Gielda Papierów Wartosciowych w Warszawie (GPW) Q3 2025 earnings summary

Executive summary

• Q3 and 9M 2025 saw strong financial and operational performance, with record cash equity turnover, all-time highs in main indices and share price, and sales revenue reaching PLN 411.5 million, up 17.2% YoY.

• Net profit rose 39.7% YoY to PLN 158.6 million, and EBITDA increased 42.4% YoY to PLN 170.8 million, reflecting improved profitability.

• Return on equity reached 18.1%, aligning with strategic targets and up from 15.1% YoY.

• The Group's financial position remains stable, with equity representing 82.7% of total assets.

Financial highlights

• Main Market cash equity turnover surged 43.1% YoY to PLN 113.5 billion, outpacing most European exchanges.

• WSE Group revenues: PLN 135.1 million (+20.5% YoY) in Q3; 9M sales revenue: PLN 411.5 million (+17.2% YoY).

• OPEX increased 12.0% YoY to PLN 91.2 million in Q3; 9M operating expenses up 8.5% to PLN 268.8 million.

• Free cash flow for LTM Q3 2025 was PLN 110.5 million, up 22.5% YoY; cash and cash equivalents at period end were PLN 255.9 million.

• Dividend payments in 2025 totaled PLN 132.4 million.

Outlook and guidance

• October 2025 cash equity turnover up 49.6% YoY, but November down 2.5% YoY; energy market turnover declined in Q4, while gas market turnover surged in October (+112.7% YoY).

• OPEX and CAPEX expected to remain elevated in Q4 2025 due to ongoing tech investments; rollout of the proprietary WSE WATS trading platform scheduled for May 2026.

• No significant unusual factors or events are expected to impact results in the next quarter, but risks include geopolitical and economic uncertainty, regulatory changes, and technological delays.