Report for the 1st Quarter 2026

for Q1 2026

Report for Q1 2026

XTB S.A. Capital Group

Table of contents:

DISCLAIMER 4

SELECTED CONSOLIDATED FINANCIAL DATA 5

Selected consolidated financial data 6

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 7

Interim condensed consolidated comprehensive income statement 8

Interim condensed consolidated statement of financial position 9

Interim condensed consolidated statement of changes in equity 10

Interim condensed consolidated cash flow statement 12

Additional explanatory notes to the interim condensed consolidated financial statements 13

1. Basis for drafting the financial statements 15

2. Professional judgement 17

3. Adopted material accounting principles 19

4. Seasonality of operations 19

5. Operating income 19

6. Salaries and employee benefits 20

7. Marketing 20

8. Other external services 21

9. Commission expenses 21

10. Finance income and costs 21

11. Segment information 22

12. Cash and cash equivalents 27

13. Financial assets at fair value through P&L 27

14. Financial assets at amortised cost 27

15. Intangible assets 29

16. Property, plant and equipment 31

17. Amounts due to clients 33

18. Financial liabilities at fair value through P&L 33

19. Liabilities due to lease 33

20. Other liabilities 34

21. Provisions for liabilities and contingent liabilities 34

22. Equity 35

23. Profit distribution and dividend 36

24. Earnings per share 36

25. Current income tax and deferred income tax 37

26. Related party transactions 39

27. Employment 41

28. Supplementary information and explanations to the cash flow statement 41

29. Off-balance sheet items 42

30. Items regarding the compensation scheme 42

31. Capital management 42

32. Risk management 44

33. Post balance sheet events 59

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Report for Q1 2026

XTB S.A. Capital Group

ADDITIONAL INFORMATION 60

Description of operations of the Company and XTB Capital Group 61

1. General information 61

2. Business model 62

3. Development strategy 66

4. Structure of XTB Capital Group 67

5. Bodies of the Company 70

6. Share capital and shareholder structure 72

7. Sustainability and XTB Foundation 75

Summary and analysis of the Capital Group's results achieved in the I quarter of 2026 77

1. Factors influencing operational and financial results operational and financial results 77

1. Selected operating data 78

2. Discussion of the Group's operating results for the I quarter of 2026 82

1. Factors that, in the Management Board's Opinion, may affect the results over at least next

   quarter 98

2. Management's Statement on the ability to achieve published performance forecasts for the year

99

Other information 100

1. Information on transactions with the related parties 100

2. Information on sureties for loans or borrowings or guarantees granted by the parent company or its subsidiaries - to a single entity or a subsidiary of that entity, where the total value of existing sureties or guarantees is significant 100

3. Capital Adequacy 100

4. The information on the significant court proceedings, arbitration authority or public administration authority 103

5. Regulatory environment 107

6. Events after the reporting period 110

INTERIM CONDENSED STANDALONE FINANCIAL STATEMENTS 111

Interim condensed standalone comprehensive income statement 112

Interim condensed standalone statement of financial position 113

Interim condensed standalone statement of changes in equity 114

Interim condensed standalone cash flow statement 116

Interim condensed standalone cash flow statement 117

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Report for Q1 2026

XTB S.A. Capital Group

This document is an unofficial translation of the Polish version of Report of the XTB S.A. Capital Group for Q1 2026 and does not constitute a current or periodical report as defined under the Regulation of the Minister of Finance on the current and periodical information provided by issuers of securities and the conditions for considering the information required by the provisions of law of the state not being a member state as equivalent thereto that was issued in accordance with the Polish Act on Public Offering, the Conditions Governing the Introduction of Finance Instruments to Organised Trading, and Public Companies dated 29 July 2005 (amended and restated: Journal of Laws of 2020, item 2080 with subsequent amendments).

This document is for informational purposes only. Neither the Company, its shareholders, nor any of their advisors are responsible for translation errors, if any, or for any discrepancies between the original report and this translation into English. If there are any discrepancies between the English translation and the Polish version, the latter shall prevail.

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in PLN thousand in EUR thousand

in PLN thousand in EUR thousand

The above data was translated into EUR as follows:

• items in the consolidated comprehensive income statement and consolidated cash flow statement - by the arithmetic average of exchange rates published by the National bank of Poland as of the last day of the month during the reporting period:

  • for the current period: EUR 1 = PLN 4,2419;

  • for the comparative period: EUR 1 = PLN 4,1848;

• items of consolidated statement of financial position - by the average exchange rate published by the National Bank of Poland as of the end of the reporting period:

  • for the current period: EUR 1 = PLN 4,2894;

  • for the comparative period: EUR 1 = PLN 4,2267.

