The Warsaw Stock Exchange Group generated record revenue of PLN 464.8 million in 2024, a year-on-year increase of 4.5%. Last year brought new records year in GPW Main Market EOB equity turnover. While WIG and WIG20 remained stable and mWIG40 and sWIG80 gained ground, equity turnover increased by 20.7% to PLN 331.4 billion. Adjusted EBITDA increased by 2.2% year on year to PLN 163.7 million.
- PLN 331.4 bn – GPW Main Market EOB equity turnover value in 2024 (+20.7% YoY)
- PLN 1.331 bn - GPW Main Market average daily equity turnover value in 2024 (21.2% YoY)
- PLN 464.8 mn – GPW Group revenue in 2024 (+4.5% YoY)
- PLN 163.7 mn – adjusted EBITDA in 2024 (2.2% YoY)
- PLN 157.7 mn – adjusted net profit in 2024 (+2.1% YoY)
Record revenue
Despite volatile macroeconomic and geopolitical conditions, 2024 was marked by solid investor activity on the Warsaw Stock Exchange. GPW Main Market EOB equity turnover reached PLN 331.4 billion, an increase of 20.7% year on year. This excellent performance stands out in Europe. According to FESE, GPW recorded a 26.8% increase in turnover in euros in 2024, the highest percentage increase in turnover among exchanges with annual turnover above EUR 2 billion. Among European Economic Area exchanges, GPW reported the second highest velocity ratio at 39.1%.
GPW Group revenue increased by 4.5% in 2024 to a record high of PLN 464.8 million. This was driven by a 9.8% YoY increase in the Financial Market, while the Commodity Market dropped by 2.7% YoY. Revenue from information services on the Financial Market increased by 11.4% YoY to reach a record level of PLN 65.2 million.
“We are proud of the record revenue of the GPW Group generated thanks to solid growth on the Financial Market. This is a result of high turnover on the equity market combined with continued growth of revenues from information services which are not directly dependent on trading volumes on the financial market and build resilience to capital market cycles. It is a major achievement that operating expenses grew at a slower rate than revenue growth last year,” said Tomasz Bardziłowski, President of the Management Board of the Warsaw Stock Exchange.
EBITDA adjusted for one-off events amounted to PLN 163.7 million in 2024, up by 2.2% YoY. Adjusted net profit amounted to PLN 157.7 million in 2024, up by 2.1% YoY.
IPO recovery
Last year brought a breakthrough in the IPO market. The nine IPOs on the GPW Main Market included the record-breaking listing of the Żabka Group, which was the fourth biggest IPO in the history of the Warsaw Stock Exchange and the tenth biggest IPO globally in 2024 with a value of PLN 6.45 billion. The other 8 IPOs were transfers from the alternative market NewConnect to the Main Market, reflecting the maturity of the companies and their ambition to continue to grow in a larger and more competitive market. The December listing of Neptis on the Main Market was the 100th transfer in the history of NewConnect, a market where 13 companies were newly listed in 2024. The total value of IPOs, SPOs, and ABBs in 2024 increased by 122% YoY to PLN 15.8 billion.
2024 was not only a year of records on the equity market. Catalyst, which celebrated its 15th anniversary, also picked up. In total, PLN 36.2 billion worth of non-Treasury bonds were introduced to Catalyst in 2024, an increase of 84.2% YoY. Catalyst currently lists 774 series of PLN-denominated bonds issued by 140 entities, and the total value of the listed bonds is approaching PLN 1.5 trillion.
“The sentiment in the Polish IPO market in early 2025 is moderately positive. One clear sign of improved sentiment is the recent success of the large IPO of Diagnostyka, which was welcomed by investors. GPW follows the European trend of cautious optimism, although the number and value of IPOs in Poland are still below the European average,” said GPW Management Board Member Michał Kobza.
New Strategic Directions
The Warsaw Stock Exchange Group’s New Strategic Directions 2025-2027 were published in November 2024. The strategy is based on two complementary priorities: developing the capital market and building shareholder and stakeholder value with the support of modern technology.
The year 2024 was a time of intensive work on the technological development of the Warsaw Stock Exchange. GPW took a range of initiatives related to the implementation of the trading system WATS and its integration with trading-related systems. We set a deadline of 10 November 2025 for the roll-out of GPW WATS and we launched a test version of the system for Exchange Members.
The Management Board reviewed non-core projects and the opportunities and conditions for their further commercialisation. As a result, GPW had to recognise impairment losses which reduced consolidated EBITDA of the Group in 2024 by PLN 38.6 million. On the other hand, we released a significant provision for potential VAT liabilities in IRGiT, amounting to nearly PLN 32 million. The balance of these one-off events adversely impacted the reported results but did not cause any cash outflows and will not affect the dividend payment for the past financial year.
The Warsaw Stock Exchange was actively involved in capital market development initiatives in 2024. At the local level, GPW coordinated a working group which presented a number of proposed changes to the Polish capital market. GPW participated in the work and consultations of local bodies on changes to the capital market, including the regulation of REITs and UCITS ETFs.
On the international level, together with six CEE exchanges and the EBRD, the Warsaw Stock Exchange signed a memorandum to strengthen the integration of the regional capital markets. In December 2024, together with key financial institutions in Poland, GPW published a position paper on the development of European capital markets. In early 2025, GPW hosted the European Capital Market Forum as part of active participation in the dialogue on the future of the Savings and Investments Union.
“What is key for investors is the long-term outlook. We are optimistic about the long term due to the expected structural changes on the capital market in Poland and the European Union, which we see as opportunities for the Warsaw Stock Exchange,” said GPW President Tomasz Bardziłowski.
