GIELDA PAPIERÓW WARTOSCIOWYCH W WARSZAWIE S.A.

Cash flow Gielda Papierów Wartosciowych w Warszawie S.A.

Stocks

GPW

PLGPW0000017

Financial & Commodity Market Operators

Market Closed - Warsaw S.E. 19:55:56 17/08/2026 +04			5-day change	1st Jan Change
99.55 ^PLN	-2.40%		-6.61%	+53.15%

08-03	Poland's blue-chip index WIG20 hits record high	RE
05-26	Gielda Papierów Wartosciowych w Warszawie S.A., Q1 2026 Earnings Call, May 26, 2026

334a6383679526c83d.caofi0UaGePFSTGL0UsAtOPfRKBCOF6gZ45ILgau9Dw.JMcuyApwctSEeUK4vHlR7M6YN9hzeijFFbsuWG34gk9H3WbuJHl6rP0aCQ

Published financial data: GIELDA PAPIERÓW WARTOSCIOWYCH W WARSZAWIE S.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	408M	389M	445M	465M	552M
Total Revenues	408M	389M	445M	465M	552M
Cost of Goods Sold, Total	229M	255M	319M	314M	345M
Gross Profit	178M	135M	125M	151M	207M
Provision for Bad Debts	-1.75M	-565K	332K	792K	199K
Other Operating Expenses	-26K	2.34M	-2.46M	23.31M	8.2M
Other Operating Expenses, Total	-1.77M	1.77M	-2.13M	24.1M	8.4M
Operating Income	180M	133M	128M	127M	198M
Interest Expense, Total	-8.2M	-5.88M	-916K	-2.39M	-2.56M
Interest And Investment Income	900K	22.46M	27.44M	21.74M	20.27M
Net Interest Expenses	-7.3M	16.58M	26.53M	19.36M	17.72M
Income (Loss) On Equity Invest.	24.38M	28.26M	34.14M	37.1M	44.35M
Currency Exchange Gains (Loss)	-1.8M	45K	-269K	-146K	1.18M
Other Non Operating Income (Expenses)	-1.46M	-624K	-7K	24.18M	-665K
EBT, Excl. Unusual Items	194M	177M	188M	208M	261M
Restructuring Charges	-77K	-309K	-27K	-	-
Impairment of Goodwill	-	-9.83M	-	-	-
Gain (Loss) On Sale Of Investments	-	-125K	-171K	-	-
Gain (Loss) On Sale Of Assets	-35K	-7K	593K	18K	-44K
Asset Writedown	-	-	-	-33.6M	-18.88M
Other Unusual Items	-	7.94M	-	16K	459K
EBT, Incl. Unusual Items	194M	175M	188M	174M	242M
Income Tax Expense	32.48M	29.87M	30.8M	24.98M	44.74M
Earnings From Continuing Operations	161M	145M	158M	149M	198M
Net Income to Company	161M	145M	158M	149M	198M
Minority Interest	-27K	-20K	-1.56M	-303K	-2.59M
Net Income - (IS)	161M	145M	156M	149M	195M
Net Income to Common Incl Extra Items	161M	145M	156M	149M	195M
Net Income to Common Excl. Extra Items	161M	145M	156M	149M	195M
Per Share Items
Net EPS - Basic	3.84	3.45	3.72	3.54	4.65
Basic EPS - Continuing Operations	3.84	3.45	3.72	3.54	4.65
Basic Weighted Average Shares Outstanding	41.97M	41.97M	41.97M	41.97M	41.97M
Net EPS - Diluted	3.84	3.45	3.72	3.54	4.65
Diluted EPS - Continuing Operations	3.84	3.45	3.72	3.54	4.65
Diluted Weighted Average Shares Outstanding	41.97M	41.97M	41.97M	41.97M	41.97M
Normalized Basic EPS	2.89	2.64	2.76	3.08	3.82
Normalized Diluted EPS	2.89	2.64	2.76	3.08	3.82
