Stocks and ETFsNarrow moat

XTB (XTB) — moat facet

The business XTB brands itself on: 4% of gross gain on more than 43 billion złoty of client assets.

Stocks and ETFs are cash shares and exchange-traded funds that clients own outright. XTB's gross gain on them was 30,7 million złoty in 2024 and 78,3 million in 2025 1, 3,7% of the total 2.

Gross gain on cash stocks and ETFs (zl m)30,7202478,3202536,1H1 202582,7H1 2026XTB 2025 annual report; H1 2026 report ('other instruments')
More in the first half of 2026 than in all of 2025, and still 4% of gross gain.

The gain is small next to the assets involved: clients held 43 364 million złoty of shares and ETFs at 30 June 2026 3, more than 500 times what the line earned in 2025 4.

It is growing fastest of all. Other instruments, mainly cash stocks and ETFs, brought 82,7 million złoty in the first half of 2026 against 36,1 million a year earlier 5, and 57,5 million in the second quarter alone 6.

XTB reports no profit by class, and on these holdings the income that matters may come later, through interest on client cash and fees on a larger base.

The line is the company's future and 4,0% of its present gross gain in the first half of 2026 7. The measure is that share: above 10% would mean XTB has become the investment platform its branding describes.

Moat trajectory: Widening

Other instruments, mainly cash stocks and ETFs, rose to 82,7 million złoty in H1 2026 from 36,1 million.

The number that tests this moat
Reported
Gross gain on other instruments (mainly cash stocks and ETFs), first half
82,7m zł in H1 2026, from 36,1m zł (4,0% of gross gain)

Above 10% of gross gain would mean XTB has become the investment platform its branding describes.

Source: XTB half-year report, H1 2026 ↗
References
  1. ReportedXTB's gross gain on them was 30,7 million złoty in 2024 and 78,3 million in 2025 , 3,7% 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 calcXTB's gross gain on them was 30,7 million złoty in 2024 and 78,3 million in 2025 , 3,7% 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. ReportedThe gain is small next to the assets involved: clients held 43 364 million złoty of shares and ETFs at 30 June 2026 , more than 500 times what the line earned in 2025 .
    XTB results presentation for the first half of 2026 - profitability per lot, client assets — H1 2026 · publ. August 2026 · source ↗
  4. Moat Explorer calcThe gain is small next to the assets involved: clients held 43 364 million złoty of shares and ETFs at 30 June 2026 , more than 500 times what the line earned in 2025 .
    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 ↗
  5. ReportedOther instruments, mainly cash stocks and ETFs, brought 82,7 million złoty in the first half of 2026 against 36,1 million a year earlier , and 57,5 million in the second quarter alone .
    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 ↗
  6. ReportedOther instruments, mainly cash stocks and ETFs, brought 82,7 million złoty in the first half of 2026 against 36,1 million a year earlier , and 57,5 million in the second quarter alone .
    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 ↗
  7. Moat Explorer calcThe line is the company's future and 4,0% of its present gross gain in the first half of 2026 .
    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 ↗
Sources
Generated September 24, 2026