24 March 2026
Warsaw
2025
2025 Highlights
Cash equity turnover |
|
Revenues |
|
OPEX |
|
Earnings |
|
CAPEX |
|
WSE share price |
|
Changes in % on a year-on-year basis; net profit attributable to owners of parent entity
1 One-offs described on slide 11
2 Total Shareholder Return (TSR): total shareholder return (share price increase plus dividend paid in a given year)
Warsaw Stock Exchange | 2
Annual cash equity turnover on the WSE Main Market
Change in cash equity turnover in Europe1 in 2025
58.6%
47.5%
44.2%
39.7%
31.1%
30.9%
30.5%
30.1%
19.9%
19.6%
11.2%
8.8%
7.9%
Bucharest
PLN bn YoY, %
YoY, % (in EUR)
turnover value
EUR bn
velocity ratio2
500
450
400
350
300
250
200
150
100
50
2013
2014
2015
0
80
470.3
41.G%
70
60
50
40
30
20
10
0
-10
-20
-30
2023
2024
2025
-40
Athens Prague Budapest
WSE
Turquoise Cboe Europe Aquis Exchange
MEDIAN
Deutsche Börse
Euronext
BME SIX
Vienna Nasdaq N&B
-1.6%
83.1%
46.3
6.8
10.8
111.6
361.4
2 687.8
697.8
360.8
1,373.9
2,857.7
360.3
759.9
34.9
740.1
2.9
40.8%
12.4%
23.1%
46.6%
36.7%
52.4%
43.9%
36.7%
36.2%
22.0%
37.7%
5.4%
2016
2017
2018
2019
2020
2021
2022
Source: WSE, FESE
1 FESE exchanges with annual turnover above EUR 2 bn
2 Velocity ratio 2025: EOB turnover in domestic stocks as a % of average market capitalization of domestic companies
Warsaw Stock Exchange | 3
Monthly cash equity turnover on the WSE Main Market and VIX index
PLN, bn
55
50
45
40
35
30
25
20
15
10
5
0
2024
2025
January - February 2026:
In January-February 2026, EOB trading volumes
increased by 51.8% YoY
In January 2026, trading volumes on the WSE Main Market exceeded PLN 50 billion for the first time in history (PLN 51.2 bn)
Elevated market volatility is driving an increase
in equity trading volumes on the WSE
2026 YTD
PLN 100.1 bn +51.8% YoY
40
35
30
25
20
15
10
5
0
2026
Warsaw Stock Exchange | 4
Monthly ETF trading volumes on the WSE Main Market
ETF/ETC/ETN listings on the WSE in 2025-2026
PLN, bn
750
700
650
600
550
500
450
400
350
300
250
200
150
100
50
0
January - February 2026: PLN 1,320.0 mn +236.8% YoY
ETF | Debuts |
Beta ETF Dywidenda PLUS | 08/2025 |
Beta ETF Bitcoin | 09/2025 |
HANetf Future of Defence UCITS ETF | 08/2025 |
iShares AI Infrastructure UCITS ETF | 12/2025 |
iShares MSCI EM UCITS ETF | 12/2025 |
iShares Core MSCI Japan IMI UCITS ETF | 03/2026 |
iShares Core MSCI World UCITS ETF | 03/2026 |
Vanguard LifeStrategy 60% UCITS ETF | 12/2025 |
Virtune Bitcoin Prime ETN | 02/2026 |
Virtune Staked Ethereum ETN | 02/2026 |
Virtune XRP ETN | 02/2026 |
Virtune Staked Solana ETN | 02/2026 |
Global X Silver Miners UCITS ETF | 03/2026 |
2025:
