XTB Reports Record Revenues, Client Growth in Q1

XTB reports record Q1 2025 revenues and client growth, though rising costs keep profit flat quarter-over-quarter.

Key Points:

• XTB achieved record quarterly revenue of PLN 580 million and added 194,304 new clients in Q1 2025.
• Operating costs surged by PLN 110.9 million year-over-year, limiting net profit growth to under 1% QoQ.

Following a modest end to 2024, Poland-based retail FX and CFDs broker XTB (WSE:XTB) has announced preliminary results for the first quarter of 2025, reporting record-high revenues and client acquisition numbers. However, a sharp rise in operational expenses kept net profit nearly unchanged from the previous quarter.

XTB Reports Record Revenues, Client Growth in Q1

XTB reported revenues of PLN 580 million (USD 155 million) for Q1 2025, marking its highest quarterly revenue to date and a 25% increase from Q4 2024’s $124 million. Despite this, net profit rose by less than 1% quarter-over-quarter, totaling PLN 194 million ($52 million), compared to $51 million in the prior quarter. This remains significantly below the company’s most profitable quarter in Q1 2024, when it earned $81 million.

Average monthly trading volumes reached a record $313 billion in Q1 2025, a 29% rise from $242 billion per month in Q4 2024. Despite the surge in volume, profitability per $1 million traded fell slightly to $144, down from $147 in the previous quarter.

XTB continued its momentum in client growth, acquiring 194,304 new clients in Q1 2025—a 49.8% increase from the 129,747 added in Q1 2024. The number of active clients also reached a new high, increasing 76.5% year-over-year from 416,607 to 735,389.

Revenues were led by CFDs based on indices, which accounted for 52.3% of total revenue in Q1 2025, up from 41.9% in Q1 2024. This performance was driven by strong results from instruments tied to the DAX (DE40), US 100, and US 500 indices.

Commodity-based CFDs contributed 29.1% of revenues, a decline from 48.7% the previous year. Key contributors in this category included CFDs on natural gas, gold, and coffee.

Currency-based CFDs represented 13.5% of revenues, down from 23.2% a year ago. Within this segment, CFDs based on cryptocurrencies such as Bitcoin and Ripple, along with the EURUSD currency pair, were among the top performers.

Rising Operating Costs

Operating expenses totaled PLN 315.8 million in Q1 2025, an increase of PLN 110.9 million compared to Q1 2024. The rise was driven by:

• A PLN 59.9 million increase in marketing costs,
• A PLN 22.2 million rise in salaries and employee benefits,
• A PLN 12.5 million increase in commission costs paid to payment service providers,
• A PLN 12.6 million rise in external services, particularly IT systems and support.

Compared to Q4 2024, expenses rose by PLN 48.0 million, primarily due to higher marketing and staffing costs.

XTB’s Management Board estimates that total operating costs in 2025 could rise by approximately 40% over 2024 levels. Marketing expenditures alone may increase by around 80% as the company continues expanding its client base and global brand presence. Despite rising costs, the company expects customer acquisition costs to remain in line with 2023–2024 levels.

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