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GPW GPW mWIG40 Periodic report · PAP Biznes

GPW SA (GPW) · H1 2026 results

Share price: 99.45 zł · 2026-11-10

GPW SA is a Polish stock exchange based in Warsaw. It provides a platform for trading securities and other financial instruments for its clients. Source: Wikipedia

Results H1 2026 vs H1 2025 · year over year · published 3 Sep 2026 and 20 Aug 2025

Net income up 19.7% year on year. The report's language is unchanged.

1 · Numbers

+19.7%

Net income vs H1 2025

Net income 130.2M vs 108.8M

Revenue +17.3%

Why Net income rose mainly because of higher results from equity-accounted entities, higher revenue from the InfoEngine core business, and increased revenue from managing funds in the IRGiT security system.

2 · How the report reads

Unchanged

Language tone vs last period

Report language: typical for a company report — about as upbeat as in H1 2025.

Weak signal: formal report language, not a call.

3 · What stood out

GPW SA reported a net profit of 175.8 million PLN for the first six months of 2026, a decrease of 19.2% compared to 2025 due to lower dividends from subsidiaries.

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Figure

    Other fees from commodity market participants rose 22.6% to 18.1 million PLN in the first six months of 2026, driven primarily by IRGiT and InfoEngine core activities.

    Source quote
    “Group revenues from other fees from commodity market participants for the first 6 months of 2026 amounted to PLN 18.1 million (+PLN 3.3 million, i.e., +22.6% compared to the previous year), and their growth resulted primarily from an increase in revenue from managing funds in the IRGiT security system and a significant increase in revenue from InfoEngine's core business.”
  2. Figure

    Group sales from the financial market reached 221.8 million PLN in the first six months of 2026, a 23.0% increase over the same period in 2025.

    Source quote
    “The Group's sales revenue from the financial market achieved in the first 6 months of 2026 amounted to PLN 221.8 million (+PLN 41.5 million, i.e., +23.0% compared to the same period in 2025) and accounted for 68.4% of total sales revenue.”
  3. Figure

    Group revenues from electricity trading reached 14.3 million PLN in the first six months of 2026, an increase of 1.8 million PLN or 14.1% compared to the previous year.

    Source quote
    “Group revenues from electricity trading amounted to PLN 14.3 million in the first 6 months of 2026 (+PLN 1.8 million, i.e., +14.1% compared to the same period last year).”
  4. Figure

    The Group reported a profit from equity-accounted entities of 23.0 million PLN, an increase of 1.1 million PLN or 4.9% compared to the first six months of 2025.

    Source quote
    “In the first 6 months of 2026, the Group recorded a profit on the share in the results of equity-accounted entities in the amount of PLN 23.0 million (+PLN 1.1 million, i.e., +4.9% compared to the same period in 2025).”
  5. Figure

    Net profit for the first six months of 2026 was 175.8 million PLN, a decrease of 41.8 million PLN (-19.2%) compared to 2025 due to lower dividends from subsidiaries.

    Source quote
    “Net profit for the first 6 months of 2026 amounted to PLN 175.8 million and was lower by PLN 41.8 million (i.e., -19.2%) compared to the same period in 2025, mainly due to a decrease in financial income resulting from lower dividends from subsidiaries (-PLN 52.5 million, i.e.”
3 more
  1. Figure

    EBITDA profit rose to 81.1 million PLN, an increase of 13.5 million PLN or 20.0% compared to the first six months of 2025.

    Source quote
    “As a result, EBITDA profit increased to 81.1 million PLN (+13.5 million PLN, i.e., +20.0% compared to the profit achieved in the first 6 months of 2025).”
  2. Figure

    On June 23, 2026, the General Meeting resolved to allocate 142,705 thousand PLN for the payment of a dividend for the year 2025.

    Source quote
    “On June 23, 2026, the Ordinary General Meeting of the Exchange adopted a resolution regarding the distribution of the Company's profit for 2025, deciding to allocate the amount of 142,705 thousand PLN for dividend payment.”
  3. Figure

    Dividend per share increased by 0.25 PLN to 3.40 PLN, representing a 7.9% increase compared to the dividend paid from the 2024 financial year.

    Source quote
    “Dividend per share amounted to PLN 3.40, which represents an increase in dividend per share of PLN 0.25, or 7.9% compared to the dividend per share paid from the profit for the 2024 financial year.”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: H1 2026. Ring: H1 2025.

Report language Typical (was typical)

Typical for a company report — about as upbeat as in H1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone
“At the same time, the efficient implementation of the reform can strengthen the position of the GPW Main Market, and the development of derivative instruments on the POLSTR may broaden the offering and increase market activity.”
“Outsourced service costs increased significantly compared to the same period of the previous year and amounted to PLN 63.7 million (+PLN 12.5 million, i.e., +24.5% compared to the first 6 months of 2025), primarily...”
“Domestic, regional, and global trends affecting capital markets have a significant impact on share prices and turnover values, which influences the number and size of issuances of new financial instruments and...”

Full figures

PLN · PAP Biznes report (2026-09-03), consolidated statement; H1 vs the same period a year earlier (restated); net income to parent shareholders

Metric H1 2026 H1 2025 Change
Revenue 324.2M 276.4M +17.3%
Operating income 124.4M 98.9M +25.9%
Net income 130.2M 108.8M +19.7%
EPS 3.06 2.58 +18.6%
P/E today 18.9 17.3 14.5 +2.8

Topics

Topics are drawn from the full report text, not management commentary.

Most discussed now

  • The core scope of the Group's activity includes the organization of exchange trading of financial instruments and activities related to…
  • Presence on the capital market also brings other benefits to Polish entrepreneurs, such as increased awareness, credibility, efficiency…
  • Companies with State Treasury participation, with which the Exchange enters into transactions, are issuers (from which listing and trading…
  • Changes to various standards resulting from the annual review of International Standards
  • For the 6-month period ended June 30, 2026.

Faded since H1 2025

  • Fading Companies with State Treasury participation, with which the Exchange enters into transactions, are issuers (from which listing and trading…
  • Dropped Interim Financial Reporting, announced in the form of European Commission regulations.
  • Fading GPW Private Market is a project aimed at building a platform based on blockchain technology, used for asset tokenization.

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

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