Gielda Papierów Wartosciowych w Warszawie (GPW) Q2 2026 earnings summary

Executive summary

• Q2 revenue rose 7.9% YoY to PLN 155.4 million; adjusted EBIT reached PLN 54.9 million (+3.8%) and adjusted net profit PLN 58.3 million (+1.1%).

• H1 sales revenue reached PLN 324.2 million (+17.3%); reported net profit was PLN 130.2 million (+19.7%), while adjusted net profit rose 18.2% to PLN 127.9 million.

• H1 financial-market revenue increased 23.0%, while commodity-market revenue rose 4.7%; in Q2, financial-market revenue grew 13.0% and commodity-market revenue declined 7.3%.

• WIG and WIG20 reached record highs, up 29.8% and 30.8% year to date, respectively.

Financial highlights

• Q2 revenue was PLN 155.4 million (+7.9% YoY); H1 revenue was PLN 324.2 million (+17.3%).

• H1 adjusted EBIT rose 26.6% to PLN 125.2 million; adjusted net profit increased 18.2% to PLN 127.9 million.

• H1 reported operating profit reached PLN 124.4 million (+25.9%), net profit PLN 130.2 million (+19.7%), and EBITDA PLN 139.9 million (+19.5%).

• Operating expenses rose 10.2% in Q2 and 11.0% in H1, driven mainly by higher external-service costs, salaries and IT spending.

• H1 free cash flow was PLN 96.9 million (+2.3%); liquid assets at end-June were PLN 469.5 million.

Outlook and guidance

• July-August cash-equity turnover grew 44% YoY, with strong electricity trading but sharp declines in gas trading; management was more optimistic about Q3 revenue.

• Q3 OpEx growth is expected to match H1, with further acceleration in Q4 as WATS launches; H2 CapEx is expected to rise.

• WATS is scheduled to launch October 5, subject to readiness and testing; capacity is expected to be five times that of the current system.

• OKI personal investment accounts are scheduled to launch January 1; potential annual equity inflows are estimated at PLN 5 billion.