Interim report
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Report of the XTB S.A. Capital Group for the first half of 2026
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Report H1 2026 XTB S.A. Capital Group DISCLAIMER This document is an unofficial translation of the Polish version of Report of the XTB S.A. Capital Group for first half of 20 26 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. THE REPORT CONTAINS: 1. Selected financial data 2. Half-year condensed consolidated financial statement for H1 2026 3. Half-year condensed standalone financial statement for H1 2026 4. Management Board Report on the operations of the XTB S.A. Capital Group in H1 2026 5. Independent statutory auditor's report on the review of the semi-annual condensed consolidated financial statements 6. Independent statutory auditor’s report on the review of the semi-annual condensed standalone financial statements
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SELECTED FINANCIAL DATA
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Selected financial data Report H1 2026 of the XTB S.A.Capital Group 2 Selected consolidated financial data 6 MONTHS ENDED: IN THOUSAND PLN IN THOUSAND EUR 30.06.2026 30.06.2025 30.06.2026 30.06.2025 Consolidated statement of comprehensive income: Total operating income 2 086 324 1 160 891 490 646 275 041 Operating profit 1 202 271 552 163 282 741 130 820 Profit before tax 1 255 368 495 343 295 228 117 358 Net profit 1 027 240 410 052 241 578 97 150 Net profit attributable to owners of the parent company 1 027 223 410 071 241 574 97 155 Net profit and diluted net profit per share attributable to the parent equity holders (in PLN/EUR per share) 8.74 3.49 2.06 0.83 Consolidated cash flow statement: Net cash funds on operating activity 1 431 349 342 994 336 614 81 263 Net cash funds from investment activity (28 867) 349 978 (6 789) 82 917 Net cash funds from financial activity (479 525) (651 490) (112 771) (154 352) Net increase/(Net decrease) in cash and cash equivalents 922 957 41 482 217 054 9 828 IN THOUSAND PLN IN THOUSAND EUR 30.06.2026 31.12.2025 30.06.2026 31.12.2025 Consolidated statement of financial position: Total assets 10 415 174 9 086 667 2 424 219 2 149 825 Total liabilities 7 854 795 7 086 170 1 828 270 1 676 525 Share Capital 5 878 5 878 1 368 1 391 Equity 2 560 379 2 000 497 595 950 473 300 Number of shares (pcs.) 117 569 251 117 569 251 117 569 251 117 569 251 Book value and diluted book value per share attributable to shareholders of the parent company 21.78 17.02 5.07 4.03 The financial figures above have been converted into EUR as follows: a. items of the consolidated statement of comprehensive income and the consolidated statement of cash flows – at an exchange rate representing the arithmetic mean of the average exchange rates set by the National Bank of Poland on the last day of each month of the reporting period: ▪ for the current period: EUR 1 = PLN 4.2522; ▪ for the comparative period: EUR 1 = PLN 4.2208; b. items of the consolidated statement of financial position – at an average exchange rate set by the National Bank of Poland at the end of the reporting period: ▪ for the current period: EUR 1 = PLN 4.2963; ▪ for the comparative period: EUR 1 = PLN 4.2267.
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Selected financial data Report H1 2026 of the XTB S.A.Capital Group 3 Selected standalone financial data 6 MONTH ENDED: IN THOUSAND PLN IN THOUSAND EUR 30.06.2026 30.06.2025 30.06.2026 30.06.2025 Standalone statement of comprehensive income: Total operating income 1 883 880 1 053 506 443 037 249 599 Operating profit 1 191 531 549 378 280 215 130 160 Profit before tax 1 249 532 495 927 293 855 117 496 Net profit 1 021 113 411 356 240 138 97 459 Net profit and diluted net profit per share attributable to the parent equity holders (in PLN/EUR per share) 8.69 3.50 2.04 0.83 Standalone cash flow statement: Net cash funds on operating activity 1 331 871 327 180 313 219 77 516 Net cash funds from investment activity (40 038) 361 886 (9 416) 85 739 Net cash funds from financial activity (477 420) (648 514) (112 276) (153 647) Net increase/(Net decrease) in cash and cash equivalents 814 413 40 552 191 527 9 608 IN THOUSAND PLN IN THOUSAND EUR 30.06.2026 31.12.2025 30.06.2026 31.12.2025 Standalone statement of financial position: Total assets 9 946 215 8 733 280 2 315 065 2 066 217 Total liabilities 7 406 997 6 742 900 1 724 041 1 595 311 Share Capital 5 878 5 878 1 368 1 391 Equity 2 539 218 1 990 380 591 024 470 906 Number of shares (pcs.) 117 569 251 117 569 251 117 569 251 117 569 251 Book value and diluted book value per share attributable to shareholders of the parent company 21.60 16.93 5.03 4.01 The financial figures above have been converted into EUR as follows: c. items of the standalone statement of comprehensive income and the standalone statement of cash flows – at an exchange rate representing the arithmetic mean of the average exchange rates set by the National Bank of Poland on the last day of each month of the reporting period: ▪ for the current period: EUR 1 = PLN 4.2522; ▪ for the comparative period: EUR 1 = PLN 4.2208; d. items of the standalone statement of financial position – at an average exchange rate set by the National Bank of Poland at the end of the reporting period: ▪ for the current period: EUR 1 = PLN 4.2963; ▪ for the comparative period: EUR 1 = PLN 4.2267
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HALF-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS XTB S.A. GROUP FOR FIRST HALF OF 2026 This document is a translation of a document originally issued in Polish. The only binding version is the original version.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 2 Table of contents Half-year condensed consolidated comprehensive income statement ............................................................................ 3 Half-year condensed consolidated statement of financial position .................................................................................. 4 Half-year condensed consolidated statement of changes in equity ................................................................................. 5 Half-year condensed consolidated cash flow statement.................................................................................................. 7 Additional explanatory notes to the half-year condensed 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 .................................................................................................................................... 13 4. Adopted material accounting principles ............................................................................................................ 14 5. Seasonality of operations ................................................................................................................................. 14 6. Operating income ............................................................................................................................................. 14 7. Salaries and employee benefits ....................................................................................................................... 15 8. Marketing ......................................................................................................................................................... 16 9. Other external services .................................................................................................................................... 16 10. Commission expenses ..................................................................................................................................... 16 11. Finance income and costs ................................................................................................................................ 17 12. Segment information ........................................................................................................................................ 17 13. Cash and cash equivalents .............................................................................................................................. 24 14. Financial assets at fair value through P&L ....................................................................................................... 24 15. Financial assets at amortised cost ................................................................................................................... 24 16. Intangible assets .............................................................................................................................................. 26 17. Property, plant and equipment ......................................................................................................................... 28 18. Amounts due to clients ..................................................................................................................................... 30 19. Financial liabilities at fair value through P&L .................................................................................................... 30 20. Liabilities due to lease ...................................................................................................................................... 30 21. Other liabilities .................................................................................................................................................. 31 22. Provisions for liabilities and contingent liabilities .............................................................................................. 31 23. Equity ............................................................................................................................................................... 32 24. Profit distribution and dividend ......................................................................................................................... 34 25. Earnings per share ........................................................................................................................................... 34 26. Current income tax and deferred income tax ................................................................................................... 35 27. Related party transactions ................................................................................................................................ 37 28. Employment ..................................................................................................................................................... 39 29. Supplementary information and explanations to the cash flow statement ........................................................ 39 30. Off-balance sheet items ................................................................................................................................... 40 31. Items regarding the compensation scheme ...................................................................................................... 40 32. Capital management ........................................................................................................................................ 41 33. Risk management ............................................................................................................................................ 43 33.1. Fair value ................................................................................................................................................ 44 33.2. Market risk .............................................................................................................................................. 46 33.3. Liquidity risk ............................................................................................................................................ 51 33.4. Credit risk ................................................................................................................................................ 55 33.5. Climat risk ............................................................................................................................................... 57 34. Post balance sheet events ............................................................................................................................... 57
