The Dividend MachineWide moat

GPW (GPW) — moat facet

A 60-80% payout policy — the yield was the story until the re-rating shrank it.

For most shareholders the point of GPW has been the dividend, and the record is steady. The company paid 2,50 złoty a share in 2021, 2,74 in 2022, 2,70 in 2023, 3,00 in 2024 and 3,15 in 20251, and 3,40 in August 2026, 72,2% of 2025 consolidated profit2. The policy is 60–80% of consolidated net profit3.

Dividend per share paid (zl)2,5020212,7420222,7020233,0020243,1520253,402026GPW Management Board report 2025; GPW H1 2026 interim report
The dividend rose 36% in five years; the share price rose far more.

What changed is the price. The dividend yield was 7,5% in 2022 and 5,7% in 2025 on GPW's own measure4; at 99,00 złoty it is about 3,4%5. The payout grew; the share price grew much faster.

The dividend is credible because the business generates the cash. Free cash flow was 96,9 million złoty in the first half of 20266, and the group held 469,5 million złoty of liquid assets at the end of June7. The State Treasury, with 35,01% of the shares, received about 50 million złoty of the August payment8, which aligns the state with minority holders on the payout.

The payout has twice exceeded the policy range, at 88,7% and 97,1% of the prior year's profit9, which shows the board treats the absolute dividend as the thing to protect. The number to watch is dividend per share in a year when profit falls.

Moat trajectory: Holding steady

Stable. The 60–80% payout is a settled policy funded by real cash; the absolute dividend rises and falls with cyclical profit, but the commitment itself holds firm.

The number that tests this moat
Third-party estimate
Price-to-earnings ratio
19,3x (September 2026)

At about 19 times, the shares price a boom that has to last; the analyst target sits 24% below the price.

Source: stockanalysis.com, WSE:GPW ↗
⚠ Threats to the moat
⚠ THREAT 01
The Payout Follows a Cyclical Profit Down
A fat payout on a peak-year profit is a promise the next bust renegotiates.
References
  1. ReportedThe company paid 2,50 złoty a share in 2021, 2,74 in 2022, 2,70 in 2023, 3,00 in 2024 and 3,15 in 2025, and 3,40 in August 2026, 72,2% of 2025 consolidated profit.
    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 ↗
  2. ReportedThe company paid 2,50 złoty a share in 2021, 2,74 in 2022, 2,70 in 2023, 3,00 in 2024 and 3,15 in 2025, and 3,40 in August 2026, 72,2% of 2025 consolidated profit.
    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. ReportedThe policy is 60–80% of consolidated net profit.
    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 ↗
  4. ReportedThe dividend yield was 7,5% in 2022 and 5,7% in 2025 on GPW's own measure; at 99,00 złoty it is about 3,4%.
    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 ↗
  5. Third-party estimateThe dividend yield was 7,5% in 2022 and 5,7% in 2025 on GPW's own measure; at 99,00 złoty it is about 3,4%.
    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 ↗
  6. ReportedFree cash flow was 96,9 million złoty in the first half of 2026, and the group held 469,5 million złoty of liquid assets at the end of June.
    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 ↗
  7. ReportedFree cash flow was 96,9 million złoty in the first half of 2026, and the group held 469,5 million złoty of liquid assets at the end of June.
    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 ↗
  8. Moat Explorer calcThe State Treasury, with 35,01% of the shares, received about 50 million złoty of the August payment, which aligns the state with minority holders on the payout.
    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
  9. ReportedThe payout has twice exceeded the policy range, at 88,7% and 97,1% of the prior year's profit, which shows the board treats the absolute dividend as the thing to protect.
    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 ↗
Sources
Generated September 24, 2026