Report for Q1 2026

XTB S.A. Capital Group

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The interim condensed consolidated comprehensive income statement should be read together with the supplementary notes to the interim condensed consolidated financial statements, which are an integral part of these interim condensed consolidated financial statements.

The interim condensed consolidated statement of financial position should be read together with the supplementary notes to the interim condensed consolidated financial statements, which are an integral part of these interim condensed consolidated financial statements.

Interim condensed consolidated statement of changes in equity for the period from 1 January 2026 to 31 March 2026

FOREIGN EXCHANGE

EQUITY

for the financial period

Transactions recognized directly in equity Appropriation of profit/offset of loss

incentive scheme

an incentive scheme incentive scheme controlling interests

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

Interim condensed consolidated statement of changes in equity for the period from 1 January 2025 to 31 March 2025

FOREIGN EXCHANGE

EQUITY

for the financial period

Transactions recognized directly in equity Appropriation of profit/offset of

loss

incentive scheme

an incentive scheme incentive scheme controlling interests

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

The interim condensed consolidated cash flow statement should be read together with the supplementary notes to the interim condensed consolidated financial statements, which are an integral part of these interim condensed 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 interim condensed 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	31.03.2026	31.12.2025
      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 march 2026, amount of negative foreign exchange differences on translation of balances in foreign currencies of Turkish company amounted PLN (3 583), as at the 31 December 2025 PLN (3 580) thousand (note 23). Exchange differences will be recognized in interim condensed 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.

      On 25 February 2026, the Parent Company allocated EUR 3 000 thousand for increase in the share capital of the subsidiary XTB Limited (CY).

   3. Composition of the Management Board

      In the period covered by the interim condensed consolidated financial statements and in the comparative period, the Management Board was composed of the following persons:

      NAME AND SURNAME	FUNCTION	DATE OF FIRST TERM OF OFFICE APPOINTMENT
      Omar Arnaout	President of the Management	23.03.2017 From the 2 July 2025 appointed for new 3-years term of office ending 2 July 2028
      	Board
      Paweł Szejko	Board Member	28.01.2015 From the 2 July 2025 appointed for new 3-years term of office ending 2 July 2028
      Filip Kaczmarzyk	Board Member	10.01.2017 From the 2 July 2025 appointed for new 3-years term of office ending 2 July 2028
      Jakub Kubacki	Board Member	10.07.2018 From the 2 July 2025 appointed for new 3-years term of office ending 2 July 2028
      Bartosz Osiński	Board Member	01.12.2025 From the 1 December 2025 appointed for term of office ending 2 July 2028

2. ‌Basis for drafting the financial statements

   1. Compliance statement

      These interim condensed consolidated financial statements were prepared based on International Accounting Standards ("IAS") 34 approved by the European Union.

      The interim condensed consolidated financial statements of the XTB S.A. Group prepared for the period from 1 January 2026 to 31 March 2026 with comparative data for the period from 1 January 2025 to 31 March 2025 and as at 31 December 2025, cover the Parent Company's financial data and financial data of the subsidiaries comprising the "Group".

      These interim condensed 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 income tax charge, which was calculated in accordance with the principles set out in IAS 34.30c and the new standards effective from 1 January 2026.

      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 interim condensed consolidated financial statements include adjustments made in order to reconcile their financial statements with the Group's accounting principles.

      The interim condensed consolidated financial statements were approved by the Management Board of the Parent Company on 14 May 2026.

      Drafting this interim condensed 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 interim condensed 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 interim condensed 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 interim condensed 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 interim condensed consolidated financial statements is comparable and prepared under the same principles for all periods covered by the interim condensed 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 interim condensed consolidated financial statements are consistent with those applied in the preparation of the interim condensed consolidated financial statements of the Group for the year ended 31 December 2025, except for the application of new or amended standards and interpretations applicable to annual periods beginning on or after 1 January 2026.

      • 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 2026 did not have a significant impact on the Group's interim condensed 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 interim condensed 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.

   Revenue recognition

   Transaction price is determined at fair value which is described in accounting policy. Liabilities due to reimbursements and other in the case of the Group do not occur.

   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 15 - Financial assets at amortised cost.

      At the end of the 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 each balance sheet date, 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, which is described in note 26.2.2.

      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 33 - 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

   The accounting policies applied in the preparation of the interim condensed consolidated financial statements are consistent with the accounting policies applied in the preparation of the annual consolidated financial statements for the financial year ended 31 December 2025, except for the new or amended standards and new interpretations binding for the annual periods starting on or after 1 January 2026.

5. ‌Seasonality of operations

   The Group's operations are not seasonal.

