The adjusted net profit of the GPW Capital Group in Q4 amounted to PLN 47.3 million, adjusted EBITDA amounted to PLN 54.5 million – the Warsaw Stock Exchange announced in a statement. The PAP Biznes consensus assumed PLN 47.7 million of adjusted net profit and PLN 54.5 million of adjusted EBITDA.
The WSE's adjusted operating profit in Q4 amounted to PLN 45.5 million compared to the consensus PLN 43.8 million. Revenues in this period reached PLN 140.4 million compared to the consensus of PLN 137.9 million.
The revenues of the Warsaw Stock Exchange Capital Group in 2025 amounted to PLN 551.9 million, which means an increase of 18.7%. rdr. The Financial Market Segment increased by 23.1% year on year. and achieved revenues of PLN 364.5 million, which was the result of record trading in shares and an increase in data sales.
The Commodity Market Segment, taking advantage of the growing natural gas turnover, generated PLN 171.6 million in revenues, an increase of 12.5%. rdr.
Adjusted EBITDA amounted to PLN 225.4 million, which corresponds to an increase of 37.7%. rdr. This result takes into account maintaining cost discipline and the effect of the increased volume of transactions on financial markets.
Adjusted net profit amounted to PLN 204.7 million, increasing by 30.2%. rdr.
The trend continued in which the growth of revenues exceeded the growth of operating costs. The cost/income ratio decreased to 66.1%. reaching the level assumed in the financial ambitions of the Strategic Development Directions 2025-2027. The ROE ratio for the last twelve months reached 17.8%, achieving the strategic goal in this area.
As stated, the reported result was influenced by one-off events relating to companies outside the core business.
The negative effect of impairment losses and provisions, less recognized subsidies, amounted to a total of PLN 37.6 million in 2024 and 2025 and concerned GPW DAI, GPW Private Market and GPW Logistics.
These events were of an accounting nature, did not affect cash flows and did not reduce the Group's dividend capacity. In the same period, the total operating costs of these entities reached PLN 44.0 million with revenues generated at the level of PLN 25.5 million, which confirmed the limited potential of their further commercialization.
“The priority remains the continuation of the attractive dividend policy, including the payment of 60 – 80 percent of consolidated net profit and striving for a gradual increase in the level of dividends. The Group's financial stability and revenue structure allow us to implement these assumptions in a predictable and responsible manner,” said Tomasz Bardziowski, CEO of GPW, quoted in the press release.
It was assessed that 2025 was primarily characterized by a strong recovery in secondary emissions – SPO and ABB – while the number of new primary offerings remained limited. The total value of the Equity Capital Market (IPO, SPO and ABB transactions) in 2025 was PLN 20.3 billion, which means a year-on-year increase of 28.5%.
The announcement stated that demand in SPO and ABB offers was largely generated by institutional investors. This trend confirmed the rebuilding of issuers' trust in the stock market as an effective source of capital.
In 2025, a total of 55 debuts were recorded on the Warsaw Stock Exchange. As stated in the announcement, the public offering of Diagnostyka, worth approximately PLN 1.7 billion, was particularly important on the WSE Main List and was one of the largest debuts in Europe in this period. In the second quarter of 2025, the following debuted on the WSE Main Market: Arlen and QNA Technology transferred from NewConnect.
8 companies debuted on the NewConnect market in 2025, while 28 bond debuts were recorded on the Catalyst market.
2025 was the first year of implementation of the Strategic Development Directions of the GPW Group for 2025-2027, aimed at developing the capital market, building shareholder value and modernizing technological infrastructure. These activities constitute an important element in strengthening the long-term competitiveness of the Polish capital market in the Central and Eastern European region and its role in financing the economy.
Highest turnover levels in history
As written in the release, last year the passive instruments segment on the WSE developed at a rapid pace, reaching the highest levels of turnover in history. The development of this market is supported by the increasing number of available products. In 2025, 6 new ETFs debuted on the Warsaw Stock Exchange, and in 2026, 8 more were introduced to trading.
