XTB marked ten years on the Warsaw Stock Exchange (WSE: XTB) today (Wednesday) with shares around 102 zlotys, up roughly 800% from the 11.50 zloty offering price set when the Polish broker debuted on May 6, 2016.

The stock touched a record 114 zlotys on April 16 and now values the company at about 12.1 billion zlotys ($3.2 billion).

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A Decade in Numbers

XTB's listing was the largest Warsaw IPO of 2016, raising 189 million zlotys at a 1.35 billion zloty valuation. Founder Jakub Zablocki sold 16.4 million shares at 11.50 zlotys, near the lower end of the 11.50 to 13 zloty bookbuilding range, and shares closed their first session at 12.05 zlotys.

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Since then, the broker has paid out dividends under a policy targeting between 50% and 100% of standalone profit. Yahoo Finance pegs the five-year total return for XTB shareholders, including reinvested dividends, at about 819% as of late April, against 57% for the MSCI World benchmark over the same window.

The Warsaw-listed firm ended 2025 with operating income of 2.15 billion zlotys, up 14.6% on the year. Net profit fell 25% to 644 million zlotys as marketing Marketing Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Read this Term spending climbed close to 70% to 585 million zlotys, the company said in its annual report.

In a LinkedIn post marking the anniversary on Wednesday, XTB said it has "grown from a brokerage into a global investment app" and now serves more than 2.5 million people worldwide. The company added that it is "even more excited about what's ahead."

How XTB Stacks Up Against Listed CFD Peers

The four largest publicly listed CFD brokers have all delivered shareholder gains over the past decade, but with very different magnitudes.

Plus500, which listed on London's Alternative Investment Market three years before XTB, has been the standout among the group. The Israel-founded broker's shares have multiplied roughly 36 times since the 2013 debut, supported by aggressive buybacks that have absorbed close to $2.9 billion since the IPO.

Looking at the same ten-year window since XTB's May 2016 debut, Plus500 has also outperformed XTB on price terms, while IG Group and CMC Markets have lagged.

CMC priced its IPO also in 2016 at 240 pence and saw shares lose roughly half their value within months as the UK Financial Conduct Authority moved against retail CFD providers. At the moment, they have posted the weakest gains since their market debut among the entire group, at just over 50%.

From the 2018 KNF Crash to 2026 Highs

The XTB share price journey has not been linear. In late 2018, after Poland's Financial Supervision Authority (KNF) fined the broker 9.9 million zlotys for asymmetric price slippage on client orders, the stock dropped two-thirds in two hours and trading was temporarily halted. By September 2019, shares had bottomed at an all-time low of 2.92 zlotys.

The 2020 pandemic-era surge in retail trading Retail Trading In finance, retail trading refers to individual traders, trading through a broker, or on a platform. This can include novice traders and experienced traders. Trading and investing are divided into two categories, retail and institutional. Institutions include investment banks like JP Morgan or Citibank and global central banks like the US Federal Reserve and the European Central Bank. When we talk about retail trading however, we usually are referring to forex trading, but there are retail trade In finance, retail trading refers to individual traders, trading through a broker, or on a platform. This can include novice traders and experienced traders. Trading and investing are divided into two categories, retail and institutional. Institutions include investment banks like JP Morgan or Citibank and global central banks like the US Federal Reserve and the European Central Bank. When we talk about retail trading however, we usually are referring to forex trading, but there are retail trade Read this Term kicked off the recovery. XTB reported record quarterly revenue of 307 million zlotys in Q1 2020 alone, more than its full-year 2019 total. Shares are now up roughly 35-fold from those 2019 lows.

The current rally continued through April 2026 even after Polish regulators levied a record 20 million zloty penalty for MiFID II breaches in client onboarding between January 2022 and September 2023. Shares hit their record 114 zlotys eight days after the fine was disclosed.

Beyond CFDs as the Next Decade Begins

Last week, XTB published preliminary first-quarter 2026 results showing estimated net profit of 535 million zlotys, up 176% year-on-year, on operating income of 1.09 billion zlotys. The broker added 370,000 new clients in the quarter.

Chief Executive Omar Arnaout has flagged spot crypto trading and options as the next product priorities, alongside continued geographic expansion in Latin America, Indonesia and the UAE. He has separately said XTB is targeting two million annual client additions in the coming years.

That ambition is colliding with sharper European competition. Robinhood, Trade Republic, eToro and Interactive Brokers have all stepped up European retail moves over the past 18 months.

Plus500 and IG have meanwhile pushed into US futures, prediction markets and equity trading to dilute their exposure to CFD revenue.