XTB Shares Surge on Record Growth and Ambitious Plans

XTB shares surge as investors prioritize record client growth, ambitious 2026 plans, the rollout of margin trading, and the expansion of retirement products. XTB shares jumped nearly 12% on Friday, closing at 84.8 zlotys in the fintech’s strongest single-day rally in five years. Investors brushed aside a 25% profit drop and instead rewarded the company’s surging client growth, expanding trading activity, and an aggressive product plan centered on margin trading and extended market hours.

XTB added 864,000 new clients in 2025—up 73% from the previous year—lifting the number of active clients to nearly 1.2 million. The broker aims to sign at least one million more in 2026 and has already logged 117,300 new accounts in the first 28 days of January.

In Poland, the company opened 442,000 accounts last year, driven largely by demand for IKE and IKZE retirement products. The rush for tax-advantaged investments underscored a rising national interest in long-term retirement planning. The surge has intensified a price war among local brokerages, prompting ING Bank Securities, the country’s fourth-largest brokerage, to prepare its own entry into the market.

Friday’s rally lifted XTB through major resistance at 78 and 82 zlotys, positioning the stock to test its all-time high of 90–92 zlotys, last seen in May 2025. The shares have risen 18% since the start of 2026, far outperforming the WIG index’s 6.5% gain and the WIG20’s 5.5% rise.

XTB’s growth plans for 2026 hinge on launching margin trading and extending trading hours. Margin trading will allow users to borrow funds to increase their market exposure, a feature that requires the broker to secure new credit facilities and financing partners. Extended hours will debut on U.S. markets with 24-hour access five days a week, with Europe to follow later in the year.

XTB Shares Surge on Record Growth and Ambitious Plans

“XTB has repeatedly emphasized its focus on clients, not just hard data,” said Arkadiusz Jóżwiak, editor-in-chief at Comparic.pl. “Margin trading and 24/5 trading show a clear willingness to compete with the biggest fintechs in Europe.”

The company also plans to launch OKI savings accounts in Poland and expand retirement-focused products across Europe, including cash ISAs in the UK and a refreshed Investment Plans 2.0 platform.

Only 7% of new XTB clients now make their first trade in CFDs, a sharp decline from 80% in 2019. Most newcomers enter through stocks, ETFs or retirement products—segments that strengthen long-term engagement but reduce average revenue per client. Revenue per active client fell to 1,800 zlotys in 2025 from 2,700 zlotys a year earlier.

CFD trading volume still climbed 41% during the year, but profitability per lot dropped 21.8% to 215 zlotys. Gold-based CFDs dominated fourth-quarter activity with a 38% share, though lower margins limited earnings.

Consolidated net profit sank to 643.8 million zlotys from 856.9 million in 2024. Operating profit fell 15.4% to 834.3 million zlotys as expenses climbed sharply. Marketing costs rose by 240 million zlotys, while personnel expenses increased by 101 million zlotys, pushing total operating expenses to 1.31 billion zlotys. XTB cautioned that costs could rise another 30% in 2026, with marketing spending potentially surging 50% to support its client-acquisition push.

Analysts at Noble Securities had previously projected that XTB could reach 1 billion zlotys in annual profit by 2026, but escalating acquisition costs and intensifying European competition could complicate that trajectory.

Despite the profit squeeze, Friday’s market reaction signaled strong investor confidence that XTB’s client momentum and product expansion will sustain growth in the years ahead.

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