Dividend Per Share	2.74	2.7	3	3.15	3.4
Payout Ratio	65.25	79.35	72.66	84.7	67.91
Supplemental Items
EBITDA	210M	164M	154M	151M	228M
EBITA	198M	153M	141M	140M	215M
EBIT	180M	133M	128M	127M	198M
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	16.76	17.08	16.35	14.35	18.46
Total Current Taxes	35.7M	32.38M	30.69M	33.16M	46.24M
Total Deferred Taxes	-3.22M	-2.51M	112K	-8.19M	-1.5M
Normalized Net Income	121M	111M	116M	129M	160M
Interest on Long-Term Debt	6.18M	3.67M	308K	1.8M	1.46M
Non-Cash Pension Expense	15K	38K	-	60K	79K
Supplemental Operating Expense Items
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., COGS (Total)	-	-	-	76K	368K
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	-	-	-	76K	368K

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	349M	379M	247M	132M	223M
Short Term Investments	277M	63.96M	171M	263M	183M
Total Cash And Short Term Investments	627M	443M	418M	395M	406M
Accounts Receivable, Total	47.53M	46.88M	45.01M	49.24M	56.85M
Other Receivables	11.02M	41.15M	36.2M	10.53M	7.28M
Total Receivables	58.55M	88.03M	81.2M	59.77M	64.13M
Inventory	15K	-	-	-	-
Prepaid Expenses	121M	-	-	10.59M	18.56M
Other Current Assets, Total	530K	12K	262K	-	-
Total Current Assets	807M	531M	500M	465M	489M
Gross Property Plant And Equipment	257M	283M	323M	327M	334M
Accumulated Depreciation	-156M	-170M	-188M	-195M	-206M
Net Property Plant And Equipment	101M	112M	135M	132M	128M
Long-term Investments	231M	248M	287M	324M	354M
Goodwill	167M	158M	158M	158M	158M
Other Intangibles, Total	96.58M	125M	166M	176M	198M
Accounts Receivable Long-Term	-	290K	248K	173K	76K
Deferred Tax Assets Long-Term	4.17M	6.53M	6.24M	14.1M	15.43M
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	3.46M	1.62M	6.29M	4.07M	11.72M
Total Assets	1.41B	1.18B	1.26B	1.27B	1.35B
Liabilities
Accounts Payable, Total	13.7M	26.48M	28.32M	36.25M	36.7M
Accrued Expenses, Total	106M	75.94M	69.66M	38.92M	51.08M
Short-term Borrowings	-	-	-	-	542K
Current Portion of Long-Term Debt	246M	-	-	-	-
Current Portion of Leases	5.39M	4.85M	5.26M	6.89M	7.1M
Current Income Taxes Payable	6.17M	401K	2.16M	2.89M	16.11M
Unearned Revenue Current, Total	9.12M	8.04M	4.16M	6.13M	4.31M
Other Current Liabilities	11.82M	11.9M	10.75M	11.87M	17.71M
Total Current Liabilities	399M	128M	120M	103M	134M
Long-Term Debt	-	-	-	-	-
Long-Term Leases	4.17M	495K	20.39M	19.88M	14.82M
Unearned Revenue Non Current	28M	38.18M	51.68M	45.2M	35.2M
Pension & Other Post Retirement Benefits	1.52M	1.52M	1.61M	1.88M	2.41M
Deferred Tax Liability Non Current	239K	2.16M	2.14M	1.88M	1.75M
Other Non Current Liabilities	10.28M	11.46M	11.62M	26.4M	23.1M
