Q2 2026 Bursa de Valori Bucuresti SA Earnings Call

August 13, 2026

[Company Representative] (Bursa de Valori Bucuresti): Then please note that this presentation will be recorded. I will start the recording right now. Hello, and welcome to the Bucharest Stock Exchange presentation of the financial results for the H1 2026. During today's presentation, the participants from Bursa de Valori Bucuresti SA will be Mr. Razvan Silaghi, our CFO, Ms. Cristina Radulescu, our Financial Controlling Manager, myself managing investor relations, and later will participate also our CEO, Mr. Remus Burcescu. Now I will give the floor for Razvan to share an overview for the H1 2026 and the Q2 of this year. Razvan.

Speaker #1: Okay, please note that this presentation will be recorded. I will start the recording right now. Hello, and welcome to the Bucharest Stock Exchange presentation of the financial results for the first half of 2026.

Speaker #1: During today's presentation, the participants from Bucharest Stock Exchange will be: Mr. Răzvan Silagi, our CFO; Ms. Cristina Rădulescu, our Financial Controlling Manager; myself, managing Investor Relations; and later, our CEO, Mr. Remus Vulpescu, will also participate.

Speaker #1: Now I will give the floor to Răzvan to share an overview of the first half of 2026 and the second quarter of this year.

Speaker #1: Răzvan?

Speaker #2: Thank you, Alex. Good afternoon, everyone, and thank you very much for joining us. I will provide you with a brief overview, let's say, of the financial results for mid-2026.

Răzvan Silaghi: Thank you, Alex. Good afternoon, everyone, and thank you very much for joining us. I will provide you a brief story, let's say, of the financial results at the mid-2026. I want to start by saying a few words about the context. I think that Bucharest Stock Exchange is going through one of the best periods of its entire history. I am not speaking only about the market performance, which I am sure that all of you are aware, but also other things that, in my opinion, are important from a structural perspective. The market growth, I think it is maybe also a result of some long-term trends that we have seen so far. We are speaking about an increased number of retained investors trading on the BVB, also a high number of retained investors investing through mutual funds or other investment instruments.

Răzvan Szilagyi: Thank you, Alex. Good afternoon, everyone, and thank you very much for joining us. I will provide you a brief story, let's say, of the financial results at the mid-2026. I want to start by saying a few words about the context. I think that Bucharest Stock Exchange is going through one of the best periods of its entire history. I am not speaking only about the market performance, which I am sure that all of you are aware, but also other things that, in my opinion, are important from a structural perspective. The market growth, I think it is maybe also a result of some long-term trends that we have seen so far. We are speaking about an increased number of retained investors trading on the BVB, also a high number of retained investors investing through mutual funds or other investment instruments.

Speaker #2: I would start by saying a few words about the context. I think that the Bucharest Stock Exchange is going through one of the best periods of its entire history. Of course, I'm not speaking only about the market performance, which I'm sure all of you are aware of, but also other things that, in my opinion, are important from a structural perspective.

Speaker #2: Yeah, because the market growth, I think it's a maybe also a result of some long-term trends that we have seen so far. So we are speaking about an increased number of retained investors trading on the BBB, also a high number of retained investors investing through mutual funds or other investment instruments.

Speaker #2: So I think that there are a number of factors that are aligned and that are supporting the market performance also. So this is good news for us because we have seen in the last six to nine months a sustainable increase in the trading volumes.

Răzvan Silaghi: I think that there are a number of planets that are aligned and that are supporting the market performance also. This is good news for us because we have seen in the last six to nine months a sustainable increase in the trading volumes. Historically speaking, we have seen some steps, and we are confident that this is a new step following the one that came along with the introduction of Hidroelectrica. When Hidroelectrica was listed, we are now seeing trading volumes at a new step. We believe that this is sustainable on the long run. Of course, good market performance came with higher market cap. We have on the regulated market a market cap that is now over RON 700 billion, which I think that it is amazing. This had a positive impact on the group results, but also at the individual level.

Răzvan Szilagyi: I think that there are a number of planets that are aligned and that are supporting the market performance also. This is good news for us because we have seen in the last six to nine months a sustainable increase in the trading volumes. Historically speaking, we have seen some steps, and we are confident that this is a new step following the one that came along with the introduction of Hidroelectrica. When Hidroelectrica was listed, we are now seeing trading volumes at a new step. We believe that this is sustainable on the long run. Of course, good market performance came with higher market cap. We have on the regulated market a market cap that is now over RON 700 billion, which I think that it is amazing. This had a positive impact on the group results, but also at the individual level.

Speaker #2: Historically speaking, we have seen some steps, and we are confident that this is a new step following the one that came along with the introduction of Hidroelectrica, when Hidroelectrica was listed.

