XTB stock surpassed its previous all-time high after the broker rolled out options trading across two key European markets.
XTB stock surpassed its previous all-time high after the broker rolled out options trading across two key European markets.
XTB shares hit a record high of 97.97 zlotys as the broker launches US stock options in Germany and Spain, navigating strict CFD advertising rules in Europe.
Key Points:
XTB shares rose more than 2% on Tuesday, reaching 97.97 zlotys on the Warsaw Stock Exchange and surpassing the previous all-time high of 96.94 zlotys recorded on March 10. The move came after the Polish online broker officially announced the rollout of options trading in Germany and Spain.
According to a press release, clients in both markets can now trade American-style options on 110 U.S.-listed stocks and exchange-traded funds. The offering additionally includes zero-days-to-expiration contracts, known as 0DTE, on select instruments, as well as fractional options trading.
Germany and Spain rank among XTB‘s most important European markets. Consequently, the expansion represents a significant step forward for the broker’s product roadmap. The launch follows an earlier rollout in Cyprus, where XTB used its CySEC-supervised entity to test the product with a limited client base before moving into larger jurisdictions. Meanwhile, customers in Poland, the company’s home market, still await access to the product.
The Spanish expansion is particularly notable given the regulatory environment. Since 2024, Spain’s market regulator CNMV has enforced strict restrictions on CFD advertising and marketing aimed at retail investors, effectively preventing brokers from promoting their core leveraged products. The rules specifically ban sponsorship, the use of public figures, and web-based promotional content related to CFDs, though trading itself remains permitted at the client’s initiative.
For XTB, therefore, the ability to offer options in Spain provides an alternative product to promote locally without running into the CNMV’s CFD advertising restrictions. The company has previously stated that the Spanish market accounts for roughly 10% of its revenue.
“Data on the growing popularity of options trading in the United States clearly show that these are instruments gaining importance among individual investors,” CEO Omar Arnaout said in the press release. “For years, they were associated with complex solutions for professionals, but technological development and easier access to knowledge have meant that more and more investors treat options as a tool to implement their investment strategies.”
Arnaout further added that the broker will continue expanding options to additional European markets in the coming months.
XTB is not alone in this push. IG Group, the London-listed trading platform, opened a waiting list for UK options trading under its tastytrade brand in late 2025, and its Japanese arm recently extended vanilla options access to corporate accounts. Interactive Brokers and Saxo Bank, meanwhile, have offered options products across European markets for years, giving both a head start in a segment long dominated by U.S. platforms such as Robinhood and tastytrade.
What sets XTB‘s current approach apart, however, is that clients can only buy options, not write them. This buy-only structure limits downside risk for retail traders who may be unfamiliar with derivatives, though it also caps revenue potential compared with full options books. The company discussed this approach as early as October 2025, when board member Filip Kaczmarzyk told Polish financial daily Parkiet that XTB planned to begin with a stripped-down version and expand functionality over time.
The broader competitive picture, furthermore, continues to intensify. Robinhood, Trade Republic, and Interactive Brokers have all been expanding aggressively across Europe, pushing incumbents like XTB to broaden their product menus to retain clients. XTB reported a record client outflow of 21,500 users in the third quarter of 2025, a figure the company attributed to low market volatility rather than competitive pressure, though analysts at the time were less certain.
Tuesday’s share price move puts XTB at its highest level since the company listed on the Warsaw Stock Exchange in 2016. The stock had been volatile in recent weeks, falling more than 3% on March 21 after the firm published full-year 2025 results showing that net profit declined 24.8% to PLN 644.2 million. Revenue, however, hit a record PLN 2.15 billion during the same period. A near-doubling of marketing spend, which rose to over PLN 427 million in additional operating costs, was the primary drag on the bottom line.
Noble Securities had maintained a “buy” rating on the stock with a price target of 95.70 zlotys as of January, citing expectations of a financial rebound driven by higher trading volatility and an ambitious product roadmap that includes margin trading and 24/5 extended market hours.
Beyond options, XTB also announced that it has integrated TradingView-powered charting across its mobile platform. As a result, clients now have access to configurable charts, indicators, alerts, and direct order placement from the chart view. The web platform version of TradingView charts is currently available only in markets where options trading has launched.
Separately, XTB‘s extraordinary general meeting scheduled for May 8 will vote on a new employee incentive program covering all staff, not just senior executives. Under the proposal, 25% of employees with the highest average annual performance ratings would receive bonus shares, provided the company hits at least 70% of its consolidated net profit target. The shares would vest over three years.
The meeting will also consider authorizing the management board to repurchase up to 80,000 shares at prices between 50 and 120 zlotys each, funded by a PLN 9 million reserve, to settle obligations under the existing MRT incentive program for 2025.
On the dividend front, XTB‘s management has recommended distributing PLN 478.5 million from 2025 net profit, equating to PLN 4.07 per share. The proposed record date is June 15, with payment scheduled for June 24. The company still awaits approval from Poland’s financial regulator, KNF, before it can offer options to Polish clients. Additionally, its plans to launch spot cryptocurrency trading remain contingent on pending MiCA-related legislation in Poland.
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