Consolidated_financial_statement_of_XTB_for

CONSOLIDATED

FINANCIAL

STATEMENTS

XTB S.A. GROUP

FOR 2025

This document is a translation of a document originally issued

in Polish. The only binding version is the original version.

Consolidated financial statements for 2025 
XTB S.A. Group 
xtb.com  2 
 
 
Table of contents 
Consolidated comprehensive income statement............................................................................................................................. 3 
Consolidated statement of financial position .................................................................................................................................. 4 
Consolidated statement of changes in equity .................................................................................................................................. 5 
Consolidated cash flow statement .................................................................................................................................................... 7 
Additional explanatory notes to the Consolidated financial statements ........................................................................................ 8 
 Information about the Parent Company and composition of the Group................................................................................... 8 
 Basis for drafting the financial statements ............................................................................................................................ 10 
 Professional judgement ....................................................................................................................................................... 12 
 Adopted material accounting principles ................................................................................................................................ 13 
1.  Rules of consolidation ............................................................................................................................................... 13 
2.  Functional currency and reporting currency ............................................................................................................... 14 
3.  Cash and cash equivalents ........................................................................................................................................ 15 
4.  Financial assets and liabilities.................................................................................................................................... 15 
5.  Intangible assets ....................................................................................................................................................... 17 
6.  Property, plant and equipment ................................................................................................................................... 17 
7.  Lease ........................................................................................................................................................................ 18 
8.  Provisions for liabilities .............................................................................................................................................. 18 
9.  Equity ........................................................................................................................................................................ 19 
10.  Customers’ financial instruments and nominal values of transactions on derivatives ................................................. 19 
11.  The result of operations on financial instruments ....................................................................................................... 19 
12.  Fee and commission income and expenses .............................................................................................................. 20 
13.  Cost of employee benefits ......................................................................................................................................... 20 
14.  Finance income and costs ......................................................................................................................................... 20 
15.  Tax ............................................................................................................................................................................ 20 
 Operating income ................................................................................................................................................................ 21 
 Salaries and employee benefits ........................................................................................................................................... 22 
 Marketing ............................................................................................................................................................................. 23 
 Costs of maintenance and lease of buildings ....................................................................................................................... 23 
 Other external services ........................................................................................................................................................ 23 
 Commission expenses ......................................................................................................................................................... 23 
 Other expenses ................................................................................................................................................................... 24 
 Finance income and costs ................................................................................................................................................... 24 
 Segment information ............................................................................................................................................................ 24 
 Cash and cash equivalents .................................................................................................................................................. 30 
 Financial assets at fair value through P&L ........................................................................................................................... 30 
 Financial assets at amortised cost ....................................................................................................................................... 30 
 Prepayments and deferred costs ......................................................................................................................................... 31 
 Intangible assets .................................................................................................................................................................. 32 
 Property, plant and equipment ............................................................................................................................................. 34 
 Amounts due to clients......................................................................................................................................................... 36 
 Financial liabilities at fair value through P&L ........................................................................................................................ 36 
 Liabilities due to lease ......................................................................................................................................................... 36 
 Other liabilities ..................................................................................................................................................................... 37 
 Provisions for liabilities and contingent liabilities .................................................................................................................. 37 
 Equity .................................................................................................................................................................................. 38 
 Profit distribution and dividend ............................................................................................................................................. 39 
 Earnings per share .............................................................................................................................................................. 40 
 Current income tax and deferred income tax........................................................................................................................ 40 
 Related party transactions ................................................................................................................................................... 43 
 Employment ........................................................................................................................................................................ 45 
 Supplementary information and explanations to the cash flow statement ............................................................................. 45 
 Off-balance sheet items ....................................................................................................................................................... 46 
 Items regarding the compensation scheme .......................................................................................................................... 46 
 Capital management ............................................................................................................................................................ 46 
 Risk management ................................................................................................................................................................ 48 
1.  Fair value .................................................................................................................................................................. 50 
1.1.  Carrying amount and fair value ............................................................................................................................. 50 
1.2.  Fair value hierarchy .............................................................................................................................................. 50 
2.  Market risk ................................................................................................................................................................. 51 
3.  Liquidity risk .............................................................................................................................................................. 57 
4.  Credit risk .................................................................................................................................................................. 61 
5.  Climat risk ................................................................................................................................................................. 63 
 Post balance sheet events ................................................................................................................................................... 63 
 

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 3

Consolidated comprehensive income statement

(IN PLN’000)

NOTE

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Result of operations on financial instruments

5.1

2 044 582

1 800 575

Net interest income on clients cash, including:

77 989

58 946

- Interest income from clients cash

140 129

105 568

- Interest expense paid to clients

(62 140)

(46 622)

Income from fees and charges

5.2

20 287

12 291

Other income

3 198

1 624

Total operating income

2 146 056

1 873 436

Marketing

(584 898)

(344 808)

Salaries and employee benefits

(413 019)

(311 574)

Commission expenses

(107 415)

(97 289)

Other external services

(132 846)

(79 226)

Amortisation and depreciation

18, 19

(25 405)

(19 905)

Taxes and fees

(15 955)

(13 109)

Costs of maintenance and lease of buildings

(10 559)

(7 999)

Other costs

(23 580)

(12 791)

Total operating expenses

(1 313 677)

(886 701)

Profit on operating activities

832 379

986 735

Finance income, including:

39 603

62 845

- interest income on financial instruments at amortized cost

26 538

26 272

Finance costs

(94 594)

(1 129)

Profit before tax

777 388

1 048 451

Income tax

(133 189)

(191 595)

Net profit, including:

644 199

856 856

- profit attributable to owners of the Parent Company

644 194

857 025

- profit (loss) attributable to owners of non-controlling interests

(169)

Net profit

644 199

856 856

Other comprehensive income

(7 776)

2 534

Items which will be reclassified to profit (loss) after meeting specific

conditions

(7 879)

2 403

Exchange differences from the translation of foreign operations:

(7 879)

2 403

- positions that will be reclassified to profit on valuation of foreign

companies

(7 337)

3 091

- positions that will be reclassified to profit on valuation of separated

equity

(542)

(688)

Deferred income tax

103

131

Total comprehensive income, including:

636 423

859 390

- total comprehensive income attributable to owners of the Parent

Company

636 480

859 546

- total comprehensive income attributable to owners of non-controlling

interests

(57)

(156)

Earnings per share:

- basic profit per year attributable to shareholders of the Parent Company

(in PLN)

5,48

7,29

- basic profit from continued operations per year attributable to

shareholders of the Parent Company (in PLN)

5,48

7,29

- diluted profit of the year attributable to shareholders of the Parent

Company (in PLN)

5,48

7,29

- diluted profit from continued operations of the year attributable to

shareholders of the Parent Company (in PLN)

5,48

7,29

The Consolidated comprehensive income statement should be read together with the supplementary notes to the Consolidated financial

statements, which are an integral part of these Consolidated financial statements.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 4

Consolidated statement of financial position

(IN PLN’000)

NOTE

31.12.2025

31.12.2024

ASSETS

Cash and cash equivalents

7 858 420

5 370 815

Financial assets at fair value through P&L

1 006 973

1 123 923

Financial assets at amortised cost

107 761

55 026

Prepayments and deferred costs

29 037

19 686

Intangible assets

1 398

2 009

Property, plant and equipment

63 407

65 334

Income tax receivables

14 112

131

Deferred income tax assets

5 559

8 708

Total assets

9 086 667

6 645 632

EQUITY AND LIABILITIES

Liabilities

Amounts due to clients

6 528 223

4 164 895

Financial liabilities at fair value through P&L

271 159

208 193

Liabilities due to lease

25 867

33 935

Other liabilities

174 508

156 884

Provisions for liabilities

6 414

3 530

Income tax liabilities

1 497

13 316

Deferred income tax provision

78 502

61 238

Total liabilities

7 086 170

4 641 991

Equity

Share capital

5 878

Supplementary capital

71 608

Other reserves

25, 26

1 274 458

1 059 614

Exchange differences from the translation of foreign operations

(11 788)

(4 074)

Retained earnings

659 484

870 495

Equity attributable to the owners of the Parent Company

1 999 640

2 003 521

Non-controlling interests

857

120

Total equity

2 000 497

2 003 641

Total equity and liabilities

9 086 667

6 645 632

The Consolidated statement of financial position should be read together with the supplementary notes to the Consolidated financial

statements, which are an integral part of these Consolidated financial statements.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 5

Consolidated statement of changes in equity

Consolidated statement of changes in equity for the period from 1 January 2025 to 31 December 2025

(IN PLN’000)

CAPITAL

SUPPLEME

NTARY

CAPITAL

OTHER

RESERVES

EXCHANGE

DIFFERENCES

FROM THE

TRANSLATION

OF FOREIGN

OPERATIONS

RETAINED

EARNINGS

EQUITY

ATTRIBUTABLE

TO THE

OWNERS OF

THE PARENT

COMPANY

NON-CONTROLLING

INTERESTS

TOTAL

EQUITY

NOTE

25, 26

As at 1 January 2025

5 878

71 608

1 059 614

(4 074)

870 495

2 003 521

120

2 003 641

Total comprehensive income for the

financial period

Net profit

644 194

644 199

Other comprehensive income

(7 714)

(62)

(7 776)

Total comprehensive income for the

financial period

(7 714)

644 194

636 480

(57)

636 423

Transactions recognized directly in

equity

Appropriation of profit/offset of loss

- dividend payment

(640 753)

- transfer to other reserves

214 449

(214 449)

Inclusion of share based incentive

scheme

7 061

Purchase of own shares under an

incentive scheme

(7 379)

Settlements under share-based

incentive scheme

699

Contributions of capital by non-

controlling interests

794

Other changes

(3)

Increase (decrease) in equity

214 844

(7 714)

(211 011)

(3 881)

737

(3 144)

As at 31 December 2025

5 878

71 608

1 274 458

(11 788)

659 484

1 999 640

857

2 000 497

The Consolidated statement of changes in equity should be read together with the supplementary notes to the Consolidated financial statements, which are an integral part of these Consolidated financial

statements.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 6

Consolidated statement of changes in equity for the period from 1 January 2024 to 31 December 2024

(IN PLN’000)

CAPITAL

SUPPLEME

NTARY

CAPITAL

OTHER

RESERVES

EXCHANGE

DIFFERENCES

FROM THE

TRANSLATION

OF FOREIGN

OPERATIONS

RETAINED

EARNINGS

EQUITY

ATTRIBUTABLE

TO THE

OWNERS OF

THE PARENT

COMPANY

NON-CONTROLLING

INTERESTS

TOTAL

EQUITY

NOTE

25, 26

As at 1 January 2024

5 878

71 608

863 166

(6 595)

800 606

1 734 663

Total comprehensive income for the

financial period

Net profit

857 025

(169)

856 856

Other comprehensive income

2 521

2 534

Total comprehensive income for the

financial period

2 521

857 025

859 546

(156)

859 390

Transactions recognized directly in

equity

Appropriation of profit/offset of loss

- dividend payment

(590 198)

- transfer to other reserves

196 938

(196 938)

Inclusion of share based incentive

scheme

7 260

Purchase of own shares under an

incentive scheme

(7 750)

Settlements under share-based

incentive scheme

Contributions of capital by non-

controlling interests

276

Other changes

Increase (decrease) in equity

196 448

2 521

69 889

268 858

120

268 978

As at 31 December 2024

5 878

71 608

1 059 614

(4 074)

870 495

2 003 521

120

2 003 641

statements.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 7

Consolidated cash flow statement

(IN PLN’000)

NOTE

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Cash flows from operating activities

Profit before tax

777 388

1 048 451

Adjustments:

(25 753)

(19 617)

(Profit) Loss on investment activity

31.3

(8 865)

(26 739)

Amortization and depreciation

18, 19

25 406

19 905

Foreign exchange (gains) losses from translation of own cash

(314)

(6 247)

Other adjustments

31.1

(6 507)

2 962

Changes

Change in provisions

2 884

(362)

Change in balance of financial assets and liabilities at fair value

through P&L

(244 133)

(94 450)

Change in balance of restricted cash

(2 113 090)

(1 484 444)

Change in financial assets at amortised cost

(52 735)

(23 619)

Change in balance of prepayments and accruals

(9 351)

(4 200)

Change in balance of amounts due to clients

2 363 328

1 526 773

Change in balance of other liabilities

31.2

17 624

70 804

Cash from operating activities

751 635

1 028 834

Income tax paid

(138 576)

(201 619)

Interest received

1 285

1 048

Net cash from operating activities

614 344

828 263

Cash flow from investing activities

Expenses relating to payments for property, plant and equipment

(21 876)

(19 279)

Expenses relating to payments for intangible assets

(15)

(1 381)

Expenses relating purchase of bonds

(167 809)

(1 020 144)

Proceeds from sale of bonds

601 386

995 533

Interests on bonds

3 216

22 365

Proceeds from sale of items of property, plant and equipment

Net cash from investing activities

414 957

(22 882)

Cash flow from financing activities

Payments of liabilities under finance lease agreements

(14 237)

(10 552)

Interest paid under lease

(1 285)

(1 048)

Dividends paid to owners

(640 753)

(590 198)

Purchase of own shares under an incentive scheme

(7 379)

(7 750)

Contributions of capital by non-controlling interests

794

276

Inclusion of share based incentive scheme

7 061

7 259

Settlements under share-based incentive scheme

699

Net cash from financing activities

(655 100)

(602 013)

Increase (Decrease) in net cash and cash equivalents

374 201

203 368

Cash and cash equivalents - opening balance

1 619 512

1 409 897

Increase (Decrease) in net cash and cash equivalents

374 201

203 368

Effect of FX rates fluctuations on balance of cash in foreign

currencies

314

6 247

Cash and cash equivalents - closing balance

1 994 027

1 619 512

The Consolidated cash flow statement should be read together with the supplementary notes to the Consolidated financial statements,

which are an integral part of these Consolidated financial statements.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 8

Additional explanatory notes to the Consolidated financial statements

1. Information about the Parent Company and composition of the Group

The Parent Company in the XTB S.A Group (the “Group”) is XTB S.A. (hereinafter: the “Parent Entity”, “Parent Company”,

“Brokerage”) with its headquarters located in Warsaw at Prosta street 67, 00-838 Warszawa, Polska.

XTB S.A. is entered in the Commercial Register of the National Court Register by the District Court for the Capital City of

Warsaw, Poland, XII Commercial Division of the National Court Register, under No. KRS 0000217580. The Parent

Company was granted a statistical REGON number and a tax identification (NIP) number 5272443955.

The Parent Company’s operations consist of conducting brokerage activities both on the stock exchange and over-the-

counter (OTC) market. XTB’s offering includes products tailored to various investor groups: stocks, ETFs, CFDs

(currencies, commodities, indices, stocks and ETFs, bonds), investment plans, interest on clients’ idle cash, savings

products, eWallet (virtual wallet), and fractional shares. XTB combines traditional brokerage services with the latest

technologies in the world of investment and finance, providing its clients with easier and competitive access to a wide

range of investment instruments. The company has developed and continues to enhance its proprietary, universal online

investment platform, xStation, as well as the XTB mobile app.

XTB S.A. is a Polish broker from the fin-tech sector, providing innovative products and services dedicated to active and

passive investing, saving and virtual payment management. The Parent Company, together with its foreign branches and

subsidiaries, forms the XTB Capital Group, which has offices in 15 countries around the world. The Parent Company is

supervised by the Polish Financial Supervision Authority and conducts regulated activities pursuant to a permit dated

8 November 2005, No.DDM-M-4021-57-1/2005.

1.1. Information on the reporting entities in the Parent Company’s organisational structure

The Consolidated financial statements cover the following foreign branches which form the Parent Company:

▪ XTB S.A. organizačni složka - a branch established on 7 March 2007 in the Czech Republic. The branch was

registered in the commercial register maintained by the City Court in Prague under No. 56720 and was granted

the following tax identification number: CZK 27867102.

▪ XTB S.A. Sucursal en Espana - a branch established on 19 December 2007 in Spain. On 16 January 2008, the

branch was registered by the Spanish authorities and was granted the tax identification number ES W0601162A.

▪ XTB S.A. organizačná zložka - a branch established on 1 July 2008 in the Slovak Republic. On 6 August 2008,

the branch was registered in the commercial register maintained by the City Court in Bratislava under No.

36859699 and was granted the following tax identification number: SK4020240324.

▪ XTB S.A. Varsovia Sucursala Bucuresti - a branch established on 31 July 2008 in Romania. On 4 August 2008,

the branch was registered in the Commercial Register under No. 402030 and was granted the following tax

identification number: RO27187343.

▪ XTB S.A. German Branch - a branch established on 5 September 2008 in the Federal Republic of Germany. On

24 October 2008, the branch was registered in the Commercial Register under No. HRB 84148 and was granted

the following tax identification number: DE266307947.

