The Capital Nobody Requires It to HoldNarrow moat

XTB (XTB) — moat facet

A 186 per cent capital ratio on a balance sheet that is mostly other people's money - because the product being sold is the ability to pay.

XTB ends 2025 with a group total capital ratio of 186 per cent and shareholders' equity of 2 000 million złoty against a balance sheet of 9 087 million, most of which is client money it holds rather than owns.1 Its own cash was 2 934 million at the end of June 2026, up 47 per cent in six months, and it held no bonds at all.2 There is no borrowing to speak of.

The balance sheet at 30 June 20262 934m złown cash, +47,1 pc0 złbonds held2 000m złequity, flaton the year186 pccapital ratio,end 2025Balance-sheet total 10 415m zł, of which 7 125m zł is money owed to clients
Capital is inventory for a market maker, and this one carries a great deal of it.

For a market maker this is not conservatism, it is inventory. A firm that stands as counterparty to two and a half million retail accounts has to be able to pay every one of them at once, in a week when the market has moved against it and clients want their money. Capital is the product being sold as much as the platform is: a client who believes the broker might not pay does not open the account.

The ratio has been above 165 per cent in every year since 2019 and above 186 per cent in six of the seven.3 That is a very large amount of idle equity for a business whose return on equity has averaged over 40 per cent, and it is one of the reasons the dividend is what it is.4 XTB paid out 478,5 million złoty for 2025, 75 per cent of standalone net profit, and has now distributed between roughly three quarters and the whole of its earnings in every recent year.5

In seven years the ratio has never fallen below 165 per cent.6 Whatever has limited this company, it has never once been money.

Moat trajectory: Holding steady

Own cash rose 47 per cent to 2 934 million złoty in six months and the capital ratio has never been below 165 per cent. Equity did not grow at all in 2025 because everything earned was distributed, which is the right answer and means the buffer is neither building nor eroding.

The number that tests this moat
Reported
Own cash and bonds
2 934m zł at 30 June 2026, up 47,1% in six months, with no bonds at all

XTB held 2 934 million złoty of its own cash at the end of June 2026 against 1 994 million six months earlier, and no bonds. Equity was 2 000 million at the end of 2025, unchanged on the year because everything earned was distributed. For a market maker standing behind 2,8 million retail accounts, capital is inventory rather than caution. Watch whether equity ever grows again.

