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

Executive summary

• Q3 and 9M 2025 saw strong financial and operational performance, with significant growth in revenues, profits, and trading volumes across both financial and commodity markets.

• Record highs were achieved in main indices and share prices, reflecting robust market sentiment and increased investor activity.

• Sales revenue reached PLN 411.5 million for 9M 2025, up 17.2% year-over-year, driven by higher financial market turnover.

• Net profit rose 39.7% to PLN 158.6 million, with operating profit up 47.8% and EBITDA up 42.4%.

• Profitability improved due to revenue growth outpacing operating expense increases.

Financial highlights

• Consolidated revenues reached 135.1m PLN in Q3 2025, up 20.5% year-over-year; financial market revenues up 27.4%, commodity market revenues up 9.7%.

• Net profit rose 29.5% year-over-year to 49.2m PLN in Q3; EBITDA increased 39.1% to 53.8m PLN.

• Operating expenses increased 8.5% to PLN 268.8 million, mainly from higher personnel costs.

• Free cash flow for the last twelve months was 110.5m PLN, up 22.5% year-over-year.

• Equity increased 6.1% YoY to PLN 1,102.4 million; total assets rose 4.7% to PLN 1,333.5 million.

Outlook and guidance

• Continued investment in technology (WATS, IT infrastructure, AI) and higher CAPEX expected in Q4 2025.

• Operational costs are projected to remain elevated due to ongoing investments and increased variable compensation.

• Strategic ambitions for 2024-2027 include 6-8% CAGR in revenues, 8-12% CAGR in EBITDA, and maintaining ROE around 18%.

• No significant unusual events identified for Q3 2025; risks include market, regulatory, and geopolitical factors.

• Key risks: economic conditions, regulatory changes, technological delays, and external shocks (e.g., Ukraine conflict).