XTB (XTB) Q2 2025 TU earnings summary

Executive summary

• Ended H1 2025 with over 1.7 million clients, a 53% increase year-over-year, and record operating income driven by strong client growth and activity.

• Added 361,600 new users in H1 2025, up 55.7% YoY; active clients rose 69.9% YoY to 853,900.

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

Financial highlights

• Operating income reached a record EUR 275.0 million, up 26.4% YoY.

• Net profit was EUR 97.2 million, down from EUR 107.4 million YoY, with higher operating expenses at EUR 144.2 million due to increased marketing and labor costs.

• Net deposits totaled EUR 1.7 billion, a 94% increase YoY.

• 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

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

• Continued focus on client acquisition, product innovation, and global expansion, especially in non-European markets.