Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW
Gielda Papierow Wartosciowych W Warszawie — Warsaw Stock Exchange — Investor Presentation (June 2026)
38 slides from Gielda Papierow Wartosciowych W Warszawie's investor presentation, June 2026
Slide 1: Warsaw Stock Exchange Presentation June 2026
Warsaw Stock Exchange Presentation June 2026
Slide 2: Polish capital market highlights
Polish capital market highlights
Slide 3: Poland: main economic indicators
Poland: main economic indicators Poland real GDP growth (2015-2026E, %) GDP per capita (PPP, current prices, 1990-2031E, USD thou.) 6th economy in the EU UK Italy Japan Spain 8 6.9 6.2 80 000 5.2 5.3 4.4 4.6 20th economy globally 4 3.0 2.9 3.6 3.5 60 000 40 000 IMF 0.1 0 forecast 3.5% GDP growth 202
Slide 4: Polish capital market offers significant growth potential
Polish capital market offers significant growth potential ▪ Poland’s market cap to GDP ratio remains notably below the EU average of 70% ▪ Market capitalization to GDP grew in 2025 to 27% from 22% in 2024 Market capitalization to GDP (2025, %) Market cap to GDP Poland vs EU (2014-2025, %) 240 90 225
Slide 5: Relatively modest presence of domestic institutional capital creates room for growth
Relatively modest presence of domestic institutional capital creates room for growth ▪ Polish pension and mutual funds assets remain at significantly lower levels than in saturated EU countries ▪ OFEs1 (open pension funds) remain the dominant investors, holding nearly half of the WSE free float Pens
Slide 6: Growing assets of PPK occupational pension scheme
Growing assets of PPK occupational pension scheme ▪ Occupational pension scheme PPK’s assets continue to grow ▪ Domestic equity allocation at 35% (2025) - PPKs are legally required to invest a portion of assets in local equities PPK occupational pension scheme assets (2020-2025) PPK assets structure
Slide 7: Low share of investment products in household assets creates an opportunity
Low share of investment products in household assets creates an opportunity ▪ Poland has one of the highest shares of cash and bank deposits in household assets across the EU ▪ Reducing the ratio to EU average could free up around PLN 0.7 tr (USD 200 bn) of additional assets for investment Cash and
Slide 8: Personal Investment Account (OKI) – catalyst for retail participation
Personal Investment Account (OKI) – catalyst for retail participation in the capital market ISK developement dynamics (2012-2024) ▪ Voluntary savings scheme aimed at value of ISK accounts (mld EUR, LHS) population participation 20+ (%, RHS) supporting long-term investment EUR bn, % ▪ Based on succes
Slide 9: Capital market development flywheel
Capital market development flywheel Foreign investors 06 01 Domestic institutional investors ▪ Liquidity ▪ Pension funds (PPK) ▪ Investment funds (equity allocation) ▪ Market size ▪ PE / VC (Innovate Poland) Corporate governance and ESG 05 CAPITAL MARKET DEVELOPMENT 02 Domestic retail investors ▪ Co
Slide 10: WSE highlights
WSE highlights
Slide 11: WSE: the largest exchange in CEE with plenty of room to grow
WSE: the largest exchange in CEE with plenty of room to grow Domestic market capitalization (April 2026, EUR bn) Cash equities turnover (2026 YTD, EUR bn) Velocity1 Euronext 6,878 Euronext 1,160.4 50.7% Deutsche Börse 2,427 Deutsche Börse 470.4 57.7% SIX 2,184 Nasdaq N&B 300.1 44.4% Nasdaq N&B 2,008
Slide 12: WSE record-high equities turnover in 2025 and further growth in 2026 YTD
WSE record-high equities turnover in 2025 and further growth in 2026 YTD ▪ In 2025 cash equities turnover on the Main Market increased by 41.9% year-on-year to all-time high of PLN 470.3 billion ▪ Increased market volatility drove further growth in equity trading volumes on the WSE 2026 YTD Annual c
