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XTB GPW mWIG40 Periodic report · PAP Biznes

XTB SA (XTB) · Q2 2026 results

Share price: 135.40 zł · 2026-11-10

XTB SA provides brokerage services on the stock exchange and over-the-counter markets. The company offers investment products such as stocks, ETFs, and CFD contracts to various groups of investors. It operates as a fintech broker providing investment tools and a proprietary online trading platform. Sources: Half-year report (2026-08-28) · Wikipedia

Results Q2 2026 vs Q2 2025 · year over year · published 28 Aug 2026 and 28 Aug 2025

Net income up 127.7% year on year. The report's language is unchanged.

1 · Numbers

+127.7%

Net income vs Q2 2025

Net income 492.2M vs 216.1M

Revenue +70.9%

Why Net income rose because the Group achieved a record level of consolidated operating revenues of 2,086.3 million PLN, supported by a 66.4% year-on-year increase in the total client base.

2 · How the report reads

Unchanged

Language tone vs last period

Report language: typical for a company report — about as upbeat as in Q2 2025.

Weak signal: formal report language, not a call.

3 · What stood out

XTB Group's total customer base grew 66.4% year-over-year to 2.83 million as of June 30, 2026, up from 1.70 million in the same period of 2025.

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Figure

    Consolidated operating revenues reached a record 2,086.3 million PLN while operating costs rose to 884.1 million PLN compared to 1,160.9 million PLN and 608.7 million PLN in the first half of 2025.

    Source quote
    “Consolidated operating revenues reached a record level of 2,086.3 million PLN (H1 2025: 1,160.9 million PLN), with operating expenses at 884.1 million PLN (H1 2025: 608.7 million PLN).”
  2. Figure

    The total customer base grew by 66.4% year-over-year to 2.83 million as of June 30, 2026, up from 1.70 million on June 30, 2025, due to a dynamic acquisition pace.

    Source quote
    “The dynamic pace of acquisition resulted in an increase in the total customer base to 2.83 million as of June 30, 2026 (compared to 1.70 million as of June 30, 2025, representing a 66.4% y/y increase).”
  3. Figure

    XTB S.A. allocated 5,696 thousand EUR (approx. 21,614 thousand PLN) on July 24, 2026, to increase the share capital of its subsidiary XTB Agente de Valores SpA in Chile.

    Source quote
    “On July 24, 2026, the dominant entity XTB S.A. allocated EUR 5,696 thousand (approx. PLN 21,614 thousand) to increase the share capital in the subsidiary XTB Agente de Valores SpA based in Chile.”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q2 2025.

Report language Typical (was typical)

Typical for a company report — about as upbeat as in Q2 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone
“Interest rate risk is the risk resulting from the exposure of the Group's current and future financial result and its capital to the adverse impact of changes in interest rates.”
“However, its common elements are: ▪ Identification of threats and risk factors - i.e., elements that could have a negative impact on tasks and objectives, as well as on clients and the market, ▪ Analysis...”
“This situation currently has no significant impact on the Group, however, it caused high volatility in financial and commodity markets worldwide, which affected the transaction activity of XTB clients and...”

Full figures

PLN · PAP Biznes report (2026-08-28)

Metric Q2 2026 Q2 2025 Change
Revenue 992.3M 580.6M +70.9%
Gross profit — 260.8M
Operating income 572.6M 287.7M +99.0%
Net income 492.2M 216.1M +127.7%
EPS 4.19 1.84 +127.7%
P/E today 24.2 33.0 10.4 +22.6

Topics

Topics are drawn from the full report text, not management commentary.

Most discussed now

  • This situation currently has no significant impact on the Group, however, it caused high volatility in financial and commodity markets…
  • The group of assets or liabilities dependent on interest rates and the holding of assets or liabilities in interest rate-dependent…
  • The Group performs an assessment of the impairment of overdue receivables and includes a write-down of the estimated value of receivables…
  • The Risk Control Department is responsible for the implementation and operation of the organizational risk management system.
  • Interest rate risk is the risk arising from the exposure of the Group's current and future financial result and its capital to the adverse…

Faded since Q2 2025

  • Fading The Group includes transactions primarily in instruments exposed to currency risk.
  • Fading The Company identifies liquidity risk as the risk of losing payment liquidity, i.e., the risk of losing the ability to finance assets and…
  • Fading To liquid assets for IFRS purposes, the Company includes, among others, unencumbered own funds deposited in bank accounts and held Treasury…
  • Fading The impact of the adjustments due to counterparty credit risk estimated by the Group was not significant from the perspective of the total…

Latest announcements

Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.

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