The Cash That Sits StillNarrow moat

XTB (XTB) — moat facet

Seventy-eight million złoty a year that arrives whether or not anybody trades - the only forecastable line in this company.

Since November 2023 XTB has paid interest on uninvested client funds, and the arrangement is the quietest good business in the company.1 In 2025 it earned 140,1 million złoty of interest on client money, paid 62,1 million of it to clients, and kept 78,0 million — 3,6 per cent of group revenue, up from 3,1 per cent the year before.2 In the first half of 2026 the net figure was 46,0 million against 34,7 million a year earlier.3

Interest on client cash, PLN m105,52024 earned46,62024 paid away59,02024 kept140,12025 earned62,12025 paid away78,02025 kept3,6 per cent of 2025 revenue, up from 3,1 per cent - the only line nobody has to trade for
A spread on balances, arriving whether or not anyone opens the app.

What makes it valuable is not the size but the shape. It arrives whether or not anybody trades. It grows with the client base rather than with volatility. And it is the one revenue line in this company that a reader can forecast, because it is a spread on a balance and both terms are disclosed: client cash was 7 125 million złoty at the end of June 2026 against 6 528 million six months earlier.4

It is also the mechanism that makes the savings proposition work. A client is far more willing to leave money idle at a broker that pays for it, and idle money is the raw material for the next contribution, the next fund purchase and, occasionally, the next contract for difference. Interest is being used here as an acquisition and retention tool that happens to be profitable rather than as a profit centre in its own right.

Net interest income was 3,1 per cent of revenue in 2024, 3,6 in 2025 and 2,2 in the first half of 2026.5 The ratio fell because the rest of the business doubled, not because the line shrank.

Moat trajectory: Widening

Net interest income rose to 46,0 million złoty in the half from 34,7 million, and client cash balances to 7 125 million from 6 528 million in six months. The balance is growing faster than the Polish policy rate is falling, so far.

The number that tests this moat
Reported
Net interest income on client cash
78,0m zł in 2025, 3,6% of revenue

XTB earned 140,1 million złoty of interest on client money in 2025, paid 62,1 million to clients and kept 78,0 million - 3,6 per cent of revenue against 3,1 per cent the year before. The first half of 2026 produced 46,0 million against 34,7 million. It arrives whether or not anybody trades, grows with the client cash balance, and is the only line here an outsider can forecast.

