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XTB (XTB) investor relations material
XTB Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Nov, 2025
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.
Q3 profitability decline despite client growth
Brazil market entry strategy update
KNF proceedings and DORA compliance impact
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Frequently asked questions
XTB S.A. is a Poland-based financial services company specializing in online trading and investment solutions. The company provides access to trading in forex, commodities, indices, stocks, exchange-traded funds (ETFs), and contracts for difference (CFDs) through its proprietary trading platform. XTB serves retail and institutional clients across multiple international markets, offering educational resources, analytical tools, and risk management solutions. It operates through regulated subsidiaries and maintains a presence in various global financial centers. The company is headquartered in Warsaw, Poland, and its shares are listed on the WSE.
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