XTB (XTB.WA): One of the leading CFD brokers in Europe – Initiate with Neutral/High Risk

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XTB (XTB.WA): One of the leading CFD brokers in Europe – Initiate with Neutral/High Risk

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25 Jun 2026 00:00:28 ET │ 52 pages

XTB (XTB.WA)

One of the leading CFD brokers in Europe – Initiate with Neutral/High

Risk

CITI'S TAKE

XTB has successfully transformed from a local player to become one of the

leading CFD brokers in Europe, present in 14 countries. While we appreciate Neutral / High Risk

the company’s plan to evolve into a multi-asset investment platform and its Price (24 Jun 26 12:49) Zl107.34

ambition to become Europe’s number one investment app, we see risks to

Target price Zl120.00the strategy of building scale in low margin shares and ETF trading and

diversifying its offering of investment products at the expense of its core Expected share price return 11.8%

high margin CFD business. Balancing the company’s focus on these two Expected dividend yield 7.8%

very different parts of the market will be a challenge in our view. As such, we

initiate with a Neutral/High Risk rating along with a Target Price of Zl 120). Expected total return 19.6%

Market Cap Zl12,620M

CFD broker with grand ambitions — XTB is a Polish brokerage house, specializing US$3,398M

in offering CFDs (OTC derivatives). It also offers trading in listed shares and ETFs,

investment plans and retirement products. The company is most active in Poland

(54% of revenues in 2025), as well as other CEE countries, Western Europe, MENA

and LatAm. XTB has ambitions to become Europe’s leading investment app. Price Performance

Volatile profitability — Strong growth in active clients has driven revenue growth (RIC: XTB.WA, BB: XTB PW)

but has required high marketing spending and investment in R&D. As such, revenues

have been volatile, impacted by client activity and XTB’s profitability per trade,