GPW Group’s Record-breaking H1 2026

The Warsaw Stock Exchange Group (GPW Group) closed the first six months of 2026 with record-breaking results. Revenue reached PLN 324.2 million, representing a year-on-year increase of 17.3%. Adjusted EBITDA rose by 20.1% year on year to PLN 140.6 million and adjusted net profit attributable to the owners of the parent entity increased by 18.2% year on year, reaching PLN 127.9 million.

• PLN 321.7 billion – Main Market turnover value in H1 2026 (27.4% YoY)
• PLN 324.2 million – GPW Group sales revenue in H1 2026 (17.3% YoY)
• PLN 140.6 million – GPW Group adjusted EBITDA in H1 2026 (20.1% YoY)
• PLN 127.9 million – adjusted net profit attributable to the owners of the parent entity in H1 2026 (18.2% YoY)
• PLN 3.40 per share – record dividend paid for 2025 (+7.9% YoY)

The strong performance of the GPW Group was driven by high growth in GPW Main Market share turnover. The turnover amounted to PLN 321.7 billion in H1 2026 (+27.4% YoY), driven by rises in the main indices.

In August 2026, WIG20 crossed the 4,000-point mark for the first time in history and set a new record for the first time since 2007. Importantly, WIG20 Total Return (which includes dividends) exceeded its 2007 high as early as December 2023 and gained over 100% in less than two years. WIG and mWIG40 also reached new all-time highs in August. WIG gained 29.7%, WIG20 gained 26.7%, mWIG40 gained 27.0%, and sWIG80 gained 5.3% from the beginning of 2026 until the date of publication of the results.

The Warsaw Stock Exchange remains one of the most liquid stock exchanges in Europe. According to data from the Federation of European Securities Exchanges (FESE), the Polish market maintained a high position amongst European stock exchanges as measured by velocity ^[1] in H1 2026, which reached 50.2%.

“We are consistently pursuing the objectives set out in our strategy, building the strength and competitiveness of the Polish capital market. The market’s continued high liquidity, the high level of activity among issuers and investors, and new all-time highs of the indices, all demonstrate that GPW is an attractive venue to invest and raise capital for growth. Our priority is to ensure that domestic investors benefit to a greater extent from the growth on the Warsaw Stock Exchange. We are committed to increasing revenue and shareholder value. The strong results for the first half of the year and the record dividend confirm that this approach works,” said Tomasz Bardziłowski, President of the Management Board of the Warsaw Stock Exchange.

On 6 August 2026, GPW paid a record dividend of PLN 3.4 per share. This represents an increase of 7.9% year on year. The total amount allocated for the dividend payment was over PLN 142.7 million, representing 72.2% of the consolidated net profit for 2025.

Financial and Commodity Market Results

The GPW Group generated record-high revenue of PLN 324.2 million in H1 2026, representing a year-on-year increase of 17.3%. In the Financial Market segment, revenue amounted to PLN 221.8 million, up 23% YoY. This was primarily due to higher revenue generated by high EOB turnover. The average daily EOB share turnover value was PLN 2.51 billion in H1 2026, up 27.3% YoY. EOB turnover has doubled over the last three years while the market capitalisation of domestic companies has risen from PLN 650 billion to over PLN 1,414 billion.

The Group’s revenue in the Commodity Market segment amounted to PLN 91.8 million in H1 2026, representing a 4.7% increase YoY. The noticeable slowdown in revenue growth of TGE in Q2 2026 (-7.3% YoY) was mainly due to lower revenue from trading and from the clearing of transactions on the gas market, as well as lower liquidity on the energy forward market linked to the rise in CO₂ emission allowance prices.

The GPW Group’s operating expenses rose by 11.0% YoY and reached PLN 197.1 million in H1 2026. The increase in expenses was primarily due to development efforts at AMX and the expansion of GPW’s operations. The cost/income ratio fell to 60.8% in H1 2026.