6. ‌Operating income

   1. Result of operations in financial instruments

      (IN PLN'000)	THREE-MONTH PERIOD ENDED	THREE-MONTH PERIOD ENDED
      	31.03.2026	31.03.2025
      Financial instruments (CFD)
      Commodity CFDs	965 670	166 783
      Index CFDs	22 858	299 663
      Currency CFDs	55 550	77 278
      Stock and ETF CFDs	21 462	6 498
      Bond CFDs	59	68
      Total CFDs	1 065 599	550 290
      Options	29	-
      Stocks and ETFs	25 114	22 888
      Gross gain on transactions in financial instruments	1 090 742	573 178
      Bonuses and discounts paid to clients	(6 951)	(3 772)
      Commission paid to cooperating brokers	(18 043)	(11 560)
      Net gain on transactions in financial instruments	1 065 748	557 846

      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 operating incomes 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.

   2. Income from fees and charges

      (IN PLN'000)	THREE-MONTH PERIOD ENDED	THREE-MONTH PERIOD ENDED
      	31.03.2026	31.03.2025
      Fees and charges from institutional clients	1 008	1 421
      Fees and charges from retail clients	6 909	3 195
      Total income from fees and charges	7 917	4 616

   3. Geographical areas

      (IN PLN'000)	THREE-MONTH PERIOD ENDED	THREE-MONTH PERIOD ENDED
      	31.03.2026	31.03.2025
      Operating income
      Central and Eastern Europe	780 150	391 651
      - including Poland	568 844	314 391
      Western Europe	232 791	108 861
      Latin America *	35 362	34 765
      Middle East**	45 711	44 836
      Asia	4	181
      Total operating income	1 094 018	580 294

      * 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 52,0% (in 1Q2025: 54,2%). 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.

7. ‌Salaries and employee benefits

   (IN PLN'000)	THREE-MONTH PERIOD ENDED	THREE-MONTH PERIOD ENDED
   	31.03.2026	31.03.2025
   Salaries	(102 607)	(81 764)
   Social insurance and other benefits	(16 485)	(10 543)
   Employee benefits	(2 965)	(2 736)
   Total salaries and employee benefits	(122 057)	(95 043)

8. ‌Marketing

   (IN PLN'000)	THREE-MONTH PERIOD ENDED	THREE-MONTH PERIOD ENDED
   	31.03.2026	31.03.2025
   Marketing online	(145 039)	(97 553)
   Marketing offline	(90 381)	(43 481)
   Competitions for clients	(9)	-
   Total marketing	(235 429)	(141 034)

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

9. ‌Other external services

   (IN PLN'000)	THREE-MONTH PERIOD ENDED	THREE-MONTH PERIOD ENDED
   	31.03.2026	31.03.2025
   Support database systems	(19 082)	(16 700)
   Legal and advisory services	(2 811)	(3 469)
   Market data delivery	(5 007)	(3 271)
   Internet and telecommunications	(1 230)	(1 188)
   Accounting and audit services	(938)	(744)
   IT support services	(1 936)	(2 249)
   Recruitment	(203)	(627)
   Translation	(28)	(60)
   Postal and courier services	(39)	(35)
   Other external services	(1 289)	(1 208)
   Total other external services	(32 563)	(29 551)

10. ‌Commission expenses

    (IN PLN'000)	THREE-MONTH PERIOD ENDED	THREE-MONTH PERIOD ENDED
    	31.03.2026	31.03.2025
    Bank commissions	(19 570)	(29 137)
    Stock exchange fees and charges	(8 183)	(4 637)
    Commissions of foreign brokers	(63)	(60)
    Total commission expenses	(27 816)	(33 834)

11. ‌Finance income and costs

    (IN PLN'000)	THREE-MONTH PERIOD ENDED	THREE-MONTH PERIOD ENDED
    	31.03.2026	31.03.2025
    Interest income on financial instruments at amortized cost	6 025	5 926
    Income on bonds	1 593	7 918
    Foreign exchange gains	23 370	-
    Other finance income	11	26
    Total finance income	30 999	13 870

    (IN PLN'000)	THREE-MONTH PERIOD ENDED	THREE-MONTH PERIOD ENDED
    	31.03.2026	31.03.2025
    Interest paid under lease agreements	(278)	(350)
    Other interest	(9)	(43)
    Foreign exchange losses	-	(43 393)
    Other finance costs	(10)	(2)
    Total finance costs	(297)	(43 788)

    Foreign exchange differences relate to unrealised differences on the measurement of balance sheet items denominated in a currency other than the functional currency.

12. ‌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.

