XTB Future Growth

Future criteria checks 3/6

XTB is forecast to grow earnings and revenue by 6.7% and 13.4% per annum respectively. EPS is expected to grow by 7.1% per annum. Return on equity is forecast to be 42.5% in 3 years.

Key information

6.7%

Earnings growth rate

7.08%

EPS growth rate

Capital Markets earnings growth	10.9%
Revenue growth rate	13.4%
Future return on equity	42.48%
Analyst coverage	Low
Last updated	04 Aug 2026

Recent future growth updates

Analysis Article • Aug 01

Revenue Beat: XTB S.A. Beat Analyst Estimates By 19%

It's been a good week for XTB S.A. ( WSE:XTB ) shareholders, because the company has just released its latest...

Recent updates

New Narrative • Aug 12

XTB SA: 2 Minute Drill: How Do You Grow This Fast Without a Moat?

XTB has become a 10-bagger over the past five years , while growing its customer base at extraordinary rates and simultaneously cutting customer acquisition costs from around PLN 1,100 to PLN 600. That immediately caught my attention.

New Narrative • Aug 11

Digital Investing Shift And New Products Will Support A Resilient Long Term Earnings Profile

Catalysts About XTB XTB is a fintech broker that offers CFDs and a broad range of listed equities, ETFs, options and savings style investment products to retail customers across multiple markets. What are the underlying business or industry changes driving this perspective?

Analysis Article • Aug 01

Earnings and Revenue Growth Forecasts

WSE:XTB - Analysts future estimates and past financials data (PLN Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2028	4,547	1,615	1,402	N/A	4
12/31/2027	3,851	1,453	1,090	N/A	5
12/31/2026	3,688	1,665	1,321	N/A	4
6/30/2026	3,134	1,261	N/A	N/A	N/A
3/31/2026	3,155	985	1,229	1,253	N/A
12/31/2025	2,124	644	592	614	N/A
9/30/2025	2,558	653	634	657	N/A
6/30/2025	2,651	804	683	706	N/A
3/31/2025	2,452	748	653	673	N/A
12/31/2024	1,858	857	808	828	N/A
9/30/2024	1,901	916	764	783	N/A
6/30/2024	1,710	833	783	804	N/A
3/31/2024	1,610	791	648	666	N/A
12/31/2023	1,606	791	465	479	N/A
9/30/2023	1,336	592	565	582	N/A
6/30/2023	1,447	708	688	704	N/A
3/31/2023	1,561	816	916	931	N/A
12/31/2022	1,449	766	1,135	1,149	N/A
9/30/2022	1,415	784	879	892	N/A
6/30/2022	1,223	652	733	744	N/A
3/31/2022	880	401	450	459	N/A
12/31/2021	626	238	191	199	N/A
9/30/2021	583	210	219	224	N/A
6/30/2021	522	174	161	166	N/A
3/31/2021	671	315	306	311	N/A
12/31/2020	799	402	464	469	N/A
9/30/2020	746	399	474	477	N/A
6/30/2020	668	346	409	413	N/A
3/31/2020	512	233	N/A	322	N/A
12/31/2019	238	58	N/A	61	N/A
9/30/2019	189	25	N/A	-8	N/A
6/30/2019	177	6	N/A	1	N/A
3/31/2019	214	43	N/A	45	N/A
12/31/2018	288	101	N/A	140	N/A
9/30/2018	324	130	N/A	245	N/A
6/30/2018	349	164	N/A	245	N/A
3/31/2018	332	142	N/A	209	N/A
12/31/2017	276	93	N/A	122	N/A
9/30/2017	298	111	N/A	65	N/A
6/30/2017	266	84	N/A	53	N/A
3/31/2017	230	56	N/A	18	N/A
12/31/2016	253	78	N/A	56	N/A
9/30/2016	219	44	N/A	35	N/A
6/30/2016	272	90	N/A	101	N/A
3/31/2016	309	101	N/A	109	N/A
12/31/2015	288	119	N/A	117	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: XTB's forecast earnings growth (6.7% per year) is above the savings rate (5.5%).

Earnings vs Market: XTB's earnings (6.7% per year) are forecast to grow slower than the Polish market (11.4% per year).

High Growth Earnings: XTB's earnings are forecast to grow, but not significantly.

Revenue vs Market: XTB's revenue (13.4% per year) is forecast to grow faster than the Polish market (4.8% per year).

High Growth Revenue: XTB's revenue (13.4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: XTB's Return on Equity is forecast to be very high in 3 years time (42.5%).

