

After a bit of digging it looks like Newag has had a steady supply of government contracts:
25.01.2023 - 10,7 billion PLN (2,5bn EUR) for EMUs
24.07.2024 - Newag CEO mentions current contracts with PKP Intercity total 9bn PLN (2bn EUR)
21.11.2024 - 7,7bn PLN (1,8bn EUR) for hybrid MUs
23.06.2025 - most recent one I could find, 270 million PLN, EMUs for a local railway
Stock is up 260% since June 2022
In Poland we don’t negotiate with corporate terrorists, we throw money at them. 🙃
Consider pirate sport streams which by their nature are usually watched live and not downloaded. I have no idea about numbers, but it wouldn’t surprise me if they made up a significant part of that 96%, because sports are freaking huge.