{"id":1368,"date":"2026-10-05T13:08:47","date_gmt":"2026-10-05T13:08:47","guid":{"rendered":"https:\/\/www.rotharia.com\/uncategorized\/europes-new-spending-map\/"},"modified":"2026-10-05T13:08:47","modified_gmt":"2026-10-05T13:08:47","slug":"nowa-mapa-wydatkow-w-europie","status":"publish","type":"post","link":"https:\/\/www.rotharia.com\/pl\/wealth-management\/global-wealth-planning\/europes-new-spending-map\/","title":{"rendered":"Nowa mapa wydatk\u00f3w w Europie"},"content":{"rendered":"<figure class=\"wp-block-image size-large\">\n<img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634.png\" alt=\"\" class=\"wp-image-1367\" srcset=\"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634.png 1200w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-300x200.png 300w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-1024x683.png 1024w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-768x512.png 768w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-18x12.png 18w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/>\n\n<\/figure>\n\n\n<style>body.single-post .cm-featured-image { display: none !important; }<\/style>\n\n<p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\" id=\"docs-internal-guid-ed28978c-7fff-009b-d433-2a467512905b\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Unia Europejska przeznaczy\u0142a miliardy euro na obronno\u015b\u0107, sieci energetyczne i infrastruktur\u0119. Co jednak oznacza to dla zarz\u0105dzania Pa\u0144stwa maj\u0105tkiem i jak nale\u017cy interpretowa\u0107 te dane? Du\u017ce bud\u017cety i zapowiedzi polityczne nie oznaczaj\u0105, \u017ce pieni\u0105dze trafi\u0142y ju\u017c do konkretnych firm lub inwestycji. W poni\u017cszym artykule przygl\u0105damy si\u0119, dlaczego nie wystarczy zarz\u0105dza\u0107 portfelem w oparciu o nag\u0142\u00f3wki dotycz\u0105ce planowanych przez Europ\u0119 inwestycji. Wa\u017cniejsze jest zrozumienie, jak daleko faktycznie dotar\u0142y \u015brodki publiczne \u2013 czy to w postaci podpisanych zam\u00f3wie\u0144, przychod\u00f3w firm, czy te\u017c aktyw\u00f3w, kt\u00f3re posiadasz.<\/span><\/p><h2 dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:18pt;margin-bottom:4pt;\"><span style=\"font-size:17pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Kilka etap\u00f3w dzieli bud\u017cet od przychod\u00f3w<\/span><\/h2><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Kiedy rz\u0105d lub Unia Europejska og\u0142asza nowy program o warto\u015bci 10 miliard\u00f3w euro, sama kwota podana w nag\u0142\u00f3wku nie wskazuje, kto z niego skorzysta ani kiedy. Pomi\u0119dzy decyzj\u0105 polityczn\u0105 a uzyskaniem przychod\u00f3w przez konkretn\u0105 firm\u0119 le\u017cy kilka etap\u00f3w. \u015aci\u015ble rzecz bior\u0105c, \u015brodki te musz\u0105 najpierw zosta\u0107 zatwierdzone i przydzielone. Nast\u0119pnie nast\u0119puje finansowanie poszczeg\u00f3lnych program\u00f3w, a wraz z nim procedury zam\u00f3wie\u0144 publicznych, wyb\u00f3r dostawc\u00f3w, podpisanie um\u00f3w, produkcja i dostawa. Dopiero po zako\u0144czeniu tego procesu zobowi\u0105zania z tytu\u0142u wydatk\u00f3w publicznych zaczynaj\u0105 przek\u0142ada\u0107 si\u0119 na zam\u00f3wienia i przychody poszczeg\u00f3lnych przedsi\u0119biorstw.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Dla Ciebie, jako inwestora, nie liczy si\u0119 wy\u0142\u0105cznie skala og\u0142oszonego programu. Powiniene\u015b r\u00f3wnie\u017c wiedzie\u0107, na jakim etapie tego procesu znajduj\u0105 si\u0119 obecnie \u015brodki.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Dobrym przyk\u0142adem jest SAFE \u2013 nowy instrument Unii Europejskiej s\u0142u\u017c\u0105cy do finansowania inwestycji w dziedzinie obronno\u015bci realizowanych przez pa\u0144stwa cz\u0142onkowskie. Program ten dysponuje bud\u017cetem w wysoko\u015bci 150 mld euro i zapewnia rz\u0105dom po\u017cyczki, kt\u00f3re mo\u017cna przeznaczy\u0107 na finansowanie wsp\u00f3lnych lub krajowych zakup\u00f3w sprz\u0119tu wojskowego.