SPÓŁKA AKCYJNA
XTB
XTB Spółka Akcyjna
SPÓŁKA AKCYJNA
Listed on the Warsaw Stock ExchangeXTB Spółka Akcyjna
XTB S.A. is a Warsaw-listed brokerage that runs an all-in-one investment app — combining CFD trading, equity and ETF investing, and tax-advantaged retirement / savings products (IKE, IKZE, Investment Plans) on a single platform. At the end of March 2026 the group served more than 2.5 million clients across 12 markets, with its Polish KNF licence as the home regulatory base. 2025 was a record year — PLN 2,146 million in operating revenue and PLN 644 million net profit — and Q1 2026 was the strongest quarter ever, delivering an estimated PLN 535 million net profit on PLN 1.09 billion of revenue. From the 2025 result, the AGM allocated PLN 478.5 million (PLN 4.07 per share) to dividends. The controlling 35.78% stake sits with Luxembourg-based XX ZW Investment Group S.A., directly controlled by founder Jakub Zabłocki.
What XTB actually sells and operates.
Contracts for difference on FX, indices, commodities, stocks, ETFs and crypto. The highest-margin part of the retail business.
Direct access to equities and ETFs on US, German, Polish and other markets. 2025 nominal turnover: USD 21.8 billion.
Passive, recurring investing into ETF baskets. Flagship long-term retention product; version 2.0 in private testing in Q1 2026.
Tax-advantaged retirement accounts. IKE: more than 159k, IKZE: more than 41k accounts at end of March 2026.
Institutional brand: liquidity provision and white-label trading-platform infrastructure for other financial institutions.
Proprietary trading and education platform: trading, market analysis, training materials and webinars in one place.
Clients (March 2026)
over 2.5 million
2025 revenue
PLN 2,146 mln
2025 net profit
PLN 644 mln
Q1 2026 net profit (prelim.)
PLN 535 mln
2025 dividend
PLN 4.07 / share
Markets
12
Market capitalisation
12.44B PLN
Ranked #23 among the largest Polish companies in WIG-POLAND.
No arrears identified in the analyzed sources
No arrears or bankruptcy proceedings identified in the analyzed sources.
Main activity
66.12.ZSecurity and commodity contracts brokerage
Other activities
WWW.XTB.COM/PLSelected excerpts from our analysis of XTB. Full analysis on the Analysis tab.
XTB S.A. is a Warsaw-listed brokerage that markets an all-in-one investment app - combining CFD trading, equity and ETF investing, and retirement / savings products (IKE, IKZE, Investment Plans) on a single platform. With more than 2.5 million clients at the end of March…
Read the full company profile XTBThe group operates two complementary segments: retail (XTB brand) and institutional (X Open Hub). The retail segment is the core revenue driver, with the XTB app bundling CFD trading, cash equity and ETF investing, recurring investment plans and retirement accounts into a…
Explore the business model XTBFY 2025 closed at record levels - PLN 2,146 million in operating revenue, PLN 644 million in net profit, PLN 832 million EBIT, on PLN 1,314 million of operating costs. The result exceeded every prior year, supported by sustained client acquisition (864k new clients) and…
See full financial performance XTBCredibility rating
57.2 / 100
Average credibility
Insolvency risk
Very low
Low threat
Closure risk
1
/ 100
Risk comparison - scale 0 (safe) → 100 (critical)
Spółka wykazuje sygnały niestabilności organizacyjnej: częste zmiany w zarządzie. Może to wskazywać na podwyższone ryzyko współpracy.
Shareholder changes
0
0/22 yrs
Board changes
18
18/22 yrs
PKD changes
4
4/22 yrs
Name changes
1
1/22 yrs
Data from 22 years of registry activity.
Payment reliability score from 2013–2025
Current: C (57/100)
Trend: deteriorating (-9.0 pts/year)
Moderate payment credibility - the company is able to meet its obligations, but some indicators warrant caution.
Standard limit from 2013–2025
Current: 382.2 M PLN
Safe: 172.0 M PLN
Difference between risk models
Closure - probability of ceasing operations (operational continuity). Insolvency - probability of formal bankruptcy / restructuring. The models use different data - results can diverge significantly when balance-sheet data is incomplete.