Speaker #2: We are not now seeing trading volumes at a new step. And we believe that this is sustainable in the long run.

Speaker #2: Of course, good market performance came with higher market cap. We have on the regulated market market cap that is now over 700 billion RON, which I think that is amazing.

Speaker #2: And this had a positive impact on the group results, but also at the individual level. A few comments from the figures: as you know, in our group there are three companies.

Răzvan Silaghi: A few comments from the figures perspective. As you know in our group there are three companies. We have Bucharest Stock Exchange, which is the trading venue. We have Depozitarul Central, which is offering post-trading and registry services, and also CCP, the clearing counterparty. I will mention a few things about each of them. The consolidated profit is roughly in round figures, RON 14.14 million, which is split by segments as follows: we have the Bucharest Stock Exchange, which is almost 12. Then we have the Central Depository, which is almost 11, and we have CCP after all, which is -9. On BVB, the result is mostly correlated with the trading volumes. I spoke a bit earlier about the context. Increased volumes, increased fees, and we have a very good performance result.

Răzvan Szilagyi: A few comments from the figures perspective. As you know in our group there are three companies. We have Bucharest Stock Exchange, which is the trading venue. We have Depozitarul Central, which is offering post-trading and registry services, and also CCP, the clearing counterparty. I will mention a few things about each of them. The consolidated profit is roughly in round figures, RON 14.14 million, which is split by segments as follows: we have the Bucharest Stock Exchange, which is almost 12. Then we have the Central Depository, which is almost 11, and we have CCP after all, which is -9. On BVB, the result is mostly correlated with the trading volumes. I spoke a bit earlier about the context. Increased volumes, increased fees, and we have a very good performance result.

Speaker #2: We have the Bucharest Stock Exchange, which is the trading venue. We have Depozitarul Central, which is offering both trading and registry services, and also CCB, the clearing counterpart.

Speaker #2: I will mention a few things about each of them. So the consolidated profit is roughly, in round figures, 14 million RON, which is split by segments as follows.

Speaker #2: We have the Bucharest Stock Exchange, which is almost 12. Then we have the Central Depository, which is almost 11. And we have CCB, which is minus 9.

Speaker #2: On BBB, the result is mostly correlated with the trading volumes, and I spoke a bit earlier about the context—increased volumes, increased fees—and we have a very good performance result.

Răzvan Silaghi: Trading fees on one side, but I would mention also the other revenue streams, including market data which had also a very nice contribution and a very nice growth. For Central Depository, the same I would say that at least a significant part of the revenues are correlated also with the volume of transactions, but also related to the new prices because it is depending on the volume of the holdings. Anyhow, a positive dynamic, again, sustained by the market. On CCP, we still have a negative result as CCP is not generating revenues so far. Here we have good news

Speaker #2: So trading fees on one side, but I would mention also the other revenues for streams. Including market data, which had also a very nice a very nice contribution and a very nice growth.

Răzvan Szilagyi: Trading fees on one side, but I would mention also the other revenue streams, including market data which had also a very nice contribution and a very nice growth. For Central Depository, the same I would say that at least a significant part of the revenues are correlated also with the volume of transactions, but also related to the new prices because it is depending on the volume of the holdings. Anyhow, a positive dynamic, again, sustained by the market. On CCP, we still have a negative result as CCP is not generating revenues so far. Here we have good news

Speaker #2: Central Depository, the same, I would say that at least a significant part of the revenues are related also with the volume of transactions, but also related to the new prices, because it's depending on the volume of the of the holdings.

Speaker #2: But anyhow, a positive dynamic again sustained by the market on CCB. We still have a negative result. As CCB is not generating revenues so far, but here we have we have good news.

Speaker #2: Because as you probably know, CCB got the authorization for the from the relevant authorities. And now it's in the operationalization stage. So in brief, a very good period for the for the group and also for the individual companies.

[Company Representative] (Bursa de Valori Bucuresti): Because as you probably know, for CCP, for EMIR authorization from the relevant authorities, and now it is in the operationalization stage. In brief, a very good period for the group and also for the individual companies. I would say good news on all three of them. We hope that things will remain positive also from now. Thank you, Razvan. We will also share a presentation to go even deeper into the details of the first semester of 2026. I will share it with you right now. I will ask my colleague to go through the details of the financial statements. Okay. Just an overview on the share price. Because of the rally that happened with the Bucharest Stock Exchange share price, over a medium term of 5 years, BVB stock has overpassed a benchmark that we consider to be relevant for comparing the performance of BVB stock.

Răzvan Szilagyi: Because as you probably know, for CCP, for EMIR authorization from the relevant authorities, and now it is in the operationalization stage. In brief, a very good period for the group and also for the individual companies. I would say good news on all three of them. We hope that things will remain positive also from now.

