Gielda Papierów Wartosciowych w Warszawie (GPW) investor relations material

Executive summary

• Record-high index levels: WIG surpassed 150,000 points (+29.8% YTD), WIG20 over 4,000 points (+30.8% YTD), with strong cash equity market performance and turnover up 27.3% YoY in H1 2026.

• Consolidated net profit rose to PLN 130.2 million in H1 2026, up 19.7% YoY, with EBITDA at PLN 139.9 million (+19.5%).

• Sales revenue reached a record PLN 324.2 million, up 17.3% YoY, driven by financial market trading and Armenia Stock Exchange depository operations.

• Adjusted operating profit increased nearly 4% in Q2; adjusted net profit up 1% to PLN 58 million in Q2 and 18% to PLN 128 million for H1.

• Record IPO activity with 10 new debuts YTD, reversing the declining trend in listed companies.

Financial highlights

• Q2 2026 revenue: PLN 155.4 million (+7.9% YoY); H1 2026: PLN 324.2 million (+17.3% YoY).

• Adjusted EBIT: Q2 2026 PLN 54.9 million (+3.8% YoY); H1 2026 PLN 125.2 million (+26.6% YoY).

• Adjusted net profit: Q2 2026 PLN 58.3 million (+1.1% YoY); H1 2026 PLN 127.9 million (+18.2% YoY).

• Operating expenses increased by 11.0% to PLN 197.1 million, mainly due to higher salaries and third-party service costs.

• Dividend per share increased to PLN 3.40, with a payout ratio of 72.2%.

Outlook and guidance

• WATS trading system scheduled to go live in October 2026, with higher OpEx growth expected in Q3 and Q4 due to increased depreciation.

• Strong cash equity turnover in July and August (+44% YoY) expected to support Q3 revenues.

• High CapEx anticipated in H2 2026, especially for WATS and seasonal year-end spending.

• Launch of Personal Investment Accounts (OKI) in January 2027 expected to drive retail inflows.

• Ongoing monitoring of geopolitical, regulatory, and market risks.