Wow.

Poland based CFDs broker XTB SA (WSE:XTB) has reported its financial and operating results for Q1 2026, which was XTB’s best-ever quarter by virtually any measure – and by a long country mile.

XTB Revenues and Profits Q1 2026

First, the details.

After reporting record quarterly revenues of $173 million in Q4 2025, XTB topped that by a whopping 79% (hence, the “Wow” above) in Q1 2026, with revenues coming in at PLN 1.094 billion, or $301 million. Revenue growth was driven by Commodity CFDs trading, which accounted for more than 88% of revenue in Q1 (more on that below).

XTB’s net profit of PLN 535 million ($147 million) in Q1 2026 was also its best ever result on the bottom line, nearly triple Q4 2025’s profit of $50 million.

What drove Q1’s record results?

In Q1 2026, XTB achieved record operating revenues of PLN 1,094.0 million (an 88.5% y/y increase). This performance was significantly driven by a further expansion of the active client base (up 72.4% y/y), coupled with high trading activity, reflected, among others, by an increase in the volume of CFD contracts in lots (up 21.8% y/y), and an increase in profitability per lot to the level PLN 439 (Q1 2025: PLN 277).

The first quarter of 2026 brought sustained interest in commodity markets, albeit with a clear shift in dynamics among individual asset classes. The beginning of the year was marked by heightened volatility, driven mainly by monetary policy expectations and ongoing geopolitical tensions. In the precious metals market, the strong gains seen at the end of 2025 continued into January, only for the month to conclude with a spectacular correction. Extraordinary volatility in precious metals persisted throughout the first quarter, primarily due to the geopolitical situation in the Middle East.

Energy commodities also played a significant role in Q1 2026. Natural gas and crude oil prices experienced high volatility, primarily resulting from the outbreak of war with Iran, as well as seasonal factors, supply constraints, and producer decisions. Increased investor activity was particularly evident during sudden price movements. Stock market indices, especially in the US, were similarly characterized by high volatility. The Nasdaq index initially climbed near its record highs, before subsequently dropping by over 12% due to global turmoil. In summary, the first quarter of 2026 was defined by extraordinary and unprecedented volatility across all asset classes, with clients actively seeking out this volatility and the resulting investment opportunities.

XTB Trading Volumes Q1 2026

Trading volumes at XTB came in at $444 billion monthly in Q1 2026, which was actually down from $535 billion monthly in Q4 2025. However profitability per USD 1 million traded soared to $216, from an average of $109 throughout 2025.

Revenues by instrument class

An analysis of the Group’s revenue structure in Q1 2026 indicates a clear dominance of commodity-based CFDs (Contracts for Difference). Their contribution to gross revenues from financial instrument transactions has seen a sharp increase to 88.5% (compared to 29.1% in Q1 2025). This result is a direct consequence of high profitability on instruments based on the prices of gold, silver, crude oil, and platinum.

The second most profitable category consisted of currency-based CFDs, which accounted for 5.1% of the revenue structure (Q1 2025: 13.5%). Within this asset class, the highest profitability was recorded for cryptocurrency-based CFDs (including Bitcoin and Ethereum).

Meanwhile, revenues from index-based CFDs accounted for 2.1% of consolidated revenues, representing a significant decline compared to the corresponding period of the previous year (52.3%).

Client acquisition

The foundation of XTB’s sustainable growth remains its steadily expanding client base and the rising number of active clients. In Q1 2026, the Group reported record-high results in this area, acquiring 370,041 new clients (compared to 194,304 a year earlier), representing a dynamic increase of 90.4% YoY. Following this record acquisition, the number of active clients also rose reaching 1,267,467 – a 72.4% increase compared to 735,389 in the corresponding period of the previous year.

Sports marketing initiatives

XTB significantly increased its sports sponsorship and marketing related activity in the first few months of 2026.

In March 2026, the Company announced a sponsorship agreement with the Paris La Défense Arena. The venue, capable of accommodating over 45,000 concertgoers, is the largest indoor arena in Europe, attracting approximately 1.8 million visitors annually. With French attendees comprising over 90% of the audience, this partnership strongly aligns with XTB’s growth strategy in this market.

Following the end of the first quarter of 2026, the Company announced the launch of two new sports sponsorship partnerships. The first – and the largest in XTB’s history – is a strategic partnership with FIBA (Fédération Internationale de Basketball), the International Basketball Federation. The XTB Group has become a sponsor of both the Men’s and Women’s Basketball World Cups. This collaboration is global in scope and represents a further step in building the brand’s worldwide position. XTB will be present during the final tournaments as well as throughout the entire qualifying cycle leading up to the championships. Furthermore, the Company will assume the role of title sponsor for the European Qualifiers for the Men’s Basketball World Cup.

The second significant sponsorship agreement is a global partnership with the Italian football club SSC Napoli. This marks XTB’s first-ever partnership with a club from Europe’s top five leagues. It represents another step in building international brand recognition and provides an opportunity to accelerate new client acquisition in the Italian market. The agreement will remain in effect through the end of the 2026/2027 season.

More highlights from XTB’s Q1 2026 results follow below. XTB’s full Q1 2026 results summary can be seen here (pdf).