PLN 3,316 mn +121.5% YoY
PZU ETF WIG20 TR + mWIG40 TR 03/2026
2024
2025
2026
Warsaw Stock Exchange | 5
2025: PLN 2.0 bn
(vs PLN 6.5 bn in 2024)
Primary market
2026 YTD: PLN 1.7 bn
(vs PLN 1.8 bn in 2025)
2025: PLN 18.3 bn
(vs PLN 11.3 bn in 2024)
Secondary market
ABBs
ABBs
SPOs
February 2025
PLN 1 695 mn
IPOs / debuts
March 2025
PLN 1 550 mn
February 2026
PLN 116 mn
January 2026
PLN 1 359 mn
PLN 667 mn
PLN 1 104 mn
PLN 733 mn
May 2025
April 2025
December 2025
PLN 1 170 mn
PLN 1 723 mn
PLN 1 361 mn
May 2025
PLN 1 815 mn
PLN 2 558 mn
SPOs
PLN 2 150 mn
December 2025
November 2025
June 2025
June 2025
PLN 270 mn
April 2025
PLN 742 mn
June 2025
transfer from NewConnect
September 2025
PLN 204 mn
PLN 326 mn
November 2025
PLN 300 mn
March 2026
PLN 70 mn
March 2025
May 2025
November 2025
PLN 310 mn
PLN 310 mn
December 2025
December 2025
Source: issuer reports Warsaw Stock Exchange | 6
2026 YTD: PLN 4.7 bn
(vs PLN 6.4 bn in 2025)
2025: PLN 33.4 bn
(vs PLN 31.1 bn in 2024)
Corporate bonds
2026 YTD: PLN 0.15 bn
(vs PLN 0.16 bn in 2025)
2025: PLN 6.6 bn
(vs PLN 4.5 bn in 2024)
Mortgage covered bonds
Warsaw Sustainable Segment
Retail mortgage covered bonds
October 2025
PLN 750 mn
March 2025
PLN 800 mn
March 2025
PLN 800 mn
February 2026
PLN 1 600 mn
July 2025
PLN 1 000 mn
March 2025
PLN 1 000 mn
January 2026
PLN 2 000 mn
September 2025
PLN 1 000 mn
July 2025
EUR 600 mn
November 2025
PLN 1 000 mn
November 2025
PLN 1 000 mn
October 2025
PLN 1 155 mn
the largest non-bank issues
Source: issuer reports Warsaw Stock Exchange | 7
2025Revenues | +18.7 % | 6-8 % |
OPEX | +9.9 % | 4-6 % |
EBITDA1 | +37.7 % | 8-12 % |
2025 vs. 2024
Financial ambitions
2024-2027 (CAGR)
Revenue growth significantly higher than GPW's financial ambitions, due to higher-than-expected:
cash equity trading revenue
gas trading and clearing revenue
Increase in OPEX above the level of financial ambitions, mainly due to higher than expected:
variable expenses dependent on the results
of the GPW Group
Growth EBITDA1 significantly higher than financial ambitions due to strong operating leverage
C/I ratio and return on equity close to financial ambitions
2025
2025 | ||
Cost/income | 66.1 % | ~65 % |
ROE | 17.8 % | ~18 % |
1 Based on results adjusted for the impact of one-off events; One-off events described in detail on s. 11
Warsaw Stock Exchange | 8
Financial results Q4 2025 and 2025WSE Group results
Profits due to one-off events: adjusted EBITDA +30.9%
YoY, adjusted net profit +8.8% yoy
C/I ratio: 68.4% (-560 basis points YoY) - decline due to
revenue growth despite accelerating dynamics OPEX to 14.2% YoY