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Na przyk\u0142ad Litwa otrzyma\u0142a w ramach pierwszej transzy 956,3 mln euro, co stanowi 15 procent jej ca\u0142kowitej alokacji wynosz\u0105cej 6,4 mld euro. \u015arodki te s\u0105 ju\u017c dost\u0119pne dla rz\u0105du, ale nie stanowi\u0105 jeszcze przychod\u00f3w dla producenta pojazd\u00f3w opancerzonych, amunicji czy system\u00f3w obrony powietrznej. Staj\u0105 si\u0119 nimi dopiero wtedy, gdy pa\u0144stwo og\u0142osi przetarg, wybierze dostawc\u0119 i podpisze konkretn\u0105 umow\u0119.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Europejski Fundusz Obronny znajduje si\u0119 na innym etapie. Jest to program UE, kt\u00f3ry finansuje wsp\u00f3lne badania i prace rozwojowe w dziedzinie technologii obronnych. W 2026 r. Komisja Europejska wybra\u0142a 57 projekt\u00f3w o \u0142\u0105cznej warto\u015bci finansowania wynosz\u0105cej 1,07 mld euro. Z tej kwoty 675 mln euro przeznaczono na projekty zwi\u0105zane z rozwojem zdolno\u015bci obronnych, a 332 mln euro \u2013 na badania.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">\u015arodki funduszu s\u0105 przeznaczone na konkretne technologie i projekty, ale nie oznaczaj\u0105 one jeszcze zam\u00f3wie\u0144 na gotowy sprz\u0119t na du\u017c\u0105 skal\u0119. Finansowanie prac rozwojowych mo\u017ce prowadzi\u0107 do zawarcia przysz\u0142ych um\u00f3w, ale samo w sobie nie gwarantuje, \u017ce rz\u0105dy zakupi\u0105 ten system p\u00f3\u017aniej w du\u017cych ilo\u015bciach.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Pierwszym pytaniem, jakie powinien zatem zada\u0107 inwestor, jest: jaka cz\u0119\u015b\u0107 pakietu og\u0142oszonego przez UE zosta\u0142a ju\u017c sfinansowana, zam\u00f3wiona i obj\u0119ta umowami?<\/span><\/p><h2 dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:18pt;margin-bottom:4pt;\"><span style=\"font-size:17pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Gdzie wydatki ju\u017c przek\u0142adaj\u0105 si\u0119 na konkretne zam\u00f3wienia<\/span><\/h2><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Gdy \u015brodki publiczne zostan\u0105 przeniesione z bud\u017cetu do konkretnej umowy, inwestor mo\u017ce dzia\u0142a\u0107 w oparciu o znacznie dok\u0142adniejsze informacje. Znany jest zar\u00f3wno zleceniodawca, jak i dostawca, a tak\u017ce przybli\u017cona warto\u015b\u0107 zam\u00f3wienia oraz harmonogram dostaw.&nbsp;<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Jednym z przyk\u0142ad\u00f3w jest niemiecki koncern zbrojeniowy Rheinmetall, jeden z najwi\u0119kszych europejskich producent\u00f3w sprz\u0119tu wojskowego, amunicji i system\u00f3w obrony powietrznej.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">W trzecim kwartale mi\u0119dzynarodowy klient firmy Rheinmetall z\u0142o\u017cy\u0142 zam\u00f3wienie na niewielk\u0105 pi\u0119ciocyfrow\u0105 liczb\u0119 pocisk\u00f3w artyleryjskich kalibru 155 mm. Warto\u015b\u0107 kontraktu wynosi kilkaset milion\u00f3w euro. Produkcja ju\u017c si\u0119 rozpocz\u0119\u0142a, a dostawa jest zaplanowana na rok 2027.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">W tej chwili nie chodzi ju\u017c tylko o to, \u017ce wzrost wydatk\u00f3w w Europie mo\u017ce stanowi\u0107 wsparcie dla przemys\u0142u obronnego. Cz\u0119\u015b\u0107 tego popytu trafi\u0142a ju\u017c do konkretnej firmy i zosta\u0142a uwzgl\u0119dniona w jej planie produkcyjnym.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">To w\u0142a\u015bnie ma znaczenie w zarz\u0105dzaniu portfelem. Bud\u017cet obronny pokazuje, ile rz\u0105d lub UE zamierza wyda\u0107. Podpisana umowa wskazuje, kt\u00f3ra firma przekszta\u0142ci\u0142a ju\u017c cz\u0119\u015b\u0107 tych wydatk\u00f3w w rzeczywiste zlecenia.