Gielda Papierow Wartosciowych W Warszawie S.a. · GPW:GPW
Gielda Papierow Wartosciowych W Warszawie — Warsaw Stock Exchange — Investor Presentation (October 2026)
46 slides from Gielda Papierow Wartosciowych W Warszawie's investor presentation, October 2026
Slide 1: Warsaw Stock Exchange Investor Presentation
Warsaw Stock Exchange Investor Presentation October 2026
Slide 2: Polish capital market highlights
Polish capital market highlights
Slide 3: The next phase of Poland's convergence requires more investments and innovation
The next phase of Poland’s convergence requires more investments and innovation Poland real GDP growth (%) GDP per capita (current prices, PPP, USD’000) 6th economy in the EU 8 80 UK Italy Spain 70 60 20th economy globally 4 50 40 IMF 3.5% GDP growth 2026E 30 forecast 0 20 10 $1.1tr GDP nominal 2026
Slide 4: Poland's capital market lagged behind GDP growth in recent years
Poland’s capital market lagged behind GDP growth in recent years ▪ Poland’s market cap to GDP ratio remains notably below the EU average of 70% ▪ Market capitalization to GDP grew in 2025 to 27% from 22% in 2024 Market capitalization to GDP (2025, %) Market cap to GDP Poland vs EU (2014-2025, %) 240
Slide 5: Limited domestic institutional capital base creates room for growth
Limited domestic institutional capital base creates room for growth ▪ Polish pension and mutual funds assets remain at significantly lower levels than in saturated EU countries ▪ OFEs1 (open pension funds) remain the dominant investors, holding nearly half of the WSE free float Pension funds assets*
Slide 6: Opportunity #1: Growing assets of PPK occupational pension scheme
Opportunity #1: Growing assets of PPK occupational pension scheme ▪ PPK assets reached PLN 57.8 bn in September 2026, up 27.9% from end-2025, with 4.5 million participants ▪ PPK equity allocations based on statutory age-based limits, with higher exposure for younger cohorts and a gradual reduction w
Slide 7: Opportunity #2: Low share of investment products in household assets
Opportunity #2: Low share of investment products in household assets ▪ Poland has one of the highest shares of cash and bank deposits in household financial assets across the EU ▪ Reducing the ratio to EU average could free up around PLN 0.7 tr (USD 200 bn) of additional assets for investment Cash a
Slide 8: Personal Investment Account (OKI): catalyst for retail participation
Personal Investment Account (OKI): catalyst for retail participation in PL capital market ISK developement (2012-2025) value of ISK accounts (mld EUR, LHS) population participation 20+ (%, RHS) EUR bn % ▪ New voluntary savings scheme aimed 200 184 60% at supporting long-term investments 51% 50% 150
Slide 9: Further domestic capital mobilisation required to increase Market Cap-to-GDP Ratio
Further domestic capital mobilisation required to increase Market Cap-to-GDP Ratio Domestic companies market cap to GDP (2025-2030, PLN bn, %) % GDP According to WSE own estimates, increasing the value of domestic 70% companies to 50% of GDP by 2030 would require mobilising: GDP 50% GDP PLN 250 bn P
Slide 10: Capital market development flywheel
Capital market development flywheel Foreign investors 06 01 Domestic institutional investors ▪ Liquidity ▪ Pension funds ▪ Investment funds ▪ Market size ▪ PE / VC CAPITAL Corporate governance and ESG 05 MARKET 02 Domestic retail investors DEVELOPMENT ▪ Corporate governance ▪ Tax incentives ▪ Balanc
Slide 11: WSE highlights