Total Liabilities	443M	181M	208M	198M	211M
Common Stock, Total	41.97M	41.97M	41.97M	41.97M	41.97M
Retained Earnings	909M	939M	982M	1.01B	1.07B
Comprehensive Income and Other	16.34M	9.95M	15.73M	17.33M	19.74M
Total Common Equity	967M	991M	1.04B	1.07B	1.13B
Minority Interest	646K	10.05M	10.69M	9.12M	10.89M
Total Equity	968M	1B	1.05B	1.08B	1.14B
Total Liabilities And Equity	1.41B	1.18B	1.26B	1.27B	1.35B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	41.97M	41.97M	41.97M	41.97M	41.97M
ECS Total Common Shares Outstanding	41.97M	41.97M	41.97M	-	41.97M
Book Value / Share	23.04	23.61	24.76	25.4	26.95
Tangible Book Value	703M	708M	715M	733M	776M
Tangible Book Value Per Share	16.75	16.87	17.05	17.45	18.48
Total Debt	256M	5.35M	25.65M	26.77M	22.46M
Net Debt	-371M	-437M	-393M	-368M	-384M
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	646K	10.05M	10.69M	9.12M	10.89M
Equity Method Investments, Total	231M	241M	274M	303M	335M
Account Code - Inventory Valuation	3	3	3	-	3
Land - (BS)	130M	131M	132M	133M	134M
Machinery, Total	115M	139M	156M	152M	168M
Full Time Employees	-	428	572	-	591
Part Time Employees	-	65	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	4.52M	4.01M	4.11M	4.11M	4.12M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	161M	145M	156M	149M	195M
Depreciation & Amortization - CF	17.63M	17.02M	18.96M	18.74M	20.24M
Amortization of Goodwill and Intangible Assets - (CF)	17.61M	19.8M	13.29M	12.8M	16.52M
Depreciation & Amortization, Total	35.24M	36.83M	32.25M	31.54M	36.76M
(Gain) Loss From Sale Of Asset	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-611K	-5.17M	-11.11M	-9.81M	-9.69M
Asset Writedown & Restructuring Costs	178K	9.75M	48K	34.51M	18.49M
Provision for Credit Losses	-	-	-576K	-	-
(Income) Loss On Equity Investments - (CF)	-24.38M	-28.26M	-34.14M	-37.1M	-44.35M
Other Operating Activities, Total	-4.23M	-30.21M	-4.74M	-8.95M	17.33M
Change In Accounts Receivable	-123M	99.54M	5.62M	5.4M	-12.19M
Change In Inventories	-5K	15K	-	-	-
Change In Accounts Payable	-1.41M	3.98M	6.04M	2.11M	3.54M
Change in Unearned Revenues	-1.34M	9.39M	11.89M	-4.48M	-11M
Change in Other Net Operating Assets	10.96M	-24.61M	-14.91M	-15.44M	7.79M
Cash from Operations	53.09M	216M	146M	146M	202M
Capital Expenditure	-12.09M	-25.66M	-23.67M	-10.2M	-22.9M
Sale of Property, Plant, and Equipment	4.49M	-	-	392K	142K
Cash Acquisitions	-	8.43M	-	-	-
Sale (Purchase) of Intangible assets	-31.27M	-34.55M	-49.8M	-44.96M	-51.84M
Investment in Marketable and Equity Securities, Total	27.8M	208M	-110M	430M	591M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	2M	63K
Other Investing Activities, Total	7.34M	27.06M	26.53M	-504M	-486M