Slide 13: Robust ECM activity on WSE Main Market in 2026 YTD
Robust ECM activity on WSE Main Market in 2026 YTD IPOs / new listings SPO Follow-on listings ABB PLN 17.4 bn Total value of IPO/SPO/ABB transactions 2026 YTD (+66% vs. 2025 YTD) Real estate Hotels & Restaurants Energy Deep tech E-Commerce Retail 8 PLN 1 178 mn PLN 498 mn PLN 5,107 mn PLN 481 mn PLN
Slide 14: Developing ETF offering remains one of key priorities
Developing ETF offering remains one of key priorities ETF turnover on the WSE Main Market (PLN mn) 2026 YTD ▪ Assets of ETFs listed on the WSE increased by 30% 2026 YTD: PLN 2.9 bn YoY in Q1 2026, to PLN 2.8 bn PLN mn +132.2% YoY 800 ▪ Currently 42 ETFs listed on the WSE (36 on the Main Market, 6 on
Slide 15: WSE Strategic Directions 2025-2027
WSE Strategic Directions 2025-2027
Slide 16: WSE Group Strategic Directions 2025-2027
WSE Group Strategic Directions 2025-2027 ▪ WSE Group strategy introduced in November 2024 ▪ Two complementary priorities: capital market development and creating shareholder and stakeholder value Capital market Creating shareholder development and stakeholder value 1 Capital market growth initiative
Slide 17: WSE Group financial ambitions 2025-2027
WSE Group financial ambitions 2025-2027 WSE Group financial ambitions 2025-2027 Financial ambitions 2025 vs. 2024 2024-2027 (CAGR) 2025 Revenue 6-8% +18.7% ▪ Revenue growth significantly higher than GPW's financial ambitions, due to higher-than-expected: OPEX 4-6% +9.9% ❑ cash equity trading revenue
Slide 18: WSE financial highlights
WSE financial highlights
Slide 19: WSE Group revenue mix
WSE Group revenue mix WSE revenue mix Financial Market Commodity Market Other revenue Market data AMX Market data 10.9% Other 7.7% 0.4% Listing revenue PLN mn Property rights Operating registers 2.5% 4.3% Derivatives 2.1% 3.0% 2.9% +11.8% CAGR Natural gas 2.7% Debt 588.3 4.2% 600 551.9 5.3% Other 1
Slide 20: WSE Group results
WSE Group results WSE Group results overview PLN mn Q1 2026 YoY 2025* YoY Q1 2026 REVENUE 168.8 +27.5% 551.9 +18.7% Financial Market 114.3 +34.3% 364.5 +23.1% Commodity Market 50.6 +17.1% 171.6 +12.5% ▪ Revenue: +27.5% YoY – growth in both segments: Other 3.7 -2.7% 15.8 -3.0% ❑ Financial Market (+34
Slide 21: WSE Group OPEX
WSE Group OPEX WSE Group operating expenses Revenue vs. OPEX PLN mn Q1 2026 YoY 2025 YoY revenue change YoY OPEX change YoY OPERATING EXPENSES 97.3 +11.8% 364.8 +9.9% 30 27.5% Personnel costs 49.8 +14.2% 182.2 +13.2% 20 External services. incl.: 30.7 +19.2% 107.8 +4.1% IT 17.7 +30.7% 58.3 +8.8% 10 1
Slide 22: WSE Group CAPEX
WSE Group CAPEX CAPEX plant, property and equipment (PLN mn) intangible assets (PLN mn) intanbigle assets: WATS (PLN mn) LTM Q1 2026 PLN mn, YoY -13.3% 80 74.7 73.5 70 64.8 ▪ Decrease in capital expenditures (-13.3% YoY) 60.2 23.7 22.9 related to: 60 55.2 11.4 -50.3% 50 10.2 ❑ high base of expenditu
Slide 23: WSE profit growth and attractive dividend policy
WSE profit growth and attractive dividend policy Net profit (PLN mn) 250 +9.2% CAGR 223.8 2025 204.7 200 161.2 152.3 144.9 156.0 157.2 150 120.5 100 50 0 2019 2020 2021 2022 2023 2024 2025 LTM Q1 2026 ▪ Policy to pay out 60-80% of the consolidated net profit with the ambition of increasing dividends
Slide 24: WSE valuation vs peer group
WSE valuation vs peer group Valuation metrics P/E dividend yield Price/ book value vs. ROE P/BV 2.0x 9 -21.5% 25 4.5 4.1 8 20.7 4.0 7 20 3.5 16.3 6 MEDIAN 3.0 P/BV: 3.7x ROE:18.5% 15 5 2.5 2.1 4 2.0 10 1.5 3 1.0 2 WSE 5 0.5 1 P/BV: 2.8x ROE: 18.6% 0 0.0 0 ROE (%) WSE MEDIAN MEDIAN WSE 0 10 20 30 40
Slide 25: Outlook
V4 @Wws E 35 YEARS Outlook
Slide 26: Outlook