▪ XTB S.A. Succursale Française - a branch established on 21 April 2010 in the Republic of France. On 31 May

2010, the branch was registered in the Commercial Register under No 522758689 and was granted the following

tax identification number: FR61522758689.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 9

▪ XTB S.A. - Sucursal em Portugal - a branch established on 7 July 2010 in Porntugal. On 7 July 2010, the branch

was registered in the Commercial Register and was granted the following tax identification number:

PT980436613.

1.2. Composition of the Group

The XTB S.A. Group is composed by XTB S.A. as the Parent Company and the following subsidiaries:

NAME OF SUBSIDIARY

CONSOLIDATION

METHOD

COUNTRY

REGISTERED

OFFICE

ACTIVITIES OF

THE

SUBSIDIARIES

PERCENTAGE SHARE

IN THE CAPITAL

31.12.2025

31.12.2024

XTB Limited (UK)

Full

Great Britain

Brokerage activity

100%

XTB Limited (CY)

Full

Cyprus

Brokerage activity

100%

XTB International Limited

Full

Belize

Brokerage activity

100%

XTB MENA Limited

Full

UAE

Brokerage activity

100%

PT XTB Indonesia

Berjangka

Full

Indonesia

Brokerage activity

90%

XTB Financial

Services L.L.C

Full

UAE

Brokerage activity

100%

XTB Agente de Valores SpA

Full

Chile

Brokerage activity

100%

XTB Services Limited

Full

Cyprus

Acquiring and

maintaining

relationships as

well as negotiating

and concluding

contracts with

partners

100%

X Open Hub Sp. z o.o.

Full

Poland

Applications and

electronic trading

technology offering

100%

XTB S.C. Limited

Full

Seychelles

The company has

not yet conducted

operations

100%

XTB Africa (PTY) Ltd.

Full

South Africa

The company has

not yet conducted

operations

100%

Tasfiye Halinde XTB

Yönetim

Danışmanlığı A.Ş.

Full

Turkey

The company does

not conduct its

operations (in the

process of

liquidation)

100%

Description of the activities of the subsidiaries comprising the Group is included in the section titled “Organizational

Structure of the XTB Group” in the Management Report of Group and Company.

On 15 September 2020, the liquidation process of the company in Turkey Tasfiye Halinde XTB Yönetim Danışmanlığı A.Ş.

has begun. As at the 31 December 2025, amount of negative foreign exchange differences on translation of balances in

foreign currencies of Turkish company amounted PLN (3 580), as at the 31 December 2024 PLN (3 627) thousand

(note 25). Exchange differences will be recognized in consolidated financial statement at the date of liquidation of the

company.

On 11 February 2025, XTB Agente de Valores SpA, based in Chile, received licence no. 216 from the CMF (spa. La

Comisión para el Mercado Financiero) to operate in Chile. The licence granted by the Chilean Financial Market

Commission significantly strengthens XTB's presence in one of the world's most dynamically developing regions. This

means that the company has become a fully-fledged and regulated participant in the local financial market and can more

actively develop offerings tailored to the Chilean market, leading to an increase in the number of clients acquired and

improved performance in this region.

On 30 July 2025, the Parent Company allocated USD 1 557 thousand for a further increase in the share capital of the

subsidiary PT XTB Indonesia Berjangka, maintaining a 90% share in its capital.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 10

On 23 September 2025, the liquidation process of XTB Digital Ltd. based in Cyprus, was completed with effect from that

date.

On 18 December 2025, the subsidiary XTB Financial Consultation L.L.C. changed its name to XTB Financial Services

L.L.C. In addition, the Parent Company allocated AED 24 500 thousand to increase the share capital of that company.

1.3. Composition of the Management Board

In the period covered by the consolidated financial statements and in the comparative period, the Management Board was

composed of the following persons:

NAME AND

SURNAME

FUNCTION

DATE OF FIRST

APPOINTMENT

TERM OF OFFICE

Omar Arnaout

President of the

Management

Board

23.03.2017

The term of office from the 1 July 2022 expired

1 July 2025. From the 2 July 2025 appointed for new

3-years term of office ending 2 July 2 July 2028

Paweł Szejko

Board Member

28.01.2015

The term of office from the 1 July 2022 expired

1 July 2025. From the 2 July 2025 appointed for new

3-years term of office ending 2 July 2 July 2028

Filip Kaczmarzyk

Board Member

10.01.2017

The term of office from the 1 July 2022 expired

1 July 2025. From the 2 July 2025 appointed for new

3-years term of office ending 2 July 2 July 2028

Jakub Kubacki

Board Member

10.07.2018

The term of office from the 1 July 2022 expired

1 July 2025. From the 2 July 2025 appointed for new

3-years term of office ending 2 July 2 July 2028

Bartosz Osiński

Board Member

01.12.2025

From the 1 December 2025 appointed for term of

office ending 2 July 2 July 2028

Mr. Andrzej Przybylski was a Board Member during the term that began on 1 July 2022 and expired on 1 July 2025. Upon

the expiration of that term, he did not seek reappointment for another term.

2. Basis for drafting the financial statements

2.1. Compliance statement

These consolidated financial statements were prepared based on International Financial Reporting Standards (IFRS)

approved by the European Union.

The Consolidated financial statements of the XTB S.A. Group prepared for the period from 1 January 2025 to 31 December

2025 with comparative data for the period from 1 January 2024 to 31 December 2024, cover the Parent Company’s financial

data and financial data of the subsidiaries comprising the “Group”.

These Consolidated financial statements have been prepared on the historical cost basis, with the exception of financial

assets at fair value and other assets and liabilities which valuation methods are described in the accounting policy. The

Group’s assets are presented in the statement of financial position according to their liquidity, and its liabilities according

to their maturities.

The adopted accounting principles are consistent with the principles of the previous financial year, except for the new

standards effective from 1 January 2025.

The Group companies maintain their accounting records in accordance with the accounting principles generally accepted

in the countries in which these companies are established. The Consolidated financial statements include adjustments

made in order to reconcile their financial statements with the Group’s accounting principles.

The Consolidated financial statements were signed by the Management Board of the Parent Company on 19 March 2026.

Drafting this Consolidated financial statements, the Parent Company decided that none of the Standards would be applied

retrospectively.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 11

The IFRS comprise standards and interpretations approved by the International Accounting Standards Board (“IASB”) and

the International Financial Reporting Interpretations Committee (“IFRIC”).

2.2. Functional currency and reporting currency

The functional currency and the presentation currency of these Consolidated financial statements is the Polish zloty

(“PLN”), and unless stated otherwise, all amounts are shown in thousands of zloty (PLN’000).

2.3. Going concern

The Consolidated financial statements were prepared based on the assumption that the Group would continue as a going

concern in the foreseeable future. At the date of preparation of these Consolidated financial statements, the Management

Board of XTB S.A. does not state any circumstances that would threaten the Group companies’ continued operations in

the 12 months from the date of signing of this financial statements, with the exception of subsidiary Tasfiye Halinde XTB

Yönetim Danışmanlığı A.Ş. in Turkey described in note 1.2.

2.4. Comparability of data and consistency of the policies applied

Data presented in the Consolidated financial statements is comparable and prepared under the same principles for all

periods covered by the Consolidated financial statements.

2.5. The impact of Russia’s invasion of Ukraine and the conflict in the Middle East on the Group’s

results

On 24 February 2022, Russian troops crossed Ukraine’s eastern, southern, and northern borders and attacked Ukrainian

territory. In response to Russia’s military actions, representatives of the European Union and many other countries imposed

severe sanctions on Russia, which primarily target strategic sectors of the Russian economy by blocking access to

technology and markets. This situation currently has no significant impact on the Group; however, it has caused significant

volatility in financial and commodity markets worldwide, which affected the trading activity of XTB clients and the Group’s

results in 2022.

In early March 2026, the conflict in the Middle East escalated, resulting in Iran carrying out attacks on infrastructure in

Dubai, United Arab Emirates. The conflict caused serious disruptions in the transport of approximately 20% of global oil

exports. As a result, oil prices rose by 6–10% in the short term, which triggered greater volatility in commodity and financial

markets, increasing energy costs for businesses and consumers.

XTB has two subsidiaries in Dubai. The parent company is monitoring their situation on an ongoing basis and currently

does not foresee any significant negative impact of this conflict on operations in the region.

2.6. Changes in the accounting policies

The accounting policies applied in the preparation of the Consolidated financial statements are consistent with those

applied in the preparation of the Consolidated financial statements of the Group for the year ended 31 December 2024,

except for the application of new or amended standards and interpretations applicable to annual periods beginning on or

after 1 January 2025.

▪ Amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates” - lack of interchangeability - The

amendment requires the disclosure of information necessary to assess the impact of currency non-convertibility

on an entity’s financial position - effective for financial years beginning on or after 1 January 2025.

The Group has not decided to apply earlier any Standard, Interpretation or Amendment that has been issued, but has not

yet become effective in light of the EU regulations. New or amended standards and interpretations that are applicable for

the first time in 2025 did not have a significant impact on the Group's Consolidated financial statements.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 12

2.7. New standards and interpretations which have been published but are not yet binding

The following standards and interpretations have been published by the International Accounting Standards Board but are

not yet binding:

▪ Amendments to IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments - Disclosures” - amendments

in the classification and measurement of financial instruments - The amendments clarify when a debt is

considered paid off in the case of electronic payments and what terms are permissible in loan agreements. They

also clarify the specific nature of non-recourse instruments and those contingent on other agreements, imposing

new disclosure requirements - effective for financial years beginning on or after 1 January 2026,

▪ Amendments to IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments - Disclosures” - contracts for

the supply of electricity from renewable sources - changes to accounting standards clarify how to account for

energy purchase contracts under hedge accounting. They also require the disclosure of more detailed information

about contracts for electricity from renewable sources - effective for financial years beginning on or after 1 January

2026,

▪ IFRS 18 “Presentation and disclosures in the financial statements” - IFRS 18 sets out requirements for all entities

that apply IFRS regarding the presentation and disclosure of information in financial statements. IFRS 18 replaces

IAS 1 - not yet endorsed by EU at the date of approval of these financial statements - effective for financial years

beginning on or after 1 January 2027,

▪ IFRS 19 “Subsidiaries without public accountability: disclosure of information” - IFRS 19 sets out limited disclosure

requirements for subsidiaries that are not public entities - not yet endorsed by the EU at the date of approval of

these financial statements - effective for financial years beginning on or after 1 January 2027.

Above new standards and interpretations which have been published but are not yet binding do not have a significant

impact on the Group’s Consolidated financial statements.

3. Professional judgement

In the process of applying the accounting principles (policy), the Management Board of the Parent Company made the

following judgements that have the greatest impact on the reported carrying amounts of assets and liabilities.

3.1. Material estimates and valuations

In order to prepare its financial statements in accordance with the IFRS, the Group has to make certain estimates and

assumptions that affect the amounts disclosed in the financial statements. Estimates and assumptions subject to day-to-

day evaluation by the Group’s management are based on experience and other factors, including expectations as to future

events that seem justified in the given situation. The results are a basis for estimates of carrying amounts of assets and

liabilities.

Although the estimates are based on best knowledge regarding the current conditions and actions taken by the Group,

actual results may differ from the estimates. Adjustments to estimates are recognised during the reporting period in which

the adjustment was made provided that such adjustment refers only to the given period or in subsequent periods if the

adjustment affects both the current period and subsequent periods. The most important areas for which the Group makes

estimates are presented below.

3.2. Exprected credit losses and impairment of assets

The Group recognises an impairment allowance for expected credit losses in accordance with IFRS 9 for all assets

measured at amortised cost. This allowance takes into account forecasts and expected future economic conditions in the

context of credit risk assessment.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 13

In particular In the event of objective evidence of impairment resulting from events occurring after the initial recognition of

financial assets and resulting in a reduction in expected future cash flows, appropriate write-downs are charged to

expenses for the current period. The Group assesses the impairment of overdue receivables and recognises a write-down

for the estimated value of doubtful and irrecoverable receivables. Information regarding estimates related to the impairment

of financial assets is provided in note 16 – Financial assets at amortised cost.

At the end of the yearly reporting period, a review is carried out of fixed assets, including intangible assets, to determine

whether there are any indications of impairment. If such an indication exists, e.g. due to the expiry of a licence or

decommissioning, the Group makes a formal estimate of the recoverable amount. If the carrying amount of an asset

exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

Deferred income tax assets

At the end of the yearly reporting period, the Parent Company assesses the likelihood of settlement of unused tax credits

with the estimated future taxable profit and recognises the deferred tax asset only to the extent that it is probable that future

taxable profit will be available against which the unused tax credits can be utilized.

The Group recognises a deferred tax asset based on the assumption that a tax profit will be generated in the future enabling

its utilisation. Deterioration in tax results in the future might result in the assumption becoming unjustified. The deferred tax

asset relates mainly to the losses generated by foreign operations and subsidiaries in the initial period of their operation

recognised in the balance sheet. The Group analyses the possibility of recognising such assets, taking into consideration

local tax regulations, and analyses future tax budgets assessing the possibility of recovering these assets.

3.3. Fair value measurement

Information on estimates relative to fair value measurement is presented in note 35 - Risk management. The fair value

measurement framework uses valuation techniques that are appropriate to the circumstances and for which sufficient data

are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of

unobservable inputs. The methodology developed by the Group for determining fair value involves adjusting the fair value

model to the characteristics of the financial asset being valued.

3.4. Other estimates

Provisions for liabilities connected with retirement, pension and death benefits are calculated using the actuarial method

by an independent actuary as the current value of the Group’s future amounts due to employees, based on their

employment and salaries as at the balance sheet date. The calculation of the provision amount is based on a number of

assumptions, regarding both macroeconomic conditions and employee turnover, risk of death, and others.

Provision for unused holidays is calculated on the basis of the estimated payment of holiday benefits, based on the number

of unused holidays, and remuneration as at the balance sheet date.

Provisions for legal risk are determined individually based on the circumstances of a given case. The Group assesses the

chance of winning particular case and consequently assesses the need of establishment of provision in case of a loss in

relations to all court cases.

4. Adopted material accounting principles

4.1. Rules of consolidation

The consolidated financial statements contain the financial information of the Parent Company and subsidiaries as at

31 December 2025 and 31 December 2024. The financial statements of subsidiaries, after adjustments made to ensure

compliance with the IFRS, are prepared for the same reporting period as the financial statements of their parent companies,

with the application of consistent accounting principles, based on uniform accounting policies applied to transactions and

economic events of a similar nature. Adjustments are made in order to eliminate any discrepancies in the accounting

methods.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 14

4.1.1. Business combinations

Acquisitions of entities and organised parts of the business are recognised under the acquisition method. Each payment

made as a result of a business combination is measured at the aggregate fair value (as at the date of payment) of

transferred assets, liabilities incurred or acquired and capital investments issued in exchange for taking over the target.

Costs directly related to the business combination are recognised in profit or loss at the time they were incurred.

Identifiable assets, liabilities and contingent liabilities of the target that meet the criteria for disclosure under IFRS 3

Business combinations are recognised at fair value as at the acquisition date, taking into account the exceptions set out in

IFRS 3.

In settling transactions under joint control, the Group applies the acquisition method.

Where control is acquired as a consequence of several subsequent transactions, interests held as at the date of takeover

are measured at fair value and their results are recognised in income or expenses for the period. Amounts accrued under

shares in that entity, previously recognised under comprehensive income, are carried over to income or expenses for the

period.

4.1.2. Investments in subsidiaries

Subsidiaries are understood as entities controlled by the Parent Company (inclusive of special purpose entities). It is

assumed that the Group controls another entity in which the investment was made, when due to its involvement in this unit

it is exposed to changing financial results, or when it has rights to variable financial results and the ability to affect the

amount of these financial results through the exercise of power over the entity.

Financial results of subsidiaries acquired or sold in the course of the year are recognised in the consolidated financial

statements from/until the time of their effective acquisition or disposal.

Any transactions, balances, income and expenses between the entities consolidated within the Group are subject to full

consolidation elimination.

4.2. Functional currency and reporting currency

Transactions executed in currencies other than the functional currency are entered on the basis of the exchange rate as

at the transaction date. As at the balance sheet date, the monetary assets and liabilities in foreign currencies are translated

using the average NBP rate as at that date. Non–cash items are carried based on historical cost.

The Parent Company’s functional currency is the Polish zloty, which is also the functional currency of these consolidated

financial statements.

Foreign exchange differences are reported under revenue or expenses of the period in which they occur.

