The Foreign Investors Who Are Two-Thirds of the TurnoverNarrow moat

GPW (GPW) — moat facet

The exchange's largest revenue source is money that is visiting — allocation decisions taken abroad about a country, not about an exchange.

Foreign investors were 70% of Main Market turnover in 2025, up from 68% in 2024 and 65% in 202312. The exchange's largest source of revenue is money that is visiting.

Domestic investors' share of Main Market turnover (%)35%202332%202430%2025Retail plus domestic institutions; GPW reports 2024 and 2025
Polish money's share of its own market fell in the boom.

In a strong year that is very good. 2025 was the best in the exchange's modern history: Main Market turnover rose 42,7% to 491,9 billion złoty and group revenue 18,7% to 551,9 million3. The first half of 2026 added 27,4% more turnover4, and S&P Dow Jones Indices will classify Poland as a developed market from September 20275, which moves it into the portfolios of a different set of funds.

None of that money is contracted, and the decision behind it is made about a country rather than about an exchange. A global allocator reducing emerging-market exposure will reduce Poland without a view on GPW's fees.

The defence is domestic money. Individuals were 13% of turnover in 2025 and 2024, down from 16% in 202367; domestic institutions fell from 19% to 17%8. Watch the domestic share: if it does not rise while turnover booms, the boom belongs to someone else.

Moat trajectory: Holding steady

Foreign participation reached a record share and 2025 brought funds beyond the traditional emerging-market allocation, which is flattering but does not reduce the dependence — it deepens it. The offsetting domestic effort is real and early. Until resident capital takes a visibly larger share of turnover, this sits where it has always sat.

The number that tests this moat
Reported
Brokerage accounts in Poland
2,5 million at end-2025, +500 000 in a year

Foreign institutions supply about two-thirds of turnover, so revenue follows decisions taken abroad. Domestic accounts growing fast is the way that dependence shrinks.

Source: WFE Focus interview with the WSE president (Feb 2026) ↗
References
  1. ReportedForeign investors were 70% of Main Market turnover in 2025, up from 68% in 2024 and 65% in 2023.
    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 ↗
  2. ReportedForeign investors were 70% of Main Market turnover in 2025, up from 68% in 2024 and 65% in 2023.
    GPW Management Board report on 2024 - investor shares of Main Market turnover 2023-2024; listings and delistings 2022-2024 — FY2024 · publ. March 2025 · source ↗
  3. Reported2025 was the best in the exchange's modern history: Main Market turnover rose 42,7% to 491,9 billion złoty and group revenue 18,7% to 551,9 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. ReportedThe first half of 2026 added 27,4% more turnover, and S&P Dow Jones Indices will classify Poland as a developed market from September 2027, which moves it into the portfolios of a different set of funds.
    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 ↗
  5. ReportedThe first half of 2026 added 27,4% more turnover, and S&P Dow Jones Indices will classify Poland as a developed market from September 2027, which moves it into the portfolios of a different set of funds.
    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 ↗
  6. ReportedIndividuals were 13% of turnover in 2025 and 2024, down from 16% in 2023; domestic institutions fell from 19% to 17%.
    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 ↗
  7. ReportedIndividuals were 13% of turnover in 2025 and 2024, down from 16% in 2023; domestic institutions fell from 19% to 17%.
    GPW Management Board report on 2024 - investor shares of Main Market turnover 2023-2024; listings and delistings 2022-2024 — FY2024 · publ. March 2025 · source ↗
  8. ReportedIndividuals were 13% of turnover in 2025 and 2024, down from 16% in 2023; domestic institutions fell from 19% to 17%.
    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 ↗
Sources
Generated September 24, 2026