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) — Q3 2025 Earnings Presentation
36 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, Nov 18, 2025
Slide 1: WSE Group Financial Results Q3 2025
WSE Group Financial Results Q3 2025 18 November 2025 Warsaw
Slide 2: Q3 2025 highlights
Q3 2025 highlights Cash equity turnover ▪ Main Market cash equity turnover up +43.1% to PLN 113.5 bn ▪ Main WSE indices up about +30% after 9M2025 WSE indices ▪ WIG index ATH: 113,500 points on 28/10/2025 ▪ WSE Group revenues: PLN 135.1 mn +20.5% incl.: Q3 Revenues Financial Market: PLN 91.5 mn +27.
Slide 3: 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 Europe1 in Q3 2025 YoY cash equity turnover (%) cash equity turnover (PLN mn) PLN mn YoY, % YoY, % (in EUR) turnover value velocity EUR bn ratio2 140 80 Athens 126.4% 13.3 43.9% 13
Slide 4: WSE indices vs. selected global indices
WSE indices vs. selected global indices Selected index performance 2025 YTD P/E ratio of MSCI indices YoY, % (in local currencies) MSCI Poland MSCI World MSCI Emerging Markets 28 KOSPI 200 TR 80.7% 26 MSCI POLAND (USD) 55.2% 24 22.5 WIG20 TR 43.2% 22 WIG 40.4% 20 MWIG40 TR 35.8% 18 15.6 -48% HANG SE
Slide 5: The largest ECM transactions on the Main Market in 2025
The largest ECM transactions on the Main Market in 2025 Primary Q3 2025: - (-) Secondary Q3 2025: PLN 0.8 bn (-75% YoY) market 9M 2025: PLN 2.0 bn (-) market 9M 2025: PLN 9.3 bn (+47% YoY) IPO / debuts SPO ABB PLN 1 695 mn PLN 1 550 mn PLN 2 150 mn PLN 1 815 mn PLN 1 170 mn February 2025 March 2025
Slide 6: The largest issues of debt non-treasury instruments in 2025
The largest issues of debt non-treasury instruments in 2025 Corporate Q3 2025: PLN 10.3 bn (+190% YoY) Mortgage covered bonds bonds 9M 2025: PLN 17.2 bn (+49% YoY) PLN 1 000 mn ▪ The first issue of mortgage covered EUR 600 mn PLN 1 000 mn bonds listed on the WSE for July 2025 March 2025 July 2025 in
Slide 7: Financial results Q3 2025
Financial results Q3 2025
Slide 8: WSE Group financial results Q3 2025
WSE Group financial results Q3 2025 WSE Group results PLN mn Q3 2025 YoY 9M 2025 YoY REVENUES 135.1 +20.5% 411.5 +17.2% Financial Market 91.5 +27.4% 271.8 +21.9% Q3 2025 Commodity Market 39.7 +9.7% 127.3 +10.4% Other 3.9 -4.2% 12.4 -4.0% ▪ Revenues: PLN 135.1 mn (+20.5% YoY), driven by Operating exp
Slide 9: WSE Group revenue mix
WSE Group revenue mix WSE Group revenue WSE Group revenue by segment in Q3 2025 Financial Market Commodity Market Other revenue PLN mn, YoY Cash equity Derivatives 500 250 +17.2% 33.8% Debt 2.7% 450 3.2% Other fees 1 411.5 400 12.4 -4.0% 2.5% 200 351.1 4.5% Listing revenue +20.5% 350 12.9 127.3 +10.
