Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW
Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie S.A. (Warsaw Stock Exchange, WSE Group) — Q4 2025 and FY2025 Earnings Presentation
33 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, Mar 24, 2026
Slide 1: WSE Group Financial Results Q4 2025 and 2025
WSE Group Financial Results Q4 2025 and 2025 24 March 2026 Warsaw
Slide 2: 2025 Highlights
2025 Highlights ▪ Main Market cash equity turnover up +41.9% to PLN 470.3 bn Cash equity turnover ▪ WIG up +47.3%; MSCI Poland (USD) up +67.8% ▪ WSE Group revenues: PLN 551.9 mn +18.7% incl.: Revenues ❑ Financial Market: PLN 364.5 mn +23.1% ❑ Commodity Market: PLN 171.6 mn +12.5% 2025 OPEX ▪ OPEX: P
Slide 3: Cash equity turnover on the WSE in 2025
Cash equity turnover on the WSE in 2025 Annual cash equity turnover on the WSE Main Market Change in cash equity turnover in Europe1 in 2025 cash equity turnover (LHS, PLN mn) YoY cash equity turnover (RHS, %) YoY, % (in EUR) turnover value velocity EUR bn ratio2 PLN bn YoY, % 500 470.3 80 Athens 83
Slide 4: Cash equity turnover on the WSE at the beginning of 2026
Cash equity turnover on the WSE at the beginning of 2026 Monthly cash equity turnover on the WSE Main Market and VIX index cash equity turnover (LHS, PLN mn) VIX - CBOE Volatility Index (RHS) 2026 YTD January - February 2026: PLN, bn PLN 100.1 bn +51.8% YoY 55 40 50 35 45 ▪ Elevated market volatilit
Slide 5: Dynamic growth in ETF trading and the number of listed funds
Dynamic growth in ETF trading and the number of listed funds Monthly ETF trading volumes on the WSE Main Market ETF/ETC/ETN listings on the WSE in 2025–2026 PLN, bn ETF Debuts Beta ETF Dywidenda PLUS 08/2025 January – February 2026: Beta ETF Bitcoin 09/2025 PLN 1,320.0 mn +236.8% YoY 750 HANetf Futu
Slide 6: The largest ECM transactions on the Main Market in 2025 and 2026 YTD
The largest ECM transactions on the Main Market in 2025 and 2026 YTD Primary market Secondary market ▪ 2025: PLN 2.0 bn ▪ 2025: PLN 18.3 bn ▪ 2026 YTD: PLN 1.7 bn (vs PLN 6.5 bn in 2024) (vs PLN 11.3 bn in 2024) (vs PLN 1.8 bn in 2025) IPOs / debuts SPOs ABBs ABBs PLN 1 695 mn PLN 1 550 mn PLN 2 558
Slide 7: The largest non-treasury DCM transactions in 2025 and 2026 YTD
The largest non-treasury DCM transactions in 2025 and 2026 YTD Corporate bonds Mortgage covered bonds ▪ 2025: PLN 33.4 bn ▪ 2026 YTD: PLN 4.7 bn ▪ 2025: PLN 6.6 bn ▪ 2026 YTD: PLN 0.15 bn (vs PLN 31.1 bn in 2024) (vs PLN 6.4 bn in 2025) (vs PLN 4.5 bn in 2024) (vs PLN 0.16 bn in 2025) the largest no
Slide 8: WSE Group financial ambitions 2025-2027
WSE Group financial ambitions 2025-2027 2025 Financial ambitions 2025 vs. 2024 2024-2027 (CAGR) Revenues +18.7 % 6-8 % 2025 ▪ Revenue growth significantly higher than GPW's financial ambitions, due to higher-than- expected: OPEX +9.9 % 4-6 % ❑ cash equity trading revenue ❑ gas trading and clearing r
Slide 9: Financial results Q4 2025 and 2025
Financial results Q4 2025 and 2025
Slide 10: WSE Group financial results Q4 2025 and 2025
WSE Group financial results Q4 2025 and 2025 WSE Group results PLN mn Q4 2025 YoY 2025 YoY Q4 2025 REVENUES 140.4 +23.5% 551.9 +18.7% Financial Market 92.7 +26.8% 364.5 +23.1% Commodity Market 44.4 +19.0% 171.6 +12.5% Other 3.4 +0.7% 15.8 -3.0% ▪ Revenues: +23.5% YoY – driven by revenue growth in Op
Slide 11: Impact of one-offs on GPW Group consolidated results 2025