Speaker #2: I would say good news on the all 3 of them. We hope that yeah, things will will remain positive also from from now.

Speaker #1: Thank you, Răzvan. We will also share a presentation to go even deeper into the details of the first semester of 2026. I will share it with you right now.

[Company Representative] (Bursa de Valori Bucuresti): Thank you, Razvan. We will also share a presentation to go even deeper into the details of the first semester of 2026. I will share it with you right now. I will ask my colleague to go through the details of the financial statements. Okay. Just an overview on the share price. Because of the rally that happened with the Bucharest Stock Exchange share price, over a medium term of 5 years, BVB stock has overpassed a benchmark that we consider to be relevant for comparing the performance of BVB stock.

Speaker #2: And I will ask my colleague to go through the details of the financial statements.

Speaker #3: Sure.

Speaker #1: Okay, just an overview on the share price. So, because of the rally that happened with the Bucharest Stock Exchange share price, over a medium term of five years, BBB stock has surpassed a benchmark that we consider to be relevant for comparing the performance of BBB stock.

Speaker #1: That is the BET benchmark index, a relevant index for the mutual funds industry in Romania. Over the last five years, because of the rebound in the BBB stock, the performance has been 182%.

[Company Representative] (Bursa de Valori Bucuresti): That is BET benchmark index, a relevant index for the mutual funds industry in Romania. Over the last 5 years, because of the rebound in the BVB stock, the performance has been of 182%. Again, this is over a period of 5 years, and the information there is presented only at the end of June 2026, because currently the share price of BVB is trading around 90 lei per share. The performance over the last year is close to 130%. This is the performance over the last year. In terms of our shareholding structure, we have a very stable shareholding structure, with mostly Romanian legal entities, of course, as well as Romanian private individuals. Foreign investors are present in our shareholding structure as well.

Speaker #1: So again, this is over a period of five years. And the information there is presented only at the end of June 2026, because currently, the share price of BBB is trading around 90 lei per share.

Speaker #1: And the performance over the last year is close to 130%. So, this is the performance over the last year. In terms of our shareholding structure, we have a very stable shareholding structure with mostly Romanian legal entities.

Speaker #1: Of course, as well as Romanian private individuals foreign investors. Are present in our shareholding structure as well. In terms of price earnings, based on the latest financial results published today, we are currently sitting based on the price at as of June 2026, we are currently sitting at price earnings of 22.

[Company Representative] (Bursa de Valori Bucuresti): In terms of price earnings, based on the latest financial results published today, based on the price as of June 2026, we are currently sitting at price earnings of 22. I will go into the next slide. Okay. Just an overview in terms of trading value. Including equity-like instruments, in Q2 2026, the turnover has been 38% higher than Q2 2025. In terms of regulated market, regular-only transaction, we have a similar performance. Regular transactions have averaged 37% higher than Q2 last year. In terms of fixed income, also we have an increase of 15%. Main market offers have contributed to the positive result of this quarter as well, with an increase of 14%. In terms of the AeRO market, we had a very nice increase in the turnover of 140% during the quarter based on increased turnover.

Speaker #1: I will go into the next slide. Okay. Just an overview in terms of trading value. So including equity-like instruments, in the second quarter of 2026, the turnover has been 38% higher than in the second quarter of 2025.

Speaker #1: In terms of the regulated market, regular-only transactions, we had a similar performance. Regular transactions have averaged 37% higher than in the second quarter of last year.

Speaker #1: In terms of fixed income, we also had an increase of 15%. Main market offers have contributed to the positive result of this quarter as well, with an increase of 14%.

Speaker #1: And in terms of the IRO market, we had a very nice increase in turnover of 140% during the quarter, based on increased volumes.

[Company Representative] (Bursa de Valori Bucuresti): Some other figures would be that during Q2, we had a total market liquidity of RON 12 billion, that is 18% higher year over year. In terms of the equity turnover, the figure sits close to RON 6 billion with an increase of 29% year over year. The number of trades has increased as well, more than 35% to a figure of 1,800,000 transactions during the quarter. As you know, BET index continued its rally, and as of the end of June 2026, its performance is of 33% year to date. We have looked at it, and this is the best performance in the last 22 years. So the first semester was the best over the last 22 years at BVB in terms of stock index performance.

Speaker #1: Some other figures would be that, during the second quarter, we had a total market liquidity of 12 billion RON. That is 18% higher year-over-year.

Speaker #1: In terms of the equity turnover, this figure sits close to 6 billion RON, with an increase of 29% year over year. The number of trades has increased as well.

Speaker #1: More than 35%, to a figure of 800,000 transactions during the quarter. As you know, the BET index continued its rally, and as of the end of June 2026, its performance is 33% year to date.

