Consolidated Annual Report for 2025

1

2025

CONTENT:

CONSOLIDATED ANNUAL REPORT XTB CAPITAL GROUP 2025

1. Consolidated Financial Statements of the XTB S.A. Capital Group for 2025

2. Management Board's Report on the Activities of the XTB Capital Group and XTB S.A.

   in 2025, including:

   • Selected consolidated financial data

   • Selected separate financial data

   • Sustainability Statement of the XTB S.A. Capital Group for 2025

3. Supervisory Board's Assessment of XTB S.A., together with justification

4. Statement of the Supervisory Board of XTB S.A. regarding the Audit Committee

5. Independent Auditor's Report on the Audit of the Annual Consolidated Financial Statements

6. Independent Auditor's Limited Assurance Report on Sustainability Reporting

This document is a translation of a document originally issued in Polish. The only binding version is the original version.

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

1. Information about the Parent Company and composition of the Group 8

2. Basis for drafting the financial statements 10

3. Professional judgement 12

4. 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

5. Operating income 21

6. Salaries and employee benefits 22

7. Marketing 23

8. Costs of maintenance and lease of buildings 23

9. Other external services 23

10. Commission expenses 23

11. Other expenses 24

12. Finance income and costs 24

13. Segment information 24

14. Cash and cash equivalents 30

15. Financial assets at fair value through P&L 30

16. Financial assets at amortised cost 30

17. Prepayments and deferred costs 31

18. Intangible assets 32

19. Property, plant and equipment 34

20. Amounts due to clients 36

21. Financial liabilities at fair value through P&L 36

22. Liabilities due to lease 36

23. Other liabilities 37

24. Provisions for liabilities and contingent liabilities 37

25. Equity 38

26. Profit distribution and dividend 39

27. Earnings per share 40

28. Current income tax and deferred income tax 40

29. Related party transactions 43

30. Employment 45

31. Supplementary information and explanations to the cash flow statement 45

32. Off-balance sheet items 46

33. Items regarding the compensation scheme 46

34. Capital management 46

35. Risk management 48

    1. Fair value 50

       1. Carrying amount and fair value 50

       2. Fair value hierarchy 50

    2. Market risk 51

    3. Liquidity risk 57

    4. Credit risk 61

    5. Climat risk 63

36. Post balance sheet events 63

‌Consolidated comprehensive income statement

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 statement of financial position

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 statement of changes in equity

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

EXCHANGE EQUITY

financial period

Transactions recognized directly in equity

Appropriation of profit/offset of loss

scheme incentive scheme incentive scheme

controlling interests

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

EXCHANGE EQUITY

financial period

Transactions recognized directly in equity

Appropriation of profit/offset of loss

scheme incentive scheme incentive scheme

controlling interests

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 cash flow statement

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.

‌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. 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.

      • 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.

   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

      COUNTRY OF

      ACTIVITIES OF THE

      PERCENTAGE SHARE IN THE CAPITAL

      	METHOD	REGISTERED OFFICE	SUBSIDIARIES	31.12.2025	31.12.2024
      XTB Limited (UK)	Full	Great Britain	Brokerage activity	100%	100%
      XTB Limited (CY)	Full	Cyprus	Brokerage activity	100%	100%
      XTB International Limited	Full	Belize	Brokerage activity	100%	100%
      XTB MENA Limited	Full	UAE	Brokerage activity	100%	100%
      PT XTB Indonesia Berjangka	Full	Indonesia	Brokerage activity	90%	90%
      XTB Financial Services L.L.C	Full	UAE	Brokerage activity	100%	100%
      XTB Agente de Valores SpA	Full	Chile	Brokerage activity	100%	100%
      XTB Services Limited	Full	Cyprus	Acquiring and maintaining relationships as well as negotiating and concluding contracts with partners	100%	100%
      X Open Hub Sp. z o.o.	Full	Poland	Applications and electronic trading technology offering	100%	100%
      XTB S.C. Limited	Full	Seychelles	The company has not yet conducted operations	100%	100%
      XTB Africa (PTY) Ltd.	Full	South Africa	The company has not yet conducted operations	100%	100%
      Tasfiye Halinde XTB Yönetim Danışmanlığı A.Ş.	Full	Turkey	The company does not conduct its operations (in the process of liquidation)	100%	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.