WSE highlights
Slide 12: WSE: the largest exchange in CEE with plenty of room to grow
WSE: the largest exchange in CEE with plenty of room to grow Domestic market cap (09/2026, EUR bn) Cash equities turnover (2026 YTD, EUR bn) Poland bridging 0 2,000 4,000 6,000 8,000 0 1.000 2.000 3.000 EM&DM universes Velocity1 Euronext 7,041 Euronext 2.585 47.9% Polish stocks’ share in MSCI EM Deu
Slide 13: Strong 2025-2026 performance has almost closed the valuation gap for Polish equities
Strong 2025-2026 performance has almost closed the valuation gap for Polish equities Selected index performance 2026 YTD MSCI indices 1Y forward P/E ratios MSCI POLAND MSCI EM MSCI WORLD YoY, % (in local currencies, income indices) P/E ratio 1Y FWD 26 WIG 35.0% 24 WIG 20 TR 34.2% 22 MWIG40 30.9% 20
Slide 14: WSE main indices and investors groups
WSE main indices and investors groups Share of investors in equity trading on Main Market (%) WIG20 sector breakdown (June 2026) Domestic institutional Domestic individual Foreign Sector (GICS) Share (%) Companies PKOBP MBANK PEKAO 17 14 Financials 44% PZU ALIOR 19 21 19 19 19 KRUK 25 ERSTE 31 29 37
Slide 15: Vibrant ECM market on WSE 2026 YTD
Vibrant ECM market on WSE 2026 YTD Value of ECM transactions on the WSE Main Market Largest ECM transactions 2026 YTD 10 PLN bn IPO Follow-on offering Shareholder ABB IPO Follow-on offering listings on the WSE Main Market 15 14.6 Real estate Hotels& Restaurants Energy Deep tech 2026 YTD vs 3 in 2025
Slide 16: ETF listings and trading are gaining momentum on the WSE
ETF listings and trading are gaining momentum on the WSE 48 ETF turnover Total inflows to ETFs from domestic retail investors ETF turnover (LHS) Number of Listed ETFs (RHS) Listed on foreign markets Listed on the WSE ETF Listed on the WSE Q3 2026: PLN 1.6 bn (42 Main Market, 6 GlobalConnect) +124.1%
Slide 17: WSE financial highlights
WSE financial highlights
Slide 18: WSE Group revenue mix
WSE Group revenue mix WSE Group revenue mix Financial Market Commodity Market Other revenue share in total, YoY change Market data Market data 12.9% AMX Other Property rights 5.8% 7.2% PLN mn +12.2% CAGR 0.4% Listing revenue 599.7 Operating registers 2.3% 600 4.1% 3.2% Derivatives 551.9 Gas 550 2.7%
Slide 19: WSE record-high equities turnover in 2025 and further growth in 2026 YTD
WSE record-high equities turnover in 2025 and further growth in 2026 YTD ▪ Increased market volatility, higher market cap of listed companies and new market-makers drive turnover higher in 2026 ▪ ATH monthly EOB turnover in September 2026: PLN 59.4 bn (+57.5% YoY) Annual cash equity turnover (PLN bn
Slide 20: Commodity Market: electricity and gas trading turnover
Commodity Market: electricity and gas trading turnover Electricity Gas spot turnover (TWh, LHS) forward turnover (TWh, LHS) YoY (RHS, %) spot turnover (TWh, LHS) forward turnover (TWh, LHS) YoY (%, RHS) Q3 2026: 41.4 TWh Q3 2026: 23.9 TWh TWh TWh +47.9% YoY % -52.8% YoY % 45 60 70 100 40 40 60 35 50
Slide 21: Gas forward market: trading volumes and prices in 2026 YTD
Gas forward market: trading volumes and prices in 2026 YTD Gas – forward turnover and price 2026 YTD gas - daily turnover (TWhs, LHS) gas - price Y+1 contract (PLN/MWh, RHS) TWh PLN/MWh 2026 YTD 0,50 0,45 300 ▪ Negative correlation between gas prices and 0,40 forward volumes, particularly in year-ah
Slide 22: Q2 and H1 2026 WSE Group results