The following exchange rates were adopted for the purpose of measuring assets and liabilities as at the balance sheet

date and for converting items of the comprehensive income statement:

CURRENCY

CONSOLIDATED STATEMENT

OF FINANCIAL POSITION

CONSOLIDATED STATEMENT

OF COMPREHENSIVE INCOME

31.12.2025

31.12.2024

31.12.2025

31.12.2024

USD

3,6016

4,1012

3,7504

3,9853

EUR

4,2267

4,2730

4,2372

4,3042

CZK

0,1746

0,1699

0,1719

0,1712

RON

0,8291

0,8589

0,8397

0,8652

HUF

0,0110

0,0104

GBP

4,8399

5,1488

4,9476

5,0960

TRY

0,0837

0,1161

0,0944

0,1207

CLP

0,0040

0,0041

0,0040

0,0042

IDR

0,0002

0,0003

0,0002

0,0003

AED

0,9818

1,1167

1,0190

1,0846

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 15

4.3. Cash and cash equivalents

Cash and cash equivalents comprise bank deposits on demand. The Group classifies as cash equivalent investments

which are readily convertible to a specific amount of cash, are subject to an insignificant risk of changes in value, and with

payment terms of up to three months as of the date of acquisition.

The Group reports cash flows using the indirect method.

Income from interest received on cash and other monetary assets and expenses from interest paid to customers are

classified under operating activities, while expenses from interest paid under finance lease are classified under financing

activities.

Cash comprises the Group’s own cash and customers’ cash. Customers’ cash is deposited in bank accounts separately

from the Group’s cash. Customers’ cash and cash equivalents are not analysed in the consolidated cash flow statements.

4.4. Financial assets and liabilities

Investments are entered as at the date of purchase and derecognised from the financial statements as at the date of sale

(transactions are recognised as on the date of conclusion) if the agreement requires their delivery on a specific date set

forth by the market, and their initial value is measured at fair value. Transaction costs of the acquisition of financial assets

and liabilities at fair value through profit or loss are entered under costs for the period, while the transaction costs of other

types of assets and liabilities are recognised at the initial value of these assets and liabilities.

Financial assets are classified as

▪ financial assets at amortised cost,

▪ financial assets at fair value through profit and loss (including financial assets held for trading),

▪ financial assets at fair value through other comprehensive income.

Financial liabilities are classified as:

▪ financial liabilities at amortised cost,

▪ financial liabilities at fair value through profit and loss (including financial liabilities held for trading).

The Group classifies a financial asset based on the entity's business model for the management of financial assets and

characteristics of the cash flows arising from the contract for a financial asset (the so-called "SPPI criterion"). The entity

reclassifies investments in debt instruments if, and only if, the management model for those assets changes.

4.4.1. Financial assets at amortised cost

Financial asset is measured at amortised cost if both of the following conditions are met:

▪ the financial asset is held within a business model whose objective is to hold financial assets in order to collect

contractual cash flows;

▪ the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of

principal and interest on the principal amount outstanding.

Interest revenue is calculated by using the effective interest method and recognized in profit or loss in position “Finance

income”.

4.4.2. Financial assets at fair value through profit or loss

Financial assets items which do not meet the criteria of measurement at amortised cost are measured at fair value through

profit or loss.

Profit or loss form measurement of debt investments at fair value is recognized in profit or loss.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 16

Dividends are recognized in profit or loss when the entity's right to receive payment of the dividend is established.

The Group falls into this category mainly OTC derivatives and stocks.

4.4.3. Fair value measurement

Fair value is the price that can be obtained at the date of valuation from the sale of an asset or can be paid for the transfer

of liability in an ordinary transaction between market participants.

For financial instruments available on an active market, the fair value is measured based on quoted market prices. A market

is considered to be active if the quoted prices are generally and directly available and represent current and actual

transactions concluded between unrelated parties.

For instruments for which there is no active market, the fair value is determined on the basis of valuation models.

The fair value of a financial instrument at initial recognition is the transaction price, i.e. fair value of the price paid or

received.

Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to

measure fair value, maximising the use of relevant observable inputs and minimizing the use of unobservable inputs,

namely:

▪ Level 1 - valuation based on the data fully observable (active market quotations);

▪ Level 2 - valuation models using information which does not constitute the data from Level 1, but observable,

either directly or indirectly (quotations for similar assets and liabilities from active or inactive markets);

▪ Level 3 - valuation models using unobservable data (not derived from an active market).

Valuation techniques used to determine fair value are applied consistently.

4.4.4. Impairment of financial assets

The Group recognises a write-down for expected credit losses on financial assets measured at at amortised cost.

An assessment of whether there is objective evidence that a financial asset or group of financial assets is impaired is made

at the end of each reporting period. Expected credit losses are credit losses (ECL) weighted by the probability of default.

ECL allowances are measured at an amount equal to the ECL over a 12-month horizon or the ECL over the remaining life

of the instrument if a significant increase in credit risk since initial recognition or impairment has been identified for them.

At the end of each reporting period, the Group analyses whether there is any indication that financial assets should be

reclassified to a different stage of the impairment model.

The expected credit loss is calculated at the time the receivable is recognized in the statements and is updated at each

subsequent date ending the reporting period, depending on the number of days the receivable is past due.

The expected credit loss calculated at the time of initial recognition of a financial asset and any subsequent increase in the

expected credit loss is recognized in profit or loss.

4.4.5. Financial liabilities at amortised cost

Financial liabilities measured at amortised cost, including bank loans and borrowings, are initially carried at fair value less

transaction costs.

Later on, they are measured at amortised cost using the effective interest rate method.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 17

4.4.6. Financial liabilities at fair value through profit or loss

Financial liabilities measured at fair value through profit or loss include financial liabilities held for trading if:

▪ it was incurred primarily for repurchase over a short period of time;

▪ it is part of a specific financial instrument portfolio managed jointly by the Group in accordance with the current

and actual model for generating short–term profits; or

▪ it is a derivative instrument not classified and not operating as collateral.

An entity may, at initial recognition, irrevocably designate a financial liability as measured at fair value through profit or loss

when doing so results in more relevant information.

Financial liabilities at fair value through profit or loss are disclosed at fair value and the resulting financial profits or losses

are entered under income or expenses for the period, and the resulting financial profit or loss is recognised as the income

or expenses for the period, taking into account interest paid on a given financial liability.

4.5. Intangible assets

Intangible assets include the Group’s assets which do not exist physically, which are identifiable and can be reliably

measured, and which will give the Group economic benefits in the future.

Intangible assets are disclosed initially at cost of acquisition or production. As at the balance sheet date, intangible assets

are carried at cost less accumulated amortisation and impairment write–offs, if any.

Amortisation of intangible assets is carried out on the basis of rates reflecting their estimated useful lives. The Group has

no intangible assets with an indefinite useful life. The straight-line method is applied to depreciate intangible assets with

a definite useful life. The useful life of the respective intangible assets is as follows:

TYPE

DEPRECIATION PERIOD

Software licences

5 years

Intangible assets manufactured internally

5 years

Other intangible assets

10 years

4.6. Property, plant and equipment

Property, plant and equipment include items of property, plant and equipment as well as expenses for property, plant and

equipment under construction which the Group intends to use in connection with its operations and for administration

purposes, in a period of over 1 year, and which will bring economic benefits in the future. Expenditures on property, plant

and equipment include actual capital expenditures, as well as expenditures for future supplies of equipment and services

connected with the development of items of property, plant and equipment (prepayments made).

Property, plant and equipment and expenses for property, plant and equipment under construction are initially disclosed

at cost of acquisition or production. Significant components are also treated as separate items of property, plant and

equipment. As at the balance sheet date, property, plant and equipment is carried at cost less depreciation and impairment

write-offs, if any.

Depreciation of property, plant and equipment, including their components, is carried out on the basis of rates reflecting

their estimated useful lives, and starts in the month following the month they are accepted for use. Useful life estimates

are reviewed on an annual basis. The straight-line method is applied to depreciate property, plant and equipment. The

useful life of the respective items of property, plant and equipment is as follows:

TYPE

DEPRECIATION PERIOD

Mobile phones

2 years

Computers

From 3 to 5 years

Vehicles

5 years

Office furniture and equipment

from 5 to 12 years

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 18

4.7. Lease

Identifying a lease

At new contract inception, the Group assesses whether the contract is a lease or whether it contains a lease. An agreement

is a lease or contains a lease if it transfers the right to control the use of an identified asset for a given period in exchange

for remuneration.

Group have the right to control the use of an identified asset for part of the duration of an agreement only, the agreement

contains a lease in respect of this part of the period.

Rights resulting from lease, rental, hire or other agreements which meet the definition of a lease are recognised as right of

use underlying assets within the framework of non-current assets with a corresponding lease liabilities.

Initial recognition and measurement

The Group recognises the right of use asset as well as the lease liability on the date of commencement of the lease. On

the date of commencement the Group measured the right of use asset at cost. The lease liability on the commencement

date shall be calculated on the basis of the current lease payments that are payable by that date and discounted by the

marginal interest rates of the lease.

Depreciation

The right of use asset is depreciated linearly over the shorter of the following two periods: the period of lease or the useful

life of the underlying asset. However in cases where the Group can be reasonably sure that it will regain ownership of the

asset prior to the end of the lease term, right of use shall be depreciated from the day of commencement of the lease until

the end of the useful life of the asset.

Impairment

Right-of-use assets are amortised on a straight-line basis over the shorter of the lease term or the useful life of the

underlying asset, unless the Group is reasonably certain that it will obtain title before the end of the lease term, in which

case the right-of-use is amortized from the lease commencement date to the end of the asset's useful life.

Short-term lease

The Group applies a practical solution to short-term lease contracts, which are characterised by contract term to 12 months.

Simplifications regarding these contracts involve the settlement of lease payments as costs on a straight-line basis, for the

duration of the lease agreement.

Leases of low-value assets

Low-value assets are considered to be those which have a value when new not higher than PLN 43 thousand translated

at the exchange rate of the first day of application, i.e. 1 January 2019 (representing EUR 10 thousand) or the equivalent

value in another currency as per the average closing rate of exchange of the National Bank of Poland at the moment of

initial recognition of a contract. Simplifications in respect of such contracts are due to the settlement of costs on a straight-

line basis for the term of the lease contract.

4.8. Provisions for liabilities

Provisions for liabilities are established when the Group has an existing legal or constructive obligation connected with

past events and it is probable that the performance of this obligation will result in an outflow of funds representing economic

benefits, and the amount of the liability can be reliably assessed, although the amount or maturity of the liability are not

certain.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 19

The amount of the provision recognised reflects the most accurate estimates possible of the amount required to settle the

current liability as at the balance sheet date, taking into account risk and uncertainty connected with this liability. In the

event of measuring a provision using the estimated cash flow method necessary to settle the current liability, its carrying

amount reflects the current value of such cash flows.

If it is probable that some or all of the economic benefits required to settle a provision can be recovered from a third party,

such receivable will be recognised as an asset, provided that the probability of recovery is sufficiently high and can be

reliably assessed.

4.9. Equity

Equity capital consists of capital and funds created in accordance with applicable regulations, i.e. relevant laws and the

articles of association. Retained earnings are also included in equity capital.

The share capital is recognised at the value specified in the Articles of Association of the parent company. Unregistered

contributions to the share capital are recognised in the parent company's equity and are presented at the nominal value of

the contribution received.

The supplementary capital is created in accordance with the Group's Articles of Association from annual deductions from

the net profit and can be used to cover balance sheet losses or to pay dividends.

Other reserve capital is created from annual deductions from the net profit. Reserve capital is intended to cover potential

balance sheet losses or for other purposes, in particular for the payment of dividends or the acquisition of own shares and

their settlement as part of an incentive program.

Exchange rate differences from the conversion of foreign entities are created from differences arising from the conversion

of the financial data of foreign entities at exchange rates.

Non-controlling interests are the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent.

Retained earnings are the net profit/loss for the period for which the report is prepared, adjusted for income tax, and the

net profit/loss from previous years.

4.10. Customers’ financial instruments and nominal values of transactions on derivatives (off–

balance sheet items)

Off–balance sheet items include: the nominal values of derivatives in transactions executed with customers and brokers

in the OTC market, and the values of financial instruments of the Group’s customers, acquired on the regulated stock

exchange market and deposited in the accounts of the Group’s customers.

4.11. The result of operations on financial instruments

The result of operations on financial instruments covers all realised and unrealised income and expenses connected with

trading in financial instruments, including dividend, interest and FX rate differences. The result of operations on financial

instruments is calculated as the difference between the value of the instrument at the sale price and the purchase price.

The result of operations on financial instruments is composed of the following items:

▪ Result on financial assets held for trading: result on financial instruments on transactions with customers and

brokers;

▪ The net income/(costs) on financial assets held to maturity: result on debt securities (interest result calculated

using the effective interest rate method);

▪ Discounts for customers and commissions for introducing brokers depend on the actual volume of trading in the

financial instruments. This item decreases the result on transactions in financial instruments.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 20

4.12. Fee and commission income and expenses

Fee and commission income includes brokerage fees and other charges against financial services charged to customers

and is disclosed at the date when the customer enters into a given transaction.

Fee and commission expenses are connected with financial brokerage services acquired by the Group and disclosed at

the date when the services were provided.

4.13. Cost of employee benefits

Short–term employee benefits, including specific contributions to benefit schemes, are disclosed in the period when the

Group received a given benefit from an employee, and in the case of profit distribution or bonus payments, when the

following conditions are met:

▪ the entity has a present legal or constructive obligation to make such payments as a result of past events; and

▪ a reliable estimate of the obligation can be made.

For paid leave benefits, employee benefits are recognised to the extent of accumulated paid leave, at the time of

performance of work that increases the entitlement to future paid absences (provision for unused holidays).

Non–accumulating paid absences are recognised when the absences occur.

Starting from 2012, the Parent Company applies the policy of variable remuneration elements for employees whose

professional activities have a significant impact on the Parent Company's risk profile.

As part of this programme, XTB offers its participants 100% variable remuneration in the form of shares. The shares are

granted as part of the variable remuneration for the financial results achieved by XTB in the financial year for which the

Actual Bonus is granted. The Actual Bonus means the actual value of the bonus that has been granted to the participant

of the Incentive Programme for a given financial year. Benefits offered in the form of equity instruments whose value is

linked to the financial situation of the parent company are paid out within 3 years from the date of granting.

In the case of share-based payment transactions settled in equity instruments, the entity measures the goods received

and the corresponding increase in equity at the fair value of the goods received. Costs related to share-based payments

are recognised directly in equity.

4.14. Finance income and costs

Finance income includes interest income on funds invested by the Group. Finance costs consist of interest expense paid

to customers, interest on finance lease paid and other interest on liabilities other than relating to result of operations on

financial instruments.

Interest income and expenses are disclosed in profits or losses of the current period, using the effective interest rate

method. The only exception is interest on customers' free funds, which is presented in Operating income.

Dividend income is disclosed at the time when the shareholders’ right to obtain such dividend is established.

Finance income and costs also include gains and losses arising from foreign exchange rate differences, disclosed in net

amounts.

4.15. Tax

The entity’s income tax comprises current tax due and deferred tax.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 21

4.15.1. Current tax

Current tax liability is calculated on the basis of the tax result (taxable base) for a given financial year. The tax profit (loss)

is different from the accounting net profit (loss) because it does not include non–taxable income and non–deductible

expenses. Tax expenses are calculated on the basis of tax rates in force in a given financial year and pursuant to the tax

regulations of the countries in which the branches of the Parent Company and its subsidiaries are located.

4.15.2. Deferred income tax

Deferred tax is calculated using the balance sheet method, based on differences between the carrying amounts of assets

and liabilities and corresponding tax values used to calculate the tax basis.

Deferred tax liability is established on all taxable positive temporary differences, while deferred tax assets are recognised

up to the probable amount of a reduction in future taxable profit by recognised deductible temporary differences and tax

losses or credits that the Group may use.

The value of deferred tax assets is assessed as on each balance sheet date and if the expected future taxable profits are

not sufficient to realise an asset or its portion, a write-down will be performed.

Deferred tax is calculated based on tax rates that will be applicable when the asset is realised or the liability becomes due.

In the statement of financial position, deferred tax is disclosed upon off-set to the extent that it applies to the same tax

residency.

5. Operating income

5.1. Result of operations in financial instruments

(IN PLN’000)

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Financial instruments (CFD)

Commodity CFDs

923 714

896 672

Index CFDs

760 736

622 728

Currency CFDs

290 408

272 276

Stock and ETF CFDs

60 047

44 762

Bond CFDs

101

735

Total CFDs

2 035 006

1 837 173

Stocks and ETFs

78 310

30 654

Gross gain on transactions in financial instruments

2 113 316

1 867 827

Bonuses and discounts paid to clients

(17 328)

(12 629)

Commission paid to cooperating brokers

(51 406)

(54 623)

Net gain on transactions in financial instruments

2 044 582

1 800 575

Bonuses paid to clients are strictly related to trading in financial instruments by the client with Group.

