Current reports

2023-05-24 18:20:47

Approval by the GPW Supervisory Board of the GPW Group development strategy 2023-2027 including new dividend policy, and disclosure of delayed inside information

Current Report No. 7/2023

Date: 24 May 2023

Topic: Approval by the GPW Supervisory Board of the GPW Group development strategy 2023-2027 including new dividend policy, and disclosure of delayed inside information

Legal basis: Article 17(1) MAR – inside information

Content:
The Management Board of the Warsaw Stock Exchange (“GPW”, “Company”, “Exchange”) announces that on 24 May 2023, the GPW Supervisory Board has approved the development strategy of the GPW Group for 2023-2027 (“Strategy”).

The GPW Group plans to achieve average annual revenues of PLN 498 million and average annual EBITDA of PLN 215 million in 2023-2027. Revenue in 2027 will increase by PLN 157 million vs. 2023, of which PLN 101 million is attributable to new strategic initiatives. EBITDA margin will increase to 50% in the Strategy time horizon.

According to the Strategy, approximately 35% of the GPW Group’s average annual revenues in 2023-2027 will be recurring revenues independent of the turnover in financial instruments, including among others information services and regular fees paid by issuers. This will improve the company’s financial security and the predictability of its results.

The 2023-2027 Strategy focuses on three pillars of growth of the GPW Group:
- trading
- data and technology
- new business models

The Strategy provides for the implementation of a range of optimisation initiatives focused on improving operational efficiency. Between 2023 and 2027, the GPW Group will continue to transform its operating model to gradually improve cost efficiency.

Within the timeframe of the Strategy 2023-2027, it is the intention of the GPW Management Board to recommend to the General Meeting dividend payments in line with the profitability and financial capacity of GPW, in the range of 60-80% of the consolidated net profit of the GPW Group for each financial year. According to the Strategy, the GPW Group will keep up its acquisition potential. In the absence of acquisitions, the Management Board may recommend to the General Meeting a dividend payout higher than 60-80%.

The Company makes the reservation that the objectives and targets of the Strategy are not a forecast or estimate of performance, including financial performance, and refer only to the intended course of action for the period 2023-2027.

A detailed description of the strategic initiatives for 2023-2027 will be provided in a presentation to be delivered by the Company at an investor conference on 25 May 2023. The presentation will be available on the website https://www.gpw.pl/investor-relations.

The Management Board of the Company announces that, acting pursuant to Article 17(1) and (4) of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse and repealing Directive 203/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC, it decided on 18 May 2023 to delay the public disclosure of inside information concerning the approval by the GPW Management Board of the GPW Group’s development strategy for 2023-2027 together with the new dividend policy.

Legal basis: Article 17(1) and (4) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 203/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ L 173) (“MAR”).

Signatures of the Company’s representatives:
Izabela Olszewska – Member of the Management Board
Monika Gorgoń – Member of the Management Board