◆ Inside the Latest Results (H1 2026)

GPW (GPW) — the variant view

Revenue up 17,3% and adjusted profit up 18,2% in the half, but only 1,1% more profit in the second quarter as costs grew 11%.

📈 GPW valuation, revenue & earnings — P/E, P/S, revenue, EPS →

GPW's first half of 2026 was its best: revenue rose 17,3% to 324,2 million złoty, adjusted EBITDA 20,1% to 140,6 million and adjusted net profit 18,2% to 127,9 million1. Main Market turnover rose 27,4% to 321,8 billion złoty2.

GPW, first half of 2026 (zl m)324,2Revenue197,1Operating costs140,6Adj. EBITDA127,9Adj. net profitGPW Q2 2026 results presentation
Revenue up 17,3%, costs up 11,0%, adjusted profit up 18,2%.

The financial market did the work. Its revenue rose 23,0% to 221,8 million złoty, with equity trading fees up 24,5% to 121,2 million3. The Armenia Securities Exchange more than doubled its revenue to 24,2 million4. The commodity market grew 4,7% to 91,8 million, and fell 7,3% in the second quarter5.

Costs grew too. Operating expenses rose 11,0% to 197,1 million złoty, with outside services up 24,5% on IT maintenance6. In the second quarter adjusted net profit rose only 1,1% on revenue up 7,9%7.

The balance sheet is strong: 469,5 million złoty of liquid assets at the end of June8, and a record dividend of 3,40 złoty a share, 72,2% of 2025 profit, paid in August9. Return on equity reached 20,1%10.

The half confirms the model and shows its limit in the same report. The number to carry forward is second-half cost growth; if it stays above revenue growth, the first half was the peak of the leverage.

References
  1. ReportedGPW's first half of 2026 was its best: revenue rose 17,3% to 324,2 million złoty, adjusted EBITDA 20,1% to 140,6 million and adjusted net profit 18,2% to 127,9 million.
    GPW Q2 and H1 2026 financial results presentation - adjusted results, cash flow, liquid assets, WATS budget, listed-company count 2020-2026, OKI and S&P reclassification, AMX — Q2 2026 · publ. September 2026 · source ↗
  2. ReportedMain Market turnover rose 27,4% to 321,8 billion złoty.
    GPW Group interim report for H1 2026 - revenue by line, turnover, listings, TGE volumes, operating expenses, FTEs, ratios, dividend, associates (KDPW 33,33%) — H1 2026 · publ. September 2026 · source ↗
  3. ReportedIts revenue rose 23,0% to 221,8 million złoty, with equity trading fees up 24,5% to 121,2 million.
    GPW Group interim report for H1 2026 - revenue by line, turnover, listings, TGE volumes, operating expenses, FTEs, ratios, dividend, associates (KDPW 33,33%) — H1 2026 · publ. September 2026 · source ↗
  4. ReportedThe Armenia Securities Exchange more than doubled its revenue to 24,2 million.
    GPW Group interim report for H1 2026 - revenue by line, turnover, listings, TGE volumes, operating expenses, FTEs, ratios, dividend, associates (KDPW 33,33%) — H1 2026 · publ. September 2026 · source ↗
  5. ReportedThe commodity market grew 4,7% to 91,8 million, and fell 7,3% in the second quarter.
    GPW Q2 and H1 2026 financial results presentation - adjusted results, cash flow, liquid assets, WATS budget, listed-company count 2020-2026, OKI and S&P reclassification, AMX — Q2 2026 · publ. September 2026 · source ↗
  6. ReportedOperating expenses rose 11,0% to 197,1 million złoty, with outside services up 24,5% on IT maintenance.
    GPW Group interim report for H1 2026 - revenue by line, turnover, listings, TGE volumes, operating expenses, FTEs, ratios, dividend, associates (KDPW 33,33%) — H1 2026 · publ. September 2026 · source ↗
  7. ReportedIn the second quarter adjusted net profit rose only 1,1% on revenue up 7,9%.
    GPW Q2 and H1 2026 financial results presentation - adjusted results, cash flow, liquid assets, WATS budget, listed-company count 2020-2026, OKI and S&P reclassification, AMX — Q2 2026 · publ. September 2026 · source ↗
  8. ReportedThe balance sheet is strong: 469,5 million złoty of liquid assets at the end of June, and a record dividend of 3,40 złoty a share, 72,2% of 2025 profit, paid in August.
    GPW Q2 and H1 2026 financial results presentation - adjusted results, cash flow, liquid assets, WATS budget, listed-company count 2020-2026, OKI and S&P reclassification, AMX — Q2 2026 · publ. September 2026 · source ↗
  9. ReportedThe balance sheet is strong: 469,5 million złoty of liquid assets at the end of June, and a record dividend of 3,40 złoty a share, 72,2% of 2025 profit, paid in August.
    GPW Group interim report for H1 2026 - revenue by line, turnover, listings, TGE volumes, operating expenses, FTEs, ratios, dividend, associates (KDPW 33,33%) — H1 2026 · publ. September 2026 · source ↗
  10. ReportedReturn on equity reached 20,1%.
    GPW Group interim report for H1 2026 - revenue by line, turnover, listings, TGE volumes, operating expenses, FTEs, ratios, dividend, associates (KDPW 33,33%) — H1 2026 · publ. September 2026 · source ↗
Sources
Generated September 24, 2026