    INTERIM CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT FOR THREE-MONTH PERIOD ENDED 31.03.2026 (IN PLN'000)	RETAIL OPERATIONS	INSTITUTIONAL OPERATIONS	TOTAL REPORTING SEGMENTS	INTERIM CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
    Net result on transactions in financial instruments	1 040 540	25 208	1 065 748	1 065 748
    CFDs
    Commodity CFDs	29 914	(7 056)	22 858	22 858
    Index CFDs	930 605	35 065	965 670	965 670
    Currency CFDs	58 380	(2 830)	55 550	55 550
    Stock and ETF CFDs	21 462	-	21 462	21 462
    Bond CFDs	30	29	59	59
    Options	29	-	29	29
    Stocks and ETFs	25 114	-	25 114	25 114
    Bonuses and discounts paid to clients	(6 951)	-	(6 951)	(6 951)
    Commission paid to cooperating brokers	(18 043)	-	(18 043)	(18 043)
    Net interest income on clients cash	20 197	-	20 197	20 197
    Fee and commission income	6 909	1 008	7 917	7 917
    Other income	156	-	156	156
    Total operating income	1 067 802	26 216	1 094 018	1 094 018
    Marketing	(232 188)	(3 241)	(235 429)	(235 429)
    Salaries and employee benefits	(121 329)	(728)	(122 057)	(122 057)
    Commission expense	(27 812)	(4)	(27 816)	(27 816)
    Other external services	(32 393)	(170)	(32 563)	(32 563)
    Amortization and depreciation	(6 880)	(4)	(6 884)	(6 884)
    Taxes and fees	(5 521)	(13)	(5 534)	(5 534)
    Cost of maintenance and lease of buildings	(2 316)	-	(2 316)	(2 316)
    Other expenses	(31 613)	(97)	(31 710)	(31 710)
    Total operating expenses	(460 052)	(4 257)	(464 309)	(464 309)
    Operating profit	607 750	21 959	629 709	629 709
    Finance income	31 191	(192)	30 999	30 999
    Finance costs	(297)	-	(297)	(297)
    Profit before tax	638 644	21 767	660 411	660 411
    Income tax				(125 369)
    Net profit				535 042

    ASSETS AND LIABILITIES AS AT 31.03.2026 (IN PLN'000)	RETAIL OPERATIONS	INSTITUTIONAL OPERATIONS	TOTAL REPORTING SEGMENTS	INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
    Clients' cash and cash equivalents	5 840 972	93 262	5 934 234	5 934 234
    Financial assets at fair value through P&L	1 032 650	22 618	1 055 268	1 055 268
    Other assets	2 864 800	267	2 865 067	2 865 067
    Total assets	9 738 422	116 147	9 854 569	9 854 569
    Amounts due to clients	6 523 615	104 765	6 628 380	6 628 380
    Financial liabilities at fair value through P&L	206 430	9 322	215 752	215 752
    Other liabilities	467 446	617	468 063	468 063
    Total liabilities	7 197 491	114 704	7 312 195	7 312 195

    INTERIM CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT FOR THREE-MONTH PERIOD ENDED 31.03.2025 (IN PLN'000)	RETAIL OPERATIONS	INSTITUTIONAL OPERATIONS	TOTAL REPORTING SEGMENTS	INTERIM CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
    Net result on transactions in financial instruments	544 902	12 944	557 846	557 846
    CFDs
    Commodity CFDs	170 838	(4 055)	166 783	166 783
    Index CFDs	281 725	17 938	299 663	299 663
    Currency CFDs	78 169	(891)	77 278	77 278
    Stock and ETF CFDs	6 498	-	6 498	6 498
    Bond CFDs	116	(48)	68	68
    Options	-	-	-	-
    Stocks and ETFs	22 888	-	22 888	22 888
    Bonuses and discounts paid to clients	(3 772)	-	(3 772)	(3 772)
    Commission paid to cooperating brokers	(11 560)	-	(11 560)	(11 560)
    Net interest income on clients cash	17 807	-	17 807	17 807
    Fee and commission income	3 195	1 421	4 616	4 616
    Other income	25	-	25	25
    Total operating income	565 929	14 365	580 294	580 294
    Marketing	(140 680)	(354)	(141 034)	(141 034)
    Salaries and employee benefits	(94 431)	(612)	(95 043)	(95 043)
    Commission expense	(33 830)	(4)	(33 834)	(33 834)
    Other external services	(29 210)	(341)	(29 551)	(29 551)
    Amortization and depreciation	(5 853)	(13)	(5 866)	(5 866)
    Taxes and fees	(3 804)	(5)	(3 809)	(3 809)
    Cost of maintenance and lease of buildings	(2 454)	-	(2 454)	(2 454)
    Other expenses	(4 145)	(81)	(4 226)	(4 226)
    Total operating expenses	(314 407)	(1 410)	(315 817)	(315 817)
    Operating profit	251 522	12 955	264 477	264 477
    Finance income	13 870	-	13 870	13 870
    Finance costs	(43 580)	(208)	(43 788)	(43 788)
    Profit before tax	221 812	12 747	234 559	234 559
    Income tax				(40 636)
    Net profit				193 923

    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 and cash equivalents	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

13. ‌Cash and cash equivalents

    Broken down by type:

    (IN PLN'000)	31.03.2026	31.12.2025
    Cash in current accounts in bank and their equivalents	8 590 470	7 858 420
    Cash and cash equivalents in total	8 590 470	7 858 420

    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)	31.03.2026	31.12.2025
    Clients' cash and cash equivalents	5 934 234	5 864 393
    Own cash and cash equivalents	2 656 236	1 994 027
    Cash and cash equivalents in total	8 590 470	7 858 420

    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.

