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

Executive summary

• Record-high index levels: WIG surpassed 150,000 points (+29.8% YTD), WIG20 over 4,000 points (+30.8% YTD), with strong cash equity market performance and turnover up 15% YoY in Q2 and 27% in H1.

• Consolidated revenue reached PLN 324.2 million in H1 2026, up 17.3% YoY, driven by financial market trading and Armenia Stock Exchange depository operations.

• Adjusted net profit rose 18.2% YoY in H1 2026 to PLN 128 million, with EBITDA up 19.5% and operating profit up 25.9%.

• Operating expenses increased by 11.0% in H1 2026, mainly due to higher salaries and external service costs.

• Record IPO activity with 10 new debuts YTD, reversing the declining trend in listed companies.

Financial highlights

• Q2 2026 revenue: PLN 155.4 million (+7.9% YoY); H1 2026 revenue: PLN 324.2 million (+17.3% YoY).

• Adjusted EBITDA in Q2: PLN 63 million (+0.6% YoY); H1 EBITDA: PLN 139.9 million (+19.5% YoY).

• Adjusted net profit: Q2 2026 PLN 58.3 million (+1.1% YoY); H1 2026 PLN 128 million (+18.2% YoY).

• Operating expenses: PLN 197.1 million in H1 2026 (+11.0% YoY).

• Net cash at end-June: PLN 470 million; dividend of PLN 143 million paid in August, up 8% YoY.

Outlook and guidance

• Strong equity turnover in July and August (+44% YoY) expected to support Q3 revenues; electricity trading up, gas trading down.

• WATS trading system go-live scheduled for October 5, with increased CapEx and OpEx expected in H2.

• OpEx growth in Q3 expected at least at H1 levels, with further acceleration in Q4 due to WATS-related depreciation.

• Launch of Personal Investment Accounts (OKI) in January 2027 anticipated to drive retail inflows.

• Ongoing monitoring of geopolitical, regulatory, and market risks.