◆ Inside the Latest Quarter (Q2 2026)

XTB (XTB) — the variant view

Net profit up 128 per cent on volume down 21 per cent, a record margin per contract, and the shares fell anyway.

📈 XTB valuation, revenue & earnings — P/E, P/S, revenue, EPS →

XTB reported its first half on 28 August 2026 and the numbers are the strongest in the company's history.1 Operating income of 2 086 million złoty, up 79,7 per cent.2 Operating profit of 1 202 million, up 117,7 per cent.3 Net profit of 1 027 million, up 150,5 per cent and more than the whole of 2025.4

H1 2026, reported 28 August1 027m złnet profit, +150,5 pc484PLN per lot, a record-1,8 pcCFD lots traded703 333new clients,+94,5 pcQ2 income 993m zł; commodities 75,3 pc of gross gain; broker hedge down to 8 pc
Clients traded slightly less than last year and the house made almost twice as much.

The second quarter on its own produced 993 million złoty of operating income and 492 million of net profit. Sequentially both fell — income down 9,3 per cent, profit down 8,0 — but against the same quarter of 2025, net profit was up 127,7 per cent.5

The line that explains all of it is profitability per lot, which reached 484 złoty, the highest in the published series, against 229 a year earlier. Volume did the opposite: 1 831 627 lots against 2 323 204 in the first quarter, down 21,2 per cent, and 4 154 831 for the half against 4 229 558 a year earlier, down 1,8.6 Clients traded slightly less than last year and XTB earned nearly twice as much.

Underneath it was one market. Commodity contracts produced 75,3 per cent of gross gain in the half against 33,1 per cent a year earlier, while indices fell from 46,3 per cent to 13,9 and currencies from 15,6 to 5,0.7 And the hedge came down as the position grew: transactions with outside brokers were 8 per cent of derivative notional at the end of June, against 16 per cent six months earlier.8

The operating story is genuinely good and separate from the market one. New clients of 703 333 for the half, up 94,5 per cent and well above the board's own 250 000 to 290 000 quarterly target.9 Active clients up 74,5 per cent to 1 489 872.10 Total clients 2 825 700.11 Net deposits of 11 769 million złoty, up 62,5 per cent.12 Client instruments up 59 per cent in six months to 43 364 million.13 Acquisition cost down to 600 złoty from 700.

Two figures qualify it. Average operating revenue per active client was 1 400 złoty for the half, exactly what it was a year earlier, and 700 in the second quarter against 900 in the first.14 And marketing cost 436 million złoty, up 64,7 per cent, which is 1,76 times the entire payroll.15

By 22 September 2026 the shares were at 149,90 złoty, some 20 per cent below the 186,70 high of the past year.16 On 14 times trailing earnings, that is a market saying it does not expect 484 złoty a lot to happen again.17

References
  1. ReportedXTB reported its first half on 28 August 2026 and the numbers are the strongest in the company's history.
    XTB Group half-year report for the first half of 2026, income statement and geography - total operating income 2 086 324 against 1 160 891, up 79,7%, with the second quarter at 992 558 against the first quarter's 1 094 018, down 9,3%; profit on operating activities 1 202 271 against 552 163, up 117,7%; finance costs (607) against (85 087); profit before tax 1 255 368 against 495 343; income tax (228 128) against (85 291); net profit 1 027 240 against 410 052, up 150,5%, with the second quarter at 492 198; marketing (435 510) against (264 356), up 64,7%; salaries and employee benefits (246 964) against (192 700); total operating expenses (884 053) against (608 728), up 45,2%; operating income by geography for the six months to 30 June 2026 and 30 June 2025: Central and Eastern Europe 1 524 434 and 757 411, including Poland 1 197 033 and 605 985; Western Europe 402 163 and 237 381; Latin America 60 125 and 98 711; Middle East 99 577 and 67 388; Asia 25 and nil; the country from which the Group derives 20% and over of its revenue is Poland; net gain by class for the six months: CFD instruments 1 982 414 against 1 112 043 and other instruments 82 940 against 36 128, giving a gross result of 2 065 371 against 1 148 171; interest income on clients' cash 45 978 against 34 713; commission and fee income 15 975 against 9 520 — H1 2026 · publ. 28 August 2026 · source ↗
