The Warsaw Stock Exchange Capital Group ended the first quarter of 2026 with record revenues of PLN 168.8 million, representing a 27.5% increase year-on-year. EBITDA increased by 42.3% year-on-year to PLN 77.9 million, while net profit attributable to shareholders of the parent company increased by 37.8% year-on-year, reaching PLN 69.6 million. Despite high volatility in global markets, IPO, SPO, and ABB transactions with a total value of PLN 4.2 billion were completed on the Polish market.
- PLN 168.8 million – record sales revenues of the GPW Group after Q1 2026 (+27.5% y/y)
- PLN 157.8 billion – record value of session trading on the Main Market in Q1 2026 (+41.9% y/y)
- PLN 77.9 million – record EBITDA result of the GPW Group after Q1 2026 (+42.3% y/y)
- PLN 69.6 million – net profit attributable to shareholders of the parent company after Q1 2026 (+37.8% y/y)
- 57.7% – cost/income ratio at the lowest level since 2021
- PLN 3.40 per share – recommended record dividend for 2025
According to data from the Federation of European Securities Exchanges (FESE), the Polish market maintained its high position among European markets in terms of liquidity in the first quarter of 2026, achieving a turnover rate (velocity) of 52.5%. Turnover on the WSE, calculated in EUR, increased by 40.6% year-on-year in the first quarter, significantly above the European market median of 27.3%.
"The first quarter of 2026 was a record-breaking year for the Warsaw Stock Exchange in almost every respect – from revenues and financial results to investor activity and market turnover. We are particularly pleased that, despite the heightened volatility in global markets, the Warsaw Stock Exchange is ensuring continued financing for both large transactions and issues supporting the development of smaller, innovative companies, " said Tomasz Bardziłowski, President of the Management Board of the Warsaw Stock Exchange.
After the first quarter of 2026, the GPW Group generated record revenue of PLN 168.8 million, representing a 27.5% increase year-on-year. This result was driven by revenue from both the Financial Market and the Commodity Market.
In the Financial Market segment, revenues reached PLN 114.3 million, up 34.3% year-on-year. Record-breaking session trading volume, despite high volatility in global markets, drove this revenue growth. From January to March 2026, turnover on the WSE Main Market reached PLN 157.8 billion, representing a 41.9% year-on-year increase. The average daily value of shares traded on the order book was PLN 2.6 billion, representing a 41.9% year-on-year increase. Over the past three years, session trading volume has more than doubled, and the capitalization of domestic companies has increased from PLN 650 million to PLN 1,250 million.
High market turnover in 2026 is accompanied by record levels for the main stock exchange indices. On the day of the publication of first-quarter results, three indices reached all-time highs. The WIG index closed at 137,858.16 points – a 17.6% increase since the beginning of the year. The mWIG40 and sWIG80 indices also achieved record highs, reaching 31,895.62 points, a 7.8% increase since the beginning of the year, while the mWIG40 has gained 18.1% this year and is approaching 10,000 points. At the same time, the WIG20 index is at its highest level in over 18 years and is less than 221 points short of its all-time high, having increased 16.8% since the beginning of the year.
Positive trends were also visible on the Commodity Market. Higher revenues at the Polish Power Exchange, including from natural gas and electricity trading, offset lower revenues from property rights trading. As a result, the Group's revenues in the Commodity Market segment increased by 17.1% year-on-year, reaching PLN 50.6 million.
For the eighth consecutive quarter, revenue growth exceeded cost growth. GPW Group operating expenses increased by 11.8% year-on-year in the first quarter of 2026, to PLN 97.3 million. As a result, the cost/income ratio decreased to 57.7% from 65.8% a year earlier.
The GPW Group's EBITDA from January to March 2026 was PLN 77.9 million, representing a 42.3% increase compared to the same period last year. EBITDA margin reached 46.1%, representing a 4.8 percentage point year-on-year increase. Net profit attributable to shareholders of the parent company was PLN 69.6 million, up 37.8% year-on-year.