The Group concludes cooperation agreements with introducing brokers who receive commissions which depend on the

trade generated under the cooperation agreements. The income generated and the costs incurred between the Group and

particular brokers relate to the trade between the broker and clients that are not his clients.

The Group’s result of operations in financial instruments is generated from: (i) spreads (the differences between the “offer”

price and the “bid” price); (ii)swap points charged (being the amounts resulting from the difference between the notional

forward rate and the spot rate of a given financial instrument); (iii) fees and commissions charged by the Group to its clients

and swap points charged (being the amounts resulting from the difference between the notional forward rate and the spot

rate of a given financial instrument); (iv) net results (gains offset by losses) from Group’s market making activities. The

table below presents percentage share of income categories in gross gain on transactions in financial instruments.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 22

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Spread

48%

53%

Swap

25%

41%

Market Making

25%

Fees and commissions

Gross gain on transactions in financial instruments

100%

5.2. Income from fees and charges

(IN PLN’000)

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Fees and charges from institutional clients

5 266

3 970

Fees and charges from retail clients

15 021

8 321

Total income from fees and charges

20 287

12 291

5.3. Geographical areas

(IN PLN’000)

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Operating income

Central and Eastern Europe

1 447 904

1 226 502

- including Poland

1 168 350

986 531

Western Europe

387 409

355 868

Latin America *

128 259

117 930

Middle East**

182 480

173 128

Asia

Total operating income

2 146 056

1 873 436

* The subsidiary XTB International Ltd., with its seat in Belize, acquires clients from Latin America and the rest of the world (without Europe). The item

excludes revenues from clients acquired by this company from the Middle East region.

** Revenue from clients from the Middle East, acquired by XTB International Ltd. with its seat in Belize and XTB MENA Limited and XTB Financial Services

L.L.C with its seat in the United Arab Emirates.

The country from which the Group derives each time 20% and over of its revenue is Poland with a share of 54,4%

(in 2024: 52,7%). Due to the overall share in the Group’s revenue Poland was set apart for presentation purposes within

the geographical area. The share of other countries in the structure of the Group’s revenue by geographical area does not

in any case exceed 20%.

The Group breaks its revenue down into geographical area by country in which a given client was acquired. The

classification of countries into specific geographic regions was based on economic and political criteria.

6. Salaries and employee benefits

(IN PLN’000)

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Salaries

(355 778)

(267 989)

Social insurance and other benefits

(43 448)

(32 784)

Employee benefits

(13 793)

(10 801)

Total salaries and employee benefits

(413 019)

(311 574)

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 23

7. Marketing

(IN PLN’000)

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Marketing online

(404 994)

(262 269)

Marketing offline

(179 819)

(82 517)

Competitions for clients

(85)

(22)

Total marketing

(584 898)

(344 808)

Marketing activities carried out by the Group are mainly focused on Internet marketing, which is also supported by other

marketing activities.

8. Costs of maintenance and lease of buildings

(IN PLN’000)

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Maintenance costs

(3 595)

(2 942)

Costs for renting low-value or short-term tangible assets

(2 821)

(1 888)

Cost of electricity

(2 832)

(1 935)

Other costs

(1 311)

(1 234)

Total costs of maintenance and lease of buildings

(10 559)

(7 999)

9. Other external services

(IN PLN’000)

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Support database systems

(73 059)

(39 388)

Legal and advisory services

(16 700)

(12 950)

Market data delivery

(15 958)

(11 479)

Internet and telecommunications

(4 861)

(4 454)

Accounting and audit services

(2 946)

(2 591)

IT support services

(9 032)

(1 810)

Recruitment

(2 615)

(1 707)

Translation

(227)

(152)

Postal and courier services

(155)

(151)

Other external services

(7 293)

(4 544)

Total other external services

(132 846)

(79 226)

10. Commission expenses

(IN PLN’000)

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Bank commissions

(85 709)

(83 289)

Stock exchange fees and charges

(21 404)

(13 502)

Commissions of foreign brokers

(302)

(498)

Total commission expenses

(107 415)

(97 289)

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 24

11. Other expenses

(IN PLN’000)

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Business trips

(5 340)

(3 329)

Materials

(2 551)

(2 539)

Receivables impairment write–downs

(8 250)

(2 411)

Costs relating to legal risk

(2 715)

(769)

Representation

(750)

(581)

Insurance

(478)

(436)

Liquidation of fixed assets

(54)

(203)

Membership fees

(204)

(153)

Other

(3 238)

(2 370)

Total other expenses

(23 580)

(12 791)

12. Finance income and costs

(IN PLN’000)

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Interest income on financial instruments at amortized cost

26 538

26 272

Income on bonds

12 744

26 138

Foreign exchange gains

10 307

Other finance income

321

128

Total finance income

39 603

62 845

(IN PLN’000)

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Interest paid under lease agreements

(1 286)

(1 048)

Other interest

(122)

(46)

Foreign exchange losses

(93 125)

Other finance costs

(61)

(35)

Total finance costs

(94 594)

(1 129)

Foreign exchange differences relate to unrealised differences on the measurement of balance sheet items denominated

in a currency other than the functional currency.

13. Segment information

For management reporting purposes, the Group’s operations are divided into the following two business segments:

1. Retail operations, which include the provision of trading in financial instruments for individual clients.

2. Institutional activity, which includes the provision of trading in financial instruments and offering trade infrastructure

to entities (institutions), which in turn provide services of trading in financial instruments for their own clients under

their own brand.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 25

These segments do not aggregate other lower-level segments. The management monitors the results of the operating

segments separately, in order to decide on the implementation of strategies, allocation of resources and performance

assessment. Operations in segment are assessed on the basis of segment profitability and its impact on the overall

profitability reported in the financial statements.

The Group concludes transactions only with external clients. Transactions between operating segments are not concluded.

Valuation of assets and liabilities, incomes and expenses of segments is based on the accounting policies applied by the

Group. The Group does not allocate financial activity and corporate income tax burden on business segments.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 26

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT FOR

TWELVE-MONTH PERIOD ENDED 31.12.2025

(IN PLN’000)

RETAIL

OPERATIONS

INSTITUTIONAL

OPERATIONS

TOTAL

REPORTING

SEGMENTS

CONSOLIDATED

COMPREHENSIVE

INCOME STATEMENT

Net result on transactions in financial instruments

2 007 324

37 258

2 044 582

CFDs

Commodity CFDs

933 220

(9 506)

923 714

Index CFDs

720 508

40 228

760 736

Currency CFDs

283 789

6 619

290 408

Stock and ETF CFDs

60 047

Bond CFDs

184

(83)

101

Stocks and ETFs

78 310

Bonuses and discounts paid to clients

(17 328)

Commission paid to cooperating brokers

(51 406)

Net interest income on clients cash

77 989

Fee and commission income

15 021

5 266

20 287

Other income

3 198

Total operating income

2 103 532

42 524

2 146 056

Marketing

(582 756)

(2 142)

(584 898)

Salaries and employee benefits

(410 927)

(2 092)

(413 019)

Other external services

(131 501)

(1 345)

(132 846)

Commission expense

(107 399)

(16)

(107 415)

Amortization and depreciation

(25 379)

(26)

(25 405)

Taxes and fees

(15 923)

(32)

(15 955)

Cost of maintenance and lease of buildings

(10 559)

Other expenses

(23 065)

(515)

(23 580)

Total operating expenses

(1 307 509)

(6 168)

(1 313 677)

Operating profit

796 023

36 356

832 379

Finance income

39 603

Finance costs

(98 287)

3 693

(94 594)

Profit before tax

737 339

40 049

777 388

Income tax

(133 189)

Net profit

644 199

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 27

ASSETS AND LIABILITIES AS AT 31.12.2025

(IN PLN’000)

RETAIL

OPERATIONS

INSTITUTIONAL

OPERATIONS

TOTAL

REPORTING

SEGMENTS

CONSOLIDATED

STATEMENT OF

FINANCIAL POSITION

Clients’ cash

5 776 550

87 843

5 864 393

Financial assets at fair value through P&L

990 105

16 868

1 006 973

Other assets

2 215 095

206

2 215 301

Total assets

8 981 750

104 917

9 086 667

Amounts due to clients

6 428 875

99 348

6 528 223

Financial liabilities at fair value through P&L

266 338

4 821

271 159

Other liabilities

283 455

3 333

286 788

Total liabilities

6 978 668

107 502

7 086 170

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 28

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT FOR

TWELVE-MONTH PERIOD ENDED 31.12.2024

(IN PLN’000)

RETAIL

OPERATIONS

INSTITUTIONAL

OPERATIONS

TOTAL

REPORTING

SEGMENTS

CONSOLIDATED

COMPREHENSIVE

INCOME STATEMENT

Net result on transactions in financial instruments

1 722 253

78 322

1 800 575

CFDs

Index CFDs

869 247

27 425

896 672

Commodity CFDs

570 972

51 756

622 728

Currency CFDs

273 167

(891)

272 276

Stock and ETF CFDs

44 762

Bond CFDs

703

735

Stocks and ETFs

30 654

Bonuses and discounts paid to clients

(12 629)

Commission paid to cooperating brokers

(54 623)

Net interest income on clients cash

58 946

Fee and commission income

8 321

3 970

12 291

Other income

1 624

Total operating income

1 791 144

82 292

1 873 436

Marketing

(343 336)

(1 472)

(344 808)

Salaries and employee benefits

(308 792)

(2 782)

(311 574)

Other external services

(97 090)

(199)

(97 289)

Commission expense

(77 887)

(1 339)

(79 226)

Amortization and depreciation

(19 883)

(22)

(19 905)

Taxes and fees

(13 090)

(19)

(13 109)

Cost of maintenance and lease of buildings

(7 999)

Other expenses

(12 449)

(342)

(12 791)

Total operating expenses

(880 526)

(6 175)

(886 701)

Operating profit

910 618

76 117

986 735

Finance income

62 931

(86)

62 845

Finance costs

(1 129)

Profit before tax

972 420

76 031

1 048 451

Income tax

(191 595)

Net profit

856 856

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 29

ASSETS AND LIABILITIES AS AT 31.12.2024

(IN PLN’000)

RETAIL

OPERATIONS

INSTITUTIONAL

OPERATIONS

TOTAL

REPORTING

SEGMENTS

CONSOLIDATED

STATEMENT OF

FINANCIAL POSITION

Clients’ cash

3 681 834

69 469

3 751 303

Financial assets at fair value through P&L

1 107 285

16 638

1 123 923

Other assets

1 765 713

4 693

1 770 406

Total assets

6 554 832

90 800

6 645 632

Amounts due to clients

4 082 840

82 055

4 164 895

Financial liabilities at fair value through P&L

203 889

4 304

208 193

Other liabilities

268 312

591

268 903

Total liabilities

4 555 041

86 950

4 641 991

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 30

14. Cash and cash equivalents

Broken down by type:

(IN PLN’000)

31.12.2025

31.12.2024

Cash and cash equivalents

7 858 420

5 370 815

Cash and cash equivalents in total

7 858 420

5 370 815

The Group classifies as cash equivalents short-term deposits with maturities of less than 3 months and accrued interest

thereon.

Own cash and restricted cash - clients’ cash:

(IN PLN’000)

31.12.2025

31.12.2024

Clients’ cash and cash equivalents

5 864 393

3 751 303

Own cash and cash equivalents

1 994 027

1 619 512

Cash and cash equivalents in total

7 858 420

5 370 815

Clients’ cash and cash equivalents include the value of clients’ open CFD derivative transactions. This means that if

a client has open CFD derivative transactions, the value of their cash will include current gains or losses arising from these

transactions as at the balance sheet date.

15. Financial assets at fair value through P&L

(IN PLN’000)

31.12.2025

31.12.2024

CFDs

Commodity CFDs

286 036

190 466

Index CFDs

139 893

98 168

Currency CFDs

217 881

130 087

Stock and ETF CFDs

114 597

102 670

Bond CFDs

401

Debt instruments (treasury bonds)

5 598

419 633

Debt instruments (corporate bonds)

10 015

Stocks and ETFs

242 927

172 483

Total financial assets at fair value through P&L

1 006 973

1 123 923

Detailed information on the estimated fair value of the instrument is presented in note 35.1.1.

16. Financial assets at amortised cost

(IN PLN’000)

31.12.2025

31.12.2024

Trade receivables

41 392

22 151

Amounts due from the Central Securities Depository of Poland

52 152

24 004

Receivables due from clients

24 576

12 665

Deposits

6 983

6 276

Statutory receivables

1 975

1 184

Gross other receivables

127 078

66 280

Impairment write-downs of receivables

(2 155)

(1 083)

Impairment write-downs of receivables due from clients

(17 162)

(10 171)

Total net other receivables

107 761

55 026

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 31

Movements in impairment write-downs of receivables

(IN PLN’000)

31.12.2025

31.12.2024

Impairment write-downs of receivables - at the beginning of the reporting

period

(11 254)

(8 843)

Write-downs recorded

(8 463)

(3 599)

Write-downs reversed

400

1 188

Write-downs utilized

Impairment write-downs of receivables - at the end of the reporting period

(19 317)

(11 254)

Write-downs of receivables in 2025 and 2024 resulted from the debit balances which arose in clients’ accounts in those

periods.

17. Prepayments and deferred costs

(IN PLN’000)

31.12.2025

31.12.2024

CRM - customer service and sales

6 264

5 274

Licenses and news services

11 739

6 862

Database application

1 449

1 595

Advertising

3 705

1 514

Prepaid rent

567

352

Insurance

740

536

Other

4 573

3 553

Total prepayments and deferred costs

29 037

19 686

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 32

18. Intangible assets

Intangible assets in the period from 1 January 2025 to 31 December 2025

(IN PLN’000)

LICENCES FOR COMPUTER

SOFTWARE

INTANGIBLE ASSETS

MANUFACTURED INTERNALLY

OTHER

INTANGIBLE

ASSETS

TOTAL

Gross value as at 1 January 2025

6 730

10 792

5 948

23 470

Additions

Sale and scrapping

(308)

(115)

(423)

Net foreign exchange differences

(5)

(33)

(38)

Gross value as at 31 December 2025

6 429

10 792

5 803

23 024

Accumulated amortization as at 1 January 2025

(5 746)

(10 792)

(4 923)

(21 461)

Amortization for the current period

(369)

(119)

(488)

Sale and scrapping

308

Net foreign exchange differences

Accumulated amortization as at 31 December 2025

(5 803)

(10 792)

(5 031)

(21 626)

Net book value as at 1 January 2025

984

1 025

2 009

Net book value as at 31 December 2025

626

772

1 398

Intangible assets manufactured internally relate to a financial instrument trading platform and applications compatible with this platform. Other intangible assets relate to the separated

license value under the acquisition of the subsidiary described in note 1.2.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 33

Intangible assets in the period from 1 January 2024 to 31 December 2024

(IN PLN’000)

LICENCES FOR COMPUTER

SOFTWARE

INTANGIBLE ASSETS

MANUFACTURED INTERNALLY

OTHER

INTANGIBLE

ASSETS

TOTAL

Gross value as at 1 January 2024

6 487

10 792

4 814

22 093

Additions

247

1 134

1 381

Sale and scrapping

Net foreign exchange differences

(4)

Gross value as at 31 December 2024

6 730

10 792

5 948

23 470

Accumulated amortization as at 1 January 2024

(5 399)

(10 792)

(4 735)

(20 926)

Amortization for the current period

(352)

(118)

(470)

Sale and scrapping

(70)

Net foreign exchange differences

Accumulated amortization as at 31 December 2024

(5 746)

(10 792)

(4 923)

(21 461)

Net book value as at 1 January 2024

1 088

1 167

Net book value as at 31 December 2024

984

1 025

2 009

Intangible assets manufactured internally relate to a financial instrument trading platform and applications compatible with this platform. Other intangible assets relate to the separated

license value under the acquisition of the subsidiary described in note 1.2.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 34

19. Property, plant and equipment

Property, plant and equipment in the period from 1 January 2025 to 31 December 2025

(IN PLN’000)

COMPUTER

SYSTEMS

OTHER

PROPERTY,

PLANT AND

EQUIPMENT

RIGHT TO USE

OFFICE

RIGHT TO USE

CAR

TANGIBLE FIXED

ASSETS UNDER

CONSTRUCTION

ADVANCES FOR

TANGIBLE FIXED

ASSETS

TOTAL

Gross value as at 1 January 2025

51 637

15 880

52 475

496

595

121 083

Additions

15 557

4 802

141

1 376

21 876

Lease

5 185

983

6 168

Sale and scrapping

(3 535)

(353)

(1 824)

(173)

(732)

(1 376)

(7 993)

Net foreign exchange differences

(102)

(46)

(1 703)

(1 849)

Gross value as at 31 December 2025

63 557

20 283

54 133

1 308

139 285

Accumulated amortization as at

1 January 2025

(28 039)

(7 285)

(20 049)

(376)

(55 749)

