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

Executive summary

• Achieved record revenues of 168.8m PLN in Q1 2026, up 27.5% year-over-year, driven by strong performance in both Financial and Commodity Markets.

• Net profit rose to 70.7m PLN (+39.1% year-over-year), with EBITDA up 42.3% to 77.9m PLN.

• Main market equity turnover reached a record 157.8bn PLN (+41.9% year-over-year) amid high volatility.

• Recommended a record dividend of 3.40 PLN per share (+7.9% year-over-year), payout ratio at 72.2%.

• Operating profit rose 52.9% to 70.3m PLN, reflecting improved profitability.

Financial highlights

• Financial Market revenue: 114.3m PLN (+34.3% year-over-year); Commodity Market revenue: 50.6m PLN (+17.1%).

• Operating expenses increased 11.8% year-over-year to 97.3m PLN; cost/income ratio improved to 57.7%.

• Cash flow from operations: 88.3m PLN (+3.9% year-over-year); free cash flow for the last twelve months was 140.2m PLN (+10.4%).

• Total assets: 1,515.0m PLN (+12.0% vs. Dec 2025); equity: 1,213.4m PLN (+6.2% vs. Dec 2025).

• Armenia Stock Exchange contributed 12.9m PLN (+132.8% year-over-year) to group revenue.

Outlook and guidance

• Expect elevated OPEX in coming quarters due to increased amortization and operational costs post-GPW WATS launch.

• Anticipate higher CAPEX in subsequent quarters, mainly for GPW WATS implementation and digital tool development.

• Non-core cost reductions expected from H2 2026.

• Legislative changes (OKI, ETF UCITS) may impact capital market development from 2027.

• No official forecasts published for Q2 2026; management highlights ongoing monitoring of geopolitical and regulatory risks.