Despite the high volatility in global markets, the Polish market remained highly active this year. Capital transactions totaling PLN 4.2 billion were completed. Six companies debuted on the WSE Main Market this year, including two entities created by spinning off innovative segments. Additionally, nine SPO transactions and six ABB transactions were completed. Four companies debuted on the NewConnect market, along with 10 capital increases and four ABB transactions, totaling PLN 130 million.
The first months of this year also saw high activity on the Catalyst market. The value of bonds introduced to this market reached PLN 11.8 billion. The largest corporate bond issues included Orlen's PLN 2 billion, KGHM's PLN 1.6 billion, and Pepco and Kruk's PLN 600 million each.
In the first quarter of 2026, the total value of trading in ETFs, ETNs, and ETCs reached a record high of PLN 1.95 billion, representing a 194.3% year-on-year increase. Assets accumulated in ETFs listed on the Warsaw Stock Exchange increased to PLN 2.8 billion, a 30% year-on-year increase. Thirteen ETPs debuted on the Warsaw Stock Exchange in 2026, bringing the total number of instruments to 33. In May of this year, the first ETF for Polish companies listed on the Warsaw Stock Exchange, the WIG30TR ETF, debuted on the Zagreb and Ljubljana stock exchanges.
On April 16, 2026, the Warsaw Stock Exchange celebrated the 35th anniversary of its first trading session, held under the slogan "From Transformation to Innovation." A celebration was held in the Trading Hall, symbolically summarizing the development of the Polish capital market – from the political transformation of the early 1990s to the current innovation-driven stage. The anniversary was inaugurated by the ceremonial ringing of the stock exchange bell by the first President of the Warsaw Stock Exchange, Dr. Wiesław Rozłucki, and the current President of the Management Board, Tomasz Bardziłowski, emphasizing institutional continuity and the importance of intergenerational cooperation. The celebrations also pointed to the future, particularly the need to mobilize greater domestic savings and further strengthen the market's capacity to finance innovation. The Warsaw Stock Exchange already supports key areas of development in the Polish economy, such as the space sector, biotechnology, quantum technologies, and defense and dual-use projects, strengthening its role as a key source of financing for innovative companies and the long-term development of the economy.
Intensive testing of the new trading system is underway by the WSE and Exchange Members. Functional, security, integration, performance, and capacity tests, as well as migration and rollback tests, are being conducted as scheduled. If the Dress Tests are successful and WSE and market participants are fully operational, the system migration will take place on July 4-5, and the production launch of WSE WATS will take place on July 6.
"For three and a half decades, the Warsaw Stock Exchange has supported the development of the Polish economy, combining capital with the ambitions of businesses and consistently building an investment culture. The WSE was a symbol of the success of the Polish transformation, now we want it to be a symbol of the success of Polish innovation. In 2026, the WSE entered a phase I describe as strategic acceleration. Strong record trading volumes, record indexes, a revival in the IPO market, and intensive work on building a portfolio of future issuers mean we are actively engaging in dialogue about the future of the capital market and the challenges of the coming decades. However, the key area is technology and the implementation of the WSE WATS platform, which represents a fundamental modernization of the Exchange's technological core. Our absolute priority is the quality and security of this implementation, as it will be a milestone in further strengthening the infrastructure of the Polish capital market, " emphasizes Tomasz Bardziłowski, President of the Management Board of the Warsaw Stock Exchange.
Very strong cash flow from operating activities in the first quarter of 2026, which amounted to PLN 205.0 million for the twelve months ended March 2026, and over PLN 474 million in liquid assets at the end of the quarter, provide a solid foundation for implementing investment plans and paying a high dividend. The WSE Management Board recommended a record dividend of PLN 3.4 per share. This represents a 7.9% year-on-year increase, translating into a dividend yield of 4.4% . The total recommended dividend amount is over PLN 142.7 million, representing 72.2% of consolidated net profit for 2025. The Management Board's proposal received a positive opinion from the WSE Supervisory Board. The proposed dividend date is July 23, and the proposed payment date is August 6 of this year.
WSE Group Financial Results Q1 2026
Basic financial data for period from 2007 to 31 March 2026
1 Based on the WSE capitalisation at the end of trading on 24 April 2026.
