The Revenue LinesNarrow moat

GPW (GPW) — moat facet

Six revenue lines: trading is 60% of revenue, the energy exchange earns the best margin, and Armenia grows fastest.

GPW reports its revenue line by line, and the lines tell a more specific story than the word monopoly. In 2025 fees on financial-market trading brought in 235,7 million złoty, information services and benchmarks 70,9 million, listing 25,3 million and the Armenia Securities Exchange 32,5 million, together the financial market's 364,5 million; the commodity market, TGE, brought in 171,6 million1. The remaining 15,8 million of other revenue2 comes mostly from subsidiaries outside the exchange business, the largest being GPW Logistics, with revenue of 7,2 million złoty in the first half of 20263; it is covered under New Platforms & Private Markets rather than here.

Revenue growth a year, 2015-2025 (%)Information services6,3%Financial trading5,6%Commodity market3,2%Listing0,3%Compound rates from GPW's Basic financial data workbook
The steadiest line grew fastest; listing did not grow at all.

The lines grow at very different speeds. From 2015 to 2025 information services grew about 6,3% a year, financial trading about 5,6%, the commodity market about 3,2%, and listing fees barely at all, from 24,5 million złoty to 25,3 million45. Armenia, reported as a line only from 2023, grew 54% in 2025 and 119% in the first half of 202667.

GPW does not publish profit by revenue line, but it publishes results for the parts of the group. The parent company, which earns the trading, listing and data fees, had an EBITDA margin of 41,5% in the first half of 2026; the TGE group 48,9%; and the Armenian exchange EBITDA of 8,3 million złoty on revenue of 24,2 million8. The energy exchange, slower-growing, is the more profitable of the two main businesses.

The most cyclical line is also the largest. Trading on both markets made up 60,4% of 2025 revenue9, and equity trading alone 189,5 million złoty10. The steadier lines, data, listing and clearing, are the ones a quiet year would lean on.

The number that would change the reading of these pages is trading's share of revenue. If it rises above two-thirds in a boom, GPW is still a volume business; if data, listing and Armenia keep taking share when turnover falls, the diversification has worked.

Moat trajectory: Holding steady

Trading was 60,4% of 2025 revenue; the steady lines grew, but more slowly than trading in the boom.

The number that tests this moat
Reported
EBITDA margin, Warsaw parent against the TGE group, H1 2026
41,5% against 48,9%

The energy exchange out-earns the stock exchange on margin; a narrowing gap would mean TGE's advantage is fading.

Source: GPW Q2 2026 results presentation ↗
Dig deeper
DIG DEEPER 01
Financial-market trading
The biggest line is a percentage of turnover, and the rate per złoty traded has fallen 11% in two and a half years.
DIG DEEPER 02
Information services and benchmarks
The only line that grew every year for a decade, with twice the subscribers and less revenue per subscriber.
DIG DEEPER 03
Listing
Listing fees were 24,5m zł in 2015 and 25,3m zł in 2025: the market's value soared, the count did not.
DIG DEEPER 04
Armenia Securities Exchange
A depository in Yerevan is the fastest-growing line GPW has, with EBITDA nearly tripled in a half.
DIG DEEPER 05
Commodity market (TGE)
The most profitable business grows slowest, and its second-quarter EBITDA fell 18%.
References
  1. ReportedIn 2025 fees on financial-market trading brought in 235,7 million złoty, information services and benchmarks 70,9 million, listing 25,3 million and the Armenia Securities Exchange 32,5 million, together the financial market's 364,5 million; the commodity market, TGE, brought in 171,6 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 ↗
  2. ReportedThe remaining 15,8 million of other revenue comes mostly from subsidiaries outside the exchange business, the largest being GPW Logistics, with revenue of 7,2 million złoty in the first half of 2026; it is covered under New Platforms & Private Markets rather than here.
    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 ↗
  3. ReportedThe remaining 15,8 million of other revenue comes mostly from subsidiaries outside the exchange business, the largest being GPW Logistics, with revenue of 7,2 million złoty in the first half of 2026; it is covered under New Platforms & Private Markets rather than here.
    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 ↗
  4. ReportedFrom 2015 to 2025 information services grew about 6,3% a year, financial trading about 5,6%, the commodity market about 3,2%, and listing fees barely at all, from 24,5 million złoty to 25,3 million.
    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 ↗
  5. Moat Explorer calcFrom 2015 to 2025 information services grew about 6,3% a year, financial trading about 5,6%, the commodity market about 3,2%, and listing fees barely at all, from 24,5 million złoty to 25,3 million.
    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
  6. ReportedArmenia, reported as a line only from 2023, grew 54% in 2025 and 119% in the first half of 2026.
    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 ↗
  7. ReportedArmenia, reported as a line only from 2023, grew 54% in 2025 and 119% in the first half of 2026.
    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. ReportedThe parent company, which earns the trading, listing and data fees, had an EBITDA margin of 41,5% in the first half of 2026; the TGE group 48,9%; and the Armenian exchange EBITDA of 8,3 million złoty on revenue of 24,2 million.
    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. ReportedTrading on both markets made up 60,4% of 2025 revenue, and equity trading alone 189,5 million złoty.
    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 ↗
  10. ReportedTrading on both markets made up 60,4% of 2025 revenue, and equity trading alone 189,5 million złoty.
    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 ↗
Sources
Generated September 24, 2026