Gielda Papierów Wartosciowych w Warszawie (GPW) Q1 2025 earnings summary

Executive summary

• Record Q1 2025 revenue of PLN 132.3 million, up 11.9% year-over-year, driven by strong financial and commodity market segments.

• Net profit rose 27.8% to PLN 50.8 million, with EBITDA up 25.7% to PLN 54.7 million.

• Main Market cash equity turnover reached PLN 113.6 billion (+34.1% year-over-year); main indices up over 20% year-to-date.

• Board recommended a dividend of PLN 132.2 million (PLN 3.15/share), a 5% increase year-over-year, representing 88.7% of consolidated net profit.

• Appointment of Dominika Niewiadomska-Siniecka to the board for legal and regulatory affairs.

Financial highlights

• Operating expenses increased by 5.3% year-over-year to PLN 87.0 million; cost/income ratio improved to 65.8% from 69.9%.

• Operating profit grew 28.1% to PLN 46.0 million; EBITDA margin at 41.3%.

• Free cash flow for LTM Q1 2025 reached PLN 92.8 million; liquid assets at quarter-end: PLN 455.4 million.

• CapEx up 61.9% year-over-year in Q1 2025, mainly for IT and platform development.

• Net working capital at PLN 381.3 million as of 31 March 2025.

Outlook and guidance

• Equity market trading turnover in April 2025 increased by 37.6% year-over-year; positive outlook for financial and commodity markets.

• Gas market turnover and green certificate activity expected to rise further due to structural changes in Poland's energy mix.

• Operating expenses and CapEx expected to grow at a higher rate in coming quarters due to development projects and new systems.

• IPO market expected to be more active, with at least one medium-sized IPO and several larger ones anticipated by year-end.

• Focus on expanding investment products, cost optimization, and technology platform development.