XTB posts another strong quarter in Q2 2026 although Revenues down 9% to $261M

Polish CFD broker XTB reported Q2 2026 revenue of PLN 992.6 million ($261 million), down 9% from the record first quarter, and net profit of PLN 492 million ($130 million), 8% below Q1's record. Despite the sequential decline, management called the quarter strong: both figures remain well above any quarterly result XTB posted before 2026, when its prior best quarterly profit was around $80 million.

For the first half as a whole, XTB generated record operating revenue of PLN 2,086.6 million, up 79.7% year on year. Client growth was the main driver, with new client acquisitions nearly doubling to 703,333 from 361,643 a year earlier. Active clients reached 1,489,872, up 74.5% year on year. Although the number of CFD lots traded slipped 1.8%, profitability per lot improved to PLN 459, versus PLN 251 in H1 2025.

Average monthly trading volumes in Q2 fell to $343 billion from $444 billion in Q1. However, revenue per $1 million traded rose to $238 in Q2, up from $216 in Q1 and well above the $109 average for 2025.

Commodity CFDs dominated H1 revenue, accounting for 75.3% of the gross result on financial instruments, compared with 33.1% a year earlier. Gold, silver, crude oil and cocoa were the most profitable commodities. Index CFDs contributed 13.9%, down from 46.3%, while currency CFDs made up 5.0%, down from 15.6%. Among currency-linked products, bitcoin and ethereum CFDs were the most profitable.

The market backdrop was volatile. In Q1, conflict in the Middle East and the blockade of the Strait of Hormuz pushed crude oil prices up sharply, while gold and silver saw large swings. In Q2, investor focus shifted to equities, with the Nasdaq rising roughly 30% from its correction low, the S&P 500 gaining more than 15%, and the German DAX returning near record highs.

XTB's management targets 250,000-290,000 new clients per quarter during 2026. In the first 28 days of July, the group added 92,800 clients. Over the medium term (2027-2029), it aims to grow new client numbers by about 30% annually while keeping client acquisition costs near 2023-2026 levels. The group also rebranded its B2B division from X Open Hub to XTB Institutional, which currently contributes less than 5% of group revenue.