14. ‌Financial assets at fair value through P&L

    (IN PLN'000)	31.03.2026	31.12.2025
    CFDs
    Commodity CFDs	288 765	286 036
    Index CFDs	125 122	139 893
    Currency CFDs	183 952	217 881
    Stock and ETF CFDs	134 011	114 597
    Bond CFDs	77	41
    Options	91	-
    Debt instruments (treasury bonds)	6 274	5 598
    Debt instruments (corporate bonds)	150 075	-
    Stocks and ETFs	166 901	242 927
    Total financial assets at fair value through P&L	1 055 268	1 006 973

    Detailed information on the estimated fair value of the instrument is presented in note 33.1.1.

15. ‌Financial assets at amortised cost

    (IN PLN'000)	31.03.2026	31.12.2025
    Trade receivables	34 504	41 392
    Amounts due from the Central Securities Depository of Poland	61 684	52 152
    Receivables due from clients	29 072	24 576
    Deposits	6 999	6 983
    Statutory receivables	2 283	1 975
    Gross other receivables	134 542	127 078
    Impairment write-downs of receivables	(1 588)	(2 155)
    Impairment write-downs of receivables due from clients	(24 757)	(17 162)
    Total net other receivables	108 197	107 761

    Movements in impairment write-downs of receivables

    (IN PLN'000)	31.03.2026	31.12.2025
    Impairment write-downs of receivables - at the beginning of the reporting period	(19 317)	(11 254)
    Write-downs recorded	(7 981)	(8 463)
    Write-downs reversed	953	400
    Write-downs utilized	-	-
    Impairment write-downs of receivables - at the end of the reporting period	(26 345)	(19 317)

    Write-downs of receivables in 2026 and 2025 resulted from the debit balances which arose in clients' accounts in those

    periods.

16. ‌Intangible assets

    Intangible assets in the period from 1 January 2026 to 31 March 2026

    (IN PLN'000)	LICENCES FOR COMPUTER SOFTWARE	INTANGIBLE ASSETS MANUFACTURED INTERNALLY	OTHER INTANGIBLE ASSETS	TOTAL
    Gross value as at 1 January 2026	6 429	10 792	5 803	23 024
    Additions	-	-	-	-
    Sale and scrapping	-	-	-	-
    Net foreign exchange differences	1	-	1	2
    Gross value as at 31 March 2026	6 430	10 792	5 804	23 026
    Accumulated amortization as at 1 January 2026	(5 803)	(10 792)	(5 031)	(21 626)
    Amortization for the current period	(79)	-	(30)	(109)
    Sale and scrapping	-	-	-	-
    Net foreign exchange differences	(1)	-	(1)	(2)
    Accumulated amortization as at 31 March 2026	(5 883)	(10 792)	(5 062)	(21 737)
    Net book value as at 1 January 2026	626	-	772	1 398
    Net book value as at 31 March 2026	547	-	742	1 289

    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 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.

17. ‌Property, plant and equipment

    Property, plant and equipment in the period from 1 January 2026 to 31 March 2026

    (IN PLN'000) COMPUTER SYSTEMS		OTHER PROPERTY, PLANT AND EQUIPMENT	RIGHT RIGHT TANGIBLE FIXED ADVANCES FOR OFFICE CAR ASSETS UNDER TANGIBLE FIXED TOTAL CONSTRUCTION ASSETS
    Gross value as at 1 January 2026	63 557	20 283	54 133	1 308	4	-	139 285
    Additions	6 566	268	-	-	285	-	7 119
    Lease	-	-	45	18	-	-	63
    Sale and scrapping	(1 014)	(34)	(667)	-	(163)	-	(1 878)
    Net foreign exchange differences	65	127	578	17	-	-	787
    Gross value as at 31 March 2026	69 174	20 644	54 089	1 343	126	-	145 376

    Accumulated amortization as at

    1 January 2026

    (34 718) (10 103) (30 726) (331) - - (75 878)

    Amortization for the current period (2 926) (876) (2 899) (74) - - (6 775)

