Information services and benchmarksWide moat

GPW (GPW) — moat facet

The only line that grew every year for a decade, with twice the subscribers and less revenue per subscriber.

Information services and benchmarks brought in 70,9 million złoty in 2025, 12,8% of GPW's revenue, up 8,8%12. Real-time data and reference-rate calculation were 67,0 million of it, historical data and indices 4,0 million3.

Information revenue per subscriber (zl)94,6202380,9202455,52025Calculated from GPW Management Board report 2025 (revenue and subscribers)
Subscribers doubled; revenue per subscriber fell by 41%.

The customers are data vendors and the institutions that display GPW's prices and indices, and the banks that use its benchmarks. There were 105 data vendors in 2025, the same as a year earlier, and the number of subscribers rose 58,6% to 1 278,5 thousand4. GPW Benchmark, which administers WIBOR, WIBID and the WIG indices, contributed 20,2 million złoty, up 22,4%5.

This is the steadiest line GPW has. It rose in every year from 2015, when it was 38,5 million złoty, to 2025, about 6,3% a year67, through the weak trading years of 2016, 2019 and 2023. Data is sold by subscription, so it follows the number of subscribers, not the number of trades.

Its profitability is not reported separately, but it is earned mostly by the parent company, whose information-services revenue rose 8,1% in the first half of 2026 and whose EBITDA margin was 41,5%8. GPW Benchmark had EBITDA of 3,5 million złoty on revenue of 10,9 million in the half9.

The risk to the line is the benchmark reform. WIBOR is being replaced, and the first Treasury bonds referencing the new POLSTR rate were listed on 26 November 202510; GPW Benchmark also provides WIRON and POLSTR11, so it keeps the administration role, but the fee base for a new rate starts small. The Benchmark Franchise pages argue that case in full.

In the first half of 2026 the line grew 8,8% to 38,5 million złoty12, slower than trading's 20,6%. The number to watch is whether it keeps growing when trading falls. A decline in a year of falling turnover would show that subscribers, too, follow the market.

Moat trajectory: Widening

Information services rose in every year from 2015 to 2025 and 8,8% in H1 2026.

The number that tests this moat
Reported
Information-service subscribers
1 278,5 thousand at end-2025, +58,6%

Subscribers drive the line; revenue grew 8,8% as they rose 58,6%, so revenue per subscriber is falling.

Source: GPW 2025 Management Board report ↗
References
  1. ReportedInformation services and benchmarks brought in 70,9 million złoty in 2025, 12,8% of GPW's revenue, up 8,8%.
    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 calcInformation services and benchmarks brought in 70,9 million złoty in 2025, 12,8% of GPW's revenue, up 8,8%.
    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. ReportedReal-time data and reference-rate calculation were 67,0 million of it, historical data and indices 4,0 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 ↗
  4. ReportedThere were 105 data vendors in 2025, the same as a year earlier, and the number of subscribers rose 58,6% to 1 278,5 thousand.
    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. ReportedGPW Benchmark, which administers WIBOR, WIBID and the WIG indices, contributed 20,2 million złoty, up 22,4%.
    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. ReportedIt rose in every year from 2015, when it was 38,5 million złoty, to 2025, about 6,3% a year, through the weak trading years of 2016, 2019 and 2023.
    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. Moat Explorer calcIt rose in every year from 2015, when it was 38,5 million złoty, to 2025, about 6,3% a year, through the weak trading years of 2016, 2019 and 2023.
    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
  8. ReportedIts profitability is not reported separately, but it is earned mostly by the parent company, whose information-services revenue rose 8,1% in the first half of 2026 and whose EBITDA margin was 41,5%.
    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 ↗
  9. ReportedGPW Benchmark had EBITDA of 3,5 million złoty on revenue of 10,9 million in the half.
    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. ReportedWIBOR is being replaced, and the first Treasury bonds referencing the new POLSTR rate were listed on 26 November 2025; GPW Benchmark also provides WIRON and POLSTR, so it keeps the administration role, but the fee base for a new rate starts small.
    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 ↗
  11. ReportedWIBOR is being replaced, and the first Treasury bonds referencing the new POLSTR rate were listed on 26 November 2025; GPW Benchmark also provides WIRON and POLSTR, so it keeps the administration role, but the fee base for a new rate starts small.
    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 ↗
  12. ReportedIn the first half of 2026 the line grew 8,8% to 38,5 million złoty, slower than trading's 20,6%.
    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