Karol Nawrocki, a conservative historian and former boxer, won 50.9%, while centrist Rafal Trzaskowski took 49.1%, according to Bloomberg News calculations based on data from 100% of precincts reported by the electoral commission.
Polish stocks and bonds — among the world’s stand-out performers of 2025 — declined after a nationalist unexpectedly won the presidential election, dealing a blow to the government.
Markets are concerned that the win by the resurgent right, which has been emboldened by Donald Trump, may unravel Poland’s pro-European Union tilt and cut short the rally. Warsaw’s benchmark stock index dropped as much as 3.4% in early trading, while the zloty and government bonds were also in the red.