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 3 Half-year condensed consolidated comprehensive income statement (IN PLN’000) NOTE THREE-MONTH PERIOD ENDED 30.06.2026 SIX-MONTH PERIOD ENDED 30.06.2026 THREE-MONTH PERIOD ENDED 30.06.2025 SIX-MONTH PERIOD ENDED 30.06.2025 Result of operations on financial instruments 6.1 958 623 2 024 371 558 812 1 116 658 Net interest income on clients cash, including: 25 781 45 978 16 906 34 713 - Interest income from clients cash 44 804 82 590 33 342 65 686 - Interest expense paid to clients (19 023) (36 612) (16 436) (30 973) Income from fees and charges 6.2 7 855 15 772 4 634 9 250 Other income 47 203 245 270 Total operating income 6 992 306 2 086 324 580 597 1 160 891 Marketing 8 (200 081) (435 510) (123 322) (264 356) Salaries and employee benefits 7 (124 907) (246 964) (97 657) (192 700) Commission expenses 10 (28 398) (56 214) (23 432) (57 266) Other external services 9 (38 298) (70 861) (32 456) (62 007) Amortisation and depreciation 16, 17 (6 842) (13 726) (5 978) (11 844) Taxes and fees (5 540) (11 074) (2 812) (6 621) Costs of maintenance and lease of buildings (2 468) (4 784) (2 983) (5 437) Other costs (13 210) (44 920) (4 271) (8 497) Total operating expenses (419 744) (884 053) (292 911) (608 728) Profit on operating activities 572 562 1 202 271 287 686 552 163 Finance income, including: 11 22 705 53 704 14 397 28 267 - interest income on financial instruments at amortized cost 11 7 724 13 749 10 462 16 388 Finance costs 11 (310) (607) (41 299) (85 087) Profit before tax 594 957 1 255 368 260 784 495 343 Income tax 26 (102 759) (228 128) (44 655) (85 291) Net profit, including: 492 198 1 027 240 216 129 410 052 - profit attributable to owners of the Parent Company 492 189 1 027 223 216 125 410 071 - profit (loss) attributable to owners of non- controlling interests 9 17 4 (19) Net profit 492 198 1 027 240 216 129 410 052 Other comprehensive income 1 087 4 970 (1 422) (6 625) Items which will be reclassified to profit (loss) after meeting specific conditions 1 073 5 065 (1 447) (6 698) Currency translation differences: 1 073 5 065 (1 447) (6 698) - positions that will be reclassified to profit on valuation of foreign companies 1 146 4 567 (1 881) (6 314) - positions that will be reclassified to profit on valuation of separated equity (73) 498 434 (384) Deferred income tax 14 (95) 25 73 Total comprehensive income, including: 493 285 1 032 210 214 707 403 427 - total comprehensive income attributable to owners of the Parent Company 493 310 1 032 274 214 712 403 475 - total comprehensive income attributable to owners of non-controlling interests (25) (64) (5) (48) Earnings per share: - basic profit per year attributable to shareholders of the Parent Company (in PLN) 25 4,19 8,74 1,84 3,49 - basic profit from continued operations per year attributable to shareholders of the Parent Company (in PLN) 25 4,19 8,74 1,84 3,49 - diluted profit of the year attributable to shareholders of the Parent Company (in PLN) 25 4,19 8,74 1,84 3,49 - diluted profit from continued operations of the year attributable to shareholders of the Parent Company (in PLN) 25 4,19 8,74 1,84 3,49 The half-year condensed consolidated comprehensive income statement should be read together with the supplementary notes to the half-year condensed consolidated financial statements, which are an integral part of these half-year condensed consolidated financial statements.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 4 Half-year condensed consolidated statement of financial position (IN PLN’000) NOTE 30.06.2026 31.12.2025 ASSETS Cash and cash equivalents 13 29 108 29 037 Financial assets at fair value through P&L 14 1 264 1 398 Financial assets at amortised cost 15 71 173 63 407 Prepayments and deferred costs - 14 112 Intangible assets 16 3 861 5 559 Property, plant and equipment 17 10 415 174 9 086 667 Income tax receivables Deferred income tax assets 26 Total assets EQUITY AND LIABILITIES 7 124 541 6 528 223 251 216 271 159 Liabilities 23 676 25 867 Amounts due to clients 18 312 698 174 508 Financial liabilities at fair value through P&L 19 6 622 6 414 Liabilities due to lease 20 41 394 1 497 Other liabilities 21 94 648 78 502 Provisions for liabilities 22 7 854 795 7 086 170 Income tax liabilities Deferred income tax provision 26 Total liabilities 5 878 5 878 71 608 71 608 Equity 1 440 958 1 274 458 Share capital 23 (6 737) (11 788) Supplementary capital 23 1 047 879 659 484 Other reserves 23, 24 2 559 586 1 999 640 Foreign exchange differences on translation 23 793 857 Retained earnings 24 2 560 379 2 000 497 Equity attributable to the owners of the Parent Company Non-controlling interests 10 415 174 9 086 667 Total equity 29 108 29 037 1 264 1 398 Total equity and liabilities 71 173 63 407 The half-year condensed consolidated statement of financial position should be read together with the supplementary notes to the half- year condensed consolidated financial statements, which are an integral part of these half-year condensed consolidated financial statements.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 5 Half-year condensed consolidated statement of changes in equity Half-year condensed consolidated statement of changes in equity for the period from 1 January 2026 to 30 June 2026 (IN PLN’000) SHARE CAPITAL SUPPLEME NTARY CAPITAL OTHER RESERVES FOREIGN EXCHANGE DIFFERENCES ON TRANSLATION OF FOREIGN OPERATIONS RETAINED EARNINGS EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT COMPANY NON-CONTROLLING INTERESTS TOTAL EQUITY NOTE 23 23 23, 24 23 24 As at 1 January 2026 5 878 71 608 1 274 458 (11 788) 659 484 1 999 640 857 2 000 497 Total comprehensive income for the financial period Net profit - - - - 1 027 223 1 027 223 17 1 027 240 Other comprehensive income - - - 5 051 - 5 051 (81) 4 970 Total comprehensive income for the financial period - - - 5 051 1 027 223 1 032 274 (64) 1 032 210 Transactions recognized directly in equity Appropriation of profit/offset of loss - dividend payment - - - - (478 507) (478 507) - (478 507) - transfer to other reserves - - 160 387 - (160 387) - - - Inclusion of share based incentive scheme - - 13 175 - - 13 175 - 13 175 Purchase of own shares under an incentive scheme - - (8 158) - - (8 158) - (8 158) Settlements under share-based incentive scheme - - 1 097 - - 1 097 - 1 097 Contributions of capital by non- controlling interests - - - - - - - - Other changes - - (1) - 66 65 - 65 Increase (decrease) in equity - - 166 500 5 051 388 395 559 946 (64) 559 882 As at 30 June 2026 5 878 71 608 1 440 958 (6 737) 1 047 879 2 559 586 793 2 560 379 The half-year condensed consolidated statement of changes in equity should be read together with the supplementary notes to the half-year condensed consolidated financial statements, which are an integral part of these half-year condensed consolidated financial statements.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 6 Half-year condensed consolidated statement of changes in equity for the period from 1 January 2025 to 30 June 2025 (IN PLN’000) SHARE CAPITAL SUPPLEME NTARY CAPITAL OTHER RESERVES FOREIGN EXCHANGE DIFFERENCES ON TRANSLATION OF FOREIGN OPERATIONS RETAINED EARNINGS EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT COMPANY NON-CONTROLLING INTERESTS TOTAL EQUITY NOTE 23 23 23, 24 23 24 As at 1 January 2025 5 878 71 608 1 059 614 (4 074) 870 495 2 003 521 120 2 003 641 Total comprehensive income for the financial period Net profit - - - - 410 071 410 071 (19) 410 052 Other comprehensive income - - - (6 596) - (6 596) (29) (6 625) Total comprehensive income for the financial period - - - (6 596) 410 071 403 475 (48) 403 427 Transactions recognized directly in equity Appropriation of profit/offset of loss - dividend payment - - - - (640 753) (640 753) - (640 753) - transfer to other reserves - - 214 449 - (214 449) - - - Inclusion of share based incentive scheme - - 3 417 - - 3 417 - 3 417 Purchase of own shares under an incentive scheme - - (7 379) - - (7 379) - (7 379) Contributions of capital by non- controlling interests - - 699 - - 699 - 699 Other changes - - - - - - 155 155 Increase (decrease) in equity - - - - - - - - As at 30 June 2025 - - 211 186 (6 596) (445 131) (240 541) 107 (240 434) The half-year condensed consolidated statement of changes in equity should be read together with the supplementary notes to the half-year condensed consolidated financial statements, which are an integral part of these half-year condensed consolidated financial statements.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 7 Half-year condensed consolidated cash flow statement (IN PLN’000) NOTE SIX-MONTH PERIOD ENDED 30.06.2026 SIX-MONTH PERIOD ENDED 30.06.2025 Cash flows from operating activities Profit before tax 1 255 368 495 343 Adjustments: 331 743 (51 748) (Profit) Loss on investment activity 29.3 11 502 (8 697) Amortization and depreciation 16, 17 13 726 11 844 Foreign exchange (gains) losses from translation of own cash (17 106) 23 502 Other adjustments 29.1 4 434 (5 325) Changes Change in provisions 208 (61) Change in balance of financial assets and liabilities at fair value through P&L 23 947 (149 469) Change in balance of restricted cash (435 426) (833 211) Change in financial assets at amortised cost (3 979) (25 365) Change in balance of prepayments and accruals (71) (2 465) Change in balance of amounts due to clients 596 318 945 298 Change in balance of other liabilities 29.2 138 190 (7 799) Cash from operating activities 1 587 111 443 595 Income tax paid (156 275) (101 249) Interest received 513 648 Interest paid - - Net cash from operating activities 1 431 349 342 994 Cash flow from investing activities Expenses relating to payments for property, plant and equipment 17 (30 904) (16 474) Expenses relating to payments for intangible assets 16 (81) (15) Expenses relating purchase of bonds (298 886) (157 758) Proceeds from sale of bonds 300 953 521 386 Interests on bonds - 2 830 Proceeds from sale of items of property, plant and equipment 51 9 Net cash from investing activities (28 867) 349 978 Cash flow from financing activities Payments of liabilities under finance lease agreements (6 617) (6 981) Interest paid under lease (515) (648) Dividends paid to owners (478 507) (640 752) Purchase of own shares under an incentive scheme (8 158) (7 379) Contributions of capital by non-controlling interests - 155 Inclusion of share based incentive scheme 13 175 3 416 Settlements under share-based incentive scheme 1 097 699 Net cash from financing activities (479 525) (651 490) Increase (Decrease) in net cash and cash equivalents 922 957 41 482 Cash and cash equivalents - opening balance 1 994 027 1 619 512 Increase (Decrease) in net cash and cash equivalents 922 957 41 482 Effect of FX rates fluctuations on balance of cash in foreign currencies 17 106 (23 502) Cash and cash equivalents - closing balance 13 2 934 090 1 637 492 The half-year condensed consolidated cash flow statement should be read together with the supplementary notes to the half-year condensed consolidated financial statements, which are an integral part of these half-year condensed consolidated financial statements.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 8 Additional explanatory notes to the half-year 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, indi ces, 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 finan ce, providing its clients with easier and competitive access to a wide range of investment instruments. The company has developed and continues to enhance its proprietary, universal online investment platform, xStation, as well as the XTB mobile app. XTB S.A. is a Polish broker from the fin -tech sector, providing innovative products and services dedicated to active and passive investing, saving and virtual payment management. The Parent Company, together with its foreign branches and subsidiaries, forms the XTB Capital Group, which has offices in 15 countries around the world. The Parent Company is supervised by the Polish Financial Supervision Authority and conducts regulated activities pursuant to a permit dated 8 November 2005, No.DDM-M-4021-57-1/2005. 1.1. Information on the reporting entities in the Parent Company’s organisational structure The half-year 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.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 9 ▪ XTB S.A. - Sucursal em Portugal - a branch established on 7 July 2010 in Porntugal. On 7 July 2010, the branch was registered in the Commercial Register and was granted the following tax identification number: PT980436613. 1.2. Composition of the Group The XTB S.A. Group is composed by XTB S.A. as the Parent Company and the following subsidiaries: NAME OF SUBSIDIARY CONSOLIDATION METHOD COUNTRY OF REGISTERED OFFICE ACTIVITIES OF THE SUBSIDIARIES PERCENTAGE SHARE IN THE CAPITAL 30.06.2026 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 The activity of acquiring clients 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% XTB Lithuania pełna Litwa The company has not yet conducted operations 100% - XTB Brasil DTVA LTDA pełna Brazylia The company has not yet conducted operations - * - Tasfiye Halinde XTB Yönetim Danışmanlığı A.Ş. Full Turkey The company does not conduct its operations (in the process of liquidation) 100% 100% * As of the date of publication of this financial statements, the company had no paid-in capital. 