Report
Miguel Dias

WOOD Flash – XTB S.A.: over 250k new clients in 4Q25 in sight

KDPW has reported the number of securities accounts held at domestic brokerage institutions for the month of December 2025. In 4Q25, XTB continued to vastly outpace the rest of the market and added c.164k new accounts in Poland, capturing c.72% of the total number of net accounts created during the quarter. As such, we view our target of c.267k total new client additions for 4Q25E as largely in reach, as the number of non-Polish new accounts required to meet the target seems to be in line with the previous quarters’ non-Polish account acquisitions.
Underlying
X-Trade Brokers Dom Maklerski SA

X Trade Brokers Dom Maklerski SA is a Poland-based brokerage house. The Company's offer comprises foreign exchange market (FOREX), commodities and indices trading, equity CFD, options, as well as other over the counter (OTC) derivatives in the European Union. The Company offers online trading and operates xStation, xOption, xMobile, xTab, Sidoma and MetaTrader trading platforms. It also provides market analysis and trading updates. It has a number of branches across Europe, in the Czech Republic, France, Germany, Hungary, Italy, Portugal, Romania, Slovakia and Spain, among others.

Provider
Wood and Company
Wood and Company

WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.

A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.

Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.

We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.

Analysts
Miguel Dias

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