⚠ A Cost Base That Doesn't Flex DownModerate threat

GPW (GPW) — threat to the moat

Fixed costs are the boom's virtue and the bust's trap.

The cost base has grown in every year of the filed series since 2016: operating expenses were 150,2 million złoty then and 364,8 million in 20251. That includes years when revenue fell, such as 2022, when costs still rose 11,1%23.

IT costs (zl m)20,2201522,2201632,5201722,9201823,8201927,6202030,9202138,3202244,4202353,6202458,32025GPW Basic financial data workbook
IT costs have risen every year since 2018 and nearly tripled.

The reasons are structural. An exchange must keep its technology, surveillance and security current, and GPW is building a new trading system, WATS, with a budget of 173,0 million złoty4. IT costs were 58,3 million złoty in 2025, from 23,8 million in 20195. Staff costs were half of operating expenses in the first half of 20266.

Some costs were self-inflicted. GPW wrote off 18,2 million złoty of intangible assets on projects outside its core business in 20257, and is winding down or merging several of those companies8.

Watch operating expenses in the next year revenue falls. A rise, as in 2022, would confirm that the cost base only goes one way.

References
  1. ReportedThe cost base has grown in every year of the filed series since 2016: operating expenses were 150,2 million złoty then and 364,8 million in 2025.
    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 ↗
  2. ReportedThat includes years when revenue fell, such as 2022, when costs still rose 11,1%.
    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 ↗
  3. Moat Explorer calcThat includes years when revenue fell, such as 2022, when costs still rose 11,1%.
    Moat Explorer calculations from GPW's filed figures — 2016 - H1 2026 · publ. 2026 · source ↗
    Method: Growth rates and shares from the filed series; State Treasury dividend = 14 695 470 shares x 3,40 złoty; KDPW share of net profit = 44,4 / 197,6; WATS budget / 2025 revenue; revenue per employee = TTM revenue / FTEs
  4. ReportedAn exchange must keep its technology, surveillance and security current, and GPW is building a new trading system, WATS, with a budget of 173,0 million złoty.
    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. ReportedIT costs were 58,3 million złoty in 2025, from 23,8 million in 2019.
    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 ↗
  6. ReportedStaff costs were half of operating expenses in the first half of 2026.
    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 ↗
  7. ReportedGPW wrote off 18,2 million złoty of intangible assets on projects outside its core business in 2025, and is winding down or merging several of those companies.
    GPW Management Board report on 2025 - financial review: revenue by line 2023-2025, financial and commodity market revenue, operating expenses, FTEs, capital expenditure, impairments — FY2025 · publ. March 2026 · source ↗
  8. ReportedGPW wrote off 18,2 million złoty of intangible assets on projects outside its core business in 2025, and is winding down or merging several of those companies.
    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 ↗
Sources
Generated September 24, 2026