Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW
Gielda Papierow Wartosciowych W Warszawie — Giełda Papierów Wartościowych w Warszawie (Warsaw Stock Exchange, GPW) — Q3 2024 Earnings Presentation
36 slides from Gielda Papierow Wartosciowych W Warszawie's earnings presentation, Nov 8, 2024
Slide 1: GPW Group Financial Results Q3 2024
8 November 2024 GPW Group Financial Results Q3 2024 Giełda Papierów Wartościowych w Warszawie | Warsaw Stock Exchange
Slide 2: Agenda
Agenda 1 Summary Q3 2024 2 Financial market 3 Commodity market 4 Financial performance 5 Status of GPW Management Board’s priorities 2 Giełda Papierów Wartościowych w Warszawie | Warsaw Stock Exchange
Slide 3: Another quarter with revenue growth dynamics higher than cost growth
Another quarter with revenue growth dynamics higher than cost growth. EBITDA up 7.2% YoY Q3 2024, YoY Revenue PLN 112.1 mn +5.7% Financial Market PLN 71.8 mn +9.3% Commodity Market PLN 36.2 mn +1.6% ▪ Revenue from trading +11.1% ▪ Electricity trade -9.7% ▪ Revenue from information services +14.5% ▪
Slide 4: Financial market
1 Summary Q3 2024 2 Financial market 3 Commodity market 4 Financial performance 5 Status of GPW Management Board’s priorities 4 Giełda Papierów Wartościowych w Warszawie | Warsaw Stock Exchange
Slide 5: GPW: a leading European market by growth in turnover
GPW: a leading European market by growth in turnover EOB equity turnover Q3 2024 Velocity ratio Q3 20241 YoY change, % (EUR) turnover value, EUR bn Q3 2024, % Vienna Stock Exchange 80% 10.0 Deutsche Börse 42.0% GPW 35% 18.6 GPW 37.2% Aquis Exchange 24% 129.0 London Stock Exchange 23% 261.1 Tel Aviv
Slide 6: Dynamic growth in equity turnover continues
Dynamic growth in equity turnover continues Main Market EOB equity turnover value Average fee on equity market1 PLN bn bps +27.8% -2.4% -2.4% 250.4 2.1 2.0 2.0 2.1 2.0 195.9 Q3 2023 Q2 2024 Q3 2024 9M 2023 9M 2024 ▪ Average EOB equity turnover: +29.0% Q3 2024: PLN 1.22 bn (+27.0% YoY) 88.4 ▪ Share o
Slide 7: Stable WIG20 futures turnover, growing aggregate derivatives turnover
Stable WIG20 futures turnover, growing aggregate derivatives turnover WIG20 futures turnover volume Average fee on WIG20 futures market WIG20 futures, mn contracts WIG20 volatility bps +1.9% +1.0% 20.7% 1.05 1.04 1.07 1.04 1.05 19.2% 19.7% 18.8% 17.3% 0.0% 6.30 6.30 Q3 2023 Q2 2024 Q3 2024 9M 2023 9
Slide 8: Growing turnover on the debt market
Growing turnover on the debt market Treasury BondSpot Poland – turnover value Catalyst: non-Treasury issues in trading Cash trade Conditional trade PLN bn PLN bn +28.3% +86.0% 23.7 611.9 18.4 -16.9% 117.0 10.9 7.6 6.4 Q3 2023 Q2 2024 Q3 2024 9M 2023 9M 2024 329.0 +126.3% ▪ Since April, new TBSP mark
Slide 9: High-value SPOs and ABBs, IPO market picked up in October
High-value SPOs and ABBs, IPO market picked up in October IPO, SPO, ABB1 Number of IPOs on GPW markets IPO SPO ABB GPW Main Market NewConnect PLN mn -2 16 14 9 +2 9 6 418 5 5 3 3 7 5 5 3 2 Q3 2023 Q2 2024 Q3 2024 9M 2023 9M 2024 3 104 ▪ Decrease in value and number of European IPOs2 2 684 Q3 2024: E
Slide 10: PLN 6.45 bn Zabka Group's IPO value
Zabka Group’s IPO on GPW’s Main Market, 17 October 2024 PLN 6.45 bn Zabka Group’s IPO value ▪ Fourth biggest IPO in GPW history ▪ Fourth biggest IPO in Europe in 2024 PLN 3.24 bn shares turnover in Oct 2024 ▪ 11.2% of total GPW Main Market EOB turnover in October Futures and certificates based on sh
Slide 11: Commodity market
1 Summary Q3 2024 2 Financial market 3 Commodity market 4 Financial performance 5 Status of GPW Management Board’s priorities 11 Giełda Papierów Wartościowych w Warszawie | Warsaw Stock Exchange
Slide 12: Increase in gas turnover in Q3, decrease in electricity and RES property rights turnover
