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XTB has posted record operating income for the first quarter of 2025, fuelled by substantial growth in its client base and increased trading activity, though net profit declined compared to the same period last year.
The online trading provider reported consolidated revenues of €138.7 million for Q1 2025, representing a 7.8% increase year-on-year, while net profit fell to €46.3 million from €70.1 million in Q1 2024.
Operating costs rose to €75.5 million, which the company attributed to higher marketing expenditure, increased salary costs related to expanding its workforce, and higher commission payments to payment service providers.
XTB gained 194,300 new clients during the quarter, a 49.8% increase compared to the same period last year and in line with its quarterly target of 150,000-210,000 new customers. The company's total client base reached 1.54 million by the end of March 2025, up from 1.01 million a year earlier.
Active customer numbers showed substantial growth, reaching a record 735,400 in Q1 2025, representing a 76.5% increase from 416,600 in Q1 2024.
Omar Arnaout, CEO of XTB, commented: "The first quarter of 2025 was successful for XTB in terms of expanding our client base and strengthening our global brand, aligning well with the key goals of our development strategy. I am particularly pleased with the increase in new clients and their active investment activities. This indicates that we can effectively reach new client demographics who are more engaged in their investments during periods of market volatility."
CFDs based on indices accounted for the largest share of revenue at 52.3%, particularly those tracking the German DAX (DE40) and American US 100 and US 500 indices. Commodity CFDs, including natural gas, gold and coffee, represented 29.1% of total revenue, down from 48.7% in the previous year. Revenue from currency-based CFDs fell to 13.5% from 23.2% a year earlier.
The company reported significant growth in share and exchange-traded product (ETP) trading, with volumes increasing 121.3% year-on-year to $4.1 billion. In EU markets, nearly 80% of initial transactions by new XTB clients involved shares, ETPs, or investment plans based on these instruments.
Net deposits climbed to €986.3 million, up 123.6% from the previous year, with total client assets reaching €7.2 billion by the end of Q1. Of this amount, approximately €3.7 billion represented the nominal value of instruments held in client accounts, €1.0 billion consisted of client funds, and about €2.5 billion was the nominal value of CFD instruments.
XTB continues to expand its product offerings, having launched a PEA account in France and enabled ISA account transfers in the UK during Q1. The company is also preparing to introduce options and cryptocurrency trading, subject to regulatory approvals.
Geographically, XTB is preparing to launch operations in Indonesia in the first half of 2025 and Brazil, where it is seeking necessary licences. The company has obtained a securities agent licence in Chile, allowing it to offer shares and ETF funds, and recently opened a second office in Dubai to strengthen its presence in the Middle East.
"We aim to make the XTB application the top choice for individuals looking to make their money work, both passively and actively," added Arnaout. "We understand the importance of not only offering a wide range of products but also providing an efficient onboarding process for new clients and effective support when they need it."