      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.

   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
      	President of the		The term of office from the 1 July 2022 expired
      Omar Arnaout	Management	23.03.2017	1 July 2025. From the 2 July 2025 appointed for new
      	Board		3-years term of office ending 2 July 2 July 2028
      			The term of office from the 1 July 2022 expired
      Paweł Szejko	Board Member	28.01.2015	1 July 2025. From the 2 July 2025 appointed for new
      			3-years term of office ending 2 July 2 July 2028
      			The term of office from the 1 July 2022 expired
      Filip Kaczmarzyk	Board Member	10.01.2017	1 July 2025. From the 2 July 2025 appointed for new
      			3-years term of office ending 2 July 2 July 2028
      			The term of office from the 1 July 2022 expired
      Jakub Kubacki	Board Member	10.07.2018	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

   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.

      The IFRS comprise standards and interpretations approved by the International Accounting Standards Board ("IASB") and the International Financial Reporting Interpretations Committee ("IFRIC").

   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).

   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.

   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.

   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.

   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.

   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.

   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.

   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.

      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. 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.

   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

   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.

      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.

      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.

   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

   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. ‌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.

      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".

      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.

         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.

      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. 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.

      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.

      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.

   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

   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

   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.

   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.

      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.

   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.

   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.

   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.

   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.

   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.

   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.

   15. ‌Tax

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

       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.

       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

   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.

      	TWELVE-MONTH PERIOD ENDED	TWELVE-MONTH PERIOD ENDED
      	31.12.2025	31.12.2024
      Spread	48%	53%
      Swap	25%	41%
      Market Making	25%	5%
      Fees and commissions	2%	1%
      Gross gain on transactions in financial instruments	100%	100%

   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

   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	4	8
      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)

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)

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.

    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 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	2 044 582
    CFDs
    Commodity CFDs	933 220	(9 506)	923 714	923 714
    Index CFDs	720 508	40 228	760 736	760 736
    Currency CFDs	283 789	6 619	290 408	290 408
    Stock and ETF CFDs	60 047	-	60 047	60 047
    Bond CFDs	184	(83)	101	101
    Stocks and ETFs	78 310	-	78 310	78 310
    Bonuses and discounts paid to clients	(17 328)	-	(17 328)	(17 328)
    Commission paid to cooperating brokers	(51 406)	-	(51 406)	(51 406)
    Net interest income on clients cash	77 989	-	77 989	77 989
    Fee and commission income	15 021	5 266	20 287	20 287
    Other income	3 198	-	3 198	3 198
    Total operating income	2 103 532	42 524	2 146 056	2 146 056
    Marketing	(582 756)	(2 142)	(584 898)	(584 898)
    Salaries and employee benefits	(410 927)	(2 092)	(413 019)	(413 019)
    Other external services	(131 501)	(1 345)	(132 846)	(132 846)
    Commission expense	(107 399)	(16)	(107 415)	(107 415)
    Amortization and depreciation	(25 379)	(26)	(25 405)	(25 405)
    Taxes and fees	(15 923)	(32)	(15 955)	(15 955)
    Cost of maintenance and lease of buildings	(10 559)	-	(10 559)	(10 559)
    Other expenses	(23 065)	(515)	(23 580)	(23 580)
    Total operating expenses	(1 307 509)	(6 168)	(1 313 677)	(1 313 677)
    Operating profit	796 023	36 356	832 379	832 379
    Finance income	39 603	-	39 603	39 603
    Finance costs	(98 287)	3 693	(94 594)	(94 594)
    Profit before tax	737 339	40 049	777 388	777 388
    Income tax				(133 189)
    Net profit				644 199

    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	5 864 393
    Financial assets at fair value through P&L	990 105	16 868	1 006 973	1 006 973
    Other assets	2 215 095	206	2 215 301	2 215 301
    Total assets	8 981 750	104 917	9 086 667	9 086 667
    Amounts due to clients	6 428 875	99 348	6 528 223	6 528 223
    Financial liabilities at fair value through P&L	266 338	4 821	271 159	271 159
    Other liabilities	283 455	3 333	286 788	286 788
    Total liabilities	6 978 668	107 502	7 086 170	7 086 170