Source: XTB results presentation for H1 2026, 28 August 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
Surplus Capital Earns a Surplus Return
Equity did not grow at all in 2025, because a buffer this large has nowhere useful to go.
References
  1. ReportedXTB ends 2025 with a group total capital ratio of 186 per cent and shareholders' equity of 2 000 million złoty against a balance sheet of 9 087 million, most of which is client money it holds rather than owns.
    XTB Group Management Board report on activities in 2025, synthetic summary of data for 2019-2025 (values for 2025, 2024, 2023, 2022, 2021, 2020 and 2019 in that order): market value of the Company's shares at period end 71,8, 70,4, 37,8, 31,0, 16,8, 17,9 and 4,0 złoty; earnings per share 5,5, 7,3, 6,7, 6,5, 2,0, 3,4 and 0,5; equity 2 000,5, 2 003,6, 1 734,7, 1 506,1, 915,6, 888,3 and 490,7 million złoty; group total capital ratio 186,0, 192,3, 188,7, 218,1, 200,1, 200,1 and 165,8 per cent; EBITDA 857,8, 1 006,6, 941,4, 897,7, 285,7, 523,5 and 72,2 million złoty; EBITDA margin 40,0, 53,7, 58,2, 62,2, 45,7, 65,6 and 30,2 per cent; net profit margin 30,0, 45,7, 48,9, 53,0, 38,0, 50,4 and 24,1 per cent; return on equity 32,2, 45,8, 48,8, 63,3, 26,4, 58,3 and 12,2 per cent; return on assets 8,2, 15,1, 18,0, 21,1, 8,8, 23,5 and 5,5 per cent; new clients 864,3, 498,4, 312,0, 196,9, 189,2, 112,0 and 36,6 thousand; total clients 2 164,9, 1 361,6, 897,6, 614,9, 429,2, 255,8 and 149,3 thousand; active clients 1 189,4, 701,1, 418,4, 270,6, 193,2, 108,3 and 49,6 thousand; net deposits 14 672,3, 8 607,3, 3 793,7, 3 423,2, 2 933,4, 1 961,2 and 409,4 million złoty; average operating revenue per active client 1,8, 2,7, 3,9, 5,4, 3,2, 7,4 and 5,1 thousand złoty; average client acquisition cost 0,7, 0,7, 0,8, 1,1, 0,6, 0,8 and 1,0 thousand złoty; turnover in CFD derivative instruments 8 866,4, 6 274,2, 6 779,8, 6 592,9, 4 045,9, 3 113,4 and 1 638,6 thousand lots; profitability per lot 215, 275, 227, 212, 144, 249 and 140 złoty; stock and ETF volume in nominal value 21 812,5, 9 574,1, 4 512,7, 3 336,3, 4 437,3, 1 643,3 and 178,8 million dollars; turnover in CFD derivatives in notional value 4 805,7, 2 626,6, 2 285,9, 2 259,6, 1 737,4, 1 021,8 and 541,5 million dollars; standalone operating income 1 908,4 and net profit 638,9 million złoty; balance sheet total 9 086,7 million złoty — FY2019-FY2025 · publ. March 2026 · source ↗
  2. ReportedIts own cash was 2 934 million at the end of June 2026, up 47 per cent in six months, and it held no bonds at all.
    XTB results presentation for the first half of 2026, activities and products - the Cash ISA for United Kingdom residents launched in Q1 2026 with flexible tax-free interest compounding, a GBP 20 000 annual contribution limit, the option to withdraw and re-deposit funds without losing the allowance, fee-free transactions and FSCS protection up to GBP 120 000; spot crypto trading launched for clients in Cyprus based on a CySEC licence and MiCA standards and expanded to Chile with access to 46 of the most popular cryptocurrencies; extended trading hours for nearly 1 000 key European stocks and ETFs from 7:30 AM to 10:00 PM; an AI module for analyzing media sentiment; self-selection and closing of individual stock and ETF positions as an alternative to the automatic FIFO rule; full access to and management of IKE and IKZE retirement accounts from desktop computers; additional regulatory licences in the United Arab Emirates; the incorporation of XTB Lithuania UAB in Vilnius on 1 June 2026; a securities agent licence for the Chilean subsidiary; a global partnership with the International Basketball Federation (FIBA) as official sponsor of the men's and women's World Cups and title sponsor of the European Qualifiers; a partnership with SSC Napoli, XTB's first with a football club from Europe's top five leagues, running to the end of the 2026/2027 season and aimed at the Italian market; tennis player sponsorships at Roland Garros and Wimbledon; and a product roadmap with cryptoassets, an OKI account for clients in Poland, long-term investment products and margin trading in progress, and options, expansion of the pension account offering in other European countries and Investment Plans 2,0 planned — H1 2026 · publ. 28 August 2026 · source ↗
