XTB in 2026: record Q1 with PLN 535 m profit and 370 k new clients, dividend PLN 4.07 per share

XTB posts record Q1 2026: net profit PLN 535 m (+176% YoY) and 2.51 m client base

XTB S.A. - headquartered at ul. Prosta 67 in Warsaw (postcode 00-838), registered in the KRS under number 0000217580 - has published preliminary Q1 2026 results: net profit of PLN 535.0 m versus PLN 193.9 m in Q1 2025 (+176% YoY), with operating revenue of PLN 1,094 m (+88.5% YoY) and 370 k new clients acquired (taking the base to 2.51 m accounts). It is the strongest quarter in the history of the Polish CFD broker on the WSE - and a confirmation that the equity- and crypto-market volatility of 2026 translates directly into record turnover for XTB.

In parallel, on 26 March 2026 the management board recommended a dividend of PLN 4.07 per share out of the 2025 result (PLN 478.5 m in total, ~75% standalone-net-profit payout, ~4.4% yield). That is 25% lower than the PLN 5.45 paid out of 2024 - the first nominal cut in the 2022–2025 cycle in which XTB had been steadily raising payouts. Dividend record date: 15 June 2026. Payment: 24 June 2026.

XTB

WARSZAWA · KRS 0000217580 · SPÓŁKA AKCYJNA

Revenue

2.1 B PLN

ul. Prosta 67: Warsaw's Wola district, a 5-member board, 1,315 employees

The address ul. Prosta 67, 00-838 Warsaw places XTB's seat in the office cluster on Warsaw's Wola district - in the Prosta–Towarowa corridor, which also hosts the headquarters of PZU and several KGHM-related entities. The company has operated in its current corporate form (XTB S.A., KRS 0000217580) since 22 September 2004, and on the Warsaw Stock Exchange it has been listed since May 2016. The product core is CFD trading on equities, indices, commodities and crypto-assets - XTB is one of the three largest European retail brokers in this segment.

The company has a registered electronic-delivery address (AE:PL-91853-94018-VSRHV-26), a contact e-mail office@xtb.com, and the website xtb.com/pl. Governance: a five-member management board (CEO plus four management-board members), led since 2017 by Omar Arnaout. At group level XTB employs 1,315 people - with client-service offices in 13+ countries (Poland, Spain, Germany, the UK, Czechia, Romania, Portugal, Italy, France, Slovakia, Chile, Belize, the UAE).

Under Polish PKD codes the principal activity code is 66.12.Z - broker activity related to securities-and-commodity-exchange trading. It is the same code used by Dom Maklerski mBanku, BM Pekao and most retail brokers in the Polish financial-market sector.

Polish brokerage sector: XTB as the only major independent CFD broker on the WSE

The Polish brokerage market on the Warsaw exchange has, in 2026, a specific structure - most retail brokers are bank-owned subsidiaries (DM Pekao, DM mBanku, DM PKO BP, BM BNP Paribas), inaccessible to retail investors as a separate equity exposure. XTB remains the only major independent CFD broker listed on the WSE, which makes its ticker a rare instrument for exposure to the retail capital-market boom.

Three structural features of the XTB model that explain the Q1 2026 result jump:

• Volatility as the fuel of operating revenue - the CFD model generates most revenue from spreads on retail-client transactions. In periods of high volatility (in 2026: corrections on the S&P 500, rallies in bitcoin, FX moves around the US elections and the Middle-East conflict) client transaction volume rises sharply, and revenue with it. This makes XTB a ticker close to a „long-volatility option" - strongly correlated with the VIX and MOVE indices.
• Internationalisation as a buffer to domestic cycles - in 2026 more than 70% of XTB's new clients come from outside Poland (mainly Spain, Germany, Czechia, Romania, LATAM). That makes the company resistant to Polish-market downturns - when WIG20 falls, Spanish and German clients still trade the S&P 500 and DAX. The recent launch of options trading in Spain and Germany (Q1 2026) extends the offering with products previously reserved for US brokers like Robinhood.
• Equity- and ETF-driven asset growth in client portfolios - out of XTB's EUR 11.6 bn client assets at the end of Q1 2026, more than EUR 4.1 bn is in directly-held equities (not in CFD positions), and EUR 3.6 bn in ETFs. That is a structural shift: XTB is no longer just a CFD broker but also a platform for long-term retail investing - with a revenue model closer to Interactive Brokers than to a classical forex broker.

Implication for the investment profile: WIG20 candidate, generous dividend, volatility exposure

“In 2026 XTB has entered a phase in which the operating core of the business - market volatility plus EU retail-client acquisition - generates record quarters, but management simultaneously cut the nominal dividend by 25%. The signal is clear: the company wants to retain capital for further international expansion (LATAM, crypto spot, options on EU markets), even at the cost of less satisfaction for the dividend shareholder. The XTB valuation as a WIG20 candidate (market cap >PLN 10 bn) now depends mainly on whether 2026 actually delivers the announced 1 m new clients per year.”

Three expected consequences of the preliminary Q1 results for the XTB investment profile in 2026:

• A strong WIG20 candidate at the next index review - market capitalisation exceeded PLN 10 bn in early 2026, and for several months „XTB has been carrying the mWIG40". The next index review (June/September 2026) gives a high probability of promotion from mWIG40 to WIG20, which will trigger automatic share purchases by passive funds replicating the WSE's main index.
• Dividend policy remains generous but not guaranteed - the 75% payout with the PLN 4.07 dividend keeps XTB among the most generous mWIG40 dividend payers. At the same time the YoY nominal cut means that the floor (50% of standalone net profit) is the only firm commitment - in a weaker market year the dividend could fall further.
• Cyclicality of results remains high - the CFD model is inherently cyclical: a high-volatility year (like Q1 2026) generates records; a low-volatility year (like the calm 2017) leads to a multi-percentage-point revenue decline. An investor in XTB has to accept that the ticker is strongly correlated with global retail-trading activity - more so than the classical Polish consumer issuers on the WSE.

For the Mazowieckie voivodeship itself, XTB is one of the larger mWIG40 digital employers - with IT, product, trading and client-service departments combined, the group employs around 700+ people in the capital.

What you'll find in the XTB profile

The XTB S.A. profile in our database carries the full picture of the company: composition of the five-member management board (with CEO Omar Arnaout), the KRS registration history from 22 September 2004, the registered address at ul. Prosta 67 in Warsaw, e-delivery status (AE:PL-91853-94018-VSRHV-26), the website xtb.com/pl, the contact e-mail office@xtb.com, and the assigned PKD code 66.12.Z (broker activity). The profile is also available in English - important for international fintech / brokerage-fund investors, since XTB is the only major independent CFD broker listed on the WSE.

Data: Polish KRS Court Register (KRS 0000217580); Strefa Inwestorów - XTB 2026 dividend (26 March 2026); XTB current report 2/2026 - preliminary 2025 financial and operating results; XTB communication of 29 April 2026 - preliminary Q1 2026 results; PKD 66.12.Z classification (broker activity); company history - incorporated 22 September 2004, WSE IPO May 2016, as of 2026-05-02.