Currency CFDsThin moat

XTB (XTB) — moat facet

The currency book shrank 42% in a year and is now a twentieth of gross gain.

Currency CFDs are contracts on exchange rates. They brought gross gain of 272,3 million złoty in 2024 and 290,4 million in 2025 1, 13,7% of the total 2.

Currency CFD gross gain (zl m)272,32024290,42025178,9H1 2025104,1H1 2026XTB 2025 annual report and H1 2026 report
Growing slowly through 2025, then down 42% in the first half of 2026.

The line is shrinking. In the first half of 2026 currency CFDs brought 104,1 million złoty against 178,9 million a year earlier, down 41,8% 3, and 48,6 million in the second quarter against 101,7 million 4.

Both segments trade it. In 2025 retail clients produced 283,8 million złoty and institutional clients 6,6 million 5.

XTB reports no profit by class. The measure is currency CFDs' share of gross gain, 13,7% in 2025 and 5,0% in the first half of 2026 6: the line is becoming a footnote.

Moat trajectory: Narrowing

Gross gain fell 41,8% to 104,1 million złoty in H1 2026.

The number that tests this moat
Reported
Currency CFD gross gain, first half
104,1m zł in H1 2026, -41,8%

A continued fall would leave XTB's original product a footnote to its commodity book.

Source: XTB half-year report, H1 2026 ↗
References
  1. ReportedThey brought gross gain of 272,3 million złoty in 2024 and 290,4 million in 2025 , 13,7% of the total .
    XTB Group consolidated annual report 2025 - note 5,1 result of operations in financial instruments by class (2025, 2024); segment statement by instrument class (retail, institutional); revenue build-up — FY2024-FY2025 · publ. March 2026 · source ↗
  2. Moat Explorer calcThey brought gross gain of 272,3 million złoty in 2024 and 290,4 million in 2025 , 13,7% of the total .
    Moat Explorer calculation from XTB's note 5,1 (2025) and note 6,1 (H1 2026): shares of gross gain by class, Q1 2026 as H1 less Q2, growth rates — FY2025-H1 2026 · publ. 2026-09-23 · source ↗
  3. Moat Explorer calcIn the first half of 2026 currency CFDs brought 104,1 million złoty against 178,9 million a year earlier, down 41,8% , and 48,6 million in the second quarter against 101,7 million .
    Moat Explorer calculation from XTB's note 5,1 (2025) and note 6,1 (H1 2026): shares of gross gain by class, Q1 2026 as H1 less Q2, growth rates — FY2025-H1 2026 · publ. 2026-09-23 · source ↗
  4. ReportedIn the first half of 2026 currency CFDs brought 104,1 million złoty against 178,9 million a year earlier, down 41,8% , and 48,6 million in the second quarter against 101,7 million .
    XTB Group half-year report for the first half of 2026 - note 6,1 result of operations in financial instruments by class for Q2 and H1 2026 and 2025 — H1 2026 · publ. August 2026 · source ↗
  5. ReportedIn 2025 retail clients produced 283,8 million złoty and institutional clients 6,6 million .
    XTB Group consolidated annual report 2025 - note 5,1 result of operations in financial instruments by class (2025, 2024); segment statement by instrument class (retail, institutional); revenue build-up — FY2024-FY2025 · publ. March 2026 · source ↗
  6. Moat Explorer calcThe measure is currency CFDs' share of gross gain, 13,7% in 2025 and 5,0% in the first half of 2026 : the line is becoming a footnote.
    Moat Explorer calculation from XTB's note 5,1 (2025) and note 6,1 (H1 2026): shares of gross gain by class, Q1 2026 as H1 less Q2, growth rates — FY2025-H1 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 24, 2026