  2. ReportedOperating income of 2 086 million złoty, up 79,7 per cent.
    XTB Group half-year report for the first half of 2026, income statement and geography - total operating income 2 086 324 against 1 160 891, up 79,7%, with the second quarter at 992 558 against the first quarter's 1 094 018, down 9,3%; profit on operating activities 1 202 271 against 552 163, up 117,7%; finance costs (607) against (85 087); profit before tax 1 255 368 against 495 343; income tax (228 128) against (85 291); net profit 1 027 240 against 410 052, up 150,5%, with the second quarter at 492 198; marketing (435 510) against (264 356), up 64,7%; salaries and employee benefits (246 964) against (192 700); total operating expenses (884 053) against (608 728), up 45,2%; operating income by geography for the six months to 30 June 2026 and 30 June 2025: Central and Eastern Europe 1 524 434 and 757 411, including Poland 1 197 033 and 605 985; Western Europe 402 163 and 237 381; Latin America 60 125 and 98 711; Middle East 99 577 and 67 388; Asia 25 and nil; the country from which the Group derives 20% and over of its revenue is Poland; net gain by class for the six months: CFD instruments 1 982 414 against 1 112 043 and other instruments 82 940 against 36 128, giving a gross result of 2 065 371 against 1 148 171; interest income on clients' cash 45 978 against 34 713; commission and fee income 15 975 against 9 520 — H1 2026 · publ. 28 August 2026 · source ↗
  3. ReportedOperating profit of 1 202 million, up 117,7 per cent.
    XTB Group half-year report for the first half of 2026, income statement and geography - total operating income 2 086 324 against 1 160 891, up 79,7%, with the second quarter at 992 558 against the first quarter's 1 094 018, down 9,3%; profit on operating activities 1 202 271 against 552 163, up 117,7%; finance costs (607) against (85 087); profit before tax 1 255 368 against 495 343; income tax (228 128) against (85 291); net profit 1 027 240 against 410 052, up 150,5%, with the second quarter at 492 198; marketing (435 510) against (264 356), up 64,7%; salaries and employee benefits (246 964) against (192 700); total operating expenses (884 053) against (608 728), up 45,2%; operating income by geography for the six months to 30 June 2026 and 30 June 2025: Central and Eastern Europe 1 524 434 and 757 411, including Poland 1 197 033 and 605 985; Western Europe 402 163 and 237 381; Latin America 60 125 and 98 711; Middle East 99 577 and 67 388; Asia 25 and nil; the country from which the Group derives 20% and over of its revenue is Poland; net gain by class for the six months: CFD instruments 1 982 414 against 1 112 043 and other instruments 82 940 against 36 128, giving a gross result of 2 065 371 against 1 148 171; interest income on clients' cash 45 978 against 34 713; commission and fee income 15 975 against 9 520 — H1 2026 · publ. 28 August 2026 · source ↗
  4. ReportedNet profit of 1 027 million, up 150,5 per cent and more than the whole of 2025.
    XTB Group half-year report for the first half of 2026, income statement and geography - total operating income 2 086 324 against 1 160 891, up 79,7%, with the second quarter at 992 558 against the first quarter's 1 094 018, down 9,3%; profit on operating activities 1 202 271 against 552 163, up 117,7%; finance costs (607) against (85 087); profit before tax 1 255 368 against 495 343; income tax (228 128) against (85 291); net profit 1 027 240 against 410 052, up 150,5%, with the second quarter at 492 198; marketing (435 510) against (264 356), up 64,7%; salaries and employee benefits (246 964) against (192 700); total operating expenses (884 053) against (608 728), up 45,2%; operating income by geography for the six months to 30 June 2026 and 30 June 2025: Central and Eastern Europe 1 524 434 and 757 411, including Poland 1 197 033 and 605 985; Western Europe 402 163 and 237 381; Latin America 60 125 and 98 711; Middle East 99 577 and 67 388; Asia 25 and nil; the country from which the Group derives 20% and over of its revenue is Poland; net gain by class for the six months: CFD instruments 1 982 414 against 1 112 043 and other instruments 82 940 against 36 128, giving a gross result of 2 065 371 against 1 148 171; interest income on clients' cash 45 978 against 34 713; commission and fee income 15 975 against 9 520 — H1 2026 · publ. 28 August 2026 · source ↗
  5. Moat Explorer calcSequentially both fell — income down 9,3 per cent, profit down 8,0 — but against the same quarter of 2025, net profit was up 127,7 per cent.
