18 November 2025
Warsaw
Cash equity turnover |
|
WSE indices |
|
Revenues |
Commodity Market: PLN 39.7 mn +9.7% |
OPEX |
|
Earnings growth |
|
WSE share price ATH ▪ PLN 62.9 / share (November 4, 2025)
Changes in % on a year-on-year basis; net profit attributable to owners of parent entity
Warsaw Stock Exchange | 2
Quarterly cash equity turnover on the WSE Main Market
Change in cash equity turnover in Europe1 in Q3 2025
YoY cash equity turnover (%)
PLN mn
113.5
43.1%
140
130
120
110
100
90
80
70
60
50
40
30
20
10
0
YoY, %
80
70
60
50
40
30
20
10
0
-10
-20
YoY, % (in EUR)
Athens Prague
BME GPW
Aquis Exchange
Budapest
Deutsche Börse
MEDIAN
-30 | Nasdaq N&B | 3.4% |
-40 | SIX | 1.2% |
Turquoise Cboe Europe Bucharest Euronext
72.2%
68.2%
44.2%
35.0%
33.9%
30.6%
28.2%
25.8%
23.7%
23.1%
15.4%
126.4% | 13.3 | 43.9% |
1.6 | 11.7% | |
105.7 | 42.3% | |
26.8 | 43.5% | |
174.2 | ||
2.3 | 19.1% | |
313.8 | 47.2% | |
94.35 | 35.5% | |
83.0 |
turnover value EUR bn
velocity ratio2
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2022 2023 2024 2025
-21.7%
Vienna
609.0 | ||
0.9 | 5.6% | |
655.9 | 40.4% | |
166.6 | 35.5% | |
166.7 | 33.6% | |
7.8 | 19.1% |
Source: WSE, FESE
1 FESE exchanges with annual turnover above EUR 2 bn
2 Velocity ratio Q3 2025: EOB turnover in domestic stocks as a % of average market capitalization of domestic companies
Warsaw Stock Exchange | 3
Selected index performance 2025 YTD
P/E ratio of MSCI indices
YoY, % (in local currencies)
MSCI Poland MSCI World MSCI Emerging Markets
55.2%
43.2%
40.4%
35.8%
32.6%
29.6%
28.6%
28.5%
23.4%
19.9%
18.7%
16.8%
15.4%
15.3%
KOSPI 200 TR MSCI POLAND (USD)
WIG20 TR
WIG MWIG40 TR HANG SENG SWIG80 TR NIKKEI 225 TR
MSCI EM FTSE 100 TR
DAX NASDAQ 100 TR MSCI WORLD CAC 40 GR
S&P 500 TR
80.7%
28
22.5
15.6 -48%
11.8
-24%
26
24
22
20
18
16
14
12
10
8
6
4
2
0
2019
2020 2021 2022 2023 2024
2025
Source: Bloomberg, as of 14/11/2025 P/E ratio of MSCI Indices 1Y forward
Warsaw Stock Exchange | 4
Primary market
Q3 2025: - (-)
9M 2025: PLN 2.0 bn (-)
Secondary market
Q3 2025: PLN 0.8 bn (-75% YoY)
9M 2025: PLN G.3 bn (+47% YoY)
IPO / debuts
PLN 1 695 mn
February 2025
PLN 270 mn
June 2025
transfer from
NewConnect
June 2025
SPO
ABB
PLN 1 550 mn
March 2025
PLN 2 150 mn
November 2025
PLN 1 815 mn
June 2025
PLN 1 170 mn
April 2025
PLN 742 mn
April 2025
PLN 1 361 mn
May 2025
PLN 733 mn
May 2025
PLN 310 mn
May 2025
PLN 204 mn
September 2025
PLN 295 mn
March 2025
PLN 267 mn
September 2025
PLN 239 mn
July 2025
Source: issuer reports
Warsaw Stock Exchange | 5
Q3 2025: PLN 10.3 bn (+190% YoY)
GM 2025: PLN 17.2 bn (+49% YoY)
Corporate
bonds
Mortgage covered bonds
April 2025
PLN 700 mn
February 2025
PLN 750 mn
September 2025
PLN 1 000 mn
July 2025
PLN 1 000 mn
March 2025
PLN 1 000 mn
July 2025
EUR 600 mn
October 2025
PLN 1 155 mn
The first issue of mortgage covered bonds listed on the WSE for individual investors for nearly 100 years
Increased transparency, liquidity and attractiveness of the mortgage financing market in Poland
Warsaw Sustainable Segment
Source: issuer reports
Warsaw Stock Exchange | 6
Financial results Q3 2025WSE Group results
PLN mn | Q3 2025 | YoY | 9M 2025 | YoY |
REVENUES | 135.1 | +20.5% | 411.5 | +17.2% |
Financial Market Commodity Market Other Operating expenses Cost income (%) Other expenses | 91.5 39.7 3.9 91.2 67.5% 0.3 | +27.4% +9.7% -4.2% +12.0% -510 bps +24.4% | 271.8 127.3 12.4 268.8 65.3% 2.5 | +21.9% +10.4% -4.0% +8.5% -530 bps -69.5% |
EBIT ADJUSTED EBIT1EBITDA ADJUSTED EBITDA1 | 44.3 44.3 53.8 53.8 | +43.0% +43.0% +39.1% +39.1% | 143.1 143.1 170.8 170.8 | +47.8% +39.4% +42.4% +35.8% |
