News
Investor Activity on GPW in December 2025
GPW Main Market equity turnover totalled PLN 44.7 billion in December 2025, up 76.2% year on year. Annal equity turnover totalled PLN 491.9 billion, up 41.7% year on year. Average daily GPW equity turnover stood at PLN 2.01 billion in December, up 45.2% year on year. The annual average was PLN 1.89 billion in 2025, up 41.9% year on year. The WIG index closed the year 2025 at 117,240.24 points and gained 47.3% over the year.
- PLN 470.3 billion – Main Market EOB equity turnover value in 2025 (+41.9% YoY)
- PLN 1.89 billion – average daily EOB equity turnover value in 2025 (+41.9% YoY)
- PLN 3.32 billion – ETF and ETC turnover value in 2025 (+121.5% YoY)
- 119.5 TWh – total electricity turnover volume in 2025 (-9.2% YoY)
- 208.9 TWh – total gas turnover volume in 2025 (+52.8% YoY)
Equity Market
December brought continued strong investor activity on the Warsaw Stock Exchange. Total GPW Main Market equity turnover was PLN 44.7 billion, up 76.2% year on year. EOB equity turnover increased by 53.2% year on year to PLN 38.2 billion. Average daily EOB equity turnover was PLN 2.01 billion, up 45.2% year on year.
Total annual GPW Main Market turnover was PLN 491.9 billion in 2025, up 41.7% year on year. Annual EOB equity turnover increased by 41.9% year on year to PLN 470.3 billion and average daily turnover was PLN 1.89 billion, up 41.9% year on year.
NewConnect total equity turnover reached PLN 130.0 million in December 2025, up 50.1% year on year. NewConnect EOB equity turnover value increased by 48.6% year on year to PLN 122.2 million. Total annual NewConnect equity turnover reached PLN 2.4 billion in 2025, up 43.9% year on year. Total annual EOB equity turnover increased by 40.4% year on year to PLN 2.3 billion.
GlobalConnect equity turnover stood at PLN 27.1 million in December 2025 vs. PLN 8.5 million in December 2024, i.e. up 220.1% year on year. Total annual GlobalConnect equity turnover stood at PLN 212.7 million in 2025 vs. PLN 36.3 million in 2024, up 486.5% year on year.
Structured Product and ETF Market
Total ETF and ETC turnover value reached PLN 392.5 million in December 2025, up 181.9% year on year. Total annual ETF and ETC turnover was record-high at PLN 3.32 billion in 2025, up 121.5% year on year.
Structured product turnover value increased by 33.7% year on year to PLN 272.3 million in December 2025. Total annual structured product turnover increased by 23.2% year on year to PLN 3.30 billion in 2025.
Derivatives Market
Total derivatives turnover volume was 1.2 million instruments in December 2025, up 2.1% year on year. Index futures turnover increased by 0.4% year on year to 649,300 futures. Currency futures turnover dropped by 3.9% year on year to 325,300 futures. Single-stock futures turnover increased by 22.3% year on year to 188,300 futures.
Total annual derivatives turnover volume was 12.4 million instruments in 2025, down 8.6% year on year. Total annual single-stock futures turnover increased by 15.2% year on year to 1.68 million futures. Total annual index futures turnover decreased by 17.3% year on year to 6.7 million futures. Total annual currency futures turnover increased by 0.7% year on year to 3.83 million futures.
Debt Market
The value of non-Treasury bond issues listed on Catalyst was PLN 153.8 billion at the end of December 2025, up 16.9% year on year. Catalyst EOB bond turnover value stood at PLN 766.3 million in December, up 107.0% year on year. Total annual Catalyst non-Treasury bond turnover was PLN 8.65 billion in 2025, up 45.4% year on year.
Total Treasury BondSpot Poland bond turnover value increased by 73.0% to PLN 12.7 billion in December 2025. Total annual Treasury BondSpot Poland bond turnover was PLN 152.2 billion in 2025, up 0.5% year on year.
Capitalisation of GPW Listed Companies
The capitalisation of 356 domestic companies listed on the GPW Main Market amounted to PLN 1.04 trillion (EUR 245.3 billion) at the end of December 2025. The total capitalisation of 399 domestic and foreign companies reached PLN 2.44 trillion (EUR 575.9 billion).
New Listings
December 2025 brought the new listing of a video game company on NewConnect. Purple Ray Studio, an independent game creator and developer, was newly listed on 11 December with and issue of series C and D shares with a total value of PLN 4.9 million. The funds raised will be used for further project development and to strengthen the company’s operations.
Another highlight in December was the new listing on Catalyst of corporate bonds issued by the property developer Invest Komfort Finance with a total nominal value of PLN 100 million. The proceeds from the issue will be used to finance investment activities, which confirms the growing role of Catalyst as a source of financing for real estate market players.
Three new ETFs were introduced to trading on GlobalConnect in December: iShares AI Infrastructure UCITS ETF, iShares MSCI EM UCITS ETF, and Vanguard LifeStrategy 60% Equity UCITS ETF. The expansion of the GlobalConnect offering increases opportunities for investors to access foreign financial instruments listed in PLN. Santander Bank Polska is the market maker for the new ETFs.
There were 55 new listings on the Warsaw Stock Exchange in 2025. Three companies were newly listed on the GPW Main Market, eight companies on NewConnect, and 28 bond issues on Catalyst. Another 13 new companies and three ETFs were newly listed on GlobalConnect.
Towarowa Giełda Energii
The total volume of transactions in gas on TGE increased to 19.6 TWh in December 2025, up 67.5% year on year. The volume of spot transactions in gas increased to 3.7 TWh, up 8.1% year on year. The volume of forward transactions increased to 15.9 TWh, up 92.0% year on year.
Total annual volume of transactions in gas on TGE increased to 208.9 TWh in 2025, up 52.8% year on year. Annual volume of spot transactions in gas increased to 33.3 TWh, up 31.3% year on year. Annual volume of forward transactions increased to 175.6 TWh, up 57.7% year on year.
Total volume of transactions in electricity stood at 11.3 TWh in December, up 11.1% year on year. The volume of spot transactions in electricity was down 11.2% year on year to 3.7 TWh and the volume of forward transactions was up 26.3% year on year to 7.6 TWh.
Total annual volume of transactions in electricity stood at 119.5 TWh in 2025, down 9.2% year on year. The volume of spot transactions in electricity was down 3.1% year on year to 48.1 TWh and the volume of forward transactions was down 13.0% year on year to 71.3 TWh
Spot turnover in property rights in certificates of origin other than property rights in energy efficiency certificates (“white certificates”) reached 1.2 TWh, down 14.9% year on year. Turnover in property rights in energy efficiency certificates (“white certificates”) increased by 76.5% year on year to 13.4 ktoe.
Annual spot turnover in property rights in certificates of origin other than property rights in energy efficiency certificates (“white certificates”) reached 17.1 TWh in 2025, up 1.6% year on year. Annual turnover in property rights in energy efficiency certificates (“white certificates”) increased by 26.2% year on year to 128.7 ktoe in 2025.
Turnover in Guarantees of Origin for electricity generated from renewable energy sources stood at 5.1 TWh in December 2025, up 12.5% year on year. Total annual turnover in Guarantees of Origin for electricity generated from renewable energy sources stood at 53.2 TWh in 2025, down 4.1% year on year.