    Sale and scrapping 698 20 4 - - - 722

    Accumulated amortization as at 31 March 2026

    (36 985)

    (11 015)

    (33 913)

    (408)

    -

    -

    (82 321)

    Net foreign exchange differences (39) (56) (292) (3) - - (390)

    Net book value as at 1 January 2026 28 839 10 180 23 407 977 4 − 63 407

    Net book value as at 31 March 2026 32 189 9 629 20 176 935 126 - 63 055

    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 RIGHT 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

    Non-current assets by geographical area

    (IN PLN'000)	31.03.2026	31.12.2025
    Non-current assets
    Central and Eastern Europe	43 603	42 054
    - including Poland	38 341	36 686
    Western Europe	11 832	13 244
    Latin America	343	448
    Middle East	7 294	7 725
    Asia	1 272	1 334
    Total non-current assets	64 344	64 805

18. ‌Amounts due to clients

    (IN PLN'000)	31.03.2026	31.12.2025
    Amounts due to retail clients	6 523 615	6 428 875
    Amounts due to institutional clients	104 765	99 348
    Total amounts due to clients	6 628 380	6 528 223

    Amounts due to clients are connected with transactions concluded by the clients (including cash deposited in the clients' accounts).

19. ‌Financial liabilities at fair value through P&L

    (IN PLN'000)	31.03.2026	31.12.2025
    Financial instruments (CFD)
    Stock and ETF CFDs	75 029	81 815
    Commodity CFDs	75 391	117 012
    Currency CFDs	46 815	51 015
    Index CFDs	18 329	21 313
    Bond CFDs	4	4
    Options	184	-
    Total financial liabilities at fair value through P&L	215 752	271 159

20. ‌Liabilities due to lease

    (IN PLN'000)	31.03.2026	31.12.2025
    Short- term	9 695	11 426
    Long- term	12 744	14 441
    Total liabilities due to lease	22 439	25 867

    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 March 2026 the cost related to short-term leasing included in the statement of comprehensive income amounted to PLN 62 thousand, the cost related to lease of low-value assets included in the statement of comprehensive income amounted to PLN 306 thousand.

    In the period from 1 January to 31 March 2025 the cost related to short-term leasing included in the statement of comprehensive income amounted to PLN 356 thousand, there was 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 17.

21. ‌Other liabilities

    (IN PLN'000)	31.03.2026	31.12.2025
    Trade liabilities	119 489	73 303
    Liabilities due to brokers	109 884	16 841
    Provisions for other employee benefits	42 339	38 396
    Statutory liabilities	30 576	17 088
    Amounts due to the Central Securities Depository of Poland	686	27 605
    Liabilities due to employees	1 001	1 275
    Total other liabilities	303 975	174 508

    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.

22. ‌Provisions for liabilities and contingent liabilities

    1. Provisions for liabilities

       (IN PLN'000)	31.03.2026	31.12.2025
       Provisions for retirement benefits	762	749
       Provisions for legal risk	5 858	5 665
       Total provisions	6 620	6 414

       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 interim condensed consolidated financial statements.

       Movements in provisions in the period from 1 January 2026 to 31 March 2026

       	VALUE AS AT	DECREASES			VALUE AS AT 31.03.2026
       (IN PLN'000)	01.01.2026	INCREASES	USE	USE
       Provisions for retirement benefits	749	-	-	(13)	762
       Provisions for legal risk	5 665	193	-	-	5 858
       Total provisions	6 414	193	-	(13)	6 620

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

       (IN PLN'000) VALUE AS AT

       INCREASES DECREASES VALUE AS AT

       	01.01.2025		USE	REVERSAL	31.12.2025
       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

    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 March 2026 the total value of claims brought against the Group amounted to approx. PLN 18 005 thousand, whereas the value of claims not covered by the provision amounted to approx. PLN 14 647 thousand (as at 31 December 2025 is was appropriately: PLN 17 605 thousand and 14 402 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.

23. ‌Equity

    Share capital structure as at 31 March 2026 and as at 31 December 2025

    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 March 2026 and as at 31 December 2025 was as follows:

    	NUMBER OF SHARES	NOMINAL VALUE OF SHARES (IN PLN'000)	SHARE
    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%

    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,

    • reserve capital, in the amount of PLN 1 277 344 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,

    • foreign exchange differences on translation, including foreign exchange of branches and foreign operations in the amount of PLN (7 858) thousand. A detailed presentation of exchange differences resulting from translation is presented in the table below.