Source: XTB Group consolidated annual report for 2025 ↗
⚠ Threats to the moat
⚠ THREAT 01
The National Bank Sets This Line
XTB keeps 56 per cent of the interest and controls none of it; the rate belongs to the Monetary Policy Council.
References
  1. ReportedSince November 2023 XTB has paid interest on uninvested client funds, and the arrangement is the quietest good business in the company.
    XTB results presentation for the first half of 2026, operational data - quarterly series for Q2 2026, Q1 2026, Q4 2025, Q3 2025, Q2 2025, Q1 2025, Q4 2024 and Q3 2024 in that order: total operating income 992 558, 1 094 018, 609 344, 375 821, 580 597, 580 294, 465 416 and 470 234 thousand złoty; transaction volume in CFD instruments in nominal value 1 029 179, 1 333 410, 1 605 005, 1 118 278, 1 144 554, 937 867, 727 854 and 695 315 million dollars; profitability for USD 1 million of transaction volume 238, 216, 93, 84, 128, 144, 147 and 167 dollars; transaction volume in CFD instruments 1 831 627, 2 323 204, 2 542 526, 2 094 296, 2 321 584, 1 907 974, 1 657 390 and 1 627 978 lots; profitability per lot 484, 439, 208, 152, 229, 277, 253 and 272 złoty; marketing expenses 200 081, 235 429, 179 195, 141 495, 123 322, 141 034, 116 855 and 71 613 thousand złoty with client acquisition cost 0,7, 0,9, 0,7, 0,7, 0,7, 0,7, 0,7 and 0,6 thousand złoty; structure of the gross result in H1 2026 Commodity CFDs 75,3%, Index CFDs 13,9%, Currency CFDs 5,0% and other 5,8%, against H1 2025 Index CFDs 46,3%, Commodity CFDs 33,1%, Currency CFDs 15,6% and other 5,0%; share of CFD turnover by trading platform for the same eight quarters: xStation 30, 29, 29, 27, 35, 37, 36 and 38 per cent, xStation Mobile 61, 60, 64, 62, 59, 56, 56 and 57 per cent and MT4 9, 11, 7, 11, 6, 7, 9 and 8 per cent; own cash 2 934 090 at 30 June 2026 against 1 994 027 at 31 December 2025, up 47,1%, with no bonds; dividend per share of 1,5 for 2021, 4,86 for 2022, 5,02 for 2023, 5,45 for 2024 and 4,07 for 2025, the 2025 dividend being PLN 478,5 million or 75% of standalone net profit with a record date of 15 June 2026 and payment on 24 June 2026 — Q3 2024 - Q2 2026 · publ. 28 August 2026 · source ↗
  2. ReportedIn 2025 it earned 140,1 million złoty of interest on client money, paid 62,1 million of it to clients, and kept 78,0 million — 3,6 per cent of group revenue, up from 3,1 per cent the year before.
    XTB Group consolidated financial statements for 2025, comprehensive income statement and revenue notes - total operating income 2 146 056 against 1 873 436; income from fees and charges 20 287 against 12 291; other income 3 198; marketing (584 898) against (344 808); salaries and employee benefits (413 019) against (311 574); commission expenses (107 415) against (97 289); other external services (132 846) against (79 226); amortisation and depreciation (25 405) against (19 905); taxes and fees (15 955) against (13 109); costs of maintenance and lease of buildings (10 559) against (7 999); other costs (23 580) against (12 791); total operating expenses (1 313 677) against (886 701); profit on operating activities 832 379 against 986 735; finance income 39 603 against 62 845 including interest income on financial instruments at amortized cost 26 538 and income on bonds 12 744 against 26 138 and foreign exchange gains of nil against 10 307; finance costs (94 594) against (1 129), of which foreign exchange losses (93 125) against nil, relating to unrealised differences on the measurement of balance sheet items denominated in a currency other than the functional currency; profit before tax 777 388 against 1 048 451; income tax (133 189) against (191 595); net profit 644 199 against 856 856; basic earnings per share 5,48 against 7,29. Result of operations in financial instruments by class for 2025 and 2024: Commodity CFDs 923 714 and 896 672; Index CFDs 760 736 and 622 728; Currency CFDs 290 408 and 272 276; Stock and ETP CFDs 60 047 and 44 762; Bond CFDs 101 and 735; total CFDs 2 035 006 and 1 837 173; Stocks and ETPs 78 310 and 30 654; gross gain on transactions in financial instruments 2 113 316 and 1 867 827; bonuses and discounts paid to customers (17 328) and (12 629); commission paid to cooperating brokers (51 406) and (54 623); net gain on transactions in financial instruments 2 044 582 and 1 800 575; interest income on client funds 140 129 and interest paid to clients (62 140), giving net interest income of 77 989 and 58 989 — FY2025 · publ. March 2026 · source ↗
  3. ReportedIn the first half of 2026 the net figure was 46,0 million against 34,7 million a year earlier.
    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. ReportedAnd it is the one revenue line in this company that a reader can forecast, because it is a spread on a balance and both terms are disclosed: client cash was 7 125 million złoty at the end of June 2026 against 6 528 million six months earlier.
    XTB Group half-year report for the first half of 2026, notes - nominal value of derivative financial instruments at 30 June 2026 and 31 December 2025: Index CFDs 3 642 905 and 3 933 252; Commodity CFDs 3 967 775 and 6 216 958; Currency CFDs 2 204 780 and 3 284 496; Stock and ETF CFDs 1 767 315 and 1 615 397; Bond CFDs 4 118 and 1 553; Options 125 478 and nil; total 11 712 371 and 15 051 656, and as at 30 June 2026 transactions with brokers represent 8% of the total nominal value of instruments against 16% at 31 December 2025; clients' financial instruments at 30 June 2026 and 31 December 2025: listed stocks and rights to stocks 23 345 382 and 15 138 542; ETFs 20 018 050 and 12 144 808; other securities 207 and 207; total 43 363 639 and 27 283 557; amounts due to clients: retail 7 023 586 and 6 428 875, institutional 100 955 and 99 348, total 7 124 541 and 6 528 223; contributions to the compensation scheme with a closing balance of 28 338 against 23 981; total employment at 30 June 2026 of 1 548 people against 1 516 at 31 December 2025; XXZW Investment Group S.A. holding 42 067 329 shares or 35,78% at 30 June 2026; XTB Lithuania UAB incorporated with no operations yet; dividends of 478 507 thousand złoty paid in the period — H1 2026 · publ. 28 August 2026 · source ↗
  5. ReportedNet interest income was 3,1 per cent of revenue in 2024, 3,6 in 2025 and 2,2 in the first half of 2026.
    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