    Moat Explorer calculations from XTB's published figures. Correlations across the eight quarters from Q3 2024 to Q2 2026 between operating income (470 234, 465 416, 580 294, 580 597, 375 821, 609 344, 1 094 018 and 992 558 thousand złoty) and, first, CFD turnover in lots (1 627 978, 1 657 390, 1 907 974, 2 321 584, 2 094 296, 2 542 526, 2 323 204 and 1 831 627) giving 0,25, second, CFD notional in dollars (695 315, 727 854, 937 867, 1 144 554, 1 118 278, 1 605 005, 1 333 410 and 1 029 179 million) giving 0,37, and third, profitability per lot (272, 253, 277, 229, 152, 208, 439 and 484 złoty) giving 0,92; the ranges over those quarters are 1,56 times for lots, 2,31 times for notional, 3,18 times for profitability per lot and 2,91 times for operating income. Annually from 2019 to 2025 the correlation between CFD turnover in lots and operating income is 0,96. Market capitalisation of 16 970 million złoty is 144,34 złoty multiplied by 117 569 251 shares, which against trailing twelve-month revenue of 3 071,5 million złoty (2 146,056 less 1 160,891 plus 2 086,324) gives 5,53 times sales, and against trailing net profit of 1 261,4 million (644,199 less 410,052 plus 1 027,240) gives 13,45 times earnings and earnings per share of 10,73. Historic price-earnings ratios are year-end share price multiplied by 117,569 million shares divided by net profit: 8,15, 5,23, 8,31, 4,76, 5,62, 9,66 and 13,10 for 2019 to 2025, with price-to-sales of 1,97, 2,64, 3,16, 2,51, 2,75, 4,42 and 3,93. XTB's 2025 operating income of 2 146,056 million złoty converts to 570,9 million dollars at the National Bank of Poland's 2025 average rate of 3,7588, giving 480 dollars per active client across 1 189 397 active clients against Plus500's 3 268 dollars across 242 440, a ratio of 6,8 times, while Plus500's revenue of 792,4 million dollars is 39 per cent more than XTB's. Client instruments of 43 363 639 thousand złoty across 2 825 700 clients is 15 346 złoty each, against 12 603 at 31 December 2025 and 10 048 at 31 December 2024; 43 363 639 thousand złoty converts to 8,6 billion pounds at 5,03 złoty to the pound, or 3 051 pounds a client, against Trading 212's 25 billion pounds across 4,5 million funded accounts, or 5 556 each. Gross gain on stocks and ETPs as a share of gross gain on CFDs is 0,7 per cent for 2023 (11 050 over 1 622 633), 1,7 per cent for 2024 (30 654 over 1 837 173) and 3,8 per cent for 2025 (78 310 over 2 035 006); as a share of client instruments held, 78 310 over 27 283 557 is 29 basis points. Marketing divided by salaries is 0,44 in 2019 (37 716 over 86 024), 1,42 in 2025 (584 898 over 413 019) and 1,76 in the first half of 2026 (435 510 over 246 964). Revenue per employee is 1,54 million złoty for 2023 (1 618 385 over 1 054), 1,51 million for 2024 (1 873 436 over 1 245), 1,42 million for 2025 (2 146 056 over 1 516) and 2,70 million annualised for the first half of 2026 (4 172 648 over 1 548). Poland's share of operating income is 46,7 per cent in 2023, 52,7 in 2024, 54,4 in 2025 and 57,4 per cent in the first half of 2026 (1 197 033 over 2 086 324). Net interest income is 3,1 per cent of 2024 revenue and 3,6 per cent of 2025 revenue; the share of interest kept is 78 per cent of 140,1 million less 62,1 million, or 56 per cent. Institutional revenue is 2,0 per cent of 2025 operating income (42 524 over 2 146 056) and was 8,7 per cent in 2019 (20 847 over 239 304). Second-quarter 2026 net profit of 1 027 240 less 535 042 is 492 198 against 216 129 a year earlier, a rise of 127,7 per cent, while the sequential fall from 535 042 is 8,0 per cent. The 2018 to 2019 declines are 17,0 per cent in operating income and 43,1 per cent in net profit — FY2019-H1 2026 · publ. September 2026 · source ↗
  6. ReportedVolume did the opposite: 1 831 627 lots against 2 323 204 in the first quarter, down 21,2 per cent, and 4 154 831 for the half against 4 229 558 a year earlier, down 1,8.
