XTB has published its preliminary financial and operational results for the first quarter of 2025, showing record operating income and customer growth, while net profit declined year-on-year due to rising costs tied to the company’s global expansion and intensified marketing efforts.
Operating income for Q1 2025 reached PLN 580.3 million, marking a 4.4 percent increase compared to the same period last year. However, net profit came in at PLN 193.9 million, down from PLN 302.7 million in Q1 2024, impacted by higher operating expenses totaling PLN 315.8 million, compared to PLN 205 million a year earlier.
XTB Reports 49.8% New Clients YoY
The number of new clients surged to 194,304 in the quarter, a 49.8 percent increase year-on-year, bringing the total client base to 1.54 million. Active clients also rose sharply to a record 735,389, up 76.5 percent from the previous year. This growth aligns with the company’s target of acquiring between 150,000 and 210,000 new clients per quarter.
CEO Omar Arnaout commented that the strong client acquisition and engagement levels demonstrate the company’s ability to attract new investor segments, especially during periods of market volatility. “The growing number of clients serves as the foundation for our development in the coming years,” he said.
The main contributors to revenue were CFDs based on indices, which accounted for 52.3 percent of income, led by instruments such as DE40, US100, and US500. Commodity-based CFDs followed at 29.1 percent, while currency-based CFDs made up 13.5 percent. The contribution from commodities fell year-on-year, while index-based CFD income grew, reflecting changing investor behavior and profitability shifts across asset classes.
Trading in stocks and ETFs also saw significant growth, with turnover rising to USD 4.1 billion, a 121.3 percent increase compared to Q1 2024. In the EU, 80 percent of first-time trades by new clients involved shares and ETFs, highlighting the platform’s appeal to long-term investors.
Marketing expenses increased by PLN 59.9 million year-on-year, totaling PLN 141 million in Q1 2025. Salaries and benefits rose by PLN 22.2 million, and commissions paid to payment service providers grew by PLN 12.5 million. XTB noted that the rise in external service costs was mainly due to investments in IT systems, licenses, and support services.
The company reiterated its expectation that total 2025 operating costs may increase by up to 40 percent compared to the previous year. Management indicated that marketing spending alone could rise by approximately 80 percent, depending on the performance of ongoing campaigns and client responsiveness.
Geographically, XTB advanced its expansion plans. In Q1, the firm launched its eWallet service, providing clients with a multi-currency card and enabling commission-free FX transactions. Nearly 22,000 clients activated the service, with 57 percent from outside Poland. The eWallet currently supports customers in nine European countries.
XTB also launched a PEA account in France and enabled ISA transfers for UK clients. Future plans include adding IKZE accounts in Poland and rolling out cryptocurrency trading, pending regulatory approvals under the EU’s MiCA framework. Options trading is also under development.
Internationally, the company is preparing to launch operations in Indonesia in the first half of the year and is in the process of obtaining regulatory licenses in Brazil. XTB also recently opened a second office in Dubai and obtained a securities agent license in Chile, allowing it to offer shares and ETFs there.
In terms of capital strength, XTB reported a total capital ratio of 189.3 percent at the end of March 2025. Unit net profit for Q1 stood at PLN 190.3 million. The company’s dividend proposal, which will be voted on during the upcoming Annual General Meeting, recommends a payout of PLN 5.45 per share from its 2024 profit.
As part of its product roadmap, XTB continues to evolve into a universal fintech application. The company launched an AI chat assistant in Poland and revamped its app interface to improve usability. The Product and Technology Department, which now employs over 520 staff, incurred costs of PLN 57.5 million in Q1 2025, reflecting ongoing investment in innovation and infrastructure.
Looking ahead, the company plans to further increase its marketing presence across Europe and expand its educational content through the XTB Foundation, while focusing on technology-driven growth in both mature and emerging markets.
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