XTB shares rose more than 2% on Tuesday to test 97.97 zlotys on the Warsaw Stock Exchange, eclipsing the previous all-time high of 96.94 zlotys recorded on March 10, as the Polish online broker announced the rollout of options trading in Germany and Spain.
The company said clients in both markets can now trade American-style options on 110 U.S.-listed stocks and exchange-traded funds, including zero-days-to-expiration contracts, or 0DTE, on select underlying instruments. Fractional options trading is also available, the firm said in a press release on Tuesday.
Germany and Spain rank among XTB's most important European markets. The launch follows a first rollout in Cyprus earlier this year, where XTB used its CySEC-supervised entity to test the product with a limited client base before expanding to larger jurisdictions. In the largest market, its home base of Poland, customers still have to wait for the offer.
Spain's CFD Curbs Add Context to the Options Push
The Spanish expansion is particularly notable. Since 2024, Spain's market regulator CNMV has enforced strict restrictions on CFD advertising and marketing aimed at retail investors, effectively barring brokers from promoting their core leveraged products in the country. The rules ban sponsorship, use of public figures, and web-based promotional content related to CFDs, though trading itself remains permitted at the client's initiative.
For XTB, whose revenue still depends heavily on CFD activity, the ability to offer options in Spain gives the broker an alternative product to market to local clients without running into the CNMV's CFD advertising restrictions. XTB previously said the Spanish market accounts for roughly 10% of its revenue.
"Data on the growing popularity of options trading in the United States clearly show that these are instruments gaining importance among individual investors," CEO Omar Arnaout said in the company's press release.
- XTB MENA Chief Says Dubai Bet Survived Its First Real Stress Test
- XTB Signs Paris La Défense Arena Deal as French Client Base Grows 50%
- XTB Shares Fall for Second Day as Profit Slump Hits Investors Sentiment
"For years, they were associated with complex solutions for professionals, but technological development and easier access to knowledge have meant that more and more investors treat options as a tool to implement their investment strategies." He added that the broker will "continue expanding options to additional European markets in the coming months."
European Brokers Race to Add Options for Retail Clients
XTB is not the only European-focused broker moving into retail options. IG Group, the London-listed trading platform, opened a waiting list for UK options trading under its tastytrade brand in late 2025, and its Japanese arm recently extended vanilla options access to corporate accounts. Interactive Brokers and Saxo Bank have offered options products across European markets for years, giving them a head start in a segment that has been dominated by U.S. platforms like Robinhood and tastytrade.
What sets XTB's approach apart, at least for now, is that clients can only buy options, not write them. That limits the downside risk for retail traders who may be unfamiliar with derivatives, though it also caps the product's revenue potential compared to full options books. The company discussed this buy-only approach as early as October 2025, when board member Filip Kaczmarzyk told Polish financial daily Parkiet that the broker planned to start with a stripped-down version and expand functionality over time.
The broader trend reflects a European retail market that is growing more competitive by the quarter. Robinhood, Trade Republic, and Interactive Brokers have all been expanding aggressively on the continent, pushing incumbents like XTB to broaden their product menus to retain clients. XTB reported a record client outflow of 21,500 users in the third quarter of 2025, a figure the company attributed to low market volatility rather than competitive pressure, though analysts at the time were less certain.
Stock Hits Record After Months of Volatility
Tuesday's share price move puts XTB at its highest level since the company listed on the Warsaw Stock Exchange in 2016. The stock had been volatile in recent weeks, falling more than 3% on March 21 after the firm published full-year 2025 results showing that net profit declined 24.8% to PLN 644.2 million, even as revenue hit a record PLN 2.15 billion. A near-doubling of marketing spend to over PLN 427 million in additional operating costs was the main drag on the bottom line.
Noble Securities had maintained a "buy" rating on the stock with a price target of 95.70 zlotys as of January, citing expectations of a financial rebound driven by higher trading volatility and an ambitious product roadmap that includes margin trading and 24/5 extended market hours.
Beyond options, the broker said it has also integrated TradingView-powered charting across its mobile platform, giving clients access to configurable charts, indicators, alerts, and direct order placement from the chart view. The web platform version of TradingView charts is currently available only in markets where options trading has launched, the company said.
Employee Incentive Plan and Dividend on the Agenda
Separately, XTB's extraordinary general meeting scheduled for May 8 will vote on a new employee incentive program covering all staff, not just senior executives. Under the proposal, 25% of employees with the highest average annual performance ratings would receive bonus shares, provided the company hits at least 70% of its consolidated net profit target. The shares would vest over three years.
The meeting will also consider authorizing the management board to repurchase up to 80,000 shares at prices between 50 and 120 zlotys each, funded by a PLN 9 million reserve, to settle obligations under the existing MRT incentive program for 2025.
On the dividend front, XTB's management has recommended distributing PLN 478.5 million from 2025 net profit, or PLN 4.07 per share. The proposed record date is June 15, with payment on June 24. The company still awaits approval from Poland's financial regulator, KNF, before it can offer options to Polish clients, and its plans to launch spot cryptocurrency trading remain contingent on pending MiCA-related legislation in Poland.