Speaker #1: We have looked at it, and this is the best performance in the last 22 years. So, the first semester was the best over the last 22 years at BBB in terms of index performance.

Speaker #1: Also, as Răzvan mentioned, we are currently sitting with a total market capitalization of more than 700 billion RON, which is a very nice development for the market.

[Company Representative] (Bursa de Valori Bucuresti): Also, as Razvan mentioned, we are currently sitting with a total market capitalization bigger than RON 700 billion, which is a very nice development for the market. In terms of financing that happened during the quarter, we had the IPO and listing of Christian Tour, an IPO of RON 149 million. That is close to $30 million. The Ministry of Finance has continued its Fidelis government bond issuances. We also had a new ETF coming to the market, the first ETF of the Banca Transilvania group, which ended the quarter with net assets of RON 250 million and more than 10,000 investors. We also had a debut on the bond issuance market of Vista Bank with an offering of EUR 17 million. Later into the quarter, we also had the listing of IT Genetics, an IT company that listed on the AeRO market for SMEs.

Speaker #1: In terms of financing that happened during the quarter, we had the IPO and listing of Cristian Tur: an IPO of 149 million RON.

Speaker #1: That is close to $30 million. The Ministry of Finance has continued its Fidelis government bond issuances. We also had a new ETF coming to the market, the first ETF of the Banca Transilvania Group, which ended the quarter with net assets of 250 million RON and more than 10,000 investors.

Speaker #1: We also had a debut on the bond issuance market of Vista Bank with an offering of €17 million. And later in the quarter, we also had the listing of IT Genetix.

Speaker #1: An IT company that listed on the IRO market for SMEs. In terms of strategic developments, as was mentioned before, and as I'm sure you already know, CCP.RO Bucharest has been authorized on July 1st by the FSA.

[Company Representative] (Bursa de Valori Bucuresti): In terms of strategic developments, as was mentioned before, and as I am sure that you already know, CCP.RO Bucharest has been authorized on 1 July by the FSA. It is now in the process of being operationalized, and there are currently preparations ongoing for this readiness. Another aspect that we believe is worth mentioning, the net assets of the ETFs listed on BVB that track the BVB indices has passed the RON 2 billion mark for the first time in the last quarter. On the corporate governance side, BVB has published its first aggregated issuer monitoring report under the revised Bucharest Stock Exchange Code of Corporate Governance. In terms of the stock dividend that has been issued and approved by the shareholders of BVB in amount of RON 7.97 million. The free shares have been distributed at the end of June.

Speaker #1: It is now in the process of being operationalized, and there are currently preparations ongoing for this readiness. Another aspect that we believe is worth mentioning: the net assets of the ETFs listed on BBB that track the BBB indices have passed the 2 billion RON mark.

Speaker #1: For the first time in the last quarter, on the corporate governance side, BBB has published its first aggregated issuer monitoring report under the revised Corporate Governance Code.

Speaker #1: In terms of the stock dividend, that has been issued and approved by the shareholders of BBB, in the amount of 7.97 million RON, the free shares have been distributed at the end of June.

Speaker #1: Overall, the second quarter performance reflected sustained investor participation in the market, and a broad range of financing activities that happened through BVB.

[Company Representative] (Bursa de Valori Bucuresti): Overall assessment, Q2 performance reflected a sustained investor participation in the market and a broad range of financing activities that happened through BVB. Some details about Q3 that has already started. Based on the latest publication from the Investors' Compensation Fund, we are now sitting with a number of direct investors at BVB of 325,000 investors. This is up 24% year over year. If we look over a period of five years, the number is four times higher. In terms of the month of July, we also had a record because in terms of the secondary market liquidity, this has been the best month in the history of BVB. So except offerings, except IPOs, July 2026 has been the best in BVB's history. We also had the recent bond issue of Banca Comercială Română, more than RON 1 billion, and another transaction that already happened in the market.

Speaker #1: Some details about the third quarter that has already started: based on the latest publication from the compensation fund, we now have a number of direct investors at BVB of 325,000 investors.

Speaker #1: This is up 24% year over year. And if we look over a period of five years, the number is four times higher. In terms of the month of July, we also had a record, because in terms of secondary market liquidity, this has been the best month in the history of BVB.

Speaker #1: So, except offerings, except IPOs, July 2026 has been the best in BVB's history. We also had the recent bond issue of BCR, more than 1 billion RON.

Speaker #1: And another transaction that already happened in the market: this is a strategic takeover of Biofarm, a large issuer on the regulated market. The value of the transaction has been more than RON 1.2 billion.

