XTB Celebrates Ten Years on Warsaw Stock Exchange

XTB marks ten years on the Warsaw Stock Exchange with shares up 800% and over 2.5 million global clients.

Key Points:

• XTB shares have climbed roughly 800% since its May 2016 IPO, reaching approximately 102 zlotys and valuing the company at 12.1 billion zlotys ($3.2 billion), with a record high of 114 zlotys hit in April 2026.
• XTB ended 2025 with operating income of 2.15 billion zlotys, up 14.6% year-on-year, and reported an estimated Q1 2026 net profit of 535 million zlotys, a 176% year-on-year increase.

XTB marked its tenth anniversary on the Warsaw Stock Exchange (WSE: XTB), with shares trading around 102 zlotys, an increase of roughly 800% from the 11.50 zloty offering price set at the broker’s debut on May 6, 2016.

The stock reached a record high of 114 zlotys on April 16, pushing the company’s market valuation to approximately 12.1 billion zlotys, or $3.2 billion.

XTB Celebrates Ten Years on Warsaw Stock Exchange

XTB‘s 2016 listing stood as Warsaw’s largest IPO that year, raising 189 million zlotys at a 1.35 billion zloty valuation. Founder Jakub Zablocki sold 16.4 million shares at 11.50 zlotys, near the lower end of the 11.50 to 13 zloty bookbuilding range, and shares closed their first session at 12.05 zlotys.

Since then, XTB has consistently distributed dividends under a policy targeting between 50% and 100% of standalone profit. According to Yahoo Finance, the five-year total return for XTB shareholders, including reinvested dividends, reached approximately 819% as of late April, compared with 57% for the MSCI World benchmark over the same period.

On the operational side, XTB closed 2025 with operating income of 2.15 billion zlotys, up 14.6% year-on-year. Nevertheless, net profit fell 25% to 644 million zlotys as spending climbed close to 70% to 585 million zlotys, the company disclosed in its annual report.

In a LinkedIn post marking the anniversary, XTB said it has grown from a brokerage into a global investment app and now serves more than 2.5 million people worldwide. The company added that it is even more excited about what lies ahead.

How XTB Stacks Up Against Listed CFD Peers

The four largest publicly listed CFD brokers have all delivered meaningful shareholder gains over the past decade, though with sharply different results.

Plus500, which listed on London’s Alternative Investment Market three years before XTB, stands out as the clear leader. The Israel-founded broker’s shares have multiplied roughly 36 times since its 2013 debut, backed by aggressive buybacks that have absorbed close to $2.9 billion since the IPO. Looking at the same ten-year window since XTB‘s May 2016 debut, Plus500 has also outperformed XTB on price terms, while IG Group and CMC Markets have lagged behind.

CMC Markets priced its IPO in 2016 at 240 pence but watched shares lose roughly half their value within months as the UK Financial Conduct Authority moved against retail CFD providers. As a result, CMC has posted the weakest gains among the group since its market debut, at just over 50%.

From the 2018 KNF Crisis to 2026 Record Highs

XTB‘s share price journey has been anything but a straight line. In late 2018, Poland’s Financial Supervision Authority (KNF) fined the broker 9.9 million zlotys for asymmetric price slippage on client orders. The stock dropped two-thirds in two hours, and trading was temporarily halted. By September 2019, shares had bottomed at an all-time low of 2.92 zlotys.

The pandemic-era surge in retail trading, however, ignited the recovery. XTB reported record quarterly revenue of 307 million zlotys in Q1 2020 alone, more than its entire full-year 2019 total. Shares now trade roughly 35 times above those 2019 lows.

The current rally continued through April 2026 even after Polish regulators levied a record 20 million zloty penalty for MiFID II breaches in client onboarding between January 2022 and September 2023. Notably, shares hit their all-time record of 114 zlotys just eight days after the fine was publicly disclosed.

Beyond CFDs as the Next Decade Begins

Last week, XTB published preliminary first-quarter 2026 results showing estimated net profit of 535 million zlotys, up 176% year-on-year,  on operating income of 1.09 billion zlotys. The broker also added 370,000 new clients during the quarter.

Chief Executive Omar Arnaout has flagged spot crypto trading and options as the next product priorities, alongside continued geographic expansion into Latin America, Indonesia, and the UAE. He has separately stated that XTB targets two million annual client additions in the years ahead.

That ambition, however, faces sharpening competition across Europe. Robinhood, Trade Republic, eToro, and Interactive Brokers have all intensified their European retail pushes over the past 18 months. Meanwhile, Plus500 and IG Group have moved into US futures, prediction markets, and equity trading to reduce their dependence on CFD revenue, a signal of where the broader industry is heading.

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