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) — Q1 2026 Earnings Presentation
33 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, May 26, 2026
Slide 1: WSE Group Financial Results Q1 2026
WSE Group Financial Results Q1 2026 May 26, 2026 Warsaw
Slide 2: Q1 2026 results highlights
Q1 2026 results highlights ▪ Record cash equities turnover on the Main Market amid high volatility: Cash equities turnover PLN 157.8 bn +41.9% ▪ Record revenue of the WSE Group: PLN 168.8 mn +27.5%: Revenue ❑ Financial Market: PLN 114.3 mn +34.3% Q1 ❑ Commodity Market: PLN 50.6 mn +17.1% ▪ OPEX: PLN
Slide 3: 2026 YTD key developments
2026 YTD key developments Market activity Strategic initiatives Main Market GPW IPO Academy ▪ New listings: 6 ▪ 2nd edition launched ▪ Primary and follow-on deals listed value: PLN 4.2 bn ▪ Participation of 24 companies interested in listing 2026 NewConnect Support for issuers and market promotion ▪
Slide 4: 35 years of WSE: from Transformation to Innovation
35 years of WSE: from Transformation to Innovation WIG index and selected listings Market cap of domestic companies pts PLN bn 150 000 x 2.0 1 500 1 250 1 000 650 100 000 500 2026 0 2023 2026 Average equities daily turnover 50 000 PLN bn x 2.3 3.0 2.6 2.0 1.1 1 000 1.0 1991 1995 2000 2005 2010 2015
Slide 5: Cash equity turnover on the WSE
Cash equity turnover on the WSE Monthly cash equity turnover on the WSE Main Market Change in cash equity turnover in Europe in Q1 2026 cash equity turnover (LHS, PLN mn) VIX - CBOE Volatility Index (RHS) YoY, % (in EUR) turnover value velocity EUR bn ratio1 Q1 2026: PLN 157.8 bn Bucharest 182.6% 1.
Slide 6: ECM transactions on the WSE Main Market
ECM transactions on the WSE Main Market Primary market Secondary market PLN 4.2 bn Total value of IPO/SPO/ABB SPO ABB transactions 2026 YTD (-38% vs. 2025 YTD) 6 Hotels & Restaurants Gaming Defense Deep tech Online Commerce Retail PLN 498 mn transfer from NC PLN 157 mn PLN 116 mn PLN 1,664 mn PLN 1,
Slide 7: WSE Catalyst debt market
WSE Catalyst debt market PLN 11.5 bn Quarterly and total value of listed non-treasury instruments mortgage bonds (PLN bn, quarterly) corporate bonds (PLN bn, quarterly) municipal bonds (PLN bn, quarterly) value of listed non-treasury instruments listed EOP (PLN bn) Value of non-treasury issues PLN b
Slide 8: Developing ETF offering remains one of key priorities
Developing ETF offering remains one of key priorities ETF turnover on the WSE Main Market ETF turnover (PLN mn) Q1 2026 Q1 2026: PLN 1.95 bn ▪ Assets of ETFs listed on the WSE increased by 30% +194.3% YoY YoY in Q1 2026, to PLN 2.8 bn PLN mn ▪ Currently 33 ETFs listed on the WSE (27 on the Main 800
Slide 9: Q1 2026 results
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Slide 10: Q1 2026 WSE Group results
Q1 2026 WSE Group results WSE Group results PLN mn Q1 2026 Q1 2025 YoY Q1 2026 REVENUE 168.8 132.3 +27.5% Financial Market 114.3 85.1 +34.3% Commodity Market 50.6 43.2 +17.1% ▪ Revenue: +27.5% YoY – growth in both segments: Other 3.7 4.0 -2.7% ❑ Financial Market (+34.3% YoY), mainly due to higher OP
Slide 11: WSE Group revenue mix
WSE Group revenue mix WSE Group revenue mix Financial Market Commodity Market Other revenue Market data AMX Market data 10.9% Other 7.7% 0.4% Listing revenue PLN mn Property rights Operating registers 2.5% 4.3% Derivatives 200 2.1% +27.5% 3.0% 2.9% Gas ground 4.2% 2.7% Debt 168.8 3.9 5.3% Other 1 El
