Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW
Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie — Q2 2024 Earnings Presentation
35 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, Aug 23, 2024
Slide 1: GPW Group Financial Results Q2 2024
23 August 2024 GPW Group Financial Results Q2 2024 Giełda Papierów Wartościowych w Warszawie | Warsaw Stock Exchange
Slide 2: Agenda
Agenda 1 Summary Q2 2024 2 Operational performance 3 Financial performance 4 Management Board’s priorities and plans 5 Appendices 2 Giełda Papierów Wartościowych w Warszawie | Warsaw Stock Exchange
Slide 3: Record-high quarterly revenue, growth rate of costs below growth rate of revenue
Record-high quarterly revenue, growth rate of costs below growth rate of revenue first time in 11 quarters Q2 2024, YoY Revenue PLN 120.9 mn, +9.2% Financial Market PLN 76.9 mn, +16.8% Commodity Market PLN 39.5 mn, -0.6% ▪ Electricity turnover -13.0% ▪ GPW Main Market EOB equity turnover +36.9% ▪ Ga
Slide 4: Key corporate events
Key corporate events CHANGES TO GPW MANAGEMENT BOARD ▪ Sławomir Panasiuk – Vice-President for IT and Technology ▪ Michał Kobza – Board Member for Development and Sales1 ▪ Marcin Rulnicki – Board Member for Finance1 NEW MEMBERS OF GPW SUPERVISORY BOARD ▪ Wiesław Rozłucki, PhD ▪ Waldemar Markiewicz TG
Slide 5: Operational performance
1 Summary Q2 2024 2 Operational performance 3 Financial performance 4 Management Board’s priorities and plans 5 Appendices 5 Giełda Papierów Wartościowych w Warszawie | Warsaw Stock Exchange
Slide 6: GPW: a leading European market by growth in turnover
GPW: a leading European market by growth in turnover Change in EOB equity turnover – FESE exchanges Velocity1 – FESE exchanges Q2 2024, YoY (EUR) Q2 2024, % Bucharest Stock Exchange 140% Deutsche Börse 49.8% GPW 44% BME 46.2% Vienna Stock Exchange 29% GPW 40.3% London Stock Exchange 28% Budapest Sto
Slide 7: Dynamic growth in equity turnover
Dynamic growth in equity turnover Main Market EOB equity turnover value Average fee on equity market1 PLN bn bps +27.3% -1.5% -2.4% 171.08 2.05 2.02 2.02 2.07 2.02 134.39 Q2 2023 Q1 2024 Q2 2024 H1 2023 H1 2024 +36.9% 88.43 ▪ Average EOB equity turnover: 82.65 Q2 2024: PLN 1.45 bn (+34.7% YoY) 64.59
Slide 8: Modest drop in WIG20 futures turnover due to lower volatility
Modest drop in WIG20 futures turnover due to lower volatility WIG20 futures turnover volume Average fee on WIG20 futures market WIG20 futures WIG20 volatility bps +0.3% 0.0% 22.0% 20.9% 1.03 1.04 1.04 1.04 1.04 19.2% 17.7% 16.2% -0.1% mn contracts 4.38 4.37 Q2 2023 Q1 2024 Q2 2024 H1 2023 H1 2024 -2
Slide 9: Strong activity on the debt market
Strong activity on the debt market Treasury BondSpot Poland – turnover value Catalyst: non-Treasury issues in trading Cash transactions Conditional transactions PLN bn PLN bn +62.4% 17.3 +107.1% +63.1% 10.9 10.7 342.6 6.5 5.3 79.9 +88.3% Q2 2023 Q1 2024 Q2 2024 H1 2023 H1 2024 226.5 210.0 37.0 ▪ Sin
Slide 10: IPO value remains low, market expected to pick up
IPO value remains low, market expected to pick up IPO, SPO, ABB1 Number of IPOs on GPW Markets IPO SPO ABB GPW Main Market NewConnect -4 PLN mn 13 6 9 3 314 -2 7 4 5 4 3 3 7 1 5 3 2 2 2 254 2 279 Q2 2023 Q1 2024 Q2 2024 H1 2023 H1 2024 1 915 1 399 ▪ Increase in European IPO value: 1 234 Q2 2024: EUR
Slide 11: Increase in gas turnover, decrease in electricity and RES property rights turnover
Increase in gas turnover, decrease in electricity and RES property rights turnover in Q2 Electricity spot and forward turnover volume Gas spot and forward turnover volume Spot transactions Forward transactions Spot transactions Forward transactions TWh TWh -10.2% 0.0% 69.1 66.6 66.6 62.0 9.4 +26.2%
Slide 12: Financial performance
1 Summary Q2 2024 2 Operational performance 3 Financial performance 4 Management Board’s priorities and plans 5 Appendices 12 Giełda Papierów Wartościowych w Warszawie | Warsaw Stock Exchange
Slide 13: Financial market: Increase in trading and listing revenue, record information services
Financial market: Increase in trading revenue and listing revenue, record-high revenue from information services Trading Listing Information services AMX Equity Derivatives Debt Other1 Fees for introduction Fees for listing Exchange activity Depository activity PLN mn PLN mn PLN mn PLN mn +19.7% 95.