&nbsp;&nbsp;<\/span><\/p><h2 dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:18pt;margin-bottom:4pt;\"><span style=\"font-size:17pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">W sieciach energetycznych trasa jest d\u0142u\u017csza<\/span><\/h2><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Nie w ka\u017cdej bran\u017cy istnieje jednak tak bezpo\u015bredni zwi\u0105zek mi\u0119dzy bud\u017cetami publicznymi a konkretnymi zam\u00f3wieniami. Modernizacja europejskich sieci elektroenergetycznych wi\u0105\u017ce si\u0119 z wi\u0119ksz\u0105 liczb\u0105 etap\u00f3w mi\u0119dzy programem publicznym a przychodami producenta.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Komisja Europejska wybra\u0142a 235 transgranicznych projekt\u00f3w energetycznych, kt\u00f3re mog\u0105 skorzysta\u0107 z przyspieszonego procesu uzyskiwania pozwole\u0144 oraz dost\u0119pu do finansowania w ramach instrumentu \u201e\u0141\u0105cz\u0105c Europ\u0119\u201d. Program ten wspiera infrastruktur\u0119 \u0142\u0105cz\u0105c\u0105 sieci energetyczne pa\u0144stw cz\u0142onkowskich.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Zako\u0144czono r\u00f3wnie\u017c przetarg o warto\u015bci 600 mln euro na badania i prace budowlane. Liczby te wskazuj\u0105 ju\u017c, gdzie prawdopodobnie zostan\u0105 zrealizowane inwestycje, ale nadal nie daj\u0105 odpowiedzi na pytanie, kt\u00f3ra firma dostarczy transformatory, kable wysokiego napi\u0119cia, stacje elektroenergetyczne czy inne urz\u0105dzenia. Mi\u0119dzy zatwierdzonym projektem a z\u0142o\u017ceniem zam\u00f3wienia u konkretnego producenta nadal pozostaj\u0105 kwestie finansowania, zam\u00f3wie\u0144 publicznych i wyboru dostawc\u00f3w. W tym miejscu wa\u017cn\u0105 rol\u0119 odgrywa kolejny ogniwo \u0142a\u0144cucha: finansowanie samych producent\u00f3w.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Europejski Bank Inwestycyjny, instytucja finansowa UE, udzieli BNP Paribas kontrgwarancji o warto\u015bci do 350 mln euro na rzecz producent\u00f3w urz\u0105dze\u0144 sieciowych. BNP Paribas dorzuci kwot\u0119 w tej samej wysoko\u015bci, dzi\u0119ki czemu \u0142\u0105czna warto\u015b\u0107 gwarancji bankowych wyniesie a\u017c 700 mln euro. Wed\u0142ug EBI mechanizm ten mo\u017ce wesprze\u0107 inwestycje w sieci elektroenergetyczne o warto\u015bci do 2,8 mld euro.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Na pierwszy rzut oka kwota 2,8 mld euro mo\u017ce wydawa\u0107 si\u0119 sum\u0105, kt\u00f3ra trafi bezpo\u015brednio do producent\u00f3w. Mechanizm ten jednak nie dzia\u0142a w ten spos\u00f3b. Du\u017ce kontrakty przemys\u0142owe cz\u0119sto wymagaj\u0105 gwarancji bankowych dotycz\u0105cych zaliczek lub prawid\u0142owego wykonania umowy. Je\u015bli producent przyjmuje jednocze\u015bnie kilka du\u017cych zlece\u0144, gwarancje te mog\u0105 w znacznym stopniu wyczerpa\u0107 jego mo\u017cliwo\u015bci kredytowe.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Program EBI nie polega zatem na bezpo\u015brednim zakupie transformator\u00f3w ani kabli. Pomaga on bankom w udzielaniu producentom gwarancji niezb\u0119dnych do przyjmowania i realizacji kolejnych zam\u00f3wie\u0144. Jest to sygna\u0142 pojawiaj\u0105cy si\u0119 wcze\u015bniej ni\u017c podpisanie umowy. Warunki sprzyjaj\u0105ce wzrostowi wolumenu zam\u00f3wie\u0144 poprawiaj\u0105 si\u0119, ale wci\u0105\u017c nie wiemy, kt\u00f3re przedsi\u0119biorstwo na tym skorzysta ani w jakim stopniu. Nawet je\u015bli wiemy, do jakiego sektora trafi\u0105 \u015brodki, nadal mo\u017ce nie by\u0107 oczywiste, kt\u00f3re przedsi\u0119biorstwa ostatecznie zdob\u0119d\u0105 kontrakty.