GPW - Giełda Papierów Wartościowych w Warszawie S.A.

Earnings Release • May 14, 2025

SELECTED CONSOLIDATED FINANCIAL DATA OF THE GIEŁDA PAPIERÓW WARTOŚCIOWYCH W WARSZAWIE S.A. GROUP

Selected data in the statement of comprehensive income, consolidated, under IFRS

	Three months period ended 31 March (unaudited)
	2025	2024*	2025	2024*
	PLN'000			EUR'000 [1]
Sales revenue	132,314	118,193	31,618	27,353
Operating expenses	(87,022)	(82,658)	(20,795)	(19,129)
Gains on reversed impairment of receivables/(Losses) on impairment of receivables	(46)	(431)	(11)	(100)
Other revenue	1,023	877	244	203
Other expenses	(293)	(96)	(70)	(22)
Operating profit	45,976	35,885	10,986	8,305
Financial income	5,819	6,274	1,391	1,452
Financial expenses	(1,088)	(2,227)	(260)	(515)
Share of profit/(loss) of entities measured by the equity method	10,330	8,149	2,468	1,886
Profit before tax	61,037	48,081	14,585	11,127
Income tax expense	(10,221)	(8,301)	(2,442)	(1,921)
Net profit for the period	50,816	39,780	12,143	9,206
Basic/Diluted net earnings per share	1.20	0.65	0.29	0.15
EBITDA [2]	54,715	43,542	13,075	10,077

Consolidated statement of comprehensive income, earnings per share, EBITDA

* transformed data

[1] The arithmetic mean of the average exchange rates announced by the National Bank of Poland applicable on the last day of each month was used (in the period of 3 months of 2025, 1 EUR = 4.1848 PLN, in the period of 3 months of 2024, 1 EUR = 4.3211 PLN).

[2] EBITDA = operating profit + depreciation/amortisation.

Consolidated statement of financial position

	As at
	31 March 2025 (unaudited)	31 December 2024*	31 March 2025 (unaudited)	31 December 2024*
	PLN'000		EUR'000[1]
Non-current assets:	839,683	807,912	200,694	189,074
Property, plant and equipment	108,320	106,055	25,890	24,820
Right-to-use assets	26,109	25,978	6,240	6,080
Intangible assets	342,271	333,548	81,807	78,059
Investment in entities measured by the equity method	314,613	303,430	75,196	71,011
Other non-current assets	48,370	38,901	11,561	9,104
Current assets:	577,082	465,472	137,929	108,933
Trade receivables and other receivables	118,921	68,795	28,423	16,100
Financial assets measured at amortised cost	302,157	262,874	72,219	61,520
Cash and cash equivalents	153,193	132,236	36,615	30,947
Other current assets	2,811	1,567	672	367
TOTAL ASSETS	1,416,765	1,273,384	338,623	298,007
Equity	1,126,049	1,075,220	269,139	251,631
Non-current liabilities:	94,963	95,224	22,697	22,285
Lease liabilities	19,834	19,878	4,741	4,652
Other liabilities	75,129	75,346	17,957	17,633
Current liabilities:	195,753	102,940	46,787	24,091
Lease liabilities	7,133	6,889	1,705	1,612
Other liabilities	188,620	96,051	45,082	22,479
TOTAL EQUITY AND LIABILITIES	1,416,765	1,273,384	338,623	298,007

* transformed data

[1] At the average exchange rate EUR/PLN of the National Bank of Poland as at 31.03.2025 (1 EUR = 4.1839 PLN) and as at 31.12.2024 (1 EUR = 4.2730 PLN).

Selected financial indicators

	As at/Three months period ended 31 March (unaudited)
	2025	2024*
EBITDA margin (EBITDA/Sales revenue)	41.4%	36.8%
Operating profit margin (Operating profit/Sales revenue)	34.7%	30.4%
Return on equity (ROE) (Net profit for last 12 months/Average equity at the beginning and at the end of the 12-month period)	14.4%	15.0%
Debt to equity (Lease liabilities and liabilities under bond issue/Equity)	2.4%	2.8%
Cost/ income (GPW Group operating expenses / GPW Group sales revenue (for a 3- month period))	65.8%	69.9%

* transformed data