    XTB results presentation for the first half of 2026, client key performance indicators - new clients 333 292 and 370 041 in the two quarters of 2026, 703 333 for the half against 361 643, up 94,5%; active clients 1 489 872 against 853 938, up 74,5%; clients in total 2 825 700 against 1 697 894, up 66,4%; net deposits 11 768 823 against 7 240 875, up 62,5%; average operating revenue per active client 1,4 in both halves and 0,7 in the second quarter against 0,9 in the first; average client acquisition cost 0,6 against 0,7; turnover of CFD instruments in lots 4 154 831 against 4 229 558, down 1,8% — H1 2026 · publ. 28 August 2026 · source ↗
  7. ReportedCommodity contracts produced 75,3 per cent of gross gain in the half against 33,1 per cent a year earlier, while indices fell from 46,3 per cent to 13,9 and currencies from 15,6 to 5,0.
    XTB results presentation for the first half of 2026, operational data - quarterly series for Q2 2026, Q1 2026, Q4 2025, Q3 2025, Q2 2025, Q1 2025, Q4 2024 and Q3 2024 in that order: total operating income 992 558, 1 094 018, 609 344, 375 821, 580 597, 580 294, 465 416 and 470 234 thousand złoty; transaction volume in CFD instruments in nominal value 1 029 179, 1 333 410, 1 605 005, 1 118 278, 1 144 554, 937 867, 727 854 and 695 315 million dollars; profitability for USD 1 million of transaction volume 238, 216, 93, 84, 128, 144, 147 and 167 dollars; transaction volume in CFD instruments 1 831 627, 2 323 204, 2 542 526, 2 094 296, 2 321 584, 1 907 974, 1 657 390 and 1 627 978 lots; profitability per lot 484, 439, 208, 152, 229, 277, 253 and 272 złoty; marketing expenses 200 081, 235 429, 179 195, 141 495, 123 322, 141 034, 116 855 and 71 613 thousand złoty with client acquisition cost 0,7, 0,9, 0,7, 0,7, 0,7, 0,7, 0,7 and 0,6 thousand złoty; structure of the gross result in H1 2026 Commodity CFDs 75,3%, Index CFDs 13,9%, Currency CFDs 5,0% and other 5,8%, against H1 2025 Index CFDs 46,3%, Commodity CFDs 33,1%, Currency CFDs 15,6% and other 5,0%; share of CFD turnover by trading platform for the same eight quarters: xStation 30, 29, 29, 27, 35, 37, 36 and 38 per cent, xStation Mobile 61, 60, 64, 62, 59, 56, 56 and 57 per cent and MT4 9, 11, 7, 11, 6, 7, 9 and 8 per cent; own cash 2 934 090 at 30 June 2026 against 1 994 027 at 31 December 2025, up 47,1%, with no bonds; dividend per share of 1,5 for 2021, 4,86 for 2022, 5,02 for 2023, 5,45 for 2024 and 4,07 for 2025, the 2025 dividend being PLN 478,5 million or 75% of standalone net profit with a record date of 15 June 2026 and payment on 24 June 2026 — Q3 2024 - Q2 2026 · publ. 28 August 2026 · source ↗
  8. ReportedAnd the hedge came down as the position grew: transactions with outside brokers were 8 per cent of derivative notional at the end of June, against 16 per cent six months earlier.
