✦ The Operating LeverageNarrow moat

GPW (GPW) — the future bets

Profits growing half again as fast as revenue isn't clever management — it's what a toll booth does, and it works exactly as brutally in reverse.

GPW's first half of 2026 showed operating leverage working. Revenue rose 17,3% to 324,2 million złoty, adjusted operating profit 26,6% and adjusted net profit 18,2% to 127,9 million1. The EBITDA margin reached 43,1%2.

Growth in Q2 and in H1 2026 (%)Q2 2026H1 2026Revenue7,9%17,3%Operating costs10,2%11,0%Adj. net profit1,1%18,2%
In the second quarter costs outgrew revenue and profit barely rose.

The second quarter showed it fading. Revenue rose 7,9%, operating expenses 10,2% and adjusted net profit 1,1%3, as commodity revenue fell 7,3%4. Operating expenses for the half rose 11,0%, with outside services up 24,5%5.

The shares went from about 12 times earnings at the end of 2024 to about 19 times now67 on the expectation that the leverage continues. It continues only while revenue grows faster than a cost base that has grown every year since 20168.

Watch quarterly cost growth against revenue growth. Two more quarters like the second would show that the boom is being absorbed by costs.

Moat trajectory: Holding steady

H1 2026 revenue rose 17,3% and adjusted profit 18,2%, but in Q2 profit rose 1,1% on revenue up 7,9% as costs grew faster.

The number that tests this moat
Reported
Adjusted net profit growth against revenue growth, H1 2026
+18,2% on +17,3% revenue

In Q2 alone adjusted profit grew 1,1% on 7,9% more revenue; leverage needs revenue to keep growing.

Source: GPW H1 2026 results presentation ↗
References
  1. ReportedRevenue rose 17,3% to 324,2 million złoty, adjusted operating profit 26,6% and adjusted net profit 18,2% to 127,9 million.
    GPW Q2 and H1 2026 financial results presentation - adjusted results, cash flow, liquid assets, WATS budget, listed-company count 2020-2026, OKI and S&P reclassification, AMX — Q2 2026 · publ. September 2026 · source ↗
  2. ReportedThe EBITDA margin reached 43,1%.
    GPW Group interim report for H1 2026 - revenue by line, turnover, listings, TGE volumes, operating expenses, FTEs, ratios, dividend, associates (KDPW 33,33%) — H1 2026 · publ. September 2026 · source ↗
  3. ReportedRevenue rose 7,9%, operating expenses 10,2% and adjusted net profit 1,1%, as commodity revenue fell 7,3%.
    GPW Q2 and H1 2026 financial results presentation - adjusted results, cash flow, liquid assets, WATS budget, listed-company count 2020-2026, OKI and S&P reclassification, AMX — Q2 2026 · publ. September 2026 · source ↗
  4. ReportedRevenue rose 7,9%, operating expenses 10,2% and adjusted net profit 1,1%, as commodity revenue fell 7,3%.
    GPW Q2 and H1 2026 financial results presentation - adjusted results, cash flow, liquid assets, WATS budget, listed-company count 2020-2026, OKI and S&P reclassification, AMX — Q2 2026 · publ. September 2026 · source ↗
  5. ReportedOperating expenses for the half rose 11,0%, with outside services up 24,5%.
    GPW Group interim report for H1 2026 - revenue by line, turnover, listings, TGE volumes, operating expenses, FTEs, ratios, dividend, associates (KDPW 33,33%) — H1 2026 · publ. September 2026 · source ↗
  6. ReportedThe shares went from about 12 times earnings at the end of 2024 to about 19 times now on the expectation that the leverage continues.
    GPW Management Board report on 2025 - GPW shares and shareholders: EPS, dividend per share 2021-2025, dividend yield, P/E, share price, payout rates, State Treasury 35,01% of shares and 51,80% of votes — FY2021-FY2025 · publ. March 2026 · source ↗
  7. Third-party estimateThe shares went from about 12 times earnings at the end of 2024 to about 19 times now on the expectation that the leverage continues.
    stockanalysis.com, WSE:GPW - price 99,00 złoty, market value 4,16bn zł, P/E 19,31, forward P/E 16,75, dividend yield 3,43%, revenue TTM 599,70m zł, average price target 75,57 złoty — 23 September 2026 · publ. 2026-09-23 · source ↗
  8. ReportedIt continues only while revenue grows faster than a cost base that has grown every year since 2016.
    GPW Group Basic financial data workbook (to Q2 2026) - consolidated income statement 2007-2025, EBITDA and margins, employee and external-service costs — 2015-2025 · publ. September 2026 · source ↗
Sources
Generated September 24, 2026