<\/span><\/p><h2 dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:18pt;margin-bottom:4pt;\"><span style=\"font-size:17pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Wydatki publiczne nie zawsze trafiaj\u0105 do sektora, kt\u00f3ry wydaje si\u0119 najbardziej oczywisty<\/span><\/h2><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">W bud\u017cetach publicznych rozr\u00f3\u017cnia si\u0119 sektory obronno\u015bci, energetyki, transportu i infrastruktury. Jednak rzeczywisty projekt mo\u017ce \u0142\u0105czy\u0107 wszystkie te obszary i generowa\u0107 zlecenia dla firm z kilku bran\u017c jednocze\u015bnie. Dobrym przyk\u0142adem jest litewski port w K\u0142ajpedzie, najwi\u0119kszy port morski w kraju. Europejski Bank Inwestycyjny przeznacza 100 mln euro na projekt o \u0142\u0105cznej warto\u015bci oko\u0142o 201 mln euro. Inwestycja obejmuje mobilno\u015b\u0107 wojskow\u0105, zasilanie statk\u00f3w energi\u0105 elektryczn\u0105 z l\u0105du, infrastruktur\u0119 ekologicznego wodoru oraz wsparcie dla morskiej energetyki wiatrowej. Cz\u0119\u015b\u0107 terminalu cywilnego zostanie r\u00f3wnie\u017c przystosowana do obs\u0142ugi okr\u0119t\u00f3w NATO.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Z punktu widzenia rz\u0105du jest to jednocze\u015bnie projekt z zakresu obronno\u015bci, transportu i energetyki. Z punktu widzenia inwestora wa\u017cniejsze jest pytanie, kt\u00f3re firmy zdob\u0119d\u0105 poszczeg\u00f3lne kontrakty. Cz\u0119\u015b\u0107 \u015brodk\u00f3w mo\u017ce trafi\u0107 do firm budowlanych, producent\u00f3w sprz\u0119tu elektrycznego, dostawc\u00f3w wyposa\u017cenia portowego, firm in\u017cynieryjnych lub przedsi\u0119biorstw energetycznych. Przedsi\u0119biorstwo nie musi zatem by\u0107 klasyfikowane jako firma z bran\u017cy obronnej, aby skorzysta\u0107 z wy\u017cszych wydatk\u00f3w na obronno\u015b\u0107. Nie musi te\u017c by\u0107 tradycyjnym przedsi\u0119biorstwem energetycznym, aby zdoby\u0107 kontrakt zwi\u0105zany z modernizacj\u0105 infrastruktury elektroenergetycznej.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Rzeczywista ekspozycja portfela na europejski cykl inwestycyjny mo\u017ce zatem by\u0107 znacznie szersza, ni\u017c sugeruje nazwa sektora lub funduszu. Gdy ju\u017c wiemy, kt\u00f3ra firma zdoby\u0142a kontrakt, pozostaje jednak kolejne wa\u017cne pytanie: jak szybko uda jej si\u0119 przekszta\u0142ci\u0107 to zam\u00f3wienie w przychody?<\/span><\/p><h2 dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:18pt;margin-bottom:4pt;\"><span style=\"font-size:17pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Zam\u00f3wienie nie oznacza jeszcze pe\u0142nego przychodu<\/span><\/h2><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Podpisana umowa znacznie bardziej wi\u0105\u017ce \u015brodki publiczne z wynikami firmy, ale nie oznacza to jeszcze, \u017ce ca\u0142a kwota natychmiast pojawi si\u0119 w przychodach.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">O terminach decyduje produkcja i dostawy. Firma Rheinmetall od 2022 roku zwi\u0119ksza swoje moce produkcyjne w zakresie amunicji i zamierza do 2030 roku produkowa\u0107 oko\u0142o 1,5 miliona pocisk\u00f3w kalibru 155 mm rocznie. Moce produkcyjne pozwalaj\u0105 oszacowa\u0107, kiedy zam\u00f3wienia te b\u0119d\u0105 mog\u0142y prze\u0142o\u017cy\u0107 si\u0119 na przychody. Je\u015bli firma zdobywa kontrakty szybciej, ni\u017c jest w stanie zwi\u0119kszy\u0107 produkcj\u0119, dostawy i przychody mog\u0105 si\u0119 op\u00f3\u017ani\u0107 o kilka lat. Ta sama logika dotyczy sieci elektroenergetycznych. Wy\u017csze nak\u0142ady inwestycyjne nie powoduj\u0105 z dnia na dzie\u0144 powstania nowych linii produkcyjnych transformator\u00f3w czy kabli wysokonapi\u0119ciowych. Dost\u0119pne moce produkcyjne, niedobory si\u0142y roboczej, dost\u0119pno\u015b\u0107 komponent\u00f3w, procesy uzyskiwania pozwole\u0144 oraz d\u0142ugie terminy dostaw \u2013 wszystko to mo\u017ce spowolni\u0107 realizacj\u0119 projekt\u00f3w. Program o warto\u015bci 10 mld euro nie generuje zatem automatycznie 10 mld euro przychod\u00f3w w ci\u0105gu jednego roku. \u015arodki te mog\u0105 pojawia\u0107 si\u0119 w wynikach finansowych przedsi\u0119biorstwa stopniowo, w zale\u017cno\u015bci od tego, jak szybko producenci s\u0105 w stanie zrealizowa\u0107 poszczeg\u00f3lne zam\u00f3wienia.