XTB (XTB) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw record total operating income of PLN 1,094 million, up 88.5% year-over-year, driven by a 72.4% increase in active clients and high trading activity, especially in commodity CFDs.

• Net profit reached PLN 535 million, a 195.7% increase year-over-year, with profitability per lot rising to PLN 439 from PLN 277.

• Active clients rose to 1,267,467, with 370,041 new clients acquired in Q1 2026 and net deposits up 21.8% to PLN 2.32 billion.

• Major product launches included options trading in Cyprus, Germany, and Spain, spot crypto trading in Cyprus, and the introduction of the Cash ISA account in the UK.

• Secured Category 1 and 2 licenses in the UAE, enabling full brokerage services and expansion in the Middle East.

Financial highlights

• Net result on operations in financial instruments was PLN 1,065.7 million, up 88.5% year-over-year.

• EBIT surged to PLN 629.7 million, a 138.1% increase year-over-year.

• EBITDA reached PLN 636.6 million with a margin of 58.2%; net profit margin was 48.9%.

• Total operating expenses rose 47% year-over-year to PLN 464.3 million, mainly due to higher marketing and personnel costs.

• Total assets stood at PLN 9,854.6 million as of 31 March 2026.

Outlook and guidance

• Management expects operating expenses in 2026 to be up to 30% higher than in 2025, mainly due to increased marketing and headcount.

• Marketing expenditures could rise by 50% in 2026, with client acquisition costs expected to remain stable.

• The ambition is to acquire 250,000–290,000 new clients per quarter in 2026 and grow new client numbers by 30% annually through 2029.

• Continued product expansion planned, including margin trading, extended trading hours, and new long-term investment products.

• Ongoing international expansion, particularly in the Middle East and Europe.