Gielda Papierow Wartosciowych w Warszawie SA
WSE:GPW
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Gielda Papierow Wartosciowych w Warszawie SA
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Gielda Papierow Wartosciowych w Warszawie SA
Gielda Papierow Wartosciowych w Warszawie SA engages in organising exchange trading in financial instruments and activities. The company is headquartered in Warsaw, Woj. Mazowieckie and currently employs 466 full-time employees. The company went IPO on 2010-11-09. The company is a parent entity of WSE Group that offers products and services within its trading markets of equity, derivate, fixed income and structured products. The company also distributes market data. The firm has two business lines: Financial market, which includes trading in equities, derivatives, fixed-income and other instruments, listing, and information services; and Commodity market, which includes trading in electricity and property rights in certificates of origin, operation of a register of certificates of origin, clearing, trade and technical trade operator services. As of December 31, 2011, it operates two wholly owned subsidiaries, WSEInfoEngine SA, providing data transmission and information services; and Instytut Rynku Kapitalowego WSE Research SA, engaged in publishing; as well as 92.47%-owned BondSpot SA.
Gielda Papierow Wartosciowych w Warszawie SA engages in organising exchange trading in financial instruments and activities. The company is headquartered in Warsaw, Woj. Mazowieckie and currently employs 466 full-time employees. The company went IPO on 2010-11-09. The company is a parent entity of WSE Group that offers products and services within its trading markets of equity, derivate, fixed income and structured products. The company also distributes market data. The firm has two business lines: Financial market, which includes trading in equities, derivatives, fixed-income and other instruments, listing, and information services; and Commodity market, which includes trading in electricity and property rights in certificates of origin, operation of a register of certificates of origin, clearing, trade and technical trade operator services. As of December 31, 2011, it operates two wholly owned subsidiaries, WSEInfoEngine SA, providing data transmission and information services; and Instytut Rynku Kapitalowego WSE Research SA, engaged in publishing; as well as 92.47%-owned BondSpot SA.
Revenue: Consolidated revenue for 2025 was PLN 552 million (management called it a record), driven by strong financial-market and commodity-market activity.
Trading activity: Cash equity turnover was up 42% year‑on‑year and annual trading on the exchange exceeded PLN 470 billion; Q4 trading turnover was PLN 140 billion.
Profitability: Management reported adjusted net profit for the year of almost PLN 205 million; Q4 adjusted net profit was PLN 47.3 million (up 9% Q4 v Q4).
Costs & efficiency: Operating expenses rose 9.9% in 2025 (Q4 operating expenses PLN 96 million, up 14.2%); cost/income ratio fell by 5 percentage points to 66%.
Cash & CapEx: CapEx increased 35% to PLN 75 million; net cash ended the year around PLN 384 million (down 4%); free cash flow was PLN 127 million.
Commodities: Commodity-market revenues were strong (PLN 24.7 million in Q4; nearly PLN 98 million for 2025) with gas the main driver (annual gas volumes ~209 TWh).
Outlook & projects: WATS platform launch planned mid‑2026 will raise depreciation and recognize previously capitalized costs, but should lower CapEx after launch; dividend policy target is 60–80% of net profit.
