GPW - Giełda Papierów Wartościowych w Warszawie S.A.

Earnings Release • Nov 17, 2025

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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

Consolidated statement of comprehensive income

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

	As at
	2025	2024*	2025	2024*
	PLN'000			EUR'000[1]
Sales revenue	411,460	351,142	97,104	81,619
Operating expenses	(268,775)	(247,831)	(63,431)	(57,606)
Gains on reversed impairment of receivables/(Losses) on impairment of receivables	(860)	(374)	(203)	(87)
Other revenue	3,753	1,946	886	452
Other expenses	(2,451)	(8,041)	(578)	(1,869)
Operating profit	143,127	96,842	33,778	22,510
Financial income	17,338	17,556	4,092	4,081
Financial expenses	(3,162)	(5,697)	(746)	(1,324)
Share of profit/(loss) of entities measured by the equity method	34,423	28,337	8,124	6,587
Profit before tax	191,726	137,038	45,247	31,853
Income tax expense	(33,122)	(23,477)	(7,817)	(5,457)
Net profit for the period	158,604	113,561	37,430	26,396
Basic/Diluted net earnings per share	3.75	2.69	0.88	0.60
EBITDA[2]	170,824	119,933	40,314	27,877

^*restated

^[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 9 months of 2025, 1 EUR = 4.2373 PLN, in the period of 9 months of 2024, 1 EUR = 4.3022 PLN).

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Consolidated statement of financial position

	As at
	30 September 2025 (unaudited)	31 December 2024	30 September 2025 (unaudited)	31 December 2024
	PLN'000		EUR'000[1]
Non-current assets:	864,317	807,912	202,454	189,074
Property, plant and equipment	107,333	106,055	25,141	24,820
Right-to-use assets	22,692	25,978	5,315	6,080
Intangible assets	362,737	333,548	84,966	78,059
Investment in entities measured by the equity method	324,058	303,430	75,906	71,011
Other non-current assets	47,497	38,901	11,126	9,104
Current assets:	469,229	465,472	109,910	108,933
Trade receivables and other receivables	89,627	68,795	20,994	16,100
Financial assets measured at amortised cost	120,678	262,874	28,267	61,520
Cash and cash equivalents	255,858	132,236	59,931	30,947
Other current assets	3,066	1,567	718	367
TOTAL ASSETS	1,333,546	1,273,384	312,364	298,007
Equity	1,102,378	1,075,220	258,217	251,631
Non-current liabilities:	86,689	95,224	20,306	22,285
Lease liabilities	16,703	19,878	3,912	4,652
Other liabilities	69,986	75,346	16,393	17,633
Current liabilities:	144,479	102,940	33,842	24,091
Lease liabilities	7,090	6,889	1,661	1,612
Other liabilities	137,389	96,051	32,181	22,479
TOTAL EQUITY AND LIABILITIES	1,333,546	1,273,384	312,364	298,007

^[1] At the average exchange rate EUR/PLN of the National Bank of Poland as at 30.09.2025 r. (1 EUR = 4.2692 PLN) and as at 31.12.2024 (1 EUR = 4.2730 PLN).

Selected financial indicators

	As at/Nine-month period ended 30 September (unaudited)
	2025	2024*
EBITDA margin (EBITDA/Sales revenue)	41.5%	34.2%
Operating profit margin (Operating profit/Sales revenue)	34.8%	27.6%
Return on equity (ROE) (Net profit for last 12 months/Average equity at the beginning and at the end of the 12-month period)	18.1%	15.1%
Debt to equity (Lease liabilities and liabilities under bond issue/Equity)	2.2%	2.8%
Cost/ income (GPW Group operating expenses / GPW Group sales revenue (for a 9- month period))	65.3%	70.6%

^* restated