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">W tym momencie zmienia si\u0119 r\u00f3wnie\u017c rodzaj informacji, na kt\u00f3re inwestor powinien zwraca\u0107 uwag\u0119. Komunikaty polityczne trac\u0105 na znaczeniu, a wyniki finansowe przedsi\u0119biorstw zyskuj\u0105 na wadze.<\/span><\/p><h2 dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:18pt;margin-bottom:4pt;\"><span style=\"font-size:17pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Na co zwr\u00f3ci\u0107 uwag\u0119 w wynikach finansowych firmy<\/span><\/h2><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Gdy \u015brodki publiczne trafiaj\u0105 do konkretnych przedsi\u0119biorstw, najwa\u017cniejszym \u017ar\u00f3d\u0142em informacji nie jest ju\u017c bud\u017cet pa\u0144stwa, lecz samo przedsi\u0119biorstwo.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Nowe zam\u00f3wienia pokazuj\u0105, do jakich zakup\u00f3w klienci w\u0142a\u015bnie si\u0119 zobowi\u0105zali. Portfel zam\u00f3wie\u0144 przedstawia warto\u015b\u0107 kontrakt\u00f3w, kt\u00f3re firma musi jeszcze zrealizowa\u0107. Nak\u0142ady inwestycyjne wskazuj\u0105, ile firma inwestuje w rozbudow\u0119 produkcji. Nowe fabryki i linie produkcyjne wskazuj\u0105, jakie moce produkcyjne firma przygotowuje na przysz\u0142o\u015b\u0107. Z kolei harmonogramy dostaw pomagaj\u0105 oszacowa\u0107, kiedy kontrakty mog\u0105 prze\u0142o\u017cy\u0107 si\u0119 na przychody.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Rheinmetall potwierdza to poprzez portfel zam\u00f3wie\u0144 o warto\u015bci 63,8 mld euro na koniec 2025 r. oraz dalsze inwestycje w rozbudow\u0119 mocy produkcyjnych w pierwszej po\u0142owie 2026 r. Og\u00f3lna kwota europejskich bud\u017cet\u00f3w obronnych pozwala oceni\u0107 skal\u0119 tych mo\u017cliwo\u015bci. Zam\u00f3wienia, portfel zam\u00f3wie\u0144 i inwestycje w produkcj\u0119 pokazuj\u0105, jaka cz\u0119\u015b\u0107 tych mo\u017cliwo\u015bci trafia ju\u017c do konkretnej firmy i jak szybko mo\u017cna je przekszta\u0142ci\u0107 w przychody.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">W zarz\u0105dzaniu portfelem inwestycyjnym \u015bwiadomo\u015b\u0107, \u017ce Europa planuje zwi\u0119kszy\u0107 wydatki na obronno\u015b\u0107 lub infrastruktur\u0119, stanowi jedynie punkt wyj\u015bcia. Liczy si\u0119 to, jaka cz\u0119\u015b\u0107 tych \u015brodk\u00f3w trafi\u0142a ju\u017c do konkretnego dostawcy, jak\u0105 warto\u015b\u0107 zam\u00f3wie\u0144 firma ta pozyska\u0142a oraz kiedy b\u0119dzie w stanie zrealizowa\u0107 dostawy.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Nie skupiaj si\u0119 wy\u0142\u0105cznie na og\u00f3lnej kwocie. Zastan\u00f3w si\u0119, jaka cz\u0119\u015b\u0107 tych \u015brodk\u00f3w trafi\u0142a ju\u017c do firm, funduszy i prywatnych aktyw\u00f3w, kt\u00f3re posiadasz. Bud\u017cety odzwierciedlaj\u0105 zamiary. Umowy pokazuj\u0105, kto zdoby\u0142 zlecenie. Zam\u00f3wienia, moce produkcyjne i harmonogramy dostaw wskazuj\u0105, kiedy zlecenie to mo\u017ce prze\u0142o\u017cy\u0107 si\u0119 na przychody.<\/span><\/p><br><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Jak na podstawie swojego portfela inwestycyjnego oceni\u0107 poziom wydatk\u00f3w publicznych<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Wyobra\u017a sobie, \u017ce posiadasz akcje przedsi\u0119biorstwa przemys\u0142owego dostarczaj\u0105cego sprz\u0119t do sieci elektroenergetycznych. UE og\u0142asza nowy program inwestycyjny o warto\u015bci 5 miliard\u00f3w euro, ale sama ta kwota nie wskazuje, jak\u0105 cz\u0119\u015b\u0107 tych \u015brodk\u00f3w firma faktycznie mo\u017ce pozyska\u0107.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Jak wi\u0119c nale\u017cy to interpretowa\u0107? Po pierwsze, sprawd\u017a, czy projekty zosta\u0142y ju\u017c zatwierdzone i sfinansowane. Nast\u0119pnie sprawd\u017a, czy firma informuje o nowych zam\u00f3wieniach, czy jej portfel zam\u00f3wie\u0144 ro\u015bnie i jakie podaje terminy realizacji. Je\u015bli dodatkowo inwestuje w nowe linie produkcyjne, mo\u017ce to oznacza\u0107, \u017ce spodziewa si\u0119 wi\u0119kszego wolumenu dzia\u0142alno\u015bci. Wszystkie te dane razem pokazuj\u0105, czy du\u017cy program publiczny zaczyna przek\u0142ada\u0107 si\u0119 na realn\u0105 dzia\u0142alno\u015b\u0107 dla firmy, kt\u00f3rej akcje posiadasz.