    (IN PLN'000)	31.03.2026	31.12.2025
    XTB Spółka Akcyjna branch in Germany	298	147
    XTB Spółka Akcyjna branch in Romania	139	84
    XTB Services Limited	35	(3)
    XTB S.C. Limited	(134)	(136)
    XTB Limited CY	182	(138)
    PT XTB Indonesia Berjangka	(422)	(560)
    XTB Spółka Akcyjna branch in Portugal	(55)	(95)
    XTB Spółka Akcyjna branch in France	(36)	(141)
    XTB Spółka Akcyjna branch in Slovakia	(70)	(112)
    XTB Spółka Akcyjna	227	(303)
    XTB Limited UK	(665)	(1 031)
    XTB Spółka Akcyjna branch in Spain	(190)	(257)
    XTB Spółka Akcyjna branch in Czech Republic	(90)	(104)
    XTB Africa (PTY) Ltd.	(267)	(276)
    XTB Financial Services L.L.C	30	(618)
    XTB International	(162)	(883)
    XTB Agente de Valores SpA	(1 396)	(1 414)
    XTB MENA Limited	(1 699)	(2 368)
    Tasfiye Halinde XTB Yönetim Danışmanlığı A.Ş.	(3 583)	(3 580)
    Total foreign exchange differences on translation	(7 858)	(11 788)

24. ‌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.

25. ‌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)	THREE-MONTH PERIOD ENDED	THREE-MONTH PERIOD ENDED
    	31.03.2026	31.03.2025
    Profit from continuing operations attributable to shareholders of the Parent Company	535 034	193 946
    Weighted average number of ordinary shares	117 569 251	117 569 251
    Weighted average number of shares including dilution effect	117 569 251	117 569 251
    Basic net profit per share from continuing operations for the year attributable to shareholders of the Parent Company	4,55	1,65
    Diluted net profit per share from continuing operations for the year attributable to shareholders of the Parent Company	4,55	1,65

26. ‌Current income tax and deferred income tax

    1. Current income tax

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

       (IN PLN'000)	THREE-MONTH PERIOD ENDED	THREE-MONTH PERIOD ENDED
       	31.03.2026	31.03.2025
       Income tax - current portion
       Income tax for the reporting period	(124 104)	(25 383)
       Income tax - deferred portion
       Occurrence / reversal of temporary differences	(1 265)	(15 253)
       Income tax disclosed in profit and loss	(125 369)	(40 636)

       Reconciliation of the actual tax burden

       (IN PLN'000)	THREE-MONTH PERIOD ENDED	THREE-MONTH PERIOD ENDED
       	31.03.2026	31.03.2025
       Profit before tax	660 411	234 559
       Income tax based in the applicable tax rate of 19%	(125 478)	(44 566)
       Difference resulting from application of tax rates applicable in other countries	745	224
       Non-taxable revenue	300	186
       Non-deductible expenses	(604)	(605)
       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	(332)	4 125
       Income tax disclosed in profit or loss	(125 369)	(40 636)

       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 2026 to 31 March 2026 from the tax burden for research and development in total amounted to PLN 8 332 thousand. In the analogical period of 2025 benefits from the tax burden amounted to PLN 3 984 thousand.

       The effective tax rate for the period from 1 January 2026 to 31 March 2026 was close to the statutory rate and amounted to 18,98%. In the analogical period of 2025, the rate was 17,32%.

    2. Deferred income tax

       1. Deferred income tax assets and deferred income tax provision

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

          (IN PLN'000)	AS AT 01.01.2026	PROFIT OR (LOSS)	AS AT 31.03.2026
          Deferred income tax assets:
          Cash and cash equivalents	24	(24)	-
          Property, plant and equipment	182	14	196
          Liabilities due to lease	1 274	(261)	1 013
          Financial liabilities at fair value through P&L	45 025	(2 783)	42 242
          Provisions for liabilities	5 772	(1 417)	4 355
          Prepayments and deferred costs	7 251	1 761	9 012
          Other liabilities	19	47	66
          Tax losses of previous periods to be settled in future periods	4 137	(759)	3 378
          Total deferred income tax assets	63 684	(3 422)	60 262

          (IN PLN'000)	AS AT 01.01.2026	INCLUDED IN EQUITY	AS AT 31.03.2026
          Deferred income tax assets included directly in the equity:
          Separate equity of branches	2	(2)	-
          Total deferred income tax assets included directly in the equity	2	(2)	-

          (IN PLN'000)	AS AT 01.01.2026	PROFIT OR (LOSS)	AS AT 31.03.2026
          Deferred income tax provision:
          Cash and cash equivalents	112	1	113
          Financial assets at fair value through P&L	131 523	(1 152)	130 371
          Other liabilities	958	(95)	863
          Financial assets at amortised cost	2 842	(666)	2 176
          Property, plant and equipment	1 194	(245)	949
          Total deferred income tax provision	136 629	(2 157)	134 472
          Deferred tax disclosed in profit or (loss)		(1 265)

