Full Year 2025 Gielda Papierow Wartosciowych w Warszawie SA Earnings Call Transcript
Key Points
- The Warsaw Stock Exchange (FRA:WSX) experienced a record year in 2025 with a 42% increase in cash equity turnover and significant growth in key indices.
- Financial market revenues increased by 23%, contributing to a consolidated top line of PLN 552 million.
- The company maintained a strong liquidity position with net cash of PLN 384 million and a market cap increase of over PLN 1 billion.
- The Warsaw Stock Exchange remains one of the most liquid exchanges in Europe, second only to Deutsche Borse.
- The company saw a strong start to 2026 with a 50% increase in turnover in the first two months, driven by higher global market volatility.
- Operating costs increased by 9.9%, with a significant portion attributed to personnel costs and IT investments.
- Adjusted EBITDA and net profit decreased by 38% and 30% respectively, despite strong revenue growth.
- The electricity trading segment underperformed, with the lowest trading volume since 2017.
- The company faced challenges in commercializing non-core projects, resulting in a write-off with a negative impact on net profit.
- Geopolitical events, particularly in the Middle East, negatively impacted the Polish gas market, leading to decreased trading activity.
Good afternoon and good morning, everyone. Welcome to our Warsaw Stock Exchange Q4 2025 and Full Year Results Call. Thank you for joining us.
Let me introduce today's speakers. We have with us CEO of Warsaw Stock Exchange, Mr. Tomasz Bardzilowski; the CFO, Marcin Rulnicki; and additionally with us, we have the CEO of our subsidiary, the Commodity Exchange, Mr. Piotr Listwon. So we have planned around 20, 25-minute presentation followed by a Q&A session for you.
And now without further ado, let me pass the floor to our CEO, Tomasz.
Good afternoon. Welcome on our earnings call. 2025 was a record year Polish Capital market and for the Warsaw Stock Exchange. When you look at the cash equity turnover, it was up 42% year-on-year and also the record high performance of our indices, the main index VIX was up 47% and MSCI Poland up 68%. This helped our revenues for cash equities business.
And as a result of that, our
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