Warsaw Stock Exchange Achieves Record Growth in 2025, Sets Ambitious Strategic Goals for 2026
The Warsaw Stock Exchange (GPW) and its Capital Group reported a landmark year in 2025, marked by record financial and operational results, robust market activity, and the launch of new strategic initiatives. The broad-market WIG index surged by 47%, reaching all-time highs, while equity turnover on the GPW Main Market soared by 42.7% to a record PLN 492 billion. The value of primary and secondary equity transactions exceeded PLN 20 billion, driven by heightened interest from both global institutions and a rapidly expanding domestic investor base. The number of brokerage accounts in Poland grew by 500,000, surpassing 2.5 million.
GPW’s consolidated revenues rose by 18.7% year-on-year to PLN 551.9 million, crossing the half-billion mark for the first time. The Financial Market segment saw a 23.1% increase, while the Commodity Market segment grew by 12.5%. Cost discipline was maintained, with the cost-to-income ratio dropping by 5.3 percentage points to 66.1%, the lowest in four years. GPW continued its commitment to shareholders, paying a record dividend of PLN 3.15 per share, representing an 88.7% payout ratio and a 5.7% dividend yield.
2025 marked the first year of implementing GPW’s Strategic Directions for 2025-2027, focusing on expanding the capital market’s role in financing the Polish economy. Despite a low market capitalization-to-GDP ratio (22%), GPW launched several initiatives to attract new issuers, including the inaugural GPW IPO Academy and an expanded analytical coverage program for smaller listed companies. The number of companies covered rose to 65, and the program’s budget increased by 50%. GPW also revitalized the NewConnect market and promoted passive investing through a zero-fee ETF trading program, which contributed to a 100%+ increase in ETF/ETC turnover and the listing of six new ETF/ETC products.
The exchange intensified its public presence with a nationwide educational campaign, reaching over 100,000 participants through the GPW Foundation’s programs. GPW also continued the rollout of its new WATS trading system, though the go-live was postponed following extensive testing, with a new launch date to be determined in consultation with market participants.
Non-core subsidiaries were subject to optimization efforts, but unsatisfactory results led to one-off charges reducing net profit by PLN 10.7 million. Nevertheless, GPW’s market value for shareholders increased, with the share price closing 2025 at a record PLN 65, delivering a total shareholder return of 68.5% and raising the company’s capitalization by PLN 1.03 billion.
Looking ahead, 2026 will focus on accelerating the implementation of strategic initiatives, particularly in liquidity enhancement, new listings, and product expansion—especially in ETFs and AI-driven solutions. GPW expects a revival in IPO activity and continued high secondary market turnover, supported by regulatory changes such as the EU’s Listing Act and the introduction of Personal Investment Accounts (OKI) in 2027, modeled after Sweden’s ISK system. Regional cooperation is also set to deepen, following a memorandum signed with seven Central European exchanges.
Financially, GPW’s net profit rose by 32.6% to PLN 197.6 million, with EBITDA up 73.2% to PLN 216.5 million. The group maintained a strong balance sheet, with equity representing 84.4% of total assets and a current liquidity ratio of 3.7. The company’s cost/income ratio improved to 66.1%, and ROE reached 17.8%.
GPW’s sustainability efforts yielded a reduction in Scope 1+2 emissions by 86.4% versus 2022, and the group continued to promote green finance and diversity, reducing the gender pay gap by 14% year-on-year. Over 100,000 beneficiaries participated in educational initiatives, and the group maintained robust governance and risk management frameworks.
In summary, 2025 was a year of exceptional achievement for GPW, setting a strong foundation for further growth, technological advancement, and regional leadership in 2026 and beyond.
Relevance: This article is highly relevant to GPW’s business profile as it highlights the company’s core activities, financial performance, strategic direction, and its role as Poland’s leading capital and commodity market infrastructure provider.