Poland’s capital market entered 2026 with renewed strength after a record year for the Warsaw Stock Exchange (WSE). In 2025, equity-market turnover reached an all-time high, the main stock indices posted their strongest gains this century and the number of brokerage accounts exceeded 2.5 million. The challenge now is to turn that market activity into deeper domestic participation, more listings and stronger international visibility, including among German investors. In this exclusive interview, CEO Tomasz Bardziłowski discusses the investment outlook, the development of ETFs, sustainable finance, innovation and the exchange’s long-term ambitions. 

Q: Since taking office in March 2024, what have been your main priorities? 

Tomasz Bardziłowski, CEO: When I arrived, it was clear that the Polish capital market had not kept pace with economic growth. Over the past 10 years, the economy grew by around 3% annually on average. However, the capital market remained at around 25% of GDP, measured by Warsaw Stock Exchange capitalisation to GDP. That is one of the lowest levels in Europe. It is two times lower than in Germany and far below the United States and Sweden, where the ratio is about 200%. 

This shows both potential and necessity. Poland has grown very successfully, and GDP per capita in purchasing power parity terms is around 80% of the European average. But as labour costs rise and export competition increases, Poland needs new engines of growth. That requires higher productivity, more innovation and more investment, especially in innovative sectors. 

Yet investment remains low, at less than 18% of GDP, and in research and development spending Poland is still one of the laggards in Europe. To change this, we need strong financing for innovative companies. We need a strong capital market. 

The good news is that policymakers and stakeholders increasingly understand that capital markets are part of the solution to Poland’s, and Europe’s, competitiveness and innovation challenges. That is also why we proposed a strategy focused on our core business: growing the capital market, attracting new IPO and bringing in new investors. Over the past two years the WSE capitalisation has doubled, but there is still a huge potential to grow. 

Q: What strategic role does the exchange play? 

TB: We are still a traditional exchange, where most trading is in shares. Last year, our main campaign focused on increasing retail investor awareness of ETFs. It was very successful. We introduced zero fees for ETF trading and supported issuers with marketing. As a result, the number of ETFs listed doubled and ETFs turnover more than tripled. This ETF development has been especially successful this year, including with the entry of major Polish financial institutions such as PZU. 

This helps attract investors, but there is also major potential in bonds and derivatives. Polish investors are among the largest holders of government bonds, alongside international investors, yet those bonds are not traded on the exchange. That is a clear future opportunity. The derivatives segment also offers strong growth potential. 

Last year showed how quickly we can grow. The WIG index rose 47%, its best result this century, and turnover increased by 42%. Relative to our size, we are one of the most liquid exchanges in Europe, second only to Deutsche Börse in trading velocity. 

Q: With more than 400 listed companies and market capitalisation of about $650 billion, what is the exchange’s competitive advantage? 

TB: We are the gateway to investing in Poland. If you want to invest in Polish stocks, you do it through the Warsaw Stock Exchange. This is a market with not just a few, but at least 60 liquid companies from the WIG20 and mWIG40 indices. International investors, including large ones, tell us that liquidity is satisfactory. 

Poland is one of the fastest-growing economies in Europe, and the exchange reflects that growth. With many investible companies across many sectors and high liquidity, we can offer meaningful diversification. 

Q: What are the main challenges for the exchange? 

TB: The key challenge is increasing domestic investor participation, especially among retail investors. More than 70% of trading is still done by international investors, 13% comes from local retail investors and the rest comes from local institutional investors. 

Poles, like many Europeans, keep much of their savings in bank accounts. In fact, around 50% of Polish households’ financial assets are held in banks, one of the highest shares in Europe. Real estate has traditionally been a preferred investment, but property prices in many Polish cities are now close to those in major European centres, so expected returns are likely lower than before. 

We see savers looking for new opportunities, and we believe this is the moment for capital markets, especially if we offer more products and more attractive companies. ETFs, for example, if well diversified, are suitable products for most retail investors. 

We also expect new tax incentives to help. A few months ago, the Polish Ministry of Finance announced a new personal investment account modelled after Swedish ISK that would allow investment of around PLN 100,000 or EUR 25,000, free of capital gains tax. Above that level, there would be a small tax on the value of investments. If introduced next year as planned, this could be a real game changer for retail participation. 

We also see growing interest in long-term savings through investment funds. A few years ago, Poland launched Employee Capital Plans, or PPK. Every company must provide a pension plan. As of December 2025, these funds have accumulated over €10 billion in assets and account for almost half of inflows into the Warsaw Stock Exchange from domestic investment funds. 

With rising pension fund investment and a new wave of retail investors, I am optimistic about future market growth. 

Q: How important is innovation to the exchange’s future development? 

TB: For me, innovation starts with helping innovative companies raise capital. That is our core role, and we are pleased that more such companies are considering the Warsaw Stock Exchange. 

In the coming weeks, we expect IPOs from sectors such as satellites and quantum computing. 

At the same time, we want to be an innovative company ourselves. We are developing our own trading system, which will improve speed and make new product development faster. We have invested heavily in cybersecurity. We also have several AI-related projects. First, we are using AI internally, and we are pleased that all employees are already working with AI tools. Next, we want to offer AI-based solutions to investors. Our first step is a data project to ensure our data is AI-ready. 

Q: What potential do you see for sustainable finance in Poland’s capital market? 

TB: Poland is still transitioning toward sustainable energy sources. We remain dependent on fossil fuels, but the growth of renewable energy in recent years has been remarkable. 

We are pleased that green financing has become a significant segment on the Warsaw Stock Exchange. We created a sustainable segment on the bond market, and in recent years most issues by value have been green bond offerings. 

At the same time, we are an exchange where even larger listed companies are small by European standards. That is why we understand issuers’ concerns that ESG reporting requirements can be costly. Smaller issuers have therefore welcomed the relaxation of some reporting criteria. 

Regardless of regulation, investors and companies still want to demonstrate high standards in corporate governance and social responsibility. For example, we want to support higher female participation on management boards. The exchange launched and funded leadership programmes for young female leaders together with three business schools in Warsaw. The first cohort has already graduated, and we hope this will help more women reach the C-suite. 

Q: Why is now the right time for international investors? 

TB: I can speak for capital market investment. If you compare last year’s record returns in Polish stocks with those of United States companies, the difference was dramatic. 

We should raise our profile among German investors and open our market more widely to them. I believe the Polish capital market will continue to grow as fast as, or even faster than, the economy as it catches up. That creates significant opportunity for international investors. 

They already see this growth. Last year I held more than 100 investor meetings, but most were with United States investors. I hope to meet more German investors. We are close neighbours, we should know each other better, and we should better communicate the opportunities in Poland. 

We are also watching developments in Germany, including planned pension reform and measures to increase retail participation in capital markets. I hope these changes will also help attract German investors to the Polish market and to the Warsaw Stock Exchange. 

We have tremendous growth potential. I hope the exchange will become a vibrant venue for IPOs by innovative companies, with much greater participation by local retail investors and hundreds of ETF products. I would like people on the street to know what an ETF is and to tell you which ones they own.