XTB estimates net profit in Q3 '25 at PLN 53.2 million compared to the consensus of PLN 150.3 million. “We will be able to use the potential”

XTB estimates that in Q3 2025 it had PLN 53.2 million of net profit – the company announced in a press release with estimates. PAP Biznes calculations show that EBITDA for this period amounted to PLN 59.8 million. The PAP Biznes consensus assumed a net profit of PLN 150.3 million and an EBITDA result of PLN 180.1 million.

Estimated revenues amounted to PLN 375.8 million compared to the consensus of PLN 481.5 million. In turn, operating profit amounted to PLN 53.2 million compared to the consensus PLN 168.4 million.

In the corresponding period of the previous year, XTB's net profit was PLN 203.8 million, EBIT was PLN 261.7 million, and revenues were PLN 470.2 million.

The press release indicated that the net result was achieved by generating consolidated revenues for the third quarter amounting to PLN 375.8 million. It was explained that the result is the result of a decrease in profitability per lot to PLN 152 (Q3 2024: PLN 272) and a decrease in profitability per 1 million trading in CFD derivatives in nominal value in USD – USD 84 (Q3 2024: USD 167).

It was indicated that operating costs also increased in the third quarter and reached nearly PLN 323 million.

In the company's assessment, the increased level of costs resulted mainly from higher expenditure on marketing campaigns, higher costs of salaries and employee benefits related to the increase in employment, and higher commission costs resulting from larger amounts paid to payment service providers.

In XTB's revenues in terms of instrument classes in the third quarter of 2025, the largest share (48.5%) had CFDs based on commodities, in particular those based on gold, natural gas and cocoa prices.

The second most profitable asset class were CFD instruments based on indices based on the American US100 and US500 and the VIX volatility index. Their share in the revenue structure amounted to 32.4%. (compared to 44.9% a year earlier).

Revenues from CFD instruments based on currencies accounted for 10.8%. (compared to 14.6% a year earlier), and the most profitable in this class were CFDs based on cryptocurrencies: ethereum, bitcoin and ripple.

In the third quarter, XTB clients actively invested in shares and ETP funds (including ETF funds), and the turnover in these instruments reached the value of USD 5.95 billion and was higher by 147.7%. than in the same period a year earlier.

Revenues from this asset class in the third quarter amounted to over 8%. compared to 2.3 percent in the same period of 2024.

It was added that the offer of interest on free funds was also very popular, which, in the company's opinion, reflects the size of net deposits, which amounted to PLN 3.23 billion at the end of September 2025 (+42.7% yoy).

In the third quarter of 2025, XTB introduced the IKZE account, long awaited by customers in Poland, to its offer.

The XTB team also focused on preparing for the introduction of cryptocurrencies to the offer, which is closely related to and dependent on the completion of the legislative process in Poland related to the adoption of the act adapting Polish regulations to the MiCA Regulation (Markets in Crypto-Assets Regulation).

While waiting for the completion of this process, XTB is carrying out work related to both the development of the necessary legal documents and the introduction of technological changes to the XTB application and platform that will allow the addition of cryptoassets to the offer.

As announced, the company is also working on introducing options to its offer, which depends on the acceptance of the option valuation model by the Polish Financial Supervision Authority, and the related process is currently in progress.

Additionally, XTB has obtained a license in Indonesia. The local subsidiary of XTB has already acquired its first customers, and its offer includes shares and ETF funds, while at the turn of 2025/2026 it is planned to also add CFD instruments.

It was also indicated that XTB has a customer base of 2 million.

“I am convinced that in times of greater volatility, we will be able to properly use the potential of our customer base, which should translate into a significant improvement in financial results,” said Paweł Szejko, member of the company's management board, quoted in the press release.

mcb/ osz/