XTB
reported its highest-ever annual revenues in 2025, but the broker’s bottom line
told a different story as a near-doubling of marketing expenditure and swelling
headcount costs dragged net profit down by almost a quarter, according to the
company’s consolidated annual report published today (Friday).
The
Warsaw-listed fintech (WSE: XTB)
generated total operating income of PLN 2.15 billion last year, up 14.6% from
PLN 1.87 billion in 2024. Net profit, however,
fell to PLN 644.2 million from PLN 856.9 million a year earlier, a 24.8%
decline that the company attributed to a PLN 427 million increase in operating
costs.
Omar Arnaout, the CEO of XTB
“2025
was a breakthrough year for XTB,” Omar Arnaout, the CEO of XTB, commented. “It
was during this period that we fully saw the results of strategic decisions
made in previous years – both in terms of the scale of our operations, growth
momentum, and the increasing trust of clients worldwide.”
Marketing Tab Climbs to
PLN 585 Million
The most
significant driver of the earnings compression was marketing spend, which
climbed PLN 240 million year-on-year to PLN 584.9 million, an
increase of nearly 70%. The company said the rise reflected broader online
and offline campaign activity, including what it described as its largest-ever
global branding push in the second half of the year.
Salaries
and employee benefits rose 32.6% to PLN 413 million, while other external
services, including IT systems and licenses, increased 67.7% to PLN 132.8
million. Total operating expenses reached PLN 1.31 billion, up 48.2% from PLN
886.7 million in 2024.
The cost
surge coincided with a deliberate push to accelerate client acquisition . XTB
added 864,286 new clients during the year, up 73% from 498,438 in 2024, and the
firm’s total client base crossed 2.16 million.
As FinanceMagnates.com
reported in February,
Chief Executive Omar Arnaout has said reaching two million new clients annually
“is completely realistic” within a few years, noting it took the firm
20 years to accumulate its first million accounts. The number of active clients
grew 69.7% to just over 1.19 million.
Metric | 2025 | 2024 | Change |
Total Operating Income | PLN 2,146.1M | PLN 1,873.4M | +14.6% |
Operating Profit (EBIT) | PLN 832.4M | PLN 986.7M | -15.6% |
Net Profit | PLN 644.2M | PLN 856.9M | -24.8% |
EBITDA | PLN 857.8M | PLN 1,006.6M | -14.8% |
New Clients | 864,286 | 498,438 | +73.4% |
Profitability Per Lot
Feels the Squeeze
While
volume metrics improved sharply, the revenue generated from each unit of
activity fell. Profitability per lot in CFD derivatives declined to PLN 215
from PLN 275 a year earlier, a 21.8% drop.
CFD
turnover in lots rose 41.3% to 8.87 million, while turnover by notional value
in CFDs climbed 83% in dollar terms to $4.81 billion. Revenue from the retail
business grew 17.4% to PLN 2.1 billion, while institutional revenue through the
X Open Hub brand fell 48.3% to PLN 42.5 million, reflecting lower liquidity
provision activity in that segment.
From a
geographic perspective, Central and Eastern Europe remained the largest
contributor, generating PLN 1.45 billion in consolidated operating income, up
18.1% year-on-year.
Poland
alone accounted for approximately 54.4% of consolidated revenues, the company
said. XTB captured
441,500 new Polish brokerage accounts in 2025, representing about 33% of all securities
accounts registered with Poland’s Central Securities Depository, KDPW.
Gold and Index CFDs Drive
Revenue Mix
Commodity
CFDs, driven largely by gold, natural gas, and cocoa, accounted for 43.7% of
gross revenue from financial instrument operations, the company said, while
index-based CFDs grew their share to 36.0% from 33.3%, buoyed by strong
turnover on instruments linked to the US 100, German DAX, and US 500 indices.
Revenue
from stocks and ETFs more than doubled to PLN 78.3 million, up 155.5% from PLN
30.7 million in 2024, as XTB continued
developing its investment plans and savings products.
Net
interest income on client cash rose 32.3% to PLN 78 million, reflecting a 56.3%
increase in client cash balances, partly offset by lower prevailing interest
rates compared to the prior year.
“The
year 2025 demonstrated that we are capable of growing dynamically, while also
acting responsibly and with a long-term perspective,” the CEO of XTB concluded.
Shares Test Four-Month
Lows After Report
The release
of the full annual report weighed on the stock Friday. XTB shares fell more
than 3.3% in Warsaw trading, testing intraday lows of 91.24 zlotys, the
steepest single-session decline since November 13, 2025.
The
selloff, while notable, leaves the stock within range of its all-time high of
96.94 zlotys, which the shares touched on March 10. Analysts at
Noble Securities had maintained a “buy” rating on the stock in January, with
a price target of 95.70 zlotys, citing expectations of a financial rebound in
the fourth quarter driven by higher trading volatility and client inflows.
Looking
ahead, XTB said it plans to introduce spot cryptocurrency trading, a redesigned
version of its investment plans product, extended
trading hours, and options trading capabilities. The firm also received a
brokerage license in Chile in February 2025 and obtained authorization to
operate in Brazil, though it said it paused further Brazilian development to
focus on the Chilean market and monitor Latin American conditions.
The CEO has
highlighted spot crypto as a key tool to reduce the group’s dependence on CFD
revenue, which still accounts for the vast majority of income, toward a more
diversified model over the medium term.
