XTB's full first-quarter report confirms the headline numbers it flagged in late April, but adds a regional breakdown the preliminary release did not contain, and that breakdown tells a sharper story than the top-line figures alone.
The Polish broker generated PLN 1.09 billion in operating revenue between January and March, with PLN 780.2 million, or 71% of group income, coming from Central and Eastern Europe. Western Europe contributed PLN 232.8 million.
Latin America and the Middle East, the two regions XTB management has repeatedly cited as expansion priorities, brought in PLN 35.4 million and PLN 45.7 million respectively. Asia contributed PLN 4,000.
CEE and Western Europe Account for Nearly All Growth
Almost the entire year-on-year revenue gain came from Europe. CEE revenue rose 99% from PLN 391.7 million booked in the same period of 2025, with Poland alone contributing PLN 568.8 million, or 52% of group revenue, up from PLN 314.4 million a year earlier. Western Europe more than doubled, climbing 114% from PLN 108.9 million.
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Latin America revenue moved 1.7% higher year-on-year, while Middle East revenue rose 2.0%. Both regions were effectively flat in absolute terms, even though XTB completed its Chilean license in February 2025, secured Category 1 and 2 licenses in the United Arab Emirates in March 2026, and runs two subsidiaries in Dubai serving the region.
Operating income by geographic region (PLN thousands)
Region | Q1 2026 | Q1 2025 | YoY change |
Central and Eastern Europe | 780,150 | 391,651 | +99.2% |
– including Poland | 568,844 | 314,391 | +80.9% |
Western Europe | 232,791 | 108,861 | +113.8% |
Latin America | 35,362 | 34,765 | +1.7% |
Middle East | 45,711 | 44,836 | +2.0% |
Asia | 4 | 181 | –97.8% |
Total operating income | 1,094,018 | 580,294 | +88.5% |
Headline Figures Track the April Preliminary Release
The full report largely confirms the preliminary numbers. Net profit of PLN 535 million, operating revenue of PLN 1.09 billion, EBIT of PLN 629.7 million, and 370,041 new clients all held in the final filing. Active clients remained at 1.27 million, up 72% year-on-year. Profitability per lot stayed at PLN 439, a 58% jump from a year ago.
The final document added the segment, geographic, product and cost detail that quarterly reports require. Institutional revenue from the X Open Hub brand reached PLN 26.2 million, up from PLN 14.4 million in Q1 2025, though the segment still accounts for just 2.4% of group income.
Commodity CFDs drove 88.5% of gross financial instrument revenue, against 29% a year earlier, reflecting the gold, silver, oil and platinum moves that defined the quarter.
Competitive Pressure Builds in Core European Markets
The European concentration matters because XTB's two main revenue regions are also where competition is intensifying. German neobroker Trade Republic entered Poland in late 2024 and has been pushing aggressively on commission-free trading. Robinhood expanded into the EU through its Lithuanian license, while Interactive Brokers continues to add European clients on its multi-asset platform.
XTB hit 1 million accounts in the Polish Central Securities Depository registry in April, becoming the first broker to cross that threshold in the country. The company holds 37.2% of Polish brokerage accounts, more than double mBank in second place.
That dominance at home is a defensive moat for now, but future growth depends on the regions where XTB has so far struggled to translate marketing spend into revenue.
CEO Omar Arnaout has set an ambition of acquiring 250,000 to 290,000 new clients per quarter on average in 2026, with marketing spend rising about 50% year-on-year. April alone delivered 113,200 new clients, the company said.
The company recorded a PLN 20 million provision for the KNF penalty disclosed on April 13, which XTB is contesting through a reconsideration request filed on April 27.
