XTB review: Broker revenues drop 35% on low market volatility

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Sergey Shendetskyi

07.11.2025

XTB review: Broker revenues drop 35% on low market volatility — XTB reports a sharp decline in quarterly earnings

Polish multi-asset broker XTB SA (WSE: XTB) has released preliminary financial results for the third quarter of 2025, revealing a 35% decline in revenues to PLN 375.3 million (approximately USD 103 million) amid lower market volatility and reduced trading profitability.

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Net profit fell to PLN 53.2 million (around USD 15 million), representing a 75% decrease from the previous quarter. The company said that the downturn was primarily caused by lower client activity and reduced profit per CFD lot, which dropped from PLN 272 in Q3 2024 to PLN 152 in Q3 2025.

The broker explained that low volatility across financial and commodity markets limited trading opportunities and negatively affected client engagement. XTB described the quarter as one of the weakest since 2022.

Key operational highlights

Despite weaker profitability, XTB reported strong growth in client acquisition. The company added 221,762 new clients, up 105% year on year, bringing the total number of active clients to 919,976, a 75.9% annual increase.

Trading activity also expanded, with 2.09 million CFD lots traded in Q3 2025, an increase of 28.6% year on year. The nominal value of trades reached USD 1.12 trillion, up 60.8% compared with the previous year.

Operating expenses, however, rose sharply to PLN 322.7 million, compared with PLN 208.5 million in Q3 2024. The main contributors were marketing, employee benefits, and IT services. The company warned that total annual expenses for 2025 could increase by up to 40%, while marketing costs may grow by around 80%.

Maintaining growth amid market headwinds

XTB continues to focus on expanding its client base and global presence while investing in technology and marketing to strengthen brand awareness. The broker stated that long-term fundamentals remain solid, supported by increasing trading volumes and continued client growth.

While subdued market conditions affected profitability, XTB emphasized its ongoing commitment to scaling operations and enhancing the trading experience. The company expects improved market activity to support a stronger performance in upcoming quarters.

We also reported that Gartner, Inc. urges CIOs to pivot strategically amid volatility.

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XTB review: Broker revenues drop 35% on low market volatility

Key operational highlights

Maintaining growth amid market headwinds

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