XTB (XTB) Q1 2026 earnings summary

Executive summary

• Achieved record operating income of PLN 1,094.0 million in Q1 2026, up 88.5% year-over-year, driven by a 72.4% increase in active clients and high trading activity, especially in commodity CFDs.

• Net profit reached PLN 535.0 million, a 195.7% increase compared to Q1 2025, with profitability per lot rising to PLN 439 from PLN 277.

• The client base expanded rapidly, with 370,041 new clients acquired in Q1 2026, and active clients totaling 1,267,467.

• The Group continued its global expansion, securing new licenses in the UAE and launching new products, including options and spot crypto trading in select markets.

Financial highlights

• Total operating income: PLN 1,094.0 million (Q1 2026) vs. PLN 580.3 million (Q1 2025), up 88.5%.

• Net profit: PLN 535.0 million (Q1 2026) vs. PLN 193.9 million (Q1 2025), up 195.7%.

• EBITDA: PLN 636.6 million, EBITDA margin 58.2%, net profit margin 48.9%.

• Return on equity (ROE): 94.2%; return on assets (ROA): 22.6%.

• Total assets: PLN 9,854.6 million as of 31 March 2026.

• Earnings per share: PLN 4.55 (Q1 2026) vs. PLN 1.65 (Q1 2025).

Outlook and guidance

• Management expects operating expenses in 2026 to be up to 30% higher than in 2025, mainly due to increased marketing and headcount.

• Marketing expenditures could rise by 50% in 2026, with client acquisition costs expected to remain stable.

• The ambition is to acquire 250,000–290,000 new clients per quarter in 2026 and grow new client numbers by 30% annually through 2029.

• Continued product expansion planned, including margin trading, extended trading hours, and new long-term investment products.