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Investor Activity on GPW in October 2025

GPW Main Market equity turnover totalled PLN 43.9 billion in October 2025, up 31.0% year on year. Average daily GPW equity turnover increased to PLN 1.87 billion, up 49.6% year on year. The WIG index set a new all-time high of 113,459 points at the closing on 24 October. The WIG gained 40.1% year to date.

• PLN 43.1 billion – Main Market EOB equity turnover value in October 2025 (+49.6% YoY)
• PLN 1.87 billion – average daily EOB equity turnover value in October 2025 (+49.6% YoY)
• PLN 347.8 million – structured product turnover value in October 2025 (+41.5% YoY)
• PLN 400.1 million – record-high ETF and ETC turnover value in October 2025 (+228.0% YoY)
• 11.9 TWh – total electricity turnover volume in October 2025 (-16.0% YoY)
• 20.4 TWh – total gas turnover volume in October 2025 (+112.7% YoY)

Equity Market

October saw increased investor activity on the Warsaw Stock Exchange. Total GPW Main Market equity turnover was PLN 43.9 billion, up 31.0% year on year. EOB equity turnover increased by 49.6% year on year to PLN 43.1 billion in October 2025. Average daily EOB equity turnover was PLN 1.87 billion, up 49.6% year on year. The WIG index closed October at 111,487.05 points and gained 40.1% year to date.

NewConnect total equity turnover reached PLN 199.1 million in October 2025, up 63.8% year on year. NewConnect EOB equity turnover value increased by 66.3% year on year to PLN 195.9 million.

GlobalConnect equity turnover stood at PLN 26.2 million in October 2025 vs. PLN 3.6 million in October 2024.

Structured Product and ETF Market

Structured product turnover value was PLN 347.8 million in October 2025, up 41.5% year on year. GPW’s ETF market is growing dynamically. Total ETF and ETC turnover value reached an all-time high of PLN 400.1 million in October 2025, up 228.0% year on year.

Derivatives Market

Total derivatives turnover volume was 0.8 million instruments in October 2025, down 5.9% year on year. Index futures turnover dropped 21.7% year on year to 441,200 futures. Currency futures turnover increased by 10.7% year on year to 153,900 futures. Single-stock futures turnover increased by 60.8% year on year to 161,500 futures.

Debt Market

The value of non-Treasury bond issues listed on Catalyst was PLN 150.8 billion at the end of October 2025 vs. PLN 122.8 billion at the end of October 2024. Catalyst EOB bond turnover value increased by78.0% year on year to PLN 991.8 million.

Total Treasury BondSpot Poland (TBSP) bond turnover value was PLN 139.4 billion in October 2025, up 75.4% compared to PLN 79.5 billion reported in October 2024.

Capitalisation of GPW Listed Companies

The capitalisation of 359 domestic companies listed on the GPW Main Market amounted to PLN 986.7 billion (EUR 231.9 billion) at the end of October 2025. The total capitalisation of 402 domestic and foreign companies reached PLN 2,253.0 billion (EUR 529.6 billion).

New Listings

The first new listing on the Warsaw Stock Exchange in October was that of WAN bonds with a total nominal value of PLN 50 million. The company specialises in comprehensive development projects of residential, commercial, office, and warehouse properties.

Another impressive new listing on NewConnect was Baseig, a Poznań-based company active in the fashion-tech sector. The share price rose by over 100% in the first minutes of trading. The share issue had a total nominal value of over PLN 2 million. Baseig combines e-commerce, clothing production, and AI technologies, offering comprehensive sales and fulfilment solutions for private labels and influencers.

The third new listing on the Warsaw Stock Exchange in October was that of PKO Bank Hipoteczny covered bonds for retail investors. Mortgage covered bonds with a total value of PLN 1.155 billion were introduced to trading. This historic new listing opened a new chapter in the development of Catalyst. For the first time in nearly a century, retail investors can use an instrument that was previously dedicated almost exclusively to institutional investors. Covered bonds are becoming a safe and accessible tool for long-term savings. Their presence on the Warsaw Stock Exchange has increased the transparency, liquidity, and attractiveness of the mortgage financing market in Poland.

Towarowa Giełda Energii

The total volume of transactions in gas on TGE increased to 20.4 TWh, up 112.7% year on year. The volume of spot transactions in gas increased to 3.3 TWh, up 31.6% year on year. The volume of forward transactions also increased to 17.2 TWh in October 2025, up 141.0% year on year.

The total volume of transactions in electricity stood at 11.9 TWh in October, down 16.0% year on year. The volume of spot transactions in electricity was down 4.2% and the volume of forward transactions was down 21.1% year on year to 7.8 TWh.

Spot turnover in property rights in certificates of origin other than property rights in energy efficiency certificates (“white certificates”) reached 1.0 TWh in October 2025, down 4.6% year on year.

Turnover in property rights in energy efficiency certificates (“white certificates”) increased by 51.6% year on year to 10.3 ktoe in October 2025.

Turnover in Guarantees of Origin for electricity generated from renewable energy sources stood at 6.4 TWh in October 2025, up 56.8% year on year.