Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW
Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie (Warsaw Stock Exchange, WSE Group) — Q2 2026 Earnings Presentation
33 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, Sep 4, 2026
Slide 1: WSE Group Financial Results Q2 and H1 2026
WSE Group Financial Results Q2 and H1 2026 September 4, 2026 Warsaw
Slide 2: Highlights Q2 & H1 2026
Highlights ▪ WIG surpasses 150,000 points for the first time: +29.8% YTD Record-high indices ▪ WIG20 surpasses 4,000 points for the first time; WIG20TR +30.8% YTD ▪ Cash equities: Q2 2026 (+14.9%) H1 2026 (+27.3%) Trading ▪ Electricity: Q2 2026 (-3.9%) H1 2026 (+14.9%) Q2 & H1 ▪ Gas: Q2 2026 (-28.2%
Slide 3: WSE indices vs. selected global indices
WSE indices vs. selected global indices Selected index performance 2026 YTD WIG20 and mWIG40 performance vs. previous ATH (October 2007) YoY, % (in local currencies, income indices) WIG20 WIG20TR YoY, % WIG20 TR 30.8% WIG 20 TR 110 +103.0% WIG 29.8% 100 90 MWIG40 29.0% 80 70 MSCI POLAND (USD) 23.3%
Slide 4: Cash equity turnover on the WSE
Cash equity turnover on the WSE Quarterly cash equity turnover on the WSE Main Market Change in cash equity turnover in H1 2026 cash equity turnover (LHS) YoY (RHS) PLN bn % velocity YoY, % (in EUR) turnover value 200 60 EUR bn ratio1 150 40 Bucharest 76.3% 2.4 6.7% 100 14.9% 20 0 Budapest 65.6% 9.4
Slide 5: ECM activity on WSE Main Market 2026 YTD
ECM activity on WSE Main Market 2026 YTD Value of ECM transactions on the WSE Main Market Largest ECM transactions 2026 YTD 10 IPO Follow-on offering Shareholder ABB +117.3% IPO Follow-on offering listings on the WSE Main Market PLN bn 2026 YTD vs 3 in 2025 15 14.6 Real estate Hotels& Restaurants En
Slide 6: WSE Catalyst debt market
WSE Catalyst debt market Value of new non-treasury instruments listed Largest Corporate Issues Q2 2026 PLN 28.6 bn corporate bonds municipal bonds mortgage covered bonds PLN bn Value of non-treasury issues Bank Bank listed in 2026 YTD +121.4% (+5.8% vs. 2025 YTD) EUR 750 mn EUR 700 mn 20 18.8 June 2
Slide 7: ETFs
ETFs ETF turnover on the WSE Main Market Total inflows to ETFs from domestic retail investors 45 ETF turnover (LHS) Number of Listed ETFs on the Main Market (RHS) Listed on foreign markets Listed on the WSE ETF Listed on the WSE Q2 2026: PLN 1.5 bn H1 2026: WSE listed ETFs mln zł +88.6% YoY mld zł a
Slide 8: Q2 and H1 2026 results
pw Qws E ‘£985 YEARS Q2 and H1 2026 results
Slide 9: Q2 and H1 2026 WSE Group results
Q2 and H1 2026 WSE Group results WSE Group results Q2 2026 PLN mn Q2 2026 YoY H1 2026 YoY REVENUE 155.4 +7.9% 324.2 +17.3% ▪ Revenue: +7.9% YoY: Financial Market 107.5 +13.0% 221.8 +23.0% Commodity Market 41.2 -7.3% 91.8 +4.7% ❑ Financial Market (+13.0% YoY) – mainly due to higher revenue from cash
Slide 10: WSE Group revenue mix
WSE Group revenue mix WSE Group revenue mix Financial Market Commodity Market Other revenue Trading (+40 bps) 45,0% PLN mn, YoY 200 +17.3% 340 324.2 +7.9% 320 10.6 +25.6% 155.4 300 276.4 Q2 2026 150 144.1 6.8 280 91.8 +4.7% 4.5 +50.8% 260 8.5 (28.3%) Market data (-50 bps) 12,9% PLN 155.4 mn 4,3% Tec
Slide 11: Financial Market revenue: trading