Listed on the Warsaw Stock Exchange
XTBISIN: PLXTRDM00011Główny Rynek
Ranked #23 in WIG-Poland
Founded
September 22, 2004
21 years in operation
Legal form
SPÓŁKA AKCYJNA
Registry: RejP
Headquarters
WARSZAWA
MAZOWIECKIE
Primary PKD
66.12.Z
Security and commodity contracts brokerage
Share capital
5.9 M PLN
Shareholders
N/A
Board
5 people
Sup. board: 6
Filed years
13 years
2013–2025 · profitable: 12/13
Registry entries
126
latest: January 8, 2026
Revenue
2.1 B PLN
2025
Net profit
644.2 M PLN
2025
Assets
9.1 B PLN
2025
Equity
2.0 B PLN
2025
EBITDA
857.8 M PLN
2025
Listing data for XTB on the Warsaw Stock Exchange (GPW) - share price, session change, market segment, industry sector, ISIN code and stock-index membership.
Quotes, shareholders, announcements
XTB
ISIN: PLXTRDM00011
Global Legal Entity Identifier (LEI) for XTB from the GLEIF database - code, status, BIC, registered address and registration details.
LEI code
259400AVUPSABLEXNT19
Legal name
XTB SPÓŁKA AKCYJNA
Registry number
0000217580
Jurisdiction
PL
BIC code
Registered address
WARSZAWA PROSTA 6700-838 WARSZAWAPLHeadquarters
Same as registered address.
Rate business credibility - XTB.
Consumer brands owned by this company.
News
XTB S.A. published preliminary Q1 2026 results: PLN 535 m net profit (+176% YoY) and 370 k new clients. The board simultaneously recommends a PLN 4.07 dividend on the 2025 result - 25% lower than the PLN 5.45 paid out of 2024. The company is a WIG20 candidate.
News
Warsaw-based MCI Capital ASI S.A. (KRS 0000004542) closed 2025 with net profit of PLN 45.5 m and NAV of PLN 2.1 bn. The most important transaction was the sale of IAI Group to Montagu PE (over PLN 1 bn, MCI.EuroVentures 1.0 net proceeds PLN 470.5 m) - the largest CEE B2B-software deal of 2025. Total 2025 exits: around PLN 815 m for MCI (from transactions worth over PLN 890 m total), including Answear, Gett, Netrisk, Webcon. Dividend policy of 4% of equity: PLN 83 m recommendation (~5.6% yield). Portfolio companies generate over PLN 500 m of normalised EBITDA, 26-year NAV CAGR around 15%.
Client base scale and acquisition velocity. More than 2.5 million clients at end of March 2026 and a record 370k net new clients in Q1 2026 alone (+90% y/y). Each additional account amplifies operating leverage when market volatility expands. Proprietary all-in-one platform.…
Dominant exposure to commodity CFDs. In Q1 2026, 88.5% of gross instrument revenue came from commodity CFDs and 5.1% from FX (including crypto). Quarterly profitability is highly sensitive to a single asset class - fuel for the Q1 2026 record, but a margin headwind in calmer…
Explore the weaknesses XTBProduct expansion into long-term assets. Investment Plans 2.0 in private testing and continued growth in tax-advantaged accounts (IKE 159k, IKZE 41k, French PEA ~11k) reduce dependence on the volatility cycle. Spot-crypto launch. First rollout planned on Cyprus in H1 2026,…
Explore the opportunities XTBCFD regulatory risk. Any tightening by ESMA, KNF or local regulators (leverage caps, marketing restrictions, instrument-level bans) can immediately compress the margin profile of the highest-margin part of the business. Volatility regime collapse. The Q1 2026 record was…
Explore the key risks XTBXTB competes simultaneously across three segments: CFD brokers, retail-investor fintech apps and traditional bank-owned brokerages. In Poland, the natural references are DM Pekao, mBrokers (mBank) and Bossa (DM BOŚ); in Europe - Trading 212, eToro, Plus500, IG Group and…
See the competitive analysis XTBNear term, the key catalyst is the full Q1 2026 consolidated report scheduled for 15 May 2026 - the market will test how the PLN 535 million preliminary net profit converts into final margins, marketing spend and revenue mix by asset class. Management commentary after the FY…
Explore the outlook XTBHeadline goal: build a global first-choice brand for retail investors who want to manage their money through a single all-in-one investment app. The development strategy rests on five pillars.
Explore the strategy XTBThe management board recommends to the General Meeting a payout in the range of 50% to 100% of standalone net profit for each financial year. The exact level reflects:
See the dividend policy XTBThe current management-board term was granted on 2 July 2025 and runs through 2 July 2028.
Explore corporate governance XTBGLEIF data, retrieved 2026-05-10.
