XTB (XTB) investor relations material

Executive summary

• Q3 operating income reached PLN 623.3m and net profit PLN 213.7m; 9M net profit was PLN 1,240.9m, up from PLN 463.3m YoY.

• Client acquisition remained strong: 335,704 new clients in Q3 and 3.14m total clients at quarter-end; active clients per quarter reached 1.57m.

• Growth strategy centers on global expansion and broadening the offering from CFDs into a universal investing and savings app.

Financial highlights

• Q3 operating income was PLN 623.3m versus PLN 375.8m YoY; EBIT was PLN 225.7m versus PLN 53.2m.

• Q3 net profit was PLN 213.7m versus PLN 53.2m YoY; 9M operating income was PLN 2,709.6m versus PLN 1,536.7m and net profit PLN 1,240.9m versus PLN 463.3m.

• Q3 operating expenses were PLN 397.6m, up PLN 75.0m YoY and down PLN 22.1m QoQ; 9M expenses totaled PLN 1,281.7m versus PLN 931.4m.

• Q3 financial instrument net result was PLN 588.6m; net interest income on client funds was PLN 28.4m and fee and commission income PLN 6.3m.

Outlook and guidance

• 2026 operating expenses could be up to 30% above 2025; marketing spend could rise ~50% YoY, with average client acquisition cost expected comparable to 2023–2025.

• For 2027–2029, marketing spend is expected to grow ~30–40% YoY, with average client acquisition cost expected to remain similar to 2023–2026.

• 2026 client-acquisition ambition is an average of 250,000–290,000 new clients per quarter; over 100,600 were acquired in the first 27 days of October.

• Product rollout plans include additional long-term investment products, margin trading and expansion of spot crypto, subject to regulatory approvals and other external factors.