XTB (XTB) Q2 2025 TU earnings summary

Executive summary

• Achieved record-breaking consolidated net profit of PLN 410 million (EUR 97.2 million) in H1 2025, with strong revenue and client growth driven by customer acquisition and product expansion.

• Revenue reached PLN 1,116 million (EUR 275.0 million) in H1, supported by a 53% increase in clients to 1.7 million and a 69.9% rise in active clients.

• Added 361,600 new users in H1 2025, with July alone seeing 80% growth in new accounts and 61,900 new clients.

• Net deposits rose by approximately 90% YoY to PLN 8 billion (EUR 1.7 billion), with client assets at EUR 8.46 billion.

• Strategic focus on evolving into an investment super app, expanding product offerings, and entering new markets.

Financial highlights

• H1 2025 net profit: PLN 410 million (EUR 97.2 million); revenue: PLN 1,116 million (EUR 275.0 million); operating expenses increased due to higher marketing and labor costs.

• FX loss of PLN 85 million in H1 2025, compared to a PLN 6 million FX gain in H1 2024, due to złoty appreciation.

• OPEX increased by PLN 190 million in H1, mainly from marketing (+PLN 108 million) and payroll (+PLN 44 million).

• Own funds and cash equivalents at end of June: PLN 1.17 billion, reduced by dividend payout.

• Client assets at the end of H1 2025 were EUR 8.46 billion, including EUR 4.5 billion in stocks and ETPs, EUR 1.1 billion in client funds, and EUR 2.9 billion in CFDs.

Outlook and guidance

• Full-year 2025 OPEX expected to rise by about 40%, with marketing expenses up 80% YoY.

• Targeting 150,000 to 210,000 new accounts per quarter, with no threats seen to achieving this goal.

• Plans to expand product offerings to include options and cryptocurrency trading, pending regulatory developments.

• Largest marketing campaign planned for Q4 2025 and continued focus on global expansion, especially in non-European markets.

• Dividend policy unchanged, aiming to distribute 50%-100% of standalone net profit, averaging 80%.