A surge in new clients couldn’t offset the drag of
calm markets for XTB in the third quarter of 2025. The Warsaw-listed brokerage
added a record 222,000 new clients, but its net profit fell sharply as muted
price movements across global markets reduced trading income.
Join IG, CMC, and Robinhood in London’s leading trading industry event!
Profit Declines as Market Volatility Fades
XTB reported a consolidated net profit of PLN 53.2
million, down from PLN 203.8 million a year earlier. Revenues dropped 20.1%
year-on-year to PLN 375.8 million, weighed down by a fall in CFD profitability
per lot.
The company attributed the weaker performance to
subdued volatility in financial and commodity markets. “The decline in
profitability was a consequence of the low activity observed in the financial
and commodity markets in the third quarter of the current year.”
“For most instruments that are most popular among
clients, a more predictable trend was observed, with the market moving within a
limited price range.”
Despite the quieter market backdrop, XTB expanded its
client base faster than ever. The brokerage added 221,762 new clients, more
than double the figure from the same quarter in 2024. Total active clients rose
75.9% year-on-year to nearly 920,000, driving a 28.6% increase in the number of
CFD contracts traded and a 60.8% rise in nominal turnover to USD 1.1 trillion.
Commodities-based CFDs were the top revenue driver,
accounting for 48.5% of total income, boosted by trading in gold, silver,
natural gas, and cocoa. CFDs on stock indices contributed 32.4%, while
currency-based CFDs, including crypto instruments such as Bitcoin, Ethereum,
and Ripple, represented 10.8%.
Operating expenses jumped 54.7% year-on-year to PLN
322.7 million, mainly due to heavier marketing spending and higher
employment. Marketing costs alone rose by PLN 69.9 million, while staff-related
expenses climbed by PLN 26.1 million.
Costs increased further by PLN 29.7 million quarter-on-quarter, as XTB invested more resources in advertising and technology. The
board expects total operating expenses for 2025 to be roughly 40% higher than
last year, driven by global expansion and a strong client acquisition push.
Global Expansion in Asia and South America
XTB continued to expand its international footprint,
securing licenses to operate in Indonesia and Brazil. Its Indonesian subsidiary
has already begun onboarding clients and plans to launch CFDs by early 2026. In
Brazil, XTB obtained regulatory approval but is reassessing its strategy in
light of “local protectionist measures.”
The broker also rolled out its eWallet service, a
multi-currency payment solution, earlier in the year. Nearly 22,000 clients
activated the wallet by Q3, enabling cashless payments and transfers in 19
currencies, including EUR, USD, and GBP.
XTB reaffirmed its dividend policy, aiming to
distribute 50–100% of its standalone net profit, depending on capital needs and
regulatory requirements. For the first nine months of 2025, standalone profit
stood at PLN 462.8 million.
A surge in new clients couldn’t offset the drag of
calm markets for XTB in the third quarter of 2025. The Warsaw-listed brokerage
added a record 222,000 new clients, but its net profit fell sharply as muted
price movements across global markets reduced trading income.
Join IG, CMC, and Robinhood in London’s leading trading industry event!
Profit Declines as Market Volatility Fades
XTB reported a consolidated net profit of PLN 53.2
million, down from PLN 203.8 million a year earlier. Revenues dropped 20.1%
year-on-year to PLN 375.8 million, weighed down by a fall in CFD profitability
per lot.
The company attributed the weaker performance to
subdued volatility in financial and commodity markets. “The decline in
profitability was a consequence of the low activity observed in the financial
and commodity markets in the third quarter of the current year.”
“For most instruments that are most popular among
clients, a more predictable trend was observed, with the market moving within a
limited price range.”
Despite the quieter market backdrop, XTB expanded its
client base faster than ever. The brokerage added 221,762 new clients, more
than double the figure from the same quarter in 2024. Total active clients rose
75.9% year-on-year to nearly 920,000, driving a 28.6% increase in the number of
CFD contracts traded and a 60.8% rise in nominal turnover to USD 1.1 trillion.
Commodities-based CFDs were the top revenue driver,
accounting for 48.5% of total income, boosted by trading in gold, silver,
natural gas, and cocoa. CFDs on stock indices contributed 32.4%, while
currency-based CFDs, including crypto instruments such as Bitcoin, Ethereum,
and Ripple, represented 10.8%.
Operating expenses jumped 54.7% year-on-year to PLN
322.7 million, mainly due to heavier marketing spending and higher
employment. Marketing costs alone rose by PLN 69.9 million, while staff-related
expenses climbed by PLN 26.1 million.
Costs increased further by PLN 29.7 million quarter-on-quarter, as XTB invested more resources in advertising and technology. The
board expects total operating expenses for 2025 to be roughly 40% higher than
last year, driven by global expansion and a strong client acquisition push.
Global Expansion in Asia and South America
XTB continued to expand its international footprint,
securing licenses to operate in Indonesia and Brazil. Its Indonesian subsidiary
has already begun onboarding clients and plans to launch CFDs by early 2026. In
Brazil, XTB obtained regulatory approval but is reassessing its strategy in
light of “local protectionist measures.”
The broker also rolled out its eWallet service, a
multi-currency payment solution, earlier in the year. Nearly 22,000 clients
activated the wallet by Q3, enabling cashless payments and transfers in 19
currencies, including EUR, USD, and GBP.
XTB reaffirmed its dividend policy, aiming to
distribute 50–100% of its standalone net profit, depending on capital needs and
regulatory requirements. For the first nine months of 2025, standalone profit
stood at PLN 462.8 million.
This post is originally published on FINANCEMAGNATES.