Slide 12: Financial Market revenue: trading
Financial Market revenue: trading Trading Trading data Cash equities Derivatives Debt Other1 Q1 2026 YoY PLN mn, YoY EOB turnover (PLN bn) 157.8 +41.9% +34.1% volume traded (mn shares) 3.3 +16.5% 80 STOCKS 75.7 share of HVP/market makers (%) 33.1% +90 pbs 75 3.5 +1.4% average fee (pb) 1.94 -2.5% 70
Slide 13: Financial Market revenue: other
Financial Market revenue: other Information services Listing AMX revenue (PLN mn) number of subscribers (thousands) Listing fees Fees for introduction Depository activity Exchange activity PLN mn, YoY PLN mn, YoY PLN mn, YoY +15.2% 20 18.4 2 000 20 20 17.8 16.0 +132.8% 15 15 15 1 500 12.9 10.9 1.6 +
Slide 14: Commodity Market: revenue
Commodity Market: revenue Trading Operational data Electricity Gas Property rights Other fees Q1 2026 YoY PLN mn, YoY total turnover (TWh) 38.3 +34.8% +19.5% ELECTRICITY spot turnover (TWh) 13.7 +5.5% 30 28.1 forward turnover (TWh) 24.6 +59.4% total turnover (TWh) 60.5 +54.9% 25 24.7 23.5 +22.7% GAS
Slide 15: Commodity Market: revenue
Commodity Market: revenue Clearing Operation of registers Register of certificates of origin Register of guarantees of origin PLN mn, YoY PLN mn, YoY 25 25 +27.0% 20 20 16.7 15 14.3 15 13.2 10 10 -12.9% 5.9 5.1 4.9 5 5 1.8 1.3 +12.1% 2.0 4.1 3.5 3.2 -23.6% 0 0 Q1 2025 Q4 2025 Q1 2026 Q1 2025 Q4 2025
Slide 16: WSE Group OPEX
WSE Group OPEX OPEX Revenue vs. OPEX PLN mn Q1 2026 Q1 2025 YoY revenue YoY operating expenses YoY OPERATING EXPENSES 97.3 87.0 +11.8% 30 27.5% Personnel costs 49.8 43.6 +14.2% 20 External services. incl.: 30.7 25.8 +19.2% IT 17.7 13.6 +30.7% 10 11.8% advisory 3.4 3.7 -7.6% other 9.6 8.5 +12.6% 0 D&
Slide 17: WSE Group OPEX bridge
WSE Group OPEX bridge OPEX bridge PLN mn, YoY Q1 2026 +11.8% +5.7% ▪ Operating expenses up +11.8% YoY 97.3 ▪ Cost dynamics increased by: 87.0 -0.8 4.9 2.1 4.0 ❑ higher provision for variable remuneration (related to the increase in the results of the WSE Group) ❑ higher AMX costs related to the deve
Slide 18: Conclusion of the review of non-core projects
Conclusion of the review of non-core projects Overview GPW actions ▪ The strategic options review has been completed – no investor was secured. A company established to implement a project on GPW ▪ At the end of March, a decision to significantly reduce costs – the full impact will be the media mark
Slide 19: WSE Group CAPEX
WSE Group CAPEX CAPEX intanbigle assets: WATS (PLN mn) intangible assets (PLN mn) plant, property and equipment (PLN mn) Q1 2026 PLN mn, YoY -13.3% 30 80 ▪ Decrease in capital expenditures (-41.0% YoY) 74.7 -41.0% related to: 24.2 70 64.8 25 22.9 60 11.4 -50.3% ❑ high base of expenditures on propert
Slide 20: WSE Group cash flow and liquidity
WSE Group cash flow and liquidity Consolidated cash flow PLN mn LTM Q1 2026 2025 Q1 2026 Cash flows from operating activities 205.0 201.7 Cash flows from investing activities 55.9 29.8 CAPEX -64.8 -74.7 ▪ Operating cash flows for the twelve months ended Cash flows from financing activities -141.2 -1
Slide 21: WSE Management Board's recommendation on dividend for 2025