    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	1 800 575
    CFDs
    Index CFDs	869 247	27 425	896 672	896 672
    Commodity CFDs	570 972	51 756	622 728	622 728
    Currency CFDs	273 167	(891)	272 276	272 276
    Stock and ETF CFDs	44 762	-	44 762	44 762
    Bond CFDs	703	32	735	735
    Stocks and ETFs	30 654	-	30 654	30 654
    Bonuses and discounts paid to clients	(12 629)	-	(12 629)	(12 629)
    Commission paid to cooperating brokers	(54 623)	-	(54 623)	(54 623)
    Net interest income on clients cash	58 946	-	58 946	58 946
    Fee and commission income	8 321	3 970	12 291	12 291
    Other income	1 624	-	1 624	1 624
    Total operating income	1 791 144	82 292	1 873 436	1 873 436
    Marketing	(343 336)	(1 472)	(344 808)	(344 808)
    Salaries and employee benefits	(308 792)	(2 782)	(311 574)	(311 574)
    Other external services	(97 090)	(199)	(97 289)	(97 289)
    Commission expense	(77 887)	(1 339)	(79 226)	(79 226)
    Amortization and depreciation	(19 883)	(22)	(19 905)	(19 905)
    Taxes and fees	(13 090)	(19)	(13 109)	(13 109)
    Cost of maintenance and lease of buildings	(7 999)	-	(7 999)	(7 999)
    Other expenses	(12 449)	(342)	(12 791)	(12 791)
    Total operating expenses	(880 526)	(6 175)	(886 701)	(886 701)
    Operating profit	910 618	76 117	986 735	986 735
    Finance income	62 931	(86)	62 845	62 845
    Finance costs	(1 129)	-	(1 129)	(1 129)
    Profit before tax	972 420	76 031	1 048 451	1 048 451
    Income tax				(191 595)
    Net profit				856 856

    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	3 751 303
    Financial assets at fair value through P&L	1 107 285	16 638	1 123 923	1 123 923
    Other assets	1 765 713	4 693	1 770 406	1 770 406
    Total assets	6 554 832	90 800	6 645 632	6 645 632
    Amounts due to clients	4 082 840	82 055	4 164 895	4 164 895
    Financial liabilities at fair value through P&L	203 889	4 304	208 193	208 193
    Other liabilities	268 312	591	268 903	268 903
    Total liabilities	4 555 041	86 950	4 641 991	4 641 991

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	41	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

    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

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	12	-	3	15
    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	-	-	308
    Net foreign exchange differences	4	-	11	15
    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.

    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)	-	-	(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)	(70)
    Net foreign exchange differences	5	-	-	5
    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	-	79	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.

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 RIGHT TO USE TANGIBLE FIXED ADVANCES FOR OFFICE CAR ASSETS UNDER TANGIBLE FIXED TOTAL CONSTRUCTION ASSETS
    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)	2	-	-	(1 849)
    Gross value as at 31 December 2025	63 557	20 283	54 133	1 308	4	-	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	63	48	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	4	-	63 407

    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 RIGHT TO USE TANGIBLE FIXED ADVANCES FOR OFFICE CAR ASSETS UNDER TANGIBLE FIXED TOTAL CONSTRUCTION ASSETS
    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	-	-	-	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	60	-	-	7 819
    Net foreign exchange differences	60	53	60	10	-	-	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

    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	4	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.

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

    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

       	VALUE AS AT	DECREASES			VALUE AS AT 31.12.2025
       (IN PLN'000)	01.01.2025	INCREASES	USE	REVERSAL
       Provisions for retirement benefits	518	231	-	-	749
       Provisions for legal risk	3 012	2 715	-	62	5 665
       Total provisions	3 530	2 946	-	62	6 414

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

       (IN PLN'000) VALUE AS AT

       INCREASES DECREASES VALUE AS AT

       	01.01.2024		USE	REVERSAL	31.12.2024
       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

    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 SHARES

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 9

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:

To the best Parent Company's knowledge, the shareholding structure of the Parent Company as at 31 December 2024 was as follows:

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,