Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW
Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie S.A. (GPW) — Q4 2024 and FY2024 Earnings Presentation
36 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, Mar 26, 2025
Slide 1: GPW Group Financial Results Q4 2024 and 2024
GPW Group Financial Results Q4 2024 and 2024 26 March 2025 Warsaw
Slide 2: I Key achievements of 2024 II
I Key achievements of 2024 II Financial results for Q4 2024 and 2024 III Progress in the implementation of strategic directions IV Outlook for 2025 V Q&A Warsaw Stock Exchange | 2
Slide 3: Key achievements of 2024
Key achievements of 2024
Slide 4: Summary of key achievements in 2024
Summary of key achievements in 2024 Record revenues of GPW Group: PLN 464.8M (+4.5% YoY) driven by the growth of revenues in the Financial Market (+9.8% YoY), despite a decline in the Commodity Market (-2.7% YoY) Record-high GPW Main Market cash equities turnover: PLN 331.4B (+20.8%) with marginal c
Slide 5: GPW indices vs. selected global indices
GPW indices vs. selected global indices Selected index performance 2024 Selected index performance 2025 YTD1 YoY, % (in local currencies) YoY, % (in local currencies) NASDAQ 100 TR 27.0% WIG 20 TR 25.6% S&P 500 TR 25.0% WIG 22.7% NIKKEI 225 TR 21.3% HANG SENG 20.7% DAX 18.8% MWIG40 TR 17.3% HANG SEN
Slide 6: GPW turnover vs. other European exchanges in 2024
GPW turnover vs. other European exchanges in 2024 Cash equity turnover change 20241 Velocity ratio 20242 YoY, % (in EUR) turnover value EUR bn GPW 26,8% 77.4 Deutsche Börse 46.0% Vienna 17,7% 32.0 GPW 39.1% LSE 16,3% 1 057.3 BME 38.3% Budapest 16,0% 9.1 Athens 10,4% 25.3 Euronext 36.8% Aquis Exchang
Slide 7: ECM transactions and introduction of non-Treasury bonds to trading
ECM transactions and introduction of non-Treasury bonds to trading IPOs, SPOs, ABBs1 Catalyst: non-Treasury bonds ▪ 9 IPOs on GPW Main Market in 2024, including 8 transfers from NewConnect IPO SPO ABB non-Treasury bonds introduced in the year2 ▪ Żabka Group’s debut in October 2024: PLN bn PLN bn ❑ T
Slide 8: Financial results Q4 2024 and 2024
Financial results Q4 2024 and 2024
Slide 9: GPW Group financial results Q4 2024 and 2024
GPW Group financial results Q4 2024 and 2024 GPW Group results Q4 2024 PLN mn Q4 2024 YoY 2024 YoY ▪ Slower revenue growth in the Financial Market (+2.3% YoY) REVENUE 113.7 -1.9% 464.8 4.5% compared to previous quarters due to a high base, Financial Market 73.0 2.3% 296.1 9.8% alongside a sharper re
Slide 10: Impact of one-offs on GPW Group consolidated results
Impact of one-offs on GPW Group consolidated results Impact of one-offs on GPW Group consolidated results PLN mn Q4 2024 2024 P&L line Comment GRC write-off - -5.8 Other expenses No prospects for commercialization GPW DAI write-off -13.2 -13.2 Other expenses Significant reduction in revenue forecast
Slide 11: GPW Group revenue mix
GPW Group revenue mix GPW Group revenue GPW Group revenue by segment in 2024 Financial Market Commodity Market Information services1 Other revenue Listing revenue AMX PLN mn, YoY Electricity Other2 5.4% 4.5% 5.9% Gas Derivatives 3.1% +4.5% Property Debt 3.1% 3.4% rights 150 500 464.8 4.0% 3.7% -1.9%
Slide 12: Financial Market revenue: trading
Financial Market revenue: trading Revenue – Financial Market trading Operating data Equity Derivatives Debt Other1 PLN mn, YoY Q4 YoY 2024 YoY 2024 +12.2% -0.3% 50 200 EOB turnover (PLN bn) 81.0 3.1% 331.4 20.7% 44.9 184.7 EQUITIES 44.7 45 14.2 average fee (bps) 2.00 -2.9% 2.01 -2.5% 3.3 3.5 164.7 4