    XTB Group half-year report for the first half of 2026, notes - nominal value of derivative financial instruments at 30 June 2026 and 31 December 2025: Index CFDs 3 642 905 and 3 933 252; Commodity CFDs 3 967 775 and 6 216 958; Currency CFDs 2 204 780 and 3 284 496; Stock and ETF CFDs 1 767 315 and 1 615 397; Bond CFDs 4 118 and 1 553; Options 125 478 and nil; total 11 712 371 and 15 051 656, and as at 30 June 2026 transactions with brokers represent 8% of the total nominal value of instruments against 16% at 31 December 2025; clients' financial instruments at 30 June 2026 and 31 December 2025: listed stocks and rights to stocks 23 345 382 and 15 138 542; ETFs 20 018 050 and 12 144 808; other securities 207 and 207; total 43 363 639 and 27 283 557; amounts due to clients: retail 7 023 586 and 6 428 875, institutional 100 955 and 99 348, total 7 124 541 and 6 528 223; contributions to the compensation scheme with a closing balance of 28 338 against 23 981; total employment at 30 June 2026 of 1 548 people against 1 516 at 31 December 2025; XXZW Investment Group S.A. holding 42 067 329 shares or 35,78% at 30 June 2026; XTB Lithuania UAB incorporated with no operations yet; dividends of 478 507 thousand złoty paid in the period — H1 2026 · publ. 28 August 2026 · source ↗
  9. ReportedNew clients of 703 333 for the half, up 94,5 per cent and well above the board's own 250 000 to 290 000 quarterly target.
    XTB Group Management Board report on activities in 2025, client assets and acquisition targets - at the end of 2025 the value of XTB clients' cash exceeded PLN 5,8 billion, up 56,3%, and the nominal value of instruments deposited by clients increased by 99,4% to PLN 27,3 billion, while the nominal value of derivative instruments rose PLN 2,6 billion; client assets by category were clients' funds 5 864, instruments held in brokerage accounts 27 284 and notional value of clients' derivative transactions 12 654, a total of 45 802 million złoty at 31 December 2025 against 27 460 at 31 December 2024 and 17 326 in 2023; in 2025 the Management Board intended to acquire an average of at least 150 000 to 210 000 new clients per quarter and the number of new clients by quarter was 194 304, 167 339, 221 762 and 280 881 against 129 747, 102 569, 108 104 and 158 018 in 2024; in 2026 the Management Board's ambition is to acquire an average of at least 250 000 to 290 000 new clients per quarter, with 246 438 acquired in January and February 2026; in the medium term, 2027 to 2029, the Board will strive for an increase in new clients of approximately 30% year on year while assuming average client acquisition cost at a similar level to 2023-2026; the Board's ambition is for XTB to be associated with the leading all-in-one investment application in Europe; business goals are strengthening the position in Western and Central and Eastern European markets, further geographic expansion into new markets including Latin America and Asia, further development of the institutional client segment through X Open Hub, and expanding the product and service offering; the ESG Strategy for 2024-2027 — FY2025 · publ. March 2026 · source ↗
  10. ReportedActive clients up 74,5 per cent to 1 489 872.
    XTB results presentation for the first half of 2026, client key performance indicators - new clients 333 292 and 370 041 in the two quarters of 2026, 703 333 for the half against 361 643, up 94,5%; active clients 1 489 872 against 853 938, up 74,5%; clients in total 2 825 700 against 1 697 894, up 66,4%; net deposits 11 768 823 against 7 240 875, up 62,5%; average operating revenue per active client 1,4 in both halves and 0,7 in the second quarter against 0,9 in the first; average client acquisition cost 0,6 against 0,7; turnover of CFD instruments in lots 4 154 831 against 4 229 558, down 1,8% — H1 2026 · publ. 28 August 2026 · source ↗
