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Gielda Papierów Wartosciowych w Warszawie (GPW) investor relations material
Gielda Papierów Wartosciowych w Warszawie Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record-high equity turnover in Q2 2025, with Main Market cash equities turnover up 49% YoY to PLN 131.5 bn; consolidated net profit reached PLN 108.8 million in H1 2025, up 44.2% YoY, driven by higher sales revenue and improved profits from equity-accounted entities.
Revenues reached historic highs, with Q2 2025 revenue at PLN 144.1 mn (+19.2% YoY) and H1 2025 sales revenue at PLN 276.4 mn (+15.6% YoY).
Dynamic earnings growth: adjusted EBITDA up 43% YoY to PLN 62.4 mn in Q2; H1 2025 EBITDA up 44% to PLN 117.1 mn; net profit up 42.9% YoY to PLN 57.7 mn in Q2.
Operating profit up 50% YoY to PLN 98.9 mn in H1 2025; basic/diluted EPS at PLN 2.58 (up from PLN 1.59 YoY).
Dividend payout at all-time high: PLN 132.2 mn, 89% of consolidated profit, PLN 3.15 per share (+5% YoY).
Financial highlights
Q2 2025 revenues: PLN 144.1 mn (+19.2% YoY); H1 2025 revenues: PLN 276.4 mn (+15.6% YoY); operating profit: PLN 98.9 mn (+50% YoY); net profit: PLN 108.8 mn (+44.2% YoY); EBITDA: PLN 117.1 mn (+44% YoY).
Financial Market revenue up 23.7% YoY; Commodity Market revenue up 12.5% YoY in Q2.
Operating expenses rose 8.1% YoY in Q2 and 6.7% in H1; cost/income ratio improved to 62.9% in Q2 and 64.3% in H1.
Adjusted EBITDA margin increased to 43.3% in Q2; EBITDA margin 42.4% in H1; net profit margin 39.4% in H1.
ROE reached 17.8% in Q2 and H1 2025, up 220 bps YoY.
Outlook and guidance
Equity turnover in July and August 2025 up 69.2% and 41.0% YoY, respectively.
Gas market turnover up 84.1% in July and 98.7% in August YoY; energy market turnover down.
OPEX growth expected to accelerate in H2 2025 due to WATS and system upgrades.
CAPEX in H2 2025 projected at similar or higher levels than H1 2024.
The Group is focused on expanding investment products, cost optimization, and technology platform development.
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