Outlook Cash equity trading ▪ Cash equity: April (+15.3% YoY), May (+1,0% YoY) Financial Market Decline in momentum due to high base effect in 2025 Trading ▪ Gas: April (-7.6% YoY), May (-53,2% YoY) Commodity Market ▪ Electricity: April (-26.2% YoY), May (-1,0% YoY) 2026 ▪ In the following quarters,
Slide 27: Q&A
Q&A
Slide 28: Appendix
Appendix
Slide 29: WSE indices and investors groups
WSE indices and investors groups WSE main indices WIG20 sector breakdown (April 2026) Sector (GICS) Share (%) Companies WIG Broad market total return index Financials 44% PKOBP, PEKAO, PZU, SANPL, MBANK, ALIOR Energy 17% ORLEN WIG20 Blue-chip index covering 20 companies Consumer Discretionary 13% LP
Slide 30: WSE SA financial results and TGE Group financial results
WSE SA financial results and TGE Group financial results WSE SA separate results TGE Group results PLN mn Q1 2026 YoY 2025 YoY PLN mn Q1 2026 YoY 2025 YoY REVENUE 99.8 +25.7% 329.7 +20.7% REVENUE 50.5 +17.1% 172.3 +12.5% Trading 71.6 +34.8% 220.8 +29.1% Trading 28.1 +19.5% 97.8 +15.6% Listing 7.3 +1
Slide 31: WSE Group cash flow and liquidity
WSE Group cash flow and liquidity Consolidated cash flow PLN mn LTM Q1 2026 2025 Q1 2026 Cash flows from operating activities 205.0 201.7 Cash flows from investing activities 55.9 29.8 CAPEX -64.8 -74.7 ▪ Operating cash flows for the twelve months ended Cash flows from financing activities -141.2 -1
Slide 32: Financial results of subsidiaries
Financial results of subsidiaries ▪ The total negative EBITDA of non-core subsidiaries in Q1 2026 amounted to PLN 1.5 mn compared to PLN 1.6 mn in Q1 2025 Non-core subsidiaries WSE WSE WSE WSE WSE WSE Bondspot AMX Benchmark Tech Logistics DAI Private Market Ventures PLN mn Q1 2026 Q1 2025 Q1 2026 Q1
Slide 33: Conclusion of the review of non-core projects
Conclusion of the review of non-core projects Overview GPW actions ▪ The strategic options review has been completed – no investor was secured. A company established to implement a project on GPW ▪ At the end of March, a decision to significantly reduce costs – the full impact will be the media mark
Slide 34: Financial results of the KDPW Group
Financial results of the KDPW Group Results of the KDPW Group Q1 2026 ▪ Depository: increase in revenue by 20.7% YoY to PLN 28.1 mn due to higher capitalization of shares and other shares and market value of PLN mn, changes in % YoY Q1 2026 YoY 2025 YoY bonds, ▪ Settlement on the spot market: increa
Slide 35: WSE Group structure
WSE Group structure WSE Group Subsidiaries Subsidiaries outside Associates Core Activities the core business 100% Polish Power Exchange 100% WSE Private Market 33.3% KDPW 100% IRGiT 100% WSE DAI 100% KDPW_CCP 100% InfoEngine 100% WSE Ventures ASI in liquidation 24.8% Centrum Giełdowe 97.2% BondSpot
Slide 36: Members of the WSE Management Board
Members of the WSE Management Board TOMASZ BARDZIŁOWSKI SŁAWOMIR PANASIUK MARCIN RULNICKI MICHAŁ KOBZA DOMINIKA NIEWIADOMSKA-SINIECKA Chief Executive Officer Chief Technology Officer Chief Financial Officer Chief Sales Officer Chief ChiefRegulatory RegulatoryOfficer Officer since April 2024 since Ap
Slide 37: IR Calendar and Contact
IR Calendar ▪ 27-28 May 2026 Erste - The Finest CEElection Equity Investor Conference, Warszawa ▪ 15-16 June 2026 BM Pekao Bank of America London Conference, London, UK ▪ 14 September 2026 Publication of the WSE Group's consolidated half-year report for the first half of 2026 ▪ 16 November 2026 Publ
Slide 38: Disclaimer
Disclaimer ▪ This presentation contains forward-looking statements which are based on the current knowledge and expectations of the Company’s Management Board and are subject to a number of known and unknown risks, uncertainties and other factors which could cause actual results, performance or achi
Warsaw Stock Exchange — Investor Presentation (June 2026) on 6ix