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GPW SAUPDATE: WSE operator GPW posts PLN 50.5 mln net profit in Q1 2025, above expectations
The Warsaw Stock Exchange's operator GPW posted a PLN 50.5 million (EUR 11.9 mln) attributable net profit in the first quarter of 2025, above the PAP Biznes consensus for a PLN 31.6 million (EUR 7.4 mln) net take, GPW's financial report showed. Operating and net results turned out to be significantly higher than the market expectations, but this is due to a change in accounting policy.
The group reported record revenues of PLN 132.3 million (EUR 31.2 mln), up 11.9 percent year on year.
The reason for a significant difference in the final reported results against those expected is that analysts did not take into account in their forecasts a change in GPW's accounting policy. Due to this change, the amounts of Poland's financial market regulator KNF fees are now spread evenly over time, and in previous years GPW booked the entire fees for the year in the first quarter.
| 1Q2025 | results | consensus | difference | y/y |
| PLN mln | PLN mln | % | % | |
| Revenues | 132.3 | 128.6 | 2.9% | 12,00% |
| EBITDA | 54.7 | 36.6 | 49.4% | 25.7% |
| EBIT | 46.0 | 28.9 | 58.9% | 28.1% |
| Attrib. net profit | 50.5 | 31.6 | 59.7% | 27.8% |
| EBITDA margin | 41.4% | 28.5% | 12.89 | 4.51 |
| EBIT margin | 34.7% | 22.5% | 12.26 | 4.39 |
| net margin | 38.2% | 24.6% | 13.59 | 4.73 |
"High investor activity and a favourable equity market translated into record revenue levels for the group in the first quarter of 2025. High revenues, but also consistent control of operating costs, allowed us to reduce the cost/income ratio to 65.8 percent, the lowest in twelve quarters," said GPW's CEO Tomasz Bardzilowski, quoted in the press release.
"For the fourth quarter in a row, we have recorded a cost growth rate lower than the revenue growth rate, which has a positive impact on the group's profitability," he added.
CEO Bardzilowski pointed out that since the beginning of 2025, the Warsaw Stock Exchange has been one of the strongest markets in the world.
"The WIG index has risen by more than 30 percent and exceeded the symbolic level of 100,000 points, while turnover has reached historic highs. This is a clear signal that investors recognise the potential of our market and the strength of the Polish economy," he stressed.
"(...) we 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 are ready to support further companies on their way to the trading floor," the CEO added.
The group's capital expenditures in the first three months of 2025 totalled PLN 219.9 million (EUR 51.8 mln).
mbi/ pr/ ao/