  11. ReportedTotal clients 2 825 700.
    XTB results presentation for the first half of 2026, client key performance indicators - new clients 333 292 and 370 041 in the two quarters of 2026, 703 333 for the half against 361 643, up 94,5%; active clients 1 489 872 against 853 938, up 74,5%; clients in total 2 825 700 against 1 697 894, up 66,4%; net deposits 11 768 823 against 7 240 875, up 62,5%; average operating revenue per active client 1,4 in both halves and 0,7 in the second quarter against 0,9 in the first; average client acquisition cost 0,6 against 0,7; turnover of CFD instruments in lots 4 154 831 against 4 229 558, down 1,8% — H1 2026 · publ. 28 August 2026 · source ↗
  12. ReportedNet deposits of 11 769 million złoty, up 62,5 per cent.
    XTB results presentation for the first half of 2026, client key performance indicators - new clients 333 292 and 370 041 in the two quarters of 2026, 703 333 for the half against 361 643, up 94,5%; active clients 1 489 872 against 853 938, up 74,5%; clients in total 2 825 700 against 1 697 894, up 66,4%; net deposits 11 768 823 against 7 240 875, up 62,5%; average operating revenue per active client 1,4 in both halves and 0,7 in the second quarter against 0,9 in the first; average client acquisition cost 0,6 against 0,7; turnover of CFD instruments in lots 4 154 831 against 4 229 558, down 1,8% — H1 2026 · publ. 28 August 2026 · source ↗
  13. ReportedClient instruments up 59 per cent in six months to 43 364 million.
    XTB Group half-year report for the first half of 2026, notes - nominal value of derivative financial instruments at 30 June 2026 and 31 December 2025: Index CFDs 3 642 905 and 3 933 252; Commodity CFDs 3 967 775 and 6 216 958; Currency CFDs 2 204 780 and 3 284 496; Stock and ETF CFDs 1 767 315 and 1 615 397; Bond CFDs 4 118 and 1 553; Options 125 478 and nil; total 11 712 371 and 15 051 656, and as at 30 June 2026 transactions with brokers represent 8% of the total nominal value of instruments against 16% at 31 December 2025; clients' financial instruments at 30 June 2026 and 31 December 2025: listed stocks and rights to stocks 23 345 382 and 15 138 542; ETFs 20 018 050 and 12 144 808; other securities 207 and 207; total 43 363 639 and 27 283 557; amounts due to clients: retail 7 023 586 and 6 428 875, institutional 100 955 and 99 348, total 7 124 541 and 6 528 223; contributions to the compensation scheme with a closing balance of 28 338 against 23 981; total employment at 30 June 2026 of 1 548 people against 1 516 at 31 December 2025; XXZW Investment Group S.A. holding 42 067 329 shares or 35,78% at 30 June 2026; XTB Lithuania UAB incorporated with no operations yet; dividends of 478 507 thousand złoty paid in the period — H1 2026 · publ. 28 August 2026 · source ↗
  14. Moat Explorer calcAverage operating revenue per active client was 1 400 złoty for the half, exactly what it was a year earlier, and 700 in the second quarter against 900 in the first.
