Poland Is Fifty-Seven Per Cent of It, and RisingThin moat

XTB (XTB) — moat facet

Fifteen countries, and the home market's share of revenue has risen for three consecutive periods.

XTB operates in fifteen countries and earns most of its money in one.1 Poland produced 1 168 million złoty of 2025 operating income, 54,4 per cent of the group, up from 52,7 per cent in 2024 and 46,7 per cent in 2023.2 In the first half of 2026 it was 1 197 million of 2 086 million, or 57,4 per cent.3 The accounts record formally that Poland is the country from which the group derives 20 per cent or more of its revenue.4

Poland as a share of operating income46,7%202352,7%202454,4%202557,4%H1 2026Fifteen countries of operation, and the home market's share has risen three periods running
The expansion is adding accounts abroad and revenue at home.

The share is rising while the client base internationalises, which means the newer markets are producing accounts rather than income. The regional detail is uneven: Western Europe grew to 402 million złoty in the first half of 2026 from 237 million, the Middle East to 100 million from 67 million, and Latin America fell to 60 million from 99 million, a decline of 39 per cent in the region the Belize subsidiary exists to serve.5 Asia produced 25 thousand złoty.

For a company whose stated business goals are geographic expansion into Latin America and Asia, that is an awkward scorecard: the two named expansion regions delivered 60 million złoty and effectively nothing.

The concentration is not merely national. It is a single country's retail investor population, its tax rules, its regulator, its currency and its economy, funding a marketing budget spent across a continent.

Poland's share of revenue has risen for three consecutive periods. For the expansion thesis to be true, it has to start falling.

Moat trajectory: Narrowing

Poland went from 46,7 per cent of revenue in 2023 to 52,7 in 2024, 54,4 in 2025 and 57,4 in the first half of 2026, while Latin America fell 39 per cent and Asia produced 25 thousand złoty. The expansion is adding accounts, not revenue.

The number that tests this moat
Reported
Poland's share of operating income
57,4% in H1 2026, from 46,7% in 2023

Poland produced 1 197 million złoty of 2 086 million in the first half of 2026 - 57,4 per cent - after 54,4 per cent in 2025, 52,7 in 2024 and 46,7 in 2023. The accounts record formally that Poland is the country from which the group derives 20 per cent or more of its revenue. Latin America fell 39 per cent over the same half and Asia produced 25 thousand złoty. The expansion is adding accounts rather than income.

