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May 26, 2026
Warsaw
Cash equities turnover
Record cash equities turnover on the Main Market amid high volatility:
PLN 157.8 bn +41.G%
Revenue
Record revenue of the WSE Group: PLN 168.8 mn +27.5%:
Financial Market: PLN 114.3 mn +34.3%
Commodity Market: PLN 50.6 mn +17.1%
OPEX
OPEX: PLN 97.3 mn +11.8%
Cost/income ratio: 57.7% -810 basic points
Earnings
Record-high EBITDA: PLN 77.9 mn +42.3%
Net profit: PLN 69.6 mn +37.8%
Dividend
Recommendation of PLN 3.40 dividend per share (+7.G%)
% year-over-year changes; net profit attributable to shareholders of the parent company
Warsaw Stock Exchange | 2
Q1
2026Market activity Strategic initiatives
New listings: 6
Primary and follow-on deals listed value: PLN 4.2 bn
Main Market
2nd edition launched
Participation of 24 companies interested in listing
GPW IPO Academy
New listings: 4
Primary and follow-on deals listed value : PLN 130 mn
NewConnect
Catalyst handbook, Municipals bonds handbook
Transaction Barometer - new cyclical report
Support for issuers and market promotion
Non-treasury issues listed: 126
Non-trasury issues listed value: PLN 11.8 bn
Catalyst
Exclusion of shares of 20 companies
NC Focus Day
Revitalization of New Connect
New listings: 13
Turnover Q1 2026: +194.3% YoY
ETF
Joint position on UE SIU and MISP
Regional markets key for financing local SME
CEE exchanges position paper
35 years of WSE: "From Transformation to Innovation"
Warsaw Stock Exchange | 3
2026YTD
WIG index and selected listings
pts
150 000
Market cap of domestic companies
PLN bn
x 2.0
100 000
1 500
1 000
500
0
650
1 250
2023 2026
Average equities daily turnover
50 000
1 000
PLN bn
3.0
2.0
1.0
1.1
x 2.3
2.6
1991 1995 2000 2005 2010 2015 2020 2025
0.0
2023 Q1 2026
Warsaw Stock Exchange | 4
Monthly cash equity turnover on the WSE Main Market Change in cash equity turnover in Europe in Q1 2026
cash equity turnover (LHS, PLN mn) VIX - CBOE Volatility Index (RHS)YoY, % (in EUR)
turnover value
EUR bn
velocity ratio1
Q1 2026: PLN 157.8 bn
+41.G% YoY
PLN bn
60
55
50
45
40
35
30
25
20
15
10
5
0
2024
2025
Bucharest | 182.6% | 1.4 | 7.9% | ||
Points 40 | Athens BME Budapest | 93.7% 51.5% 47.1% | 17.8 126.7 4.3 | 54.8% 43.4% 29.6% | |
35 | 40.6% | 37.5 | 52.5% | ||
30 | Vienna | 38.9% | 12.7 | 25.8% | |
25 | Prague MEDIAN | 27.9% 27.3% | 2.1 119.0 | 13.6% 43.4% | |
20 | Aquis (MTF) | 26.6% | 222.8 | n/a | |
15 | Cboe (MTF) | 26.4% | 906.7 | n/a | |
10 | Nasdaq N&B Euronext | 22.9% 15.2% | 243.9 895.7 | 45.5% 51.0% | |
5 | Turquoise (MTF) | 11.8% | 111.4 | n/a | |
0 | SIX | 6.1% 223.1 | 40.0% | ||
Deutsche Börse | 4.9% 397.7 | 58.6% | |||
2026
Session turnover; source: WSE. FESE (FESE exchanges with an annual turnover of more than EUR 2 bn)
1 Turnover ratio (velocity ratio): session turnover in shares of domestic companies as % of the average capitalization of domestic companies, as of March 2026
Warsaw Stock Exchange | 5
SPO
Deep tech
PLN 116 mn
February 2026
Gaming
PLN 70 mn
March 2026
Biotechnology
PLN 25 mn
March 2026
Deep tech
PLN 20 mn
March 2026
Primary market Secondary market
Hotels & Restaurants
PLN 498 mn
May 2026
Gaming
transfer from NC
February 2026
