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Rising Investor Activity in the NC Focus Segment in the First Quarter of 2026

2026-05-12 15:14:22

The Warsaw Stock Exchange has published the NC Focus report for the first quarter of 2026, prepared as part of the fifth edition of the Analytical Coverage Support Program. The publication was presented during the NewConnect Focus Day event, held in an online format. The report provides a comprehensive overview of the market and financial performance of companies included in the NC Focus segment of the NewConnect market.

In the first quarter of 2026, the NC Focus segment recorded a notable increase in investor activity. The total trading value of constituent companies reached PLN 278.0 million, compared to PLN 133.5 million in the fourth quarter of 2025, representing more than a twofold quarter-on-quarter increase. As of the end of March, the average market capitalization of NC Focus companies stood at PLN 92.9 million. The average rate of return reached 10.6%, while the turnover‑weighted return amounted to 88.2% and the market cap‑weighted return to 22.6%, indicating a concentration of investor interest in selected issuers. During the period under review, the average P/E ratio was 22.5 and the P/BV ratio 3.3. The average dividend yield reached 6.3%.

The report highlights the dominant role of the technology sector, which accounted for 70.8% of total turnover in the NC Focus segment and delivered a return of 47.6%. A key factor supporting improved liquidity was the emergence of high‑turnover companies acting as liquidity hubs, including Scanway (approximately PLN 168 million in turnover), Sevenet (PLN 21 million), and Excellence (PLN 17 million). The analysis also points to a shift in investor focus toward issuers with strong order backlogs, long-term contracts, high earnings visibility, and the ability to generate positive cash flows.

According to the WSE announcement of March 27, 2026, shares of 40 issuers were included in the NC Focus segment, maintaining the segment’s size following the update of December 23, 2025. At the beginning of April, changes to the segment composition were introduced, with five companies leaving NC Focus and five new issuers joining. These adjustments are part of the regular review process for companies meeting enhanced financial and operational stability criteria.

The NC Focus report for the first quarter of 2026, prepared under the Analytical Coverage Support Program, was presented during NewConnect Focus Day, organized online by INC Brokerage House in cooperation with the Warsaw Stock Exchange and Inner Value. The NC Focus segment serves as a reference point for investors seeking more transparent and comparable information on NewConnect-listed companies. Reports and bulletins published under ACSP 5.0 are part of the WSE’s ongoing efforts to enhance capital market transparency and access to independent analysis, supporting informed investment decision-making.

The NC Focus report does not constitute a general investment recommendation. The information contained therein reflects solely the authors’ knowledge and views as of the date of publication. The full version of the report is available for download: NC Focus Bulletin for Q1 2026 - Polish version.