XTB (XTB) Q3 2025 earnings summary

Executive summary

• Q3 2025 net profit fell to PLN 53.2M from PLN 203.8M in Q3 2024, with operating income at PLN 375.8M, down from PLN 470.2M year-over-year.

• Operating expenses rose sharply to PLN 322.7M in Q3 2025, mainly due to increased marketing, personnel, and IT costs.

• Q3 2025 saw a record 222,000 new clients acquired, up 105.1% YoY, with total clients surpassing 1.9 million and active clients rising 75.9% YoY to 920,000.

• Retail operations contributed 95% of Q3 2025 revenue, with institutional operations at 5%.

Financial highlights

• Total operating income for Q1–Q3 2025 was PLN 1,536.7M, up from PLN 1,408.0M year-over-year.

• Net profit for Q1–Q3 2025 was PLN 463.3M, down from PLN 666.9M in the prior year period.

• Q3 2025 EBITDA was PLN 59.7M (margin 15.9%), net profit margin 14.2%, ROE 11.9%, ROA 2.7%.

• 9M 2025 EBITDA was PLN 623.7M (margin 40.6%), net profit margin 30.1%, ROE 32.3%, ROA 8.3%.

• Net interest income on client cash increased to PLN 22.0M in Q3 2025 from PLN 14.1M in Q3 2024.

Outlook and guidance

• The company is preparing for its largest marketing campaign across 13 markets, aiming to boost client acquisition and brand presence.

• Management expects 2025 operating expenses to rise by up to 40% over 2024, with marketing spend potentially up 80%.

• Product development continues, with new account types and digital wallet features in progress.

• No financial performance forecasts for 2025 were published.