Gielda Papierów Wartosciowych w Warszawie (GPW) Q2 2025 earnings summary

Executive summary

• Achieved record equity turnover and market performance in Q2 2025, with the WIG index surpassing 100,000 points and Main Market cash equities turnover up 49% YoY to PLN 131.5 bn.

• Consolidated revenue rose 19.2% YoY in Q2 to PLN 144.1 million, with H1 2025 sales revenue at PLN 276.4 million (+15.6% YoY).

• Adjusted EBITDA increased 43% YoY to PLN 62.4 million in Q2; net profit up 43% YoY to PLN 57.7 million in Q2 and PLN 108.8 million (+44.2% YoY) in H1.

• Dividend payout reached PLN 3.15 per share (+5% YoY), totaling PLN 132.2 million, nearly 90% of consolidated net profit.

• Operating profit rose 50% YoY to PLN 98.9 million; EBITDA for H1 2025 was PLN 117.1 million (+44% YoY).

Financial highlights

• Equity turnover surged by almost 50% YoY; financial market revenues up 24%, commodity market revenues up over 12% in Q2.

• Adjusted EBITDA margin exceeded 43%, the highest in three years.

• Cost/income ratio improved to 62.9% in Q2 2025, down over 6 percentage points YoY.

• Free cash flow for LTM Q2 2025 at PLN 117.7 million, up 30.5% YoY; net cash position at end of June was nearly PLN 470 million.

• Basic/diluted EPS: PLN 2.58 (up from PLN 1.59 YoY).

Outlook and guidance

• Equity turnover in July and August 2025 up 69.2% and 41.0% YoY, with slower growth expected in September.

• Gas market turnover remains robust, while energy and property rights trading declined.

• Operating costs expected to grow faster in H2 2025 due to investments and promotional activities.

• CapEx anticipated to remain at or above H1 levels.

• New personal investment account (OKI) with tax incentives expected to boost market participation from mid-2026.