Revenues: +23.5% YoY - driven by revenue growth in
both segments: Financial Market (+26.8% YoY), mainly due to higher income from trading in shares and and Commodity Market (+19.0% YoY), mainly due to higher revenues from natural gas trading
Q4 2025
PLN mn | Q4 2025 | YoY | 2025 | YoY |
REVENUES | 140.4 | +23.5% | 551.G | +18.7% |
Financial Market | 92.7 | +26.8% | 364.5 | +23.1% |
Commodity Market | 44.4 | +19.0% | 171.6 | +12.5% |
Other | 3.4 | +0.7% | 15.8 | -3.0% |
Operating expenses | 96.0 | +14.2% | 364.8 | +9.9% |
Cost income (%) | 68.4% | -560 bps | 66.1% | -530 bps |
EBIT | 36.6 | - | 17G.8 | +92.3% |
ADJUSTED EBIT1 | 45.5 | +36.9% | 188.6 | +42.7% |
EBITDA | 45.7 | +796% | 216.5 | +73.2% |
ADJUSTED EBITDA1 | 54.5 | +30.9% | 225.4 | +37.7% |
Adjusted EBITDA margin (%) | 38.8% | +220 bps | 40.8% | +560 bps |
Share of profit of associates | 9.9 | +13.2% | 44.4 | +19.5% |
Net financial income | 4.1 | -87.1% | 18.2 | -58.0% |
NET PROFIT2 | 37.7 | +5.8% | 1G5.0 | +31.1% |
ADJUSTED2NET PROFIT1 | 47.3 | +8.8% | 204.7 | +30.2% |
Adjusted net profit margin(%) | 33.7% | -450 bps | 37.1% | +330 bps |
ROE (%) | 17.8% | +380 bps | 17.8% | +380 bps |
1 One-offs described on slide 11
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 | 10
Impact of one-offs on GPW Group consolidated results
PLN mn Impact on
2025 results
Comment
-18.7
-2.0
Other costs:
GPW DAI write-off -13.1 | Commercialization attempts in 2025 did not bring the expected results |
GPW Logistics write-off -3.6 |
Software write-off
Impairment of the value of the software supporting controlling processes
Recognition of GPW Logistics grants
Recognition of GPW DAI grants
+2.0
+7.9
Recognition of the grant in full as a result of
the write-offs
Other revenue:
+G.G
EBIT / EBITDA
-8.8
Financial revenue:
Reversal of the VAT provision in IRGiT
GROSS PROFIT NET PROFIT
+1.1
+1.1
-7.8
-G.6
Resolution of the VAT provision in IRGiT
PLN 44.0 mn: total operating costs1 of non-core
companies in 2024-2025 with PLN 25.5 mn generated revenues
PLN 37.6 mn: the total negative impact of impairments
and provisions, reduced by recognized revenue from grants, related to non-core subsidiaries (GPW DAI, GPW Private Market and GPW Logistics) in 2024-2025
2024-2025
1 The figures exclude consolidation eliminations. Warsaw Stock Exchange | 11
WSE Group revenue
WSE Group revenue by segment in 2025
PLN mn, YoY
Cash equity
Derivatives
200
600
550
+18.7%
551.9
15.8
464.8
16.3
171.6
(31.1%)
152.5
(32.8%)
296.1
(63.7%)
364.5
(66.0%)
-3.0%
34.3%
2.9%
3.0%
Debt
Other fees1
150
100
113.7
+0.7%
3.4
37.3
(32.8%)
73.0
(64.2%)
92.7
(66.0%)
3.4