Financial Market revenue: trading Trading Trading data Q2 2026 YoY H1 2026 YoY Cash equities Derivatives Debt Other EOB turnover (PLN bn) 151.1 +14.9% 309.0 +27.3% PLN mn, YoY +20.6% volume traded (mn shares) 3.1 -14.4% 6.4 -0.8% average trade value (PLN k) 9.29 -5.5% 9.83 -2.9% 80 +8.7% 150 145.6 S
Slide 12: Financial Market revenue: other
Financial Market revenue: other Information services AMX Listing revenue number of subscribers (thousands) Depository activity Exchange activity Listing fees Fees for introduction PLN mn, YoY PLN mn, YoY PLN mn, YoY 25 +3.5% 2.0 50 +8.8% 25 40 25 50 45 35 45 19.4 20.0 38.5 +118.8% 20 40 20 20 40 1.5
Slide 13: Commodity Market: electricity and gas trading turnover
Commodity Market: electricity and gas trading turnover Electricity Gas spot turnover (TWh, LHS) forward turnover (TWh, LHS) YoY (RHS, %) spot turnover (TWh, LHS) forward turnover (TWh, LHS) YoY (%, RHS) Q2 2026: 28.9 TWh Q2 2026: 44.2 TWh TWh TWh -3.9% YoY % -28.2% YoY % 45 60 70 100 40 80 40 60 35
Slide 14: Gas forward market: trading volumes and prices in 2026
Gas forward market: trading volumes and prices in 2026 Gas – forward turnover 2026 2026 YTD Daily Trading Volume (TWh, LHS) GAS_BASE_Y+1 Price (RHS) TWh PLN/MWh 0,50 220 0,45 ▪ Prices and volumes in the natural gas foward market moved in opposite directions throughout 2026. Rising 0,40 200 prices co
Slide 15: Commodity Market: revenue
Commodity Market: revenue Trading Q2 2026 Trading Clearing Other fees Operating registers Market data ▪ Trading (-18.1% YoY) including: ❑ Electricity (+0.6% YoY) ❑ Gas (-28.6% YoY) PLN mn, YoY ❑ Property Rights (-26.8% YoY) - decline driven by lower -7.3% OTC trading volumes in renewable energy cert
Slide 16: WSE Group OPEX
WSE Group OPEX OPEX Revenue vs. OPEX PLN mn Q2 2026 YoY H1 2026 YoY revenue change YoY OPEX change YoY OPERATING EXPENSES 99.8 +10.2% 197.1 +11.0% 30 Personnel costs 48.7 +5.9% 98.5 +10.0% 25 External services. incl.: 32.9 +29.8% 63.7 +24.5% 20 IT 16.8 +12.6% 34.6 +21.2% 15 10 10.2% Other external s
Slide 17: WSE Group OPEX bridge
WSE Group OPEX bridge OPEX bridge Q2 2026 PLN mn, YoY +10.2% ▪ Operating expenses up +10.2% YoY ▪ Cost dynamics increased by: +5.6% ❑ higher AMX costs related to the development 99.8 5.1 of the offer as a result of changes in the fees 90.6 3.4 -0.5 0.2 1.0 structure of depositary services ❑ higher v
Slide 18: WSE Group CAPEX
WSE Group CAPEX CAPEX Q2 2026 intanbigle assets: WATS intangible assets plant, property and equipment PLN mn, YoY 25 24.2 50 -21.7% +7.1% 45 ▪ Increase in capital expenditures (+7.1% YoY) 40.4 20 19.2 40 related to: 12.9 17.3 16.2 3.6 35 31.6 15.2 2.9 -12.7% 16.2 15 14.3 30 3.3 4.3 -73.5% ❑ expendit
Slide 19: WSE Group cash flow and liquidity
WSE Group cash flow and liquidity Consolidated cash flow H1 2026 PLN mn H1 2026 H1 2025 YoY Cash flows from operating activities, incl.: 128.5 135.1 -4.9% ▪ Lower operating cash flows in H1 2026 (PLN Net profit for the period 130.2 108.8 +19.7% 128.5 mn, -4.9% YoY) despite higher net profit Adjustme
Slide 20: Outlook
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Slide 21: Rollout of the proprietary WSE WATS trading platform