Slide 13: Financial Market revenue: information services, listing, AMX
Financial Market revenue: information services, listing, AMX Information services Listing AMX PLN mn, YoY Listing fees Fees for introduction Depository activity Exchange activity +11.4% PLN mn, YoY PLN mn, YoY +12.0% 20 70 65.2 20 70 20 70 16.5 60 58.5 60 60 14.7 15 15 15 50 50 50 40 40 40 10 10 +11
Slide 14: Commodity Market revenue: trading
Commodity Market revenue: trading Revenue – Commodity Market trading Operating data Electricity Gas Property rights Other fees of market participants PLN mn, YoY 0.0% Q4 2024 YoY 2024 YoY -9.1% 25 90 84.7 84.7 22.9 20.8 80 spot turnover (TWh) 12.4 -30.1% 49.7 -21.4% 20 5.4 20.9 23.9 70 ELECTRICITY f
Slide 15: Commodity Market revenue: clearing and registers
Commodity Market revenue: clearing and registers Clearing Operation of registers1 PLN mn, YoY Register of certificates of origin Register of guarantees of origin -9.1% PLN mn, YoY -14.1% 49.3 15 50 15 50 13.8 44.8 45 45 11.8 40 40 35 35 10 10 30 30 0.0% 25 25 21.1 21.1 +40.6% 20 20 4.5 6.0 5 5 4.1 1
Slide 16: GPW Group operating expenses
GPW Group operating expenses Operating expenses Revenue and operating expenses QoQ PLN mn Q4 2024 YoY 2024 YoY revenue YoY operating expenses YoY C/I OPERATING EXPENSES 80.2 -4.2% 331.9 3.9% Staff costs 40.2 -3.4% 161.0 9.6% 30.3% 25.2% 25.7% External services, incl.: 25.3 -10.1% 103.5 -1.7% 22.6% 2
Slide 17: GPW Group CAPEX
GPW Group CAPEX CAPEX plant, property and equipment (PLN mn) intangible assets (PLN mn) capex/revenue (%) ▪ CAPEX decrease of 41.3% YoY in Q4 2024 and PLN mn, YoY 24.9% in the full year 2024, driven by the shift of some expenditures to 2025 ▪ WATS Transaction Platform spending in line with 22.2% 13.
Slide 18: GPW Group liquidity position and cash
GPW Group liquidity position and cash Consolidated cash flows PLN mn 2024 2023 Cash flows from operating activities 146.3 146.4 Cash flows from investing activities -127.1 -157.3 ▪ Operating cash flow in 2024 amounted to Capex -56.1 -73.5 PLN 146.5 mn, representing 89.4% of adjusted Net investments1
Slide 19: Progress in strategy implementation
Progress in strategy implementation
Slide 20: GPW Group strategy 2025-2027
GPW Group strategy 2025-2027 Building shareholder Capital market development and stakeholder value 1 Capital market growth initiatives 1 Expansion of a portfolio of innovative services and products 2 Increase in the number of new issuers and active support for current issuers 2 Strengthening sustain
Slide 21: Active participation in capital market development
Active participation in capital market development EU-wide and regional initiatives ▪ Proactive actions at the EU level, including active participation in discussions on the Savings and Investments Union ▪ Publication of the Position paper on the Development of European Capital Markets in December 2
Slide 22: Building shareholder and stakeholder value
Building shareholder and stakeholder value Optimization of costs, processes and structure at GPW Group ▪ Cost control: negative growth in operating costs in Q4 2024, with an improvement in the C/I ratio by 1.7 p.p. to 70.5% ▪ Launch of the Efficiency Improvement Program: simplification of processes
Slide 23: Review of non-core projects
Review of non-core projects Project description Planned activities Company providing technology of addressable TV (ATV), using AI, advanced algorithms and Big Data ▪ R&D completed, platform launched GPW DAI to effectively target advertising campaigns through ▪ Significant revenue plan limitations an
