Gielda Papierów Wartosciowych w Warszawie (GPW) investor relations material

Macroeconomic and market environment

• Poland is the 6th largest economy in the EU and 20th globally, with 2026 GDP growth forecast at 3.5% and nominal GDP at $1.1 trillion.

• Market capitalization to GDP in Poland rose to 27% in 2025, still well below the EU average of 70%, indicating significant growth potential.

• Domestic institutional capital, especially pension and mutual funds, remains underdeveloped compared to EU peers, with OFEs holding nearly half of WSE free float.

• High household cash and deposit ratios suggest up to PLN 0.7 trillion could be mobilized for investment if aligned with EU averages.

• New initiatives like the Personal Investment Account (OKI) aim to boost retail participation, with projected PLN 100 billion in assets within three years of launch.

Market performance and development

• WSE is the largest exchange in Central and Eastern Europe, with a domestic market cap of EUR 292 billion as of April 2026.

• Cash equities turnover hit a record PLN 470.3 billion in 2025, up 41.9% YoY, with further growth in 2026 YTD.

• ECM activity surged in 2026 YTD, with 8 IPOs and 16 SPOs, and total transaction value up 66% vs. 2025 YTD.

• ETF offerings expanded rapidly, with turnover up 132.2% YoY in 2026 YTD and assets rising 30% YoY in Q1 2026.

• Strategic priorities for 2025-2027 focus on capital market growth, new issuers, retail investor base expansion, and financial education.

Financial performance and ambitions

• Group revenue grew 27.5% YoY in Q1 2026, with financial market revenue up 34.3% and commodity market revenue up 17.1%.

• EBITDA rose 42.3% YoY in Q1 2026, with net profit up 37.8% and ROE at 18.6%.

• OPEX increased 11.8% YoY in Q1 2026, mainly due to higher personnel and IT costs.

• CAPEX decreased 13.3% YoY, with future increases expected for IT infrastructure and digital tools.

• Dividend policy targets 60-80% payout of consolidated net profit, with a record PLN 3.40 per share recommended for 2025.