Armenia Securities ExchangeThin moat

GPW (GPW) — moat facet

A depository in Yerevan is the fastest-growing line GPW has, with EBITDA nearly tripled in a half.

The Armenia Securities Exchange brought in 32,5 million złoty in 2025, 5,9% of GPW's revenue, up 53,8%12. GPW holds 72,22% of the exchange, which owns all of the Central Depository of Armenia3. Depository operations were 27,2 million złoty of the revenue and exchange operations 5,3 million4.

Armenia Securities Exchange, first half (zl m)9,1Costs H1 2516,7Costs H1 263,0EBITDA H1 258,3EBITDA H1 26GPW Q2 2026 results presentation
Costs nearly doubled and EBITDA nearly tripled.

That mix is the point of the line. Most of the money comes from holding and administering securities, not from trading them, and the depository's fees rise with the value of what it holds. Depository revenue rose 58,4% in 20255, and higher fee rates took effect from July 20256.

The history in GPW's accounts is short. The line was 23,5 million złoty in 2023 and fell to 21,1 million in 2024 before the 2025 jump7. In the first half of 2026 it reached 24,2 million, up 118,8%, with depository revenue up 137,4% to 20,7 million8. Armenia is now the fastest-growing line in the group.

It is profitable and growing more so. The Armenian exchange's EBITDA was 8,3 million złoty in the first half of 2026, against 3,0 million a year earlier, on costs of 16,7 million9, and its net profit rose to 7,3 million złoty10. GPW has also linked it to Warsaw: the depository opened an account with KDPW and started a partnership in LEI codes in 202511.

The risks are geography. GPW's own risk section notes the escalation of tensions in the Middle East from February 2026 and that Armenia is the only country in its region to keep an open border with Iran12. The Regional & CEE Ambitions page argues what this acquisition says about GPW's larger plans.

The number to watch is Armenia's share of group revenue: 5,9% in 2025 and about 7,5% in the first half of 202613. Past a tenth, a line bought as an experiment becomes one of the group's main businesses.

Moat trajectory: Widening

Armenian revenue rose 118,8% in H1 2026 and EBITDA from 3,0m zł to 8,3m zł.

The number that tests this moat
Reported
Armenia Securities Exchange EBITDA, H1 2026
8,3m zł, from 3,0m zł

Profit tripled with the depository fee rise; a fall back would show the jump was a one-off.

Source: GPW Q2 2026 results presentation ↗
References
  1. ReportedThe Armenia Securities Exchange brought in 32,5 million złoty in 2025, 5,9% of GPW's revenue, up 53,8%.
    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 ↗
  2. Moat Explorer calcThe Armenia Securities Exchange brought in 32,5 million złoty in 2025, 5,9% of GPW's revenue, up 53,8%.
    Moat Explorer calculations from GPW's filed revenue lines (Basic financial data workbook, 2025 Management Board report, H1 2026 interim report) — 2015 - H1 2026 · publ. 2026 · source ↗
    Method: CAGR = (2025/2015)^(1/10) - 1; shares = line / group revenue; revenue per 1bn zł of turnover = equity trading revenue / Main Market turnover
  3. ReportedGPW holds 72,22% of the exchange, which owns all of the Central Depository of Armenia.
    GPW Management Board report on 2025 - risk section: GPW holds 72,22% of the Armenia Securities Exchange, which owns 100% of the Central Depository of Armenia; geopolitical risks in the region — FY2025 · publ. March 2026 · source ↗
  4. ReportedDepository operations were 27,2 million złoty of the revenue and exchange operations 5,3 million.
    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 ↗
  5. ReportedDepository revenue rose 58,4% in 2025, and higher fee rates took effect from July 2025.
    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 ↗
  6. ReportedDepository revenue rose 58,4% in 2025, and higher fee rates took effect from July 2025.
    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. ReportedThe line was 23,5 million złoty in 2023 and fell to 21,1 million in 2024 before the 2025 jump.
    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. ReportedIn the first half of 2026 it reached 24,2 million, up 118,8%, with depository revenue up 137,4% to 20,7 million.
    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 ↗
  9. ReportedThe Armenian exchange's EBITDA was 8,3 million złoty in the first half of 2026, against 3,0 million a year earlier, on costs of 16,7 million, and its net profit rose to 7,3 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 ↗
  10. ReportedThe Armenian exchange's EBITDA was 8,3 million złoty in the first half of 2026, against 3,0 million a year earlier, on costs of 16,7 million, and its net profit rose to 7,3 million złoty.
    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 ↗
  11. ReportedGPW has also linked it to Warsaw: the depository opened an account with KDPW and started a partnership in LEI codes in 2025.
    GPW Management Board report on 2025 - market statistics: EOB turnover against European exchanges, investor shares of turnover, listings and delistings, securities accounts, fund inflows, OKI, GlobalConnect, WATS postponement, POLSTR bonds, IPO Academy — FY2025 · publ. March 2026 · source ↗
  12. ReportedGPW's own risk section notes the escalation of tensions in the Middle East from February 2026 and that Armenia is the only country in its region to keep an open border with Iran.
    GPW Management Board report on 2025 - risk section: GPW holds 72,22% of the Armenia Securities Exchange, which owns 100% of the Central Depository of Armenia; geopolitical risks in the region — FY2025 · publ. March 2026 · source ↗
  13. Moat Explorer calcThe number to watch is Armenia's share of group revenue: 5,9% in 2025 and about 7,5% in the first half of 2026.
    Moat Explorer calculations from GPW's filed revenue lines (Basic financial data workbook, 2025 Management Board report, H1 2026 interim report) — 2015 - H1 2026 · publ. 2026 · source ↗
    Method: CAGR = (2025/2015)^(1/10) - 1; shares = line / group revenue; revenue per 1bn zł of turnover = equity trading revenue / Main Market turnover
Sources
Generated September 24, 2026