Slide 24: Progress in strategy implementation – TGE Commodity Exchange initiatives
Progress in strategy implementation – TGE Commodity Exchange initiatives Electricity and gas futures contracts ▪ Continued work in areas such as: formalizing cooperation with CCP, developing operational and IT models, and consulting with market participants Development of the Register of Guarantees
Slide 25: Outlook 2025
Outlook 2025
Slide 26: GPW Group 2025
GPW Group 2025 Financial Market ▪ High cash equity turnover in Q1 2025 (up 29% YoY1) and record-high index levels Commodity Market ▪ Commodity market volumes affected by the absence of electricity market trading obligation OPEX ▪ Implementation of WATS, DORA, and new financial system temporarily inc
Slide 27: GPW Group's financial ambitions by 2027
GPW Group’s financial ambitions by 2027 Revenue OPEX EBITDA C/I ROE 2024 ▪ Record-high annual revenue for the GPW Group at PLN 464.8 mn (4.5% YoY) ▪ OPEX at PLN 331.9 mn (3.9% YoY) due to cost control and optimization ▪ Adjusted EBITDA, excluding one-off items, at PLN 163.7 mn (2.2% YoY) ▪ In 2024 C
Slide 28: Q&A
Q&A How to participate: Phone participants: press *2 to speak Web participants: click ask via audio to speak or send in your question through send your question box
Slide 29: Appendix
Appendix
Slide 30: GPW Group EBITDA 2024
GPW Group EBITDA 2024 EBITDA PLN mn, YoY Revenue up PLN 19.9 mn Opex1 up PLN 13.1 mn +2.2% -4.2 -2.4 26.5 -14.1 -0.9 163.7 1.8 -38.6 38.6 125.0 -3.3 160.2 EBITDA Revenue Revenue Other Salaries External Other One-offs2 Other EBITDA 2024 One-offs2 EBITDA 2023 Financial Commodity revenue services opex
Slide 31: GPW SA financial results
GPW SA financial results GPW SA separate results PLN mn Q4 2024 YoY 2024 YoY REVENUE 68.1 4.7% 274.4 12.0% Trading 41.4 -0.5% 171.1 12.4% Listing 6.1 11.3% 24.8 9.6% Information services 14.6 10.4% 58.3 10.0% Other revenue 5.6 28.1% 18.6 17.9% Operating expenses 48.6 -2.0% 198.2 3.8% Salaries 19.7 -
Slide 32: TGE Group financial results
TGE Group financial results TGE Group results PLN mn Q4 2024 YoY 2024 YoY REVENUE 37.4 -6.6% 153.1 -2.6% Trading 20.8 -9.1% 84.7 0.0% Registers 4.1 40.6% 21.1 0.0% Clearing 11.8 -14.1% 44.8 -9.1% Operating expenses 20.9 -7.9% 89.8 2.9% Salaries 11.7 -10.2% 45.5 4.3% External service charges 5.8 -16.
Slide 33: Financial results of subsidiaries
Financial results of subsidiaries ▪ Total negative EBITDA of non-core subsidiaries at PLN 26.6 mn in 2024 (incl. PLN 14.4 mn one-offs) Non-core subsidiaries GPW GPW GPW GPW GPW GPW Bondspot AMX Benchmark DAI Tech Logistics PM Ventures PLN m 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Slide 34: KDPW Group financial results
KDPW Group financial results KDPW Group results ▪ CSD: revenue up 4.7% YoY to PLN 22.0 mn driven by higher capitalisation of shares and other securities and market value of PLN mn Q4 2024 YoY 2024 YoY bonds, ▪ Settlement on the cash market: revenue up 2.1% YoY to PLN 7.0 mn Revenue 68.0 -0.2% 266.9
Slide 35: GPW Group structure
GPW Group structure GPW Group Subsidiaries Associates 100% Towarowa Giełda Energii 100% GPW Tech 33.3% KDPW 100% IRGiT 100% GPW DAI 100% KDPW_CCP 100% InfoEngine 100% GPW Ventures ASI 24.8% Centrum Giełdowe 97.2% BondSpot 99.9% GPW Logistics 100% GPW Benchmark 72.2% Armenia Securities Exchange 100%
Slide 36: 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