Cash from Investing	-3.73M	184M	-157M	-127M	29.76M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-5.58M	-251M	-6.7M	-8.32M	-8.57M
Total Debt Repaid	-5.58M	-251M	-6.7M	-8.32M	-8.57M
Issuance of Common Stock	-	-	-	-	452K
Common Dividends Paid	-105M	-115M	-113M	-126M	-132M
Common & Preferred Stock Dividends Paid	-105M	-115M	-113M	-126M	-132M
Other Financing Activities, Total	-92K	-4.96M	-330K	-	-
Cash from Financing	-111M	-371M	-120M	-134M	-141M
Foreign Exchange Rate Adjustments	-170K	85K	-567K	543K	-257K
Net Change in Cash	-61.69M	29.32M	-132M	-115M	90.67M
Supplemental Items
Cash Interest Paid	5.8M	4.96M	341K	-	-
Cash Income Tax Paid (Refund)	36.59M	44.91M	27.96M	26.18M	33.05M
Levered Free Cash Flow	-28.84M	124M	36.81M	46.47M	102M
Unlevered Free Cash Flow	-23.72M	128M	37.38M	47.96M	104M
Change In Net Working Capital	128M	-68.24M	1.13M	7.9M	-17.52M
Net Debt Issued / Repaid	-5.58M	-251M	-6.7M	-8.32M	-8.57M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	8.11	6.41	6.54	6.28	9.43
Return on Total Capital	9.37	7.45	7.66	7.29	10.93
Return On Equity %	17.1	14.73	15.37	14.02	17.82
Return on Common Equity	17.11	14.81	15.37	14.13	17.75
Margin Analysis
Gross Profit Margin %	43.74	34.6	28.2	32.52	37.44
EBITDA Margin %	51.5	42.2	34.52	32.59	41.22
EBITA Margin %	48.5	39.23	31.66	30.09	38.92
EBIT Margin %	44.18	34.15	28.67	27.34	35.92
Income From Continuing Operations Margin %	39.57	37.24	35.41	32.06	35.81
Net Income Margin %	39.56	37.24	35.06	31.99	35.34
Net Avail. For Common Margin %	39.56	37.24	35.06	31.99	35.34
Normalized Net Income Margin	29.72	28.44	26.05	27.84	29.07
Levered Free Cash Flow Margin	-7.08	31.92	8.27	10	18.52
Unlevered Free Cash Flow Margin	-5.82	32.86	8.4	10.32	18.81
Asset Turnover
Asset Turnover	0.29	0.3	0.36	0.37	0.42
Fixed Assets Turnover	3.84	3.65	3.6	3.48	4.25
Receivables Turnover (Average Receivables)	8.42	8.25	9.68	9.86	10.4
Inventory Turnover (Average Inventory)	17.64K	-	-	-	-
Short Term Liquidity
Current Ratio	2.02	4.16	4.15	4.52	3.66
Quick Ratio	1.72	4.16	4.15	4.42	3.52
Operating Cash Flow to Current Liabilities	0.13	1.69	1.22	1.42	1.51
Days Sales Outstanding (Average Receivables)	43.33	44.26	37.69	37.1	35.08
Days Outstanding Inventory (Average Inventory)	0.02	-	-	-	-
Average Days Payable Outstanding	22.94	-	31.31	37.67	38.56
Cash Conversion Cycle (Average Days)	20.41	-	-	-	-
Long Term Solvency
Total Debt/Equity	26.43	0.53	2.44	2.49	1.97
Total Debt / Total Capital	20.91	0.53	2.38	2.43	1.93
LT Debt/Equity	0.43	0.05	1.94	1.85	1.3
Long-Term Debt / Total Capital	0.34	0.05	1.9	1.8	1.27
Total Liabilities / Total Assets	31.39	15.35	16.52	15.56	15.58
