Gielda Papierów Wartosciowych w Warszawie (GPW) investor relations material

Executive summary

• Achieved record Q1 2026 revenues of PLN 169 million, up 27.5% year-over-year, driven by strong turnover in cash equities and commodities.

• Net profit rose to nearly PLN 70.7 million, a 39.1% increase year-over-year, with EBITDA up 42.3% and operating profit exceeding PLN 70 million.

• Management recommended a record dividend of PLN 3.4 per share, 8% higher than last year, with a payout ratio of 72% of 2025 net profit.

• Marked the 35th anniversary, highlighting transformation and innovation, with domestic market cap doubling over three years.

• No significant or unusual factors impacted results in Q1 2026.

Financial highlights

• Cash equities turnover increased 42% year-over-year, driving financial market revenues up 34%.

• Commodity segment revenues grew 70% year-over-year to over PLN 15 million; commodity market revenue reached PLN 50.6 million (+17.1% YoY).

• Cost/income ratio improved to 57.7%, the lowest in four years, despite a 12% rise in operating costs.

• Trading-related revenue rose 29% year-over-year; non-trading revenue up 25%.

• Free cash flow for the last twelve months was PLN 140.2 million (+10.4% YoY); net cash at period end was PLN 453.5 million.

Outlook and guidance

• Guidance anticipates continued double-digit growth in cash equity trading, though at a slower pace in April and May.

• Commodity market volumes expected to recover after recent declines due to external factors.

• Operating costs projected to rise due to WATS system depreciation and Armenia subsidiary growth, partially offset by non-core cost reductions.

• CapEx to increase in Q2, focused on WATS rollout, cybersecurity, and digital/AI tools.

• Long-term upside seen in Polish capital market development, with new tax-efficient investment accounts and ETF regulations expected to boost retail flows.