increased by 6% to PLN 3.6 billion. Capital expenditure reached PLN 1.9 billion, representing a 77% year-on-year increase. These funds supported the expansion of its retail network and logistics infrastructure in Poland.

This illustrates a business strategy in which a company delivers returns to shareholders while continuing to finance growth in its local market.

What do dividend payments reveal about investment opportunities in Poland?

Dividend distributions worth billions of zlotys demonstrate that Poland is a significant source of income for multinational corporate groups. Their scale highlights the importance of the Polish market within the financial operations of companies headquartered in Europe and the United States.

For foreign businesses considering entering the Polish market, three factors are particularly relevant:

• Opportunities to scale business operations. The presence of multinational companies across retail, manufacturing, banking and services demonstrates Poland’s importance as both an operating base and a consumer market.
• The ability to combine reinvestment with shareholder returns. Companies can allocate part of their earnings to further development while distributing the remainder to shareholders, subject to applicable regulations and their financial policies.
• Access to the European Union’s single market. Establishing operations in Poland allows businesses to develop manufacturing, commercial and logistics activities within the EU single market.

However, dividend amounts alone are not sufficient to determine investment returns. Assessing profitability also requires information about invested capital, operating margins, debt levels and business risks.

How can foreign shareholders receive profits from a company in Poland?

Foreign shareholders can receive dividends from a Polish company provided that the relevant legal requirements are met and the company’s financial position permits a distribution. The tax treatment of cross-border payments is another important consideration.

For dividends distributed by Polish companies subject to corporate income tax (CIT), the standard domestic withholding tax (WHT) rate is 19%. Depending on the circumstances, an exemption or reduced tax rate may apply under relevant domestic legislation or international tax treaties.

For investors planning to establish a subsidiary in Poland, this means that dividend policy should be considered when selecting the investment’s legal and tax structure. Relevant factors include the shareholder’s country of residence, ownership structure, eligibility for tax exemptions and applicable documentation requirements.

Why is Poland an important market for generating and reinvesting capital?

Financial data from major multinational companies reveal two complementary trends: substantial profit distributions to foreign investors and continued investment in business development in Poland. The Polish market plays an important role for companies serving domestic consumers, as well as international manufacturers, financial institutions and technology businesses.

From a foreign investor’s perspective, the key consideration is not simply the amount of dividends distributed, but the ability to operate a profitable business that can also finance future growth. Examples from Poland’s largest companies demonstrate that both objectives can be pursued simultaneously.

Sources:

• National Bank of Poland – Foreign Direct Investment in Poland, 2024 report
• Polish Ministry of Justice – National Court Register Financial Documents Repository
• Business Insider Polska – Billions in dividends flow abroad from Poland