ListingNarrow moat

GPW (GPW) — moat facet

Listing fees were 24,5m zł in 2015 and 25,3m zł in 2025: the market's value soared, the count did not.

Listing brought in 25,3 million złoty in 2025, 4,6% of GPW's revenue: 20,8 million of annual listing fees and 4,6 million of fees for introducing securities12. By market, the Main Market paid 18,6 million, Catalyst, the bond market, 4,6 million, and NewConnect 2,2 million3.

Listing revenue (zl m)24,5201523,9201625,0201722,8201821,0201920,3202021,6202123,0202222,9202325,0202425,32025GPW Basic financial data workbook
Ten years between 20,3m zł and 25,3m zł.

The fee is charged on the number of issuers and their capitalisation at the end of the previous year4. That should make the line grow with the market, and it has not. Listing revenue was 24,5 million złoty in 2015 and 25,3 million in 20255, a rise of about 3% in ten years6, while the Main Market's capitalisation reached 2 435,7 billion złoty at the end of 2025, up 63,3% in a year7.

Part of the reason is the count. The Main Market had 413 companies at the end of 2023, 411 at the end of 2024 and 399 at the end of 20258, and NewConnect 3579. Main Market listing revenue fell 1,6% in 2025 even as capitalisation soared10. Catalyst was the growth: listing revenue rose 21,1% as the number of issuers rose to 15211. The 2025 jump in capitalisation, which sets 2026 fees, has not shown up either: Main Market listing revenue was 10,1 million złoty in the first half of 2026, stable on a year earlier12.

Profit is not reported for the line, but it costs little to earn: the issuers are already there, and the fee is administrative. Its value to GPW is less the fee than the trading each issuer creates, which the Listings & the Primary Market pages cover.

The first half of 2026 brought 13,6 million złoty, up 3,3%13, and seven new companies on the Main Market against four departures14. The number that would change this page is the year-end count of Main Market companies. A rise above 399 would be the first annual increase in years and would start to lift a line that has not moved since 2015.

Moat trajectory: Holding steady

Listing revenue has stayed near 25m zł for a decade; H1 2026 rose 3,3%.

The number that tests this moat
Reported
Main Market listing revenue, H1 2026
10,1m zł, stable year on year

Fees set on 2025's much higher capitalisation should have risen; a flat line means the count, not the value, governs it.

Source: GPW H1 2026 interim report ↗
References
  1. ReportedListing brought in 25,3 million złoty in 2025, 4,6% of GPW's revenue: 20,8 million of annual listing fees and 4,6 million of fees for introducing securities.
    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 calcListing brought in 25,3 million złoty in 2025, 4,6% of GPW's revenue: 20,8 million of annual listing fees and 4,6 million of fees for introducing securities.
    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. ReportedBy market, the Main Market paid 18,6 million, Catalyst, the bond market, 4,6 million, and NewConnect 2,2 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 fee is charged on the number of issuers and their capitalisation at the end of the previous year.
    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. ReportedListing revenue was 24,5 million złoty in 2015 and 25,3 million in 2025, a rise of about 3% in ten years, while the Main Market's capitalisation reached 2 435,7 billion złoty at the end of 2025, up 63,3% in a year.
    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 ↗
  6. Moat Explorer calcListing revenue was 24,5 million złoty in 2015 and 25,3 million in 2025, a rise of about 3% in ten years, while the Main Market's capitalisation reached 2 435,7 billion złoty at the end of 2025, up 63,3% in a year.
    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
  7. ReportedListing revenue was 24,5 million złoty in 2015 and 25,3 million in 2025, a rise of about 3% in ten years, while the Main Market's capitalisation reached 2 435,7 billion złoty at the end of 2025, up 63,3% in a year.
    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. ReportedThe Main Market had 413 companies at the end of 2023, 411 at the end of 2024 and 399 at the end of 2025, and NewConnect 357.
    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 ↗
  9. ReportedThe Main Market had 413 companies at the end of 2023, 411 at the end of 2024 and 399 at the end of 2025, and NewConnect 357.
    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. ReportedMain Market listing revenue fell 1,6% in 2025 even as capitalisation soared.
    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 ↗
  11. ReportedCatalyst was the growth: listing revenue rose 21,1% as the number of issuers rose to 152.
    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 ↗
  12. ReportedThe 2025 jump in capitalisation, which sets 2026 fees, has not shown up either: Main Market listing revenue was 10,1 million złoty in the first half of 2026, stable on a year earlier.
    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 ↗
  13. ReportedThe first half of 2026 brought 13,6 million złoty, up 3,3%, and seven new companies on the Main Market against four departures.
    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 ↗
  14. ReportedThe first half of 2026 brought 13,6 million złoty, up 3,3%, and seven new companies on the Main Market against four departures.
    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