XTB (XTB) Q4 2024 TU earnings summary

Executive summary

• FY2024 operating income reached PLN 1,873.4m, up 15.8% YoY; net profit was PLN 859.4m, up 8.6%.

• New clients rose 59.8% to 498,438 and active clients rose 61.2% to 658,520, both records; net deposits doubled YoY.

Financial highlights

• Q4 operating income was PLN 465.4m, down 8.2% YoY; EBIT was PLN 200.8m, down 37.1%, and net profit was PLN 192.6m, down 22.7%.

• FY2024 EBIT was PLN 989.9m; operating expenses were PLN 883.5m versus PLN 694.2m in 2023.

• FY2024 expenses rose PLN 189.3m YoY, including increases of PLN 78.2m in marketing, PLN 52.4m in salaries and benefits, and PLN 35.5m in commissions.

Outlook and guidance

• 2025 operating expenses could rise up to 40% from 2024; marketing spend may increase ~80%, depending on acquisition efficiency and other factors.

• 2025 acquisition ambition is 150,000–210,000 new clients per quarter; 70,700 were acquired in the first 29 days of January.

• Planned launches include options, cryptoassets, IKZE in Poland and PEA in France; timing depends on regulatory approvals, legislation and providers.

• Brazil licensing is expected in Q3 or Q4 2025, with material contribution in 2026; Indonesia operations are planned for late Q1 or early Q2, with CFDs requiring an additional license.

• No 2025 profit forecast was issued; long-term customer and product growth remain priorities.