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GPW SAUPDATE: WSE operator GPW posts PLN 57.7 mln net profit in Q2 2025, above expectations
The Warsaw Stock Exchange's operator GPW posted a PLN 57.7 million (EUR 13.6 mln) attributable net profit in the second quarter of 2025, above the PAP Biznes consensus for a PLN 56.8 million (EUR 13.4 million) net take, GPW's financial report showed.
In the second quarter of 2025, the group achieved PLN 144.1 million (EUR 33.9 mln) in sales revenue, which is a year-on-year increase of 19.2 percent, while the PAP Biznes consensus assumed PLN 140.9 million (EUR 33.1 mln).
EBITDA amounted to PLN 62.4 million (EUR 14.7 mln) compared to the consensus of PLN 61.4 million (EUR 14.4 mln), and EBIT was PLN 52.9 million (EUR 12.4 mln) compared to the consensus of PLN 52.1 million (EUR 12.3 mln).
It was indicated that the group's operating costs in the second quarter amounted to PLN 90.6 million (EUR 21.3 mln), increasing by 8.1 percent year on year. This was the fifth consecutive quarter in which revenue growth exceeded the rate of cost growth. As a result, the cost/income ratio fell by 6.4 percentage points year-on-year to 62.9 percent, the lowest level in over three years.
"The group's record revenues in the first half of 2025 go hand in hand with historic highs in the main indices. We are consistently controlling operating costs and strengthening the foundations of the market, which should become an increasingly strong source of capital for Polish companies investing, developing and implementing innovations. A stronger capital market also means greater opportunities for individual investors," said GPW's CEO Tomasz Bardzilowski, quoted in the press release.
PLN mln
| 2Q2025 | results | consensus | difference | y/y | q/q | YTD 2025 | y/y |
| Revenues | 144.1 | 140.9 | 2.3% | 19.2% | 8.9% | 276.4 | 15.6% |
| EBITDA | 62.4 | 61.4 | 1.6% | 49.7% | 14.0% | 117.1 | 44.1% |
| EBIT | 52.9 | 52.1 | 1.5% | 76.3% | 15.0% | 98.9 | 50.1% |
| Attrib. net profit | 57.7 | 56.8 | 1.7% | 62.1% | 14.3% | 108.2 | 44.1% |
| EBITDA margin | 43.3% | 43.6% | -0.31 | 8.82 | 1.95 | 42.37% | 8.36 |
| EBIT margin | 36.7% | 37.0% | -0.29 | 11.89 | 1.94 | 35.78% | 8.21 |
| net margin | 40.0% | 40.3% | -0.25 | 10.59 | 1.87 | 39.14% | 7.73 |
mbi/ nl/