Warsaw-listed XTB S.A. reported preliminary net profit of 1.03 billion zloty (about 242 million euros) for the first half of 2026, up 150.5 percent from 410.1 million zloty a year earlier. The figures come from current report no. 18/2026, filed on 29 July 2026 at 17:14 through ESPI, the Polish market’s mandatory disclosure system for price-sensitive information from listed companies. They are explicitly described as preliminary and unaudited. The full consolidated half-year report is due on 28 August 2026.
Operating revenue reached 2,086.6 million zloty, a rise of 79.7 percent from 1,160.9 million zloty in the first half of 2025. Operating costs came to 884.3 million zloty against 608.7 million a year earlier.
What the quarters show
The record applies to the half-year, not to the latest quarter. The strongest quarter was the first, with net profit of 535 million zloty and revenue of 1,094 million zloty.
| Period | Net profit (mn PLN) | Revenue (mn PLN) |
|---|---|---|
| H1 2026 | 1,027.2 | 2,086.6 |
| H1 2025 | 410.1 | 1,160.9 |
| Q1 2026 | 535.0 | 1,094.0 |
| Q2 2026 | 492.2 | 992.6 |
| Q2 2025 | 216.1 | — |
Second-quarter profit was 127.7 percent higher than in the same quarter of 2025, but 8 percent lower than in the first quarter of 2026. Revenue fell 9.3 percent quarter on quarter.
Against the analyst consensus compiled by the Polish news agency PAP Biznes, second-quarter profit came in 29.6 percent above the expected 379.9 million zloty, and revenue 14.9 percent above the expected 863.7 million. Net margin was 49.6 percent versus the 43.9 percent the consensus implied.
Fewer lots, more per lot
Trading volume did not rise. Clients traded 4,154,831 CFD lots in the first half of 2026, down 1.8 percent from 4,229,558 a year earlier. A CFD is a leveraged contract settling the price difference on an asset the client never owns, and a lot is the standard unit of trade size.
What changed was profitability per unit. XTB reported 459 zloty of revenue per lot, against 251 zloty in the first half of 2025.
The mix of instruments changed too. Commodity CFDs on gold, silver, oil and cocoa generated 75.3 percent of gross profit on financial instruments, compared with 33.1 percent a year earlier. Index CFDs fell from 46.3 percent to 13.9 percent, and currency CFDs from 15.6 percent to 5.0 percent. CFDs of all kinds accounted for 96.0 percent of gross profit on instruments, or 1,982.4 million zloty out of 2,065.4 million, with all other instruments contributing 82.9 million zloty.
Separately, the report states that shares, exchange-traded funds or investment plans made up 82.9 percent of first transactions by new clients in the European Union.
In the report XTB attributes the result to market volatility, a growing active client base, higher marketing spending and a wider product range. Marketing costs rose by 171.2 million zloty year on year, with the company citing brand ambassador Zlatan Ibrahimovic and sponsorship of FIBA and SSC Napoli.
Client numbers and the regulatory charge
XTB counted 2,825,700 clients as of 30 June 2026, up 66.4 percent from 1,697,894 a year earlier. XTB signed up 703,333 new clients in the half-year, up 94.5 percent: 370,041 in the first quarter and 333,292 in the second. An addendum covering the first 28 days of July adds 92,800 more, taking the total to roughly 2.92 million as of 28 July 2026.
Active clients numbered 1,489,872 over the half-year, up 74.5 percent, and 1,415,129 in the second quarter alone. The report’s footnote counts as active anyone who merely held an open position or kept interest-bearing cash in the account during the period, so the figure is not a count of people who traded.
Client assets stood at roughly 50 billion zloty at the end of June, of which 23.35 billion was in shares and 20.02 billion in ETFs. The capital ratio under the Investment Firms Regulation was 193.5 percent. XTB paid a dividend from 2025 earnings on 24 June 2026: 478.5 million zloty, or 4.07 zloty per share.
First-quarter costs include a one-off charge of 20 million zloty tied to a 30 March 2026 decision by Poland’s financial supervisor, the Komisja Nadzoru Finansowego (KNF). The KNF cited faulty checks of clients’ knowledge and experience between 1 January 2022 and 16 August 2023, target-market definitions set without regard to instrument complexity, an undisclosed conflict of interest in a “HOT” algorithm promoting instruments with wider spreads, and incomplete disclosure of CFD risks. The decision is not final. XTB filed a request for reconsideration on 11 May 2026, so the penalty is not yet payable.
XTB shares closed more than 7 percent higher on 30 July 2026. A day later, on 31 July 2026, the stock set an all-time high of 149.66 zloty. Turnover in XTB shares on 30 July was 160.4 million zloty, almost half of all trading in mWIG40 stocks, the Warsaw Stock Exchange index of mid-cap companies.