XTB (XTB) Q1 2025 earnings summary

Executive summary

• Q1 2025 net profit was PLN 193.9 million, down 26–35.9% year-over-year, mainly due to higher operating expenses, especially in marketing and personnel.

• Total operating income reached a record PLN 580.3 million, up 4.4% year-over-year and 24.7% sequentially, driven by a 76.5% increase in active clients and strong trading activity.

• The Group continued its transformation into a universal fintech, launching eWallet, PEA account in France, and AI chat tests in Poland.

• Active clients grew to 735,389, up 76–76.5% year-over-year, with net deposits up 117.6% to PLN 4.13 billion.

• Operating expenses rose sharply to PLN 315.8 million, a 54–73.9% increase year-over-year, mainly due to higher marketing and personnel costs.

Financial highlights

• Net profit for Q1 2025 was PLN 193.9 million, compared to PLN 264.5–302.7 million in Q1 2024 and PLN 302.7 million in Q4 2024.

• EBIT for Q1 2025 was PLN 264.5 million, up from PLN 197.6 million in Q4 2024 but down from PLN 351.0 million in Q1 2024.

• EBITDA was PLN 270.3 million, with a margin of 46.6%, down from 64.0% a year earlier.

• Earnings per share were PLN 1.65 in Q1 2025 versus PLN 2.58 in Q1 2024.

• Total assets reached PLN 7.46 billion as of March 31, 2025, up from PLN 6.65 billion at year-end 2024.

Outlook and guidance

• Management expects 2025 operating expenses to be up to 40% higher than in 2024, with marketing spend potentially rising by 80%.

• Focus remains on organic growth, client acquisition, and global brand building, with continued expansion in Latin America and Asia.

• Planned rollout of AI chat and further digital product enhancements across all markets.

• OOH marketing campaigns to continue in selected markets throughout the year.

• No financial performance forecasts for 2025 were published.