Discover growth companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/08/20 17:48
End of Day Share Price	2026/08/20 00:00
Earnings	2026/06/30
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

XTB S.A. is covered by 7 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Mikolaj Lemanczyk	Biuro maklerskie mBanku
Andrzej Powierza	Citigroup Inc
Lukasz Janczak	Erste Group Bank AG

XTB Future Growth

Future criteria checks 3/6

Key information

Recent future growth updates

Revenue Beat: XTB S.A. Beat Analyst Estimates By 19%

Price target increased by 18% to zł87.00

Price target decreased by 16% to zł74.00

Price target increased by 44% to zł68.89

Recent updates

XTB SA: 2 Minute Drill: How Do You Grow This Fast Without a Moat?

Digital Investing Shift And New Products Will Support A Resilient Long Term Earnings Profile

Investor sentiment improves as stock rises 18%

Revenue Beat: XTB S.A. Beat Analyst Estimates By 19%

Second quarter 2026 earnings released: EPS: zł4.19 (vs zł1.84 in 2Q 2025)

Now 25% overvalued after recent price rise

Upcoming dividend of zł4.07 per share

XTB S.A. (WSE:XTB) commences an Equity Buyback Plan for 80,000 shares, representing 0.07% for PLN 11.2 million. under the authorization approved on May 8, 2026.

With EPS Growth And More, XTB (WSE:XTB) Makes An Interesting Case

New major risk - Revenue and earnings growth

XTB S.A., Annual General Meeting, May 08, 2026

Dividend reduced to zł4.07

XTB S.A. announces Annual dividend, payable on June 24, 2026

Full year 2025 earnings released: EPS: zł5.48 (vs zł7.29 in FY 2024)

Now 21% undervalued

Investor sentiment improves as stock rises 15%

With XTB S.A. (WSE:XTB) It Looks Like You'll Get What You Pay For

New minor risk - Profit margin trend

Price target increased by 18% to zł87.00

New minor risk - Profit margin trend

Third quarter 2025 earnings released: EPS: zł0.45 (vs zł1.73 in 3Q 2024)

Insufficient Growth At XTB S.A. (WSE:XTB) Hampers Share Price

Second quarter 2025 earnings released: EPS: zł1.84 (vs zł1.36 in 2Q 2024)

Upcoming dividend of zł5.45 per share

XTB S.A., Annual General Meeting, May 14, 2025

Dividend increased to zł5.45

XTB S.A. announces Annual dividend, payable on June 25, 2025

XTB's Path to 100–120 PLN by 2028 Amid Market Volatility

Price target decreased by 16% to zł74.00

Third quarter 2024 earnings released: EPS: zł1.73 (vs zł1.03 in 3Q 2023)

Second quarter 2024 earnings released: EPS: zł1.36 (vs zł1.01 in 2Q 2023)

Investor sentiment deteriorates as stock falls 15%

Price target increased by 44% to zł68.89

Upcoming dividend of zł5.02 per share

XTB S.A. Announces Dividend for the Year 2023, Payable on June 20, 2024

First quarter 2024 earnings released: EPS: zł2.58 (vs zł2.57 in 1Q 2023)

XTB S.A., Annual General Meeting, May 23, 2024

Investor sentiment improves as stock rises 19%

XTB S.A. to Report Q3, 2024 Results on Nov 08, 2024

New major risk - Revenue and earnings growth

Third quarter 2023 earnings released: EPS: zł1.03 (vs zł2.01 in 3Q 2022)

Second quarter 2023 earnings released: EPS: zł1.01 (vs zł1.94 in 2Q 2022)

Upcoming dividend of zł4.86 per share at 12% yield

XTB S.A., Annual General Meeting, Jun 30, 2023

Now 23% undervalued

Full year 2022 earnings released: EPS: zł6.53 (vs zł2.03 in FY 2021)

Now 22% undervalued

XTB S.A. to Report Q3, 2023 Results on Nov 08, 2023

Third quarter 2022 earnings released: EPS: zł2.01 (vs zł0.89 in 3Q 2021)

Second quarter 2022 earnings released: EPS: zł1.94 (vs zł0.21 loss in 2Q 2021)

Full year 2021 earnings released: EPS: zł2.03 (vs zł3.43 in FY 2020)

Upcoming dividend of zł1.50 per share

Full year 2021 earnings: Revenues and EPS in line with analyst expectations

Third quarter 2021 earnings released: EPS zł0.86 (vs zł0.58 in 3Q 2020)

Second quarter 2021 earnings released: zł0.20 loss per share (vs zł1.00 profit in 2Q 2020)

Investor sentiment deteriorated over the past week

First quarter 2021 earnings released: EPS zł0.76 (vs zł1.50 in 1Q 2020)

Upcoming dividend of zł1.79 per share

New 90-day low: zł15.90

Investor sentiment deteriorated over the past week

Full year 2020 earnings released: EPS zł3.43 (vs zł0.49 in FY 2019)

Investor sentiment improved over the past week

New 90-day high: zł17.85

Third quarter 2020 earnings released: EPS zł0.58

Third quarter earnings released

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings per Share Growth Forecasts

Future Return on Equity

Discover growth companies

Company Analysis and Financial Data Status