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

Executive summary

• Achieved record index levels: WIG surpassed 150,000 (+29.8% YTD), WIG20 over 4,000 (+30.8% YTD).

• Net profit for H1 2026 reached 130.2 mln zł (+19.7% YoY), EBITDA at 139.9 mln zł (+19.5% YoY).

• Revenue hit a record 324.2 mln zł (+17.3% YoY), driven by strong growth in financial market operations and Armenian depository services.

• Significant increase in capital market activity, with IPO/SPO/ABB transaction value up 79% YTD.

• Operating costs increased by 11.0% YoY, mainly due to higher personnel and IT infrastructure expenses.

Financial highlights

• Q2 2026 revenues: 155.4 mln zł (+7.9% YoY); H1 2026: 324.2 mln zł (+17.3% YoY).

• Adjusted EBIT: Q2 54.9 mln zł (+3.8% YoY), H1 125.2 mln zł (+26.6% YoY); Operating profit: 124.4 mln zł (+25.9% YoY).

• Adjusted net profit: Q2 58.3 mln zł (+1.1% YoY), H1 127.9 mln zł (+18.2% YoY); Net profit: 130.2 mln zł (+19.7% YoY).

• Cost/income ratio: Q2 64.2% (+1.3pp YoY), H1 60.8% (-3.5pp YoY).

• Free cash flow H1: 96.9 mln zł (+2.3% YoY); net cash at period end: 469.5 mln zł (+22.3% vs. 2025 YE); cash flow from operations: 128.5 mln zł.

Outlook and guidance

• Expect OPEX growth in Q3 2026 at least at H1 pace; Q4 to see higher OPEX due to GPW WATS launch.

• CAPEX to rise in H2 2026, driven by GPW WATS and seasonal investment.

• Anticipate further capital market development with new regulations (OKI) and Poland's upgrade to Developed Market status in 2027.

• No significant unusual events identified for H1 2026; ongoing risks include regulatory changes and geopolitical factors.

• Key internal drivers for future results: product innovation, WATS implementation, and fee policy adjustments.