Amortization for the current period

(10 194)

(3 053)

(11 546)

(125)

(24 918)

Sale and scrapping

3 452

187

363

172

4 174

Net foreign exchange differences

506

(2)

615

Accumulated amortization as at

31 December 2025

(34 718)

(10 103)

(30 726)

(331)

(75 878)

Net book value as at 1 January 2025

23 598

8 595

32 426

120

595

65 334

Net book value as at 31 December 2025

28 839

10 180

23 407

977

63 407

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 35

Property, plant and equipment in the period from 1 January 2024 to 31 December 2024

(IN PLN’000)

COMPUTER

SYSTEMS

OTHER

PROPERTY,

PLANT AND

EQUIPMENT

RIGHT TO USE

OFFICE

RIGHT TO USE

CAR

TANGIBLE FIXED

ASSETS UNDER

CONSTRUCTION

ADVANCES FOR

TANGIBLE FIXED

ASSETS

TOTAL

Gross value as at 1 January 2024

35 382

14 857

43 595

570

298

94 702

Additions

17 342

1 639

298

19 279

Lease

14 884

Sale and scrapping

(992)

(465)

(5 655)

(60)

(7 172)

Net foreign exchange differences

(95)

(151)

(349)

(14)

(1)

(610)

Gross value as at 31 December 2024

51 637

15 880

52 475

496

595

121 083

Accumulated amortization as at 1 January

2024

(21 763)

(5 365)

(16 851)

(337)

(44 316)

Amortization for the current period

(7 284)

(2 278)

(9 764)

(109)

(19 435)

Sale and scrapping

948

305

6 506

7 819

Net foreign exchange differences

183

Accumulated amortization as at

31 December 2024

(28 039)

(7 285)

(20 049)

(376)

(55 749)

Net book value as at 1 January 2024

13 619

9 492

26 744

233

298

50 386

Net book value as at 31 December 2024

23 598

8 595

32 426

120

595

65 334

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 36

Non-current assets by geographical area

(IN PLN’000)

31.12.2025

31.12.2024

Non-current assets

Central and Eastern Europe

42 054

42 396

- including Poland

36 686

36 692

Western Europe

13 244

12 425

Latin America

448

1 343

Middle East

7 725

10 163

Asia

1 334

1 016

Total non-current assets

64 805

67 343

20. Amounts due to clients

(IN PLN’000)

31.12.2025

31.12.2024

Amounts due to retail clients

6 428 875

4 082 840

Amounts due to institutional clients

99 348

82 055

Total amounts due to clients

6 528 223

4 164 895

Amounts due to clients are connected with transactions concluded by the clients (including cash deposited in the clients’

accounts).

21. Financial liabilities at fair value through P&L

(IN PLN’000)

31.12.2025

31.12.2024

Financial instruments (CFD)

Stock and ETF CFDs

81 815

62 210

Commodity CFDs

117 012

23 390

Currency CFDs

51 015

106 327

Index CFDs

21 313

16 128

Bond CFDs

138

Total financial liabilities at fair value through P&L

271 159

208 193

22. Liabilities due to lease

(IN PLN’000)

31.12.2025

31.12.2024

Short- term

11 426

10 594

Long- term

14 441

23 341

Total liabilities due to lease

25 867

33 935

Liabilities due to lease do not include short-term leasing contracts and lease of low-value assets.

In the period from 1 January to 31 December 2025 the cost related to short-term leasing included in the statement of

comprehensive income amounted to PLN 222 thousand and costs related to lease of low-value assets included in the

statement of comprehensive income amounted to PLN 723 thousand.

In the period from 1 January to 31 December 2024 the cost related to short-term leasing included in the statement of

comprehensive income amounted to PLN 770 thousand, there were no costs related to lease of low-value assets included

in the statement of comprehensive income.

The Group is a lessee in the case of lease agreements for office space and cars. The value of the leased item is presented

in note 19.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 37

23. Other liabilities

(IN PLN’000)

31.12.2025

31.12.2024

Trade liabilities

73 303

63 927

Liabilities due to brokers

16 841

31 957

Provisions for other employee benefits

38 396

28 816

Statutory liabilities

17 088

16 177

Amounts due to the Central Securities Depository of Poland

27 605

14 797

Liabilities due to employees

1 275

1 210

Total other liabilities

174 508

156 884

Liabilities under employee benefits include estimates, as at the balance sheet date, of bonuses for the reporting period,

including from the Program of variable remuneration elements, as well as the provision for unused holiday leave.

Program of variable remuneration elements

In accordance with the Variable Remuneration Policy applicable within the Group, persons who have a significant impact

on the risk profile of the Parent Company receive annual variable remuneration in the form of a financial instrument, namely

shares in XTB S.A. The costs related to payments in the form of shares are recognised in the Group's equity.

24. Provisions for liabilities and contingent liabilities

24.1. Provisions for liabilities

(IN PLN’000)

31.12.2025

31.12.2024

Provisions for retirement benefits

749

518

Provisions for legal risk

5 665

3 012

Total provisions

6 414

3 530

Provisions for retirement benefits are established on the basis of an actuarial valuation carried out in accordance with the

applicable regulations and agreements connected with obligatory retirement benefits to be covered by the employer.

Provisions for legal risk include expected amounts of payments to be made in connection with disputes to which the Group

is a party. As at the date of preparation of these financial statements, the Group is not able to specify when the above

liabilities will be repaid. The information on the significant court proceedings, arbitration authority or public administration

authority was described in “Other information” of the Management Report of the Group and Company.

To the best of our knowledge and belief, the procedures described therein and the future resolution of these proceedings

in the context of a possible impact on other clients of the Group do not have a material impact on these Consolidated

financial statements.

Movements in provisions in the period from 1 January 2025 to 31 December 2025

(IN PLN’000)

VALUE AS AT

01.01.2025

INCREASES

DECREASES

VALUE AS AT

31.12.2025

USE

REVERSAL

Provisions for retirement benefits

518

231

749

Provisions for legal risk

3 012

2 715

5 665

Total provisions

3 530

2 946

6 414

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 38

Movements in provisions in the period from 1 January 2024 to 31 December 2024

(IN PLN’000)

VALUE AS AT

01.01.2024

INCREASES

DECREASES

VALUE AS AT

31.12.2024

USE

REVERSAL

Provisions for retirement benefits

338

180

518

Provisions for legal risk

3 554

769

137

1 174

3 012

Total provisions

3 892

949

137

1 174

3 530

24.2. Contingent liabilities

The Group is party to a number of court proceedings associated with the Group’s operations. The proceedings in which

the Group acts as defendant relate mainly to employees’ and clients’ claims. As at 31 December 2025 the total value of

claims brought against the Group amounted to approx. PLN 17 605 thousand, whereas the value of claims not covered by

the provision amounted to approx. PLN 14 402 thousand (as at 31 December 2024 is was appropriately:

PLN 16 134 thousand and 14 924 thousand). Group has not created provisions for the above proceedings. In the

assessment of the Group there is low probability of loss in these proceedings.

25. Equity

Share capital structure as at 31 December 2025 and as at 31 December 2024

SERIES/ISSUE

NUMBER OF

NOMINAL VALUE OF SHARES

(IN PLN)

NOMINAL VALUE OF ISSUE

(IN PLN’000)

Series A

117 383 635

0,05

5 869

Series B

185 616

0,05

All shares in the Parent Company have the same nominal value, are fully paid for, and carry the same voting and profit-

sharing rights. No preference is attached to any share series. The shares are A and B-series ordinary registered shares.

Shareholding structure of the Parent Company

To the best Parent Company’s knowledge, the shareholding structure of the Parent Company as at 31 December 2025

was as follows:

NUMBER OF

NOMINAL VALUE OF SHARES

(IN PLN’000)

XX ZW Investment Group S.A.

42 067 329

2 103

35,78%

Other shareholders

75 501 922

3 775

64,22%

Total

117 569 251

5 878

100,00%

To the best Parent Company’s knowledge, the shareholding structure of the Parent Company as at 31 December 2024

was as follows:

NUMBER OF

NOMINAL VALUE OF SHARES

(IN PLN’000)

XX ZW Investment Group S.A.

51 472 869

2 573

43,78%

Other shareholders

66 096 382

3 305

56,22%

Total

117 569 251

5 878

100,00%

Other capitals

Other capitals consist of:

▪ supplementary capital in the total amount of PLN 71 608 thousand, mandatorily established from annual profit

distribution to be used to cover potential losses that may occur in connection with the Group’s operations, up to

the amount of at least one third of the share capital, amounting to PLN 1 957 thousand and from surplus of the

issue price over the nominal price in the amount of PLN 69 651 thousand, resulting from the capital increase in

2012 with a nominal value of PLN 348 thousand for the price of PLN 69 999 thousand,

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 39

▪ reserve capital, in the amount of PLN 1 274 458 thousand established from annual distribution of profit as resolved

by the General Meeting of Shareholders to be used for financing of further operations of the Group or payment of

dividend increased by the cost of the incentive program for persons whose professional activities have

a significant impact on the risk profile of the Parent Company,

▪ Exchange differences from the translation of foreign operations, including foreign exchange of branches and

foreign operations in the amount of PLN (11 788) thousand. A detailed presentation of exchange differences

resulting from translation is presented in the table below.

(IN PLN’000)

31.12.2025

31.12.2024

XTB Spółka Akcyjna branch in Germany

147

236

XTB Spółka Akcyjna branch in Romania

175

XTB Services Limited

(3)

(4)

XTB S.C. Limited

(136)

XTB Limited CY

(138)

(61)

PT XTB Indonesia Berjangka

(560)

114

XTB Spółka Akcyjna branch in Portugal

(95)

(75)

XTB Spółka Akcyjna branch in France

(141)

(82)

XTB Spółka Akcyjna branch in Slovakia

(112)

(90)

XTB Spółka Akcyjna

(303)

781

XTB Limited UK

(1 031)

(25)

XTB Spółka Akcyjna branch in Spain

(257)

(214)

XTB Spółka Akcyjna branch in Czech Republic

(104)

(232)

XTB Africa (PTY) Ltd.

(276)

(262)

XTB Financial Services L.L.C

(618)

183

XTB International

(883)

373

XTB Agente de Valores SpA

(1 414)

(1 254)

XTB MENA Limited

(2 368)

(53)

Tasfiye Halinde XTB Yönetim Danışmanlığı A.Ş.

(3 580)

(3 627)

Total exchange differences from the translation of foreign operations

(11 788)

(4 074)

26. Profit distribution and dividend

Pursuant to the decision of the General Shareholders’ Meeting of the Parent Company, the net profit for 2024 in the amount

of PLN 855 202 thousand was partially earmarked for the payment of a dividend in the amount of PLN 640 753 thousand,

the remaining amount was transferred to reserve capital.

The amount of dividend per share paid for 2024 was equal to PLN 5,45. The dividend was paid on the 25 June 2025.

Pursuant to the decision of the General Shareholders’ Meeting of the Parent Company, the net profit for 2023 in the amount

of PLN 787 136 thousand was partially earmarked for the payment of a dividend in the amount of PLN 590 198 thousand,

the remaining amount was transferred to reserve capital.

The amount of dividend per share paid for 2023 was equal to PLN 5,02. The dividend was paid on the 20 June 2024.

DIVIDENDS RECOGNIZED AS PAYMENTS TO OWNERS PER SHARE

(IN PLN)

TWELVE-MONTH

PERIOD ENDED

31.12.2025

TWELVE-MONTH

PERIOD ENDED

31.12.2024

Dividends paid to owners

5,45

5,02

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 40

27. Earnings per share

Basic earnings per share are calculated by dividing the net profit for the period attributable to shareholders of the Parent

Company by the weighted average number of ordinary shares outstanding during the period. When calculating both basic

and diluted earnings per share, the Group uses the amount of net profit attributable to shareholders of the Parent Company

as the numerator, i.e., there is no dilutive effect influencing the amount of profit (loss). The calculation of basic and diluted

earnings per share, together with a reconciliation of the weighted average diluted number of shares is presented below.

(IN PLN’000)

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Profit from continuing operations attributable to shareholders of the Parent Company

644 194

857 025

Weighted average number of ordinary shares

117 569 251

Weighted average number of shares including dilution effect

117 569 251

Basic net profit per share from continuing operations for the year attributable to

shareholders of the Parent Company

5,48

7,29

Diluted net profit per share from continuing operations for the year attributable to

shareholders of the Parent Company

5,48

7,29

28. Current income tax and deferred income tax

28.1. Current income tax

Income tax disclosed in the current period’s profit and loss

(IN PLN’000)

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Income tax - current portion

Income tax for the reporting period

(112 673)

(191 811)

Income tax - deferred portion

Occurrence / reversal of temporary differences

(20 516)

216

Income tax disclosed in profit and loss

(133 189)

(191 595)

Reconciliation of the actual tax burden

(IN PLN’000)

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Profit before tax

777 388

1 048 451

Income tax based in the applicable tax rate of 19%

(147 704)

(199 206)

Difference resulting from application of tax rates applicable in other countries

1 094

766

Non-taxable revenue

412

717

Non-deductible expenses

(4 020)

(4 059)

Tax losses for the reporting period not included in deferred tax

Writing off tax losses activated in previous years

Other items affecting the tax burden amount

17 029

10 187

Income tax disclosed in profit or loss

(133 189)

(191 595)

On the basis of art 18d of Act on corporate income tax dated 15 February 1992 (Journal of Laws of 2023, item 2805, as

amended). XTB S.A. benefited in the period from 1 January 2025 to 31 December 2025 from the tax burden for research

and development in total amounted to PLN 19 359 thousand. In the analogical period of 2024 benefits from the tax burden

amounted to PLN 12 844 thousand.

The effective tax rate for the period from 1 January to 31 December 2025 was close to the statutory rate and amounted to

17,13%. In the analogical period of 2024, the rate was 18,27%.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 41

28.2. Deferred income tax

28.2.1. Unrecognized deferred income tax asset

Taking into account the risks connected with further business development in foreign markets, the Company’s management

has doubts relative to certain tax credits of foreign operations and whether their respective profits will make it possible to

settle the tax losses. Therefore, no deferred tax assets connected with such tax loss in the amount of PLN 397 thousand

as at 31 December 2025 and in the amount of PLN 402 thousand as at 31 December 2024.

The company did not recognize deferred tax assets on tax loss arising in France.

UNRECOGNIZED TAX LOSSES AVAILABLE FOR USE

(IN PLN’000)

31.12.2025

31.12.2024

no limit

397

402

Total unrecognized tax losses available for use

397

402

28.2.2. Recognized deferred tax asset relating to tax losses

Balance of deferred tax asset relating to tax losses:

RECOGNIZED TAX LOSSES TO BE UTILIZED

(IN PLN’000)

31.12.2025

31.12.2024

Deferred tax on tax losses

4 137

6 181

As at 31 December 2025 the Group established deferred tax assets with regard to tax losses to be settled in future periods

in the total amount of PLN 4 137 thousand (as at 31 December 2024: PLN 6 181 thousand). The management believes

that due to dynamic development of business and growth of sales in foreign markets, the Company may generate taxable

income in future periods, and tax losses will be settled accordingly.

Deferred tax losses may be utilised over an unlimited period in Germany, France and Great Britain. Forecasted results of

these branches and subsidiary, their margins and development plans assume an effective settlement of losses in the

future.

