By Staff Writer
Polish-listed online broker XTB reported a sharp fall in profitability in 2025, as a surge in marketing and operating costs outweighed strong growth in revenue, client numbers, and trading activity.
According to preliminary results released on Thursday, XTB’s net profit declined 24% year-on-year to PLN 643.8 million, even as total operating income rose 15% to a record PLN 2.15 billion. The revenue growth was driven by a 70% increase in active clients to nearly 1.19 million and a 41.3% jump in CFD trading volumes to 8.87 million lots.
Earnings before interest and tax (EBIT) fell 15% to PLN 834.3 million, as total operating expenses climbed 48% to PLN 1.31 billion. XTB said the expansion of its client base, higher trading activity, and favourable market conditions supported revenue, but profitability per traded lot fell to PLN 215 from PLN 275 a year earlier, reflecting rising costs and a broader, more mass-market client mix.
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Performance in the fourth quarter showed a similar trend. Operating income increased to PLN 610.1 million, up from PLN 465.4 million in the same period of 2024, supported by strong demand for commodity CFDs — particularly gold, cocoa, and natural gas — as well as U.S. equity index products. However, net profit for the quarter slipped 5% to PLN 180.5 million, as expenses continued to rise.
Marketing was the main contributor to the cost increase. XTB said marketing expenditure rose by PLN 240.2 million year-on-year to PLN 585 million, reflecting expanded multi-market campaigns and the broker’s largest global branding initiative to date, launched in the second half of the year.
The company’s client base continued to grow rapidly, with 864,286 new clients added in 2025, bringing the total to 2.16 million. While active client numbers increased significantly, average operating income per active client fell to PLN 1.8 thousand from PLN 2.7 thousand, as lower unit profitability diluted per-client revenue.
Client assets held on XTB’s platform rose to PLN 45.8 billion, up from PLN 27.5 billion a year earlier, supported by higher holdings of shares, ETFs, CFDs, and cash balances.
Looking ahead, XTB warned that cost pressures are likely to persist. Management said operating expenses in 2026 could rise by up to 30% compared with 2025, with marketing costs potentially increasing by around 50%, as the broker continues to prioritise client acquisition and brand visibility.
