XTB Q1 2026 Revenue Hits PLN 1.09 Billion

XTB‘s complete first-quarter 2026 report confirms the headline figures the Polish broker previewed in late April, but it goes further, offering a regional breakdown that the preliminary release withheld. That breakdown tells a more nuanced story than the top-line numbers alone.

The broker generated PLN 1.09 billion in operating revenue between January and March 2026. Central and Eastern Europe accounted for PLN 780.2 million, or 71% of group income, while Western Europe contributed PLN 232.8 million. Together, the two European regions drove the overwhelming majority of XTB‘s business.

Meanwhile, Latin America, a region management has repeatedly identified as a strategic priority, brought in PLN 35.4 million. The Middle East contributed PLN 45.7 million. Asia, by contrast, registered just PLN 4,000 for the quarter.

Europe Drives Nearly the Entire Revenue Gain

Almost all of the year-on-year growth originated in Europe. CEE revenue surged 99% from PLN 391.7 million recorded in Q1 2025, with Poland alone generating PLN 568.8 million, 52% of group revenue, up from PLN 314.4 million a year earlier. Western Europe more than doubled, climbing 114% from PLN 108.9 million.

By contrast, Latin America edged up just 1.7% year-on-year, and the Middle East rose only 2.0%. Both regions remained effectively flat in absolute terms, a notable result given that XTB completed its Chilean license in February 2025 and secured Category 1 and 2 licenses in the United Arab Emirates as recently as March 2026. The company also operates two subsidiaries in Dubai serving the regional market.

Final Report Validates April’s Preliminary Numbers

The full quarterly filing largely aligns with the figures XTB disclosed in its April preliminary release. Net profit of PLN 535 million, operating revenue of PLN 1.09 billion, EBIT of PLN 629.7 million, and 370,041 new clients all held firm in the final submission. Active clients stood at 1.27 million, a 72% increase year-on-year. Profitability per lot held at PLN 439, reflecting a 58% jump from the same period last year.

The final report added segment, geographic, product, and cost detail that quarterly filings require. Institutional revenue generated under the X Open Hub brand reached PLN 26.2 million, up from PLN 14.4 million in Q1 2025, though the segment still contributes just 2.4% of group income.

Commodity CFDs drove 88.5% of gross financial instrument revenue, compared with 29% a year earlier, reflecting the sharp moves in gold, silver, oil, and platinum that defined the first quarter.

Competition Intensifies Across XTB’s Core European Markets

The concentration of revenue in Europe carries an important caveat: those are also the markets where competitive pressure is mounting most sharply. German neobroker Trade Republic entered Poland in late 2024 and has been aggressively promoting commission-free trading to retail investors. Robinhood has expanded into the European Union through its Lithuanian regulatory license, and Interactive Brokers continues to grow its European client base across multiple asset classes.

Despite the crowded landscape, XTB reached 1 million accounts in the Polish Central Securities Depository registry in April 2026, becoming the first broker to cross that threshold in the country. The company now holds a 37.2% share of Polish brokerage accounts, more than double the market share of mBank, its closest competitor.

That domestic dominance provides a meaningful defensive position for now. Nevertheless, the company’s long-term growth trajectory depends on regions where XTB has so far struggled to convert marketing investment into meaningful revenue.

Ambitious Client Targets Set for 2026

CEO Omar Arnaout has outlined a target of acquiring between 250,000 and 290,000 new clients per quarter on average through 2026, supported by a roughly 50% year-on-year increase in marketing expenditure. April alone delivered 113,200 new clients, according to the company.

Separately, XTB recorded a PLN 20 million provision related to a financial penalty disclosed by Poland’s financial regulator, the KNF, on April 13. The company is contesting the penalty and filed a reconsideration request on April 27.

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