XTB Reports Sharp Q3 Profit Drop Amid Record Client Growth and Expanded Operations

Poland-based broker XTB has released its third-quarter financial results, revealing a substantial decline in profitability driven by persistently low market volatility — even as the firm achieved record rates of client acquisition and expanded its global footprint.

During Q3 2025, XTB reported a consolidated net profit of approximately PLN 53.2 million, marking a steep 74% year-on-year decline from the PLN 203.8 million reported in the same quarter of 2024. Revenues fell by 20.1% to PLN 375.8 million, a downturn attributed to reduced trading income per CFD lot due to narrower price fluctuations across markets.

Despite the drop in earnings, the brokerage experienced a surge in activity from new clients. XTB added a record-breaking 221,762 new users during the quarter, more than doubling the number from Q3 2024. Total active client accounts rose 75.9% year-on-year to nearly 920,000. Trading volume also surged, with CFD contracts traded increasing by 28.6% and nominal turnover rising 60.8% to USD 1.1 trillion.

Operating expenses climbed sharply, up 54.7% year-on-year to PLN 322.7 million. Marketing costs alone surged by PLN 69.9 million, and staff-related expenses rose by PLN 26.1 million. The firm anticipates that total operating expenses for 2025 will be approximately 40% higher than in 2024, driven by continued global expansion and client acquisition initiatives.

One direct result of these investments has been enhanced geographic reach. XTB has extended operations in Asia and South America, launching client onboarding in Indonesia and securing a license there, while reassessing its Brazilian market entry due to emerging protectionist regulatory barriers.

Amid the weaker quarter, analysts at mBank upgraded XTB’s stock rating to “buy,” raising the price target to PLN 87 from PLN 74. This positive outlook stems from improving profitability per lot and the structural strength illustrated by the firm’s sustained client acquisition.

Adding to its market dominance, reports indicate that XTB captured four out of every five new Polish brokerage accounts in October 2025, onboarding some 58,300 new accounts domestically—part of over 100,000 new clients added globally that month.

In summary, while Q3 2025 proved challenging for XTB in financial terms, the brokerage’s record-breaking client growth, strategic international expansions, and strong domestic market leadership underpin a resilient foundation as it navigates through the headwinds of dampened market volatility.