XTB (XTB) Q1 2026 TU earnings summary

Executive summary

• Achieved record net profit of PLN 535.0 million in Q1 2026, up 175.9% year-over-year, driven by rapid client base expansion and high market volatility.

• Operating income reached PLN 1,094.0 million, an 88.5% increase year-over-year, with operating expenses rising to PLN 464.3 million.

• Acquired 370,041 new clients in Q1 2026, bringing total clients to 2.51 million and active clients to 1.27 million, up 72.4% year-over-year.

• Commodity-based CFDs dominated revenue, accounting for 88.5% of gross revenues, reflecting extraordinary volatility in commodity and financial markets.

Financial highlights

• Net profit: PLN 535.0 million, up 175.9% year-over-year.

• Operating income: PLN 1,094.0 million, up 88.5% year-over-year.

• EBIT: PLN 629.7 million, up 138.1% year-over-year.

• CFD volume: 2,323,204 lots, up 21.8% year-over-year.

• Profitability per CFD lot: PLN 439, up 58.4% year-over-year.

Outlook and guidance

• Board expects 2026 operating expenses to be up to 30% higher than 2025, with marketing spend potentially rising by 50%.

• Ambition to acquire 250,000–290,000 new clients per quarter in 2026 and increase new clients by 30% annually through 2029.

• Continued focus on global brand building, product diversification, and technology innovation.