44.4
(31.6%)
+23.5%
140.4
+19.0%
500
450
400
350
300
250
200
+12.5%
Market data
12.9%
2.5%
4.6% Listing revenue
5.9% AMX
4.6%
Electricity
4.4%
50
+26.8%
150
+23.1%
Other
2.9%
0.4%
3.2%
5.4%
Gas
Property
100
Market data
9.4%
3.6%
rights
0
2025
Q4 2024
2025
Q4 2025
50
0
2024
2025
Clearing
Other
Operating registers
Increase in the share of the Financial Market in the revenue structure: higher
revenues from share trading and revenues from deposit activities AMX
2025
Increase in the share of non-trading revenue2 in Q4 2025: 34.3% vs. 33.5% for the previous four quarters, due to higher depository revenue of AMX, despite increases in cash equity and gas trading
Q4 2025
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 | 12
Revenue - Financial Market trading
Trading data
+27.6%
184.7
14.2
14.6 18.5
235.7
13.8
16.3
16.1
189.5
137.4
Q4 2025 | YoY | 2025 | YoY | |
EOB turnover (PLN bn) | 114.0 | +40.7% | 470.3 | +41.9% |
no. of transactions (mn) | 12.4 | +29.2% | 4G.6 | +28.5% |
average fee (bps) | 2.00 | 0.5% | 1.G8 | -1.8% |
W20 Turnover (PLN mn) | 1.5 | -11.3% | 6.7 | -17.3% |
average fee W20 (PLN) | 1.12 | +5.4% | 1.0G | +3.4% |
TBSP turnover (PLN bn) | 370.8 | +47.8% | 1440.7 | +67.0% |
Catalyst turnover (PLN bn) | 2.3 | +64.7% | 8.7 | +31.6% |
structured (PLN bn) | 0.G | +23.0% | 3.3 | +23.2% |
ETF, ETC (PLN bn) | 1.1 | +185% | 3.3 | +122% |
PLN mn, YoY
80
70
60
50 44.7
3.5
40 3.5
33.7
4.1
30
20
10
0
+29.4%
57.9
3.4
4.2
3.8
46.4
-1.0%
+20.3%
-6.7%
+37.9%
240
220
200
180
160
140
120
100
80
60
40
20
0
-2.7%
+11.6%
-12.9%
+37.9%
EQUITIES
DERIVATIVES
DEBT
OTHER
Q4 2025
Q4 2024 Q4 2025 2024 2025
Equity trading revenues(+37.9% YoY): higher equity trading (+40.7% YoY) with an increase in the average fee(+0.5% YoY) and lower revenues from tender offers
Revenues from trading in debt instruments(+20.3% YoY): increase in turnover on TBSP and Catalyst
Derivatives trading revenues (-6.7% YoY): decline in turnover (-11.3% YoY) with an increase in the average fee (+5.4% YoY)
Q4 2025
1 Includes revenue from other cash market instruments and other fees paid by market participants Warsaw Stock Exchange | 13
Information services
Listing
AMX
PLN mn, YoY
Listing fees Fees for introduction Depository activity Exchange activity PLN mn, YoY PLN mn, YoY+7.5%
16.5
17.8
30 80
25 70
60
20 50
15 40
+8.8%
70.9
65.2
30
30
25
20
15
-0.8%
80
70
60
50
40 1.3%
30 25.0 25.3
30
25
20
+93.0%
15
10.9
80
+53.8% | |||||
32.5 | |||||
5.3 | +34.1% | ||||
21. 4 | 1 0 | ||||
17. | 2 | 27.2 | +58.4% | ||
202 | 4 | 2025 | |||
70
60
50
40
9.4
1.5
+43.2% 30
10 10
20
6.2 6.1
20 4.4
4.6 +3.0%
10
5.7
20 .
