Economy

Poland’s banking sector recorded a historic year for mortgage lending in 2025, with the total value of loans exceeding 103 billion złoty, according to the latest AMRON-SARFiN report released on February 26, 2026.

The figure represents a 21 percent increase compared to 2024, marking the highest annual volume of mortgage lending in the country’s history. Banks signed 232,600 new mortgage agreements in 2025, a nearly 15 percent rise from the previous year and the highest number since the peak of the market in 2021.

Despite the growth in demand, the increase was described as “stable” by the report’s authors, who noted the absence of government subsidies and a backdrop of falling interest rates and rising wages. “It was a good year. A stable year,” said Dr. Jacek Furga, chairman of the committee responsible for the report, in a statement accompanying its release. Approximately 20 percent of new mortgages were refinances of existing loans.

The fourth quarter of 2025 saw banks issue over 64,000 mortgages totaling more than 29 billion złoty, a figure nearly identical to the previous quarter but significantly higher than the same period in 2024 – up 37 percent in terms of loan volume and 47 percent in value.

However, the total number of active mortgage agreements continued a four-year trend of decline, falling by over 90,000 to 2.14 million by the end of 2025, a decrease of 4 percent year-on-year. The report highlighted that the number of active agreements is now almost 400,000 lower than at the peak in late 2021.

Although the number of mortgages decreased, the overall value of the mortgage portfolio increased to over 512 billion złoty, rising 3.4 percent year-on-year. The average mortgage value also increased, reaching 455,000 złoty in the fourth quarter of 2025, a 6.6 percent increase compared to the same period in 2024.

Shifting borrower preferences were also noted in the report. Throughout 2025, there was a growing trend towards variable interest rate mortgages, with their share of new sales increasing to over 35 percent in the fourth quarter, up from 24.3 percent in the previous quarter. However, this shift was not reflected in the value of loans issued, with variable-rate mortgages still accounting for approximately one-quarter of total sales by value.

The report’s authors attributed this trend to the convergence of fixed and variable interest rate offers, leading borrowers to opt for variable rates in anticipation of further interest rate cuts.

The proportion of mortgages with shorter repayment periods also saw a slight increase, with nearly 33 percent of new sales having terms of 15-25 years, and 7.3 percent with terms of less than 15 years. Preferences regarding down payments remained stable, with 27.1 percent of sales involving deposits of less than 20 percent, and 47.8 percent with loan-to-value ratios between 50 and 80 percent.

Looking ahead, Dr. Furga predicted that interest rates could fall to 3.5 percent by the end of 2026, with a target rate of 3 percent potentially achievable in 2027. However, he cautioned that increased tax burdens on banks could limit their willingness to further reduce margins, potentially hindering significant declines in mortgage costs.

MAN Truck & Bus unveiled a specialized agricultural vehicle, the MAN TGS 18.540 4×4, at Agritechnica 2025, designed to bridge the gap between field operations and processing plants. The semitrailer tractor is classified as an agricultural tractor, enabling its use even in challenging soil conditions.

The vehicle’s design incorporates elements from the MAN TGS INDIVIDUAL LION S package, blending functional components like LED long-range headlights with carbon and red design accents. Johann Schuster, Head of Mechanical Development at MAN Individual, stated the truck represents “the combination of drive grasp-how and body building expertise” and addresses the “diverse requirements of modern agriculture in a holistic way,” facilitating daily transport tasks for farmers.

The MAN TGS 18.540 4×4 BL SA is powered by a 12.4-liter D2676 engine, producing 540 horsepower and meeting Euro 6E emission standards. Maximum torque of 2650 Nm is available from 930 rpm, providing robust and efficient power. The powertrain features an automated MAN TipMatic 12-speed gearbox, specifically tuned for off-road, performance and efficiency-focused operation.

Permanent all-wheel drive and wide agricultural tires enhance the vehicle’s capabilities in wet conditions and on turf. A load-sensing hydraulic system, delivering up to 100 l/min, and a trailer coupling with forced steering enable precise control of agricultural implements and trailers. The truck also includes a ROPS (Roll-Over Protective Structure) frame behind the cab, enhancing safety in the event of a rollover.