28.2.3. Deferred income tax assets and deferred income tax provision

Change in the balance of deferred tax for the period from 1 January to 31 December 2025

(IN PLN’000)

AS AT

01.01.2025

PROFIT

OR (LOSS)

AS AT

31.12.2025

Deferred income tax assets:

Cash and cash equivalents

(13)

Property, plant and equipment

115

182

Liabilities due to lease

2 386

(1 112)

1 274

Financial liabilities at fair value through P&L

32 769

12 256

45 025

Provisions for liabilities

4 557

1 215

5 772

Prepayments and deferred costs

5 554

1 697

7 251

Other liabilities

Tax losses of previous periods to be settled in future periods

6 181

(2 044)

4 137

Total deferred income tax assets

51 564

12 120

63 684

(w tys. PLN)

AS AT

01.01.2025

PROFIT

OR (LOSS)

AS AT

31.12.2025

Deferred income tax asstes included directly in the equity:

Separate equity of branches

Total deferred income tax assets included directly in the

equity

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 42

(IN PLN’000)

AS AT

01.01.2025

PROFIT

OR (LOSS)

AS AT

31.12.2025

Deferred income tax provision:

Cash and cash equivalents

112

Financial assets at fair value through P&L

98 958

32 565

131 523

Other liabilities

1 004

(46)

958

Financial assets at amortised cost

1 451

1 391

2 842

Property, plant and equipment

2 513

(1 319)

1 194

Total deferred income tax provision

103 993

32 636

136 629

Deferred tax disclosed in profit or (loss)

(20 516)

(IN PLN’000)

AS AT

01.01.2025

INCLUDED

IN EQUITY

AS AT

31.12.2025

Deferred income tax provision included directly in the

equity:

Separate equity of branches

101

(101)

Total deferred income tax provision included directly in the

equity

101

(101)

Change in the balance of deferred tax for the period from 1 January to 31 December 2024

(IN PLN’000)

AS AT

01.01.2024

PROFIT

OR (LOSS)

AS AT

31.12.2024

Deferred income tax assets:

Cash and cash equivalents

(13)

Property, plant and equipment

115

Liabilities due to lease

2 885

(499)

2 386

Financial liabilities at fair value through P&L

13 347

19 422

32 769

Provisions for liabilities

979

3 578

4 557

Prepayments and deferred costs

6 096

(542)

5 554

Other liabilities

5 067

(5 052)

Tax losses of previous periods to be settled in future periods

7 109

(928)

6 181

Total deferred income tax assets

35 546

16 018

51 564

(IN PLN’000)

AS AT

01.01.2024

PROFIT

OR (LOSS)

AS AT

31.12.2024

Deferred income tax provision:

Cash and cash equivalents

101

(34)

Financial assets at fair value through P&L

83 568

15 390

98 958

Other liabilities

1 141

(137)

1 004

Financial assets at amortised cost

593

858

1 451

Property, plant and equipment

2 788

(275)

2 513

Total deferred income tax provision

88 191

15 802

103 993

Deferred tax disclosed in profit or (loss)

(216)

(IN PLN’000)

AS AT

01.01.2024

INCLUDED

IN EQUITY

AS AT

31.12.2024

Deferred income tax provision included directly in the

equity:

Separate equity of branches

232

(131)

101

Total deferred income tax provision included directly in the

equity

232

(131)

101

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 43

Data concerning the presentation of deferred income tax by country of origin and reconciliation of presentation

in the statement of financial position as at 31 December 2025:

(IN PLN’000)

DATA ACCORDING TO THE NATURE OF

ORIGIN

DATA PRESENTED IN THE STATEMENT OF

FINANCIAL POSITION

DEFERRED INCOME

TAX ASSETS

DEFERRED INCOME

TAX PROVISION

DEFERRED INCOME

TAX ASSETS

DEFERRED INCOME

TAX PROVISION

Poland

58 935

134 572

985

76 622

Czech Republic

112

Slovakia

148

Germany

1 002

326

1 002

326

France

2 191

Great Britain

1 233

Chile

119

289

170

Belize

1 330

Total

63 686

136 629

5 559

78 502

Data concerning the presentation of deferred income tax by country of origin and reconciliation of presentation

in the statement of financial position as at 31 December 2024:

(IN PLN’000)

DATA ACCORDING TO THE NATURE OF

ORIGIN

DATA PRESENTED IN THE STATEMENT OF

FINANCIAL POSITION

DEFERRED INCOME

TAX ASSETS

DEFERRED INCOME

TAX PROVISION

DEFERRED INCOME

TAX ASSETS

DEFERRED INCOME

TAX PROVISION

Poland

44 654

102 082

1 942

59 370

Czech Republic

105

Slovakia

103

Germany

1 968

494

1 968

494

France

2 798

Great Britain

1 859

Chile

299

222

Belize

1 152

Total

51 564

104 094

8 708

61 238

29. Related party transactions

29.1. Parent Company

As at 31 December 2025 XX ZW Investment Group S.A. with its registered office in Luxembourg is the key shareholder of

the Company, it holds 35,78% of shares and votes in the General Meeting which gives the company control, even though

it holds less than 50% of the total shares and voting rights.

Mr. Jakub Zabłocki is the ultimate Parent Company for the Company and XX ZW Investment Group S.A.

29.2. Figures concerning related party transactions

As at 31 December 2025 Group has liabilities to Mr Jakub Zabłocki in the amount PLN 1 thousand due to his investment

account (as at 31 December 2024 PLN 1 thousand). In the period from 1 January to 31 December 2025 Group has noted

profit from transactions with Mr Jakub Zabłocki in the amount PLN 4 thousand (in the analogical period of 2024 there was

profit from transactions with Mr Jakub Zabłocki in the amount PLN 10 thousand). In the period from 1 January to

31 December 2025 Mr Jakub Zabłocki did not receive any remuneration from the Group. In the analogical period in 2024

Mr Jakub Zabłocki received the remuneration from the subsidiary in United Kingdom in the amount PLN 1 983 thousand.

As at 31 December 2025 Group has liabilities to Mr Huber Walentynowicz in the amount of PLN 7 thousand due to his

investment account. As at 31 December 2024 the Group has no liabilities to Mr Hubert Walentynowicz in the due to his

investment account. In the period from 1 January to 31 December 2025 Group has noted profit from transactions with Mr

Hubert Walentynowicz in the amount PLN 4 thousand (in the analogical period of 2024 there was no profit from transactions

with Mr Hubert Walentynowicz). Mr Hubert Walentynowicz who is a shareholder of XX ZW Investment Group S.A., receives

salary on the basis of work contract. In the period from 1 January to 31 December 2025 the paid gross salary and bonuses

amounted to PLN 527 thousand and in the analogical period of 2024 amounted to PLN 1 463 thousand.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 44

As at 31 December 2025 Group has liabilities to Mr Omar Arnaout in the amount of PLN 10 thousand due to his investment

account. As at 31 December 2024 the Group has liabilities to Mr Omar Arnaout in the amount of PLN 100 thousand due

to his investment account. In the period from 1 January to 31 December 2025 Group has noted profit from transactions

with Mr Omar Arnaout in the amount PLN 36 thousand (in the analogical period of 2024 there was no profit from

transactions with Mr Omar Arnaout).

As at 31 December 2025 Group has liabilities to Mr Filip Kaczmarzyk in the amount of PLN 105 thousand due to his

investment account. As at 31 December 2024 the Group has liabilities to Mr Filip Kaczmarzyk in the amount of PLN

195 thousand due to his investment account. In the period from 1 January to 31 December 2025 Group has noted profit

from transactions with Mr Filip Kaczmarzyk in the amount PLN 2 thousand (in the analogical period of 2024 Group has

noted profit in the amount PLN 2 thousand from transactions with Mr Filip Kaczmarzyk).

As at 31 December 2025 Group has liabilities to Mr Paweł Szejko in the amount of PLN 29 thousand due to his investment

account. As at 31 December 2024 the Group has no liabilities to Mr Paweł Szejko due to his investment account.

In the period from 1 January to 31 December 2025 Group has noted profit from transactions with Mr Jakub Kubacki in the

amount PLN 2 thousand (in the analogical period of 2024 Group has noted profit in the amount PLN 1 thousand from

transactions with Mr Jakub Kubacki).

The table below presents the total number and nominal value of the Parent Company's shares held directly by the persons

managing and supervising Group, as at the date of submitting this report:

NAME AND SURNAME

FUNCTION

NUMBER OF SHARES

HELD

TOTAL NOMINAL VALUE OF SHARES

(in PLN)

Omar Arnaout

President of the

Management Board

62 310

3 116

Filip Kaczmarzyk

Board Member

43 616

2 181

Paweł Szejko

Board Member

35 154

1 758

Jakub Kubacki

Board Member

25 632

1 282

During the reporting period and until the date of submission of this report, the following changes in the ownership of the

Parent Company's shares by managing and supervising persons took place:

▪ on the 23 April 2025 Omar Arnaout acquired jointly 11 593 shares of the Parent Company;

▪ on the 23 April 2025 Filip Kaczmarzyk acquired jointly 8 115 shares of the Parent Company;

▪ on the 23 April 2025 Paweł Szejko acquired jointly 5 796 shares of the Parent Company;

▪ on the 23 April 2025 Jakub Kubacki acquired jointly 4 637 shares of the Parent Company.

At the end of the reporting period and as at the date of submitting this report, the supervising persons did not have any

shares or rights to the Parent Company's shares.

29.3. Benefits to Management Board and Supervisory Board

(IN PLN’000)

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Benefits to the Management Board members

(1 766)

(5 136)

Benefits to the Supervisory Board members

(105)

(265)

Total benefits to the Management Board and Supervisory Board

(1 871)

(5 401)

These benefits include base salaries, bonuses, contributions to social security paid for by the employer and supplementary

benefits (money bills, healthcare, holiday allowances).

Members of the Management Board of the Parent Company are included in the scheme of variable remuneration elements

specified in note 23 of the financial statements.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 45

29.4. Loans granted to the Management and Supervisory Board members

As at 31 December 2025 and 31 December 2024 there were no loans granted to the Management and Supervisory Board

members. In the period from 1 January to 31 December 2025 and in the analogical period of 2024, the members of the

Management Board and Supervisory Board also did not benefit from any loans granted by the Group.

30. Employment

As at 31 December 2025 the total employment in the Group which include persons employed under employment contract

and persons providing services under other forms of civil law contracts, including B2B contracts was 1 516 people. As at

31 December 2024 it was 1 245 people. The list does not include persons on maternity leave, parental leave and benefits

(dismissals for more than 33 days).

31. Supplementary information and explanations to the cash flow statement

31.1. Other adjustments

The “other adjustments” item includes the following adjustments:

(IN PLN’000)

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Change in the balance of differences from the conversion of branches and

subsidiaries

(7 776)

2 534

Foreign exchange differences on translation of movements in property, plant and

equipment, and intangible assets

1 258

428

Other changes

Change in other adjustments

(6 507)

2 962

Foreign exchange differences on translation of movements in tangible and intangible assets include the difference between

the rates as at the opening balance and as at the closing balance adopted for valuation of the gross value of tangible and

intangible assets in the Group’s foreign entities and the difference between the rate applied to value amortization and

depreciation cost of fixed assets and intangible assets in the Group’s foreign entities and the rate of translation of

amortization and depreciation amounts on such assets. This value results from the chart of movements in tangible and

intangible assets.

31.2. Change in balance of other liabilities

The “Change in balance of other liabilities” item includes the following adjustments:

(IN PLN’000)

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Balance sheet change in other liabilities

17 624

70 804

Change in balance of other liabilities

17 624

70 804

31.3. Details of (Profit) Loss from investing activity

The “(Profit) Loss on investment activity” item includes the following adjustments:

(IN PLN’000)

TWELVE-MONTH

PERIOD ENDED

TWELVE-MONTH

PERIOD ENDED

31.12.2025

31.12.2024

Loss on liquidation and sale of fixed assets

3 934

(577)

Profit from the liquidation and sale of fixed assets

(55)

(24)

Result of Bonds

(12 744)

(26 138)

(Profit) Loss on investment activity

(8 865)

(26 739)

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 46

32. Off-balance sheet items

32.1. Nominal value of derivatives financial instruments

(IN PLN’000)

31.12.2025

31.12.2024

Index CFDs

3 933 252

3 766 277

Commodity CFDs

6 216 958

3 705 548

Currency CFDs

3 284 496

2 952 168

Stock and ETF CFDs

1 615 397

1 169 077

Bond CFDs

1 553

11 126

Total financial instruments

15 051 656

11 604 196

The nominal value of instruments presented in the chart above includes transactions with clients and brokers. As at

31 December 2025 transactions with brokers represent 16% of the total nominal value of instruments (as at 31 December

2024: 14% of the total nominal value of instruments).

32.2. Clients’ financial instruments

Presented below is a list of clients’ instruments deposited in the accounts of the brokerage house:

(IN PLN’000)

31.12.2025

31.12.2024

Listed stocks and rights to stocks registered in clients’ securities accounts

15 138 542

7 907 437

ETF (Exchange Traded Fund)

12 144 808

5 773 953

Other securities registered in clients’ securities accounts

207

Total clients’ financial instruments

27 283 557

13 681 597

32.3. Transaction limits

The amount of unused transaction limits granted to related entities was as at 31 December 2025 PLN 12 990 thousand,

as at 31 December 2024 was PLN 14 763 thousand.

33. Items regarding the compensation scheme

The compensation scheme is a mechanism designed to protect investors’ interests in the event of a brokerage firm’s

bankruptcy, administered by the National Depository for Securities. Brokerage firms, banks engaged in brokerage

activities, and custodian banks are required to make contributions to the primary fund, and contributions are calculated

based on the value of assets held by clients at a given institution. Items related to the compensation system are presented

under Other Liabilities in the Group’s Balance Sheet.

(IN PLN’000)

31.12.2025

31.12.2024

1. Contributions made to the compensation scheme

a) opening balance

17 923

13 986

- increases

6 058

3 937

b) closing balance

23 981

17 923

2. XTB’s share in the profits from the compensation scheme

2 455

1 848

34. Capital management

The Group’s principles of capital management are established in the “Capital management policy at XTB S.A.”. The

document is approved by the Parent Company’s Supervisory Board.

The policy defines the basic concepts, objectives and rules which constitute the Parent Company’s capital strategy. It

specifies, in particular, long-term capital objectives, the current and preferred capital structure, contingency plans and

capital planning principles. The policy is updated as appropriate so as to reflect the development in the Group and its

business environment.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 47

The objective of the capital management policy is to ensure balanced long-term growth for the shareholders and to maintain

sufficient capital to enable the Group to operate in a prudent and efficient manner. This objective is attained by maintaining

an appropriate capital base, taking into account the Group’s risk profile and prudential regulations, as well as risk-based

capital management in view of the operating goals.

Determination of capital-related goals is essential for equity management and serves as a basic reference in the context

of capital planning, allocation and contingency plans. The Group establishes capital-related objectives which ensure

a stable capital base, achievement of its capital strategy goals (in accordance with its general principles), and also match

the Group’s risk appetite. To establish its capital-related goals, the Group takes into consideration its strategic plans and

expected growth of operations as well as external conditions, including the macroeconomic situation and other business

environment factors. The capital-related goals are set for a horizon similar to that of the business strategy and are approved

by the Management Board.

Capital planning is focused on an assessment of the Group’s current and future capital requirements (both regulatory and

internal), and on comparing them with the current and projected levels of available capital. The Group has prepared

contingency plans to be launched in the event of a capital liquidity shortage, described in detail in the procedure “Risk

management system at XTB S.A.”.

As part of ICARAP, the Parent Company identifies significant risk factors and impacts and assesses its internal capital in

order to define the overall capital requirement to cover all significant risks in the Group’s operations and evaluates its

quality. The Group estimates internal capital necessary to cover identified significant risks in compliance with procedures

adopted by the Group and taking into account stress test results.

The Parent Company is obligated to maintain the capitals (equity) in the amount exceeding each of the following values:

▪ capital requirements calculated in accordance with Regulation (EU) 2019/2033 of the European Parliament and

of the Council of 27 November 2019 on prudential requirements for investment firms and amending Regulations

(EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (IFR)

▪ internal capital estimated in accordance with the Regulation of the Minister of Development and Finance of

8 December 2021 on the assessment of internal capital and liquid assets, risk management system, supervisory

audit and evaluation, as well as remuneration policy in a brokerage house and a small brokerage house.

The capital requirement calculated in accordance with the IFR regulation is the higher of:

▪ fixed overheads requirement

▪ permanent minimum initial capital requirement

▪ K-factor capital requirement

At date of preparation of the financial statement the highest of the above values for the Parent Company is the K-factor

capital requirement.

The Parent Company calculates own funds in accordance with Part Two of the Regulation European Parliament and of

the Council (EU) 2019/2033 of 27 November 2019 on prudential requirements for investment firms and amending

Regulations (EU) No 1093/2010, (EU) No 575 / 2013, (EU) No 600/2014 and (EU) No 806/2014 ("IFR").

The principles for calculation of own funds are established in the CRR and IFR Regulations, "Procedure for calculating

capital adequacy ratios of XTB S.A." the Parent Company and are not regulated by IFRS.

The Group currently has only own funds of the best category - Tier I.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 48

Prudential consolidation in accordance with IFR covers subsidiaries that are investment firms, financial institutions,

ancillary services undertakings or tied agents. When applied to the Group, the Parent Company includes the following

subsidiaries in prudential consolidation:

▪ since 31st Nov 2015 XTB Limited (UK),

▪ since 30th April 2017 XTB International,

▪ since 31st July 2018 XTB Limited (CY),

▪ since 31st July 2022 XTB MENA Limited,

▪ since 31st August 2022 XTB Africa (PTY) Ltd,

▪ since 31st December 2023 XTB S.C. Limited,

▪ since 17th January 2024 PT Rajawali Kapital Berjangka,

▪ since 30th September 2024 XTB Financial Services L.L.C,

▪ since 11th February 2025 XTB Agente de Valores SpA.

The Group is not required to maintain capital buffers under the Act on Macroprudential Supervision of the Financial System

and Crisis Management in the Financial System.