[Company Representative] (Bursa de Valori Bucuresti): This is a strategic takeover of Biofarm, a large issuer on the regulated market. The value of the transaction has been more than 1.2 billion RON. The Fidelis government bonds will continue on a monthly basis. We also have a few listings of smaller issuers. We had Graffiti Plus that listed on AeRO, and we also had sustainability-linked bonds of Autonom close to EUR 30 million that happened. Moving to CCP.RO Bucharest again, in terms of the Q3 and until the end of the year. The next steps are aimed at operational readiness as already has been mentioned, including testing together with the participants in order for BVB to launch the derivatives market. The launch remains on track of 2026 with the first derivatives trades by year.

Speaker #1: The Fidelis government bonds will continue. On a monthly basis, we also had a few listings of smaller issuers. We had Graffiti Plus that listed on IRO.

Speaker #1: And we also had sustainability-linked bonds of Autonom, close to €30 million, that happened. Moving to CCP.RO Bucharest again, in terms of the third quarter and until the end of the year, the next steps are aimed at operational readiness.

Speaker #1: As already has been mentioned, we are including testing together with the participants in order for BBB to launch the derivatives market. The launch remains on track for 2026.

Speaker #1: With the first derivatives trades by year-end, the initial phase is expected to involve a limited number of participants, with markets progressing through their customary launch and development stages once CCP.RO Bucharest's production environment becomes operational.

[Company Representative] (Bursa de Valori Bucuresti): The initial phase is expected to involve a limited number of participants with markets progressing through their customary launch and development stages once CCP.RO Bucharest production environment becomes operational and an adequate number of clearing members has been on board. Now I will give the floor to Cristina Radulescu to present the financials for the Q2 and the H1.

Speaker #1: And an adequate number of clearing members has been onboarded. Now, I will give the floor to Cristina Rădulescu to present the financials for the second quarter and the first semester.

Speaker #2: Thank you, Alex. Hello, everyone. A few highlights on the second quarter of 2026: In terms of operating revenues, we continued the increase started in the previous quarter.

Cristina Rădulescu: Thank you, Alex. Hello, everyone. A few highlights on the Q2 of 2026. In terms of operating revenues, we continued the increase started in the previous quarter, with a 27% increase in operating revenues at individual level, driven by intense trading activity, as we already mentioned and is public, of course, carried out. This was also supported by the developments on issuer fees and market data revenue. At the level of post-trading and registry segments, the increase is also continued with a 28% increase compared with the quarter of the previous year. Regarding operating expenses, this increased 4% at individual level and 8% at group level, and are mainly reflecting the impact of the new hires and the share options that accrue us, while the advances at a slower pace, taking in consideration that CCP costs reach a constant level.

Speaker #2: With the 27% increase in operating revenues at the individual level, driven by intense trading activity as we already mentioned, and public offers carried out. This was also supported by the developments on issuer fees and market data revenues.

Speaker #2: At the level of post-trading and registry segments, the increase also continued, with a 28% increase compared with the quarter of the previous year. Regarding operating expenses, this increase was 4% at individual level and 8% at group level and mainly reflected the impact of the new hires and share options, then accruals.

Speaker #2: While the advances are at a slower pace, taking into consideration that CCP costs have reached a constant level, operational performance improved significantly compared with the previous period.

Cristina Rădulescu: Operational performance improved significantly compared with the previous period, and are driven mainly by the development on operating revenues on both individual and group level. Positive development in financial result also which is driven by the dividend income from Central Depository, recorded at the individual level of RON 5 million and of RON 2 million interest income recorded at group level. Strong increase in the bottom line. Net profit is rising three times in Q2 2026 at the individual level and 147% at group level compared with Q2 2025. Moving on the financial performance for the H1 of 2026. At the individual level, operating revenues increased significantly to RON 28.7 million, 61% increase compared with the previous period, and are ultimately influenced by the trading revenues, which increased 88% compared with previous year.

Speaker #2: And are driven mainly by the development in operating revenues, on both individual and group level. Positive development in financial result also, which is driven by the dividend income from the central depository recorded at the individual level of 5 million RON.

Speaker #2: And of 2 million RON interest income recorded at group level. Strong increase in the baseline net profit, rising three times in Q2 2026 at the individual level and 147% at group level.

Speaker #2: Compared with Q2 2025, moving on to the financial performance for the first half of 2026. At the individual level, operating revenues increased significantly to 28.7 million.

Speaker #2: A 61% increase compared with the previous period, and are generally influenced by the trading revenues, which increased 88% compared with the previous year. This is a result of the favorable market evolution, which was reflected in trading volumes, new funding rounds, and high investor interest.

Cristina Rădulescu: This is a result of the favorable market evolution, which was reflected on trading volumes, new funding rounds, and high investor interest. The growth is also. Sorry? Thanks. În regulă? Okay. Now moving on to operating expenses. For the H1 2026 are in amount of RON 15.4 million, an 8% increase, and are mainly determined by the increase in personal cost. Having in mind the base effect of a reduced level in the H1 2025. We will enter in detail in the next slides. Operating profit reaches RON 13.3 million, which is almost four times higher compared with the previous period of 2025, with an operating margin of 46%. Financial result at individual level reaches RON 5.9 million, and is mainly represented by the dividend income received from Central Depository. The base effect on the development comes from the impairment non record dates in the previous period.