Deep tech
transfer from NC
March 2026
Biotechnology
Spin-off
April 2026
Deep tech
Spin-off
Defensive
transfer from NC
April 2026
April 2026
January 2026
January 2026
PLN 28 mn
PLN 69 mn
Games
Biotechnology
January 2026
April 2026
PLN 1,359 mn
PLN 1,664 mn
Retail
Online Commerce
ABB
Defense |
PLN 157 mn |
May 2026 |
Deep tech |
PLN 81 mn |
May 2026 |
Biotechnology |
PLN 66 mn |
March 2026 |
Biotechnology |
PLN 21 mn |
March 2026 |
Selected transactions (PLN 20 mn+); as at 22/05/2026 Source: issuer reports
PLN 4.2 bn
Total value of IPO/SPO/ABB
transactions 2026 YTD
(-38% vs. 2025 YTD)
6
listings on the WSE Main Market 2026 YTD
10
SPO on the WSE Main Market 2026 YTD
6
Number of ABBs on the WSE Main Market
2026 YTD
Warsaw Stock Exchange | 6
Quarterly and total value of listed non-treasury instruments
PLN bn 20
15
corporate bonds (PLN bn, quarterly)18.2
12.5 11.8
18.8
162.0
PLN bn 180
170
160
150
10
5.3
5
3.9
7.2 6.4
10.3
10.8
6.3
4.0
G.3
2.3
140
130
120
110
100
90
80
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 IV-V
2023
2024
2025
2026
Largest Corporate Bond Issues 2026 YTD
January 2026
PLN 180 mn
Real Estate
February 2026
PLN 250 mn
Construction
April 2026
PLN 600 mn
Financials
March 2026
PLN 600 mn
Retail
February 2026
PLN 1,600 mn
Mining
January 2026
PLN 2,000 mn
Fuels & Energy
Source: WSE's own data and issuers reports; as at 22/05/2026
PLN 11.5 bn
Value of non-treasury issues listed 2026 YTD
(-9.9% vs. 2025 YTD)
126
Number of non-treasury issues listed
2026 YTD
PLN 162.0 bn
Value of non-treasury issues at the end of April 2026 (+19.1% vs. 2025 YTD)
Warsaw Stock Exchange | 7
ETF turnover on the WSE Main Market
Assets of ETFs listed on the WSE increased by 30% YoY in Q1 2026, to PLN 2.8 bn
Currently 33 ETFs listed on the WSE (27 on the Main
Market, 6 on GlobalConnect)
In 2026, 13 ETFs listed, incl.:
PZU ETF WIG20 TR + mWIG40 TR
BETA ETF mWIG40TRlv and mWIG40TRsh
In May, the first ETF on WIG30TR listed on the Zagreb and Ljubljana stock exchanges
Q1 2026
Q1 2026: PLN 1.95 bn
+1G4.3% YoY
PLN mn
800
700
600
500
400
300
200
100
0
2024
2025
2026
ETFs by the end of 2026
~50
Warsaw Stock Exchange | 8
Q1 2026 resultsWSE Group results
Revenue: +27.5% YoY - growth in both segments:
Financial Market (+34.3% YoY), mainly due to higher revenue from trading in shares, AMX and market data
Commodity Market (+17.1% YoY) - increases in revenue from energy and gas trading, fees from market participants and transaction settlements
Cost/income: 57.7% (-810 bps YoY) - down due to revenue growth despite OPEX acceleration to 11.8% YoY
EBITDA: +42.3% YoY, strong operating leverage despite
higher OPEX dynamics
Net profit: +37.8% rdr
ROE2: 18.6%
Q1 2026
PLN mn | Q1 2026 | Q1 2025 | YoY |
REVENUE | 168.8 | 132.3 | +27.5% |
Financial Market | 114.3 | 85.1 | +34.3% |
Commodity Market | 50.6 | 43.2 | +17.1% |
Other | 3.7 | 4.0 | -2.7% |
OPEX | G7.3 | 87.0 | +11.8% |
Cost/income (%) | 57.7 | 65.8 | -810 bps |
EBIT | 70.3 | 46.0 | +52.9% |
Operating profitability (%) | 41.7 | 34.7 | +700 bps |
EBITDA | 77.G | 54.7 | +42.3% |
EBITDA margin (%) | 46.1 | 41.4 | +480 bps |
Share in the profits of affiliates | 11.1 | 10.3 | +7.2% |
