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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 significant growth in revenues, profits, and trading volumes across both financial and commodity markets.
Record highs were achieved in main indices and share prices, reflecting robust market sentiment and increased investor activity.
Sales revenue reached PLN 411.5 million for 9M 2025, up 17.2% year-over-year, driven by higher financial market turnover.
Net profit rose 39.7% to PLN 158.6 million, with operating profit up 47.8% and EBITDA up 42.4%.
Profitability improved due to revenue growth outpacing operating expense increases.
Financial highlights
Consolidated revenues reached 135.1m PLN in Q3 2025, up 20.5% year-over-year; financial market revenues up 27.4%, commodity market revenues up 9.7%.
Net profit rose 29.5% year-over-year to 49.2m PLN in Q3; EBITDA increased 39.1% to 53.8m PLN.
Operating expenses increased 8.5% to PLN 268.8 million, mainly from higher personnel costs.
Free cash flow for the last twelve months was 110.5m PLN, up 22.5% year-over-year.
Equity increased 6.1% YoY to PLN 1,102.4 million; total assets rose 4.7% to PLN 1,333.5 million.
Outlook and guidance
Continued investment in technology (WATS, IT infrastructure, AI) and higher CAPEX expected in Q4 2025.
Operational costs are projected to remain elevated due to ongoing investments and increased variable compensation.
Strategic ambitions for 2024-2027 include 6-8% CAGR in revenues, 8-12% CAGR in EBITDA, and maintaining ROE around 18%.
No significant unusual events identified for Q3 2025; risks include market, regulatory, and geopolitical factors.
Key risks: economic conditions, regulatory changes, technological delays, and external shocks (e.g., Ukraine conflict).
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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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