New Platforms & Private MarketsThin moat

GPW has pursued a range of newer initiatives, and many have not survived. It wrote off 18,2 million złoty of intangible assets on projects outside its core business in 2025¹, and in 2026 it merged its tokenisation company into GPW Tech and saw its rating-agency venture liquidated². The initiatives were aimed at growing beyond the main trading business: a technology arm intended to develop and sell trading and market-infrastructure systems (including to other exchanges), platforms and markets for smaller and growth companies such as NewConnect, and forays toward private markets, crowdfunding, and new asset classes. These are the exchange's attempts to widen its addressable market — to toll new kinds of traffic, to sell its expertise as a product, and to capture capital-formation activity that currently happens off-exchange or not at all.

Collectively these are best understood as options: individually uncertain, potentially valuable, and unproven. A technology business that sold GPW's systems abroad, a thriving private-market or SME platform, or a successful new asset class could each add a growth leg the core market cannot supply. Equally, any of them could absorb cash and management attention for little return, as ambitious exchange diversifications often do. The right posture is to value the core moat and dividend on their own merits and to treat these ventures as upside — real shots on goal that cost something to take, whose collective success would justify a higher multiple — beyond the roughly 19 times the re-rating already grants³ — and whose failure would be a manageable disappointment rather than a wound.