Balance of financial revenue and expenses | 3.5 | 4.7 | -26.7% |
NET PROFIT1 | 6G.6 | 50.5 | +37.8% |
Net margin (%) | 41.2 | 38.2 | +360 bps |
ROE2 (%) | 18.6 | 14.4 | +420 bps |
1 Net profit attributable to shareholders of the parent company
2 ROE (return on equity) calculated based on profit for the last 12 months
Warsaw Stock Exchange | 10
WSE Group revenue mix
Financial Market Commodity Market Other revenueMarket data
AMX
Market data
10.9%
PLN mn
Other
Property rights
0.4%
7.7%
Listing revenue
200
Operating registers 2.5% 2.1%
3.0%
4.3%
2.9%
Derivatives
(
)
67.7%
114.3
50.6
(30.0%)
+27.5%
168.8
3.9
140.4
Gas ground
Electricity
4.2%
2.7% Debt
5.3% Other1
150
132.3
85.1
(64.4%)
43.2
(32.6%)
4.0
3.4
4.7%
9.9%
Q1 2026
PLN 168.8 mn
100
50
Clearing
2.3%
Other
37.2% Cash equities
0
Q1 2025
92.7
(66.0%)
44.4
(31.6%)
Q4 2025
Share of non-trading related revenue2: 31.8%
Trading related revenue: PLN 115.1 mn +28.8%
Non-trading related revenue: PLN 53.6 mn +24.G%
Q1 2026
Q1 2026
1 Includes other fees from market participants in handling trading and other spot market instruments
2 Includes - Financial market: servicing issuers, AMX deposit activities, other fees from market participants, selling information; Commodity market: other fees from market participants, sale of information; Other revenue
Warsaw Stock Exchange | 11
Trading Trading data
Q1 2026 YoY | ||
EOB turnover (PLN bn) 157.8 | +41.9% +16.5% +90 pbs -2.5% | |
volume traded (mn shares) 3.3 share of HVP/market makers (%) 33.1% average fee (pb) 1.94 | ||
W20 turnover (mn) 2.0 | +7.5% -0.9% | |
average fee W20 (PLN) 1.07 | ||
TBSP turnover (PLN bn) 565.3 Catalyst turnover (PLN bn) 2.5 | +67.8% +46.3% | |
structured products (PLN bn) 1.5 ETFs (PLN bn) 1.G | +52.4% +194% | |
PLN mn, YoY
80
75
70
65
60
+34.1%
56.4 57.9
75.7
3.5
4.5
4.8
+1.4%
+24.3%
+7.8%
STOCKS
DERIVATIVES
55 3.5
50 3.6
45 4.5
40
35
30
25 44.8
20
15
10
5
Revenue from cash equities trading (+40.0% YoY): higher turnover
(+41.9% YoY) with a decrease in the average fee (-2.5% YoY)
Revenue from trading in debt instruments (+24.3% YoY): increase in turnover on TBSP and Catalyst
Revenue from trading in derivatives (+7.8% YoY): increase in turnover (+7.5% YoY) with a slight decrease in the average fee (-0.9% YoY)
Q1 2026
0
3.4
4.2
3.8
46.4
62.8
+40.0%
DEBT OTHER
Q1 2025 Q4 2025 Q1 2026
1 Includes: revenue from other fees from market participants and trading in other spot market instruments
Warsaw Stock Exchange | 12
Information services Listing AMX
revenue (PLN mn) number of subscribers (thousands) Listing fees Fees for introduction Depository activity Exchange activityPLN mn, YoY PLN mn, YoY PLN mn, YoY
+15.2%
17.8
18.4
16.0
20 2 000
15
1 500
10
1 000
20
15
+1.7%
10
7.2 6.1 7.3
-1.7%
20
15
10
5.6
+132.8%
10.9
1.5
12.G
1.6
+77.0%
1.4
5 5
1.1
1.4
5 0.9
9.4
11.3
+143.7%
5.8 5.0
5.9
+2.6%
4.7
0
Q1 2025 Q4 2025 Q1 2026
500
0
Q1 2025
Q4 2025 Q1 2026
0
Q1 2025 Q4 2025 Q1 2026
Revenue icrease due to:
new clients for real-time data
new recipients of processed data
Q1 2026
Stable revenue from issuers' listing fees and fees for introducing new instruments to trading
Q1 2026
Increase in deposit fees associated with higher fee rates