The Group’s own funds:

(IN PLN’000)

31.12.2025

31.12.2024

The Group’s own funds

Base capital Tier I without deductions

1 336 899

1 122 449

Supplementary capital Tier I

Items decreasing share capitals

(15 919)

(11 352)

Total Group’s own funds

1 320 980

1 111 097

The mandatory capital adequacy was not breached in the periods covered by the condensed consolidated financial

statements.

35. Risk management

The Group has implemented a risk management system consisting of policies, procedures, mechanisms, and tools that

support the management of specific types of risks, tailored to their materiality and characteristics to manage risks.

The main objectives of the risk management system are:

▪ identifying and determining the materiality of specific types of risk;

▪ properly measuring or estimating risk levels (including those that are difficult to measure);

▪ controlling risk levels by monitoring limits and taking appropriate action when limits or warning levels are

exceeded;

▪ supporting the achievement of business objectives by controlling risk levels and ensuring compliance with risk

appetite.

The basis for the operation of the risk management system at the XTB Group is provided by the internal regulations “Risk

Management System at XTB S.A.” and “Risk Management Strategy at XTB S.A.” These are further elaborated in detailed

regulations, including those relating to the management of specific risk categories.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 49

Risk Governance and the Three Lines Model

To ensure effective risk oversight, the Group has implemented the industry standard known as the Three Lines Model. It

ensures a clear division of responsibilities between business, control functions, and audit.

▪ First Line (Trading, Marketing and Sales, Customer Service, IT) – these are the so-called “risk owners.” Traders,

customer service representatives, IT engineers, and other employees make operational decisions on an ongoing

basis and are responsible for identifying risks in their processes.

▪ Line 2 (Risk Control Department and Legal and Compliance Department) – independent units that monitor and

provide substantive support for Line 1 activities. At this level, the Company establishes policies, sets limits, and

ensures compliance with regulations across the many jurisdictions in which it operates. The goal is to

professionally assess whether operational activities fall within the established risk appetite limits.

▪ Third Line (Internal Audit Department) – Provides independent monitoring and periodic assessment of the

effectiveness of the entire risk management and internal control system. The third line reports directly to the

Management Board and the Supervisory Board, which strengthens its independence and ensures an objective

view of the organization and its processes.

At the strategic level, the Management Board is responsible for establishing and monitoring the risk management policy.

In the Parent Company there is a Risk Management Committee, which consists of members of the Supervisory Board.

The Committee’s tasks include, in particular:

▪ drafting the brokerage house’s risk appetite document,

▪ reviewing the risk management strategy developed by the Management Board,

▪ supporting the Supervisory Board in overseeing the implementation of the risk management strategy,

▪ verifying the compensation policy and its implementation rules to ensure the compensation system aligns with

the risk, capital, and liquidity profiles, as well as the probability and time horizon of generating income.

In the day-to-day operation of the risk management and internal control system at the XTB Group, the Risk Control

Department and the Legal and Compliance Department play a key role.

The Risk Control Department is responsible for the implementation and operation of the organizational risk management

system. It assists the Management Board in developing, reviewing, and updating risk management policies in response to

the emergence of new types of risk or significant changes in strategy and action plans. This department also monitors the

adequacy and effectiveness of the implemented risk management system, identifies and monitors the risks of the Group’s

own investments, determines the total capital requirement, and estimates internal capital. The Risk Control Department is

headed by a Director who also serves as a permanent member of the Management Board. This arrangement strengthens

the position of the risk management function within the organization and ensures that the risk perspective is taken into

account when making key strategic decisions.

The Legal and Compliance Department is primarily responsible for legal and compliance risks. The Compliance Officer

plays a key role in this area, with the task of proactively managing compliance risk. This department is not limited to

a control function but plays a significant advisory role, supporting business units in interpreting the complex regulatory

environment (including requirements of the Polish Financial Supervision Authority (KNF) and the European Securities and

Markets Authority (ESMA)) and ensuring that brokerage activities are conducted in accordance with the law and internal

regulations. In addition, this unit is responsible for regularly assessing the adequacy and effectiveness of the adopted

compliance oversight system, conducting investigations, and monitoring particularly sensitive areas, such as anti-money

laundering (AML/CFT) and conflict of interest management. The Legal and Compliance Department is managed and

supervised by the Member of the Management Board responsible for Legal Affairs.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 50

Risk Management Process

The participants in XTB’s risk management process include the Group’s governing bodies and all its employees. The risk

management process supports both strategic decision-making and the Group’s day-to-day operations.

The risk management process varies depending on the type of risk. However, its common elements are:

▪ Identification of threats and risk factors - that is, elements that may have a negative impact on tasks and

objectives, as well as on clients and the market,

▪ Risk analysis and measurement—the analytical decomposition of risk and its assessment on established scales

of probability and impact. During the analysis, the Group uses a variety of methods and measures, both

quantitative and qualitative,

▪ Risk assessment - determining whether a risk exceeds the thresholds established at the Company level as

acceptable,

▪ Risk management - implementing controls, taking actions, or launching programs to keep risk within the risk

appetite,

▪ Risk monitoring - individual risks are monitored by both their owners (primarily Line 1) and Line 2 functions

(depending on the type of risk—the Risk Control Department and/or the Legal and Compliance Department),

▪ Reporting - its scope and frequency are determined by the magnitude and type of risk. All material periodic reports

regarding the risk management system, internal control, and internal audit are discussed during meetings of the

Management Board and the Supervisory Board.

35.1. Fair value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in a normal transaction between

market participants at the measurement date.

35.1.1. Carrying amount and fair value

The fair value of cash and cash equivalents is estimated as being close to their carrying amount.

The fair value of loans granted and other receivables, amounts due to clients and other liabilities is estimated as being

close to their carrying amount in view of the short-term maturities of these balance sheet items.

35.1.2. Fair value hierarchy

The Group discloses fair value measurement of financial instruments carried at fair value, applying the following fair value

hierarchy which reflects the significance of input data used to establish the fair value:

▪ Level 1: quoted prices (unadjusted) in active markets for the assets or liabilities;

▪ Level 2: input data other than quoted prices classified in Level 1 that are observable for the asset or liability,

either directly (i.e. as prices) or indirectly (i.e. based on prices). This category includes financial assets and

liabilities measured using prices quoted in active markets for identical assets, prices quoted in active markets for

identical assets considered less active or other valuation methods where all significant inputs originate directly or

indirectly from the markets;

▪ Level 3: input data for valuation of a given asset or liability is not based on observable market data (unobservable

inputs).

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 51

(IN PLN’000)

31.12.2025

LEVEL 1

LEVEL 2

LEVEL 3

TOTAL

Financial assets

Financial assets at fair value through P&L

248 525

758 448

1 006 973

Total financial assets

248 525

758 448

1 006 973

Financial liabilities

Financial liabilities at fair value through P&L

271 159

Total financial liabilities

271 159

(IN PLN’000)

31.12.2024

LEVEL 1

LEVEL 2

LEVEL 3

TOTAL

Financial assets

Financial assets at fair value through P&L

592 116

531 807

1 123 923

Total financial assets

592 116

531 807

1 123 923

Financial liabilities

Financial liabilities at fair value through P&L

208 193

Total financial liabilities

208 193

In the periods covered by the condensed consolidated financial statements, there were no transfers of items between the

levels of the fair value hierarchy.

The fair value of contracts for differences (CFDs) is determined based on the market prices of underlying instruments,

derived from independent sources, i.e. from reliable liquidity suppliers and reputable news, adjusted for the spread

specified by the Group. The valuation is performed using closing prices or the last bid and ask prices. CFDs are measured

as the difference between the current price and the opening price, taking account of accrued commissions and swap points.

The impact of adjustments due to credit risk of the contractor, estimated by the Group, was insignificant from the point of

view of the general estimation of derivative transactions concluded by the Group. Therefore, the Group does not recognise

the impact of unobservable input data used for the estimation of derivative transactions as significant and, pursuant to

IFRS 13.73, does not classify such transactions as level 3 of the fair value hierarchy.

35.2. Market risk

In the period covered by these consolidated financial statements, the Group entered into OTC contracts for differences

(CFDs). The Group may also enter into forward contracts on its own account on regulated stock markets.

The following risks are specified, depending on the risk factor:

▪ Currency risk connected with fluctuations of exchange rates

▪ Interest rate risk

▪ Commodity price risk

▪ Equity investment price risk

The Group’s key market risk management objective is to mitigate the impact of such risk on the profitability of its operations.

The Group’s practice in this area is consistent with the following principles.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 52

As part of the internal procedures, the Group applies limits to mitigate market risk connected with maintaining open

positions on financial instruments. These are, in particular: a maximum open position on a given instrument, currency

exposure limits, maximum value of a single instruction.

The Trading Department monitors open positions subject to limits on a current basis, and in case of excesses, enters into

appropriate hedging transactions. The Risk Control Department reviews the limit usage on a regular basis, and controls

the hedges entered into.

35.2.1. Currency risk

The Group enters into transactions principally in instruments bearing currency risk. Aside from transactions where the FX

rate is an underlying instrument, the Group also offers instruments which price is denominated in foreign currencies. Also,

the Group has assets in foreign currencies, i.e. the so-called currency positions. Currency positions include the brokerage’s

own funds denominated in foreign currencies held for the purpose of settling transactions in foreign markets and connected

with foreign operations.

The carrying amount of the Group’s assets and liabilities in foreign currencies as at the balance sheet date is presented

below. The values for all base currencies are expressed in PLN’000:

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 53

Assets and liabilities denominated in foreign currencies as at 31 December 2025 (value in foreign currencies converted to PLN)

(IN PLN’000)

USD

EUR

GBP

CZK

HUF

RON

OTHER

CURRENCIES

TOTAL

CARRYING

AMOUNT

Assets

Cash and cash equivalents

1 893 619

2 605 441

128 646

445 504

17 490

90 970

142 871

5 324 541

7 858 420

Financial assets at fair value through P&L

373 108

231 700

9 650

68 062

3 683

11 184

23 860

721 247

1 006 973

Financial assets at amortised cost

34 934

8 010

1 526

1 109

433

3 402

49 415

107 761

Prepayments and deferred costs

400

1 114

332

304

373

2 537

29 037

Intangible assets

1 398

Property, plant and equipment

240

13 933

1 934

2 600

132

8 494

27 333

63 407

Income tax receivables

14 112

Deferred income tax assets

3 341

1 233

4 574

5 559

Total assets

2 302 301

2 863 550

143 321

517 579

21 174

102 733

179 013

6 129 671

9 086 667

Liabilities

Amounts due to clients

1 226 638

2 479 189

93 068

404 078

13 001

68 108

32 064

4 316 146

6 528 223

Financial liabilities at fair value through P&L

131 381

52 907

3 651

15 122

515

1 650

11 447

216 673

271 159

Lease liabilities

17 058

1 971

6 820

25 867

Other liabilities

10 749

41 741

8 293

4 439

3 623

16 732

85 582

174 508

Provisions for liabilities

4 736

275

5 011

6 414

Income tax liabilities

361

146

711

1 497

Deferred income tax provision

1 330

325

170

1 879

78 502

Total liabilities

1 370 197

2 596 317

107 077

423 857

13 521

73 467

68 219

4 652 655

7 086 170

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 54

Assets and liabilities denominated in foreign currencies as at 31 December 2024 (value in foreign currencies converted to PLN)

(IN PLN’000)

USD

EUR

GBP

CZK

HUF

RON

OTHER

CURRENCIES

TOTAL

CARRYING

AMOUNT

Assets

Cash and cash equivalents

1 335 329

1 946 564

54 772

334 330

12 139

117 535

66 287

3 866 956

5 370 815

Financial assets at fair value through P&L

255 232

159 569

6 967

43 409

3 482

8 219

14 942

491 820

1 123 923

Financial assets at amortised cost

19 259

5 266

630

400

269

2 302

28 183

55 026

Prepayments and deferred costs

627

756

343

1 859

19 686

Intangible assets

148

155

2 009

Property, plant and equipment

803

14 441

140

3 367

174

10 692

29 617

65 334

Income tax receivables

115

131

Deferred income tax assets

4 868

1 859

6 766

8 708

Total assets

1 611 250

2 131 586

64 711

381 597

15 678

126 206

94 443

4 425 471

6 645 632

Liabilities

Amounts due to clients

656 633

1 771 020

35 895

303 269

9 842

40 613

24 827

2 842 099

4 164 895

Financial liabilities at fair value through P&L

94 757

43 225

2 994

12 641

1 033

1 180

6 091

161 921

208 193

Lease liabilities

23 366

10 514

33 935

Other liabilities

38 117

33 865

3 630

4 490

364

2 847

3 500

86 813

156 884

Provisions for liabilities

2 907

248

3 155

3 530

Income tax liabilities

112

643

119

256

232

1 433

13 316

Deferred income tax provision

1 152

494

222

1 868

61 238

Total liabilities

790 771

1 875 520

42 638

320 711

11 239

44 711

45 634

3 131 224

4 641 991

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 55

A change in exchange rates, in particular, the PLN exchange rate, affects the balance sheet valuation of the Group’s

financial instruments and the result on translation of foreign currency balances of other balance sheet items. Sensitivity to

exchange rate fluctuations was calculated with the assumption that all foreign currency rates change by ±5% to PLN. The

carrying amount of financial instruments was revalued.

The sensitivity of the Group’s equity and profit before tax to a 5% increase or decrease of the PLN exchange rate is

presented below:

(IN PLN’000)

TWELVE-MONTH PERIOD ENDED

31.12.2025

31.12.2024

INCREASE IN

EXCHANGE

RATES BY 5%

DECREASE IN

EXCHANGE

RATES BY 5%

INCREASE IN

EXCHANGE

RATES BY 5%

DECREASE IN

EXCHANGE

RATES BY 5%

Profit/(loss) before tax

75 439

(75 439)

73 590

(73 590)

Equity

6 808

(6 808)

4 935

(4 935)

The sensitivity of equity is connected with foreign exchange differences in the translation of value in functional currencies

of the foreign operations.

35.2.2. Interest rate risk

Interest rate risk is the risk of exposure of the current and future financial result and equity of the Group to the adverse

impact of exchange rate fluctuations. Such risk may result from the contracts entered into by the Group, where receivables

or liabilities are dependent upon exchange rates as well as from holding assets or liabilities dependent on exchange rates.

The basic interest rate risk for the Group is the mismatch of interest rates on bank accounts and bank deposits on which

the Group deposit its own cash, the mismatch in the interest rates the Group pays its clients for holding free funds in their

cash accounts, and the impact of interest rate volatility on the valuation of the Group's treasury, government-guaranteed

bonds and corporation bonds.

In addition, the source of the Group’s profit variability associated with the level of market interest rates, are amounts paid

and received in connection with the occurrence of the difference in interest rates for different currencies (swap points) as

well as potential debt instruments.

Since the Group maintains a low duration of assets and liabilities and minimises the duration gap, sensitivity of the market

value of assets and liabilities to calculations of market interest rates is very low.

Sensitivity analysis of financial assets and liabilities where cash flows are exposed to interest rate risk

The structure of financial assets and liabilities where cash flows are exposed to interest rate risk is as follows:

(IN PLN’000)

31.12.2025

31.12.2024

Financial assets

Cash

7 858 420

5 370 815

Debt instruments

5 598

429 648

Total financial assets

7 864 018

5 800 463

Financial liabilities

Amounts due to clients

4 595 747

2 676 211

Other liabilities

25 867

33 935

Total financial liabilities

4 621 614

2 710 146

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 56

Impact of a change in interest rates by 50 base points (BP) on profit before tax is presented below. The analysis below

relies on the assumption that other variables, in particular exchange rates, will remain constant. The analysis was carried

out basis of average cash balances during the periods covered by these consolidated financial statements. The analysis

was carried out on the basis of average balances of cash in the period from 1 July to 31 December 2025 and from

1 July to 31 December 2024.

(IN PLN’000)

TWELVE-MONTH PERIOD ENDED

31.12.2025

31.12.2024

INCREASE

BY 50 PB

DECREASE

BY 50 PB

INCREASE

BY 50 PB

DECREASE

BY 50 PB

Profit/(loss) before tax

14 667

(14 667)

5 851

(5 851)

Sensitivity analysis of financial assets and liabilities whose fair value is exposed to interest rate risk

In the period covered by these consolidated financial statements and in the comparative period, the Group hold financial

assets which fair value would be exposed to the risk of changes in interest rates as a Treasury bonds, Guaranteed Treasury

Bonds and corporate bonds. Sensitivity analysis exposed to interest rate risk by 50 base points (BP) - shift of yield curves-

on profit before tax is presented below.

(IN PLN’000)

TWELVE-MONTH PERIOD ENDED

31.12.2025

31.12.2024

INCREASE

BY 50 PB

DECREASE

BY 50 PB

INCREASE

BY 50 PB

DECREASE

BY 50 PB

Profit/(loss) before tax

(33)

(5 132)

5 359

35.2.3. Other price risk

Other price risk is exposure of the Group’s financial position to unfavorable changes in the prices of commodities, equity

investments (equity, indices) and debt instruments (in a scope not resulting from interest rates).