Increase in gas turnover in Q3, decrease in electricity and RES property rights turnover Electricity spot and forward turnover volume Gas spot and forward turnover volume Spot transactions Forward transactions Spot transactions Forward transactions TWh -8.0% TWh +7.9% 105.1 101.2 96.7 93.8 12.2 15.7
Slide 13: Commodity market: revenue increased by 1.6% YoY to PLN 36.2 mn in Q3 2024
Commodity market: revenue increased by 1.6% YoY to PLN 36.2 mn in Q3 2024 Trading revenue Revenue from clearing Revenue from operation of registers1 Electricity Gas Property Other Register of Certificates of Origin rights fees Register of Guarantees of Origin PLN mn PLN mn PLN mn +3,3% 63,8 61,8 -7,
Slide 14: Financial performance
1 Summary Q3 2024 2 Financial market 3 Commodity market 4 Financial performance 5 Status of GPW Management Board’s priorities 14 Giełda Papierów Wartościowych w Warszawie | Warsaw Stock Exchange
Slide 15: GPW Group's consolidated profit and loss account
GPW Group’s consolidated profit and loss account PLN mn Q3 2024 Q3 2023 change 9M 2024 9M 2023 change Revenue 112.1 106.1 5.7% 351.1 329.0 6.7% Financial market 71.8 65.7 9.3% 223.0 198.1 12.6% Commodity market 36.2 35.6 1.6% 115.2 116.7 -1.2% Other sales revenue 4.1 4.8 -13.9% 12.9 14.3 -9.6% Opera
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 Cost / income ratio PLN mn Q3 2024 Q3 2023 change 9M 2024 9M 2023 change Operating expenses 77.5 74.6 3.9% 251.8 235.8 6.8% 71,8% 70,3% 69,1% Employee costs 39.7 38.1 4.2% 120.8 105.3 14.8% 65,5% 53,6% 56,3
Slide 17: EBITDA up by 7.2% YoY in Q3 2024
EBITDA up by 7.2% YoY in Q3 2024 EBITDA Q3 2024 – YoY change PLN mn +7.2% Revenue up by PLN 6.0 mn Operating expenses1 up by PLN 2.2 mn 0,6 -0,7 -2,5 42,5 39,7 +6,1 0,3 -0,9 EBITDA Revenue Revenue Revenue Operating Operating Other3 EBITDA Q3 2023 Financial Commodity Other expenses expenses Q3 2024 M
Slide 18: Capex down YoY in Q3 2024
Capex down YoY in Q3 2024 Capex Plant, property and equipment, PLN mn Intangible assets, PLN mn Capex, PLN mn Capex/Revenue, % Capex/Revenue, % 15.5% 16.5% 14.5% 10.6% 11.4% 15.3% 9.0% 73.5 6.1% 5.0% 60.2 43.4 47.7 40.1 12.2% 36.4 14.5% 21.2 16.7 9.4% 11.4% 2018 2019 2020 2021 2022 2023 9M 2023 9M 2
Slide 19: GPW Group's solid liquidity position
GPW Group’s solid liquidity position LTM consolidated cash flows PLN mn Q3 2024 LTM Q3 2023 LTM Cash flows from operating activities 144.8 139.8 Cash flows from investing activities 32.7 -159.8 CAPEX -65.8 -73.6 ▪ Cash flows from operating activities 1 Net investments 70.8 -123.4 Other cash flows fr
Slide 20: Status of GPW Management Board's priorities
1 Summary Q3 2024 2 Financial market 3 Commodity market 4 Financial performance 5 Status of GPW Management Board’s priorities 20 Giełda Papierów Wartościowych w Warszawie | Warsaw Stock Exchange
Slide 21: Status of GPW Management Board's priorities
Status of GPW Management Board’s priorities ▪ Working with the market maker community to improve SME segment liquidity ▪ Working to launch new spot instruments and derivatives for retail investors – Grow the core deliverables in the coming quarters business ▪ New listings: BETA ETF Nasdaq-100 3x lev
Slide 22: Promotion in ETF trading
Promotion in ETF trading Zero exchange fees on ETF trading from November until the end of 2024 Marketing and educational campaign Investor education on investing in ETF instruments on GPW The new promotion is part of the growing popularity of passive products listed on the WSE and may contribute to
Slide 23: Q&A
Q&A Giełda Papierów Wartościowych w Warszawie | Warsaw Stock Exchange
Slide 24: Appendices
Appendices Giełda Papierów Wartościowych w Warszawie | Warsaw Stock Exchange
