Gielda Papierów Wartosciowych w Warszawie (GPW) Q4 2025 earnings summary

Executive summary

• 2025 saw robust growth in cash equity turnover (+41.9% YoY to PLN 470.3 bn) and strong performance in both Financial and Commodity Markets.

• Revenues rose 18.7% YoY to PLN 551.9 mn, with adjusted net profit up 30.2% YoY to PLN 204.7 mn.

• Adjusted EBITDA increased 37.7% YoY, and the cost/income ratio improved by 5.3 percentage points to 66.1%.

• Share price reached an all-time high of PLN 65.0 (+60.7% YoY), with total shareholder return at 68.5%.

Financial highlights

• Financial Market revenues grew 23.1% YoY to PLN 364.5 mn; Commodity Market revenues up 12.5% YoY to PLN 171.6 mn.

• OPEX increased 9.9% YoY to PLN 364.8 mn, mainly due to higher personnel and IT costs.

• Adjusted EBITDA margin improved to 40.8% (+560 bps YoY).

• Free cash flow rose 39.0% YoY to PLN 127.0 mn; net cash at year-end was PLN 383.8 mn (+4.2% YoY).

• CAPEX increased 35.5% YoY to PLN 74.7 mn, driven by IT investments and platform modernization.

Outlook and guidance

• 2026 YTD shows continued high equity trading volumes, with January-February up 51.8% YoY.

• Q1 2026 average daily turnover at PLN 2.56 bn, with expected moderation in growth due to a high 2025 base.

• OPEX and CAPEX expected to remain elevated due to dual system maintenance and ongoing IT investments.

• Dividend policy targets payout of 60-80% of consolidated net profit, with ambition to increase.