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 30 June 2026, amount of negative foreign exchange differences on translation of balances in foreign currencies of Turkish company amounted PLN (3 583) thousand, as at the 31 December 202 5 PLN (3 580) thousand (note 23). Exchange differences will be recognized in consolidated financial statement at the date of liquidation of the company.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 10 On 17 February 2026, a conditional agreement was entered into between the Parent Company XTB S.A., its subsidiary XTB Africa (PTY) Ltd. based in South Africa, and the buyer, for the sale of 100% of the shares in the aforementioned company to the buyer. If the condition of the aforementioned agreement will be agreed, XTB Africa (PTY) Ltd. will cease to be part of the Group’s structure. The value of the agreement does not constitute a material amount within the meaning of the criteria for the value of own ass ets adopted by XTB, and the transaction does not have a material impact on the Group’s financial position. On 18 February 2026, as part of the licensing process in Brazil, a special -purpose entity was registered and assigned a local tax identification number. As of the date of publication of this Report, this entity has no paid -in share capital. The Company’s Management Board maintains its previously expressed opinion that, given the current situation in the brokerage sector in the Brazilian market, particularly local protectionism, all possible business options are being considered, including the cessation of further operations in this market. On 24 February 2026, the Parent Company allocated EUR 3 000 thousand to increase the share capital of its subsidiary XTB Limited (CY), based in Cyprus. On 15 May 2026, the Parent Company allocated EUR 1 000 thousand to the share capital of its subsidiary XTB Lithuania, based in Lithuania. On 22 May 2026, the Parent Company allocated EUR 1 000 thousand to another increase the share capital of its subsidiary XTB Limited (CY), based in Cyprus. On 26 May 2026, the Parent Company allocated USD 195,3 thousand to increase the share capital of its subsidiary XTB S.C. Limited, based in Seychelles, maintaining a 99,9% share in its capital. The remaining 0.1% of the shares are held by another subsidiary, XTB Services Limited. On 1 June 2026, a new subsidiary, XTB Lithuania, based in Lithuania, was officially established. 1.3. Composition of the Management Board In the period covered by the half-year condensed consolidated financial statements and on the date of signing these half- year condensed consolidated financial statements, the Management Board was composed of the following persons: NAME AND SURNAME FUNCTION DATE OF FIRST APPOINTMENT TERM OF OFFICE Omar Arnaout President of the Management Board 23.03.2017 The term of office from the 1 July 2022 expired 1 July 2025. From the 2 July 2025 appointed for new 3-years term of office ending 2 July 2 July 2028 Paweł Szejko Board Member 28.01.2015 The term of office from the 1 July 2022 expired 1 July 2025. From the 2 July 2025 appointed for new 3-years term of office ending 2 July 2 July 2028 Filip Kaczmarzyk Board Member 10.01.2017 The term of office from the 1 July 2022 expired 1 July 2025. From the 2 July 2025 appointed for new 3-years term of office ending 2 July 2 July 2028 Jakub Kubacki Board Member 10.07.2018 The term of office from the 1 July 2022 expired 1 July 2025. From the 2 July 2025 appointed for new 3-years term of office ending 2 July 2 July 2028 Bartosz Osiński Board Member 01.12.2025 From the 1 December 2025 appointed for term of office ending 2 July 2 July 2028 2. Basis for drafting the financial statements 2.1. Compliance statement These half-year condensed consolidated financial statements were prepared based on International Accounting Standard (“IAS”) 34 approved by the European Union.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 11 The half-year condensed consolidated financial statements of the XTB S.A. Group prepared for the period from 1 January 2026 to 30 June 2026 with comparative data for the period from 1 January 2025 to 30 June 2025 and as at 31 December 2025, cover the Parent Company’s financial data and financial data of the subsidiaries comprising the “Group”. These half-year 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 Group companies maintain their accounting records in accordance with the accounting principles generally accepted in the countries in which these companies are established. The half-year condensed consolidated financial statements include adjustments made in order to reconcile their financial statements with the Group’s accounting principles. The half-year condensed consolidated financial statements were signed by the Management Board of the Parent Company on 27 August 2026. Drafting this half-year condensed consolidated financial statements, the Parent Company decided that none of the accounting standards (IAS/IFRS) would be applied retrospectively. The International Financial Reporting Standards (“ IFRS”) comprise standards and interpretations approved by the European Union and accepted by International Accounting Standards Board (“IASB”) and the International Financial Reporting Interpretations Committee (“IFRIC”). 2.2. Functional currency and reporting currency The functional currency and the presentation currency of these half-year condensed consolidated financial statements is the Polish zloty (“PLN”), and unless stated otherwise, all amounts are shown in thousands of zloty (PLN’000). 2.3. Going concern The half-year 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 half-year 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. 2.4. Comparability of data and consistency of the policies applied Data presented in the half-year condensed consolidated financial statements is comparable and prepared under the same principles for all periods covered by the half-year condensed consolidated financial statements, with the exception of the new standards described in note 2.6. 2.5. The impact of Russia’s invasion of Ukraine and the conflict in the Middle East on the Group’s results On 24 February 2022, Russian troops crossed Ukraine’s eastern, southern, and northern borders and attacked Ukrainian territory. In response to Russia’s military actions, representatives of the European Union and many other countries imposed severe sanction s 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.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 12 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. XTB has two subsidiaries in Dubai. The parent company is monitoring their situation on an ongoing basis and currently does not foresee any significant negative impact of this conflict on operations in the region. 2.6. Changes in the accounting policies New or amended standards and interpretations applicable to annual periods beginning on or after 1 January 2026: ▪ Amendments to IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments - Disclosures” - amendments in the classification and measurement of financial instruments - these changes clarify when a debt is considered repaid in the case of electronic payments and what terms are permissible in loan agreements. They also explain the specific characteristics of non -recourse instruments and those dependent on other agreements, while 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. 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 202 6 did not have a significant impact on the Group's half-year condensed consolidated financial statements. 2.7. New standards and interpretations which have been published but are not yet binding The following standards and interpretations have been published by the International Accounting Standards Board but are not yet binding: ▪ 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, ▪ Amendments to IAS 21 “Restatement in a Hyperinflationary Presentation Currency” - The amendments apply to entities whose functional currency is not a hyperinflationary currency and that use a hyperinflationary presentation currency, as well as to entities whose functional currency and presentation currency are both hyperinflationary currencies, in which the results and financial position of foreign entities whose functional currency is not a hyperinflationary currency are translated - 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, ▪ IFRS 20 “Government Grants and Disclosures of Government Assistance” - The objective of this standard is to prescribe the accounting treatment and disclosure requirements for government grants and other forms of government assistance - 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 2029.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 13 The Group estimates that the adoption of IFRS 18, “Presentation and Disclosures in Financial Statements,” will affect the statement of cash flows, certain disclosures, and the statement of comprehensive income, which are components of the financial statements. With regard to other amendments, interpretations, and new standards that have not yet become effective, the Group does not anticipate any material impact on the consolidated financial statements. 3. Professional judgement In the process of applying the accounting principles (policy), the Management Board of the Parent Company made the following judgements that have the greatest impact on the reported carrying amounts of assets and liabilities. 3.1. Material estimates and valuations In order to prepare its financial statements in accordance with the IFRS, the Group has to make certain estimates and assumptions that affect the amounts disclosed in the financial statements. Estimates and assumptions subject to day -to- day evaluation by the Group’s management are based on experience and other factors, including expectations as to future events that seem justified in the given situation. The results are a basis for estimates of carrying amounts of assets and liabilities. Although the estimates are based on best knowledge regarding the current conditions and actions taken by the Group, actual results may differ from the estimates. Adjustments to estimates are recognised during the reporting period in which the adjustment wa s made provided that such adjustment refers only to the given period or in subsequent periods if the adjustment affects both the current period and subsequent periods. The most important areas for which the Group makes estimates are presented below. 3.2. Exprected credit losses and impairment of assets The Group recognises an impairment allowance for expected credit losses in accordance with IFRS 9 for all assets measured at amortised cost. This allowance takes into account forecasts and expected future economic conditions in the context of credit risk a ssessment. 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 1 5 – 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 f ormal 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.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 14 3.3. Fair value measurement Information on estimates relative to fair value measurement is presented in note 3 3 - 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 th e use of unobservable inputs. The methodology developed by the Group for determining fair value involves adjusting the fair value model to the characteristics of the financial asset being valued. 3.4. Other estimates Provisions for liabilities connected with retirement, pension and death benefits are calculated using the actuarial method by an independent actuary as the current value of the Group’s future amounts due to employees, based on their employment and salaries as at the balance sheet date. The calculation of the provision amount is based on a number of assumptions, regarding both macroeconomic conditions and employee turnover, risk of death, and others. Provision for unused holidays is calculated on the basis of the estimated payment of holiday benefits, based on the number of unused holidays, and remuneration as at the balance sheet date. Provisions for legal risk are determined individually based on the circumstances of a given case. The Group assesses the chance of winning particular case and consequently assesses the need of establishment of provision in case of a loss in relations to all court cases. 4. Adopted material accounting principles The accounting policies applied in the preparation of the half-year 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 202 5, with the exception of income tax expense, which was calculated in accordance with the principles set forth in IAS 34.30c and new or amended standards and interpretations effective for annual periods beginning on or after 1 January 2026. 5. Seasonality of operations The Group’s operations are not seasonal. 6. Operating income 6.1. Result of operations in financial instruments (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Financial instruments (CFD) Commodity CFDs 589 302 1 554 972 213 120 379 903 Index CFDs 264 155 287 013 232 594 532 257 Currency CFDs 48 563 104 113 101 650 178 928 Stock and ETF CFDs 14 679 36 141 14 400 20 898 Bond CFDs 116 175 (11) 57 Total CFDs 916 815 1 982 414 561 753 1 112 043 Other instruments 57 544 82 687 13 240 36 128 Gross gain on transactions in financial instruments 974 359 2 065 101 574 993 1 148 171 Bonuses and discounts paid to clients (4 858) (11 809) (4 488) (8 260) Commission paid to cooperating brokers (10 878) (28 921) (11 693) (23 253) Net gain on transactions in financial instruments 958 623 2 024 371 558 812 1 116 658
