Platforms · Software · Providers · Markets
XTB reported preliminary third-quarter net profit of PLN 213.7 million on 28 October 2026, four times its year-earlier result. Revenue increased 65.9% to PLN 623.3 million even as clients traded 18.3% fewer contracts for difference (CFDs), measured in lots.
Profit growth masked softer volumes
The result was 6.4% above the PLN 200.8 million mean of five analyst forecasts. It was also less than half the PLN 492.2 million XTB earned in the second quarter, when analysts had anticipated a pullback as markets settled.
Revenue per lot reached PLN 301, compared with PLN 152 a year earlier. The comparison was against a weak quarter: year-earlier profit had dropped 74% to PLN 53.2 million, while revenue declined 20% amid subdued volatility.
Trading mix tilted towards commodities
Among three listed CFD firms with July-September figures, XTB recorded the strongest revenue growth. IG Group expects revenue to be about 14% lower year on year, having retained less of client trading income; Plus500 reported an 11% increase to $203.2 million and lifted its full-year outlook. XTB's growth was about six times Plus500's, according to a calculation by Finance Magnates. Its revenue was nevertheless 37.2% below the PLN 992.3 million recorded in the second quarter.
XTB said activity across financial and commodity markets was lower than in the first half, with commodity volatility remaining elevated while stock indices were calmer. Commodity CFDs accounted for 70.8% of gross result on financial instruments, against 48.5% a year earlier and 60.5% in the second quarter.
Gold, silver, natural gas and crude oil led that contribution. Index CFDs made up 12.0%, down from 32.4%; stocks and exchange-traded funds, grouped as other instruments, rose to 12.3% from 8.3%. FM Intelligence data put average monthly trading volume 26% lower in the second quarter than in the first.
Client acquisition increased spend
XTB added 335,704 clients, 51.4% more than a year earlier and slightly above the 333,292 added in the second quarter. Its total client base reached 3.14 million; active clients rose 70.3% to 1.57 million.
Net deposits were PLN 5.65 billion, up from PLN 3.23 billion a year earlier. Operating costs grew 23.2% to PLN 397.6 million, largely because marketing spend increased by PLN 45.8 million to PLN 187.3 million. Costs were PLN 22.1 million lower than in the preceding quarter after online marketing was reduced.
After the quarter, XTB launched what it described as its largest advertising campaign, on 1 October, featuring Zlatan Ibrahimović and Tyson Fury across four continents. The company said it signed up more than 100,600 clients in October's first 27 days. Its 2026 target is an average of 250,000 to 290,000 new clients per quarter. XTB expects operating costs to rise by up to about 30% in 2026 from 2025, with marketing expenditure up about 50%.
Nine-month earnings surpassed 2025
Net profit for the first nine months reached PLN 1.24 billion, compared with PLN 463.3 million in the same period a year earlier and PLN 644.2 million for all of 2025. In the first half, XTB had gained 703,333 clients, while CFDs represented 96% of its trading result. The Polish Financial Supervision Authority (KNF) said in August that its review of firms' CFD sales to Polish clients remained open.
What to watch next
XTB is due to discuss the figures on Thursday and publish its full quarterly report on 20 November. The preliminary release does not detail how the lower lot count and higher revenue per lot flowed through individual products or client segments.
For trading and risk teams, the next checks are how the commodity-heavy result is reflected in product-level reporting, and whether the increased client acquisition and marketing activity changes onboarding, support or monitoring workloads. XTB has not provided those operational details in these figures.