XTB
reported its highest-ever annual revenues in 2025, but the broker’s bottom line
told a different story as a near-doubling of marketing expenditure and swelling
headcount costs dragged net profit down by almost a quarter, according to the
company’s consolidated annual report published today (Friday).
The
Warsaw-listed fintech (WSE: XTB)
generated total operating income of PLN 2.15 billion last year, up 14.6% from
PLN 1.87 billion in 2024. Net profit, however,
fell to PLN 644.2 million from PLN 856.9 million a year earlier, a 24.8%
decline that the company attributed to a PLN 427 million increase in operating
costs.
Omar Arnaout, the CEO of XTB
“2025
was a breakthrough year for XTB,” Omar Arnaout, the CEO of XTB, commented. “It
was during this period that we fully saw the results of strategic decisions
made in previous years – both in terms of the scale of our operations, growth
momentum, and the increasing trust of clients worldwide.”
Marketing Tab Climbs to
PLN 585 Million
The most
significant driver of the earnings compression was marketing spend, which
climbed PLN 240 million year-on-year to PLN 584.9 million, an
increase of nearly 70%. The company said the rise reflected broader online
and offline campaign activity, including what it described as its largest-ever
global branding push in the second half of the year.
Salaries
and employee benefits rose 32.6% to PLN 413 million, while other external
services, including IT systems and licenses, increased 67.7% to PLN 132.8
million. Total operating expenses reached PLN 1.31 billion, up 48.2% from PLN
886.7 million in 2024.
The cost
surge coincided with a deliberate push to accelerate client acquisition . XTB
added 864,286 new clients during the year, up 73% from 498,438 in 2024, and the
firm’s total client base crossed 2.16 million.
As FinanceMagnates.com
reported in February,
Chief Executive Omar Arnaout has said reaching two million new clients annually
“is completely realistic” within a few years, noting it took the firm
20 years to accumulate its first million accounts. The number of active clients
grew 69.7% to just over 1.19 million.
Metric | 2025 | 2024 | Change |
Total Operating Income | PLN 2,146.1M | PLN 1,873.4M | +14.6% |
Operating Profit (EBIT) | PLN 832.4M | PLN 986.7M | -15.6% |
Net Profit | PLN 644.2M | PLN 856.9M | -24.8% |
EBITDA | PLN 857.8M | PLN 1,006.6M | -14.8% |
New Clients | 864,286 | 498,438 | +73.4% |
Profitability Per Lot
Feels the Squeeze
While
volume metrics improved sharply, the revenue generated from each unit of
activity fell. Profitability per lot in CFD derivatives declined to PLN 215
from PLN 275 a year earlier, a 21.8% drop.
CFD
turnover in lots rose 41.3% to 8.87 million, while turnover by notional value
in CFDs climbed 83% in dollar terms to $4.81 billion. Revenue from the retail
business grew 17.4% to PLN 2.1 billion, while institutional revenue through the
X Open Hub brand fell 48.3% to PLN 42.5 million, reflecting lower liquidity
provision activity in that segment.
From a
geographic perspective, Central and Eastern Europe remained the largest
contributor, generating PLN 1.45 billion in consolidated operating income, up
18.1% year-on-year.
Poland
alone accounted for approximately 54.4% of consolidated revenues, the company
said. XTB captured
441,500 new Polish brokerage accounts in 2025, representing about 33% of all securities
accounts registered with Poland’s Central Securities Depository, KDPW.
Gold and Index CFDs Drive
Revenue Mix
Commodity
CFDs, driven largely by gold, natural gas, and cocoa, accounted for 43.7% of
gross revenue from financial instrument operations, the company said, while
index-based CFDs grew their share to 36.0% from 33.3%, buoyed by strong
turnover on instruments linked to the US 100, German DAX, and US 500 indices.
Revenue
from stocks and ETFs more than doubled to PLN 78.3 million, up 155.5% from PLN
30.7 million in 2024, as XTB continued
developing its investment plans and savings products.
Net
interest income on client cash rose 32.3% to PLN 78 million, reflecting a 56.3%
increase in client cash balances, partly offset by lower prevailing interest
rates compared to the prior year.
“The
year 2025 demonstrated that we are capable of growing dynamically, while also
acting responsibly and with a long-term perspective,” the CEO of XTB concluded.
Shares Test Four-Month
Lows After Report
The release
of the full annual report weighed on the stock Friday. XTB shares fell more
than 3.3% in Warsaw trading, testing intraday lows of 91.24 zlotys, the
steepest single-session decline since November 13, 2025.
The
selloff, while notable, leaves the stock within range of its all-time high of
96.94 zlotys, which the shares touched on March 10. Analysts at
Noble Securities had maintained a “buy” rating on the stock in January, with
a price target of 95.70 zlotys, citing expectations of a financial rebound in
the fourth quarter driven by higher trading volatility and client inflows.
Looking
ahead, XTB said it plans to introduce spot cryptocurrency trading, a redesigned
version of its investment plans product, extended
trading hours, and options trading capabilities. The firm also received a
brokerage license in Chile in February 2025 and obtained authorization to
operate in Brazil, though it said it paused further Brazilian development to
focus on the Chilean market and monitor Latin American conditions.
The CEO has
highlighted spot crypto as a key tool to reduce the group’s dependence on CFD
revenue, which still accounts for the vast majority of income, toward a more
diversified model over the medium term.