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 15 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. 6.2. Income from fees and charges (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Fees and charges from institutional clients 661 1 669 2 258 2 735 Fees and charges from retail clients 7 194 14 103 11 236 6 515 Total income from fees and charges 7 855 15 772 13 494 9 250 6.3. Geographical areas (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Operating income Central and Eastern Europe 744 284 1 524 434 365 760 757 411 - including Poland 628 189 1 197 033 291 594 605 985 Western Europe 169 372 402 163 128 520 237 381 Latin America * 24 763 60 125 63 946 98 711 Middle East** 53 866 99 577 22 552 67 388 Asia 21 25 (181) - Total operating income 992 306 2 086 324 580 597 1 160 891 * The subsidiary XTB International Ltd., with its seat in Belize, acquires clients from Latin America and the rest of the wor ld (without Europe). The item excludes revenues of 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 Consultation 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 63,3% in the period from 1 April to 30 June 2026 and 57,4% in the period from 1 January to 30 June 2026 (in analogical periods of 2025 it were respectively 50,2% and 52,2% ). 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 SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Salaries (105 776) (208 383) (83 619) (165 383) Social insurance and other benefits (15 825) (32 310) (10 954) (21 497) Employee benefits (3 306) (6 271) (3 084) (5 820) Total salaries and employee benefits (124 907) (246 964) (97 657) (192 700)
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 16 8. Marketing (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Marketing online (145 861) (290 900) (93 974) (191 527) Marketing offline (54 194) (144 575) (29 348) (72 829) Competitions for clients (26) (35) − - Total marketing (200 081) (435 510) (123 322) (264 356) The Group’s marketing activities focus primarily on online and offline marketing. Online marketing encompasses all promotional activities conducted on the internet, such as on social media, search engines, etc. Offline (traditional) marketing, on the other hand, includes all forms of promotion carried out through traditional media (print, radio, television, billboards, etc.) and in-person events (trade shows, events). 9. Other external services (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Support database systems (21 788) (40 870) (15 560) (32 260) Legal and advisory services (4 786) (7 597) (5 343) (8 812) Market data delivery (4 433) (9 440) (3 692) (6 963) Internet and telecommunications (1 164) (2 394) (1 181) (2 369) Accounting and audit services (841) (1 779) (772) (1 516) IT support services (1 609) (3 545) (3 385) (5 634) Recruitment (181) (384) (566) (1 193) Translation (59) (87) (59) (119) Postal and courier services (110) (149) (38) (73) Other external services (3 327) (4 616) (1 860) (3 068) Total other external services (38 298) (70 861) (32 456) (62 007) 10. Commission expenses (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Bank commissions (20 124) (39 694) (17 951) (47 088) Stock exchange fees and charges (8 204) (16 387) (5 409) (10 046) Commissions of foreign brokers (70) (133) (72) (132) Total commission expenses (28 398) (56 214) (23 432) (57 266)
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 17 11. Finance income and costs (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Interest income on financial instruments at amortized cost 7 724 13 749 10 462 16 388 Income on bonds 1 511 3 104 3 816 11 734 Foreign exchange gains 13 249 36 619 - - Other finance income 221 232 119 145 Total finance income 22 705 53 704 14 397 28 267 (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Interest paid under lease agreements (236) (514) (298) (648) Other interest (28) (37) (38) (81) Foreign exchange losses - - (40 958) (84 351) Other finance costs (46) (56) (5) (7) Total finance costs (310) (607) (41 299) (85 087) 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.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 18 HALF-YEAR CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT FOR THREE-MONTH PERIOD ENDED 30.06.2026 (IN PLN’000) RETAIL OPERATIONS INSTITUTIONAL OPERATIONS TOTAL REPORTING SEGMENTS HALF-YEAR CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT Net result on transactions in financial instruments 947 906 10 717 958 623 958 623 Commodity CFDs 586 574 2 728 589 302 589 302 Index CFDs 255 600 8 555 264 155 264 155 Currency CFDs 49 209 (646) 48 563 48 563 Stock and ETF CFDs 14 679 − 14 679 14 679 Bond CFDs 36 80 116 116 Other instruments 57 544 − 57 544 57 544 Bonuses and discounts paid to clients (4 858) − (4 858) (4 858) Commission paid to cooperating brokers (10 878) − (10 878) (10 878) Net interest income on clients cash 25 781 − 25 781 25 781 Fee and commission income 7 194 661 7 855 7 855 Other income 47 − 47 47 Total operating income 980 928 11 378 992 306 992 306 Marketing (198 298) (1 783) (200 081) (200 081) Salaries and employee benefits (124 280) (627) (124 907) (124 907) Other external services (37 967) (331) (38 298) (38 298) Commission expense (28 395) (3) (28 398) (28 398) Amortization and depreciation (6 831) (11) (6 842) (6 842) Taxes and fees (5 534) (6) (5 540) (5 540) Cost of maintenance and lease of buildings (2 468) − (2 468) (2 468) Other expenses (13 080) (130) (13 210) (13 210) Total operating expenses (416 853) (2 891) (419 744) (419 744) Operating profit 564 075 8 487 572 562 572 562 Finance income 22 651 54 22 705 22 705 Finance costs (310) − (310) (310) Profit before tax 586 416 8 541 594 957 594 957 Income tax (102 759) Net profit 492 198
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 19 HALF-YEAR CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT FOR SIX-MONTH PERIOD ENDED 30.06.2026 (IN PLN’000) RETAIL OPERATIONS INSTITUTIONAL OPERATIONS TOTAL REPORTING SEGMENTS HALF-YEAR CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT Net result on transactions in financial instruments 1 988 446 35 925 2 024 371 2 024 371 Commodity CFDs 1 517 179 37 793 1 554 972 1 554 972 Index CFDs 285 514 1 499 287 013 287 013 Currency CFDs 107 589 (3 476) 104 113 104 113 Stock and ETF CFDs 36 141 − 36 141 36 141 Bond CFDs 66 109 175 175 Stocks and ETFs 82 687 − 82 687 82 687 Bonuses and discounts paid to clients (11 809) - (11 809) (11 809) Commission paid to cooperating brokers (28 921) - (28 921) (28 921) Net interest income on clients cash 45 978 - 45 978 45 978 Fee and commission income 14 103 1 669 15 772 15 772 Other income 203 - 203 203 Total operating income 2 048 730 37 594 2 086 324 2 086 324 Marketing (245 609) (1 355) (246 964) (246 964) Salaries and employee benefits (430 486) (5 024) (435 510) (435 510) Other external services (70 360) (501) (70 861) (70 861) Commission expense (56 207) (7) (56 214) (56 214) Amortization and depreciation (13 711) (15) (13 726) (13 726) Taxes and fees (11 055) (19) (11 074) (11 074) Cost of maintenance and lease of buildings (4 784) - (4 784) (4 784) Other expenses (44 693) (227) (44 920) (44 920) Total operating expenses (876 905) (7 148) (884 053) (884 053) Operating profit 1 171 825 30 446 1 202 271 1 202 271 Finance income 53 842 (138) 53 704 53 704 Finance costs (607) - (607) (607) Profit before tax 1 225 060 30 308 1 255 368 1 255 368 Income tax (228 128) Net profit 1 027 240
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 20 ASSETS AND LIABILITIES AS AT 30.06.2026 (IN PLN’000) RETAIL OPERATIONS INSTITUTIONAL OPERATIONS TOTAL REPORTING SEGMENTS HALF-YEAR CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Clients’ cash and cash equivalents 6 203 533 96 286 6 299 819 6 299 819 Financial assets at fair value through P&L 961 416 2 703 964 119 964 119 Other assets 3 150 798 438 3 151 236 3 151 236 Total assets 10 315 747 99 427 10 415 174 10 415 174 Amounts due to clients 7 023 586 100 955 7 124 541 7 124 541 Financial liabilities at fair value through P&L 250 032 1 184 251 216 251 216 Other liabilities 478 097 941 479 038 479 038 Total liabilities 7 751 715 103 080 7 854 795 7 854 795
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 21 HALF-YEAR CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT FOR THREE-MONTH PERIOD ENDED 30.06.2025 (IN PLN’000) RETAIL OPERATIONS INSTITUTIONAL OPERATIONS TOTAL REPORTING SEGMENTS HALF-YEAR CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT Net result on transactions in financial instruments 558 495 317 558 812 558 812 Commodity CFDs 228 728 (15 608) 213 120 213 120 Index CFDs 220 620 11 974 232 594 232 594 Currency CFDs 97 693 3 957 101 650 101 650 Stock and ETF CFDs 14 400 − 14 400 14 400 Bond CFDs (5) (6) (11) (11) Other instruments 13 240 − 13 240 13 240 Bonuses and discounts paid to clients (4 488) − (4 488) (4 488) Commission paid to cooperating brokers (11 693) − (11 693) (11 693) Net interest income on clients cash 16 906 − 16 906 16 906 Fee and commission income 3 320 1 314 4 634 4 634 Other income 245 − 245 245 Total operating income 578 966 1 631 580 597 580 597 Marketing (123 072) (250) (123 322) (123 322) Salaries and employee benefits (97 166) (491) (97 657) (97 657) Other external services (31 988) (468) (32 456) (32 456) Commission expense (23 428) (4) (23 432) (23 432) Amortization and depreciation (5 974) (4) (5 978) (5 978) Taxes and fees (2 800) (12) (2 812) (2 812) Cost of maintenance and lease of buildings (2 983) − (2 983) (2 983) Other expenses (4 093) (178) (4 271) (4 271) Total operating expenses (291 504) (1 407) (292 911) (292 911) Operating profit 287 462 224 287 686 287 686 Finance income 14 397 − 14 397 14 397 Finance costs (41 343) 44 (41 299) (41 299) Profit before tax 260 516 268 260 784 260 784 Income tax (44 655) Net profit 216 129
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 22 HALF-YEAR CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT FOR SIX-MONTH PERIOD ENDED 30.06.2025 (IN PLN’000) RETAIL OPERATIONS INSTITUTIONAL OPERATIONS TOTAL REPORTING SEGMENTS HALF-YEAR CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT Net result on transactions in financial instruments 1 103 397 13 261 1 116 658 1 116 658 Commodity CFDs 399 566 (19 663) 379 903 379 903 Index CFDs 502 345 29 912 532 257 532 257 Currency CFDs 175 862 3 066 178 928 178 928 Stock and ETF CFDs 20 898 − 20 898 20 898 Bond CFDs 111 (54) 57 57 Other instruments 36 128 − 36 128 36 128 Bonuses and discounts paid to clients (8 260) - (8 260) (8 260) Commission paid to cooperating brokers (23 253) - (23 253) (23 253) Net interest income on clients cash 34 713 - 34 713 34 713 Fee and commission income 6 515 2 735 9 250 9 250 Other income 270 - 270 270 Total operating income 1 144 895 15 996 1 160 891 1 160 891 Marketing (263 752) (604) (264 356) (264 356) Salaries and employee benefits (191 597) (1 103) (192 700) (192 700) Other external services (61 198) (809) (62 007) (62 007) Commission expense (57 258) (8) (57 266) (57 266) Amortization and depreciation (11 827) (17) (11 844) (11 844) Taxes and fees (6 604) (17) (6 621) (6 621) Cost of maintenance and lease of buildings (5 437) - (5 437) (5 437) Other expenses (8 238) (259) (8 497) (8 497) Total operating expenses (605 911) (2 817) (608 728) (608 728) Operating profit 538 984 13 179 552 163 552 163 Finance income 28 267 - 28 267 28 267 Finance costs (84 923) (164) (85 087) (85 087) Profit before tax 482 328 13 015 495 343 495 343 Income tax (85 291) Net profit 410 052
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 23 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