5
0
Q4 2025
Q4 2024 Q4 2025
10
0
Q4 2025
2024 2025
5 1.2
5.0
0
Q4 2024
1.1 -5.7%
5.0
10
+0.4%
0
Q4 2025
20.8
20.6
2024 2025
+1.0%
5 1.1
4.6
0
Q4 2025
Q4 2024 Q4 2025
+104% 10
0
The increase is due to:
new clients for real-time data from the WSE Group
new recipients of processed data
Q4 2025
Stable revenues from fees for listing and fees for introducing new instruments to trading
Q4 2025
Increase related to the approval by the Central Bank of Armenia of higher rates of fees for deposit services
Q4 2025
Warsaw Stock Exchange | 14
Revenue - Commodity Market trading
Trading data
Electricity Gas Property rights Other fees of market participants PLN mn, YoY
40
35
30
25
20.8
20
6.3
15
3.3
10 4.1
5 7.2
0
+18.5%
24.7
7.6
3.5
6.8
6.8
+21.3%
+6.5%
+65.8%
-5.5%
100
90
80
70
60
50
40
30
20
10
0
84.7
23.9
17.1
15.9
27.7
+15.6%
97.8
30.3
17.7
24.5
25.3
+26.5%
Q4 2025 YoY | 2025 | YoY | |||
ELECTRICITY | spot turnover (TWh) forward turnover (TWh) | 11.3 21.8 | -9.1% -3.5% | 48.2 71.3 | -3.1% -13.0% |
GAS | spot turnover (TWh) forward turnover (TWh) | 10.1 47.6 | +5.3% +84.3% | 33.3 175.6 | +31.3% +57.7% |
PROPERTY RIGHTS | spot turnover (TWh) | 3.3 | +2.8% | 17.1 | +1.6% |
+3.2%
+54.0%
-8.5%
Q4 2025
Q4 2024 Q4 2025 2024 2025
Revenues from gas trading (+65.8% YoY): increase in turnover on the futures market, as a result of the growing importance of this raw material in the energy mix
Revenues from the other fees segment (+21.3% YoY): reduction of IRGiT discounts in security fees and increase in the number of customers for InfoEngine services
Revenues from electricity trading (-5.5% YoY): the decline results from lower trading volumes in both the spot and forward markets
Q4 2025
TWh - terawatt hours Warsaw Stock Exchange | 15
Clearing
Operation of registers
PLN mn, YoY
Register of certificates of origin Register of guarantees of origin+20.4%
14.3
11.8
20 60
55
50
15 45
40
35
10 30
25
20
PLN mn, YoY
+15.8%
51.9
44.8
20
15
10
+17.9%
4.9
60
55
50
45
40
35
30
25
20
-7.0%
21.1
6.0
19.6
5.8
15.1
13.8
-3.8%
5 15
10
5
0 0
5 4.1
2.7
1.4
0
1.3
3.5
-4.7%
+29.7%
15
10
5
0
-8.3%
Q4 2024 Q4 2025
2024 2025
Q4 2024 Q4 2025
2024 2025
Increase in clearing revenue(+20.4% YoY):growth related increased trading volumes on TGE markets
Q4 2025
RCO (+29.7% YoY): higher volumes of issued and redeemed CO certificates driven by increased renewable electricity generation and a higher green certificate redemption obligation.
RGO (-4,7% rdr): lower volume of issued GP certificates.
Q4 2025
Warsaw Stock Exchange | 16
Operating expenses
Quarterly change in operating revenues and costs
PLN mn | Q4 2025 | YoY | 2025 | YoY |
OPERATING EXPENSES | G6.0 | +14.2% | 364.8 | +9.9% |
Personnel costs | 46.7 | +16.0% | 182.2 | +13.2% |
External services. incl.: | 30.3 | +19.7% | 107.8 | +4.1% |
IT | 16.6 | +33.2% | 58.3 | +8.8% |
advisory | 4.1 | +4.6% | 13.1 | -7.4% |
other | 9.6 | +6.7% | 36.4 | +1.5% |
D&A | 9.1 | +7.3% | 36.8 | +16.6% |
Other1 | 5.8 | -6.1% | 21.2 | +5.2% |
PFSA fee | 4.2 | +7.1% | 16.8 | +7.2% |
COST/INCOME (%) | 68.4% | -560 bps | 66.1% -530 bps | |
Adjusted EBITDA margin (%) | 38.8% | +220 bps | 40.8% +560 bps | |
revenue YoY operating expenses YoY
30
20
10
0
1.6%
-10
-14.9%
-20
Q4 2022
28.9%
1.8%
Q1 2023
19.2%
11.7%
Q2 2023
24.6%
19.9%
Q3 2023
29.0%
26.7%
Q4 2023
10.8%
5.3%
Q1 2024
9.2%
6.2%