EBIT / Interest Expense	21.97	22.59	139.28	53.23	77.56
EBITDA / Interest Expense	26.27	28.85	174.49	66.44	91.94
(EBITDA - Capex) / Interest Expense	24.8	24.49	148.64	62.17	82.98
Total Debt / EBITDA	1.19	0.03	0.16	0.17	0.1
Net Debt / EBITDA	-1.72	-2.58	-2.46	-2.32	-1.63
Total Debt / (EBITDA - Capex)	1.26	0.04	0.19	0.18	0.11
Net Debt / (EBITDA - Capex)	-1.82	-3.03	-2.88	-2.48	-1.81
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	0.89	-4.49	14.3	4.48	18.72
Gross Profit, 1 Yr. Growth %	-9.92	-24.45	-6.86	20.5	36.69
EBITDA, 1 Yr. Growth %	-7.9	-21.75	-6.5	-1.37	50.19
EBITA, 1 Yr. Growth %	-7.7	-22.74	-7.76	-0.71	53.55
EBIT, 1 Yr. Growth %	-8.72	-26.18	-4.02	-0.4	56.02
Earnings From Cont. Operations, 1 Yr. Growth %	5.91	-10.11	8.68	-5.42	32.61
Net Income, 1 Yr. Growth %	5.91	-10.1	7.62	-4.67	31.14
Normalized Net Income, 1 Yr. Growth %	-2.36	-8.61	4.7	11.65	23.96
Diluted EPS Before Extra, 1 Yr. Growth %	5.91	-10.1	7.62	-4.67	31.14
Accounts Receivable, 1 Yr. Growth %	-3.46	-1.35	-4	9.41	15.45
Inventory, 1 Yr. Growth %	36.36	-	-	-	-
Net Property, Plant and Equip., 1 Yr. Growth %	-9.29	11.21	20.03	-2.04	-3.41
Total Assets, 1 Yr. Growth %	3.31	-16.19	6.38	1.25	6.26
Tangible Book Value, 1 Yr. Growth %	5.85	0.67	1.07	2.39	5.9
Common Equity, 1 Yr. Growth %	5.42	2.44	4.89	2.58	6.12
Cash From Operations, 1 Yr. Growth %	-77.06	307.27	-32.3	0.07	37.7
Capital Expenditures, 1 Yr. Growth %	-9.86	112.23	-7.75	-56.89	124.44
Levered Free Cash Flow, 1 Yr. Growth %	-117.01	-530.82	-70.38	26.25	119.95
Unlevered Free Cash Flow, 1 Yr. Growth %	-113.08	-639.36	-70.78	28.3	116.44
Dividend Per Share, 1 Yr. Growth %	9.6	-1.46	11.11	5	7.94
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	10.12	-1.84	4.48	9.28	11.37
Gross Profit, 2 Yr. CAGR %	7.23	-17.5	-16.12	5.94	28.34
EBITDA, 2 Yr. CAGR %	5.57	-15.1	-14.46	-3.97	21.71
EBITA, 2 Yr. CAGR %	7.16	-15.55	-15.58	-4.3	23.48
EBIT, 2 Yr. CAGR %	7.31	-17.91	-15.82	-2.23	24.65
Earnings From Cont. Operations, 2 Yr. CAGR %	16.25	-2.42	-1.16	1.39	11.99
Net Income, 2 Yr. CAGR %	16.25	-2.43	-1.64	1.29	11.81
Normalized Net Income, 2 Yr. CAGR %	13.31	-5.54	-2.18	8.12	17.64
Diluted EPS Before Extra, 2 Yr. CAGR %	16.25	-2.43	-1.64	1.29	11.81
Accounts Receivable, 2 Yr. CAGR %	5.27	-2.42	-2.68	2.49	12.39
Inventory, 2 Yr. CAGR %	-43.51	-	-	-	-
Net Property, Plant and Equip., 2 Yr. CAGR %	-10.01	0.44	15.54	8.44	-2.73
Total Assets, 2 Yr. CAGR %	5.94	-6.95	-5.58	3.78	3.72
Tangible Book Value, 2 Yr. CAGR %	5.97	3.23	0.87	1.73	4.13
Common Equity, 2 Yr. CAGR %	5.26	3.92	3.66	3.73	4.34
Cash From Operations, 2 Yr. CAGR %	-47.29	-3.33	66.05	-17.69	17.39
