Gielda Papierów Wartosciowych w Warszawie (GPW) investor relations material

Executive summary

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

• Net profit rose to PLN 70.7 million, a 39.1% increase year-on-year, with EBITDA up 42.3% to PLN 77.9 million.

• Recommended a record dividend of PLN 3.4 per share, 8% higher than last year, with a payout ratio of 72%.

• Cash equities turnover on the Main Market hit a record PLN 157.8 billion, up 41.9% year-on-year amid high volatility.

• Celebrated 35th anniversary, highlighting transformation and innovation.

Financial highlights

• Financial market revenue grew 34.3% year-on-year to PLN 114.3 million; commodity market revenue rose 17.1% to PLN 50.6 million.

• Operating expenses increased by 11.8% year-on-year to PLN 97.3 million, mainly due to personnel and IT costs.

• Cost/income ratio improved to 57.7%, the lowest in four years; EBITDA margin rose to 46.1%.

• Net cash at end of March 2026 was PLN 453.5 million.

• Free cash flow for the last twelve months was PLN 140.2 million, up 10.4% year-on-year.

Outlook and guidance

• OPEX expected to remain elevated in coming quarters, with a sharp increase in D&A after the WATS system launch.

• CAPEX to rise due to intensified work on WATS rollout, cybersecurity, and digital tools.

• Guidance for 4%-6% OPEX growth seen as challenging for 2026; long-term target remains.

• Anticipate recovery in commodity market volumes after recent declines.

• Internal focus on expanding investment products, cost optimization, and technology development.