XTB’s 2025 Profit Falls 24% as Marketing Costs Surge Despite Record Revenues

Polish-listed online broker XTB reported a sharp decline in profitability in 2025, as a surge in marketing and operating expenses outweighed strong growth in revenues, clients, and trading volumes.

According to preliminary results released on Thursday, XTB’s net profit fell 24% year-on-year to PLN 643.8 million. This came despite total operating income rising 15% to a record PLN 2.15 billion, supported by a 70% increase in active clients to nearly 1.19 million and a 41.3% jump in CFD trading volumes to 8.87 million lots.

Earnings before interest and tax (EBIT) declined 15% to PLN 834.3 million, as total operating expenses climbed 48% to PLN 1.31 billion. The company attributed the revenue growth to a larger client base, higher trading activity, and favorable conditions in key asset classes, though profitability per traded lot fell to PLN 215 from PLN 275 a year earlier.

In the fourth quarter, operating income rose to PLN 610.1 million from PLN 465.4 million in the same period of 2024, driven by increased demand for commodity CFDs—particularly gold, cocoa, and natural gas—as well as U.S. equity index products. However, net profit for the quarter slipped 5% to PLN 180.5 million as costs continued to rise.

Marketing expenditure was the main contributor to the cost increase. XTB said marketing spend rose by PLN 240.2 million year-on-year to PLN 585 million, reflecting expanded multi-market campaigns and its largest global branding initiative to date in the second half of the year.

The company’s client base continued to expand rapidly, with 864,286 new clients added in 2025, bringing the total to 2.16 million. Active clients increased significantly, but average operating income per active client fell to PLN 1.8 thousand from PLN 2.7 thousand, as lower unit profitability and a broader, more mass-market customer profile diluted per-client revenue.

Client assets held on the platform grew to PLN 45.8 billion from PLN 27.5 billion, supported by higher holdings of shares, ETFs, CFDs, and cash balances.

Looking ahead, XTB’s management cautioned that cost pressures are likely to persist. The company estimates that operating expenses in 2026 could rise by up to 30% compared with 2025, with marketing costs potentially increasing by around 50% as it continues to prioritize client acquisition and brand visibility.