Capital Expenditures, 2 Yr. CAGR %	14.41	38.32	39.93	-36.94	-1.64
Levered Free Cash Flow, 2 Yr. CAGR %	-56.27	-14.39	12.97	-38.84	66.64
Unlevered Free Cash Flow, 2 Yr. CAGR %	-62.25	-16.02	25.54	-38.77	66.64
Dividend Per Share, 2 Yr. CAGR %	6.85	3.92	4.64	8.01	6.46
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	5.53	5.02	3.27	4.48	12.34
Gross Profit, 3 Yr. CAGR %	0.97	-4.58	-14.1	-5.35	15.33
EBITDA, 3 Yr. CAGR %	1.16	-4.46	-12.33	-10.3	11.47
EBITA, 3 Yr. CAGR %	1.96	-3.91	-13.03	-10.89	12.04
EBIT, 3 Yr. CAGR %	1.74	-5.27	-13.52	-10.97	14.25
Earnings From Cont. Operations, 3 Yr. CAGR %	-4.25	6.7	1.15	-2.6	10.88
Net Income, 3 Yr. CAGR %	-4.25	6.7	0.81	-2.66	10.4
Normalized Net Income, 3 Yr. CAGR %	2.31	5.47	-2.24	2.23	13.16
Diluted EPS Before Extra, 3 Yr. CAGR %	-4.25	6.7	0.81	-2.66	10.4
Accounts Receivable, 3 Yr. CAGR %	3.99	3.01	-2.95	1.2	6.64
Inventory, 3 Yr. CAGR %	-38.34	-	-	-	-
Net Property, Plant and Equip., 3 Yr. CAGR %	-2.27	-3.43	6.58	9.35	4.34
Total Assets, 3 Yr. CAGR %	5.03	-2.02	-2.7	-3.36	4.6
Tangible Book Value, 3 Yr. CAGR %	3.71	4.17	2.5	1.37	3.1
Common Equity, 3 Yr. CAGR %	2.92	4.31	4.24	3.3	4.52
Cash From Operations, 3 Yr. CAGR %	-27	4.21	-14.15	40.26	-2.29
Capital Expenditures, 3 Yr. CAGR %	-2.27	40.58	20.85	-5.5	-3.72
Levered Free Cash Flow, 3 Yr. CAGR %	-31.37	-6.25	-39.9	17.23	-6.3
Unlevered Free Cash Flow, 3 Yr. CAGR %	-36.96	-8.39	-40.93	26.45	-6.73
Dividend Per Share, 3 Yr. CAGR %	-4.84	4	6.27	4.76	7.99
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	5.57	2.04	5.11	6.7	6.44
Gross Profit, 5 Yr. CAGR %	1.89	-6.29	-6.25	-0.5	0.87
EBITDA, 5 Yr. CAGR %	2.49	-5.25	-5.4	-4.26	-0.04
EBITA, 5 Yr. CAGR %	2.86	-5.35	-5.45	-4.07	0.06
EBIT, 5 Yr. CAGR %	2.41	-6.57	-5.69	-4.06	0.1
Earnings From Cont. Operations, 5 Yr. CAGR %	4.22	-1.8	-3.02	4.54	5.35
Net Income, 5 Yr. CAGR %	4.23	-1.79	-3.21	4.5	5.08
Normalized Net Income, 5 Yr. CAGR %	4.12	-1.5	0.49	6.53	5.27
Diluted EPS Before Extra, 5 Yr. CAGR %	4.23	-1.79	-3.21	4.5	5.08
Accounts Receivable, 5 Yr. CAGR %	-13.87	0.11	1.26	2.8	2.92
Inventory, 5 Yr. CAGR %	-23.43	-	-	-	-
Net Property, Plant and Equip., 5 Yr. CAGR %	-3.25	0.27	4.5	1.15	2.76
Total Assets, 5 Yr. CAGR %	4.03	0.61	0.65	0.26	-0.18
Tangible Book Value, 5 Yr. CAGR %	8.47	5.85	2.57	3.19	3.15
Common Equity, 5 Yr. CAGR %	5.37	4.4	3.21	4.08	4.28
Cash From Operations, 5 Yr. CAGR %	-23.74	6.3	1.41	-5.18	-2.71
Capital Expenditures, 5 Yr. CAGR %	-2.47	20.12	12.81	2.01	11.3
Levered Free Cash Flow, 5 Yr. CAGR %	-29.12	5.69	-16.23	-20.98	-9.62
Unlevered Free Cash Flow, 5 Yr. CAGR %	-32.26	4.98	-16.96	-22.03	-10.56
Dividend Per Share, 5 Yr. CAGR %	4.97	4.18	-1.16	5.59	6.34