The total number of ETFs, ETCs and ETNs listed on the WSE increased to 28 instruments, expanding the investment offer and increasing the possibilities of diversifying investors' portfolios.
The total value of trade in ETFs and ETCs on the WSE in 2025 amounted to PLN 3.32 billion, which means an increase of 121.5%. on an annual basis. The dynamic growth trend also continued at the beginning of 2026. In just the first two months, the turnover in ETFs and ETCs exceeded PLN 1.3 billion, which is higher than the value of turnover in these instruments in the entire 2023.
Last year, the recovery was also visible on the Catalyst market. In 2025, non-Treasury bonds worth PLN 33.4 billion were introduced to this market. The total value of bond issues listed on the Catalyst market already reaches PLN 154 billion.
It was indicated that the GlobalConnect market was also developing, where shares of 13 global companies debuted in 2025, including: from Denmark, Sweden, the USA and Germany, quoted in PLN and facilitating investors' access to international markets without the need to incur currency conversion costs.
In the area of technological infrastructure, the GPW WATS trading system remained the group's key project. In 2025, intensive functional, security, integration and performance tests were carried out in cooperation with the Exchange Members. Based on the test results, the system implementation schedule was updated and adjusted to ensure full stability and security of the platform at launch.
The final implementation date of GPW WATS will depend on the state of technological readiness and the results of General Tests conducted with market participants. GPW WATS remains a strategic project whose aim is to provide a scalable and modern infrastructure supporting the further development of the capital market.
Development of the capital market and building value for stakeholders and shareholders
“In our Strategy, we focus on two complementary pillars – the development of the capital market and building value for stakeholders and shareholders. As part of the first pillar, we primarily took an active part in consultations on the Personal Investment Accounts project, which, in our opinion, will be a breakthrough for the market. We also implemented a number of initiatives aimed at attracting new issuers, including the first edition of the GPW IPO Academy and activities supporting current issuers, including a record-breaking edition of the Program Analytical Coverage Support. In the product area, we placed particular emphasis on the development of the ETF offer. Their number on the WSE is now twice as high as at the beginning of 2025,” said Tomasz Bardziowski, CEO, quoted in the release.
As stated in the press release, 2025 brought the highest investor activity on the stock market in the history of the Warsaw Stock Exchange. The value of session turnover on the WSE Main Market amounted to PLN 470.3 billion, which means a year-on-year increase of 41.9%.
It was indicated that the average daily turnover value also increased by 41.9%. up to PLN 1.89 billion. The historic investor activity in 2025 was accompanied by record levels of stock indices.
The WIG index exceeded 100,000 for the first time in history in April. points, and on February 25, 2026, it set a new closing record of 127,740.99 points.
“2025 was a record year for the WSE. The WIG broad market index increased by 47%, which is the highest increase in this century. Share turnover on the WSE Main List increased by 41.9% and reached a record PLN 470 billion, and the value of capital raising transactions by companies and their owners on the share market exceeded PLN 20 billion. All due to the greater interest of the WSE, both from global institutions, as well as a dynamically growing base of domestic investors,” said the president.
“The number of brokerage accounts in Poland increased by 565,000 last year, reaching over 2.5 million. Attracting domestic investors to the Stock Exchange is the main priority of our long-term development strategy and strengthening the role of Warsaw as the strategic financial center of the region,” he added.
The announcement stated that dynamic activity continued at the beginning of 2026, and in January, session turnover on the WSE Main Market exceeded PLN 50 billion for the first time in history, reaching PLN 51.2 billion, and in the period January – February increased by 51.8%. y/y, reaching PLN 100.1 billion.
It was added that the average daily value of trading in shares was PLN 2.5 billion, which confirms the continued high liquidity and growing investor activity in the conditions of increased volatility of global markets.
It was also indicated that on February 27, 2026, the WSE share price reached PLN 81.15 at closing, which is the highest value in the company's history. (PAP Business)
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