Slide 14: Commodity market: Stable trading revenue, lower clearing revenue
Commodity market: Stable trading revenue, decrease in revenue from clearing, increase in revenue from operation of registers Trading revenue Revenue from clearing Revenue from operation of Electricity Gas Property rights Other fees registers1 PLN mn PLN mn PLN mn +2.2% 41.7 42.7 -9.1% -6.3% 12.3 13.
Slide 15: GPW Group revenue mix
GPW Group revenue mix Changes to GPW Group revenue mix GPW Group revenue by segment Q2 2024 Financial market Commodity market Information services1 Other revenue2 AMX Information services PLN mn Listing on the financial market 4,6% 5,1% 14,1% +7,2% Other3 Information services 3,0% on the commodity m
Slide 16: Falling growth rate of costs following first outcomes of cost optimisation
Falling growth rate of costs following first outcomes of cost optimisation Operating expenses Summary: operating expenses Q2 2024 PLN mn Q2 2024 Q2 2023 change H1 2024 H1 2023 change ▪ YoY change in salaries and other employee costs driven by: Operating expenses -79.9 -75.0 6.4% -174.3 -161.2 8.1% 1
Slide 17: Capex decreased in Q2, expected higher outlays in H2 2024
Capex decreased in Q2, expected higher outlays in H2 2024 Capex Plant, property and equipment, PLN mn Intangible assets, PLN mn Capex/Revenue, % ▪ Capex expected to increase in H2 2024 vs H1 2024. 20,0% ▪ Net cash1 at the end of Q2 2024 was PLN 458.9 mn 14,1% 12,6% 11,0% Dividend of PLN 125.9 mn was
Slide 18: Management Board's priorities and plans
1 Summary Q2 2024 2 Operational performance 3 Financial performance 4 Management Board’s priorities and plans 5 Appendices 18 Giełda Papierów Wartościowych w Warszawie | Warsaw Stock Exchange
Slide 19: GPW Management Board's selected priorities and efforts
GPW Management Board’s selected priorities and efforts Reorganisation ▪ Review of GPW strategic initiatives & Optimisation ▪ Continued cost optimisation ▪ Product development including ETF, derivatives, REIT, ESG products ▪ Attracting new issuers (IPO Bridge, ETF issuers, GlobalConnect) Business ▪ R
Slide 20: Status of development of GPW WATS trading platform
Status of development of GPW WATS trading platform 25 April 2024 25 July 2024 ongoing GPW delivered a complete version of the new GPW WATS Data Centre Migration Support system’s documentation to Exchange GPW set the GPW WATS go-live date Programme for Exchange Members Members and ISV1 ▪ The Manageme
Slide 21: 2024 Year of Financial Education in Poland
2024 Year of Financial Education in Poland: more than 100,000 participants in GPW’s educational projects in H1 2024 Selected projects of GPW and GPW Foundation Projects for students and teachers Project for students Online Exchange EduAkcja Index Investment School Game Challenge Nationwide education
Slide 22: TGE business development plans
TGE business development plans Further development of products and Development of TGE's offering tailored to Regulatory changes to strengthen TGE's services for the RES sector, including those the expectations of market participants and existing business lines related to ESG the energy transition ▪
Slide 23: GPW Management Board's strategic priorities
GPW Management Board’s strategic priorities Grow the share of the Develop an offering of Attract capital market attractive financial new issuers and in financing Polish products and investors businesses instruments for investors Develop GPW’s educational mission Protect efficiency and Build value fo
Slide 24: Q&A
Q&A Giełda Papierów Wartościowych w Warszawie | Warsaw Stock Exchange
