XTB (XTB) Q4 2025 earnings summary

Executive summary

• Total operating income increased by 14.6% year-over-year to PLN 2,146 million in 2025, driven by higher transaction volumes and improved profitability per lot.

• Net profit declined by 24.8% year-over-year to PLN 644 million, mainly due to a significant rise in operating expenses.

• The number of active clients grew by 69.7% to 1,189,422, with new client acquisitions up 73.4%.

Financial highlights

• Result of operations on net financial instruments rose 13.6% year-over-year to PLN 2,044.6 million.

• Net interest income on client cash increased 32.3% to PLN 78 million.

• Total operating expenses surged 48.2% to PLN 1,313.7 million, with marketing costs up 69.6%.

• EBIT dropped 15.6% to PLN 832.4 million; profit before tax fell 25.9% to PLN 777.4 million.

• Dividend per share for 2025 set at PLN 1.50, with a payout ratio of 74.9% of standalone net profit.

Outlook and guidance

• Product expansion includes eWallet, long-term investment products, and plans for crypto assets, options, and margin trading.

• Continued focus on client acquisition and geographic diversification.