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 24 13. Cash and cash equivalents Broken down by type: (IN PLN’000) 30.06.2026 31.12.2025 Cash in current accounts in bank and their equivalents 9 233 909 7 858 420 Cash and cash equivalents in total 9 233 909 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) 30.06.2026 31.12.2025 Clients’ cash and cash equivalents 6 299 819 5 864 393 Own cash and cash equivalents 2 934 090 1 994 027 Cash and cash equivalents in total 9 233 909 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) 30.06.2026 31.12.2025 CFDs Commodity CFDs 357 856 286 036 Index CFDs 130 832 139 893 Currency CFDs 203 866 217 881 Stock and ETF CFDs 166 374 114 597 Bond CFDs 79 41 Debt instruments (treasury bonds) 3 222 - Debt instruments (corporate bonds) 6 634 5 598 Stocks and ETFs 95 256 242 927 Total financial assets at fair value through P&L 964 119 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) 30.06.2026 31.12.2025 Trade receivables 40 897 41 392 Amounts due from the Central Securities Depository of Poland 56 365 52 152 Receivables due from clients 34 469 24 576 Deposits 7 195 6 983 Statutory receivables 3 150 1 975 Gross other receivables 142 076 127 078 Impairment write-downs of receivables (1 444) (2 155) Impairment write-downs of receivables due from clients (28 892) (17 162) Total net other receivables 111 740 107 761
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 25 Movements in impairment write-downs of receivables (IN PLN’000) 30.06.2026 31.12.2025 Impairment write-downs of receivables - at the beginning of the reporting period (19 317) (11 254) Write-downs recorded (12 806) (8 463) Write-downs reversed 1 806 400 Write-downs utilized (19) - Impairment write-downs of receivables - at the end of the reporting period (30 336) (19 317) Write-downs of receivables in 202 6 and 2025 resulted from the debit balances which arose in clients’ accounts in those periods.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 26 16. Intangible assets Intangible assets in the period from 1 January 2026 to 30 June 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 81 - - 81 Sale and scrapping - - - - Net foreign exchange differences - - (2) (2) Gross value as at 30 June 2026 6 510 10 792 5 801 23 103 Accumulated amortization as at 1 January 2026 (5 803) (10 792) (5 031) (21 626) Amortization for the current period (155) - (59) (214) Sale and scrapping - - - - Net foreign exchange differences - - 1 1 Accumulated amortization as at 30 June 2026 (5 958) (10 792) (5 089) (21 839) Net book value as at 1 January 2026 626 - 772 1 398 Net book value as at 30 June 2026 552 - 712 1 264 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.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 27 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.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 28 17. Property, plant and equipment Property, plant and equipment in the period from 1 January 2026 to 30 June 2026 (IN PLN’000) COMPUTER SYSTEMS OTHER PROPERTY, PLANT AND EQUIPMENT RIGHT TO USE OFFICE RIGHT TO USE CAR TANGIBLE FIXED ASSETS UNDER CONSTRUCTION ADVANCES FOR TANGIBLE FIXED ASSETS TOTAL Gross value as at 1 January 2026 63 557 20 283 54 133 1 308 4 - 139 285 Additions, putting into use 12 453 497 - - 17 954 - 30 904 Lease - - 4 371 57 - - 4 428 Sale, scrapping, bringing into use (1 622) (95) (3 275) - (13 195) - (18 187) Net foreign exchange differences 85 188 894 21 - - 1 188 Gross value as at 30 June 2026 74 473 20 873 56 123 1 386 4 763 - 157 618 Accumulated amortization as at 1 January 2026 (34 718) (10 103) (30 726) (331) - - (75 878) Amortization for the current period (5 749) (1 795) (5 835) (133) - - (13 512) Sale and scrapping 1 285 84 2 161 - - - 3 530 Net foreign exchange differences (57) (77) (444) (7) - - (585) Accumulated amortization as at 30 June 2026 (39 239) (11 891) (34 844) (471) - - (86 445) Net book value as at 1 January 2026 28 839 10 180 23 407 977 4 - 63 407 Net book value as at 30 June 2026 35 234 8 982 21 279 915 4 763 - 71 173
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 29 Property, plant and equipment in the period from 1 January 2025 to 31 December 2025 (IN PLN’000) COMPUTER SYSTEMS OTHER PROPERTY, PLANT AND EQUIPMENT RIGHT TO USE OFFICE RIGHT TO USE CAR TANGIBLE FIXED ASSETS UNDER CONSTRUCTION ADVANCES FOR TANGIBLE FIXED ASSETS TOTAL Gross value as at 1 January 2025 51 637 15 880 52 475 496 595 - 121 083 Additions, putting into use 15 557 4 802 - - 141 1 376 21 876 Lease - - 5 185 983 - - 6 168 Sale, scrapping, bringing into use (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
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 30 Non-current assets by geographical area (IN PLN’000) 30.06.2026 31.12.2025 Non-current assets Central and Eastern Europe 49 636 42 054 - including Poland 44 696 36 686 Western Europe 11 704 13 244 Latin America 3 048 448 Middle East 6 881 7 725 Asia 1 168 1 334 Total non-current assets 72 437 64 805 18. Amounts due to clients (IN PLN’000) 30.06.2026 31.12.2025 Amounts due to retail clients 7 023 586 6 428 875 Amounts due to institutional clients 100 955 99 348 Total amounts due to clients 7 124 541 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) 30.06.2026 31.12.2025 Financial instruments (CFD) Stock and ETF CFDs 118 703 81 815 Commodity CFDs 54 226 117 012 Currency CFDs 49 723 51 015 Index CFDs 22 098 21 313 Bond CFDs 6 4 Options 6 460 - Total financial liabilities at fair value through P&L 251 216 271 159 20. Liabilities due to lease (IN PLN’000) 30.06.2026 31.12.2025 Short- term 9 488 11 426 Long- term 14 188 14 441 Total liabilities due to lease 23 676 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 30 June 2026 the cost related to short -term leasing included in the statement of comprehensive income amounted to PLN 458 thousand, the costs related to lease of low -value assets included in the statement of comprehensive income amounted to PLN 508 thousand. In the period from 1 January to 30 June 2025 the cost related to short -term leasing included in the statement of comprehensive income amounted to PLN 1 001 thousand, there were no costs related to lease of low-value assets included in the statement of comprehensive income.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 31 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) 30.06.2026 31.12.2025 Trade liabilities 120 751 73 303 Liabilities due to brokers 71 962 16 841 Provisions for other employee benefits 34 756 38 396 Statutory liabilities 60 014 17 088 Amounts due to the Central Securities Depository of Poland 24 722 27 605 Liabilities due to employees 493 1 275 Total other liabilities 312 698 174 508 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 22.1. Provisions for liabilities (IN PLN’000) 30.06.2026 31.12.2025 Provisions for retirement benefits 759 749 Provisions for legal risk 5 863 5 665 Total provisions 6 622 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 half-year condensed consolidated financial statements. Movements in provisions in the period from 1 January 2026 to 30 June 2026 (IN PLN’000) VALUE AS AT 01.01.2026 INCREASES DECREASES VALUE AS AT 30.06.2026 USE USE Provisions for retirement benefits 749 - - (10) 759 Provisions for legal risk 5 665 198 - - 5 863 Total provisions 6 414 198 - (10) 6 622
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 32 Movements in provisions in the period from 1 January 2025 to 31 December 2025 (IN PLN’000) VALUE AS AT 01.01.2025 INCREASES DECREASES VALUE AS AT 31.12.2025 USE REVERSAL Provisions for retirement benefits 518 231 - - 749 Provisions for legal risk 3 012 2 715 - 62 5 665 Total provisions 3 530 2 946 - 62 6 414 22.2. 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 30 June 2026 the total value of claims brought against the Group amounted to approx. PLN 19 051 thousand, whereas the value of claims not covered by the provision amounted to approx. PLN 15 688 thousand (as at 31 December 202 5 is was appropriately : PLN 17 605 thousand and PLN 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. On 13 April 2026, the Parent company received a decision from the Polish Financial Supervision Authority (KNF) dated 30 March 2026, imposing a fine of PLN 20 000 thousand on XTB for: ▪ failing to properly determine - during the period from 1 January 2022 to 16 August 2023 - whether a client possessed the knowledge and experience necessary to understand the risks associated with the brokerage services or financial instruments provided to them, which constituted a violation of Article 56(1) of Regulation 2017/565, ▪ failure to define the target group - during the period from 1 January 2022 to 17 September 2023 - in an appropriate and proportionate manner, taking into account the nature and complexity of the financial instrument, which constituted a violation of § 37(5)(6) in conjunction with § 31(7) of the Regulation on the Procedures and Conditions Governing the Operations of Investment Firms, ▪ failure to accurately describe the circumstances - during the period from 1 January 2022 to 17 September 2023 - in connection with the publication of the HOT list made available to clients, which, with respect to the execution of client orders on the firm’ s own account, may give rise to a conflict of interest as referred to in Article 33(a) of Regulation 2017/565, which constituted a violation of Article 34(2)(a) of Regulation 2017/565, ▪ providing clients or potential clients - during the period from 1 January, 2022 to 17 September 2023 - with inaccurate and misleading information regarding financial instruments that are the subject of brokerage services provided by the firm, as well as re garding all risks associated with contracts for difference, in sufficient detail to enable the client to make informed investment decisions, which constituted a violation of Article 83c(2) and (4)(2) of the Act on Trading in conjunction with Article 48(1) and (2)(a), (c), (d), and (e) of Regulation 2017/565. On 27 April 2026, the Parent company filed a motion with the Polish Financial Supervision Authority (KNF) requesting a reconsideration of the decision. The Group recognized the imposed penalty in its financial statements under “Other Expenses” and “Other Liabilities”. 23. Equity Share capital structure as at 30 June 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
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 33 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 30 June 2026 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% To the best Parent Company’s knowledge, the shareholding structure of the Parent Company as at 31 December 202 5 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 1 440 958 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 ( 6 737) thousand. A detailed presentation of exchange differences resulting from translation is presented in the table below.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 34 (IN PLN’000) 30.06.2026 31.12.2025 XTB Spółka Akcyjna branch in Germany 317 147 XTB Spółka Akcyjna branch in Romania 37 84 XTB Services Limited 46 (3) XTB S.C. Limited (110) (136) XTB Limited CY 288 (138) PT XTB Indonesia Berjangka (728) (560) XTB Spółka Akcyjna branch in Portugal (48) (95) XTB Spółka Akcyjna branch in France (21) (141) XTB Spółka Akcyjna branch in Slovakia (63) (112) XTB Spółka Akcyjna (133) (303) XTB Limited UK (492) (1 031) XTB Spółka Akcyjna branch in Spain (181) (257) XTB Spółka Akcyjna branch in Czech Republic - (104) XTB Africa (PTY) Ltd. (210) (276) XTB Financial Services L.L.C 870 (618) XTB International 22 (883) XTB Agente de Valores SpA (1 255) (1 414) XTB MENA Limited (1 549) (2 368) XTB Lithuania 56 - Tasfiye Halinde XTB Yönetim Danışmanlığı A.Ş. (3 583) (3 580) Total foreign exchange differences on translation (6 737) (11 788) 24. Profit distribution and dividend Pursuant to the decision of the General Shareholders’ Meeting of the Parent Company, the net profit for 2025 in the amount of PLN 638 894 thousand was partially earmarked for the payment of a dividend in the amount of PLN 478 507 thousand, the remaining amount was transferred to reserve capital. The amount of dividend per share paid for 2025 was equal to PLN 4,07. The dividend was paid on the 24 June 2026. 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. 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 SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Profit from continuing operations attributable to shareholders of the Parent Company 492 198 1 027 223 216 129 410 071 Weighted average number of ordinary shares 117 569 251 117 569 251 117 569 251 117 569 251 Weighted average number of shares including dilution effect 117 569 251 117 569 251 117 569 251 117 569 251 Basic net profit per share from continuing operations for the year attributable to shareholders of the Parent Company 4,19 8,74 1,84 3,49 Diluted net profit per share from continuing operations for the year attributable to shareholders of the Parent Company 4,19 8,74 1,84 3,49