Slide 25: Appendices
1 Summary Q2 2024 2 Operational performance 3 Financial performance 4 Management Board’s priorities and plans 5 Appendices Giełda Papierów Wartościowych w Warszawie | Warsaw Stock Exchange
Slide 26: GPW Group structure
GPW Group structure Giełda Papierów Wartościowych w Warszawie S.A. | Warsaw Stock Exchange Subsidiaries Affiliates measured by the equity method Towarowa Giełda 100% 97,23% BondSpot S.A. 33,33% KDPW S.A. Energii S.A. 100% IRGiT S.A. 100% GPW Benchmark S.A. 100% KDPW_CCP S.A. 100% InfoEngine S.A. 100
Slide 27: GPW Group's consolidated profit and loss account
GPW Group’s consolidated profit and loss account Summary Q2 2024 PLN mn Q2 2024 Q2 2023 change H1 2024 H1 2023 change Sales revenue Revenue 120.9 110.7 9.2% 239.1 222.9 7.2% ▪ Higher revenue on the financial market driven by stronger Financial market 76.9 65.9 16.8% 151.2 132.4 14.2% investor activi
Slide 28: GPW Group's selected financials
GPW Group’s selected financials Balance sheet Cash flow statement PLN mn 30/06/2024 30/06/2023 PLN mn Q2 2024 Q2 2023 Non-current assets 792.8 682.8 Cash flows from operating activities 20,4 -47,0 Property, plant and equipment 100.4 107.0 Cash flows from investing activities 55,3 59,0 Intangible ass
Slide 29: GPW SA profit and loss account
GPW SA profit and loss account Summary Q2 2024 PLN mn Q2 2024 Q2 2023 change H1 2024 H1 2023 change Revenue 71.2 59.0 20.6% 140.3 120.7 16.3% Sales revenue Trading 44.8 35.5 26.1% 88.6 73.8 20.1% ▪ Increase of separate revenue across all segments – Listing 6.1 5.7 7.1% 12.8 11.7 9.1% highest growth
Slide 30: TGE Group profit and loss account
TGE Group profit and loss account Summary Q2 2024 PLN mn Q2 2024 Q2 2023 change H1 2024 H1 2023 change Sales revenue Revenue 39.4 40.4 -2.6% 78.9 81.7 -3,4% ▪ Stable trading revenue: YoY increase in revenue Trading 21.5 21.4 0.6% 42.7 41.7 2.2% from trading in gas and other fees offsetting the Opera
Slide 31: Performance of GPW Group subsidiaries
Performance of GPW Group subsidiaries New strategic initiatives GPW GPW Private GPW GPW GPW BondSpot GPW Benchmark AMX Ventures Market Logistics Tech DAI PLN mn Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Revenue 3,7
Slide 32: KDPW Group (1/2)
KDPW Group (1/2) KDPW Group operating revenue mix (Q2 2024): 32.6% 9.9% 15.7% 33.2% 8.5% CASH MARKET INSTRUMENTS KDPW_CCP CLEARING CASH MARKET SETTLEMENT ISSUER SERVICES OTHER BUSINESS SEGMENTS DEPOSITORY OPERATIONS Depository fees Settlement Securities records and operations Clearing Trade Reposito
Slide 33: KDPW Group (2/2)
KDPW Group (2/2) KDPW Group financial results Operating revenue Q2 2024 PLN mn Q2 2024 Q2 2023 change ▪ Depository: revenue up by 10.6% YoY to PLN 22.4 mn driven by higher Operating revenue 68.6 61.2 12.0% capitalisation of shares and other securities and market value of bonds, ▪ Services for issuer
Slide 34: GPW Group ESG Strategy 2025
GPW Group ESG Strategy 2025 INTEGRATED REPORT 2023 E ✓ Advancing on decarbonisation trajectory: reduction in greenhouse gas emissions in the Group’s business by 57% YoY in Scope 1-2 ✓ Development of ESG products/services ✓ Steadily growing number of educational initiative beneficiaries S ✓ Supportin
Slide 35: IR events and Disclaimer
IR events Disclaimer 24 October 2024 This presentation has been prepared by Giełda Papierów Wartościowych w Warszawie S.A. (“Warsaw Stock Exchange”, “GPW” or Commencement of a period of limited communication with “Company”) for its shareholders, analysts, and other contractors. This investors prior
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