The GPW Group’s adjusted EBITDA for the period from January to June 2026 amounted to PLN 140.6 million, representing an increase of 20.1% year on year. The EBITDA margin reached 43.4%, representing a year-on-year increase of 1 percentage point. Adjusted net profit attributable to the owners of the parent entity amounted to PLN 127.9 million, up 18.2% year on year. Return on equity (ROE) stood at 20.1%, the highest level in seven years.

High Trading Volumes on GPW Markets

The Polish capital market remained highly active in H1 2026. By mid-August, equity transactions totalled PLN 17.8 billion. Ten companies have been floated on the GPW Main Market year to date, marking the first positive net balance of IPOs and delistings in a decade. Another seven companies were newly listed on NewConnect. There were 30 SPOs and ABBs during the period, confirming the strong activity of issuers and investors on the public market.

Twenty-five ETFs, ETNs, and ETCs were newly listed on the Warsaw Stock Exchange year to date in 2026, reaching a total of 45 listed instruments, of which 39 are listed on the GPW Main Market and 6 on GlobalConnect. The total turnover in these instruments reached a record high of PLN 3.44 billion, up 136.7% year on year, exceeding the turnover recorded for the whole of 2025. The first ETF tracking Polish companies listed on the Warsaw Stock Exchange – the WIG30TR ETF – was newly listed on the Zagreb and Ljubljana stock exchanges in May 2026.

Activity on the Catalyst bond market also remains strong. Fourteen issuers have been newly listed on Catalyst year to date, and the value of bonds introduced to trading amounted to PLN 28.3 billion, representing a year-on-year increase of 7.9%. The value of non-Treasury bonds listed on Catalyst reached a record high of PLN 175 billion by mid-August, 23.4% higher than a year earlier. These results attest to the growth of Catalyst, which will be further strengthened by a revitalisation programme based on three pillars: simplifying the issuance process, increasing liquidity, and reducing regulatory barriers.

GPW WATS Roll-out in Production

The Warsaw Stock Exchange is continuing intensive testing of its new trading system, GPW WATS. System tests are proceeding according to schedule, and dress rehearsals involving market participants are planned for September.

“We are implementing an ambitious technological programme. Its key element is the roll-out of the new trading platform, GPW WATS. It is a fully in-house solution and an investment which enhances the security, efficiency and competitiveness of our market and lays the foundations for the further development of our product range,” said Sławomir Panasiuk, Vice-President of the Management Board of the Warsaw Stock Exchange.

Provided that the dress rehearsals are successfully completed and GPW and market participants reach full preparedness, the system migration will take place on 3 and 4 October, with the GPW WATS going live on 5 October.

Capital Market Development

Personal Investment Accounts (OKI) are set to be launched on 1 January 2027. Under the OKI scheme, investors can invest up to PLN 100,000 free from capital gains tax and will be free to invest and divest. Above this threshold, instead of capital gains tax, an asset value tax of 0.85% will be charged on OKI accounts in 2027. In subsequent years, it will amount to 19% of the NBP reference rate. According to estimates by the Ministry of Finance, an additional PLN 74 billion in capital will flow into GPW by 2040 thanks to the OKI scheme.

“We are positive that the Personal Investment Accounts will serve as a catalyst for attracting new investors to the capital market, benefiting them and the Polish economy alike. We believe that greater mobilisation of domestic capital will be one of the key factors supporting the financing of investment and innovation in the coming years,” said Tomasz Bardziłowski, President of the Management Board of the Warsaw Stock Exchange.

The number of brokerage accounts in Poland rose to over 2.91 million at the end of July 2026 while the number of active accounts increased by 38% year on year and exceeded 444,000, representing one of the highest levels on record.

S&P Dow Jones Indices has announced the upgrade of Poland from emerging market to developed market with effect from September 2027. In earlier consultations, S&P highlighted the Polish economy’s resilience to economic and political challenges, Poland’s effective fiscal policy, and the fact that the Polish capital market meets the quantitative and qualitative criteria required for developed markets.