Adjusted EBITDA margin (%) Share of profit of associates Net financial income | 39.8% 12.5 3.9 | +530 bps +17.2% -7.9% | 41.5% 34.4 14.2 | +570 bps +21.5% +19.5% |
NET PROFIT2 ADJUSTED2NET PROFIT1 | 4G.2 4G.2 | +29.5% +29.5% | 157.4 157.4 | +39.1% +33.5% |
Adjusted net profit margin(%) ROE3(%) | 36.9% 18.1% | +290 bps +300 bps | 38.2% 18.1% | +460 bps +300 bps |
Q3 2025
Revenues: PLN 135.1 mn (+20.5% YoY), driven by revenue growth in both segments: Financial Market (+27.4% YoY) and Commodity Market (+9.7% YoY)
C/I ratio: 67.5% (-640 basis points) thanks to the increase in revenues despite the acceleration of OPEX dynamics to +12.0 %
EBTDA: PLN 53.8 mn (+39.1% YoY)
Net profit: PLN 49.2 mn (+29.5% YoY)
ROE: 18.1 % vs. 15.1% a year earlier - return on capital at the level indicated in Strategic Directions WSE 2025-2027
1 9M 2024 results adjusted for PLN 5.8 mn one-off (PLN 4.7 mn impact on net profit)
2 Net profit attributable to owners of parent entity
3 ROE calculated on the basis of profit for the last 12 months Warsaw Stock Exchange | 8
WSE Group revenue
WSE Group revenue by segment in Q3 2025
PLN mn, YoY
Cash equity
Derivatives
250
500
+20.5%
112.1
4.1
36.2
(32.3%)
135.1
3.9
39.7
( )
29.4%
-4.2%
+9.7%
71.8
(64.1%)
91.5
( )
67.7%
+27.4%
450
+17.2%
411.5
33.8%
2.7%
3.2%
Debt
Other fees1
200
150
100
400
350
300
250
200
150
351.1
12.9
115.2
(32.8%)
12.4
127.3
(30.9%)
271.8
-4.0%
+10.4%
+21.9%
Market data
13.2%
2.9%
2.5%
4.5% Listing revenue
7.8% AMX
4.4%
Electricity
4.4%
50
100
223.0
(63.5%)
(66.1%)
Other
0.4%
8.5%
2.9%
2.9%
5.8%
Gas
Property
0
Q3 2024
Q3 2025
50
0
9M 2024
9M 2025
Market data
Clearing Other Operating fees registers
rights
Q3 2025
Increase in the share of the Financial Market in the revenue structure: higher revenues from share trading and revenues from deposit activities AMX
Q3 2025
Increase in the share of non-trading revenue2 in Q3 2025: 35.9% vs. 33.8% for the previous four quarters, due to higher depository revenue of AMX, despite increases in cash equity and gas trading
1 Other fees paid by market participants in respect of trading and other cash market instruments
2 Includes - Financial market: servicing issuers, AMX deposit activities, other fees from market participants, sale of information; Commodity market:
other fees from market participants, sale of information; other revenues
Warsaw Stock Exchange | 9
Financial Market revenue: tradingRevenue - Financial Market trading
Trading data
PLN mn, YoY
3Q 2025 | YoY | 9M 2025 | YoY | ||
EOB turnover (PLN bn) | 113.5 | +43.1% | 356.2 | +42.3% | |
EQUITIES | no. of transactions (mn) | 12.2 | +28.5% | 37.1 | +28.0% |
average fee (bps) | 1G80 | -2.2% | 1G70 | -2.5% | |
DERIVATIVES | W20 Turnover (PLN mn) average fee W20 (PLN) | 1.5 1.08 | -23.1% +1.0% | 5.2 1.08 | -18.9% +2.7% |
DEBT | TBSP turnover (PLN bn) Catalyst turnover (PLN bn) | 400.G 2.8 | +48.9% +37.6% | 106G.G 6.4 | +74.8% +22.9% |
OTHER | structured (PLN bn) ETF, ETC (PLN bn) | 0.70 0.72 | -7.5% +78.8% | 2.4 2.2 | +23.3% +98.3% |
+27.0%
90
80
70
60
50 44.6
40 3.5 3.8
4.5
30
20 32.8
10
0
Q3 2024
+28.0%
57.1
3.4 4.4
3.6
45.7
Q3 2025
-2,5%
+15,0%
-20,6%
+39,5%
180
160
140
120
100
80
60
40
20
0
140.0
10.7
11.1
14.4
103.8
9M 2024
177.8
10.4
12.1
12.3
143.1
9M 2025
-3,2%
+8,9%
-14,7%
+37,9%
Q3 2025
Equity trading revenues (-39.5% YoY): higher equity trading (+43.1% YoY) with decline in average fees (-2.2% YoY)
Revenues from trading in debt instruments (+15.0% YoY): increase in turnover on TBSP and Catalyst
Derivatives trading revenues (-20.6% YoY): decline in turnover (reduced activity by a market participant)
1 Includes revenue from other cash market instruments and other fees paid by market participants
Warsaw Stock Exchange | 10