- Strong momentum in acquiring new clients – adding 361,600 new users, which represents a 55.7% increase YoY.
- LThe total number of clients has surpassed 1.7 million, marking a 53.0% growth compared to the same period last year.
- The number of active clients reached a record high, increasing by 69.9% YoY to 853,900.
- The increasing number of active clients and their heightened transaction activity have led to a record operating income of EUR 275.0 million (+26.4% YoY)
- Net profit was EUR 97.2 million, compared to EUR 107.4 million last year. In line with expectations, operating expenses rose to EUR 144.2 million, primarily due to increased spending on online and offline marketing campaigns and higher labor costs associated with a growing workforce.
XTB is thriving in its strategic development, evolving into an investment super app where clients’ money can work in multiple ways. By expanding its client base and actively attracting diverse groups of investors, it is not only enhancing accessibility to investment opportunities but also shaping the future landscape of investing.
We dispelled the myth that the second quarter is inherently weaker than the others by expanding our client base and enhancing our global brand. The past half of the year has been busy as we launched new products aimed at empowering investors in Poland and France to embrace long-term investing, while also continuing our marketing campaigns and expanding our footprint in Hungary and Chile, comments Omar Arnaout, CEO of XTB. I am particularly pleased with the increase in new clients and their active investment activities. This trend indicates that we are effectively reaching new demographics seeking efficient ways to invest their money. The growing number of clients will serve as a solid foundation for our development in the coming years, and we will continue to prioritize this area, adds Arnaout.
Revenue model and customer assets
In the first half of 2025, contracts for difference (CFDs) based on indices accounted for 46.3% of revenue, up from 37.2% the previous year. This increase was driven by transactions linked to the US 100, German DAX (DE40), and US 500 indices. CFDs based on commodities contributed 33.1% of revenue, down from 48.2% in the first half of 2024, primarily due to the performance of gold, crude oil, natural gas, and coffee. CFDs based on currencies made up 15.6% of revenues, rising from 10.3% last year, with the EUR/USD pair and Bitcoin being the most profitable instruments in this category.
In the first half of 2025, XTB clients were actively investing in shares and exchange-traded products (ETPs), including ETFs. Year-over-year, trading in these instruments surged by 118.6%, reaching a total of USD 8.8 billion.
In the first half of the year, EU clients conducted over 21 million transactions involving shares, exchange-traded products (including ETFs), and investment plans. In comparison, the total number of transactions in these asset classes for the entire year of 2024 reached 27 million. Almost 80% of the initial transactions made by new XTB clients in H1 2025 also focused on these asset classes.
Net deposits totaled EUR 1.7 billion, reflecting a significant 94% increase from the previous year, as clients capitalized on interest from their idle funds.
At the close of the first half of 2025, XTB client assets totaled EUR 8.46 billion. Of this amount, approximately EUR 4.5 billion represented the nominal value of instruments held by clients in their accounts, including stocks and ETPs. Nearly EUR 1.1 billion consisted of client funds, while approximately EUR 2.9 billion was the nominal value of CFD instruments.
Record new customer acquisition and their investment activity
In H1 2025, XTB acquired a record of over 361 thousand new clients (+55.7% y/y). At the end of June 2025, a total of 1.7 million clients invested via the XTB app and web platform, compared to 1.1 million at the end of H1 2024. In turn, between July 1 and 30, 2025, another 61.9 thousand new investors joined XTB’s client base. The number of active customers also increased significantly, reaching a record level of 853.9 thousand, which means an increase of 69.9% year-on-year.
Product portfolio and new features to boost account security
In 2025, XTB aims to further expand its offerings for individuals looking to make their money work, both actively and passively. The company is pursuing the development of necessary legal documents and technological advancements to introduce options and cryptocurrency trading to its portfolio. The implementation of this year’s product plan depends on many external factors and is closely tied to the completion of the regulatory process related to the implementation of the MiCA regulation in Poland.
In addition to ongoing product development, XTB is making significant investments in technological security, with the budget for the security department increasing by 48% over the past year. These investments focus on acquiring software, security services, and hiring specialists.
We recognize that online fraud is a serious threat in today’s digital landscape, which is why we offer investors protective tools and actively participate in cybersecurity education, comments Omar Arnaout, CEO of XTB.
To date, XTB has completed numerous initiatives aimed at enhancing account security, including strengthening two-factor authentication (2FA) by introducing an additional authentication method: Time-Based One-Time Passwords (TOTP). This involves generating one-time codes using apps such as Google Authenticator, Microsoft Authenticator, and Apple Passwords. Recently, the company also began the process of mandating 2FA for users across multiple countries.
Expanding the global footprint
XTB is solidifying its strong market position and rapidly expanding customer base by making significant strides into non-European markets. The company is consistently implementing its strategy to establish a global brand. With the recent acquisition of a securities agent license in Chile, XTB can now offer local clients access to European and U.S. shares, along with ETP funds. Additionally, the company is preparing a marketing campaign targeting clients in Indonesia to promote its diverse selection of stocks and ETFs.
The “Puls Biznesu” daily has published the results of the Listed Company of the Year 2024 ranking, which highlights the best companies listed on the Warsaw Stock Exchange. For the second time in a row, we took 1st place in the main ranking in the assessment of individual and institutional investors.
The “Parkiet” daily recently published the results of its annual study on companies’ communication with the market. We are pleased to announce that we achieved third place among the WIG30 companies in the rating of individual investors, exceeding the average score. Additionally, we ranked among the top ten in the financial institutions category, which confirms the high level of XTB’s communication with the market. Our results reflect a very positive outcome, combining the ratings from both groups of survey participants.
On a quarter-on-quarter basis, operating expenses increased by PLN 22 703 thousand mainly due to PLN 10 496 higher online marketing expenses, PLN 6 826 thousand higher salary and employee benefits expenses, mainly as a result of an increase in the number of employees, and PLN 3 679 thousand higher commission expenses, as a result of higher amounts paid to payment service providers through which clients deposit their funds on transaction accounts. 
As a result of XTB’s growth, the Board estimates that total operating expenses in 2024 could be up to a quarter higher than what we saw in 2023. The Board’s priority is to continue to grow its client base and build a global brand. As a result of ongoing activities, marketing expenses could increase by around a third compared to last year. 
In November 2023, XTB introduced another new feature, i.e. interest on free funds in client accounts. The interest is calculated daily and paid to the account at the end of the month. Interest is offered for the following currencies: PLN, EUR, USD, GBP, CZK and RON.