Q2 2024
5.7%
3.7%
Q3 2024
-1.9%
-3.9%
Q4 2024
11.9%
5.1%
Q1 2025
19.2%
8.1%
Q2 2025
20.5%
12.0%
Q3 2025
23.5%
14.2%
Q4 2025
Cost/income ratio and EBITDA margin
Increase in personnel costs (+16.0% YoY) related to:
increase in average employment by 5.7% YoY, mainly in the IT area
Increase in the cost of external services(+19.7% YoY) related primarily to the seasonal settlement of projects, mainly in the IT area, as well as advisory services supporting the implementation of the new finance and accounting system
Q4 2025
74.0%
68.4%
36.6%
38.8%
80 60
60 50
40 40
20 30
0 20
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025
1 Including maintenance fees, fees and charges (net of PFSA fee) and other operating expenses
Warsaw Stock Exchange | 17
Change in operating costs YoY
OPEX growth at +9.9% YoY
OPEX growth dynamics increased by :
higher variable costs: provision for performance-based variable compensation of employees in WSE Group
higher AMX costs related to higher rates of fees for depository services
The cost dynamics were positively influenced by the cost restructuring in non-core companies
Increase in underlying costs in core business by
+7.6% YoY
2025
PLN mn, YoY
+9.9%
+7.6%
364.8
331.9
8.9
2.6
-3.8
2024
variable compensation accruals increase
AMX OPEX
increase*
non-core companies OPEX decrease
underlying OPEX
increase
2025
25.2
Data of non-core companies without consolidation exclusions
* Change in operating expenses in H2 2025 YoY (since the implementation of the increase in the price list of deposit services)
Warsaw Stock Exchange | 18
CAPEX
Increased CAPEX (+35.5% YoY) related to
due to the shift of a portion of IT-related capital expenditures from Q4 2024 to Q1 2025
driven by intensified work on the implementation of GPW WATS (resulting in higher CAPEX for intangible assets)
related to investments in IT infrastructure modernization and the elimination of technological debt
2025
PLN mn, YoY
25
20
+0.6%
15
10
15.1
4.1
4.0
15.2
1.0
-24.4%
-74.9%
5
+58.2%
7.1
0
11.1
3.1
30
80 73.5
70
+35.5%
74.7
Q4 2024
Q4 2025
60
50 43.4
40 12.1
30
20 17.0
10 14.3
0
2021
60.2
25.7
18.3
16.2
2022
23.7
29.0
20.8
2023
55.2
10.2
19.3
25.6
2024
22.9
15.5
36.3
2025
+124%
-19.7%
+41.7%
CAPEX/revenue (%)
13.3%
10.8%
10.6%
15.5%
16.5%
11.9%
13.5%
Warsaw Stock Exchange | 19
Consolidated cash flow
At the end of 2025, WSE held PLN 406.2 mn in liquid
assets, with net cash amounting to PLN 383.8 mn
Free cash flow1 (FCF) in 2025 amounted to PLN
127.0 mn, +39.0% YoY
Operating flows in 2025 amounted to PLN 201.7 mn,
representing 89.5% of EBITDA adjusted for the
impact of one-off events
2025
2025
201.7
29.8
-74.7
-140.6
2024
146.5
-127.3
-55.2
-134.3
PLN mn
Cash flows from operating activities Cash flows from investing activities
CAPEX
Cash flows from financing activities
Dividend paid | -132.4 | -126.0 |
EBITDA adjusted for one-offs | 225.4 | 163.7 |
Cash flows from operating activities/ adjusted EBITDA | 8G.5% | 8G.5% |
Free cash flows (FCF)1 | 127.0 | G1.3 |
Net cash
PLN mn | 12/31/2025 | 12/31/2024 |
Liquid assets | 406.2 | 395.1 |
Cash and cash equivalents | 222.9 | 132.2 |
Liquid financial assets | 183.3 | 262.9 |
Interest-bearing liabilities (mainly leases) | 22.5 | 26.8 |
Net Cash
383.8
368.3
1 Cash flows from operating activities minus capex
Warsaw Stock Exchange | 20