WSE Management Board's recommendation on dividend for 2025 Dividend Dividend per share (PLN, RHS)1 Dividend payout ratio (%, LHS)2 Dividend Yield3 ▪ In April, the WSE Management Board +7.9% recommended the payment of PLN 142.7 mn % PLN/share from the 2025 profit 90 3.40 3.5 ▪ The proposed dividend p
Slide 22: Outlook
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Slide 23: Rollout of the proprietary WSE WATS trading platform
Rollout of the proprietary WSE WATS trading platform WSE WATS rollout April May June July 2026 2026 2026 2026 4-5 July 6-7 June System migration Second dress 30 April 6 July 23-24 May rehearsal 116.05 Approval of the updated First dress WSE WATS go-live timeline agreed with the Implementation Commit
Slide 24: Outlook
Outlook Cash equity trading ▪ Cash equity: April (+15.3% YoY), May1 (+17.5% YoY) Financial Market Decline in momentum due to high base effect in 2025 Trading ▪ Gas: April (-7.6% YoY), May1 (-56.9% YoY) Commodity Market ▪ Electricity: April (-26.2% YoY), May1 (-4,7% YoY) 2026 ▪ In the following quart
Slide 25: Q&A
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Slide 26: Attachments
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Slide 27: 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 Q1 2026 Q1 2025 rdr PLN mn Q1 2026 Q1 2025 rdr REVENUE 99.8 79.4 +25.7% REVENUE 50.5 43.1 +17.1% Trading 71.6 53.1 +34.8% Trading 28.1 23.5 +19.5% Listing 7.3 7.1 +1.9% Registers 5.1 5.9 -12.9%
Slide 28: Financial results of subsidiaries
Financial results of subsidiaries ▪ The total negative EBITDA of non-core subsidiaries in Q1 2026 amounted to PLN 1.5 mn compared to PLN 1.6 mn in Q1 2025 Non-core subsidiaries WSE WSE WSE WSE WSE WSE Bondspot AMX Benchmark Tech Logistics DAI Private Market Ventures PLN mn Q1 2026 Q1 2025 Q1 2026 Q1
Slide 29: Financial results of the KDPW Group
Financial results of the KDPW Group Results of the KDPW Group ▪ Depository: increase in revenue by 20.7% YoY to PLN 28.1 mn due to higher capitalization of shares and other shares and market value of bonds, PLN mn, changes in % YoY Q1 2026 Q1 2025 rdr ▪ Settlement on the spot market: increase in rev
Slide 30: WSE valuation
WSE valuation Valuation metrics P/E dividend yield Price/ Book Value vs. ROE Trendline P/BV 1.5x 9 25 -28.7% 4,5 8 4,1 20.9 4,0 7 MEDIAN 20 3,5 P/BV: 3.9x 6 ROE: 17.5% 14.9 3,0 2,7 15 5 2,5 4 2,0 10 3 1,5 1,0 2 WSE 5 1 P/BV: 3.0x 0,5 ROE: 17.6% 0 0,0 0 ROE (%) WSE MEDIAN MEDIAN WSE 0 10 20 30 40 Sou
Slide 31: WSE Group structure
WSE Group structure WSE Group Subsidiaries Subsidiaries outside Associates Core Activities the core business 100% Polish Power Exchange 100% WSE Private Market 33.3% KDPW 100% IRGiT 100% WSE DAI 100% KDPW_CCP 100% InfoEngine 100% WSE Ventures ASI in liquidation 24.8% Centrum Giełdowe 97.2% BondSpot
Slide 32: IR Calendar and WSE Investor Relations Team
IR Calendar ▪ 27-28 May 2026 Erste - The Finest CEElection Equity Investor Conference, Warszawa ▪ 15-16 June 2026 BM Pekao Bank of America London Conference, London, UK ▪ 14 September 2026 Publication of the WSE Group's consolidated half-year report for the first half of 2026 ▪ 16 November, 2026 Pub
Slide 33: Legal Disclaimer
Legal Disclaimer ▪ This presentation has been prepared by the Warsaw Stock Exchange (the "Company" or the "WSE") for the needs of its shareholders, analysts and other contractors. This presentation is prepared for informational purposes only and does not constitute an offer to buy or sell, or an off