The Warsaw Stock Exchange Group generated record-high sales revenue of PLN 120.9 million in Q2 2024, a year-on-year increase of 9.2%. The Group’s EBITDA in Q2 adjusted for a one-off event[1] increased by 8.0% YoY to PLN 47.5 million, while adjusted net profit[2] decreased by 1.1% YoY to PLN 44.5 million. The growth rate of costs was lower than the growth rate of revenue for the first time in 11 quarters. The Group’s costs increased by 6.4% YoY in Q2.
- PLN 239.1 mn – GPW Group’s record-high 6M sales revenue (+7.2% YoY)
- PLN 73.5 mn – EBITDA in H1 2024 (-6.8% YoY)
- PLN 66.9 mn – net profit[2] in H1 2024 (-6.5% YoY)
- PLN 125.9 mn – dividend paid at PLN 3.0 per share
Record-high revenue
The Warsaw Stock Exchange Group (GPW Group) generated a record-high sales revenue of PLN 239.1 million in H1 2024, a year-on-year increase of 7.2%. EBITDA adjusted for a one-off increased 0.6% year on year to PLN 79.3 million, while net profit attributable to owners of the parent entity decreased by 6.5% year on year to PLN 66.9 million.
In Q2 2024 alone, the Group’s revenue reached PLN 120.9 million, up 9.2% YoY. Revenue from the financial market increased by 16.8% YoY to PLN 76.9 million while the commodity market saw a decrease in revenue by 0.6% YoY to PLN 39.5 million. Revenue from information services on the financial and commodity markets increased by 12.7% to PLN 17.6 million.
The Group’s operating expenses increased by 6.4% YoY to PLN 79.9 million in Q2 2024. The deceleration in the growth rate of costs was mainly due to a reduction of external service charges by almost 11% year on year, which are under tight control.
“The growth rate of revenue was higher than the growth rate of costs for the first time in 11 quarters. It is the Management Board’s priority to ensure a steady decrease of the cost/income ratio, which we want to achieve first and foremost by improving cost discipline. Our benchmark is the cost/income ratio reported in 2011-2021, when C/I never exceeded 60%,” said Tomasz Bardziłowski, President of the Management Board of the Warsaw Stock Exchange.
The GPW Group’s EBITDA amounted to PLN 41.7 million in Q2 2024, down 5.3% year on year. EBITDA adjusted for the one-off event increased by 8,0% YoY to PLN 47.5 million. Net profit attributable to owners of the parent entity decreased by 11.6% YoY to PLN 39.8 million in Q2 2024. Net profit adjusted for the one-off event was PLN 44.5 million, down 1.1% year on year. This was due to a PLN 6.2 million YoY decrease in net financial income caused by a drop in market interest rates and an increase in provisions for potential VAT liabilities at IRGiT.
The Warsaw Stock Exchange paid shareholders a dividend of PLN 125.9 million in August, the third highest dividend in the history of GPW. The dividend paid at PLN 3.0 per share represented 79.9% of the GPW Group’s consolidated net profit for 2023. The dividend yield at the closing price on the dividend record date was 6.85%.
Cash market records
The Warsaw Stock Exchange remained a leading European market in Q2 2024. According to the Federation of European Securities Exchanges (FESE), GPW recorded one of the highest increases in EOB equity trading in Europe, up by 43.9% year on year. Main Market EOB turnover reached PLN 88.4 billion, the highest figure in more than two years. GPW ranked a high third in Europe by velocity of 40.3%. The average daily EOB equity turnover value amounted to PLN 1.45 billion in Q2 2024, an increase of 34.7% year on year.
GPW’s Main Market EOB equity turnover value was record-high throughout H1 2024. With turnover at PLN 171.1 billion, representing a year-on-year increase of 27.3%, it was the best first six months of the year in the history of GPW and the best six-month period overall. Investor activity also remained strong in July: GPW’s total Main Market EOB equity turnover value amounted to PLN 23.7 billion, an increase of 22.5% year on year.