Q2 and H1 2026 WSE Group results WSE Group results PLN mn Q2 2026 YoY H1 2026 YoY Q2 2026 REVENUE 155.4 +7.9% 324.2 +17.3% ▪ Revenue: +7.9% YoY: Financial Market 107.5 +13.0% 221.8 +23.0% Commodity Market 41.2 -7.3% 91.8 +4.7% ❑ Financial Market (+13.0% YoY) – mainly due to Other 6.8 +50.8% 10.6 +25
Slide 23: WSE Group OPEX
WSE Group OPEX OPEX Revenue vs. OPEX PLN mn Q2 2026 YoY H1 2026 YoY revenue change YoY OPEX change YoY OPERATING EXPENSES 99.8 +10.2% 197.1 +11.0% 30 Personnel costs 48.7 +5.9% 98.5 +10.0% 25 External services. incl.: 32.9 +29.8% 63.7 +24.5% 20 IT 16.8 +12.6% 34.6 +21.2% 15 10 10.2% Other external s
Slide 24: WSE Group OPEX bridge
WSE Group OPEX bridge OPEX bridge PLN mn, YoY Q2 2026 +10.2% ▪ Operating expenses up +10.2% YoY +5.6% ▪ Cost dynamics increased by: 99.8 90.6 -0.5 5.1 ❑ higher AMX costs related to the development 0.2 1.0 3.4 of the offer as a result of changes in the fees structure of depositary services ❑ higher v
Slide 25: WSE Group CAPEX
WSE Group CAPEX CAPEX plant, property and equipment (PLN mn) intangible assets (PLN mn) intanbigle assets: WATS (PLN mn) LTM Q2 2026 PLN mn, YoY -11.7% 80 50 -21.7% 73.5 74.7 45 ▪ Decrease in capital expenditures in LTM 70 66.0 40.4 ended Q2 2026 (-11.7% YoY) due to lower 60.2 22.9 40 60 23.7 55.2 1
Slide 26: WSE profit growth and attractive dividend policy
WSE profit growth and attractive dividend policy Net profit (PLN mn) Dividend (PLN/share) DPS (PLN, RHS) Payout ratio (%, LHS) 2025 +7.9% PLN mn PLN/share % of NP +8.6% CAGR 220 214.7 3.5 3.40 100 204.7 200 3.0 95 180 89% ▪ Dividend policy to pay out 60-80% of the 161.2 90 consolidated net profit 16
Slide 27: Successful launch of the WSE WATS trading platform
Successful launch of the WSE WATS trading platform
Slide 28: WSE WATS: Technology ready to scale
WSE WATS: Technology ready to scale 5x 40 000 System load at 50 μs latency Capacity of up to 100,000 orders/s operations more efficient vs. 20,000 under UTP per second for 90% of orders 50 300mn Current system capacity Order processing time operation per microseconds at 40,000 operations/s trading d
Slide 29: Outlook
V4 @Wws E 35 YEARS Outlook
Slide 30: Outlook
Outlook ▪ Cash equity: Q3 2026 (+48.4% YoY) Trading ▪ Electricity: Q3 2026 (+47.9% YoY) ▪ Gas: Q3 2026 (-52.8% YoY) ▪ Q3 2026: expected YoY OPEX growth not lower than in H1 2026 2026 ▪ Q4 2026: expected acceleration in YoY OPEX growth: OPEX ❑ a sharp increase in D&A (after WSE WATS launch) ❑ recogni
Slide 31: Q&A
Q&A
Slide 32: Appendix
Appendix
Slide 33: WSE Group Strategic Directions 2025-2027
WSE Group Strategic Directions 2025-2027 ▪ WSE Group strategy introduced in November 2024 ▪ Two complementary priorities: capital market development and creating shareholder and stakeholder value Capital market Creating shareholder development and stakeholder value 1 Capital market growth initiative
Slide 34: WSE Group financial ambitions 2025-2027
WSE Group financial ambitions 2025-2027 WSE Group financial ambitions 2025-2027 Financial ambitions 2025 YoY H1 2026 YoY 2024-2027 (CAGR) 2025-H1 2026 Revenue 6-8% +18.7% +17.3% ▪ Revenue growth higher than GPW's financial ambitions, due to higher-than-expected: ❑ cash equity trading revenue OPEX 4-
Slide 35: WSE SA financial results and TGE Group financial results
WSE SA financial results and TGE Group financial results WSE SA separate results TGE Group results PLN mn Q2 2026 YoY H1 2026 YoY PLN mn Q2 2026 YoY H1 2026 YoY REVENUE 95.4 +7.8% 195.2 +16.2% REVENUE 42.1 -6.8% 92.6 +4.9% Trading 66.3 +9.5% 137.9 +21.3% Trading 24.2 -6.5% 52.3 +5.9% Listing 6.3 +5.
