Gielda Papierów Wartosciowych w Warszawie S.A. (GPW) Earnings Call Transcripts

Gielda Papierów Wartosciowych w Warszawie S.A.'s Latest Earnings Call - Q1 FY2026

In Q1 2026, Gielda Papierów Wartosciowych w Warszawie S.A. (GPW) reported record revenues of PLN 169 million, a 27.5% increase year-on-year, driven by a 42% rise in cash equity turnover. Net profit surged 38% to nearly PLN 70 million, with a recommended dividend of PLN 3.40 per share, reflecting an 8% increase from the previous year. Management indicated a cautious outlook for Q2, with anticipated lower trading volumes in the commodity markets but maintained a positive long-term growth outlook for the Polish capital market.

Reported metrics

Guidance from management

Management expects cash equity trading volumes to grow at solid double-digit levels, but lower than Q1 due to high base effects. They anticipate ongoing high operating costs, particularly related to the WATS system rollout.

What management said

Good afternoon and good morning, everyone. Welcome to Warsaw Stock Exchange Q1 2026 Results Call. Thank you for joining us today. Let me introduce our today's speakers. We have with us the CEO of Warsaw Stock Exchange, Mr. Tomasz Bardzilowski; the CFO; Mr. Marcin Rulnicki; and the CEO of the subsidiary, the Polish Power Exchange, Mr. Piotr Listwon. We have planned a 20, 30-minute presentation for you followed by a Q&...

Of course, it depends. The contrast comes with the spot and the forward market. So depending what are the differences in the segment prices. So it's hard to predict those numbers. However, because I mentioned that fluctuation of the gas market is pretty high. So it is hard to predict. But in case of the InfoEngine customers, our production are just the solid ones that the volumes should be staying at a similar level.

What analysts pressed on

Analysts expressed concerns about the sustainability of revenue growth in the commodity markets and the impact of rising operational costs on profitability. There were also questions about the guidance updates given the strong revenue performance but rising costs.

Main topics on the call

• Record Revenue Growth — GPW achieved record revenues of PLN 169 million in Q1 2026, up 27.5% year-on-year, attributed to strong turnover growth in cash equities, which rose by 42%. Management stated, "It was a record quarter for the Exchange."
• Strong Net Profit Increase — Net profit increased by 38% year-on-year to almost PLN 70 million, showcasing effective cost management despite a 12% rise in operating expenses. The CEO noted, "Our earnings went up significantly on EBITDA level, up 42%...
• Dividend Recommendation — The Board recommended a record high dividend of PLN 3.40 per share, representing an 8% increase over the previous year. This reflects a commitment to returning value to shareholders amid strong financial performance.
• Commodity Market Challenges — Management indicated expected lower trading volumes in the commodity markets due to high price fluctuations and previous record highs. CEO Bardzilowski mentioned, "We are dealing with the very high fluctuation of the gas...

Read the full Gielda Papierów Wartosciowych w Warszawie S.A. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 28 Gielda Papierów Wartosciowych w Warszawie S.A. earnings call transcripts on record, spanning May 15, 2020 to September 4, 2026. Based on this history, Gielda Papierów Wartosciowych w Warszawie S.A. reports quarterly. The most recent call on file is dated September 4, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

GPW

Exchange

WSE

Country

PL

Sector

Financials

Industry

Capital Markets

Calls on record

28

First call

May 15, 2020

Most recent

September 4, 2026

Reporting cadence

quarterly