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WSE Group Financial Results Q3 2025 18 November 2025 Warsaw
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Q3 2025 Cash equity turnover WSE indices ▪ Main Market cash equity turnover up +43.1% to PLN 113.5 bn ▪ Main WSE indices up about +30% after 9M2025 ▪ WIG index ATH: 113,500 points on 28/10/2025 Revenues ▪ WSE Group revenues: PLN 135.1 mn +20.5% incl.: Financial Market: PLN 91.5 mn +27.4% Commodity Market: PLN 39.7 mn +9.7% OPEX ▪ OPEX: PLN 91.2 mn +12.0% ▪ Cost/income ratio: 67.5% -5.1 percentage points Earnings growth ▪ EBITDA: PLN 53.8 mn +39.1% ▪ Net profit: PLN 49.2 mn +29,5% Changes in % on a year-on-year basis; net profit attributable to owners of parent entity Q3 2025 highlights Warsaw Stock Exchange | 2 WSE share price ATH ▪ PLN 62.9 / share (November 4, 2025)
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Quarterly cash equity turnover on the WSE Main Market Change in cash equity turnover in Europe1 in Q3 2025 turnover value EUR bn YoY, % (in EUR) Cash equity turnover on the WSE Warsaw Stock Exchange | 3 Source: WSE, FESE 1 FESE exchanges with annual turnover above EUR 2bn 2 Velocity ratio Q3 2025: EOB turnover in domestic stocks as a % of averagemarket capitalization of domestic companies velocity ratio2 PLN mn -40 -30 -20 -10 0 10 20 30 40 50 60 70 80 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 43.1% Q3 113.5 2022 2023 2024 2025 YoY, % Vienna-21.7% Athens Prague BME GPW Aquis Exchange Budapest Deutsche Börse MEDIAN Turquoise Cboe Europe Bucharest Euronext Nasdaq N&B SIX 126.4% 72.2% 68.2% 44.2% 35.0% 33.9% 30.6% 28.2% 25.8% 23.7% 23.1% 15.4% 3.4% 1.2% 13.3 1.6 105.7 26.8 174.2 2.3 313.8 94.35 609.0 0.9 655.9 166.6 166.7 43.9% 11.7% 42.3% 43.5% 19.1% 35.5% 5.6% 40.4% 33.6% 35.5% 83.0 47.2% 7.8 19.1% YoY cash equity turnover (%) cash equity turnover (PLN mn)
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Selected index performance 2025 YTD Source: Bloomberg, as of 14/11/2025 P/E ratio of MSCI Indices 1Y forward P/E ratio of MSCI indices WSE indices vs. selected global indices YoY, % (in local currencies) Warsaw Stock Exchange | 4 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 11.8 22.5 15.6 -24% -48% MSCI Poland MSCI World MSCI Emerging Markets 20252020 2021 2022 2023 20242019 KOSPI 200 TR MSCI POLAND (USD) WIG20 TR WIG MWIG40 TR HANG SENG SWIG80 TR NIKKEI 225 TR MSCI EM FTSE 100 TR NASDAQ 100 TR DAX MSCI WORLD S&P 500 TR CAC 40 GR 80.7% 55.2% 43.2% 40.4% 35.8% 32.6% 29.6% 28.6% 28.5% 23.4% 18.7% 19.9% 16.8% 15.3% 15.4%