WSE operator GPW posts PLN 49.2 mln net profit in Q3 2025, above expectations

In the third quarter of 2025, the group achieved PLN 135.1 million (EUR 31.9 mln) in sales revenue, which is a year-on-year increase of 20.5 percent, while the PAP Biznes consensus assumed PLN 130.9 million (EUR 30.9 mln).

EBITDA amounted to PLN 53.8 million (EUR 12.7 mln) compared to the consensus of PLN 49.5 million (EUR 11.7 mln), and EBIT was PLN 44.3 million (EUR 10.5 mln) compared to the consensus of PLN 40.0 million (EUR 9.4 mln).

"The cost/income ratio after three quarters of 2025 fell to 65.3 percent and is in line with the financial targets announced a year ago as part of the Strategic Development Directions 2025-2027," said Tomasz Bardzilowski, CEO of the Warsaw Stock Exchange, quoted in the announcement.

"Thanks to dynamic profit growth, the return on equity (ROE) for the last twelve months has already reached our financial target of 18.1 percent," he added.

The consolidated revenue of the GPW Group in the first three quarters of 2025 amounted to PLN 411.5 million (EUR 97.2 mln), which represents an increase of 17.2 percent year on year. Operating costs in the same period increased by 8.5 percent, mainly due to higher personnel costs.

Consolidated operating profit amounted to PLN 143.1 million (EUR 33.8 mln), an increase of 47.8 percent compared to the first nine months of 2024.

EBITDA amounted to PLN 170.8 million (EUR 40.3 mln), an increase of 42.4 percent. The WSE reported that the high growth rate of operating profit was also influenced by the fact that an impairment loss of PLN 5.8 million (PLN 1.4 mln) was recognised in the comparative period.

seb/ han/