increase in revenue from exchange activities
related to greater market participants activity
Q1 2026
Warsaw Stock Exchange | 13
Trading
Operational data
Q1 2026 | YoY | ||
total turnover (TWh) | 38.3 | +34.8% | |
ELECTRICITY | spot turnover (TWh) | 13.7 | +5.5% |
forward turnover (TWh) | 24.6 | +59.4% | |
total turnover (TWh) | 60.5 | +54.9% | |
GAS | spot turnover (TWh) | 15.8 | +31.5% |
forward turnover (TWh) | 44.6 | +65.4% | |
PROPERTY RIGHTS | spot turnover (TWh) | 3.7 | -30.7% |
PLN mn, YoY
30
25 23.5
20 7.3
15
5.5
10
4.5
5
6.2
+19.5%
24.7
7.6
3.5
6.8
6.8
28.1
9.0
4.2
7.1
7.9
+22.7%
-25.0%
Revenue from gas trading (+57.9% YoY): growth in turnover on the futures market - growing importance of gas in the energy mix
Revenue from energy trading (+27.9% YoY): increase in turnover, mainly on the forward market, related to more favourable market conditions for conventional production
Revenue from other fees (+22.7% YoY): increase in IRGiT fees in the
security system and increase in the number of InfoEngine customers
Q1 2026
+57.9%
+27.9%
0
Q1 2025 Q4 2025 Q1 2026
TWh - terawatt-hours
Warsaw Stock Exchange | 14
Clearing
PLN mn, YoY
+27.0%
16.7
13.2
14.3
25
20
15
10
5
Operation of registers
Register of certificates of origin
Register of guarantees of originPLN mn, YoY
0
5
0
5
5.9
1.8
4.1
-12.9%
4.9
1.3
3.5
0
5.1
2.0
3.2
+12.1%
-23.6%
25
2
1
1
0
Q1 2025 Q4 2025 Q1 2026
Q1 2025
Q4 2025 Q1 2026
Clearing revenue (+27.0% YoY): due to increased trading volumes mainly on the natural gas futures market, including settlement revenue
Q1 2026
RCO (-23.6% YoY) - lower volumes of issued RES as a result of weaker generation of RES in the winter and the gradual phasing out of the support system
RGO (+12.1% YoY) - stable growth in volumes of issued and redeemed GO related to new generation sources in RES
Q1 2026
Warsaw Stock Exchange | 15
OPEX
Revenue vs. OPEX
revenue YoY operating expenses YoYPLN mn | Q1 2026 | Q1 2025 | YoY |
OPERATING EXPENSES | G7.3 | 87.0 | +11.8% |
Personnel costs | 49.8 | 43.6 | +14.2% |
External services. incl.: | 30.7 | 25.8 | +19.2% |
IT | 17.7 | 13.6 | +30.7% |
advisory | 3.4 | 3.7 | -7.6% |
other | 9.6 | 8.5 | +12.6% |
D&A | 7.6 | 8.7 | -13.4% |
Other1 | 4.6 | 4.8 | -3.2% |
PFSA fee | 4.6 | 4.1 | +11.1% |
COST/INCOME (%) | 57.7% | 65.8% | -810 pbs |
EBITDA MARGIN (%) | 46.1% | 41.4% | +480 pbs |
30
20
10
0
-10
Q1
Q2 Q3 Q4
Q1 Q2 Q3
Q4 Q1
Q2 Q3
27.5%
11.8%
Q4 Q1
2023
2023 2023 2023
2024 2024 2024
2024 2025
2025 2025
2025 2026
Cost/income ratio
Personnel costs (+14.2% YoY):
increase in average employment by 7.9% YoY, mainly in IT
Increase in provisions for variable remuneration
Increase in personnel costs in AMX
External services (+19.2% YoY) - higher costs of IT services (WSE, AMX)
Depreciation and amortization (-13.4% YoY) - discontinuation of depreciation of solutions in non-core companies and UTP licenses
Q1 2026
80
70 66.1%
60
57.7%
50
40
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026
1 Includes: service charges. taxes and fees (after deduction of fees at the PFSA) and other operating costs
Warsaw Stock Exchange | 16
OPEX bridge
Operating expenses up +11.8% YoY