    Moat Explorer calculations from XTB's published figures. Correlations across the eight quarters from Q3 2024 to Q2 2026 between operating income (470 234, 465 416, 580 294, 580 597, 375 821, 609 344, 1 094 018 and 992 558 thousand złoty) and, first, CFD turnover in lots (1 627 978, 1 657 390, 1 907 974, 2 321 584, 2 094 296, 2 542 526, 2 323 204 and 1 831 627) giving 0,25, second, CFD notional in dollars (695 315, 727 854, 937 867, 1 144 554, 1 118 278, 1 605 005, 1 333 410 and 1 029 179 million) giving 0,37, and third, profitability per lot (272, 253, 277, 229, 152, 208, 439 and 484 złoty) giving 0,92; the ranges over those quarters are 1,56 times for lots, 2,31 times for notional, 3,18 times for profitability per lot and 2,91 times for operating income. Annually from 2019 to 2025 the correlation between CFD turnover in lots and operating income is 0,96. Market capitalisation of 16 970 million złoty is 144,34 złoty multiplied by 117 569 251 shares, which against trailing twelve-month revenue of 3 071,5 million złoty (2 146,056 less 1 160,891 plus 2 086,324) gives 5,53 times sales, and against trailing net profit of 1 261,4 million (644,199 less 410,052 plus 1 027,240) gives 13,45 times earnings and earnings per share of 10,73. Historic price-earnings ratios are year-end share price multiplied by 117,569 million shares divided by net profit: 8,15, 5,23, 8,31, 4,76, 5,62, 9,66 and 13,10 for 2019 to 2025, with price-to-sales of 1,97, 2,64, 3,16, 2,51, 2,75, 4,42 and 3,93. XTB's 2025 operating income of 2 146,056 million złoty converts to 570,9 million dollars at the National Bank of Poland's 2025 average rate of 3,7588, giving 480 dollars per active client across 1 189 397 active clients against Plus500's 3 268 dollars across 242 440, a ratio of 6,8 times, while Plus500's revenue of 792,4 million dollars is 39 per cent more than XTB's. Client instruments of 43 363 639 thousand złoty across 2 825 700 clients is 15 346 złoty each, against 12 603 at 31 December 2025 and 10 048 at 31 December 2024; 43 363 639 thousand złoty converts to 8,6 billion pounds at 5,03 złoty to the pound, or 3 051 pounds a client, against Trading 212's 25 billion pounds across 4,5 million funded accounts, or 5 556 each. Gross gain on stocks and ETPs as a share of gross gain on CFDs is 0,7 per cent for 2023 (11 050 over 1 622 633), 1,7 per cent for 2024 (30 654 over 1 837 173) and 3,8 per cent for 2025 (78 310 over 2 035 006); as a share of client instruments held, 78 310 over 27 283 557 is 29 basis points. Marketing divided by salaries is 0,44 in 2019 (37 716 over 86 024), 1,42 in 2025 (584 898 over 413 019) and 1,76 in the first half of 2026 (435 510 over 246 964). Revenue per employee is 1,54 million złoty for 2023 (1 618 385 over 1 054), 1,51 million for 2024 (1 873 436 over 1 245), 1,42 million for 2025 (2 146 056 over 1 516) and 2,70 million annualised for the first half of 2026 (4 172 648 over 1 548). Poland's share of operating income is 46,7 per cent in 2023, 52,7 in 2024, 54,4 in 2025 and 57,4 per cent in the first half of 2026 (1 197 033 over 2 086 324). Net interest income is 3,1 per cent of 2024 revenue and 3,6 per cent of 2025 revenue; the share of interest kept is 78 per cent of 140,1 million less 62,1 million, or 56 per cent. Institutional revenue is 2,0 per cent of 2025 operating income (42 524 over 2 146 056) and was 8,7 per cent in 2019 (20 847 over 239 304). Second-quarter 2026 net profit of 1 027 240 less 535 042 is 492 198 against 216 129 a year earlier, a rise of 127,7 per cent, while the sequential fall from 535 042 is 8,0 per cent. The 2018 to 2019 declines are 17,0 per cent in operating income and 43,1 per cent in net profit — FY2019-H1 2026 · publ. September 2026 · source ↗
