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 2025 Earnings Presentation
30 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, May 15, 2025
Slide 1: WSE Group Financial Results Q1 2025
WSE Group Financial Results Q1 2025 15 May 2025 Warsaw
Slide 2: Key achievements, financial results, outlook, Q&A
I Key achievements Q1 2025 II Financial results Q1 2025 III Outlook 2025 IV Q&A Warsaw Stock Exchange | 2
Slide 3: Key achievements Q1 2025
Key achievements Q1 2025
Slide 4: Summary of key achievements in Q1 2025
Summary of key achievements in Q1 2025 Record quarterly revenues of WSE Group in Q1 2025: PLN 132.3 mn, increase by 11.9% YoY – Financial Market revenue grew by 14.7% YoY, Commodity Market revenue grew by 9.1% YoY Record-high WSE Main Market cash equities turnover: PLN 111.2 bn (+34.6% YoY), record
Slide 5: WSE turnover vs. other European exchanges in Q1 2025
WSE turnover vs. other European exchanges in Q1 2025 Cash equity turnover change1 Velocity ratio2 YoY, % (in EUR) turnover value EUR bn Budapest 58.8% 2 918 Deutsche Börse 78.4% Turquoise 58.3% 99 652 WSE 56.6% Cboe Europe 42.6% 717 349 WSE 38.4% 26 632 Euronext 54.9% Deutsche Börse 37.3% 379 053 At
Slide 6: WSE indices vs. selected global indices
WSE indices vs. selected global indices Selected index performance 2025 YTD1 P/E ratio of MSCI indices YoY, % (in lcal currencies) MSCI Poland MSCI Emerging Markets MSCI World MSCI POLAND (USD) 43.1% 28 MWIG40 TR 32.8% 26 WIG 20 TR 32.0% 24 WIG 31.0% 22 20.0 SWIG80 TR 23.4% 20 18 DAX 18.7% 16 HANG S
Slide 7: ECM transactions and introduction of non-Treasury debt to trading
ECM transactions and introduction of non-Treasury debt to trading IPOs, SPOs, ABBs1 Catalyst: non-Treasury debt ▪ The total volume of IPO, SPO, and ABB transactions on the equity market non-Treasury instruments listed 2 IPO SPO2 ABB increased by 54% YoY in Q1 2025 up to PLN 2.3 bn PLN mn PLN mn ▪ IP
Slide 8: Financial Results Q1 2025
Financial Results Q1 2025
Slide 9: WSE Group financial results Q1 2025
WSE Group financial results Q1 2025 WSE Group financial results PLN mn Q1 2025 Q1 2024* YoY REVENUE 132.3 118.2 11.9% Q1 2025 ▪ Record quarterly revenues of the WSE Group: Financial Market 85.1 74.2 14.7% PLN 132.3 mn (+11.9% YoY), driven by growth Commodity Market 43.2 39.6 9.1% in the Financial Ma
Slide 10: WSE Group revenues mix
WSE Group revenues mix WSE Group revenues WSE Group revenue by segment in Q1 2025 Financial Market Commodity Market Other revenue Cash equity PLN mn, YoY Debt +11.9% 33.9% 3.4% Derivatives 140 132.3 2.7% Other1 4.0 2.6% 118.2 (3.0%) -8.8% 113.7 120 4.4 3.4 5.4% Listing revenue (3.7%) 43.2 (3.0%) +9.
Slide 11: Financial Market revenue: trading
Financial Market revenue: trading Revenue – Financial Market trading Operating data Equity Derivatives Debt Other1 PLN mn, YoY +19.5% Q1 2025 YoY 60 56.4 55 3.5 -3.1% 50 47.2 3.6 -0.3% EOB turnover (PLN bn) 111.2 +34.6% 44.7 4.5 EQUITIES 45 3.6 -13.7% average fee (bps) 1.98 -2.0% 3.6 3.5 40 3.5 5.2
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 +4.0% 18 18 18 16.5 16.0 16 15.4 16 16 14 14 14 12 12 12 10 10 +6.7% 10 +13.1% 8 8 6.7 7.2 8 6.2
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 Q1 2025 YoY 30 +11.3% 25 23.5 spot turnover (TWh) 13.0 -0.4% 21.1 20.8 ELECTRICITY 20 7.3 +29.3% forward turnover (TWh) 15.4 -19.0% 5.7 6.
Slide 14: 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 PLN mn, YoY +8.8% 14 13.2 14 12.1 11.8 12 12 10 10 8 8 +0.3% 5.9 5.9 6 6 2.0 4.1 1.8 4 4 1.4 2 2 3.9 4.1 2.7 0 0 Q1 2024 Q4 2024 Q1 2025 Q
Slide 15: WSE Group operating expenses
WSE Group operating expenses Operating expenses Revenue and operating expenses YoY2 PLN mn Q1 2025 Q1 2024 YoY Revenue YoY Operating expenses YoY Cost/Income OPERATING EXPENSES 87.0 82.7 5.3% Staff costs 43.6 40.5 7.6% 28.9% 29.0% 24.6% 26.7% External services, incl.: 25.8 26.1 -1.4% 21.4% 19.0% 19.
