Investors following XTB’s UK operations learned this week that XTB UK revenue doubles to £8.64 million for the year ended 31 December 2025, up from £4.51 million the year before, as the company pushed further into mainstream retail investing beyond its CFD roots.
XTB Limited is the UK subsidiary of Warsaw-listed fintech XTB S.A., authorised and regulated by the Financial Conduct Authority. The UK entity operates separately from the parent group but shares the same strategic direction: move away from contracts for difference (CFDs), which are leveraged derivative products, towards a broader range of assets including stocks, ETFs, and savings products.
XTB UK Revenue Doubles Despite Soaring Costs
Cost of sales was effectively nil, so gross profit matched revenue at £8.64 million. The harder question for holders is whether the company is converting that revenue growth into meaningful profit, given that costs rose sharply alongside it.
Administrative expenses nearly doubled to £8.16 million from £4.13 million. That is a considerable jump, and it left operating profit at just £478,969, up from £375,968 in 2024. In other words, revenue grew by £4.13 million but operating profit grew by only around £103,000, because the business is spending heavily to build out its platform and attract clients.
Finance costs rose to £11,868 from £1,740. Profit before taxation reached £467,101, compared with £374,228 the prior year. After an income tax charge of £147,864 (up from £95,128), post-tax profit came to £319,237, compared with £279,100 in 2024.
These are modest absolute profit figures for a regulated broker. The story here is investment, not extraction: the company is ploughing revenue growth back into the platform rather than banking it as profit.
The Pivot From CFDs to a Multi-Asset Platform
XTB Limited described 2025 as a year of continued transition from a ‘predominantly CFD-focused broker’ to a ‘broader, multi-asset investment platform’ aimed at the UK mass investment market. Product development centred on ‘expanding longer-term investment solutions’ and ‘enhancing accessibility for non-CFD clients.’
For ISA savers, the practical manifestation of that pivot arrived earlier this year with the launch of a Cash ISA, sitting alongside XTB’s existing Stocks & Shares ISA. A £10,000 Cash ISA holding illustrates the competitive dynamic: the rate on offer and the accessibility of the platform matter more to that customer than leverage ratios or CFD spreads.
The group-level numbers show why the parent company is prepared to absorb heavy UK costs. XTB S.A.’s preliminary 2025 results show group-wide operating income of EUR 506.7 million, a 16.4% year-on-year increase, with net profit of EUR 151.9 million. Total clients surpassed 2.16 million after the group added over 864,000 new clients, a 73.4% increase year-on-year.
The non-CFD shift is showing up in the group’s revenue mix too. Group revenues from trading stocks and ETPs exceeded EUR 18 million for the full year, a rise of over 155% year-on-year, while active clients reached a record 1.19 million, up 69.7%. CFD trading still dominates the group’s income, but the diversification away from it is accelerating.
The early momentum has continued into 2026. XTB acquired over 117,000 new clients group-wide in the first 28 days of January 2026 alone, suggesting the client growth rate remained elevated as the new year opened.
Germany in the Marketing Crosshairs for 2026
The UK is not the only market absorbing investment. Chief Executive Omar Arnaout has said the group plans to spend more on marketing in Germany than in Poland during 2026, targeting brand recognition in one of its key European growth markets.
That ambition is reflected in the group’s cost base. XTB S.A.’s Q1 2025 standalone results show marketing expenses of PLN 107,203 thousand for the three months ended 31 March 2025 alone, within total operating expenses of PLN 263,618 thousand for that quarter. The group is not shy about spending to grow.
For UK retail investors watching XTB, the pattern is straightforward: a small but growing UK subsidiary, backed by a profitable and rapidly expanding parent, spending its way into the mainstream ISA and multi-asset market. The key test in 2026 is whether client acquisition in the UK translates into a profit margin that justifies the outlay, or whether administrative costs keep pace with revenue for another year.