          (IN PLN'000)	AS AT 01.01.2026	INCLUDED IN EQUITY	AS AT 31.03.2026
          Deferred income tax provision included directly in the equity:
          Separate equity of branches	-	107	107
          Total deferred income tax provision included directly in the equity	-	107	107

          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)	37	24
          Property, plant and equipment	115	67	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	15	4	19
          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
          (IN PLN'000)	AS AT 01.01.2025	PROFIT OR (LOSS)	AS AT 31.12.2025
          Deferred income tax provision:
          Cash and cash equivalents	67	45	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	INCLUDED	AS AT
          01.01.2025	IN EQUITY	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 101	(101)	-

          equity

          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 March 2026:

          	DEFERRED INCOME TAX ASSETS	DEFERRED INCOME TAX PROVISION	DEFERRED INCOME TAX ASSETS	DEFERRED INCOME TAX PROVISION
          Poland	56 236	132 335	746	76 845
          Czech Republic	86	111	-	25
          Slovakia	197	1	196	-
          Germany	609	300	609	300
          France	2 027	-	2 027	-
          Great Britain	1 008	-	1 008	-
          Chile	99	290	-	191
          Belize	-	1 542	-	1 542
          Total	60 262	134 579	4 586	78 903

          (IN PLN'000)

          DATA ACCORDING TO THE NATURE OF ORIGIN

          DATA PRESENTED IN THE STATEMENT OF FINANCIAL POSITION

          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:

          	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	58	112	-	54
          Slovakia	148	-	148	-
          Germany	1 002	326	1 002	326
          France	2 191	-	2 191	-
          Great Britain	1 233	-	1 233	-
          Chile	119	289	-	170
          Belize	-	1 330	-	1 330
          Total	63 686	136 629	5 559	78 502

          (IN PLN'000)

          DATA ACCORDING TO THE NATURE OF ORIGIN

          DATA PRESENTED IN THE STATEMENT OF FINANCIAL POSITION

27. ‌Related party transactions

    1. Parent Company

       As at 31 March 2026 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.

    2. Figures concerning related party transactions

       As at 31 March 2026 Group has liabilities to Mr Jakub Zabłocki in the amount PLN 1 thousand due to his investment account (as at 31 December 2025 PLN 1 thousand). In the period from 1 January to 31 March 2026 Group has noted profit from transactions with Mr Jakub Zabłocki in the amount PLN 1 thousand (in the analogical period of 2025 there was no profit from transactions with Mr Jakub Zabłocki).

       As at 31 March 2026 Group has liabilities to Mr Huber Walentynowicz in the amount of PLN 124 thousand due to his investment account. As at 31 December 2025 the Group has liabilities to Mr Hubert Walentynowicz in the amount PLN 7 thousand due to his investment account. In the period from 1 January to 31 March 2026 Group has noted loss from transactions with Mr Hubert Walentynowicz in the amount PLN 204 thousand (in the analogical period of 2025 there was no profit from transactions with Mr Hubert Walentynowicz). Mr Hubert Walentynowicz who is a shareholder of XX ZW Investment Group S.A., received salary on the basis of work contract. In the period from 1 January to 31 March 2026 the paid gross salary and bonuses amounted to PLN 110 thousand and in the analogical period of 2025 amounted to PLN 145 thousand.

       As at 31 March 2026 Group has liabilities to Mr Omar Arnaout in the amount of PLN 5 thousand due to his investment account. As at 31 December 2025 the Group has liabilities to Mr Omar Arnaout in the amount of PLN 10 thousand due to his investment account.

       As at 31 March 2026 Group has liabilities to Mr Filip Kaczmarzyk in the amount of PLN 3 thousand due to his investment account. As at 31 December 2025 Group has liabilities to Mr Filip Kaczmarzyk in the amount of PLN 105 thousand due to his investment account. In the period from 1 January to 31 Mach 2026 Group has noted loss from transactions with Mr Filip Kaczmarzyk in the amount PLN 4 thousand (in the analogical period of 2025 Group has not noted profit from transactions with Mr Filip Kaczmarzyk).

       As at 31 March 2026 Group has liabilities to Mr Paweł Szejko in the amount of PLN 30 thousand due to his investment account. 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 March 2026 Group has liabilities to Mr Jakub Kubacki in the amount of PLN 1 thousand due to his investment account. As at 31 December 2025 Group has no liabilities to Mr Jakub Kubacki due to his investment account.

       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 TOTAL NOMINAL VALUE OF SHARES HELD (in PLN)
       Omar Arnaout	President of the 62 310 3 116
       	Management Board
       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, there was no changes in the ownership of the Parent Company's shares by managing and supervising persons.

       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.

    3. Benefits to Management Board and Supervisory Board

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 21 of the financial statements.