Source: XTB Group half-year report for the first half of 2026 ↗
References
  1. ReportedXTB operates in fifteen countries and earns most of its money in one.
    XTB Group Management Board report on activities in 2025, business model and competitive landscape - the model "combines the features of an agency model with a market maker model, in which the Company is a party to transactions concluded and initiated by clients"; "XTB operates as a market-maker, meaning it is the counterparty to a client's transaction"; "XTB executes all transactions in shares, ETFs, and CFDs based on these assets directly on regulated markets or alternative trading systems. XTB is not a market maker for this class of instruments"; the competitive environment divided into trading platform providers (eToro, Trading 212, Robinhood), fintech companies (Trade Republic, Scalable Capital, Revolut) and CFD-only brokers (Plus500, IG Group, CMC Markets, Saxo Bank), with Polish bank-affiliated brokerages named as mBank Biuro Maklerskie, Santander Biuro Maklerskie, Dom Maklerski Banku Ochrony Srodowiska (BOSSA), PKO BP Biuro Maklerskie, ING Securities and Bank Pekao S.A. Biuro Maklerskie, and XTB described as a market leader in Poland; the planned European ban on the payment-for-order-flow model from 2026; key competitive advantages listed as a wide product range including stocks, ETFs, Investment Plans and CFDs plus interest on free funds, an eWallet with a multi-currency card and long-term savings accounts IKE (Poland), ISA (United Kingdom) and PEA (France); the proprietary xStation platform and XTB mobile app; no commissions up to EUR 100 000 turnover on stocks and ETFs and no withdrawal fees; operations in over 15 countries; regulation by nine financial authorities including the FCA and KNF; client fund segregation; 24/5 support; and the XTB Academy. Brand ambassadors Mads Mikkelsen (2016-2018), Conor McGregor and Iker Casillas (2022-2024) and Zlatan Ibrahimovic (2024-2026); nearly PLN 585 million allocated to marketing in 2025, up 69,6%, including the largest campaign in the group's history launched in September 2025 across 13 markets including Poland, France, Germany, the United Kingdom, Chile, the Middle East and Indonesia, and sponsorship at Roland Garros and Wimbledon; the XTB brand dating from 2009 and the word "trading" replaced by "investing" in 2023 — FY2025 · publ. March 2026 · source ↗
  2. ReportedPoland produced 1 168 million złoty of 2025 operating income, 54,4 per cent of the group, up from 52,7 per cent in 2024 and 46,7 per cent in 2023.
    XTB Group consolidated annual report for 2024 - result of operations in financial instruments for the twelve months ended 31 December 2024 and 31 December 2023: Commodity CFDs 896 672 and 650 847; Index CFDs 622 728 and 781 285; Currency CFDs 272 276 and 165 161; Stock and ETP CFDs 44 762 and 24 261; Bond CFDs 735 and 1 079; total CFDs 1 837 173 and 1 622 633; Stocks and ETPs 30 654 and 11 050; gross gain on transactions in financial instruments 1 867 827 and 1 633 683; bonuses and discounts paid to customers (12 629) and (9 428); commission paid to cooperating brokers (54 623) and (49 764); net gain 1 800 575 and 1 574 491; operating income by geography for 2024 and 2023: Central and Eastern Europe 1 196 513 and 983 343 including Poland 956 542 and 756 104; Western Europe 355 868 and 369 588; Latin America 117 930 and 147 695; Middle East 203 117 and 117 759; total operating income 1 873 436 and 1 618 385, with Poland at 51,1% of revenue in 2024 and 46,7% in 2023; total employment at 31 December 2024 of 1 245 people against 1 054 at 31 December 2023 — FY2023-FY2024 · publ. June 2025 · source ↗
  3. ReportedIn the first half of 2026 it was 1 197 million of 2 086 million, or 57,4 per cent.
    XTB Group half-year report for the first half of 2026, income statement and geography - total operating income 2 086 324 against 1 160 891, up 79,7%, with the second quarter at 992 558 against the first quarter's 1 094 018, down 9,3%; profit on operating activities 1 202 271 against 552 163, up 117,7%; finance costs (607) against (85 087); profit before tax 1 255 368 against 495 343; income tax (228 128) against (85 291); net profit 1 027 240 against 410 052, up 150,5%, with the second quarter at 492 198; marketing (435 510) against (264 356), up 64,7%; salaries and employee benefits (246 964) against (192 700); total operating expenses (884 053) against (608 728), up 45,2%; operating income by geography for the six months to 30 June 2026 and 30 June 2025: Central and Eastern Europe 1 524 434 and 757 411, including Poland 1 197 033 and 605 985; Western Europe 402 163 and 237 381; Latin America 60 125 and 98 711; Middle East 99 577 and 67 388; Asia 25 and nil; the country from which the Group derives 20% and over of its revenue is Poland; net gain by class for the six months: CFD instruments 1 982 414 against 1 112 043 and other instruments 82 940 against 36 128, giving a gross result of 2 065 371 against 1 148 171; interest income on clients' cash 45 978 against 34 713; commission and fee income 15 975 against 9 520 — H1 2026 · publ. 28 August 2026 · source ↗
  4. ReportedThe accounts record formally that Poland is the country from which the group derives 20 per cent or more of its revenue.
    XTB Group half-year report for the first half of 2026, income statement and geography - total operating income 2 086 324 against 1 160 891, up 79,7%, with the second quarter at 992 558 against the first quarter's 1 094 018, down 9,3%; profit on operating activities 1 202 271 against 552 163, up 117,7%; finance costs (607) against (85 087); profit before tax 1 255 368 against 495 343; income tax (228 128) against (85 291); net profit 1 027 240 against 410 052, up 150,5%, with the second quarter at 492 198; marketing (435 510) against (264 356), up 64,7%; salaries and employee benefits (246 964) against (192 700); total operating expenses (884 053) against (608 728), up 45,2%; operating income by geography for the six months to 30 June 2026 and 30 June 2025: Central and Eastern Europe 1 524 434 and 757 411, including Poland 1 197 033 and 605 985; Western Europe 402 163 and 237 381; Latin America 60 125 and 98 711; Middle East 99 577 and 67 388; Asia 25 and nil; the country from which the Group derives 20% and over of its revenue is Poland; net gain by class for the six months: CFD instruments 1 982 414 against 1 112 043 and other instruments 82 940 against 36 128, giving a gross result of 2 065 371 against 1 148 171; interest income on clients' cash 45 978 against 34 713; commission and fee income 15 975 against 9 520 — H1 2026 · publ. 28 August 2026 · source ↗
  5. ReportedThe regional detail is uneven: Western Europe grew to 402 million złoty in the first half of 2026 from 237 million, the Middle East to 100 million from 67 million, and Latin America fell to 60 million from 99 million, a decline of 39 per cent in the region the Belize subsidiary exists to serve.
    XTB Group half-year report for the first half of 2026, income statement and geography - total operating income 2 086 324 against 1 160 891, up 79,7%, with the second quarter at 992 558 against the first quarter's 1 094 018, down 9,3%; profit on operating activities 1 202 271 against 552 163, up 117,7%; finance costs (607) against (85 087); profit before tax 1 255 368 against 495 343; income tax (228 128) against (85 291); net profit 1 027 240 against 410 052, up 150,5%, with the second quarter at 492 198; marketing (435 510) against (264 356), up 64,7%; salaries and employee benefits (246 964) against (192 700); total operating expenses (884 053) against (608 728), up 45,2%; operating income by geography for the six months to 30 June 2026 and 30 June 2025: Central and Eastern Europe 1 524 434 and 757 411, including Poland 1 197 033 and 605 985; Western Europe 402 163 and 237 381; Latin America 60 125 and 98 711; Middle East 99 577 and 67 388; Asia 25 and nil; the country from which the Group derives 20% and over of its revenue is Poland; net gain by class for the six months: CFD instruments 1 982 414 against 1 112 043 and other instruments 82 940 against 36 128, giving a gross result of 2 065 371 against 1 148 171; interest income on clients' cash 45 978 against 34 713; commission and fee income 15 975 against 9 520 — H1 2026 · publ. 28 August 2026 · source ↗
Sources
Generated September 24, 2026