Impact of one-offs on GPW Group consolidated results 2025 Impact of one-offs on GPW Group consolidated results PLN mn Impact on 2024-2025 Comment 2025 results Other costs: -18.7 GPW DAI write-off -13.1 Commercialization attempts in 2025 did GPW Logistics write-off -3.6 not bring the expected results
Slide 12: WSE Group revenue mix
WSE Group revenue mix WSE Group revenue WSE Group revenue by segment in Q4 2025 Financial Market Commodity Market Other revenue PLN mn, YoY Cash equity +18.7% Derivatives 200 600 34.3% Debt 551.9 2.9% 550 15.8 -3.0% 3.0% Other fees 1 +23.5% 500 2.5% 464.8 16.3 171.6 4.6% Listing revenue 150 140.4 45
Slide 13: Financial Market revenue: trading
Financial Market revenue: trading Revenue – Financial Market trading Trading data Equity Derivatives Debt Other1 PLN mn, YoY +27.6% Q4 2025 YoY 2025 YoY 80 240 235.7 13.8 -2.7% EOB turnover (PLN bn) 114.0 +40.7% 470.3 +41.9% 220 16.3 70 +29.4% +11.6% 200 16.1 EQUITIES no. of transactions (mn) 12.4 +
Slide 14: Financial Market revenue: other
Financial Market revenue: other Information services Listing AMX PLN mn, YoY Listing fees Fees for introduction Depository activity Exchange activity PLN mn, YoY PLN mn, YoY +8.8% 30 80 30 80 30 80 70.9 70 65.2 70 70 25 25 25 +7.5% 60 60 60 20 17.8 20 20 +53.8% 16.5 50 50 +93.0% 50 15 40 15 40 1.3%
Slide 15: Commodity Market revenue: trading
Commodity Market revenue: trading Revenue – Commodity Market trading Trading data Electricity Gas Property rights Other fees of market participants PLN mn, YoY +15.6% 40 100 97.8 Q4 2025 YoY 2025 YoY 35 90 84.7 80 30.3 +26.5% spot turnover (TWh) 11.3 -9.1% 48.2 -3.1% +18.5% 30 23.9 ELECTRICITY 70 24
Slide 16: Commodity Market revenue: clearing and registers
Commodity Market revenue: clearing and registers Clearing Operation of registers PLN mn, YoY Register of certificates of origin Register of guarantees of origin PLN mn, YoY +15.8% 20 60 20 60 55 51.9 55 +20.4% 50 50 44.8 15 14.3 45 15 45 40 40 11.8 35 35 10 30 10 30 -7.0% 25 +17.9% 25 21.1 19.6 20 2
Slide 17: WSE Group OPEX
WSE Group OPEX Operating expenses Quarterly change in operating revenues and costs revenue YoY operating expenses YoY PLN mn Q4 2025 YoY 2025 YoY 30 28.9% 29.0% 23.5% OPERATING EXPENSES 96.0 +14.2% 364.8 +9.9% 24.6% 19.2% 20.5% 26.7% 20 19.2% 19.9% Personnel costs 46.7 +16.0% 182.2 +13.2% 11.9% 14.2
Slide 18: WSE Group 2025 OPEX bridge
WSE Group 2025 OPEX bridge Change in operating costs YoY PLN mn, YoY 2025 +9.9% +7.6% ▪ OPEX growth at +9.9% YoY 364.8 ▪ OPEX growth dynamics increased by : 331.9 2.6 -3.8 25.2 8.9 ❑ higher variable costs: provision for performance- based variable compensation of employees in WSE Group ❑ higher AMX
Slide 19: WSE Group CAPEX
WSE Group CAPEX CAPEX intanbigle assets: WATS (PLN mn) intangible assets (PLN mn) plant, property and equipment (PLN mn) 2025 PLN mn, YoY +35.5% 30 80 74.7 73.5 70 25 ▪ Increased CAPEX (+35.5% YoY) related to 60.2 23.7 22.9 +124% 60 55.2 20 +0.6% ❑ due to the shift of a portion of IT-related capital
Slide 20: WSE Group cash flow and liquidity
WSE Group cash flow and liquidity Consolidated cash flow PLN mn 2025 2024 2025 Cash flows from operating activities 201.7 146.5 Cash flows from investing activities 29.8 -127.3 CAPEX -74.7 -55.2 Cash flows from financing activities -140.6 -134.3 ▪ Operating flows in 2025 amounted to PLN 201.7 mn, Di
Slide 21: Outlook
Outlook
Slide 22: Outlook