  3. ReportedThe ratio has been above 165 per cent in every year since 2019 and above 186 per cent in six of the seven.
    XTB Group Management Board report on activities in 2025, synthetic summary of data for 2019-2025 (values for 2025, 2024, 2023, 2022, 2021, 2020 and 2019 in that order): market value of the Company's shares at period end 71,8, 70,4, 37,8, 31,0, 16,8, 17,9 and 4,0 złoty; earnings per share 5,5, 7,3, 6,7, 6,5, 2,0, 3,4 and 0,5; equity 2 000,5, 2 003,6, 1 734,7, 1 506,1, 915,6, 888,3 and 490,7 million złoty; group total capital ratio 186,0, 192,3, 188,7, 218,1, 200,1, 200,1 and 165,8 per cent; EBITDA 857,8, 1 006,6, 941,4, 897,7, 285,7, 523,5 and 72,2 million złoty; EBITDA margin 40,0, 53,7, 58,2, 62,2, 45,7, 65,6 and 30,2 per cent; net profit margin 30,0, 45,7, 48,9, 53,0, 38,0, 50,4 and 24,1 per cent; return on equity 32,2, 45,8, 48,8, 63,3, 26,4, 58,3 and 12,2 per cent; return on assets 8,2, 15,1, 18,0, 21,1, 8,8, 23,5 and 5,5 per cent; new clients 864,3, 498,4, 312,0, 196,9, 189,2, 112,0 and 36,6 thousand; total clients 2 164,9, 1 361,6, 897,6, 614,9, 429,2, 255,8 and 149,3 thousand; active clients 1 189,4, 701,1, 418,4, 270,6, 193,2, 108,3 and 49,6 thousand; net deposits 14 672,3, 8 607,3, 3 793,7, 3 423,2, 2 933,4, 1 961,2 and 409,4 million złoty; average operating revenue per active client 1,8, 2,7, 3,9, 5,4, 3,2, 7,4 and 5,1 thousand złoty; average client acquisition cost 0,7, 0,7, 0,8, 1,1, 0,6, 0,8 and 1,0 thousand złoty; turnover in CFD derivative instruments 8 866,4, 6 274,2, 6 779,8, 6 592,9, 4 045,9, 3 113,4 and 1 638,6 thousand lots; profitability per lot 215, 275, 227, 212, 144, 249 and 140 złoty; stock and ETF volume in nominal value 21 812,5, 9 574,1, 4 512,7, 3 336,3, 4 437,3, 1 643,3 and 178,8 million dollars; turnover in CFD derivatives in notional value 4 805,7, 2 626,6, 2 285,9, 2 259,6, 1 737,4, 1 021,8 and 541,5 million dollars; standalone operating income 1 908,4 and net profit 638,9 million złoty; balance sheet total 9 086,7 million złoty — FY2019-FY2025 · publ. March 2026 · source ↗
  4. ReportedThat is a very large amount of idle equity for a business whose return on equity has averaged over 40 per cent, and it is one of the reasons the dividend is what it is.
    XTB Group Management Board report on activities in 2025, synthetic summary of data for 2019-2025 (values for 2025, 2024, 2023, 2022, 2021, 2020 and 2019 in that order): market value of the Company's shares at period end 71,8, 70,4, 37,8, 31,0, 16,8, 17,9 and 4,0 złoty; earnings per share 5,5, 7,3, 6,7, 6,5, 2,0, 3,4 and 0,5; equity 2 000,5, 2 003,6, 1 734,7, 1 506,1, 915,6, 888,3 and 490,7 million złoty; group total capital ratio 186,0, 192,3, 188,7, 218,1, 200,1, 200,1 and 165,8 per cent; EBITDA 857,8, 1 006,6, 941,4, 897,7, 285,7, 523,5 and 72,2 million złoty; EBITDA margin 40,0, 53,7, 58,2, 62,2, 45,7, 65,6 and 30,2 per cent; net profit margin 30,0, 45,7, 48,9, 53,0, 38,0, 50,4 and 24,1 per cent; return on equity 32,2, 45,8, 48,8, 63,3, 26,4, 58,3 and 12,2 per cent; return on assets 8,2, 15,1, 18,0, 21,1, 8,8, 23,5 and 5,5 per cent; new clients 864,3, 498,4, 312,0, 196,9, 189,2, 112,0 and 36,6 thousand; total clients 2 164,9, 1 361,6, 897,6, 614,9, 429,2, 255,8 and 149,3 thousand; active clients 1 189,4, 701,1, 418,4, 270,6, 193,2, 108,3 and 49,6 thousand; net deposits 14 672,3, 8 607,3, 3 793,7, 3 423,2, 2 933,4, 1 961,2 and 409,4 million złoty; average operating revenue per active client 1,8, 2,7, 3,9, 5,4, 3,2, 7,4 and 5,1 thousand złoty; average client acquisition cost 0,7, 0,7, 0,8, 1,1, 0,6, 0,8 and 1,0 thousand złoty; turnover in CFD derivative instruments 8 866,4, 6 274,2, 6 779,8, 6 592,9, 4 045,9, 3 113,4 and 1 638,6 thousand lots; profitability per lot 215, 275, 227, 212, 144, 249 and 140 złoty; stock and ETF volume in nominal value 21 812,5, 9 574,1, 4 512,7, 3 336,3, 4 437,3, 1 643,3 and 178,8 million dollars; turnover in CFD derivatives in notional value 4 805,7, 2 626,6, 2 285,9, 2 259,6, 1 737,4, 1 021,8 and 541,5 million dollars; standalone operating income 1 908,4 and net profit 638,9 million złoty; balance sheet total 9 086,7 million złoty — FY2019-FY2025 · publ. March 2026 · source ↗