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Pytania, kt\u00f3re warto zada\u0107:<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">01 Jaka cz\u0119\u015b\u0107 og\u0142oszonego programu zosta\u0142a ju\u017c zrealizowana w postaci podpisanych um\u00f3w?<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">02 Jak\u0105 cz\u0119\u015b\u0107 tego rynku firma mog\u0142aby realistycznie zdoby\u0107?<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">03 Czy liczba zam\u00f3wie\u0144 ro\u015bnie?<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">04 Czy dysponuje wystarczaj\u0105cymi zdolno\u015bciami produkcyjnymi?<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">05 Kiedy rozpoczn\u0105 si\u0119 dostawy i kiedy umowy te mog\u0105 zacz\u0105\u0107 przek\u0142ada\u0107 si\u0119 na przychody?<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Pami\u0119taj, \u017ce Tw\u00f3j portfel nie reaguje na skal\u0119 og\u0142oszenia politycznego. Liczy si\u0119 to, jaka cz\u0119\u015b\u0107 tych \u015brodk\u00f3w ostatecznie trafi do aktyw\u00f3w, kt\u00f3re posiadasz.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><span style=\"font-size:13pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Bibliografia (APA)<\/span><\/p><ul style=\"margin-top:0;margin-bottom:0;padding-inline-start:48px;\"><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:0pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Komisja Europejska, Dyrekcja Generalna ds. Przemys\u0142u Obronnego i Przestrzeni Kosmicznej. (2026). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">SAFE: Dzia\u0142ania na rzecz bezpiecze\u0144stwa w Europie.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Komisja Europejska.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/defence-industry-space.ec.europa.eu\/eu-defence-industry\/safe-security-action-europe_en\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/defence-industry-space.ec.europa.eu\/eu-defence-industry\/safe-security-action-europe_en<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Komisja Europejska, Dyrekcja Generalna ds. Przemys\u0142u Obronnego i Przestrzeni Kosmicznej. (15 kwietnia 2026 r.). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Komisja zainwestuje 1,07 mld euro w 57 projekt\u00f3w z zakresu obronno\u015bci wspieraj\u0105cych europejskie inicjatywy flagowe w zakresie gotowo\u015bci bojowej.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Komisja Europejska.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/defence-industry-space.ec.europa.eu\/commission-invest-eur107-billion-57-defence-projects-supporting-european-readiness-flagships-2026-04-15_en\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/defence-industry-space.ec.europa.eu\/commission-invest-eur107-billion-57-defence-projects-supporting-european-readiness-flagships-2026-04-15_en<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Rheinmetall AG. (14 wrze\u015bnia 2026 r.). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Rheinmetall dostarcza amunicj\u0119 artyleryjsk\u0105 dla mi\u0119dzynarodowego klienta.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Rheinmetall.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/www.rheinmetall.com\/en\/media\/news-watch\/news\/2026\/09\/2026-09-14-rheinmetall-supplies-artillery-ammunition-to-international-customer\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/www.rheinmetall.com\/en\/media\/news-watch\/news\/2026\/09\/2026-09-14-rheinmetall-supplies-artillery-ammunition-to-international-customer<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Komisja Europejska, Dyrekcja Generalna ds. Energii. (9 kwietnia 2026 r.). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">235 kluczowych transgranicznych projekt\u00f3w energetycznych maj\u0105cych na celu wzmocnienie wzajemnych po\u0142\u0105cze\u0144 w Europie.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Komisja Europejska.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/energy.ec.europa.eu\/news\/235-key-cross-border-energy-projects-boost-europes-interconnectivity-2026-04-09_en\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/energy.ec.europa.eu\/news\/235-key-cross-border-energy-projects-boost-europes-interconnectivity-2026-04-09_en<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Komisja Europejska, Dyrekcja Generalna ds. Energii. (30 kwietnia 2026 r.). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Dost\u0119pne s\u0105 dotacje unijne w wysoko\u015bci 600 mln euro na transgraniczne projekty w zakresie infrastruktury energetycznej.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Komisja Europejska.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/energy.ec.europa.eu\/news\/eu-grants-worth-eu600-million-available-cross-border-energy-infrastructure-projects-2026-04-30_en\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/energy.ec.europa.eu\/news\/eu-grants-worth-eu600-million-available-cross-border-energy-infrastructure-projects-2026-04-30_en<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Europejski Bank Inwestycyjny. (29 wrze\u015bnia 2026 r.). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">EBI i BNP Paribas zamierzaj\u0105 przeznaczy\u0107 700 mln euro w postaci gwarancji na wsparcie europejskich sieci energetycznych.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Europejski Bank Inwestycyjny.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/www.eib.org\/en\/press\/all\/2026-322-eib-and-bnp-paribas-to-mobilise-eur700-million-in-guarantees-to-support-european-energy-grids\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/www.eib.org\/en\/press\/all\/2026-322-eib-and-bnp-paribas-to-mobilise-eur700-million-in-guarantees-to-support-european-energy-grids<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Europejski Bank Inwestycyjny. (2026). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Pakiet dotycz\u0105cy og\u00f3lnoeuropejskiej sieci energetycznej BNPP.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Europejski Bank Inwestycyjny.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/www.eib.org\/en\/projects\/all\/20250811\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/www.eib.org\/en\/projects\/all\/20250811<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Europejski Bank Inwestycyjny. (15 wrze\u015bnia 2026 r.). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">EBI wspiera przekszta\u0142cenie litewskiego portu w K\u0142ajpedzie w centrum obronno\u015bci i czystej energii, zapewniaj\u0105c finansowanie w wysoko\u015bci 100 mln euro.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Europejski Bank Inwestycyjny.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/www.eib.org\/en\/press\/all\/2026-293-eib-helps-transform-lithuania-s-port-of-klaipeda-into-defence-and-clean-energy-hub-with-eur100-million-in-financing\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/www.eib.org\/en\/press\/all\/2026-293-eib-helps-transform-lithuania-s-port-of-klaipeda-into-defence-and-clean-energy-hub-with-eur100-million-in-financing<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Rheinmetall AG. (11 marca 2026 r.). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Rheinmetall przedstawia raport roczny za rok 2025.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Rheinmetall.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/www.rheinmetall.com\/en\/media\/news-watch\/news\/2026\/03\/2026-03-11-rheinmetall-presents-annual-report-for-2025\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/www.rheinmetall.com\/en\/media\/news-watch\/news\/2026\/03\/2026-03-11-rheinmetall-presents-annual-report-for-2025<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:12pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Rheinmetall AG. (6 sierpnia 2026 r.). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Wyniki Rheinmetall za pierwsze p\u00f3\u0142rocze: Silny wzrost sprzeda\u017cy i rekordowa rentowno\u015b\u0107.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Rheinmetall.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/www.rheinmetall.com\/en\/media\/news-watch\/news\/2026\/08\/2026-08-06-rheinmetall-news-half-yearly-financial-report-h1\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/www.rheinmetall.com\/en\/media\/news-watch\/news\/2026\/08\/2026-08-06-rheinmetall-news-half-yearly-financial-report-h1<\/span><\/a><\/p><\/li><\/ul><br>","protected":false},"excerpt":{"rendered":"<p>Tw\u00f3j portfel nie zale\u017cy od skali og\u0142oszenia politycznego. Liczy si\u0119 to, jaka cz\u0119\u015b\u0107 tych \u015brodk\u00f3w ostatecznie trafi do aktyw\u00f3w, kt\u00f3re posiadasz.<\/p>","protected":false},"author":2,"featured_media":1367,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[17],"tags":[],"class_list":["post-1368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-wealth-planning"],"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-150x150.png","medium":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-300x200.png","medium_large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-768x512.png","large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-1024x683.png","1536x1536":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634.png","2048x2048":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634.png","trp-custom-language-flag":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-18x12.png","colormag-highlighted-post":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-392x272.png","colormag-featured-post-medium":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-390x205.png","colormag-featured-post-small":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-130x90.png","colormag-featured-image":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-800x445.png","colormag-default-news":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-150x150.png","colormag-featured-image-large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-1200x600.png"},"magazineBlocksPostAuthor":{"name":"William","avatar":"https:\/\/secure.gravatar.com\/avatar\/82207cc30d613dea4e5fc4ce5dad6b48bc98e8cde6e3910b0adcb2b12199eab1?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":false,"magazineBlocksPostExcerpt":"Your portfolio does not respond to the size of a political announcement. What matters is how much of that money ultimately reaches the assets you own.","magazineBlocksPostCategories":["Global Wealth Planning"],"magazineBlocksPostViewCount":283,"magazineBlocksPostReadTime":11,"magazine_blocks_featured_image_url":{"full":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634.png",1200,800,false],"medium":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-300x200.png",300,200,true],"thumbnail":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-150x150.png",150,150,true]},"magazine_blocks_author":{"display_name":"William","author_link":"https:\/\/www.rotharia.com\/pl\/author\/william\/"},"magazine_blocks_comment":0,"magazine_blocks_author_image":"https:\/\/secure.gravatar.com\/avatar\/82207cc30d613dea4e5fc4ce5dad6b48bc98e8cde6e3910b0adcb2b12199eab1?s=96&d=mm&r=g","magazine_blocks_category":"<a href=\"https:\/\/www.rotharia.com\/pl\/category\/wealth-management\/global-wealth-planning\/\">Global Wealth Planning<\/a>","videoUrl":"","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Europe\u2019s New Spending Map<\/title>\n<meta name=\"description\" content=\"Your portfolio does not respond to the size of a political announcement. 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