Speaker #2: The growth is also... Sorry. În regulă. Okay. Now, moving on to operating expenses. For the first half of 2026, these are in the amount of 15.4 million, an 8% increase, and are mainly determined by the increase in personnel costs.

Speaker #2: Having in mind the base effect of a reduced level in the first half of 2025, we will enter into detail in the next slides.

Speaker #2: Operating profit reaches 13.3 million, which is almost four times higher compared with the previous period of 2025, with an operating margin of 46%. Financial result at individual level reaches 5.9 million.

Speaker #2: And it's mainly represented by the dividend income received from the central depository. The base effect on the development comes from the impairment loss recorded in the previous period.

Speaker #2: As of the date of this report, we have no additional information that could generate material changes in the recoverable value of CCP, compared with what was presented in the year-end financial statements for 2025.

Cristina Rădulescu: At the date of this report, we have no additional information that could generate material changes in the recoverable value of CCP, compared with the one presented in the year-end financial statement 2025. Net profitability in the H1 2026 reaches RON 17 million, which is the best first semester recorded here at BVB. Moving on at the consolidated results for the H1 2026. Operating revenues reach almost RON 55 million, a defense of 38% compared with previous year, driven by trading segment, but also with good support from the post-trading and registry segment. Based on the increase in capitalization of the companies listed at BVB and which are part of the portfolio managed by the participants at the Central Depository and the volumes of the operations platform.

Speaker #2: Net profitability in the first half of 2026 reaches 17 million RON, which is the best first semester recorded here at BBB. Moving on to consolidated results, for the first half of 2026, operating revenues reach almost 55 million RON, an advance of 48% compared with the previous year.

Speaker #2: Driven by the trading segment, but also with good support from the post-trading and registry segments, based on the increase in capitalization of the companies listed at BVB and which are part of the portfolios managed by the participants at the Central Depository.

Speaker #2: And the volumes of the operations' performance. In terms of operating expenses, this reached the amount of 41.3 million, a 10% increase compared with the previous period, and this is determined by the increase in personnel cost at group level.

Cristina Rădulescu: In terms of operating expenses, this reaches the amount of RON 41.23 million, a 10% increase compared with previous period, and are determined by the increase in personnel cost at group level. Operating profit reaches RON 13.7 million compared with a loss of RON 0.5 million in the previous period. It is directly impacted by the favorable evolution of the operating revenues. Net profit at group level reaches RON 13.8 million and a significant increase compared with the previous period. Regarding the performance on segments, trading segment represents 56% of operating revenues, and out of which 75% represent trading revenues. Most trading segments represents 34% of the group operating revenues and reaches almost RON 19 million in the H1 2026, which is a 45% increase. Registry segments also recorded an increase of 16% up to RON 7.8 million.

Speaker #2: Operating profit reaches €13.7 million, compared with a loss of €0.5 million in the previous period. This was directly impacted by the favorable evolution of operating revenues.

Speaker #2: Net profit at group level reaches 13.8 million, a significant increase compared with the previous period. Regarding the performance of segments, the trading segment represents 56% of operating revenues.

Speaker #2: Out of this, 75% represents trading revenues. The post-trading segment represents 34% of the group operating revenues and reached almost 19 million RON in the first half of 2026, which is a 45% increase.

Speaker #2: Registry segments also recorded an increase of 16%, up to 7.8 million. CCP, for now, did not record any operating revenue, but has been authorized and continues its process for operationalization, which is estimated for the second part of 2026.

Cristina Rădulescu: CCP for now did not record any operating revenue, but has been authorized and continues its process for operationalization, which is estimated for the second part of 2026. A few details on operating expenses at the individual level. As I mentioned, the increase of 8% is mostly generated by the increase in personal costs with the base effect from the new hires performed in the second part of 2025, and also by the salary adjustments performed in April 2025, while in 2026 were implemented in June. But also another driver of the increase is that we recorded accruals for the share option plan and performances bonuses, while in the previous period, these were very low, taking in consideration the performance recorded. At group level, the consolidated expenses increase is due to personal expenses of almost RON 22 million, a 90% increase.

Speaker #2: A few details on the operating expenses at the individual level. As I mentioned, the increase of 8% is mostly generated by the increase in personnel cost.

Speaker #2: With the base effect from the new hires performing in the second part of 2025, and also by the salary adjustments performed in April 2025, while in 2026 they were recorded as being implemented in June.

