X Open Hub: The Only Business Customers, and They HalvedThin moat

XTB (XTB) — moat facet

Twenty per cent of revenue in 2019, two per cent now, and half of what it was a year ago.

XTB's second reportable segment sells trading infrastructure and liquidity to other financial institutions, which serve their own clients under their own brands, through a Polish subsidiary called X Open Hub.1 It is the only relationship XTB has with a customer capable of evaluating the product professionally.

Retail against institutional, PLN m2 104Retail revenue 202542,5Institutional 20257 024Retail balances Jun 26101Institutional Jun 26Institutional revenue fell 48,3 per cent from 82,3m zł; in 2019 it was 8,7 pc of the group
Two per cent of the revenue, and the only customers who judge on merit.

The numbers are small and moving the wrong way. Institutional revenue was 42,5 million złoty in 2025 against 82,3 million in 2024, a fall of 48,3 per cent, and 2,0 per cent of group operating income.2 In 2019 the same segment produced 20,8 million złoty of a 239,3 million total — 8,7 per cent of revenue — and 16,4 million of a 65,4 million operating profit, a quarter of everything XTB earned.3 Amounts due to institutional clients were 101,0 million złoty at the end of June 2026 against retail balances of 7 023,6 million.4

The report does not say how many institutional clients there are, whether any is significant, or what caused the decline, and the segment is described in a paragraph. So an outside reader cannot tell whether one counterparty left, whether pricing collapsed, or whether XTB chose to stop competing for low-margin wholesale business while retail earned 30 per cent net margins.

Strengthening this segment remains on management's list of business goals, which after a 48 per cent decline reads as an aspiration rather than a plan.5

Institutional revenue in złoty: 20,8 million in 2019, 82,3 million in 2024, 42,5 million in 2025. Another year like the last takes it below one per cent of the group.

Moat trajectory: Narrowing

Institutional revenue fell from 82,3 million złoty to 42,5 million in a year in which the group grew 15 per cent. Amounts due to institutional clients are 101 million złoty against 7 024 million from retail.

The number that tests this moat
Reported
Amounts due to institutional clients
101m zł against 7 024m zł owed to retail clients

At the end of June 2026 XTB owed 7 023,6 million złoty to retail clients and 101,0 million to institutional ones. The institutional segment's revenue fell 48,3 per cent in 2025 to 42,5 million złoty, or 2,0 per cent of the group, from 8,7 per cent of a much smaller group in 2019. The report does not say how many institutional clients there are or what caused the decline.

Source: XTB Group half-year report for the first half of 2026 ↗
References
  1. ReportedXTB's second reportable segment sells trading infrastructure and liquidity to other financial institutions, which serve their own clients under their own brands, through a Polish subsidiary called X Open Hub.
    XTB Group Management Board report on activities in 2025, financial results and dividend - total operating income of 2 146 056 thousand złoty against 1 873 436, up 14,6%; operating income by geography: Central and Eastern Europe 1 447 904 including Poland 1 168 350, Western Europe 387 409, Latin America 128 259, Middle East 182 480 and Asia 4 thousand złoty, with Poland at 54,4% of revenue against 52,7% in 2024; retail business 2 103 532 against 1 791 144 and Institutional Activities (X Open Hub) 42 524 against 82 292, a fall of 48,3%; net interest income on client cash of PLN 78,0 million, 3,6% of total revenue against 3,1%, PLN 19,0 million higher year on year, with interest income on client funds PLN 34,6 million or 32,7% higher and interest expenses paid to clients PLN 15,5 million or 33,3% higher, the product having been introduced in November 2023; nearly PLN 585 million of marketing spend, up 69,6% — FY2025 · publ. March 2026 · source ↗
  2. Moat Explorer calcInstitutional revenue was 42,5 million złoty in 2025 against 82,3 million in 2024, a fall of 48,3 per cent, and 2,0 per cent of group operating income.
    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 ↗
  3. Moat Explorer calcIn 2019 the same segment produced 20,8 million złoty of a 239,3 million total — 8,7 per cent of revenue — and 16,4 million of a 65,4 million operating profit, a quarter of everything XTB earned.
    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 ↗
  4. ReportedAmounts due to institutional clients were 101,0 million złoty at the end of June 2026 against retail balances of 7 023,6 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 ↗
  5. ReportedStrengthening this segment remains on management's list of business goals, which after a 48 per cent decline reads as an aspiration rather than a plan.
    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 ↗
Sources
Generated September 24, 2026