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 35 26. Current income tax and deferred income tax 26.1. Current income tax Income tax disclosed in the current period’s profit and loss (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Income tax - current portion Income tax for the reporting period (86 275) (210 379) (43 730) (69 113) Income tax - deferred portion Occurrence / reversal of temporary differences (16 484) (17 749) (925) (16 178) Income tax disclosed in profit and loss (102 759) (228 128) (44 655) (85 291) Reconciliation of the actual tax burden (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Profit before tax 594 957 1 255 368 260 784 495 343 Income tax based in the applicable tax rate of 19% (113 042) (238 520) (49 549) (94 115) Difference resulting from application of tax rates applicable in other countries 313 1 058 389 613 Non-taxable revenue 499 799 128 314 Non-deductible expenses (3 921) (4 525) (2 133) (2 738) 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 13 392 13 060 6 510 10 635 Income tax disclosed in profit or loss (102 759) (228 128) (44 655) (85 291) 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 April 2026 to 30 June 2026 from the tax burden for research and development in total amounted to PLN 10 001 thousand and in the period from 1 January 2026 to 30 June 2026 it was PLN 18 333 thousand . In the analogical period s of 202 5 benefits from the tax burden amounted to approximately PLN 5 093 thousand and PLN 9 077 thousand. The effective tax was rate close to the statutory rate and for the period from 1 April to 30 June 2026 amounted to 17,27% and for the period from 1 January to 30 June 2026 it was 18,17%. In the analogical period s of 202 5, the rate were approximately 17,12% and 17,22%. 26.2. Deferred income tax 26.2.1. Deferred income tax assets and deferred income tax provision Change in the balance of deferred tax for the period from 1 January to 30 June 2026 (IN PLN’000) AS AT 01.01.2026 PROFIT OR (LOSS) AS AT 30.06.2026 Deferred income tax assets: Cash and cash equivalents 24 (24) - Property, plant and equipment 182 28 210 Liabilities due to lease 1 274 (511) 763 Financial liabilities at fair value through P&L 45 025 3 824 48 849 Provisions for liabilities 5 772 (4 190) 1 582 Prepayments and deferred costs 7 251 2 673 9 924 Other liabilities 19 - 19 Tax losses of previous periods to be settled in future periods 4 137 (1 263) 2 874 Total deferred income tax assets 63 684 537 64 221
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 36 (IN PLN’000) AS AT 01.01.2026 INCLUDED IN EQUITY AS AT 30.06.2026 Deferred income tax asstes 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 30.06.2026 Deferred income tax provision: Cash and cash equivalents 112 8 120 Financial assets at fair value through P&L 131 523 21 112 152 635 Other liabilities 958 (150) 808 Financial assets at amortised cost 2 842 (2 221) 621 Property, plant and equipment 1 194 (463) 731 Total deferred income tax provision 136 629 18 286 154 915 Deferred tax disclosed in profit or (loss) (17 749) (IN PLN’000) AS AT 01.01.2026 INCLUDED IN EQUITY AS AT 30.06.2026 Deferred income tax provision included directly in the equity: Separate equity of branches - 93 93 Total deferred income tax provision included directly in the equity - 93 93 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 INCLUDED IN EQUITY AS AT 31.12.2025 Deferred income tax asstes 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 01.01.2025 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)
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 37 (IN PLN’000) AS AT 01.01.2025 INCLUDED IN EQUITY AS AT 31.12.2025 Deferred income tax provision included directly in the equity: Separate equity of branches 101 (101) - Total deferred income tax provision included directly in the equity 101 (101) - Data concerning the presentation of deferred income tax by country of origin and reconciliation of presentation in the statement of financial position as at 30 June 2026: (IN PLN’000) DATA ACCORDING TO THE NATURE OF ORIGIN DATA PRESENTED IN THE STATEMENT OF FINANCIAL POSITION DEFERRED INCOME TAX ASSETS DEFERRED INCOME TAX PROVISION DEFERRED INCOME TAX ASSETS DEFERRED INCOME TAX PROVISION Poland 60 686 154 322 520 94 156 Czech Republic 86 114 - 28 Slovakia 232 7 225 - Germany 408 270 408 270 France 1 889 - 1 889 - Great Britain 819 - 819 - Chile 101 295 - 194 Total 64 221 155 008 3 861 94 648 Data concerning the presentation of deferred income tax by country of origin and reconciliation of presentation in the statement of financial position as at 31 December 2025: (IN PLN’000) DATA ACCORDING TO THE NATURE OF ORIGIN DATA PRESENTED IN THE STATEMENT OF FINANCIAL POSITION DEFERRED INCOME TAX ASSETS DEFERRED INCOME TAX PROVISION DEFERRED INCOME TAX ASSETS DEFERRED INCOME TAX PROVISION Poland 58 935 134 572 985 76 622 Czech Republic 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 27. Related party transactions 27.1. Parent Company As at 30 June 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. According to IFRS 10, the fact that the company holds less than 50% of the total number of shares and votes gives it control, because the remaining shareholding is dispersed and none of the other investors holds a significant stake. Consequently, the major ity shareholder has, for example, the ability to propose and pass key resolutions, such as appointing the majority of members of the Supervisory Board or the Management Board, and determining the Group’s financial and operational policies. Mr. Jakub Zabłocki is the ultimate Parent Company for the Company and XX ZW Investment Group S.A.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 38 27.2. Figures concerning related party transactions The following table presents the results of transactions in financial instruments entered into with the Parent Company’s management and major shareholders: (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Jakub Zabłocki 6 7 - - Hubert Walentynowicz 673 469 4 4 Filip Kaczmarzyk - (4) 2 2 The following table presents liabilities related to the investment account held by the Parent Company’s management and major shareholders: (IN PLN’000) 30.06.2026 31.12.2025 Jakub Zabłocki 1 1 Hubert Walentynowicz 86 7 Omar Arnaout 3 10 Filip Kaczmarzyk 287 105 Paweł Szejko 21 29 Bartosz Osiński 3 - The table below presents the total number and nominal value of the Parent Company's shares held directly by the persons managing and supervising Group, as at the date of submitting this report: NAME AND SURNAME FUNCTION NUMBER OF SHARES HELD TOTAL NOMINAL VALUE OF SHARES (in PLN) Omar Arnaout President of the Management Board 70 418 3 521 Filip Kaczmarzyk Board Member 48 656 2 433 Paweł Szejko Board Member 38 944 1 947 Jakub Kubacki Board Member 28 517 1 426 Bartosz Osiński Board Member 2 022 101 During the reporting period and until the date of submission of this report, the following changes in the ownership of the Parent Company's shares by managing and supervising persons took place: ▪ on the 22 May 2026 Omar Arnaout acquired jointly 8 108 shares of the Parent Company; ▪ on the 22 May 2026 Filip Kaczmarzyk acquired jointly 5 040 shares of the Parent Company; ▪ on the 22 May 2026 Paweł Szejko acquired jointly 3 790 shares of the Parent Company; ▪ on the 22 May 2026 Jakub Kubacki acquired jointly 2 885 shares of the Parent Company; ▪ on the 22 May 2026 Bartosz Osiński acquired jointly 814 shares of the Parent Company. At the end of the reporting period and as at the date of submitting this report, the supervising persons did not have any shares or rights to the Parent Company's shares. 27.3. Benefits to Management Board and Supervisory Board (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Benefits to the Management Board members (2 644) (4 713) (2 089) (3 849) Benefits to the Supervisory Board members (104) (208) (131) (208) Total benefits to the Management Board and Supervisory Board (2 748) (4 921) (2 220) (4 057)
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 39 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. 27.4. Loans granted to the Management and Supervisory Board members As at 30 June 2026 and 31 December 202 5 there were no loans granted to the Management and Supervisory Board members. In the period from 1 January to 30 June 2026 and in the analogical period of 202 5, the members of the Management Board and Supervisory Board also did not benefit from any loans granted by the Group. 28. Employment As at 30 June 2026 the total employment in the Group which include persons employed under employment contract and persons providing services under other forms of civil law contracts, including B2B contracts was 1 548 people. As at 31 December 2025 it was 1 516 people. The list does not include persons on maternity leave, parental leave and benefits (dismissals for more than 33 days). 29. Supplementary information and explanations to the cash flow statement 29.1. Other adjustments The “other adjustments” item includes the following adjustments: (IN PLN’000) SIX-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2025 Change in the balance of differences from the conversion of branches and subsidiaries 4 970 (6 625) Foreign exchange differences on translation of movements in property, plant and equipment, and intangible assets (602) 1 300 Other changes 66 - Change in other adjustments 4 434 (5 325) Foreign exchange differences on translation of movements in tangible and intangible assets include the difference between the rates as at the opening balance and as at the closing balance adopted for valuation of the gross value of tangible and intangible assets in the Group’s foreign entities and the difference between the rate applied to value amortization and depreciation cost of fixed assets and intangible assets in the Group’s foreign entities and the rate of translation of amortization and depreciatio n amounts on such assets. This value results from the chart of movements in tangible and intangible assets. 29.2. Change in balance of other liabilities The “Change in balance of other liabilities” item includes the following adjustments: (IN PLN’000) SIX-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2025 Balance sheet change in other liabilities 138 190 (7 799) Change in balance of other liabilities 138 190 (7 799)
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 40 29.3. Details of (Profit) Loss from investing activity The “(Profit) Loss on investment activity” item includes the following adjustments: (IN PLN’000) SIX-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2025 Loss on liquidation and sale of fixed assets 14 657 3 046 Profit from the liquidation and sale of fixed assets (51) (9) Result of Bonds (3 104) (11 734) (Profit) Loss on investment activity 11 502 (8 697) 30. Off-balance sheet items 30.1. Nominal value of derivatives financial instruments (IN PLN’000) 30.06.2026 31.12.2025 Index CFDs 3 642 905 3 933 252 Commodity CFDs 3 967 775 6 216 958 Currency CFDs 2 204 780 3 284 496 Stock and ETF CFDs 1 767 315 1 615 397 Bond CFDs 4 118 1 553 Options 125 478 - Total financial instruments 11 712 371 15 051 656 The nominal value of instruments presented in the chart above includes transactions with clients and brokers. As at 30 June 2026 transactions with brokers represent 8% of the total nominal value of instruments (as at 31 December 2025: 16% of the total nominal value of instruments). 30.2. Clients’ financial instruments Presented below is a list of clients’ instruments deposited in the accounts of the brokerage house: (IN PLN’000) 30.06.2026 31.12.2025 Listed stocks and rights to stocks registered in clients’ securities accounts 23 345 382 15 138 542 ETF (Exchange Traded Fund) 20 018 050 12 144 808 Other securities registered in clients’ securities accounts 207 207 Total clients’ financial instruments 43 363 639 27 283 557 30.3. Transaction limits The amount of unused transaction limits granted to related entities was as at 30 June 2026 PLN 12 837 thousand, as at 31 December 2025 was PLN 12 990 thousand. 31. Items regarding the compensation scheme The compensation scheme is a mechanism designed to protect investors’ interests in the event of a brokerage firm’s bankruptcy, administered by the National Depository for Securities. Brokerage firms, banks engaged in brokerage activities, and custodian ban ks are required to make contributions to the primary fund, and contributions are calculated based on the value of assets held by clients at a given institution. Items related to the compensation system are presented under Other Liabilities in the Group’s Balance Sheet.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 41 (IN PLN’000) 30.06.2026 31.12.2025 1. Contributions made to the compensation scheme a) opening balance 23 981 17 923 - increases 4 357 6 058 b) closing balance 28 338 23 981 2. XTB’s share in the profits from the compensation scheme 2 942 2 455 32. Capital management The Group’s principles of capital management are established in the “Capital management policy at XTB S.A.”