Outlook ▪ Cash equity : January (+94.0% YoY), February (+23.6% YoY), March (+19.6% YoY)1 Cash equity trading Expected lower YoY growth due to the high base effect from 2025. Q1 2026 1 average Financial Market daily turnover at PLN 2.56 bn vs PLN 1.79 bn in Q1 2025 and PLN 2.16 bn in Q2 2025 Trading
Slide 23: Q&A
Q&A
Slide 24: Appendix
Appendix
Slide 25: WSE SA financial results and TGE Group financial results
WSE SA financial results and TGE Group financial results WSE SA separate results TGE Group results PLN mn Q4 2025 rdr 2025 rdr PLN mn Q4 2025 rdr 2025 rdr REVENUE 81.6 +22.1% 329.7 +20.7% REVENUE 44.4 +18.8% 172.3 +12.5% Trading 54.0 +30.4% 220.8 +29.1% Trading 24.7 +18.5% 97.8 +15.6% Listing 6.1 -0
Slide 26: Conclusion of the review of non-core projects
Conclusion of the review of non-core projects Description Planned activities A company established to implement a project on ▪ The strategic options review has been completed – no investor was secured. GPW the media market, related to the dynamic DAI ▪ WSE is considering further strategic actions re
Slide 27: Financial results of subsidiaries
Financial results of subsidiaries ▪ The total negative EBITDA result of the non-core subsidiaries, excluding one-off events, amounted in 2025 to PLN 5.8 mn against PLN 10.1 mn in 2024 Non-coresubsidiaries GPW GPW GPW GPW GPW GPW Bondspot AMX Benchmark Tech Logistics DAI Private Market Ventures mln z
Slide 28: KDPW Group financial results
KDPW Group financial results KDPW Group results Q4 2025 ▪ Deposit management: revenue increased by 28.3% YoY to PLN 28.3 mn due to higher market capitalization of equities and other securities, as well as the PLN mn Q4 2025 YoY 2025 YoY market value of bonds ▪ Cash market settlements: revenue up by
Slide 29: Rollout of the proprietary GPW WATS trading platform
Rollout of the proprietary GPW WATS trading platform GPW WATS rollout February March April May June 2026 2026 2026 2026 2026 ▪ Test trading sessions in the GPW WATS system ▪ Testing of the system, integrated systems and internal processes ▪ System stabilization ▪ Testing with Exchange Members and da
Slide 30: WSE Group structure
WSE Group structure WSE Group Subsidiaries Associates 100% Towarowa Giełda Energii 100% GPW Tech 33.3% KDPW 100% IRGiT 100% GPW DAI 100% KDPW_CCP 100% 100% GPW Ventures ASI 24.8% InfoEngine Centrum Giełdowe (in liquidation) 97.2% BondSpot 99.9% GPW Logistics 100% GPW Benchmark 72.2% Armenia Stock Ex
Slide 31: WSE valuation
WSE valuation Valuation metrics P/E EV/EBITDA dividend yield Price/ book value vs. ROE trendline P/BV 1.5x 9 25 -24.1% 25 4.5 4.1 8 20.9 4.0 7 MEDIAN 20 20 3.5 P/BV: 3.9x 6 15.9 -3.0% 3.0 ROE: 17.5% 2.7 15 15 13.3 5 12.9 2.5 4 2.0 10 10 1.5 3 1.0 2 WSE 5 5 0.5 1 P/BV: 3.0x ROE: 17.6% 0 0 0.0 0 ROE (
Slide 32: IR Calendar and Contact
IR Calendar ▪ 25 March 2026 CEE Capital Markets Conference, London, UK ▪ 31 March – 1 April 2026 WOOD’s EME Conference, New York, USA ▪ 27 May 2026 Publication of consolidated quarterly report for Q1 2026 ▪ 14 September 2026 Publication of semi-annual reports – Report for H1 2026 and Consolidated re
Slide 33: Disclaimer
Disclaimer ▪ This presentation has been prepared by Giełda Papierów Wartościowych w Warszawie S.A. (“Warsaw Stock Exchange”, “GPW” or “Company”) for its shareholders, analysts, and other contractors. This presentation has been prepared solely for information and is not an offer to buy or sell or a s