Slide 10: Financial Market revenue: trading
Financial Market revenue: trading Revenue – Financial Market trading Trading data Equity Derivatives Debt Other1 PLN mn, YoY 3Q 9M +27.0% YoY YoY 2025 2025 177.8 90 180 -3,2% EOB turnover (PLN bn) 113.5 +43.1% 356.2 +42.3% 10.4 80 160 12.1 +8,9% EQUITIES no. of transactions (mn) 12.2 +28.5% 37.1 +28
Slide 11: 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 +9.2% 30 60 30 60 30 60 55 53.2 55 55 25 50 48.7 25 50 25 50 +9.7% 45 45 45 20 17.8 40 20 40 20 40 16.3 35 35 +108.9% 35 +39.5
Slide 12: 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 Q3 9M +14.6% YoY YoY 2025 2025 40 80 73.2 35 70 spot turnover (TWh) 11.9 -4.7% 36.9 -1.1% 63.8 +12.3% 22.6 +28.4% ELECTRICITY 30 60 17.6 for
Slide 13: 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 +14.2% PLN mn, YoY 20 40 37.7 20 40 35 33.0 35 15 +13.2% 30 15 30 11.5 25 25 -13.1% 10.1 10 20 10 20 17.0 14.8 15 -11.3% 15 4.6 4.4 -3,5% 5
Slide 14: Commodity Market – regulatory changes
Commodity Market – regulatory changes ▪ Ministry of Climate and Environment Regulation from 29 August 2025: Certificates of origin: The percentage redemption obligation for certificates of origin in the years 2026- edemption obligations 2026-2028 ❑ 2028 has been set at 9.0% for green certificates, c
Slide 15: WSE Group operating expenses
WSE Group operating expenses Operating expenses Quarterly change in operating revenues and costs PLN mn Q3 2025 YoY 9M 2025 YoY revenue YoY operating expenses YoY OPERATING EXPENSES 91.2 +12.0% 268.8 +8.5% 30 28.9% 29.0% Personnel costs 45.9 +15.7% 135.6 +12.2% 24.6% 20.5% 26.7% 19.2% External servi
Slide 16: WSE Group operating expenses
WSE Group operating expenses Change in operating costs YoY PLN mn, YoY +12.0% Q3 2025 ▪ OPEX growth at 12.0% YoY +5.7% 91.2 ▪ OPEX growth dynamics increased by: 81.4 +2.5 -1.5 +4.7 +3.4 +0.7 ❑ higher variable costs: provision for performance- based variable compensation of employees in WSE Group and
Slide 17: WSE Group CAPEX
WSE Group CAPEX CAPEX plant, property and equipment (PLN mn) intangible assets (PLN mn) intanbigle assets: WATS (PLN mn) PLN mn, YoY +48.6% 9M 2025 59.5 60 ▪ Increased CAPEX (+48.6% YoY) related to: 30 +39.8% 50 19.8 +223.4% ❑ driven by the shift of some expenditures in the IT 25 24.2 from Q4 2024 t
Slide 18: WSE Group liquidity position and cash
WSE Group liquidity position and cash Consolidated cash flows PLN mn LTM Q3 2025 2024 Cash flows from operating activities 185.1 146.5 Cash flows from investing activities 16.7 -127.3 Capex -74.6 -55.2 ▪ Operating cash flows for the twelve months ended Net investments1 65.3 -95.8 on 30.09.2025 amoun
Slide 19: Strategic Directions of WSE Group 2025-2027
Strategic Directions of WSE Group 2025-2027
Slide 20: Strategic Directions of WSE Group 2025-2027
Strategic Directions of WSE Group 2025-2027 Capital market ▪ Personal Investment Account (OKI) - tax-free investment of up to PLN 100,000 development ▪ Changes to the Listing Act - easing access to capital ▪ WSE IPO Academy - workshops for approximately 30 companies planning an IPO Increase in the ▪
Slide 21: Initiatives to promote capital market
Initiatives to promote capital market #ETFonGPW GPW 24/7 ▪ Stock exchange information ▪ Promoting passive displayed on ~60 large- investing and increasing format screens in seven awareness of ETFs listed cities on the GPW ▪ Daily presentations of quotations and charts of ▪ Campaign rollout: GPW indi
Slide 22: Strategic Directions of WSE Group 2025-2027