Developing the product range
The Warsaw Stock Exchange is always expanding its range of financial instruments to better meet the diverse needs of individual investors. GPW aims to provide investors with access to a broad range of investment strategies. Tracker certificates based on the DAX Net Return index issued by ING Bank N.V. were added to the offer in Q2 2024. These are the first Tracker certificates from this issuer available on the Warsaw Stock Exchange. Moreover, new Turbo structured certificates introduced at the end of May are based on the stock of six of the largest and most globally recognised brands listed on the US stock market: Berkshire Hathaway, Booking.com, Coca-Cola, Exxon Mobil, Spotify, and Super Micro Computer.
New Tracker structured certificates based on the EURO STOXX 50 Net Return and STOXX Europe 600 Oil & Gas Net Return indices are available on the Warsaw Stock Exchange as of July 2024. Furthermore, stocks of nine new US companies were introduced to the GlobalConnect market in July, including Alphabet, Amazon, Apple, JP Morgan Chase, Meta Platforms, Microsoft, Netflix, Nvidia, and Visa. These stocks are listed on the Nasdaq and NYSE in New York and are part of the S&P 500 index, one of the largest stock market indices in the world.
New trading system’s go-live date
GPW is continuing work on its proprietary trading system GPW WATS (Warsaw Automated Trading System). At the end of July, the GPW Management Board set the new system’s go-live date for 10 November 2025. The decision was taken in line with the recommendation of the GPW WATS Implementation Committee which plays a key role in overseeing and coordinating all aspects of the implementation of the new system.
“The GPW WATS trading system will bring major technological and operational benefits to the entire GPW Group. It will largely improve the quality and efficiency of stock exchange operations by offering advanced functions and enhancing the security and reliability of transactions. That is why it was instrumental to set a go-live date in order to effectively plan next steps on the part of GPW and other market participants,” said Sławomir Panasiuk, Vice-President of the GPW Management Board.
Educational initiatives
The implementation of the educational mission and the improvement of knowledge of the capital and financial market are among the top priorities of the GPW Management Board. Initiatives taken through the GPW Foundation are addressed to a wide audience, including school students and teachers, university students, adults, seniors, investors and entrepreneurs. Through multiple partnerships with educational and economic organisations, the GPW Foundation runs projects which not only broaden theoretical knowledge but also develop practical skills in investing, saving and entrepreneurship.
“The GPW Foundation aims to promote a culture of informed long-term investment in the capital markets through financial education and initiatives which support investors. We aspire to make shares and financial instruments listed on the Warsaw Stock Exchange an integral part of household assets. More than 100,000 beneficiaries participated in the GPW Foundation’s educational initiatives in H1 2024, which highlights its key role in promoting financial and investment knowledge in Poland. Even during the summer holiday season, when many people enjoy leisure time, GPW’s first-ever ‘Holidays on the Stock Exchange’ competition attracted nearly 6,000 participants who wanted to learn how to invest on the stock market,” said Monika Gorgoń, Member of the GPW Management Board.
The initiatives aimed at school students and teachers include the Online School Exchange Game (SIGG), Poland’s largest educational project dedicated to the capital market. The record-breaking 23rd edition in the 2023/2024 school year attracted nearly 30,000 school students and more than 1,000 teachers from all over Poland. Since the launch of the programme more than two decades ago, it has attracted an impressive 380,000 participants.
[1] Write-down of intangible assets at PLN 5.8 million for GRC (Governance, Risk, Compliance) software
[2] Net profit attributable to owners of the parent entity
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The Warsaw Stock Exchange Group (GPW Group) operates trading platforms for shares, Treasury and corporate bonds, derivatives, electricity and gas, and provides indices and benchmarks including WIBOR and WIBID. The index agent FTSE Russell classifies the Polish capital market as a Developed Market since 2018. The markets operated by the GPW Group are the biggest in Central and Eastern Europe. For more information, visit www.gpw.pl