  5. ReportedXTB paid out 478,5 million złoty for 2025, 75 per cent of standalone net profit, and has now distributed between roughly three quarters and the whole of its earnings in every recent year.
    XTB results presentation for the first half of 2026, activities and products - the Cash ISA for United Kingdom residents launched in Q1 2026 with flexible tax-free interest compounding, a GBP 20 000 annual contribution limit, the option to withdraw and re-deposit funds without losing the allowance, fee-free transactions and FSCS protection up to GBP 120 000; spot crypto trading launched for clients in Cyprus based on a CySEC licence and MiCA standards and expanded to Chile with access to 46 of the most popular cryptocurrencies; extended trading hours for nearly 1 000 key European stocks and ETFs from 7:30 AM to 10:00 PM; an AI module for analyzing media sentiment; self-selection and closing of individual stock and ETF positions as an alternative to the automatic FIFO rule; full access to and management of IKE and IKZE retirement accounts from desktop computers; additional regulatory licences in the United Arab Emirates; the incorporation of XTB Lithuania UAB in Vilnius on 1 June 2026; a securities agent licence for the Chilean subsidiary; a global partnership with the International Basketball Federation (FIBA) as official sponsor of the men's and women's World Cups and title sponsor of the European Qualifiers; a partnership with SSC Napoli, XTB's first with a football club from Europe's top five leagues, running to the end of the 2026/2027 season and aimed at the Italian market; tennis player sponsorships at Roland Garros and Wimbledon; and a product roadmap with cryptoassets, an OKI account for clients in Poland, long-term investment products and margin trading in progress, and options, expansion of the pension account offering in other European countries and Investment Plans 2,0 planned — H1 2026 · publ. 28 August 2026 · source ↗
  6. ReportedIn seven years the ratio has never fallen below 165 per cent.
    XTB Group Management Board report on activities in 2025, synthetic summary of data for 2019-2025 (values for 2025, 2024, 2023, 2022, 2021, 2020 and 2019 in that order): market value of the Company's shares at period end 71,8, 70,4, 37,8, 31,0, 16,8, 17,9 and 4,0 złoty; earnings per share 5,5, 7,3, 6,7, 6,5, 2,0, 3,4 and 0,5; equity 2 000,5, 2 003,6, 1 734,7, 1 506,1, 915,6, 888,3 and 490,7 million złoty; group total capital ratio 186,0, 192,3, 188,7, 218,1, 200,1, 200,1 and 165,8 per cent; EBITDA 857,8, 1 006,6, 941,4, 897,7, 285,7, 523,5 and 72,2 million złoty; EBITDA margin 40,0, 53,7, 58,2, 62,2, 45,7, 65,6 and 30,2 per cent; net profit margin 30,0, 45,7, 48,9, 53,0, 38,0, 50,4 and 24,1 per cent; return on equity 32,2, 45,8, 48,8, 63,3, 26,4, 58,3 and 12,2 per cent; return on assets 8,2, 15,1, 18,0, 21,1, 8,8, 23,5 and 5,5 per cent; new clients 864,3, 498,4, 312,0, 196,9, 189,2, 112,0 and 36,6 thousand; total clients 2 164,9, 1 361,6, 897,6, 614,9, 429,2, 255,8 and 149,3 thousand; active clients 1 189,4, 701,1, 418,4, 270,6, 193,2, 108,3 and 49,6 thousand; net deposits 14 672,3, 8 607,3, 3 793,7, 3 423,2, 2 933,4, 1 961,2 and 409,4 million złoty; average operating revenue per active client 1,8, 2,7, 3,9, 5,4, 3,2, 7,4 and 5,1 thousand złoty; average client acquisition cost 0,7, 0,7, 0,8, 1,1, 0,6, 0,8 and 1,0 thousand złoty; turnover in CFD derivative instruments 8 866,4, 6 274,2, 6 779,8, 6 592,9, 4 045,9, 3 113,4 and 1 638,6 thousand lots; profitability per lot 215, 275, 227, 212, 144, 249 and 140 złoty; stock and ETF volume in nominal value 21 812,5, 9 574,1, 4 512,7, 3 336,3, 4 437,3, 1 643,3 and 178,8 million dollars; turnover in CFD derivatives in notional value 4 805,7, 2 626,6, 2 285,9, 2 259,6, 1 737,4, 1 021,8 and 541,5 million dollars; standalone operating income 1 908,4 and net profit 638,9 million złoty; balance sheet total 9 086,7 million złoty — FY2019-FY2025 · publ. March 2026 · source ↗
Sources
Generated September 24, 2026