Slide 25: GPW Group structure
GPW Group structure Giełda Papierów Wartościowych w Warszawie S.A. 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% GPW Tech S.A. 24.79% C
Slide 26: GPW Group revenue mix
GPW Group revenue mix GPW Group revenue GPW Group revenue by segment, Q3 2024 Financial market Commodity market Information services1 Other revenue2 PLN mn AMX Information services +6,7% Listing on the financial market 351,1 4,5% 329,0 4% Other3 5,3% 14,5% Information services 4% 14% 3,1% on the com
Slide 27: Financial market: revenue increased by 9.3% YoY to PLN 71.8 mn in Q3 2024
Financial market: revenue increased by 9.3% YoY to PLN 71.8 mn in Q3 2024 Trading Listing Information services AMX Equities Derivatives Debt Other1 Fees for introduction Stock exchange Fees for listing Securities depository PLN mn PLN mn PLN mn PLN mn +16,9% 140,0 +11,1% +8,9% +11,2% -10,1% 119,8 10
Slide 28: EBITDA net of one-off up by 2.8% YoY in 9M 2024
EBITDA net of one-off up by 2.8% YoY in 9M 2024 EBITDA 9M 2024 – YoY change PLN mn +2.8% Revenue up by PLN 22.1 mn Operating expenses1 up by PLN 16.5 mn -1,4 -1,4 +24,9 -12,0 118,5 -4,6 121,8 -8,1 116,0 +5,8 EBITDA Revenue Revenue Revenue Operating Operating Other3 EBITDA One-off4 EBITDA 9M 2023 Fin
Slide 29: GPW Group's selected financials
GPW Group’s selected financials Balance sheet Cash flow statement PLN mn as at: 30.09.2024 30.09.2023 PLN mn 9M 2024 9M 2023 Non-current assets 803.0 707.1 Cash flows from operating activities 118.1 119.6 Fixed assets 98.9 105.6 Cash flows from investing activities -38.0 -228.0 Intangible assets 347
Slide 30: GPW SA profit and loss account
GPW SA profit and loss account PLN mn Q3 2024 Q3 2023 change 9M 2024 9M 2023 change Revenue 66.0 59.3 11.4% 206.3 179.9 14.7% Trading 41.1 3.8 11.8% 129.7 110.5 17.3% Listing 5.9 5.4 9.0% 18.7 17.1 9.1% Information services 14.4 13.0 10.7% 43.8 39.9 9.8% Other revenue 4.2 3.7 14.4% 13.0 11.4 14.0% O
Slide 31: TGE Group profit and loss account
TGE Group profit and loss account PLN mn Q3 2024 Q3 2023 change 9M 2024 9M 2023 change Revenue 36.8 35.4 3.8% 115.7 117.2 -1.3% Trading 21.2 20.0 5.6% 63.8 61.8 3.3% Operation of registers 4.4 4.7 -7.2% 17.0 18.2 -6.5% Clearing 10.2 10.4 -2.1% 33.0 35.5 -7.1% Operating expenses -20.6 -18.5 11.7% -68
Slide 32: Performance of GPW Group subsidiaries
Performance of GPW Group subsidiaries Non-core companies GK GPW GPW Private GPW GPW GPW BondSpot GPW Benchmark AMX Ventures Market Logistics Tech DAI PLN mn Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023 Revenue 3.8 3.7
Slide 33: KDPW Group (1/2)
KDPW Group (1/2) KDPW Group operating revenue mix (Q3 2024): 32,2% 9,9% 13,8% 32,5% 8,9% 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 34: KDPW Group (2/2)
KDPW Group (2/2) KDPW Group financial results Operating revenue Q3 2024 PLN mn Q3 2024 Q3 2023 change ▪ Depository: revenue up by 7.6% YoY to PLN 22.1 mn driven by higher Operating revenue 66.8 64.2 4.1% capitalisation of shares and other securities and market value of bonds ▪ Settlement on the cash
Slide 35: GPW Group ESG Strategy 2025
GPW Group ESG Strategy 2025 GPW GROUP ✓ Advancing on decarbonisation trajectory: reduction in greenhouse gas emissions in INTEGRATED REPORT 2023 E the Group’s business by 57% YoY in Scope 1-2 ✓ Development of ESG products/services ✓ Steadily growing number of educational initiative beneficiaries S ✓
Slide 36: IR events and Disclaimer
IR events Disclaimer 7 November 2024 This presentation has been prepared by Giełda Papierów Wartościowych w Warszawie S.A. (“Warsaw Stock Exchange”, “GPW” or Publication of the GPW Group's consolidated interim report for “Company”) for its shareholders, analysts, and other contractors. This Q3 2024