Slide 36: Financial Market revenue: trading
Financial Market revenue: trading Trading Trading data Q2 2026 YoY H1 2026 YoY Cash equities Derivatives Debt Other EOB turnover (PLN bn) 151.1 +14.9% 309.0 +27.3% PLN mn, YoY +20.6% volume traded (mn shares) 3.1 -14.4% 6.4 -0.8% average trade value (PLN k) 9.29 -5.5% 9.83 -2.9% 80 +8.7% 150 145.6 S
Slide 37: Financial Market revenue: other
Financial Market revenue: other Information services AMX Listing revenue number of subscribers (thousands) Depository activity Exchange activity Listing fees Fees for introduction PLN mn, YoY PLN mn, YoY PLN mn, YoY 25 +3.5% 2.0 50 +8.8% 25 40 25 50 45 35 45 19.4 20.0 38.5 +118.8% 20 40 20 20 40 1.5
Slide 38: Commodity Market: revenue
Commodity Market: revenue Commodity Market revenue Q2 2026 Trading Clearing Other fees Operating registers Market data ▪ Trading (-18.1% YoY) including: ❑ Electricity (+0.6% YoY) ❑ Gas (-28.6% YoY) PLN mn, YoY ❑ Property Rights (-26.8% YoY) - decline driven by lower -7.3% OTC trading volumes in rene
Slide 39: WSE Group cash flow and liquidity
WSE Group cash flow and liquidity Consolidated cash flow PLN mn H1 2026 H1 2025 YoY H1 2026 Cash flows from operating activities, incl.: 128.5 135.1 -4.9% Net profit for the period 130.2 108.8 +19.7% ▪ Lower operating cash flows in H1 2026 (PLN Adjustments, incl.: +30.0 +44.4 -32.6% 128.5 mn, -4.9%
Slide 40: Financial results of subsidiaries
Financial results of subsidiaries ▪ The total negative EBITDA of non-core subsidiaries in H1 2026 amounted to PLN 1.9 mn compared to PLN 2.9 mn in H1 2025 Non-core subsidiaries WSE WSE WSE WSE WSE WSE Bondspot AMX Benchmark Tech Logistics DAI Private Market Ventures PLN mn H1 2026 H1 2025 H1 2026 H1
Slide 41: Conclusion of the review of non-core projects
Conclusion of the review of non-core projects Overview GPW actions A company established to implement a project on ▪ Lower operating expenses starting from July GPW the media market, related to the dynamic ▪ Concurrent activities undertaken to facilitate a merger with another entity within DAI repla
Slide 42: Financial results of the KDPW Group
Financial results of the KDPW Group Results of the KDPW Group Q2 2026 PLN mn Q2 2026 YoY H1 2026 YoY ▪ Depository: increase in revenue by +23.1% YoY to PLN 29.6 mn due to higher capitalization of shares, Operating revenue 82.1 +8.2% 159.8 +7.9% ▪ Settlement on the spot market: increase in revenue by
Slide 43: WSE Group structure
WSE Group structure WSE Group Subsidiaries Subsidiaries outside Associates Core Activities the core business 100% Polish Power Exchange 100% WSE DAI 33.3% KDPW 100% IRGiT 100% WSE Ventures ASI in liquidation 100% KDPW_CCP 100% InfoEngine 99.9% WSE Logistics 24.8% Centrum Giełdowe 97.2% BondSpot 100%
Slide 44: Members of the WSE Management Board
Members of the WSE Management Board TOMASZ BARDZIŁOWSKI SŁAWOMIR PANASIUK MARCIN RULNICKI MICHAŁ KOBZA DOMINIKA NIEWIADOMSKA-SINIECKA Chief Executive Officer Chief Technology Officer Chief Financial Officer Chief Sales Officer Chief ChiefRegulatory RegulatoryOfficer Officer since April 2024 since Ap
Slide 45: IR Calendar and WSE Investor Relations Team
IR Calendar ▪ 28 October 2026 GPW non-deal roadshow, Stockholm, Sweden ▪ 16 November 2026 Publication of the WSE Group's consolidated quarterly report for the third quarter of 2026 ▪ 18-19 November 2026 NYC CEE Capital Markets Conference (PKO BP) New York, USA ▪ 1-2 December 2026 Wood Winter Wonderl
Slide 46: Disclaimer
Disclaimer ▪ This presentation contains forward-looking statements which are based on the current knowledge and expectations of the Company’s Management Board and are subject to a number of known and unknown risks, uncertainties and other factors which could cause actual results, performance or achi
Warsaw Stock Exchange — Investor Presentation (October 2026) on 6ix