Index CFDsThin moat
XTB (XTB) — moat facet
The steadiest class for two years, then about 23 million złoty in a whole quarter.
Index CFDs are contracts on stock-market indices. They brought gross gain of 622,7 million złoty in 2024 and 760,7 million in 2025, up 22,2% 1, 36,0% of the total 2.
For two years they were XTB's second leg, and until 2026 its most dependable. In the first half of 2026 they fell to 287,0 million złoty from 532,3 million 3, and almost all of that came in the second quarter: 264,2 million, leaving about 22,9 million for the first 4.
That quarter is the clearest evidence in XTB's accounts of what being the counterparty means. The likeliest reading is that clients' index trades went their way: the house's gain on the whole class nearly disappeared for three months, while commodity CFDs made up the difference 5.
The institutional segment earned 40,2 million złoty on index CFDs in 2025, its largest source of gain 6.
XTB reports no profit by class. The number to watch is index CFD gross gain per quarter: back above 250 million would say the first quarter was a one-off; another quarter near zero would say clients' index positioning has turned against the house.
Gross gain fell to 287,0 million złoty in H1 2026 from 532,3 million, with about 22,9 million in the first quarter.
Another quarter near zero would say clients' index positioning has turned against the house.
Source: XTB half-year report, H1 2026 ↗- ReportedThey brought gross gain of 622,7 million złoty in 2024 and 760,7 million in 2025, up 22,2% , 36,0% of the total .XTB Group consolidated annual report 2025 - note 5,1 result of operations in financial instruments by class (2025, 2024); segment statement by instrument class (retail, institutional); revenue build-up — FY2024-FY2025 · publ. March 2026 · source ↗
- Moat Explorer calcThey brought gross gain of 622,7 million złoty in 2024 and 760,7 million in 2025, up 22,2% , 36,0% of the total .Moat Explorer calculation from XTB's note 5,1 (2025) and note 6,1 (H1 2026): shares of gross gain by class, Q1 2026 as H1 less Q2, growth rates — FY2025-H1 2026 · publ. 2026-09-23 · source ↗
- ReportedIn the first half of 2026 they fell to 287,0 million złoty from 532,3 million , and almost all of that came in the second quarter: 264,2 million, leaving about 22,9 million for the first .XTB Group half-year report for the first half of 2026 - note 6,1 result of operations in financial instruments by class for Q2 and H1 2026 and 2025 — H1 2026 · publ. August 2026 · source ↗
- Moat Explorer calcIn the first half of 2026 they fell to 287,0 million złoty from 532,3 million , and almost all of that came in the second quarter: 264,2 million, leaving about 22,9 million for the first .Moat Explorer calculation from XTB's note 5,1 (2025) and note 6,1 (H1 2026): shares of gross gain by class, Q1 2026 as H1 less Q2, growth rates — FY2025-H1 2026 · publ. 2026-09-23 · source ↗
- ReportedThe likeliest reading is that clients' index trades went their way: the house's gain on the whole class nearly disappeared for three months, while commodity CFDs made up the difference .XTB Group half-year report for the first half of 2026 - note 6,1 result of operations in financial instruments by class for Q2 and H1 2026 and 2025 — H1 2026 · publ. August 2026 · source ↗
- ReportedThe institutional segment earned 40,2 million złoty on index CFDs in 2025, its largest source of gain .XTB Group consolidated annual report 2025 - note 5,1 result of operations in financial instruments by class (2025, 2024); segment statement by instrument class (retail, institutional); revenue build-up — FY2024-FY2025 · publ. March 2026 · source ↗