Selena Group CEO Sławomir Majchrowski says that in the face of market uncertainty, competitive advantage is built through diversification and by strengthening operational resilience.
Preliminary data from Statistics Poland indicate that the first quarter of 2026 brought a clear divergence between the planning phase and actual investment activity in construction. The number of permits or notifications with a construction design increased by 7.4% year on year, while the number of apartments whose construction was started fell by more than 11%.
These data illustrate a classic moment of “suspension” in the investment cycle: the planning phase is ahead of actual capital decisions, but has not yet translated into real construction activity. The increase in the number of permits, combined with a decline in projects started, suggests that market participants are preparing for an improvement in the economic situation, but caution and concern over the consequences of riskier business decisions still prevail.
From a global perspective, the economy remains affected by high uncertainty resulting from geopolitical tensions and a volatile regulatory and trade environment. According to IMF forecasts, an escalation of the conflict in the Middle East could reduce global growth from 3.4% to 3.1%, and in extreme scenarios even to around 2%, while at the same time increasing inflationary pressure. This translates into greater volatility in operating costs and supply chain disruptions, which — amid rising energy and raw material prices — further increases the cost of construction materials.
Companies operating in the construction and real estate sectors therefore function in an environment of heightened macroeconomic uncertainty, both global, including interest rates, financing costs and geopolitical tensions, and local, including housing demand, regulations and execution costs. Under such conditions, basing a business model on a single market or a narrow product segment significantly increases exposure to cyclical fluctuations.
For Selena Group, geographical and product diversification, the development of a flexible supply chain and the active search for competitive advantages have become fundamental tools for managing risk and ensuring stability and operational resilience in the current market environment. This is confirmed by the Group’s strong financial results for 2025. Gross sales profitability exceeded 35%, while net profit from continuing operations reached EUR 27.3 million, representing a 36% year-on-year increase.
Last year, the Group consistently expanded and diversified its operations through further acquisitions. In Poland, it acquired 100% of the shares in Izolacja-Jarocin and PHP TES, strengthening its operational capabilities and position in the waterproofing segment. At the same time, it continued its expansion in Western Europe through the acquisition of ACDIS France and the signing of a conditional agreement to acquire 100% of the shares in the Portuguese holding company Grupo IGM, one of the leaders in the production and distribution of sandwich panels.
In the coming years, Selena Group plans to continue decentralising production and increasing operational flexibility. Its priorities remain the development of innovative, high-margin products and the integration of acquired entities. The Group is also analysing further production locations that would allow it to better align its operating structure with market requirements in terms of costs, logistics and operational stability.
Source: CEO.com.pl