Slide 16: WSE Group CAPEX
WSE Group CAPEX CAPEX Plant, property and equipment (PLN mn) Intangible assets (PLN mn) CAPEX/revenue (%) PLN mn, YoY 12.6% 13.3% 18.3% 12.1% 13.4% ▪ CAPEX up by 61.9% YoY in Q1 2025, driven by the deferral of deliveries from Q4 2024 +61.9% +16.8% 25 24.2 70 64.4 ▪ In the twelve months ending on Mar
Slide 17: WSE Group liquidity position and cash
WSE Group liquidity position and cash Consolidated cash flows PLN mn LTM Q1 2025 2024 Cash flows from operating activities 157.2 146.5 Cash flows from investing activities -183.4 -127.3 CAPEX -64.4 -55.2 Net investments1 -143.0 -95.8 ▪ Operating cash flow for the twelve months ended Other cash flows
Slide 18: Dividend
Dividend Dividend Dividend per share1 Dividend payout ratio (%)2 Dividend yield3 ▪ In April, the Management Board of WSE recommended the distribution of PLN 132.2 mn from 94.2% the 2024 profit, including PLN 42.8 mn to be paid as 88.7% dividend from the reserved capital 81.7% 83.6% 78.2% 79.9% 77.5%
Slide 19: Outlook 2025
Outlook 2025
Slide 20: WSE Group 2025
WSE Group 2025 Financial Market ▪ Equity market trading turnover in April increased by 37.6% YoY due to higher volatility Commodity Market ▪ Gas market turnover up: growing role of gas in the energy mix ▪ Green certificates: seasonally higher contracting and redemption in Q2 OPEX ▪ Higher YoY cost g
Slide 21: Q&A
Q&A
Slide 22: Appendix
Appendix
Slide 23: Accounting policy change – PFSA fee recognition
Accounting policy change – PFSA fee recognition Accounting policy change 2025 2024 Current policy (PLN k) Q1 Q4 Q3 Q2 Q1 PFSA fee 4 125 3 927 3 953 3 905 3 911 Fees and taxes 4 730 4 671 4 208 4 934 4 446 Operating expenses 87 022 84 106 81 392 83 781 82 658 ▪ Change in policy to recognize the annua
Slide 24: WSE separate financial results
WSE separate financial results WSE separate results PLN mn Q1 2025 Q1 2024 YoY REVENUE 79.7 69.1 +15.3% Trading 53.1 43.8 +21.2% Listing 7.1 6.7 +7.0% Information services 14.1 14.1 -0.1% Other revenue 4.9 4.1 -18.2% Operating expenses 54.5 49.6 +9.9% Salaries 24.2 21.0 15.5% External service charge
Slide 25: TGE Group financial results
TGE Group financial results TGE Group results PLN mn Q1 2025 Q1 2024 YoY REVENUE 43.1 39.6 8.9% Trading 23.5 21.1 11.3% Registers 5.9 5.9 0.3% Clearing 13.2 12.1 8.8% Operating expenses 23.1 22.3 3.6% Salaries 11.8 11.6 1.6% External service charges 6.3 6.2 0.4% Depreciation/amortization 2.7 2.2 21.
Slide 26: Financial results of subsidiaries
Financial results of subsidiaries ▪ Total negative EBITDA of non-core subsidiaries at PLN 1.2 mn in comparison to PLN 3.2 mn in Q1 2024 Non-core subsidiaries GPW GPW GPW GPW GPW GPW Bondspot AMX Benchmark DAI Tech Logistics PM Ventures PLN mn Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q
Slide 27: KDPW Group financial results
KDPW Group financial results KDPW Group results ▪ Deposit management: revenue increased by 5.7% YoY to PLN 23.2 mn due to higher market capitalization of equities and other PLN mn Q1 2025 Q1 2024 YoY securities, as well as the market value of bonds ▪ Cash market settlement: revenue up 16.4% YoY to P
Slide 28: WSE Group structure
WSE Group structure WSE Group Subsidiaries Associates 100% Polish Power Exchange 100% WSE Tech 33.3% KDPW 100% IRGiT 100% WSE DAI 100% KDPW_CCP 100% InfoEngine 100% WSE Ventures ASI 24.8% Stock Exchange Center 97.2% BondSpot 99.9% WSE Logistics 100% WSE Benchmark 72.2% Armenia Securities Exchange 10
Slide 29: IR Calendar and Contact us
IR Calendar ▪ 27 May 2025 ERSTE The Finest CEElection Conference, Warsaw, Poland ▪ 11 June 2025 WSE roadshow, Stockholm, Sweden ▪ 27 June 2025 CITI Financial Tour, Warsaw, Poland ▪ 20 August 2025 Publication of semi-annual reports – Report for H1 2025 and Consolidated report for H1 2025 ▪ TBC Septem
Slide 30: 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