  15. Moat Explorer calcAnd marketing cost 436 million złoty, up 64,7 per cent, which is 1,76 times the entire payroll.
    Moat Explorer calculations from XTB's published figures. Correlations across the eight quarters from Q3 2024 to Q2 2026 between operating income (470 234, 465 416, 580 294, 580 597, 375 821, 609 344, 1 094 018 and 992 558 thousand złoty) and, first, CFD turnover in lots (1 627 978, 1 657 390, 1 907 974, 2 321 584, 2 094 296, 2 542 526, 2 323 204 and 1 831 627) giving 0,25, second, CFD notional in dollars (695 315, 727 854, 937 867, 1 144 554, 1 118 278, 1 605 005, 1 333 410 and 1 029 179 million) giving 0,37, and third, profitability per lot (272, 253, 277, 229, 152, 208, 439 and 484 złoty) giving 0,92; the ranges over those quarters are 1,56 times for lots, 2,31 times for notional, 3,18 times for profitability per lot and 2,91 times for operating income. Annually from 2019 to 2025 the correlation between CFD turnover in lots and operating income is 0,96. Market capitalisation of 16 970 million złoty is 144,34 złoty multiplied by 117 569 251 shares, which against trailing twelve-month revenue of 3 071,5 million złoty (2 146,056 less 1 160,891 plus 2 086,324) gives 5,53 times sales, and against trailing net profit of 1 261,4 million (644,199 less 410,052 plus 1 027,240) gives 13,45 times earnings and earnings per share of 10,73. Historic price-earnings ratios are year-end share price multiplied by 117,569 million shares divided by net profit: 8,15, 5,23, 8,31, 4,76, 5,62, 9,66 and 13,10 for 2019 to 2025, with price-to-sales of 1,97, 2,64, 3,16, 2,51, 2,75, 4,42 and 3,93. XTB's 2025 operating income of 2 146,056 million złoty converts to 570,9 million dollars at the National Bank of Poland's 2025 average rate of 3,7588, giving 480 dollars per active client across 1 189 397 active clients against Plus500's 3 268 dollars across 242 440, a ratio of 6,8 times, while Plus500's revenue of 792,4 million dollars is 39 per cent more than XTB's. Client instruments of 43 363 639 thousand złoty across 2 825 700 clients is 15 346 złoty each, against 12 603 at 31 December 2025 and 10 048 at 31 December 2024; 43 363 639 thousand złoty converts to 8,6 billion pounds at 5,03 złoty to the pound, or 3 051 pounds a client, against Trading 212's 25 billion pounds across 4,5 million funded accounts, or 5 556 each. Gross gain on stocks and ETPs as a share of gross gain on CFDs is 0,7 per cent for 2023 (11 050 over 1 622 633), 1,7 per cent for 2024 (30 654 over 1 837 173) and 3,8 per cent for 2025 (78 310 over 2 035 006); as a share of client instruments held, 78 310 over 27 283 557 is 29 basis points. Marketing divided by salaries is 0,44 in 2019 (37 716 over 86 024), 1,42 in 2025 (584 898 over 413 019) and 1,76 in the first half of 2026 (435 510 over 246 964). Revenue per employee is 1,54 million złoty for 2023 (1 618 385 over 1 054), 1,51 million for 2024 (1 873 436 over 1 245), 1,42 million for 2025 (2 146 056 over 1 516) and 2,70 million annualised for the first half of 2026 (4 172 648 over 1 548). Poland's share of operating income is 46,7 per cent in 2023, 52,7 in 2024, 54,4 in 2025 and 57,4 per cent in the first half of 2026 (1 197 033 over 2 086 324). Net interest income is 3,1 per cent of 2024 revenue and 3,6 per cent of 2025 revenue; the share of interest kept is 78 per cent of 140,1 million less 62,1 million, or 56 per cent. Institutional revenue is 2,0 per cent of 2025 operating income (42 524 over 2 146 056) and was 8,7 per cent in 2019 (20 847 over 239 304). Second-quarter 2026 net profit of 1 027 240 less 535 042 is 492 198 against 216 129 a year earlier, a rise of 127,7 per cent, while the sequential fall from 535 042 is 8,0 per cent. The 2018 to 2019 declines are 17,0 per cent in operating income and 43,1 per cent in net profit — FY2019-H1 2026 · publ. September 2026 · source ↗
  16. ReportedBy 22 September 2026 the shares were at 149,90 złoty, some 20 per cent below the 186,70 high of the past year.
    Market data for XTB S.A. (WSE:XTB) - previous close of 149,90 złoty on 22 September 2026; 117,57 million shares outstanding, about 17,62 billion złoty; about 14 times trailing earnings of 1,26 billion złoty; 52-week high 186,70 — 22 September 2026 · publ. 2026 · source ↗
  17. ReportedOn 14 times trailing earnings, that is a market saying it does not expect 484 złoty a lot to happen again.
    Market data for XTB S.A. (WSE:XTB) - previous close of 149,90 złoty on 22 September 2026; 117,57 million shares outstanding, about 17,62 billion złoty; about 14 times trailing earnings of 1,26 billion złoty; 52-week high 186,70 — 22 September 2026 · publ. 2026 · source ↗
Sources
Generated September 24, 2026