Speaker #2: But also, another driver of the increase is that we recorded accruals for the share option plan and performance bonuses, while in the previous period these were very low, taking into consideration the performance recorded.

Speaker #2: At group level, the consolidated expenses increased. The increase is due to personnel expenses of almost 22 million RON, a 90% increase. This is due to the completion of the personnel scheme started in 2025, in order to meet the authorization requirements in case of CCP, but also to cover the operational needs at the BVB level.

Cristina Rădulescu: Due to the completion of the personnel scheme started in 2025 in order to meet the authorization requirement in case of CCP, but also to cover the operational needs at BVB level. The increase of salary adjustments and bonuses accruals were also the cause for the increase at group level of operating expenses. Third-party services reached the value of RON 7 million. There is an increase of 9%, and they are represented in a percent of 61% clearing system management services and SIX services recorded mostly at CCP. Other operating expenses reached the value of RON 12.4 million, an increase of 7%, and are mainly influenced by the higher amortization and depreciation expenses due to the investments performed at clearing and software development and IT infrastructure.

Speaker #2: And also, the increase in salary adjustments and bonus accruals were also the cause for the increase at group level of operating expenses.

Speaker #2: Third-party services reached a value of 7 million RON, which is an increase of 9%. They are presently representing 61% of clearing system management services and Swiss services.

Speaker #2: Recorded mostly at CCP, other operating expenses reached a value of 12.4 million, which is an increase of 7%, and are mainly influenced by higher amortization and depreciation expenses due to the investments performed in clearing, software development, and IT infrastructure.

Speaker #2: Regarding the financial position at the end of the first semester of 2025, the main variations come from the liquidities obtained by the BBB in its share capital increase performed at the beginning of 2026.

Cristina Rădulescu: Regarding the financial position at the end of H1 2025, main variations come from the liquidities obtained by the BVB in its share capital increase performed at the beginning of 2026 which attracted funds of almost RON 16 million, but also by the liquidities generated by the increase in operational activity. One mention is that although the distribution of the free shares and approval from the Financial Supervisory Authority came at the end of June, the trade register recorded the increase of share capital on July, the date when it was recognized in the financial books of BVB. At group level, the impact of the increase in liquidities is also from the BBBS also carried out.

Speaker #2: which attracted funds of almost 60 million RON, but also by the liquidities generated by the increase in operational activity. One mention is that, although the distribution of the free shares and approvals from the Financial Supervisory Authority came at the end of June, the Trade Register recorded the increase of share capital in July, the date when it was recognized in the financial books of BVB.

Speaker #2: At group level, the impact of the increase in liquidities is also, as from the BBBs, also carried out. Also, there is an increase in non-current assets of 18%, and it is mainly due to the increase in government securities on long-term.

Cristina Rădulescu: Also, there is an increase in the non-current assets of 18% and it is mainly due to the increase in government securities on long-term, and the intangible assets higher by 3.7 million, generated by the license and development expenses related to the clearing system. In terms of liabilities, total liabilities reach RON 65.5 million, 16% increase, and mainly due to the increase in the variable contributions to the Guarantee Fund from the Central Depository and the deferred income reported related to the issuers trading maintenance fees and participant fees charged for the entire year.

Speaker #2: And the intangible assets, higher by 3.7 million, were generated by the license and development expenses related to the clearing system. In terms of liabilities, total liabilities reached 65.5 million.

Speaker #2: A 16% increase is mainly due to the rise in variable contributions to the guarantee fund from the central depository, as well as the deferred income reported related to issuers trading, maintaining things such as participant fees charged for the entire year.

Speaker #1: Thank you.

Speaker #2: I already mentioned that we mentioned the fact that the free shares were already distributed. I only added the fact that, on July 9th, the fractions resulting from this distribution were paid.

[Company Representative] (Bursa de Valori Bucuresti): Thank you.

Cristina Rădulescu: We already mentioned about the fact that the vouchers were already distributed. I only add the fact that on 9 July, the fractions resulted from this distribution were paid. Thank you.

Speaker #2: Thank you.

Speaker #1: Thank you again, Christina, for sharing the remarks regarding the financial results. We will now give the floor to Mr. Ramos, the Press Power CEO, to share his remarks. He will also be available for the Q&A session.

[Company Representative] (Bursa de Valori Bucuresti): Thank you again, Cristina, for sharing the remarks in terms of the financial results. We will now give the floor to Ionut Besliu, our CEO, to share his remarks. He will also be available for the Q&A session.

Speaker #3: Thank you, Alex. Hello, everyone. We had to meet again. We are delighted, indeed, by the tremendous performance that we have recorded as a standalone issuer and also as a group.