The cab, designated “NN,” is of medium length, offering a robust design, practicality, and optimal visibility. It features a 12.3-inch Professional instrument cluster and the intuitive MAN SmartSelect operating concept, designed for safe operation even during demanding maneuvers. Safety features include lane return assist (LRA), a reversing camera system, and adaptive cruise control (ACC) with Stop & Travel functionality. The MAN PriTarder, with EVBec system, provides up to 625 kW of braking power for heavy loads and steep gradients.

The TGS is equipped for both fifth-wheel coupling and a drawbar coupling, offering versatility for various transport tasks. Its approval as a LOF vehicle (agricultural and forestry) provides practical benefits, including exemption from the Sunday driving ban in Germany and the requirement for a tachograph. MAN Engines also presented updated diesel and gas engines, a recent battery pack, and the agricultural truck at Agritechnica 2025, under the theme “Powering the green transformation – off-road solutions for the future.”

Nvidia on Wednesday reported fourth-quarter earnings that exceeded analyst estimates, fueled by robust demand for its artificial intelligence chips, and forecast current-quarter revenue above market expectations. The company anticipates “exponential growth” in spending from major technology firms for its AI processors, according to Reuters and AFP reports.

The chipmaker reported full-year revenue of $215.9 billion, a record figure despite investor skepticism surrounding the substantial investments being made in AI technology, the BBC reported. Nvidia’s performance solidifies its position as the world’s most valuable publicly traded company, with a market capitalization of approximately $4.8 trillion.

Sales for the three months ending in January increased 73% year-over-year, surpassing analyst predictions. Net income reached $42.96 billion, a 94% increase compared to the same period last year, the company stated.

Despite intensifying competition from AMD, as well as Google and Amazon, and smaller firms specializing in specific tasks, Nvidia remains a key indicator of the AI sector’s trajectory. Its graphics processing units (GPUs) have turn into central to the global AI boom.

“Demand for compute is growing exponentially,” Nvidia CEO Jensen Huang said. “Our customers are ramping up investments in AI compute, the engines that are powering the AI industrial revolution and the growth going forward.”

Nvidia is accelerating its product development cycle in response to both market density and the industry’s insatiable appetite for AI and cloud computing. In early January, the company initiated production of Rubin, its latest GPU generation, less than a year after the release of Blackwell.

Huang also highlighted the emergence of “AI agents” – AI interfaces capable of autonomously performing tasks on demand – as a significant driver of future demand. He told Fox Business that the AI boom is only beginning and predicted that AI “will be everywhere” as the industry enters a decade of growth. He explained that AI agents, which operate for extended periods, require significantly more processing power than simple queries to tools like ChatGPT.

“The compute requirements are a thousand times greater than before,” Huang stated, suggesting continued acceleration in investment across all computing infrastructure, from chips to data centers. The company projects revenue of $78 billion for the current quarter, “plus or minus 2%,” which would represent a 77% year-over-year increase.

“Nvidia once again beat forecasts, and with the billions more that the big AI and cloud players have committed to spend, demand for their chips remains strong,” said Jacob Bourne, an analyst at Emarketer, a market research and data analytics firm.

While major AI and cloud companies are seeking to diversify their supply chains and increasingly turn to Nvidia’s competitors, the company is also attempting to diversify beyond data centers.

Nvidia remains well below its peak valuation reached in late October. “There will always be questions about whether the wave of spending on AI can be sustained beyond the next few years,” said Matt Britzman, an analyst at Hargreaves Lansdown, the UK’s largest investment site.

The company stated it does not anticipate revenue from the Chinese market despite recent U.S. Government approval to sell some of its less powerful chips there. Conditions attached to the licenses reportedly restrict exports, while Chinese authorities intend to allow only limited quantities to enter their territory, aiming to foster the development of the domestic industry.

Huang dismissed concerns that China would utilize American technology to advance its AI industry, calling such worries “unfounded.”

Shares of Nvidia fell nearly 1% in after-hours trading following the earnings release. But, Britzman noted that “estimates for 2026 and 2027 are clearly too low and we expect a series of upwards revisions based on these numbers.”

Recent reports indicate that Chinese AI lab DeepSeek has been training its newest model on Nvidia’s top-tier Blackwell chips at a data center, likely in Inner Mongolia.