Gielda Papierów Wartosciowych w Warszawie (GPW) Q4 2025 earnings summary

Executive summary

• FY2025 revenue rose 18.7% YoY to PLN 551.9m; adjusted EBITDA increased 37.7% to PLN 225.4m and adjusted net income grew 30.2% to PLN 204.7m.

• Stronger equity and natural gas trading supported growth, while adjusted cost/income improved to 66.1%; year-end net cash was PLN 383.8m.

Financial highlights

• Q4 revenue increased 23.5% YoY to PLN 140.4m; operating expenses rose 14.2% to PLN 96.0m.

• FY2025 reported EBIT was PLN 179.8m and adjusted EBIT PLN 188.6m; reported EBITDA was PLN 216.5m and adjusted EBITDA PLN 225.4m.

• FY2025 reported net income attributable to parent shareholders was PLN 195.0m, up 31.1% YoY; adjusted net income was PLN 204.7m, up 30.2%.

• FY2025 operating cash flow was PLN 201.7m, free cash flow PLN 127.0m, and capex PLN 74.7m.

Outlook and guidance

• 2026 equity trading turnover was up 94.0% YoY in January, 23.6% in February and 19.6% in March through March 20; management expects slower growth against a high 2025 base.

• Elevated 2026 operating expenses are expected from running two trading systems, higher depreciation after GPW WATS launch, and expensing some previously capitalized system costs; non-core costs are expected to decline from H2.

• CAPEX is expected to remain high for GPW WATS, cybersecurity and digital tools, including AI; the planned platform launch depends on readiness reviews and general-rehearsal results.

• Dividend policy prioritizes distribution of 60–80% of consolidated net income, with an ambition to increase the dividend.