Gielda Papierów Wartosciowych w Warszawie (GPW) Q1 2026 earnings summary

Executive summary

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

• Net profit rose to PLN 70.7 million, a 39.1% increase year-over-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-over-year amid high volatility.

• Celebrated 35th anniversary, highlighting transformation and innovation.

Financial highlights

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

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

• Cost/income ratio improved by 810 bps 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 (+10.4% YoY).

Outlook and guidance

• Guidance anticipates continued double-digit growth in cash equity trading, though momentum is expected to slow due to a high base in 2025.

• Commodity market volumes expected to recover after recent declines due to external factors.

• OPEX expected to remain elevated, with a sharp increase in D&A after the WATS system launch; cost reduction in non-core companies anticipated from H2 2026.

• CapEx to increase in Q2, driven by WATS rollout and investments in cybersecurity and AI.

• Long-term upside seen in Polish capital market development, with new tax-advantaged investment accounts and ETF regulations expected to boost retail flows.