. The document is approved by the Parent Company’s Supervisory Board. The policy defines the basic concepts, objectives and rules which constitute the Parent Company’s capital strategy. It specifies, in particular, long -term capital objectives, the current and preferred capital structure, contingency plans and capital planning principles. The policy is updated as appropriate so as to reflect the development in the Group and its business environment. The objective of the capital management policy is to ensure balanced long-term growth for the shareholders and to maintain sufficient capital to enable the Group to operate in a prudent and efficient manner. This objective is attained by maintaining an appropriate capital base, taking into account the Group’s risk profile and pr udential regulations, as well as risk -based capital management in view of the operating goals. Determination of capital-related goals is essential for equity management and serves as a basic reference in the context of capital planning, allocation and contingency plans. The Group establishes capital -related objectives which ensure a stable capital base, achievement of its capital strategy goals (in accordance with its general principles), and also match the Group’s risk appetite. To establish its capital -related goals, the Group takes into consideration its strategic plans and expected growth of operations as well as external conditions, including the macroeconomic situation and other business environment factors. The capital-related goals are set for a horizon similar to that of the business strategy and are approved by the Management Board. Capital planning is focused on an assessment of the Group’s current and future capital requirements (both regulatory and internal), and on comparing them with the current and projected levels of available capital. The Group has prepared contingency plans to be launched in the event of a capital liquidity shortage, described in detail in the “Contingency Plans for Capital and Liquidity at XTB S.A.”. As part of ICARAP, the Parent Company identifies significant risk factors and impacts and assesses its internal capital in order to define the overall capital requirement to cover all significant risks in the Group’s operations and evaluates its quality. The Group estimates internal capital necessary to cover identified significant risks in compliance with procedures adopted by the Group and taking into account stress test results. The Parent Company is obligated to maintain the capitals (equity) to cover the higher of the following values: ▪ capital requirements calculated in accordance with Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on prudential requirements for investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (IFR) ▪ internal capital estimated in accordance with the Regulation of the Minister of Development and Finance of 8 December 2021 on the assessment of internal capital and liquid assets, risk management system, supervisory audit and evaluation, as well as remuneration policy in a brokerage house and a small brokerage house.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 42 The capital requirement calculated in accordance with the IFR regulation is the higher of: ▪ fixed overheads requirement ▪ permanent minimum initial capital requirement ▪ K-factor capital requirement At date of preparation of the financial statement the highest of the above values for the Parent Company is the K -factor capital requirement. The Parent Company calculates own funds in accordance with Part Two of the European Parliament and of the Council (EU) 2019/2033 of 27 November 2019 on prudential requirements for investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575 / 2013, (EU) No 600/2014 and (EU) No 806/2014 ("IFR"). The principles for calculation of own funds are established in the CRR and IFR Regulations, "Procedure for calculating capital adequacy ratios of XTB S.A." the Parent Company and are not regulated by IFRS. The Group currently has only own funds of the best category - Tier I. Prudential consolidation in accordance with IFR covers subsidiaries that are investment firms, financial institutions, ancillary services undertakings or tied agents. When applied to the Group, the Parent Company includes the following subsidiaries in prudential consolidation: ▪ since 31st October 2015 XTB Limited (UK), ▪ since 30th April 2017 XTB International, ▪ since 31st July 2018 XTB Limited (CY), ▪ since 31st July 2022 XTB MENA Limited, ▪ since 31st August 2022 XTB Africa (PTY) Ltd, ▪ since 31st December 2023 XTB S.C. Limited, ▪ since 17th January 2024 PT Rajawali Kapital Berjangka, ▪ since 30th September 2024 XTB Financial Services L.L.C, ▪ since 11th February 2025 XTB Agente de Valores SpA. The Group is not required to maintain capital buffers under the Act on Macroprudential Supervision of the Financial System and Crisis Management in the Financial System. The Group’s own funds: (IN PLN’000) 30.06.2026 31.12.2025 The Group’s own funds Base capital Tier I without deductions 1 497 286 1 336 899 Supplementary capital Tier I - Items decreasing share capitals (11 146) (15 919) Total Group’s own funds 1 486 140 1 320 980 The mandatory capital adequacy was not breached in the periods covered by the condensed consolidated financial statements.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 43 33. Risk management The Group has implemented a risk management system consisting of policies, procedures, mechanisms, and tools that support the management of specific types of risks, tailored to their materiality and characteristics to manage risks. The main objectives of the risk management system are: ▪ identifying and determining the materiality of specific types of risk; ▪ properly measuring or estimating risk levels (including those that are difficult to measure); ▪ controlling risk levels by monitoring limits and taking appropriate action when limits or warning levels are exceeded; ▪ supporting the achievement of business objectives by controlling risk levels and ensuring compliance with risk appetite. The basis for the operation of the risk management system at the XTB is provided by the internal regulations “Risk Management System at XTB S.A.” and “Risk Management Strategy at XTB S.A.” These are further elaborated in detailed regulations, including those relating to the management of specific risk categories. Risk Governance and the Three Lines Model To ensure effective risk oversight, the Group has implemented the industry standard known as the Three Lines Model. It ensures a clear division of responsibilities between business, control functions, and audit. ▪ First Line (Trading, Marketing and Sales, Customer Service, IT) – these are the so-called “risk owners.” Traders, customer service representatives, IT engineers, and other employees make operational decisions on an ongoing basis and are responsible for identifying risks in their processes. ▪ Line 2 (Risk Control Department and Legal and Compliance Department) – independent units that monitor and provide substantive support for Line 1 activities. At this level, the Company establishes policies, sets limits, and ensures compliance with regulatio ns across the many jurisdictions in which it operates. The goal is to professionally assess whether operational activities fall within the established risk appetite limits. ▪ Third Line (Internal Audit Department) – Provides independent monitoring and periodic assessment of the effectiveness of the entire risk management and internal control system. The third line reports directly to the Management Board and the Supervisory Boa rd, which strengthens its independence and ensures an objective view of the organization and its processes. At the strategic level, the Management Board is responsible for establishing and monitoring the risk management policy. In the Parent Company there is a Risk Management Committee, which consists of members of the Supervisory Board. The Committee’s tasks include, in particular: ▪ drafting the brokerage house’s risk appetite document, ▪ reviewing the risk management strategy developed by the Management Board, ▪ supporting the Supervisory Board in overseeing the implementation of the risk management strategy, ▪ verifying the compensation policy and its implementation rules to ensure the compensation system aligns with the risk, capital, and liquidity profiles, as well as the probability and time horizon of generating income. In the day-to-day operation of the risk management and internal control system at the XTB, the Risk Control Department and the Legal and Compliance Department play a key role.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 44 The Risk Control Department is responsible for the implementation and operation of the organizational risk management system. It assists the Management Board in developing, reviewing, and updating risk management policies in response to the emergence of new types of risk or significant changes in strategy and action plans. This department also monitors the adequacy and effectiveness of the implemented risk management system, identifies and monitors the risks of the Parent Company’s own investments, determines the total capital requirement, and estimates internal capital. The Risk Control Department is headed by a Director who also serves as a permanent member of the Management Board. This arrangement strengthens the position of th e risk management function within the organization and ensures that the risk perspective is taken into account when making key strategic decisions. The Legal and Compliance Department is primarily responsible for legal and compliance risks. The Compliance Officer plays a key role in this area, with the task of proactively managing compliance risk. This department is not limited to a control function but plays a significant advisory role, supporting business units in interpreting the complex regulatory environment (including requirements of the Polish Financial Supervision Authority (KNF) and the European Securities and Markets Authority (ESMA)) and ensuring that brokerage activities are conducted in accordance with the law and internal regulations. In addition, this unit is responsible for regularly assessing the adequacy and effectiveness of the adopted compliance oversight system, conducting investigations, and monitoring particularly sensitive areas, such as anti -money laundering (AML/CFT) and conflict of interest management. The Legal and Compliance Department is managed and supervised by the Member of the Management Board responsible for Legal Affairs. Risk Management Process The participants in XTB’s risk management process include the Group’s governing bodies and all its employees. The risk management process supports both strategic decision-making and the Group’s day-to-day operations. The risk management process varies depending on the type of risk. However, its common elements are: ▪ Identification of threats and risk factors - that is, elements that may have a negative impact on tasks and objectives, as well as on clients and the market, ▪ Risk analysis and measurement—the analytical decomposition of risk and its assessment on established scales of probability and impact. During the analysis, the Company uses a variety of methods and measures, both quantitative and qualitative, ▪ Risk assessment - determining whether a risk exceeds the thresholds established at the Company level as acceptable, ▪ Risk management - implementing controls, taking actions, or launching programs to keep risk within the risk appetite, ▪ Risk monitoring - individual risks are monitored by both their owners (primarily Line 1) and Line 2 functions (depending on the type of risk—the Risk Control Department and/or the Legal and Compliance Department), ▪ Reporting - its scope and frequency are determined by the magnitude and type of risk. All material periodic reports regarding the risk management system, internal control, and internal audit are discussed during meetings of the Management Board and the Supervisory Board. 33.1. Fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability in a normal transaction betwe en market participants at the measurement date. 33.1.1. Carrying amount and fair value The fair value of cash and cash equivalents is estimated as being close to their carrying amount.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 45 The fair value of loans granted and other receivables, amounts due to clients and other liabilities is estimated as being close to their carrying amount in view of the short-term maturities of these balance sheet items. 