Ionuț Besliu: Thanks. Thank you, Alex. Hello, everyone. Glad to meet again. We are delighted indeed by the tremendous performance that we have recorded as a standalone issuer and also as a group. This is of course due to positive developments in Romania, also politically, and we are very delighted to have seen the ratings of Romania maintained by two out of three rating agencies, and the third report that is yet to come, we surely hope will be at least equally positive as the first two. The basis of the development of the capital market includes, of course, the fiscal consolidation that is being carried on by the Ministry of Finance and the Government of Romania. We are confident that the positive political developments will occur soon, so in terms of a new government being appointed.

Remus Vulpescu: Thanks. Thank you, Alex. Hello, everyone. Glad to meet again. We are delighted indeed by the tremendous performance that we have recorded as a standalone issuer and also as a group. This is of course due to positive developments in Romania, also politically, and we are very delighted to have seen the ratings of Romania maintained by two out of three rating agencies, and the third report that is yet to come, we surely hope will be at least equally positive as the first two. The basis of the development of the capital market includes, of course, the fiscal consolidation that is being carried on by the Ministry of Finance and the Government of Romania. We are confident that the positive political developments will occur soon, so in terms of a new government being appointed.

Speaker #3: This is, of course, due to positive developments in Romania, also politically, and we are very delighted to have seen the ratings of Romania maintained by two out of three rating agencies, with the third report yet to come.

Speaker #3: We surely hope we'll be at least equally positive as the first two. The basis of the development of the capital market includes, of course, the fiscal consolidation that is being carried on by the Minister of Finance and the Government of Romania. We are confident that positive political developments will occur soon, in terms of a new government being appointed. So, we surely hope to be able to maximize the benefits of the positive developments around Romania, in Europe, and even beyond.

Ionuț Besliu: We surely hope to be able to maximize the benefits of the positive developments around Romania, in Europe, and even beyond. For the architecture of the capital market, we have indeed reached the milestone of receiving the authorization for the Central Counterparty. Now, the launch of operations is a process in itself and BVB as an issuer will report on a continuous basis every time a significant event will occur in this process. We can only announce good news so far. Delighted to, and also we are looking around and beyond Romania for signs of developments that may impact also the Romanian capital market. Available for questions at will, together with my colleagues, and thank you for your time.

Remus Vulpescu: We surely hope to be able to maximize the benefits of the positive developments around Romania, in Europe, and even beyond. For the architecture of the capital market, we have indeed reached the milestone of receiving the authorization for the Central Counterparty. Now, the launch of operations is a process in itself and BVB as an issuer will report on a continuous basis every time a significant event will occur in this process. We can only announce good news so far. Delighted to, and also we are looking around and beyond Romania for signs of developments that may impact also the Romanian capital market. Available for questions at will, together with my colleagues, and thank you for your time.

Speaker #3: For the architecture of the capital market, we have indeed reached the milestone of receiving the authorization for the central counterparty. Now, the launch of operations is a process in itself, and BBB as an issuer will report on a continuous basis every time a significant event occurs in this process.

Speaker #3: So far, we can only announce good news, and we are delighted to do so. Also, we are looking around and beyond Romania for signs of developments that may impact the Romanian capital market as well.

Speaker #3: We are available for questions at will, together with my colleagues, and thank you for your time.

[Company Representative] (Bursa de Valori Bucuresti): Thank you very much. We have now opened the Q&A session. You can also ask the questions in Romanian if you want. You can also send us the message over the Teams meeting chat. Okay, so currently we do not have any questions. We will wait just a few moments in case there are any inquiries you would like us to answer. Okay. This being said, we would like to thank you again for participating in the video conference for presentation of the H1 2026 financial results of the Bursa de Valori Bucuresti SA. In case you would like to ask any questions, you can send us an email at our IR contact email address, or even call us. Thank you again.

Speaker #1: Thank you very much. We have now opened the Q&A session. You can also ask the questions in Romanian if you want. You can also send us the message over the Teams meeting chat. Okay, so currently, we don't have any questions.

Speaker #1: We will wait just a few moments in case there are any queries you would like us to answer. Okay, that being said, we would like to thank you again for participating in the video conference for the presentation of the first half of 2026 financial results of the Bucharest Stock Exchange.

Speaker #1: In case you would like to ask any questions, you can send us an email at our IR contact email address, or even call us.

Speaker #1: So thank you again.

Speaker #3: Thank you. Have a good day.

Răzvan Silaghi: Thank you.

Răzvan Szilagyi: Thank you.

Speaker #1: Have a good day.

[Company Representative] (Bursa de Valori Bucuresti): Thank you.

Răzvan Silaghi: Have a good day.

Răzvan Szilagyi: Have a good day.

[Company Representative] (Bursa de Valori Bucuresti): Have a good day. Bye.

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Q2 2026 Bursa de Valori Bucuresti SA Earnings Call

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