XTB Q3 Profit Falls Sharply as Low Market Volatility Sends Revenue Down 20% YoY

A surge in new clients couldn’t offset the drag of low market volatility for XTB in the third quarter of 2025. The Warsaw-listed brokerage added a record 222,000 new clients, but its net profit fell sharply as muted price movements across global markets reduced trading income.

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Profit Declines as Market Volatility Fades

XTB reported a consolidated net profit of PLN 53.2 million, down from PLN 203.8 million a year earlier, representing a 74% decline. Revenues dropped 20.1% year-on-year to PLN 375.8 million, weighed down by a fall in CFD profitability per lot.

The company attributed the weaker performance to subdued volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term in financial and commodity markets. “The decline in profitability was a consequence of the low activity observed in the financial and commodity markets in the third quarter of the current year.”

“For most instruments that are most popular among clients, a more predictable trend was observed, with the market moving within a limited price range,” it added.

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Despite the quieter market backdrop, XTB expanded its client base faster than ever. The brokerage added 221,762 new clients, more than double the figure from the same quarter in 2024. Total active clients rose 75.9% year-on-year to nearly 920,000, driving a 28.6% increase in the number of CFD contracts traded and a 60.8% rise in nominal turnover to USD 1.1 trillion.

Commodities-based CFDs were the top revenue driver, accounting for 48.5% of total income, boosted by trading in gold, silver, natural gas, and cocoa. CFDs on stock indices contributed 32.4%, while currency-based CFDs, including crypto instruments such as Bitcoin, Ethereum, and Ripple, represented 10.8%.

Operating expenses jumped 54.7% year-on-year to PLN 322.7 million, mainly due to heavier marketing spending and higher employment. Marketing costs alone rose by PLN 69.9 million, while staff-related expenses climbed by PLN 26.1 million.

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Besides that, costs increased further by PLN 29.7 million quarter-on-quarter, as XTB invested more resources in advertising and technology. The board expects total operating expenses for 2025 to be roughly 40% higher than last year, driven by global expansion and a strong 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 push.

Global Expansion in Asia and South America

XTB continued to expand its international footprint, securing licenses to operate in Indonesia and Brazil. Its Indonesian subsidiary has already begun onboarding clients and plans to launch CFDs by early 2026. In Brazil, XTB obtained regulatory approval but is reassessing its strategy in light of “local protectionist measures.”

The broker also rolled out its eWallet service, a multi-currency payment solution, earlier in the year. Nearly 22,000 clients reportedly activated the wallet by Q3, enabling cashless payments and transfers in 19 currencies, including EUR, USD, and GBP.

XTB reaffirmed its dividend policy, aiming to distribute 50–100% of its standalone net profit, depending on capital needs and regulatory requirements. For the first nine months of 2025, standalone profit stood at PLN 462.8 million.