XTB (XTB) Q1 2025 TU earnings summary

Executive summary

• Consolidated net profit reached PLN 194 million in Q1 2025, with record-breaking revenue of PLN 580 million, up 4% year-on-year and 25% quarter-on-quarter.

• Achieved record operating income and significant growth in new and active investors in Q1 2025, with 194,300 new clients (+49.8% y/y) and 735,400 active customers (+76.5% y/y).

• Total client base reached 1.54 million by March 2025, up from 1.01 million a year earlier.

• Net deposits exceeded PLN 4 billion, more than double the previous year's result.

• Focused on expanding client base, launching new products, and entering new markets.

Financial highlights

• Operating expenses rose to PLN 316 million, up 42% from the average quarter last year, driven by higher marketing spend (+84%) and increased headcount (+7%).

• Consolidated revenues reached EUR 138.7 million, a 7.8% increase year-over-year.

• Net profit was EUR 46.3 million, down from EUR 70.1 million last year.

• FX losses totaled PLN 43 million, mainly due to Polish zloty appreciation against the US dollar (81% of losses) and EUR (11%).

• Client assets totaled EUR 7.2 billion at quarter-end.

Outlook and guidance

• Management expects full-year 2025 OPEX to rise by about 40%, with marketing spend up roughly 80% year-on-year.

• Plans to further expand product offerings, including options and cryptocurrency trading, subject to regulatory approvals.

• Focus remains on technological growth, product development, and brand strengthening, especially in less established markets.

• Targeting continued client base growth and global brand expansion, with launches planned in Indonesia and Brazil.

• Plans to launch new products (vanilla and barrier options, spot cryptocurrencies) in 2025, pending regulatory approvals.