XTB (XTB) Q2 2025 earnings summary

Executive summary

• Operating income for H1 2025 rose 23.8% year-over-year to PLN 1,160.9M, driven by a 69.9% increase in active clients and higher transaction volumes.

• Net profit for H1 2025 was PLN 410.1M, down 11.4% from H1 2024.

• Client base exceeded 1.7M, with active clients up 55.7% and 361,643 new clients acquired in H1 2025.

• Operating expenses increased 48.4% to PLN 608.7M, mainly due to higher marketing and personnel costs.

• Continued global expansion, product innovation, and technology investment.

Financial highlights

• Total operating income for H1 2025: PLN 1,160.9M, up 23.8% year-over-year.

• Net profit for H1 2025: PLN 410.1M, down 11.4% year-over-year.

• EBITDA: PLN 564.0M, EBITDA margin 48.6%; net profit margin 35.3%.

• Return on equity (ROE): 43.5%; return on assets (ROA): 11.7%.

• Total capital ratio (IFR): 191.4%.

Outlook and guidance

• Management expects operating expenses to rise by 40% in 2025, with marketing costs potentially up 80% year-over-year.

• Focus on client acquisition, global brand building, and product innovation, including expansion into Indonesia and Brazil.

• Ongoing investments in security, technology, AI chat, and enhanced 2FA.

• No financial performance forecasts for 2025 were published.

• Marketing and client acquisition expected to remain elevated to support growth.