Poland based Retail FX and CFDs broker XTB SA (WSE:XTB) rebounded from a fairly slow Q3 with a blowout Q4, which saw the company bring in record Revenues and healthy bottom line profits to end what was overall a very successful 2025 at XTB.

XTB Revenues and Profits Q4 2025

Revenues at XTB came in at PLN 610.1 million (USD $173 million) in Q4, up by 63% over Q3’s PLN 375 million. Net Profit came in at PLN 180.5 million ($51 million) in Q4, not quite a record for XTB but still one of its most profitable ever quarters. For the full 2025 year, XTB brought in PLN $2.147 billion ($610 million) of Revenue, and posted Net Profit of PLN 644 million ($183 million).

Reasons for Q4 Revenue increase

As noted above, in 2025, XTB generated a record level of Revenues amounting to PLN 2,146.8 million, an increase of 14.6% year-on-year. The key factors determining this performance included a consistently growing number of active clients (up by 69.7% year-on-year), combined with their high trading activity, reflected, among other things, in the number of CFD contracts executed in lots (up by 41.3% year-on-year), as well as a decline in profitability per lot to PLN 215 (2024: PLN 275).

In the fourth quarter of 2025 alone, which from a market perspective was characterized by commodity instruments and U.S. indices, with a particular focus on precious metals, the Group’s Revenues were significantly higher and amounted to PLN 610.1 million (Q3 2025: PLN 375.8 million). This performance was driven by:

(i) higher unit profitability per lot of PLN 208 (an increase of PLN 56 quarter-on-quarter); and

(ii) higher client trading volumes in financial instruments, measured by the number of transactions executed in lots, which increased by 448.2 thousand lots to 2,542.5 thousand lots (compared with 2,094.3 thousand lots in Q3 2025).

In the fourth quarter of 2025, CFDs based on gold prices were by far the most popular instruments among clients and continued their upward trend, despite the occurrence of significant price corrections in October and December. At the same time, favorable conditions were also observed in other commodity markets, such as cocoa and natural gas. Meanwhile, for another consecutive quarter, trading in equity indices remained relatively calm, and despite major U.S. indices reaching successive record highs, client interest was more strongly focused on commodity instruments.

XTB Trading Volumes Q3 2025

Trading volumes at XTB came in at $535 billion monthly in Q4 2025, the first time that XTB topped $500 billion in monthly activity in any quarter. For the full year 2025 trading volumes were $400 billion monthly, up by 82% from $219 billion monthly in 2024.

Revenues by instrument class

When analyzing the structure of generated revenues by instrument classes, it can be observed that in 2025 commodity-based CFDs (contracts for difference) were the leading category. Their share of revenues in the analyzed period amounted to 43.7% (2024: 48.0%). This was, among other factors, a result of high profitability on CFD instruments based on the prices of gold, natural gas, and cocoa.

The second most profitable asset class consisted of index-based CFD instruments, whose share in the revenue structure increased to 36.0% from 33.3% a year earlier. This growth was driven by high profitability of trading in CFD instruments based on the US 100 index, the German equity index DAX (DE40), and the US 500 index.

Revenues from currency-based CFD instruments accounted for 13.7% of total revenues, compared with 14.6% a year earlier. The most profitable financial instruments in this class were CFD instruments based on the cryptocurrencies Bitcoin and Ethereum.

In Q4 2025, Commodity CFDs accounted for 61.2% of CFD related Revenues.

XTB’s operating revenues are generated from: (i) spreads (the difference between the offer price and the bid price); (ii) charged swap points (representing the cost of holding positions over time); (iii) commissions and fees charged to clients; (iv) net result (profits reduced by losses) from XTB’s market-making activities; and (v) interest on clients’ cash funds.

The business model used by XTB combines features of the agency model and the market maker model, in which the Company is a party to transactions concluded and initiated by clients. XTB does not engage, in the strict sense, in transactions carried out on its own account in anticipation of changes in the prices or value of the underlying instruments (so-called proprietary trading).

Client acquisition

XTB said that it has a solid foundation in the form of an ever-growing base and number of active clients. In 2025, the Group recorded another record in this area by acquiring 864,286 new clients compared to 498,438 a year earlier, an increase of 73.4%. Similarly to the number of new clients, the number of active clients was also at a record high and increased from 701,089 to 1,189,422, i.e. by 69.7% y/y.

In Q4 2025 XTB brought in 280,881 new clients, its best ever result in terms of new client acquisition in any calendar quarter.

Future plans

XTB said that its ambition is for XTB to be associated with the leading all-in-one investment application in Europe, offering clients easy, smart and efficient ways to trade, invest and save, while providing instant access to their money.

The transformation of XTB from a CFD broker to a modern FinTech entity providing a universal investment application has been progressing in recent years. This transformation will continue into 2026 and beyond. In 2026, XTB Group intends to continue the strategy of building a universal investment application, offering services for every investor who wants to manage their funds efficiently, both in the short and long term.

In 2026, the Company plans to expand its portfolio with additional products and features:

Spot cryptocurrency trading. Under the license granted by the Cyprus Securities and Exchange Commission (CySEC), obtained at the end of 2025, clients in Cyprus will be able to access spot cryptocurrency trading through the XTB investment application in the first half of 2026. The activity will be conducted in compliance with MiCA requirements. The Company maintains its position that it remains interested in applying for a license in Poland, if and when this becomes possible. Later in 2026, the offering will be expanded to other markets, initially focusing on the LATAM region and European countries, subject to obtaining the necessary regulatory approvals.

Options. At the beginning of 2026, XTB clients in Cyprus gained the ability to purchase call and put options on the 100 most popular US-listed stocks. In the following quarters, the Company plans to expand its options offering to additional European markets, initially targeting Spain, subject to obtaining the necessary regulatory approvals.

Long-term investing products:

• Cash ISA. This is a special type of savings account available to UK residents, allowing them to save money without paying tax on the interest earned. It has a specified annual contribution limit. This will complement XTB’s product offering in the United Kingdom, where clients can also open Stocks and Shares ISAs, which allow investing in stocks and ETFs under a tax-advantaged framework.
• The Personal Investment Account (OKI) is a new investment product aimed at stimulating the capital market and encouraging Poles to save for the long term. According to the proposal by the Ministry of Finance, the OKI account holder will be able to invest up to PLN 100,000 without paying the so-called “Belka tax,” including up to PLN 25,000 in the savings portion. Funds above the upper limit will be subject to a 0.8%–0.9% wealth tax on the value of the investment. XTB has the ambition to offer OKI at the moment, when the relevant legislation is enacted. The Ministry of Finance is currently working on the draft law.
• Expanding the offering of retirement accounts in other European countries is the next step to help achieve the strategic goals of international growth. Introducing accounts dedicated to long-term retirement savings will strengthen the client base by attracting new clients and encouraging existing ones to take advantage of the new product.

More highlights from XTB’s Q4 and full year 2025 results follow below. XTB’s full 2025 results summary can be seen here (pdf).