XTB Posts Fourfold Profit Jump in Q3 as Commodity Dominance and Client Growth Drive Record-Breaking Revenue Growth

Q3 Profit Quadruples as Revenue Per Lot Nearly Doubles

XTB, the Warsaw-listed brokerage, disclosed on Wednesday that its preliminary third-quarter net profit climbed to PLN 213.7 million (approximately $54 million), representing a fourfold increase compared with the same period last year. The figure exceeded the consensus estimate of PLN 200.8 million, compiled from five analyst forecasts, by roughly 6.4%. Despite the strong year-on-year jump, the result remained well below the PLN 492.2 million the broker posted in the second quarter, a seasonal dip that market watchers had anticipated as overall market volatility eased.

Revenue for the July-September period grew 65.9% year on year to PLN 623.3 million. Notably, this expansion came even as client CFD activity measured in lots declined by 18.3% over the same comparison window. The broker generated PLN 301 per lot traded, nearly doubling the PLN 152 it earned a year earlier. The shift in earnings mix was significant: commodity CFDs accounted for 70.8% of the gross result on financial instruments during the quarter, a clear signal that traders were concentrating their activity in resource-linked products rather than broad equity indices.

The year-ago comparison base was notably weak. In the third quarter of the prior year, XTB's profit had plunged 74% to PLN 53.2 million while revenue contracted 20%, a period marked by subdued market volatility that suppressed trading volumes across the industry.

XTB Outpaces London-Listed Rivals in Revenue Growth

Among the three publicly listed CFD providers that have now reported for the July-September quarter, XTB delivered the strongest revenue expansion. IG Group indicated it expects revenue roughly 14% lower year on year after retaining a smaller proportion of client trading as income, while Plus500 reported an 11% revenue increase to $203.2 million and subsequently lifted its full-year guidance. By FinanceMagnates.com's calculation, XTB's growth rate was approximately six times that of Plus500.

Even so, the Q3 revenue figure still sat 37.2% below the PLN 992.3 million recorded in the second quarter, a period in which XTB had beaten profit forecasts and the company's shares reached an all-time high. The broker attributed the softer trading environment to lower activity on both financial and commodity markets during the second half of the year relative to the first half, with volatility remaining elevated in commodities while equity index markets settled into calmer territory.

According to FM Intelligence's Broker Volumes data, XTB's average monthly trading volume had already declined 26% in the second quarter compared with the first, indicating the slowdown was well under way before Q3 began.

In terms of product mix, commodity CFDs—led by gold, crude oil, natural gas, and silver—generated 70.8% of the gross result on financial instruments, up sharply from 48.5% in the year-earlier quarter and 60.5% in the most recent prior quarter. Index CFDs, by contrast, saw their contribution fall to 12.0% from 32.4% a year ago. Stocks and ETFs, categorized under other instruments, rose to 12.3% from 8.3%, reflecting a gradual broadening of client interest beyond pure CFD products.

Client Acquisition Accelerates Amid Heavier Marketing Spend

XTB added 335,704 new clients during the quarter, a 51.4% increase year on year and marginally above the 333,292 recorded in the second quarter. The total client base reached 3.14 million, while the active client count surged 70.3% to 1.57 million. Net deposits rose to PLN 5.65 billion from PLN 3.23 billion in the corresponding period last year.

This growth came at a cost. Operating expenses increased 23.2% year on year to PLN 397.6 million, with the primary driver being a PLN 45.8 million rise in marketing expenditure to PLN 187.3 million. On a sequential basis, however, costs declined by PLN 22.1 million from the second quarter as the company trimmed its online marketing outlays.

The next major push arrived immediately after the quarter closed. On October 1, XTB launched what it described as its largest-ever advertising campaign, featuring football star Zlatan Ibrahimović and boxing champion Tyson Fury across four continents. The strategy appears to be gaining traction: the broker reported signing up more than 100,600 new clients in the first 27 days of October, a pace that points toward its stated target of onboarding between 250,000 and 290,000 new clients per quarter over the course of 2026.

Looking ahead, XTB expects 2026 operating costs to rise by roughly 30% compared with 2025, with marketing budgets projected to grow by approximately 50%, underscoring the company's intent to sustain its aggressive client-acquisition momentum.

Nine-Month Profit Nearly Matches Full-Year 2025; Regulatory Watch Continues

For the first nine months of the year, XTB's cumulative net profit reached PLN 1.24 billion, compared with PLN 463.3 million in the same period last year and PLN 644.2 million for the entirety of 2025. The first half alone delivered a record 703,333 new clients, with CFDs generating 96% of the trading result during that stretch.

Regulatory developments remain a factor to monitor. The Polish Financial Supervision Authority (KNF) stated in August that its ongoing review of how firms market and sell CFDs to Polish retail clients is still open, a process that could shape future product availability and suitability requirements in the country.

XTB is scheduled to host a results conference call on Thursday to discuss the figures in greater detail, with the full quarterly report set for publication on November 20.