Rollout of the proprietary WSE WATS trading platform WSE WATS rollout July - August September October Pre-migration testing ▪ Functional 5-6 September 3-4 October ▪ Performance First dress rehearsal System migration ▪ Security ▪ Integration Business continuity testing ▪ 116.05 12-13 September 5 Octo
Slide 22: Outlook
Outlook ▪ Cash equity: July (+43,8% rdr), August (+44,0% YoY) Trading ▪ Electricity: July (+59.3% YoY) August (+35,0% YoY) ▪ Gas: July (-61.9% YoY) August (-54.4% YoY) ▪ Q3 2026: expected YoY OPEX growth not lower than in H1 2026 2026 ▪ Q4 2026: expected acceleration in YoY OPEX growth: OPEX ❑ a sha
Slide 23: Personal Investment Accounts (OKI): 2027 Launch Confirmed
Personal Investment Accounts (OKI): 2027 Launch Confirmed Number of Brokerage Accounts in Poland 1/01/2027 ▪ Entry into force of the OKI x 2.4 3.000.000 ~3 mn ▪ Full exemption from capital gains tax on eligible PLN 100 000 assets ▪ Tax applies to assets exceeding PLN 100k and is 0.85%* calculated in
Slide 24: Further domestic capital mobilisation required to increase Market Cap-to-GDP Ratio
Further domestic capital mobilisation required to increase Market Cap-to-GDP Ratio Domestic companies market cap to GDP (2025-2030, PLN bn, %) % GDP According to WSE own estimates, increasing the value of domestic 70% companies to 50% of GDP by 2030 would require mobilising: GDP 50% GDP PLN 250 bn P
Slide 25: Q&A
iw Qws E Wei) YEARS O&A
Slide 26: Attachments
pw Qws E Wei) YEARS Attachments
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 Q2 2026 YoY H1 2026 YoY PLN mn Q2 2026 YoY H1 2026 YoY REVENUE 95.4 +7.8% 195.2 +16.2% REVENUE 42.1 -6.8% 92.6 +4.9% Trading 66.3 +9.5% 137.9 +21.3% Trading 24.2 -6.5% 52.3 +5.9% Listing 6.3 +5.
Slide 28: Financial results of subsidiaries
Financial results of subsidiaries ▪ The total negative EBITDA of non-core subsidiaries in H1 2026 amounted to PLN 1.9 mn compared to PLN 2.9 mn in H1 2025 Non-core subsidiaries WSE WSE WSE WSE WSE WSE Bondspot AMX Benchmark Tech Logistics DAI Private Market Ventures PLN mn H1 2026 H1 2025 H1 2026 H1
Slide 29: Conclusion of the review of non-core projects
Conclusion of the review of non-core projects Overview GPW actions A company established to implement a project on ▪ Lower operating expenses starting from July GPW the media market, related to the dynamic ▪ Concurrent activities undertaken to facilitate a merger with another entity within DAI repla
Slide 30: Financial results of the KDPW Group
Financial results of the KDPW Group Results of the KDPW Group Q2 2026 ▪ Depository: increase in revenue by +23.1% YoY to PLN 29.6 mn due to higher capitalization of shares, PLN mn Q2 2026 YoY H1 2026 YoY ▪ Settlement on the spot market: increase in revenue by +3.1% YoY to PLN Operating revenue 82.1
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 DAI 33.3% KDPW 100% IRGiT 100% WSE Ventures ASI in liquidation 100% KDPW_CCP 100% InfoEngine 99.9% WSE Logistics 24.8% Centrum Giełdowe 97.2% BondSpot 100%
Slide 32: IR Calendar and WSE Investor Relations Team
IR Calendar ▪ 21 September 2026 Investment Conference 2026 (Baader Bank), Munich, Germany ▪ 28 October 2026 GPW roadshow, Stockholm, Sweden ▪ 16 November 2026 Publication of the WSE Group's consolidated quarterly report for the third quarter of 2026 ▪ 18-19 November 2026 NYC CEE Capital Markets Conf
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