Gielda Papierów Wartosciowych w Warszawie (GPW) Investor presentation summary

Macroeconomic and market environment

• Poland is the 6th largest economy in the EU, with a projected 2025 GDP growth of 3.4% and strong credit ratings (A-/A2).

• Market capitalization of listed domestic companies fell from 35% to 22% of GDP (2014-2024), well below the EU average of 64%.

• Domestic institutional capital remains limited, with pension and mutual fund assets among the lowest in the EU.

• Polish households hold a high share of assets in cash and deposits; aligning with EU averages could unlock PLN 0.7 trillion for investment.

• The new Personal Investment Account (OKI), launching July 2026, aims to boost long-term investment and could channel PLN 100 billion into the market within three years.

WSE market position and performance

• WSE is the largest exchange in Central and Eastern Europe, representing 41% of CEE market cap and 68% of equity turnover.

• Cash equities turnover reached a record PLN 432 billion in Jan-Nov 2025, up 41% YoY, with average daily turnover at PLN 1.9 billion.

• WSE indices led global gains in 2025, but the market still trades at a significant discount to MSCI EM and World indices.

• Major ECM transactions in 2025 included large IPOs and SPOs, increasing free float by 3%.

• Corporate bond issuance surged, with Q3 2025 volumes up 190% YoY.

Financial results and structure

• WSE Group revenues grew at a 7.6% CAGR (2019-2025 Q3 LTM), with a diversified mix including commodities and market data.

• Q3 2025 revenues rose 20.5% YoY to PLN 135.1 million; net profit increased 29.5% YoY to PLN 49.2 million; ROE reached 18.1%.

• TGE Group saw strong growth in gas trading (+47.6% YoY) and clearing revenues (+13.2% YoY), despite a drop in electricity trading.

• Operating expenses rose 12% YoY in Q3 2025, mainly due to higher personnel costs and IT amortization.

• CAPEX increased 35.3% YoY, driven by investments in proprietary trading platforms and IT infrastructure.