GPW’s Record-high Turnover and Revenue in Q1 2025

The Warsaw Stock Exchange Group closed Q1 2025 with record-high revenue of PLN 132.3 million, up 11.9% year on year. EBITDA increased by 25.7% year on year to PLN 54.7 million and the net profit attributable to owners of the parent entity increased by 27.8% year on year to PLN 50.5 million. The Warsaw Stock Exchange remained a European leader by growth of turnover and liquidity while reporting the highest cost efficiency in twelve quarters.

• PLN 132.3 million – record-high sales revenue of the GPW Group in Q1 2025 (11.9% YoY)
• PLN 111.2 billion – record-high Main Market EOB turnover in Q1 2025 (34.6% YoY)
• PLN 54.7 million – GPW Group’s EBITDA in Q1 2025 (25.7% YoY)
• PLN 50.5 million – net profit attributable to owners of the parent entity in Q1 2025 (27.8% YoY)
• 65.8% – cost-to-income ratio, the lowest in three years
• PLN 3.15 per share – recommended dividend for 2024 (dividend yield 6.6%)

The Warsaw Stock Exchange maintained its strong position among Europe’s leading capital markets in Q1 2025. According to the Federation of European Securities Exchanges (FESE), GPW recorded a 38.4% year-on-year increase in EOB equity turnover in EUR, the fourth highest rate in Europe. The Warsaw Stock Exchange ranked second among European exchanges by liquidity for another consecutive quarter with a velocity ratio of 56.6%.

The GPW Group generated revenue of PLN 132.3 million in Q1 2025, an increase of 11.9% year on year. The record-high figure was driven by revenue on the Financial Market and the Commodity Market.

Revenue in the Financial Market segment amounted to PLN 85.1 million, up 14.7% year on year. The increase in revenue in this segment was driven by record-high GPW Main Market EOB turnover. It reached PLN 111.2 billion in January-March 2025, a year-on-year increase of 34.6%. The average daily EOB equity turnover amounted to PLN 1.79 billion, a 36.7% increase year on year.

The high turnover was accompanied by record-high index performance, putting GPW among the leading global markets in 2025. WIG closed March 2025 at 95,953.33 points, gaining 20.6% year to date. WIG crossed the symbolic mark of 100,000 points in April for the first time in its history. As of January 2025, the Warsaw Stock Exchange has been one of the best performing equity markets in the world with the main indices gaining nearly 30%.

Positive trends were also strong on the Commodity Market. Higher revenue of TGE, including revenue from trading in natural gas and in property rights, more than offset the decline in revenue from electricity trading. As a result, the Group’s revenue in the Commodity Market segment increased by 9.1% year on year to PLN 43.2 million.

The GPW Group’s operating expenses in Q1 2025 increased by 5.3% year on year to PLN 87.0 million. This was the fourth consecutive quarter when revenue growth was higher than growth of expenses. As a result, the cost/income ratio fell to 65.8% in Q1 2025 from 69.9% in Q1 2024.

The GPW Group’s EBITDA amounted to PLN 54.7 million in January-March 2025, an increase of 25.7% year on year. The EBITDA margin reached 41.3%, an increase of 4.5 percentage points year on year. The net profit attributable to owners of the parent entity amounted to PLN 50.5 million, up 27.8% year on year.

“Strong investor activity and favourable equity market conditions ensured the Group’s record-high revenue in Q1 2025. As the revenue was high and operating expenses remained under control, the cost/income ratio was reduced to 65.8%, the lowest in twelve quarters. We have recorded a growth rate of expenses lower than the revenue growth rate for the fourth quarter in a row, which has a positive impact on the Group’s profitability. This is the best proof that the strategy we are pursuing is delivering the expected results,” said Tomasz Bardziłowski, President of the Management Board of the Warsaw Stock Exchange.

The key event on the primary market in Q1 2025 was the new listing of Diagnostyka, the largest network of medical laboratories in Poland. Its IPO worth approximately PLN 1.7 billion was the first IPO on GPW this year and the fourth largest IPO in Europe in Q1 2025.

The first three months of the year brought stronger activity on the Catalyst market as well. The value of bonds introduced to Catalyst increased by 43.4% year on year, reaching PLN 11.3 billion. The largest corporate bond issues were completed by Benefit Systems at PLN 1 billion and by Polenergia at PLN 750 million, introduced in the Warsaw Sustainable Segment.

As many as seven new issuers were newly listed on Catalyst in March alone, the most intensive month this year by the number of new listings. The issuers included local governments: the City of Katowice, the City of Kobyłka, the Municipality of Kolbudy, and the Municipality of Sopot. Local governments are increasingly using the capital market as a source of financing for long-term development.

The Warsaw Stock Exchange has been steadily developing its Programme of Reduction of Fees for Exchange Members on Trade in ETFs, ETCs and ETNs, launched in December 2024. Nine brokerage firms have joined the programme so far. The total turnover in ETFs and ETCs amounted to PLN 661.5 million in Q1 2025, up 77.1% year on year. In April alone, the turnover in ETFs and ETCs increased by 194% year on year to a record level of PLN 366.0 million.

The very strong cash flows from operating activities in Q1 2025, which amounted to PLN 81.9 million, and more than PLN 455 million of liquid assets as at the end of the quarter provide a solid basis for the implementation of investment plans and the payment of a high dividend. GPW’s Management Board has recommended a dividend of PLN 3.15 per share, which represents a 5% year-on-year increase and implies a dividend yield of 6.6%¹. The total amount of the recommended dividend is over PLN 132 million, which represents nearly 89% of the consolidated net profit for 2024. The Management Board’s proposal has received a positive opinion from the Exchange Supervisory Board.

“Since the beginning of the year, the Warsaw Stock Exchange has been one of the strongest markets in the world. WIG has gained more than 30% and crossed the symbolic mark of 100,000 points, while turnover has reached historic highs. This is a clear sign that investors recognise the potential of our market and the strength of the Polish economy. We at GPW feel a responsibility to seize this moment. We want the record results to translate into new IPOs: we are in active dialogue with potential issuers and stand ready to support further companies on their way to being floated on the market. The Warsaw Stock Exchange should become a natural investment destination not only for professionals but also a wider group of Poles who should be able to enjoy the fruits of the good times. This is an excellent moment to be present on the stock exchange,” said Tomasz Bardziłowski, President of the Management Board of the Warsaw Stock Exchange.