Other CFDs (stock, ETF, bond)Thin moat

XTB (XTB) — moat facet

Leveraged contracts on single shares, growing fast and now outearned by the cash shares they mirror.

This line is CFDs on individual shares, exchange-traded funds and bonds, rather than on markets as a whole. It brought gross gain of 45,5 million złoty in 2024 and 60,1 million in 2025 1, 2,8% of the total 2. Stock and ETF CFDs were 60,0 million of it and bond CFDs 0,1 million 3.

Stock and ETF CFDs against cash stocks and ETFs, gross gain (zl m)44,8CFDs 202460,0CFDs 202530,7Cash 202478,3Cash 2025XTB 2025 annual report note 5,1
In 2025 the cash business overtook the leveraged contracts on the same shares.

It is growing faster than the business. Stock and ETF CFDs brought 36,1 million złoty in the first half of 2026 against 20,9 million a year earlier 4, up about 73% 5.

It sits between XTB's two businesses: a leveraged contract, like the rest of its CFDs, on the same shares and funds its clients increasingly buy outright.

XTB reports no profit by class. The number to watch is stock and ETF CFD gross gain against cash stocks and ETFs: 60,0 against 78,3 million złoty in 2025 6. The cash business overtaking the leveraged one on the same underlying shares shows where clients are moving.

Moat trajectory: Widening

Stock and ETF CFD gross gain rose about 73% to 36,1 million złoty in H1 2026.

The number that tests this moat
Reported
Stock and ETF CFD gross gain, first half
36,1m zł in H1 2026, from 20,9m zł

Growth here shows appetite for leveraged single-stock exposure alongside the cash business.

Source: XTB half-year report, H1 2026 ↗
References
  1. ReportedIt brought gross gain of 45,5 million złoty in 2024 and 60,1 million in 2025 , 2,8% 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 ↗
  2. Moat Explorer calcIt brought gross gain of 45,5 million złoty in 2024 and 60,1 million in 2025 , 2,8% 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 ↗
  3. ReportedStock and ETF CFDs were 60,0 million of it and bond CFDs 0,1 million .
    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 ↗
  4. ReportedStock and ETF CFDs brought 36,1 million złoty in the first half of 2026 against 20,9 million a year earlier , up about 73% .
    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 ↗
  5. Moat Explorer calcStock and ETF CFDs brought 36,1 million złoty in the first half of 2026 against 20,9 million a year earlier , up about 73% .
    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 ↗
  6. ReportedThe number to watch is stock and ETF CFD gross gain against cash stocks and ETFs: 60,0 against 78,3 million złoty in 2025 .
    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 ↗
Sources
Generated September 24, 2026