Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW
Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie (Warsaw Stock Exchange) — Investor Presentation (December 2025)
40 slides from Gielda Papierow Wartosciowych W Warszawie's investor presentation, December 2025
Slide 1: Warsaw Stock Exchange Presentation December 2025
Warsaw Stock Exchange Presentation December 2025
Slide 2: Polish capital market highlights
Polish capital market highlights
Slide 3: Polish economy main indicators
Polish economy main indicators Polish economy highlights Real GDP growth rate (%) GDP per capita (as % of EU average) EU Poland Poland (GDP per capita as % of EU avg, PPP) 6th Largest economy in the EU +3500 bps 160 153.4 150 79% 20th Largest economy in the world 80 140 70 130 120.7 3.4% GDP growth
Slide 4: Polish capital market lags economic growth
Polish capital market lags economic growth Capital market’s declining role in Polish economy ▪ Poland’s market cap to GDP ratio remains notably below the EU average of 64% ▪ Market capitalization of WSE-listed domestic companies relative to GDP declined from 35% in 2014 to 22% in 2024 Market capital
Slide 5: Limited pool of domestic institutional capital
Limited pool of domestic institutional capital Limited pool of domestic institutional capital ▪ Polish pension and mutual funds assets remain at one of the lowest levels in the EU ▪ The dominant players remain OFEs1 (open pension funds), who own almost half free float on the WSE Pension funds assets
Slide 6: Household assets structure – an opportunity for the capital market
Household assets structure – an opportunity for the capital market High share of cash and bank deposits in household assets in Poland ▪ 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
Slide 7: Personal Investment Account (OKI) – opportunity for the capital market and WSE
Personal Investment Account (OKI) – opportunity for the capital market and WSE New voluntary savings scheme Personal ISK developement dynamics in the years 2012-2024 Investment Account (OKI) aimed at supporting long-term investment, based on value of ISK accounts (mld EUR, LHS) population participat
Slide 8: Capital market development flywheel
Capital market development flywheel Domestic institutional investors ▪ Development of pension funds ▪ Development of investment funds ▪ Growth of the local PE / VC market Foreign investors Domestic retail investors ▪ Liquidity ▪ Tax incentives ▪ Market size Capital market ▪ Financial education devel
Slide 9: WSE highlights
WSE highlights
Slide 10: WSE: the largest exchange in CEE with plenty of room to grow
WSE: the largest exchange in CEE with plenty of room to grow The largest exchange in CEE with plenty of room to grow ▪ As of October, WSE accounted for 41% of the total domestic market cap across CEE exchanges and generated 68% of the region’s YTD equity turnover ▪ 402 stocks are listed on the Main
Slide 11: WSE record-high cash equities turnover in 2025
WSE record-high cash equities turnover in 2025 WSE equity trading volumes on the rise ▪ In January-November 2025 cash equities turnover on the Main Market increased by 41.0% year-on-year to PLN 432.0 billion ▪ Average daily turnover at PLN 1.9 bn in January-November 2025, 55% higher than 2019-2025 a
Slide 12: WSE indices vs. selected global indices
WSE indices vs. selected global indices WSE indices leading gains in 2025 ▪ WSE indices are one of global growth leaders in 2025 YTD ▪ Despite 2025 rally, Polish market still trades at a 26% discount to MSCI Emerging Markets and 50% discount to MSCI World on 1Y forward P/E ratio Selected index perfo
Slide 13: WSE financial results
WSE financial results
Slide 14: WSE Group revenue mix
WSE Group revenue mix WSE Group revenues mix ▪ WSE Group revenues grew at 7.6% CAGR in 2019-2025 Q3 LTM ▪ Well diversified revenues: a significant share of revenue comes from commodity markets and market data services ▪ One third of revenue independent of market turnover2 WSE Group revenue (PLN mn)
Slide 15: WSE Group Q3 2025 results
WSE Group Q3 2025 results 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% ▪ Revenues: PLN 135.1 mn (+20.5% YoY), driven by Other 3.9 -4.2% 12.4 -4.0% revenue growth in both
Slide 16: TGE commodity exchange group Q3 2025 results
TGE commodity exchange group Q3 2025 results TGE commodity exchange group financial results PLN mn Q3 2025 YoY 9M 2025 YoY REVENUE 39.6 +7.5% 127.8 +10.5% Q3 2025 Trading 23.8 +12.3% 73.2 +14.6% ▪ Revenues from gas trading (+47.6% YoY): increase in Electricity 6.0 -16.1% 18.5 -9.5% turnover on the f
