XTB Share Price Drop: KNF Scrutiny and Market Repricing

Key Facts Behind XTB’s Sharp Share Price Drop on May 27

On May 27, 2026, shares of Warsaw-listed broker XTB fell by more than 8%, closing below 100 zloty. It was one of the company’s larger single-day declines in recent months. The move contrasted with the stock’s rise to a record high of around 114 zloty in April 2026 and refocused market attention on the Polish Financial Supervision Authority’s review of how retail contracts for difference are sold.

As of the close of trading on May 27, 2026, public information did not show that XTB had filed a newESPIreport that day, nor did theKNFissue a new penalty, investigation decision, or regulatory rule. Financial media linked the day’s decline to rising regulatory discussion, but based on disclosed information, the regulatory review itself did not appear for the first time that day.

Sources and timing:Finance Magnates, published on May 27, 2026; KNF-related penalty information was made public in April 2026; XTB’s first-quarter operating data came from the company’s investor relations document published on April 28, 2026.

Closing Price Fell Below 100 Zloty

Reports showed that XTB’s trading volume on May 27, 2026 was more than 50% higher than its three-month average daily volume. The increase in volume suggests that selling pressure did not come only from small-scale short-term volatility, and that larger capital position adjustments may have participated in that day’s repricing.

From the trading result, XTB’s drop below 100 zloty carried two signals: first, it broke the strong pattern seen after the April record high; second, it made the market reassess the impact of regulatory variables on broker valuation. Although the decline was significant, public information did not show that the company’s operating fundamentals had been affected by any new sudden announcement that day.

No New Company Disclosure Was Seen That Day

The May 27 decline lacked a single clear catalyst. XTB did not release a new ESPI report, the regulator did not announce a new sanction decision, and the market did not see a company announcement that could directly explain a drop of more than 8%. Unlike share price adjustments usually triggered by earnings warnings, penalty announcements, or major operational changes, this move more strongly reflected investors’ repricing of existing regulatory risk.

KNF’s recent focus has been whether retail clients are being directed toward complex, high-risk products, and whether brokers sufficiently explain risks when selling instruments such asCFDs. This regulatory direction had appeared in public interviews and financial reports for several weeks, but the market reaction on May 27 was clearly amplified.

Regulatory Remarks Triggered Market Reassessment

KNF Deputy Chairman Dariusz Adamski recently emphasized in an interview with Polish media that the regulator does not want clients interested in simple products to be directed toward complex products. The statement did not directly name XTB, but because XTB is a major listed broker in the Polish market, the comments were naturally connected by the market to its retail business.

"The thing I least want to see is clients interested in simple products being directed toward complex products. This is what we want to prevent in the near term."

Arkadiusz Jóżwiak, editor-in-chief of Comparic.pl, said in financial commentary that some investors may have been influenced by media reports and reacted more strongly to the regulatory review. He noted that the market was not selling after confirming a new penalty, but was adjusting positions around regulatory rumors.

Contrast Between the April Fine and the May Decline

More notably, when KNF announced a PLN 20 million fine against XTB in April 2026, XTB’s share price did not immediately weaken. Public information shows that the penalty involved issues related to client registration, suitability assessment, and risk disclosure from 2022 to 2023. After the penalty news was released, the market instead continued to push the share price higher, driving it into record-high territory in late April.

Compared with April, trading on May 27 showed a different reaction. In April, investors focused more on company performance, client growth, and product expansion. By late May, they began reassessing the potential impact of regulatory scrutiny on sales process adjustments, rising compliance costs, and product promotion restrictions.

Company Operating Data Still Showed Strong Growth

XTB’s previously released first-quarter 2026 data still showed strong growth. The company recorded consolidated operating revenue of PLN 1.094 billion and consolidated net profit of PLN 535 million in the first quarter, with active clients approaching 1.27 million. The number of new clients exceeded 370,000, indicating that the company still maintained strong expansion capability in the European retail investment market.

• First-quarter operating revenue reached PLN 1.094 billion, representing clear growth from the same period last year.

• First-quarter net profit reached PLN 535 million, placing it in the company’s historical high range.

• Active clients approached 1.27 million, up more than 70% year on year.

• After being launched in Germany and Spain, the options business expanded further to France, Portugal, the Czech Republic, and Slovakia.

These figures show that the May 27 share price decline was not directly triggered by disclosed deterioration in performance. The market reaction focused on regulatory expectations and valuation discounts rather than a change in a single financial indicator.

Investors Focus on Upcoming Disclosure Points

In the coming weeks, the market will continue to watch three areas. First, whether KNF will issue formal rules or new regulatory explanations regarding CFD sales scrutiny; second, whether XTB will provide a company-level response to regulatory discussion; and third, whether the domestic Polish options business receives regulatory approval. These factors may determine whether the May 27 sell-off was a short-term emotional release or a signal that valuation logic is beginning to adjust.

1. Check whether KNF later issues formal documents instead of relying only on interview statements.

2. Watch whether XTB explains the regulatory impact through ESPI or investor relations channels.

3. Track whether trading volume remains above average to judge whether institutional positions continue to adjust.

4. Follow the approval progress of the options business in the domestic Polish market.

XTB Share Price Decline FAQ