XTB Posts Record Revenue but Net Profit Falls 25% as Marketing Bill Balloons

XTB reported its highest-ever annual revenues in 2025, but the broker's bottom line told a different story as a near-doubling of marketing expenditure and swelling headcount costs dragged net profit down by almost a quarter, according to the company's consolidated annual report published today (Friday).

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The Warsaw-listed fintech (WSE: XTB) generated total operating income of PLN 2.15 billion last year, up 14.6% from PLN 1.87 billion in 2024. Net profit, however, fell to PLN 644.2 million from PLN 856.9 million a year earlier, a 24.8% decline that the company attributed to a PLN 427 million increase in operating costs.

"2025 was a breakthrough year for XTB,” Omar Arnaout, the CEO of XTB, commented. “It was during this period that we fully saw the results of strategic decisions made in previous years - both in terms of the scale of our operations, growth momentum, and the increasing trust of clients worldwide."

Marketing Tab Climbs to PLN 585 Million

The most significant driver of the earnings compression was marketing spend, which climbed PLN 240 million year-on-year to PLN 584.9 million, an increase of nearly 70%. The company said the rise reflected broader online and offline campaign activity, including what it described as its largest-ever global branding push in the second half of the year.

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Salaries and employee benefits rose 32.6% to PLN 413 million, while other external services, including IT systems and licenses, increased 67.7% to PLN 132.8 million. Total operating expenses reached PLN 1.31 billion, up 48.2% from PLN 886.7 million in 2024.

The cost surge coincided with a deliberate push to accelerate client acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term. XTB added 864,286 new clients during the year, up 73% from 498,438 in 2024, and the firm's total client base crossed 2.16 million.

As FinanceMagnates.com reported in February, Chief Executive Omar Arnaout has said reaching two million new clients annually "is completely realistic" within a few years, noting it took the firm 20 years to accumulate its first million accounts. The number of active clients grew 69.7% to just over 1.19 million.

Profitability Per Lot Feels the Squeeze

While volume metrics improved sharply, the revenue generated from each unit of activity fell. Profitability per lot in CFD derivatives declined to PLN 215 from PLN 275 a year earlier, a 21.8% drop.

CFD turnover in lots rose 41.3% to 8.87 million, while turnover by notional value in CFDs climbed 83% in dollar terms to $4.81 billion. Revenue from the retail business grew 17.4% to PLN 2.1 billion, while institutional revenue through the X Open Hub brand fell 48.3% to PLN 42.5 million, reflecting lower liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term provision activity in that segment.

From a geographic perspective, Central and Eastern Europe remained the largest contributor, generating PLN 1.45 billion in consolidated operating income, up 18.1% year-on-year.

Poland alone accounted for approximately 54.4% of consolidated revenues, the company said. XTB captured 441,500 new Polish brokerage accounts in 2025, representing about 33% of all securities accounts registered with Poland's Central Securities Depository, KDPW.

Gold and Index CFDs Drive Revenue Mix

Commodity CFDs, driven largely by gold, natural gas, and cocoa, accounted for 43.7% of gross revenue from financial instrument operations, the company said, while index-based CFDs grew their share to 36.0% from 33.3%, buoyed by strong turnover on instruments linked to the US 100, German DAX, and US 500 indices.

Revenue from stocks and ETFs more than doubled to PLN 78.3 million, up 155.5% from PLN 30.7 million in 2024, as XTB continued developing its investment plans and savings products.

Net interest income on client cash rose 32.3% to PLN 78 million, reflecting a 56.3% increase in client cash balances, partly offset by lower prevailing interest rates compared to the prior year.

"The year 2025 demonstrated that we are capable of growing dynamically, while also acting responsibly and with a long-term perspective,” the CEO of XTB concluded.

Shares Test Four-Month Lows After Report

The release of the full annual report weighed on the stock Friday. XTB shares fell more than 3.3% in Warsaw trading, testing intraday lows of 91.24 zlotys, the steepest single-session decline since November 13, 2025.

The selloff, while notable, leaves the stock within range of its all-time high of 96.94 zlotys, which the shares touched on March 10. Analysts at Noble Securities had maintained a "buy" rating on the stock in January, with a price target of 95.70 zlotys, citing expectations of a financial rebound in the fourth quarter driven by higher trading volatility and client inflows.

Looking ahead, XTB said it plans to introduce spot cryptocurrency trading, a redesigned version of its investment plans product, extended trading hours, and options trading capabilities. The firm also received a brokerage license in Chile in February 2025 and obtained authorization to operate in Brazil, though it said it paused further Brazilian development to focus on the Chilean market and monitor Latin American conditions.

The CEO has highlighted spot crypto as a key tool to reduce the group's dependence on CFD revenue, which still accounts for the vast majority of income, toward a more diversified model over the medium term.