XTB (XTB) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 saw record client growth, adding over 221,000 new users, a 105% YoY increase, with total clients surpassing 2 million and active clients exceeding 1 million.

• Net deposits grew over 40% YoY, supporting future profit potential.

• Launched the largest marketing campaign in company history across three continents, improving client acquisition efficiency.

Financial highlights

• Q3 2025 net profit was PLN 53 million (EUR 12.5 million), with revenue of PLN 375 million (EUR 88.1 million), both down YoY due to low market volatility.

• Profitability per lot dropped 44% YoY to PLN 152, mainly due to low volatility and horizontal market trends.

• Total OpEx rose 50% YoY for the first nine months, with marketing spend up 78% YoY.

• Liquidity remains strong with EUR 1 billion in funds, including EUR 805 million in own funds and bond investments.

• Net deposits reached EUR 757.3 million, up 43% YoY.

Outlook and guidance

• Management expects continued volatility in quarterly results and aims to leverage the expanded client base for improved results during periods of higher market volatility.

• Marketing spend is expected to grow 40-60% next year, focusing on cost-effectiveness and operational leverage.

• Plans to launch options and cryptocurrencies in new markets, with options likely in Q4 2025 and cryptocurrencies in Q1 2026, pending regulatory approval.