The carrying amount of financial instruments exposed to other price risk is presented below:

(IN PLN’000)

31.12.2025

31.12.2024

Financial assets at fair value through P&L

Commodity CFDs

Precious metals

116 735

62 347

Base metals

4 220

3 532

Other

127 592

112 737

Total Commodity CFDs

248 547

178 616

Equity instruments CFDs

Stocks and ETF

104 046

92 648

Indicies

131 856

92 488

Total Equity instruments CFDs

235 902

185 136

Debt instruments CFDs

Bonds

267

Total Debt instruments CFDs

267

Stocks and ETF

242 914

172 470

Debt instruments

Total financial assets at fair value through P&L

727 400

536 489

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 57

(w tys. PLN)

31.12.2025

31.12.2024

Financial liabilities at fair value through P&L

Commodity CFDs

Precious metals

70 049

2 616

Base metals

1 251

Other

8 224

8 899

Total Commodity CFDs

79 524

11 537

Equity instruments CFDs

Stocks and ETF

71 264

52 187

Indicies

13 521

10 447

Total Equity instruments CFDs

84 785

62 634

Debt instruments CFDs

Bonds

Total Debt instruments CFDs

Stocks and ETF

Debt instruments

Total financial liabilities at fair value through P&L

164 309

74 175

The Group’s sensitivity to fluctuations in the prices of specific commodities and equity investments by ±5 per cent with

regard to equity and profit before tax is presented below.

(IN PLN’000)

TWELVE-MONTH PERIOD ENDED

31.12.2025

31.12.2024

INCREASE BY

DECREASE BY

INCREASE BY

DECREASE BY

Income/(expenses) for the period

Commodity CFDs

Precious metals

(41 493)

41 493

(16 720)

16 720

Base metals

714

(714)

(2 571)

2 571

Other

(34 782)

34 782

14 824

(14 824)

Total Commodity CFDs

(75 561)

75 561

(4 467)

4 467

Equity instruments CFDs

Stocks and ETF

(649)

649

(832)

832

Indicies

28 036

(28 036)

(4 876)

4 876

Total Equity instruments CFDs

27 387

(27 387)

(5 708)

5 708

Debt instruments CFDs

Bonds

(58)

(525)

525

Total Debt instruments CFDs

(58)

(525)

525

Stocks and ETF

12 146

(12 146)

8 624

(8 624)

Debt instruments

Total equity instruments

(36 086)

36 086

(2 077)

2 077

35.3. Liquidity risk

For the Group, liquidity risk is the risk of losing its payment liquidity, i.e. the risk of losing capacity to finance its assets and

to perform its obligations in a timely manner in the course of normal operations or in other predictable circumstances with

no risk of loss. In its liquidity analysis, the Group takes into consideration current possibility of generation of liquid assets,

future needs, alternative scenarios and payment liquidity contingency plans.

The objective of liquidity management in XTB is to maintain the amount of cash on the appropriate bank accounts that will

cover all the operations necessary to be carried on such accounts. For this purpose, the Group has implemented, among

others, limits for the concentration of cash in banks by forming one banking group in order to limit excessive liquidity

concentration in related parties.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 58

In order to manage liquidity in relation to certain bank accounts associated with the operations of financial instruments, the

Group uses the liquidity model of which the essence is to determine the safe area of the state of free cash flow that does

not require corrective action. Where the upper limit is achieved, the Group makes a transfer to the appropriate current

account corresponding to the surplus above the optimum level. Similarly, if the cash in the account falls to the lower limit,

the Group makes a transfer of funds from the current account to the appropriate account in order to bring cash to the

optimum level.

The Parent Company has also implemented liquidity contingency plans, which were not used in the period covered by the

financial statements and in the comparative period, due to the fact that the amount of the most liquid assets (own cash and

cash equivalents and Treasury bonds and bonds guaranteed by the Treasury) greatly exceeds the amount of liabilities and

future liquidity requirements.

As part of ongoing business and the tasks related to liquidity risk management, the managers of appropriate organisational

units of the Parent Company monitor the balance of funds deposited in the account in the context of planned liquidity needs

related to the Parent Company’s operating activities. In the ICARAP process, the Parent Company, among other things,

identifies factors relevant to liquidity and funding risks and assesses the adequacy of the level of liquid assets relative to

the estimated level to ensure coverage of both current and future as well as potential extreme liquidity needs. Supervision

and control activities over the balance of cash accounts are also carried out by the Risk Control Department on a daily

basis.

In accordance with the IFR regulation, from 26 September 2021, the Parent Company maintains an amount of liquid assets

equivalent to at least one third of the requirement for fixed indirect costs. The Parent Company's liquid assets for the

purposes of IFR include, inter alia, unencumbered own funds deposited in bank accounts and Treasury bonds or bonds

guaranteed by the Treasury denominated in PLN. As of the date of these financial statements, the Parent Company had

a 12-times higher level of liquid assets than required by the IFR regulation.

The contractual payment periods of financial assets and liabilities are presented below. The marginal and cumulative

contractual liquidity gap, calculated as the difference between total assets and total liabilities for each maturity bucket, is

presented for specific payment periods.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 59

Contractual payment periods of financial assets and liabilities as at 31 December 2025

(IN PLN’000)

CARRYING

AMOUNT

CONTRACTUAL

CASH FLOWS

UP TO 3

MONTHS

3 MONTHS

TO 1 YEAR

1 - 5

YEARS

OVER 5

YEARS

WITH NO

SPECIFIED

MATURITY

Financial assets

Cash and cash equivalents

7 858 420

Financial assets at fair value through P&L,

including

Listed stocks and ETFs

242 927

Bonds

5 598

CFDs

758 448

Total financial assets at fair value

through P&L

1 006 973

Financial assets at amortised cost

107 761

48 627

6 983

52 151

Total financial assets

8 973 154

8 914 020

6 983

52 151

Financial liabilities

Amounts due to clients

6 528 223

Financial liabilities at fair value through P&L,

including

CFDs

271 159

Total financial liabilities at fair value through P&L

271 159

Liabilities due to lease

25 867

3 093

8 333

13 462

979

Other liabilities

174 508

108 507

28 355

37 646

Total financial liabilities

6 999 757

6 910 982

36 688

13 462

979

37 646

Contractual liquidity gap in maturities (payment

dates)

2 003 038

(36 688)

(6 479)

(979)

14 505

Contractual cumulative liquidity gap

2 003 038

1 966 350

1 959 871

1 958 892

1 973 397

The Group does not expect the cash flows presented in the maturity analysis to occur significantly earlier or in significantly different amounts.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 60

Contractual payment periods of financial assets and liabilities as at 31 December 2024

(IN PLN’000)

CARRYING

AMOUNT

CONTRACTUAL

CASH FLOWS

UP TO 3

MONTHS

3 MONTHS

TO 1 YEAR

1 - 5

YEARS

OVER 5

YEARS

WITH NO

SPECIFIED

MATURITY

Financial assets

Cash and cash equivalents

5 370 815

Financial assets at fair value through P&L,

including

Listed stocks and ETFs

172 483

Bonds

429 648

CFDs

521 792

Total financial assets at fair value

through P&L

1 123 923

Financial assets at amortised cost

55 026

24 746

6 276

24 004

Total financial assets

6 549 764

6 519 484

6 276

24 004

Financial liabilities

Amounts due to clients

4 164 895

Financial liabilities at fair value through P&L,

including

CFDs

208 193

Total financial liabilities at fair value through P&L

208 193

Liabilities due to lease

33 935

2 162

8 432

21 366

1 975

Other liabilities

156 884

113 272

21 704

21 908

Total financial liabilities

4 563 907

4 488 522

30 136

21 366

1 975

21 908

Contractual liquidity gap in maturities (payment

dates)

2 030 962

(30 136)

(15 090)

(1 975)

2 096

Contractual cumulative liquidity gap

2 030 962

2 000 826

1 985 736

1 983 761

1 985 857

The Group does not expect the cash flows presented in the maturity analysis to occur significantly earlier or in significantly different amounts.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 61

35.4. Credit risk

The chart below shows the carrying amounts of financial assets corresponding to the Group’s exposure to credit risk:

(IN PLN’000)

31.12.2025

31.12.2024

CARRYING

AMOUNT

MAXIMUM

EXPOSURE TO

CREDIT RISK

CARRYING

AMOUNT

MAXIMUM

EXPOSURE TO

CREDIT RISK

Financial assets

Cash and cash equivalents

7 858 420

5 370 815

Financial assets at fair value through P&L *

1 006 973

26 628

1 123 923

11 263

Financial assets at amortised cost

107 761

55 026

Total financial assets

8 973 154

7 992 809

6 549 764

5 437 104

* As at 31 December 2025 the maximum exposure to credit risk for financial assets at fair value through P&L, not including the collateral received, was PLN 697 127 thousand (as at

31 December 2024: PLN 487 458 thousand). This exposure was collateralized with clients’ cash, which, as at 31 December 2025, covered the amount of PLN 670 491 thousand (as

at 31 December 2024: PLN 476 195 thousand). Exposures to credit risk connected with transactions with brokers as well as exposures to the Warsaw Stock Exchange were not

collateralized.

The credit quality of the Group’s financial assets is assessed based on external credit quality assessments, risk weights

assigned based on the CRR, taking account of the mechanisms used to mitigate credit risk, the number of days past due,

and the probability of counterparty insolvency.

The Group’s assets fall within the following credit rating brackets:

▪ Fitch Ratings - from F1+ to B

▪ Standard & Poor's Ratings Services - from A-1+ to B

▪ Moody’s - from P-1 to N/A

Cash and cash equivalents

Credit risk connected with cash and cash equivalents is related to the fact that own cash and clients’ cash is held in bank

accounts. Credit risk involving cash is mitigated by selecting banks with a high credit rating granted by international rating

agencies and through diversification of banks with which accounts are opened. As at 31 December 2025, the Group had

deposit accounts in 69 banks and institutions (as at 31 December 2024: in 63 banks and institutions). The ten largest

exposures are presented in the table below (numbering of banks and institutions set uniformly for the reporting and

comparative period and the counterparty credit risk concentration table, according to the recent period):

ENTITY

31.12.2025

ENTITY

31.12.2024

(IN PLN’000)

Bank 1

3 582 151

Bank 1

2 191 374

Bank 2

1 948 448

Bank 2

1 918 500

Bank 3

1 001 916

Institution 2

172 627

Institution 1

215 019

Institution 1

121 820

Institution 2

211 201

Bank 5

99 938

Institution 3

92 071

Bank 7

99 102

Bank 4

86 996

Institution 5

94 953

Institution 4

78 877

Institution 6

85 482

Bank 5

66 448

Institution 3

69 653

Institution 5

52 260

Institution 4

56 265

Other

523 033

Other

461 101

Total

7 858 420

Total

5 370 815

The table below presents a short-term assessment of the credit quality of the Group’s cash and cash equivalents according

to credit quality steps determined based on external credit quality assessments (where step 1 means the best credit quality

and step 6 - the worst) and the risk weights assigned based on the CRR. Long-term assessment of the credit quality were

used in case of exposures without short-term assessment of the credit quality or maturity longer than 3 months.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 62

CREDIT QUALITY STEPS

CARRYING AMOUNT (IN PLN’000)

31.12.2025

31.12.2024

Cash and cash equivalent

Step 1

7 030 758

4 726 258

Step 2

135 188

66 024

Step 3

689 410

575 943

Step 4

1 236

2 590

Step 5

Step 6

1 828

Total

7 858 420

5 370 815

Financial assets at fair value through P&L

Financial assets at fair value through P&L result from transactions in financial instruments entered into with the Group’s

clients and the related hedging transactions.

Credit risk involving financial assets at fair value through P&L is connected with the risk of client or counterparty insolvency.

With regard to OTC transactions with clients, the Group’s policy is to mitigate the counterparty credit risk through the so-

called “stop out” mechanism. Client funds deposited in the brokerage serve as a security. If a client’s current balance is

50 per cent or less of the security paid in and blocked by the transaction system, the position that generates the highest

losses is automatically closed at the current market price. The initial margin amount is established depending on the type

of financial instrument, client account, account currency and the balance of the cash account in the transaction system, as

a percent of the transaction’s nominal value. A detailed mechanism is set forth in the rules binding on the clients. In addition,

in order to mitigate counterparty credit risk, the Group includes special clauses in agreements with selected clients, in

particular, requirements regarding minimum balances in cash accounts.

Due to the mechanisms in place, used to mitigate credit risk, the credit quality of financial assets at fair value through P&L

is high and does not show significant diversity.

The Group’s top 10 exposures to counterparty credit risk taking into account collateral (net exposure) are presented in the

table below (numbering of counterparties fixed uniformly for the reporting and comparative period and cash concentration

table):

ENTITY

31.12.2025

ENTITY

31.12.2024

NET EXPOSURE

(IN PLN’000)

NET EXPOSURE

(IN PLN’000)

Institution 2

16 799

Institution 2

5 943

Entity 21

1 375

Institution 3

2 038

Entity 2

1 354

Institution 5

1 889

Institution 11

1047

Institution 11

921

Institution 5

577

Entity 9

784

Entity 23

394

Entity 10

537

Entity 24

349

Entity 11

363

Entity 25

231

Entity 12

249

Entity 26

186

Entity 13

113

Entity 27

141

Entity 14

108

Total

22 453

Total

12 945

Financial assets at amortised cost

Financial assets at amortised cost do not show a significant concentration, and they arose in the normal course of the

Group’s business. The maximum credit risk exposure for receivables subject to impairment is their gross carrying amount

less any impairment losses recognized (the net carrying amount). Detailed information on recognized impairment losses

is provided in note 16 - Financial assets at amortised cost. Non-overdue other receivables are collected on a regular basis

and, from the perspective of credit quality, they do not pose a material risk to the Group.

Consolidated financial statements for 2025

XTB S.A. Group

xtb.com 63

35.5. Climat risk

The identified risks will be incorporated into the internal risk management system, which is managed by the Risk Control

Department and the purpose of the unit is, among other things, to ensure comprehensive and informed risk management

within the XTB Group, securing the continuity of the organisation's processes and operations. The ESG Team, managed

by assigned owners of individual areas, is responsible for identifying, verifying and monitoring climate risks. The Risk

Control Department is responsible for incorporating ESG risks into XTB's internal Risk Management System.

Issues related to the current climate policy, climate objectives and initiatives undertaken and planned are described in

more detail on the XTB S.A. website.

During the preparation of this Consolidated financial statement, the impact of identified risks related to the climate was

assessed and no significant impact of environmental issues on the presented disclosures was found.

36. Post balance sheet events

On 17 February 2026, a conditional agreement was entered into between the Parent Company XTB S.A., its subsidiary

XTB Africa (PTY) Ltd. based in South Africa, and the buyer, for the sale of 100% of the shares in the aforementioned

company to the buyer. If the condition of the aforementioned agreement will be agreed, XTB Africa (PTY) Ltd. will cease

to be part of the Group’s structure, and XTB will receive USD 645,000 as part of this transaction. The value of the

agreement does not constitute a material amount within the meaning of the criteria for the value of own assets adopted by

XTB, and the transaction does not have a material impact on the Group’s financial position. The conclusion of the

agreement is a result of the subsidiary not having commenced operational activities.

On 18 February 2026, as part of the licensing process in Brazil, a special-purpose entity was registered and assigned

a local tax identification number. As of the date of publication of this Report, this entity has no paid-in share capital. The

Company’s Management Board maintains its previously expressed opinion that, given the current situation in the brokerage

sector in the Brazilian market, particularly local protectionism, all possible business options are being considered, including

the cessation of further operations in this market.

On 24 February 2026, the Parent Company allocated EUR 3 000 thousand to increase the share capital of its subsidiary

XTB Limited (CY), based in Cyprus

On 3 March 2026, the Parent Company received the resignation of Mr. Jakub Kubacki from his position as a Member of

the Management Board of XTB S.A., effective as of the end of the day on 30 June 2026.

Signatures of the persons representing the entity

Date

Name

Function

Signature

19.03.2026

Omar Arnaout

President of the Management

Board

The original Polish document is signed

with a qualified electronic signature

19.03.2026

Filip Kaczmarzyk

Board Member

The original Polish document is signed

with a qualified electronic signature

19.03.2026

Paweł Szejko

Board Member

The original Polish document is signed

with a qualified electronic signature

19.03.2026

Jakub Kubacki

Board Member

The original Polish document is signed

with a qualified electronic signature

19.03.2026

Bartosz Osiński

Board Member

The original Polish document is signed

with a qualified electronic signature

19.03.2026

Urszula Tanajewska

Person responsible for drawing

up the financial statements

The original Polish document is signed

with a qualified electronic signature