Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW
Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie S.A. (Warsaw Stock Exchange) — Q2 2025 Earnings Presentation
31 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, Aug 21, 2025
Slide 1: WSE Group Financial Results Q2 and H1 2025
WSE Group Financial Results Q2 and H1 2025 21 August 2025 Warsaw
Slide 2: I Key achievements Q2 2025 II
I Key achievements Q2 2025 II Financial results Q2 and H1 2025 III WSE strategy progress and H2 2025 outlook IV Q&A Warsaw Stock Exchange | 2
Slide 3: Key achievements Q2 2025
Key achievements Q2 2025
Slide 4: Summary of key achievements in Q2 2025
Summary of key achievements in Q2 2025 Record-high equity turnover ▪ Main Market cash equities turnover up +49% to PLN 131.5 bn ▪ Main WSE indices up over 30% YoY in H1 2025 WSE indices rally ▪ The WIG index surpassed milestone of 100,000 points on 24/04/2025 ▪ WSE Group revenues: PLN 144.1 mn +19.2
Slide 5: Record cash equity turnover on the WSE in Q2 2025
Record cash equity turnover on the WSE in Q2 2025 Quarterly cash equity turnover on the WSE Main Market Change in cash equity turnover in Europe1 in Q2 2025 PLN bn YoY, % (in EUR) turnover value Velocity EUR bn ratio2 +48.7% 140 131.5 Athens 93.2% 38.2% 11.1 130 Prague 87.0% 2.1 12.4% 120 GPW 50.4%
Slide 6: 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 24 MSCI POLAND (USD) 54.0% 21.7 22 WIG 20 TR 40.8% 20 WIG 38.1% MWIG40 TR 35.3% 18 SWIG80 TR 27.9% 16 -52% 14.3 HANG SENG 25
Slide 7: Transaction value on the ECM and DCM markets
Transaction value on the ECM and DCM markets IPOs, SPOs, ABBs1 Catalyst: non-Treasury bonds2 ▪ More than four times higher ECM IPO SPO ABB corporate municipal covered bonds transaction value in Q2 2025 – PLN 8.4 bn from PLN 2.0 bn a year earlier PLN bn PLN bn -18.5% ▪ Two IPOs on the WSE Main Market
Slide 8: Financial results Q2 and H1 2025
Financial results Q2 and H1 2025
Slide 9: WSE Group financial results Q2 and H1 2025
WSE Group financial results Q2 and H1 2025 WSE Group results Q2 2025 PLN mn Q2 2025 YoY H1 2025 YoY ▪ Record quaterly revenues of the WSE Group: PLN 144.1 REVENUES 144.1 19.2% 276.4 15.6% mn (+19.2% YoY), driven by revenue growth in both Financial Market 95.2 23.7% 180.3 19.3% segments: Financial Ma
Slide 10: WSE Group revenue mix
WSE Group revenue mix WSE Group revenue WSE Group revenue by segment in Q2 2025 Financial Market Commodity Market Other revenue Cash equity PLN mn, YoY +15.6% 36.5% Debt 300 300 276.4 8.5 2.9% Derivatives (3.1%) -3.8% 2.8% Other1 239.1 250 250 8.8 2.4% (3.7%) 87.6 10.8% 4.2% Listing revenue (31.7%)
Slide 11: Financial Market revenue: trading
Financial Market revenue: trading Revenue – Financial Market trading Operating data Equity Derivatives Debt Other1 Q2 H1 YoY YoY PLN mn, YoY 2025 2025 EOB turnover (PLN bn) 131.5 48.7% 242.7 41.9% +26.6% 140 140 EQUITIES number of transactions (mn) 13.4 34.0% 25.0 28.2% 120.8 120 120 7.0 -3.5% avera
Slide 12: 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 PLN mn, YoY PLN mn, YoY +9.0% 40 40 40 40 40 40 35.4 35 35 32.4 35 35 35 35 30 30 30 30 30 30 +13.5% 25 25 25 25 25 25 19
Slide 13: 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 +15.7% Q2 H1 YoY YoY 49.4 2025 2025 50 50 45 45 42.7 spot turnover (TWh) 12.0 2.0% 25.0 0.8% 14.7 29.5% 40 40 ELECTRICITY 11.4 35 +20.1% 3
Slide 14: 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 +14.6% 30 30 30 30 26.2 25 25 22.8 25 25 20 20 20 20 +21.2% -13,7% 15 13.0 15 15 15 12,6 10.7 10,9 -25,9% 3,3 10 10 10 10 3,1 -
Slide 15: WSE Group operating expenses
WSE Group operating expenses Operating expenses Quarterly change in operating revenues and costs PLN mn Q2 2025 YoY H1 2025 YoY revenue YoY operating expenses YoY OPERATING EXPENSES 90.6 8.1% 177.6 6.7% 30 28.9% 29.0% Staff costs 46.0 13.5% 89.6 +10.5% 24.6% 26.7% 19.2% 2021.4% 19.0% 19.2% 19.9% Ext
Slide 16: WSE Group CAPEX
