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Gielda Papierów Wartosciowych w Warszawie (GPW) investor relations material
Gielda Papierów Wartosciowych w Warszawie Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary18 Nov, 2025
Executive summary
Q3 and 9M 2025 saw strong financial and operational performance, with record cash equity turnover, all-time highs in main indices and share price, and sales revenue reaching PLN 411.5 million, up 17.2% YoY.
Net profit rose 39.7% YoY to PLN 158.6 million, and EBITDA increased 42.4% YoY to PLN 170.8 million, reflecting improved profitability.
Return on equity reached 18.1%, aligning with strategic targets and up from 15.1% YoY.
The Group's financial position remains stable, with equity representing 82.7% of total assets.
Financial highlights
Main Market cash equity turnover surged 43.1% YoY to PLN 113.5 billion, outpacing most European exchanges.
WSE Group revenues: PLN 135.1 million (+20.5% YoY) in Q3; 9M sales revenue: PLN 411.5 million (+17.2% YoY).
OPEX increased 12.0% YoY to PLN 91.2 million in Q3; 9M operating expenses up 8.5% to PLN 268.8 million.
Free cash flow for LTM Q3 2025 was PLN 110.5 million, up 22.5% YoY; cash and cash equivalents at period end were PLN 255.9 million.
Dividend payments in 2025 totaled PLN 132.4 million.
Outlook and guidance
October 2025 cash equity turnover up 49.6% YoY, but November down 2.5% YoY; energy market turnover declined in Q4, while gas market turnover surged in October (+112.7% YoY).
OPEX and CAPEX expected to remain elevated in Q4 2025 due to ongoing tech investments; rollout of the proprietary WSE WATS trading platform scheduled for May 2026.
No significant unusual factors or events are expected to impact results in the next quarter, but risks include geopolitical and economic uncertainty, regulatory changes, and technological delays.
Quantify WATS delay's cost impact?
Strategic rationale for recent liquidations?
Mitigation for OFE asset sell-off risk?
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Next Gielda Papierów Wartosciowych w Warszawie earnings date
Q4 202525 Mar, 2026
Next Gielda Papierów Wartosciowych w Warszawie earnings date
Q4 202525 Mar, 2026
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Frequently asked questions
Gielda Papierów Wartosciowych w Warszawie S.A. (GPW) owns and operates the only regulated stock market in Poland, designated as a multilateral trading facility by the Polish Financial Supervision Authority (KNF). GPW is a joint-stock company governed by commercial law. It was set up to organize and develop securities trading in Poland; it also acts as an organizer of trading for Polish companies that issue bonds and shares on international capital markets. The Warsaw Stock Exchange offers its services to issuers and investors from all over the world. In its core business of financial segment, the company offers stock exchange services in Warsaw Stock Exchange (GPW). The company operates through three subsidiaries: Warsaw Stock Exchange SA, Gielda Drukarnicza SA, and MAKRUM Warszawa SA. It also provides commodity trading services in commodity trading market on the OTC exchange, organizes auctions for precious metals and precious stones, e-commerce offering through its own retail website, as well as auctions on other websites. The company also arranges lease financing for assets such as residential real estate assets, machinery and equipment.
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