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

Executive summary

• 2025 marked a record year with cash equity turnover up 41.9% year-over-year to PLN 470.3 billion and main indices (WIG +47.3%, MSCI Poland +68%) reaching all-time highs.

• Consolidated revenue rose 90% year-over-year to PLN 552 million, with strong contributions from both Financial Market (+23%) and Commodity Market (+12.5%).

• Adjusted EBITDA increased 37.7% year-over-year to PLN 225.4 million, and adjusted net profit grew 30.2% to nearly PLN 205 million.

• Net cash increased 4.2% to PLN 384 million, and market capitalization grew by over PLN 1 billion.

• Stock performance was robust, with a 61% increase and a total return of 68.5% including dividends; record share price achieved in December 2025 (PLN 65.0, +60.7% YoY).

Financial highlights

• Q4 2025 revenues grew 23.5% year-over-year, with Financial Market up 26.8% and Commodity Market up 19%.

• Q4 adjusted EBIT was PLN 45.5 million (+37%), and adjusted EBITDA was PLN 54.5 million (+31%).

• Free cash flow in 2025 was PLN 127 million, up 39% year-over-year.

• CapEx for the year increased 35.5% to PLN 75 million, mainly for IT and trading platform investments.

• Adjusted EBITDA margin for 2025 was 40.8% (+560 bps YoY).

Outlook and guidance

• 2026 YTD shows continued high equity trading volumes, with January-February turnover up over 50% year-over-year; March trading up 20% year-over-year.

• Q1 2026 average daily cash equity turnover at PLN 2.56 billion vs PLN 1.79 billion in Q1 2025.

• OPEX expected to remain elevated in 2026 due to dual system maintenance and WATS launch, with normalization of CapEx and OpEx anticipated post-2027.

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

• CAPEX to stay high, focused on trading platform, cybersecurity, and digital tools.