Slide 17: 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- redemption obligations 2026-2028 ❑ 2028 has been set at 9.0% for green certificates,
Slide 18: The energy transformation opens up new opportunities for the TGE Group
The energy transformation opens up new opportunities for the TGE Group Electricity generation TWh 2024-2040E 1 Opportunities Coal Gas RES Nuclear RENEWABLES Gigawats [GW], % share in total ▪ Increased renewables share leads to greater volatility and higher market balancing requirements, benefiting t
Slide 19: WSE Group operating expenses
WSE Group operating expenses Operating expenses Quarterly change in operating revenues and costs revenue YoY operating expenses YoY PLN mn Q3 2025 YoY 9M 2025 YoY OPERATING EXPENSES 91.2 +12.0% 268.8 +8.5% 30 28.9% 29.0% 24.6% 19.2% 20.5% Staff costs 45.9 +15.7% 135.6 +12.2% 26.7% 2019.0% 19.2% 19.9
Slide 20: 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 21: WSE Group CAPEX
WSE Group CAPEX CAPEX Tangible assets (PLN mn) Intangible assets (PLN mn) CAPEX/revenue (%) PLN mn, YoY 5.0% 9.0% 10.6% 15.5% 16.5% 11.9% 14.2% ▪ WATS prioprietary transactional platform implementation driving the bulk of intangibles spending 80 74.6 73.5 70 ▪ Significant cuts in non-core projects i
Slide 22: Continued profit growth and attractive dividend policy
Continued profit growth and attractive dividend policy Net profit net profit, PLN mn 1 +5.8% 200.8 183.7 158.7 152.3 161.2 156.0 157.7 144.9 107.5 121.5 116.5 120.5 ▪ Policy to pay out 60-80% of the consolidated net profit 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM Q3 ▪ In August WSE
Slide 23: Outlook
Outlook
Slide 24: Outlook
Outlook Financial Market ▪ Cash equities– EOB turnover: October (+49.6% YoY), November (+19.9% YoY) turnover ▪ Index futures: October (-21.7% YoY), November (-14.5% YoY) Q4 Commodity Market turnover ▪ Energy market (spot+forward): October (-16.0% YoY), November (-7.5% YoY) ▪ Gas market (spot+forward
Slide 25: WSE Strategic Directions 2025-2027
WSE Strategic Directions 2025-2027
Slide 26: WSE Group Strategic Directions 2025-2027
WSE Group Strategic Directions 2025-2027 Building shareholder Capital market development and stakeholder value 1 Capital market growth initiatives 1 Expansion of a portfolio of innovative services and products 2 Increase in the number of new issuers and active support for current issuers 2 Strengthe
Slide 27: Progress of WSE Group Strategic Directions 2025-2027
Progress of WSE Group Strategic Directions 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
Slide 28: WSE Group's financial ambitions in 2025-2027
WSE Group’s financial ambitions in 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 52.1% (TSR: 59.6%) Revenues +6-8% +13,0% 40 41.4% 30 OPEX +4-6% + +6,3% 20 10 EBITDA +8-1
Slide 29: WSE stock valuation compared to peer group
WSE stock valuation compared to peer group Significant discount in WSE stock valuation ▪ WSE stock trade with significant discount to peers (2025E): 42.8% P/E discount and 23.1% EV/EBITDA discount Selected market metrics (2025E) P/E EV/EBITDA dividend yield price to book value vs. ROE trendline P/BV
Slide 30: Appendix
Appendix
Slide 31: IR Calendar and Contact us
IR Calendar ▪ 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 us WSE Investor Relations ir@gpw.pl +48 (22) 537 72 50 Warsaw Stock Exchange | 31
Slide 32: WSE indices and investors groups
WSE indices and investors groups WSE main indices WIG20 sector breakdown Name Weight in index (%) Largest components WIG Broad market total return index Financials 45.7 PKO, PZU, Pekao Retail 20.8 Allegro, LPP, Dino Polska WIG20 Blue-chip index covering 20 largest companies Oil & Gas 13.5 Orlen mWIG
Slide 33: 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 2025 YTD1: PLN 2.0 bn (-) market 2025 YTD1: PLN 17.1 bn (+124% YoY) IPO / debuts SPO ABB PLN 1 695 mn PLN 1 550 mn PLN 2 559 mn PLN 2 150 mn PLN 1 815 mn February 2025 March
Slide 34: 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 2025 YTD1: PLN 23.5 bn (+29% 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
Slide 35: 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% Centrum Giełdowe 97.2% BondSpot 99.9% WSE Logistics 100% WSE Benchmark 72.2% Armenia Securities Exchange 100% WS
Slide 36: WSE separate financial results
WSE separate 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 +1
Slide 37: 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 38: 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 39: 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 40: 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