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

Executive summary

• Q3 2025 revenue reached PLN 135.1m, up 20.5% YoY; net profit rose 29.5% to PLN 49.2m and EBITDA increased 39.1% to PLN 53.8m.

• 9M 2025 revenue set a record at PLN 411.5m, up 17.2%; operating profit rose 47.8% to PLN 143.1m and net income increased 39.7% to PLN 158.6m.

Financial highlights

• Q3 financial-market revenue increased 27.4% and commodity-market revenue rose 9.7%; 9M financial-market revenue grew 21.9% to PLN 271.8m and commodity-market revenue rose 10.4% to PLN 127.3m.

• 9M EBITDA was PLN 170.8m, operating costs PLN 268.8m and profit before tax PLN 191.7m; operating costs rose 8.5%, led by personnel costs (+12.7%) and depreciation (+19.9%).

• 9M basic/diluted EPS was PLN 3.75 versus PLN 2.69; the prior-year comparison included PLN 5.8m of impairment charges.

• Financial income was PLN 17.3m, financial costs fell 44.5% to PLN 3.2m and equity-method earnings rose 21.5% to PLN 34.4m in 9M 2025.

Outlook and guidance

• Strategic targets for 2024–2027 include 6–8% revenue CAGR, 8–12% EBITDA CAGR and ROE around 18%.

• Technology investment in WATS, IT infrastructure and AI continues; higher Q4 2025 CAPEX and elevated operating costs are expected amid investment and variable compensation.

• Priorities include expanding investment products, optimizing costs and efficiency, and developing technology platforms.