⚠ High Margins on a Small BaseModerate threat

GPW (GPW) — threat to the moat

Excellent economics on a modest absolute scale — a small fortune's fortress.

GPW's quality shows in its margins and its size shows in its revenue. A record 2025 produced 551,9 million złoty of revenue and 216,5 million of EBITDA1, and the company is worth about 4,2 billion złoty2. XTB, a broker listed on the same exchange, is worth about 18 billion3.

Revenue per full-time employee (zl thousand)778202381720249172025Calculated from GPW Management Board report 2025 (FTEs 572, 569, 602)
Revenue per head rose in the boom; 2023's level is the one to compare a quiet year against.

Size matters because the fixed costs of running a regulated exchange do not scale down. The new trading system alone has a budget of 173,0 million złoty4, about a third of a year's revenue5; a larger exchange spreads the same kind of project over far more turnover.

It also matters because the margin has less room than it looks. The EBITDA margin was 61,1% in 20176; it is 43,1% now7. A small exchange that lost 18 points of margin in a decade has to grow revenue to grow profit.

The number to watch is revenue per employee: about 980 000 złoty on trailing revenue of 599,7 million and 612 staff8910. If it rises with turnover and holds when turnover falls, scale is working; if it falls, the cost base is growing into the boom.

References
  1. ReportedA record 2025 produced 551,9 million złoty of revenue and 216,5 million of EBITDA, and the company is worth about 4,2 billion złoty.
    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. Third-party estimateA record 2025 produced 551,9 million złoty of revenue and 216,5 million of EBITDA, and the company is worth about 4,2 billion złoty.
    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 ↗
  3. Third-party estimateXTB, a broker listed on the same exchange, is worth about 18 billion.
    stockanalysis.com, WSE:XTB - market value 18,00bn zł — 23 September 2026 · publ. 2026-09-23 · source ↗
  4. ReportedThe new trading system alone has a budget of 173,0 million złoty, about a third of a year's revenue; a larger exchange spreads the same kind of project over far more turnover.
    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. Moat Explorer calcThe new trading system alone has a budget of 173,0 million złoty, about a third of a year's revenue; a larger exchange spreads the same kind of project over far more turnover.
    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
  6. ReportedThe EBITDA margin was 61,1% in 2017; it is 43,1% now.
    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 ↗
  7. ReportedThe EBITDA margin was 61,1% in 2017; it is 43,1% now.
    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 ↗
  8. Third-party estimateThe number to watch is revenue per employee: about 980 000 złoty on trailing revenue of 599,7 million and 612 staff.
    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 ↗
  9. ReportedThe number to watch is revenue per employee: about 980 000 złoty on trailing revenue of 599,7 million and 612 staff.
    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 ↗
  10. Moat Explorer calcThe number to watch is revenue per employee: about 980 000 złoty on trailing revenue of 599,7 million and 612 staff.
    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
Sources
Generated September 24, 2026