View 259400AVUPSABLEXNT19 on GLEIFRegistered shareholders of XTB, the chain leading to the ultimate owner, and the geographic origin of the capital.
Share capital
5.9 M PLN
Natural persons exercising effective control over XTB and authorised representatives - data from the Polish Central Register of Beneficial Owners (CRBR) maintained by the Ministry of Finance.
XTB is a public company listed on the Warsaw Stock Exchange and is not required to file beneficial-owner information with the CRBR.
Exemption: The obligation does not apply to joint-stock companies that are public companies within the meaning of the Polish Act on Public Offerings.
Why? The risk of concealing the identity of controlling persons in listed companies is considered lower thanks to the transparency of the shareholding structure.
Note: If a company is a joint-stock company but is not public (not listed on a stock exchange), the obligation to file with the CRBR still applies.
Answers to questions about the company's activity, registered office, identifiers, financial data, capital and control.
Three variables explain most of the price moves. First, financial-market volatility — XTB is a pro-cyclical broker; rising volatility (FX, crypto, indices) directly lifts volumes and operating revenue. Second, client-base dynamics — growth from 2 m to 2.5 m clients in 2024-2025 is a fundamental valuation driver; any slowdown in client acquisition weighs on the multiple. Third, ESMA and KNF regulation around CFDs — every tightening round (e.g. leverage limits, marketing restrictions) directly cuts margins and volumes. Secondary: dividend policy, geographic expansion, fintech competition (Revolut entering investing), USD/EUR-PLN rate (multi-currency business). An investor's first glance at XTB should be market volatility and client-base dynamics — these two variables shape most of the valuation.
20 historical registry entries for XTB
Board change
WA.XIII NS-REJ.KRS/3842/25/124
Board change
WA.XIII NS-REJ.KRS/29022/25/114
Filing documents submitted (9 documents)
Board change
WA.XIII NS-REJ.KRS/39351/25/986
Board change
WA.XIII NS-REJ.KRS/69208/25/108
Latest reporting year
2025
Available years
22
Filing entries
0
Capital origin
kapitał krajowy
Ownership chain
Share capital
5,878,462.55 PLN
Shares outstanding
117,569,251
| Shareholder | Shares | Capital share | Votes | Vote share |
|---|---|---|---|---|
| XXZW Investment Group SA | 42,067,329 | 35.78% | 42,067,329 | 35.78% |
| Other minor shareholders | 75,501,922 | 64.22% | - | - |
* z podmiotami zależnymi
Source: GPW (shareholders with ≥5% of capital or votes). Other minor shareholders are the public float.
Trademarks filed or registered by XTB in the Polish Patent Office (UPRP) - filing dates, status, Nice classes and graphical marks.
3 most recent trademarks
XTB Digital
Filing date: 2023-07-06
activexMobile
Filing date: 2022-01-28
activeXTB Academy
Filing date: 2013-11-29
expiredAverage annual headcount for XTB and its capital group by year - figures disclosed in the issuer's annual reports.
Number of employees hired directly by the company.
As of 2024
1,028
| Year | Headcount | YoY change |
|---|---|---|
| 2024 | 1,028 | +202 (+24.5%) |
| 2023 | 826 | +119 (+16.8%) |
| 2022 | 707 | +303 (+75%) |
| 2021 | 404 | +69 (+20.6%) |
| 2020 | 335 | -28 (-7.7%) |
| 2019 | 363 | +20 (+5.8%) |
| 2018 | 343 | -7 (-2%) |
| 2017 | 350 | +134 (+62%) |
| 2015 | 216 | +30 (+16.1%) |
| 2014 | 186 | +7 (+3.9%) |
| 2013 | 179 |
Consolidated headcount across the capital group.
As of 2024
1,245
| Year | Headcount | YoY change |
|---|---|---|
| 2024 | 1,245 | +191 (+18.1%) |
| 2023 | 1,054 | +194 (+22.6%) |
| 2022 | 860 | +255 (+42.1%) |
| 2021 | 605 | +73 (+13.7%) |
| 2020 |
GPW data, retrieved June 4, 2026.
| 532 |
| +98 (+22.6%) |
| 2019 | 434 | +43 (+11%) |
| 2018 | 391 | +3 (+0.8%) |
| 2017 | 388 | -4 (-1%) |
| 2015 | 392 | +63 (+19.1%) |
| 2014 | 329 | +21 (+6.8%) |
| 2013 | 308 |
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