The Warsaw Stock Exchange (WSE) posted record-high financial results for 2025, driven by unprecedented investor activity, and said on March 23 it expects a revival in initial public offerings (IPOs) alongside the rollout of new exchange-traded funds (ETFs) and AI products in 2026.

The group’s revenue rose by 18.7% y/y to PLN551.9mn (€129.6mn) in 2025. Adjusted net profit stood at PLN204.7mn, up 30.2% y/y, whilst adjusted EBITDA rose by 37.7% y/y to PLN225.4mn, a result the company attributed to continued cost discipline and the impact of increased transaction volumes across its financial markets.

“Its structure reflected both increased activity on the equity market and stable growth in revenue from the sale of information and index-related activities. The Financial Market segment grew by 23.1% y/y and achieved revenues of PLN364.5mn (€85.6mn), driven by record equity turnover and increased data sales,” the bourse said in a press release.

Meanwhile, the Commodities Market segment generated PLN171.6mn in revenue, representing a 12.5% year-on-year increase, benefiting primarily from rising natural gas trading volumes.

2025 saw the highest level of investor activity on the WSE’s equity market in its history. The value of session turnover on the Main Market amounted to PLN470.3bn, representing a year-on-year increase of 41.9%. Average daily turnover also rose by 41.9% to PLN1.89bn.

This historic trading activity was accompanied by record levels in stock market indices. In April, the benchmark WIG index exceeded 100,000 points for the first time in history, and on February 25, 2026, it set a new closing record of 127,740.99 points, the WSE said.

The exchange noted that 2025 was characterised above all by a strong upturn in secondary market activity, such as secondary public offerings (SPOs) and accelerated bookbuilds (ABBs), whilst the number of new primary offerings remained limited.

“From a market perspective, we expect 2026 to bring a revival in the IPO sector and continued high activity in the secondary market, supported by improving valuations. We hope that new IPOs and the growing range of ETFs will attract more retail investors,” CEO Tomasz Bardziłowski wrote in a letter included in the 2025 financial report.

Bardziłowski added that the WSE would continue to focus on further increasing liquidity, attracting new companies, and expanding its product range, particularly in the ETF space.

The total trading value of ETFs and exchange-traded commodities (ETCs) on the Warsaw Stock Exchange in 2025 amounted to PLN3.32bn, representing a year-on-year increase of 121.5%. This strong upward trend continued into early 2026. In just the first two months, trading in ETFs and ETCs exceeded PLN1.3bn, which is higher than the total trading volume in these instruments for the whole of 2023.

Looking ahead, the bourse also outlined plans to integrate emerging technologies into its operations.

“We are placing increasing emphasis on the opportunities offered by artificial intelligence. In the coming year we intend to develop AI-based solutions that support smarter internal processes, improve efficiency and unlock new value for market data users,” Bardziłowski also noted.