WSE Group CAPEX CAPEX plant, property and equipment (PLN mn) intangible assets (PLN mn) capex/revenue (%) PLN mn, YoY ▪ Increase in expenditure in H1 2025 related to the shift of part of expenditure on IT equipment from the 9.4% 11.2% 11.0% 14.6% end 2024 for 2025 and an increase in expenditure on i
Slide 17: WSE Group liquidity position and cash
WSE Group liquidity position and cash Consolidated cash flows PLN mn LTM Q2 2025 2024 Cash flows from operating activities 187.0 146.5 Cash flows from investing activities ▪ Operating cash flows for the twelve months ended -120.7 -127.3 on 30.06.2025 amounted to PLN 187.0 mn, Capex -69.2 -55.2 repre
Slide 18: WSE strategy progress and H2 2025 outlook
WSE strategy progress and H2 2025 outlook
Slide 19: Progress in the implementation of Strategic Development Directions of WSE Group
Progress in the implementation of Strategic Development Directions of WSE Group selected initiatives Analytical Coverage Support Programme 5.0 (PWPA) NewConnect market revitalization ▪ Research programme on SMEs sponsored by WSE ▪ In June 2025 WSE updated qualification criteria for NewConnect segmen
Slide 20: Work on launching the proprietary trading platform WATS
Work on launching the proprietory trading platform WATS WATS implementation schedule August September October November Security tests Migration and RollBack tests 8/9 November 2025 Tests Performance and capacity tests Internal tests of system functionality Systems migration Tests carried out by Exch
Slide 21: Outlook for H2 2025 for WSE Group
Outlook for H2 2025 for WSE Group Financial Market ▪ Increase in equity turover in July (+69.2% YoY) and in August1 (+41.0% YoY) Commodity Market ▪ Increase in turnover on the gas market in July (+84.1% YoY) and in August1 (+98.7% YoY) ▪ Decrease in turnover on the energy market in July (-28.6% YoY)
Slide 22: Personal Investment Account (OKI) – opportunity for the capital market and WSE
Personal Investment Account (OKI) – opportunity for the capital market and WSE ISK developement dynamics in the years 2012-2024 value of ISK accounts (mld EUR, LHS) population participation 20+ (%, RHS) EUR bn, % 200 50 39% 41% 37% 38% 150 40 On August 5th, the Ministry of Finance presented a new vo
Slide 23: 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 24: Appendix
Appendix
Slide 25: WSE SA financial results
WSE SA financial results WSE SA separate results PLN mn Q2 2025 YoY H1 2025 YoY REVENUE 88.8 24.7% 168.5 20.1% Trading 60.6 35.3% 113.6 28.3% Listing 6.0 -2.5% 13.1 2.5% Information services 16.9 11.2% 31.1 5.8% Other revenue 4.9 4.3% 9.8 10.9% Operating expenses 54.0 12.0% 108.5 10.9% Salaries 25.2
Slide 26: TGE Group financial results
TGE Group financial results TGE Group results PLN mn Q2 2025 YoY H1 2025 YoY REVENUE 45.2 14.7% 88.3 11.8% Trading 25.9 20.1% 49.4 15.7% Registers 5.0 -26.0% 10.9 -13.7% Clearing 13.0 21.2% 26.2 14.6% Operating expenses 26.9 17.9% 50.0 10.7% Salaries 13.3 19.1% 25.1 10.2% External service charges 7.
Slide 27: Financial results of subsidiaries
Financial results of subsidiaries ▪ Total negative EBITDA of non-core subsidiaries at PLN 2.9 mn in H1 2025 against PLN 7.2 mn in H1 2024 Non-core subsidiaries GPW GPW GPW GPW GPW GPW Bondspot AMX Benchmark Tech Logistics DAI PM Ventures PLN mn H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025
Slide 28: KDPW Group financial results
KDPW Group financial results KDPW Group results ▪ Deposit management: revenue increased by 7.6% YoY to PLN 24.1 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 24.2% YoY to PLN 8.4 mn, PLN mn Q2 2
Slide 29: 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 30: IR Calendar / Contact us
IR Calendar ▪ 1 September 2025 Poland on AIR, an online event with investors from the DACH region ▪ 8-9 September 2025 22th Emerging Europe Conference (Pekao), Warsaw, Poland ▪ 23 September 2025 WSE roadshow, London, UK ▪ 29-30 September 2025 European Financials Conference (mBank), Warsaw, Poland ▪
Slide 31: 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