Strategic Directions of WSE Group 2025-2027 Financial ambitions Building shareholder value Financial ambitions rate of return on WSE shares change of the WIG index Q3 2025 LTM vs. 20241 2024-2027 CAGR YoY % 50 49.3% (TSR: 57.8%) Revenues +6-8% +13,0% 40 40.4% 30 OPEX +4-6% + +6,3% 20 10 EBITDA +8-12
Slide 23: Outlook
Outlook
Slide 24: Outlook
Outlook Financial Market ▪ Cash equity – EOB turnover: October (+49.6% YoY), November (-2,5% YoY) turnover ▪ Index futures: October (-21.7% YoY), November (-15,9% YoY) Q4 Commodity Market turnover ▪ Energy market (spot and forward): October (-16.0% YoY), November (-7.8% YoY) ▪ Gas market (spot and f
Slide 25: Rollout of the proprietary WSE WATS trading platform
Rollout of the proprietary WSE WATS trading platform WSE WATS rollout schedule December February March May Q2 2025 2026 2026 2026 2026 ▪ Stable pre- production version of ▪ Publication WSE the platform ▪ 28/03/2026 ▪ Planned rollout WATS full ▪ 09/05/2026 ▪ Confirmation of the Second dress of WSE WA
Slide 26: Q&A
Q&A
Slide 27: Appendix
Appendix
Slide 28: Results WSE Group 2022-2025
Results WSE Group 2022-2025 Revenue – Financial Market Revenue – Commodity Market YoY (%) revenue (PLN mn) YoY (%) revenue (PLN mn) PLN mn YoY % PLN mn YoY % 100 91.5 60 50 30 80 39.7 40 40 20 60 27.4% 30 9.7% 10 20 40 20 0 20 0 10 -10 0 -20 0 -20 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q
Slide 29: WSE SA financial results
WSE SA financial results WSE SA separate results PLN mn Q3 2025 YoY 9M 2025 YoY REVENUE 79.6 +20.6% 248.1 +20.2% Trading 53.2 +29.4% 166.8 +28.7% Listing 6.0 +2.0% 19.1 +2.3% Information services 15.3 +5.9% 46.3 +5.8% Other revenue 4.7 +12.9% 14.5 +11.5% Operating expenses 55.0 +11.4% 163.6 +11.1% S
Slide 30: TGE Group financial results
TGE Group financial results TGE Group results PLN mn Q3 2025 YoY 9M 2025 YoY REVENUE 39.6 +7.5% 127.8 +10.5% Trading 23.8 +12.3% 73.2 +14.6% Registers 3.9 -11.3% 14.8 -13.1% Clearing 11.5 +13.2% 37.6 +14.2% Operating expenses 24.3 +9.1% 74.4 +10.1% Salaries 12.0 +9.4% 37.1 +9.9% External service cha
Slide 31: Financial results of subsidiaries
Financial results of subsidiaries ▪ Total negative EBITDA of non-core subsidiaries at PLN 2.9 mn in 9M 2025 against PLN 16.1 mn in 9M 20241 Non-core subsidiaries1 GPW GPW GPW GPW GPW GPW Bondspot AMX Benchmark Tech Logistics DAI PM Ventures PLN mn 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2
Slide 32: KDPW Group financial results
KDPW Group financial results KDPW Group results ▪ Deposit management: revenue increased by 16.2% YoY to PLN 25.7 mn, due to higher market capitalization of equities and other securities, as well as the market value of bonds ▪ Cash market settlements: revenue up by 14.9% YoY to PLN 7.8 mn, PLN mn Q3
Slide 33: WSE valuation compared to peer group
WSE valuation compared to peer group Selected indices P/E EV/EBITDA dividend yield price to book value vs. ROE trendline P/BV -44.1% 1.9x 5.5 9 25 23.9 25 5.5 5.0 8 20 20 4.5 7 4.0 6 -20.8% 3.5 15 13.3 15 5 MEDIAN 2.9 12.4 3.0 P/BV: 3.7x 9.8 2.5 4 ROE: 17.0% 10 10 2.0 3 1.5 5 5 2 WSE 1.0 P/BV: 2.5x
Slide 34: 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% 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 35: IR Calendar and Contact
IR Calendar ▪ 17 November 2025 Publication of consolidated quarterly report for Q3 2025 ▪ 20 November 2025 BM PKO BP / GPW investor conference, New York, US ▪ 2-5 December 2025 Wood Winter Wonderland (Wood&Company), Prague, Czech Republic Contact WSE Investor Relations ir@gpw.pl +48 (22) 537 72 50 W
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