Cost dynamics increased by:
higher provision for variable remuneration (related to the increase in the results of the WSE Group)
higher AMX costs related to the development of the offer as a result of changes in the price list of deposit services
Cost dynamics were positively influenced by a
decrease in the costs of non-core companies
Underlying increase in operating expenses in core business by +5.7% YoY
Q1 2026
PLN mn, YoY
4.0
87.0
2.1
4.9
-0.8
Q1 2026
underlying OPEX
increase
non-core companies OPEX decrease
AMX OPEX
increase
variable compensation accruals increase
Q1 2025
G7.3
+5.7%
+11.8%
Data of non-core companies without consolidation exclusions
Warsaw Stock Exchange | 17
Overview GPW actions | ||
GPW DAI | A company established to implement a project on the media market, related to the dynamic replacement of advertisements |
|
GPW Logistics | A company established to implement a project in the area of transport and logistics |
|
GPW Private Market | Company established to carry out the tokenization and trading project in non-financial assets |
transaction is aimed at simplifying the group's structure |
GPW Ventures | A company established to carry out VC investments in the agrotech market based on KOWR funds (Ministry of Agriculture) |
|
The objective is to minimize the negative impact of non-core companies on the WSE Group results
Warsaw Stock Exchange | 18
CAPEX
Decrease in capital expenditures (-41.0% YoY)
related to:
high base of expenditures on property, plant and equipment from Q1 2025 (replacement of IT infrastructure)
planned postponement of capital expenditures
to the next quarters of 2026.
Expenditures on WSE WATS increased by 11.9% YoY due to the intensification of work
Current budget of the WSE WATS: PLN 164.5 mn
Q1 2026
PLN mn, YoY
-41.0%
24.2
12.9
15.2
1.0
3.6
14.3
1.4
4.3
7.7
11.1
8.6
3.1
30
25
20
15
10
5
0
Q1 2025
Q4 2025
Q1 2026
80
70
60
50
40
-89.2%
+19,4% 30
20
+11.9% 10
0
2025
LTM Q1 2026
-50.3%
-13.3%
74.7
22.9
64.8
11.4
15.5
16.2
36.3
37.2
+4,5%
+2.5%
CAPEX/revenue (%)
18.3%
10.8%
8.5%
13.5%
11.0%
Warsaw Stock Exchange | 19
Consolidated cash flow
At the end of March 2026, WSE had PLN 474.3 mn in
liquid assets and net cash of PLN 453.5 mn
Free cash flow1 (FCF) for the twelve months ended
March 31, 2026 amounted to PLN 140.2 mn, +10.4% YoY
Operating cash flows for the twelve months ended
March 31, 2026 amounted to PLN 205.0 mn, which accounted for 82.5% of EBITDA adjusted for one-off events
Q1 2026
LTM Q1 2026
205.0
55.9
-64.8
2025
201.7
29.8
-74.7
PLN mn
Cash flows from operating activities Cash flows from investing activities
CAPEX
Cash flows from financing activities | -141.2 | -140.6 |
Dividend paid | -132.4 | -132.4 |
EBITDA adjusted for one-off events | 248.5 | 225.4 |
Operating Flows / Adjusted EBITDA (%) | 82.5% | 89.5% |
Free cash flow (FCF)1 | 140.2 | 127.0 |
Net cash
453.5
428.3
Net cash balance
PLN mn | 31/03/2026 | 31/03/2025 |
Liquid assets | 474.3 | 455.4 |
Cash and cash equivalents | 160.5 | 153.2 |
Liquid financial assets | 313.8 | 302.2 |
Interest-bearing liabilities (mainly leasing) | 20.8 | 27.0 |
1 Operating flows less capital expenditure (CAPEX)
Warsaw Stock Exchange | 20