33.1.2. Fair value hierarchy The Group discloses fair value measurement of financial instruments carried at fair value, applying the following fair value hierarchy which reflects the significance of input data used to establish the fair value: ▪ Level 1: quoted prices (unadjusted) in active markets for the assets or liabilities; ▪ Level 2: input data other than quoted prices classified in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. based on prices). This category includes financial assets and liabilities measured using prices quoted in active markets for identical assets, prices quoted in active markets for identical assets considered less active or other valuation methods where all significant inputs originate directly or indirectly from the markets; ▪ Level 3: input data for valuation of a given asset or liability is not based on observable market data (unobservable inputs). (IN PLN’000) 30.06.2026 LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Financial assets Financial assets at fair value through P&L 101 890 862 229 - 964 119 Total financial assets 101 890 862 229 - 964 119 Financial liabilities Financial liabilities at fair value through P&L - 251 216 - 251 216 Total financial liabilities - 251 216 - 251 216 (IN PLN’000) 31.12.2025 LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Financial assets Financial assets at fair value through P&L 248 525 758 448 - 1 006 973 Total financial assets 248 525 758 448 - 1 006 973 Financial liabilities Financial liabilities at fair value through P&L - 271 159 - 271 159 Total financial liabilities - 271 159 - 271 159 In the periods covered by the condensed consolidated financial statements, there were no transfers of items between the levels of the fair value hierarchy. The fair value of contracts for differences (CFDs) is determined based on the market prices of underlying instruments, derived from independent sources, i.e. from reliable liquidity suppliers and reputable news, adjusted for the spread specified by the Group. The valuation is performed using closing prices or the last bid and ask prices. CFDs are measured as the difference between the current price and the opening price, taking account of accrued commissions and swap points. The impact of adjustments due to credit risk of the contractor, estimated by the Group, was insignificant from the point of view of the general estimation of derivative transactions concluded by the Group. Therefore, the Group does not recognise the impact of unobservable input data used for the estimation of derivative transactions as significant and, pursuant to IFRS 13.73, does not classify such transactions as level 3 of the fair value hierarchy.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 46 33.2. Market risk In the period covered by these consolidated financial statements, the Group entered into OTC contracts for differences (CFDs). The Group may also enter into forward contracts on its own account on regulated stock markets. The following risks are specified, depending on the risk factor: ▪ Currency risk connected with fluctuations of exchange rates ▪ Interest rate risk ▪ Commodity price risk ▪ Equity investment price risk The Group’s key market risk management objective is to mitigate the impact of such risk on the profitability of its operations. The Group’s practice in this area is consistent with the following principles. As part of the internal procedures, the Group applies limits to mitigate market risk connected with maintaining open positions on financial instruments. These are, in particular: a maximum open position on a given instrument, currency exposure limits, maximum value of a single instruction. The Trading Department monitors open positions subject to limits on a current basis, and in case of excesses, enters into appropriate hedging transactions. The Risk Control Department reviews the limit usage on a regular basis, and controls the hedges entered into. 33.2.1. Currency risk The Group enters into transactions principally in instruments bearing currency risk. Aside from transactions where the FX rate is an underlying instrument, the Group also offers instruments which price is denominated in foreign currencies. Also, the Group has assets in foreign currencies, i.e. the so-called currency positions. Currency positions include the brokerage’s own funds denominated in foreign currencies held for the purpose of settling transactions in foreign markets and connected with foreign operations. The carrying amount of the Group’s assets and liabilities in foreign currencies as at the balance sheet date is presented below. The values for all base currencies are expressed in PLN’000:
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 47 Assets and liabilities denominated in foreign currencies as at 30 June 2026 (value in foreign currencies converted to PLN) (IN PLN’000) USD EUR GBP CZK HUF RON OTHER CURRENCIES TOTAL CARRYING AMOUNT Assets Cash and cash equivalents 2 088 399 3 018 530 253 689 611 578 21 359 114 863 147 924 6 256 342 9 233 909 Financial assets at fair value through P&L 243 431 235 155 10 801 80 299 3 853 13 991 24 884 612 414 964 119 Financial assets at amortised cost 31 916 10 277 732 1 601 13 499 6 620 51 658 111 740 Prepayments and deferred costs 1 526 2 153 979 1 745 - 32 170 6 605 29 108 Intangible assets - 8 - - - - 12 20 1 264 Property, plant and equipment 6 881 13 077 1 144 2 256 - 159 3 502 27 019 71 173 Income tax receivables - - - - - - - - - Deferred income tax assets - 2 522 819 - - - - 3 341 3 861 Total assets 2 372 153 3 281 722 268 164 697 479 25 225 129 544 183 112 6 957 399 10 415 174 Liabilities Amounts due to clients 1 298 902 2 766 290 203 650 411 314 15 298 83 123 39 348 4 817 925 7 124 541 Financial liabilities at fair value through P&L 125 332 50 673 3 493 15 219 477 1 299 13 880 210 373 251 216 Lease liabilities - 13 702 1 181 20 - - 8 773 23 676 23 676 Other liabilities 19 768 102 928 9 843 4 920 819 17 225 33 057 188 560 312 686 Provisions for liabilities - 5 591 - - - - 283 5 874 6 622 Income tax liabilities 114 838 97 234 - 135 539 1 957 41 394 Deferred income tax provision - 270 - 28 - - 194 492 94 648 Total liabilities 1 444 116 2 940 292 218 264 431 735 16 594 101 782 96 074 5 248 857 7 854 783
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 48 Assets and liabilities denominated in foreign currencies as at 31 December 2025 (value in foreign currencies converted to PLN) (IN PLN’000) USD EUR GBP CZK HUF RON OTHER CURRENCIES TOTAL CARRYING AMOUNT Assets Cash and cash equivalents 1 893 619 2 605 441 128 646 445 504 17 490 90 970 142 871 5 324 541 7 858 420 Financial assets at fair value through P&L 373 108 231 700 9 650 68 062 3 683 11 184 23 860 721 247 1 006 973 Financial assets at amortised cost 34 934 8 010 1 526 1 109 1 433 3 402 49 415 107 761 Prepayments and deferred costs 400 1 114 332 304 - 14 373 2 537 29 037 Intangible assets - 11 - - - - 13 24 1 398 Property, plant and equipment 240 13 933 1 934 2 600 - 132 8 494 27 333 63 407 Income tax receivables - - - - - - - - 14 112 Deferred income tax assets - 3 341 1 233 - - - - 4 574 5 559 Total assets 2 302 301 2 863 550 143 321 517 579 21 174 102 733 179 013 6 129 671 9 086 667 Liabilities Amounts due to clients 1 226 638 2 479 189 93 068 404 078 13 001 68 108 32 064 4 316 146 6 528 223 Financial liabilities at fair value through P&L 131 381 52 907 3 651 15 122 515 1 650 11 447 216 673 271 159 Lease liabilities - 17 058 1 971 18 - - 6 820 25 867 25 867 Other liabilities 10 749 41 741 8 293 4 439 5 3 623 16 732 85 582 174 508 Provisions for liabilities - 4 736 - - - - 275 5 011 6 414 Income tax liabilities 99 361 94 146 - 86 711 1 497 1 497 Deferred income tax provision 1 330 325 - 54 - - 170 1 879 78 502 Total liabilities 1 370 197 2 596 317 107 077 423 857 13 521 73 467 68 219 4 652 655 7 086 170
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 49 A change in exchange rates, in particular, the PLN exchange rate, affects the balance sheet valuation of the Group’s financial instruments and the result on translation of foreign currency balances of other balance sheet items. Sensitivity to exchange rate fluctuations was calculated with the assumption that all foreign currency rates change by ±5% to PLN. The carrying amount of financial instruments was revalued. The sensitivity of the Group’s equity and profit before tax to a 5% increase or decrease of the PLN exchange rate is presented below: (IN PLN’000) SIX-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2025 INCREASE IN EXCHANGE RATES BY 5% DECREASE IN EXCHANGE RATES BY 5% INCREASE IN EXCHANGE RATES BY 5% DECREASE IN EXCHANGE RATES BY 5% Profit/(loss) before tax 321 083 (321 083) 258 085 (258 085) Equity 8 681 (8 681) 4 776 (4 776) The sensitivity of equity is connected with foreign exchange differences in the translation of value in functional currencies of the foreign operations. 33.2.2. Interest rate risk Interest rate risk is the risk of exposure of the current and future financial result and equity of the Group to the adverse impact of exchange rate fluctuations. Such risk may result from the contracts entered into by the Group, where receivables or liabilities are dependent upon exchange rates as well as from holding assets or liabilities dependent on exchange rates. The basic interest rate risk for the Group is the mismatch of interest rates on bank accounts and bank deposits on which the Group deposit its own cash, the mismatch in the interest rates the Group pays its clients for holding free funds in their cash accounts, and the impact of interest rate volatility on the valuation of the Group's treasury, government -guaranteed bonds and corporation bonds. In addition, the source of the Group’s profit variability associated with the level of market interest rates, are amounts pai d and received in connection with the occurrence of the difference in interest rates for different currencies (swap points) as well as potential debt instruments. Since the Group maintains a low duration of assets and liabilities and minimises the duration gap, sensitivity of the market value of assets and liabilities to calculations of market interest rates is very low. Sensitivity analysis of financial assets and liabilities where cash flows are exposed to interest rate risk The structure of financial assets and liabilities where cash flows are exposed to interest rate risk is as follows: (IN PLN’000) 30.06.2026 31.12.2025 Financial assets Cash and cash equivalents 9 233 909 7 858 420 Debt instruments 6 635 5 598 Total financial assets 9 240 544 7 864 018 Financial liabilities Amounts due to clients 6 075 771 4 595 747 Other liabilities 23 676 25 867 Total financial liabilities 6 099 447 4 621 614
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 50 Impact of a change in interest rates by 50 base points (BP) on profit before tax is presented below. The analysis below relies on the assumption that other variables, in particular exchange rates, will remain constant. The analysis was carried out basis of average cash balances during the periods covered by these consolidated financial statements. The analysis was carried out on the basis of average balances of cash in the period from 1 April to 30 June 2026 and from 1 April to 30 June 2025. (IN PLN’000) THREE-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED 30.06.2026 30.06.2025 INCREASE BY 50 PB DECREASE BY 50 PB INCREASE BY 50 PB DECREASE BY 50 PB Profit/(loss) before tax 5 797 -5 797 5 324 -5 324 The analysis was carried out on the basis of average balances of cash in the period from 1 January to 30 June 2026 and from 1 January to 30 June 2025. (IN PLN’000) SIX-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2025 INCREASE BY 50 PB DECREASE BY 50 PB INCREASE BY 50 PB DECREASE BY 50 PB Profit/(loss) before tax 10 322 (10 322) 7 121 (7 121) Sensitivity analysis of financial assets and liabilities whose fair value is exposed to interest rate risk In the period covered by these consolidated financial statements and in the comparative period, the Group hold financial assets which fair value would be exposed to the risk of changes in interest rates as a Treasury bonds, Guaranteed Treasury Bonds and corporate bonds. Sensitivity analysis exposed to interest rate risk by 50 base points (BP) - shift of yield curves- on profit before tax is presented below. (IN PLN’000) SIX-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2025 INCREASE BY 50 PB DECREASE BY 50 PB INCREASE BY 50 PB DECREASE BY 50 PB Profit/(loss) before tax (14) 14 (64) 64 33.2.3. Other price risk Other price risk is exposure of the Group’s financial position to unfavorable changes in the prices of commodities, equity investments (equity, indices) and debt instruments (in a scope not resulting from interest rates). The carrying amount of financial instruments exposed to other price risk is presented below: (IN PLN’000) 30.06.2026 31.12.2025 Financial assets at fair value through P&L Commodity CFDs Precious metals 210 183 116 735 Base metals 2 487 4 220 Other 369 496 127 592 Total Commodity CFDs 582 166 248 547 Equity instruments CFDs Stocks and ETF 138 283 104 046 Indicies 123 294 131 856 Total Equity instruments CFDs 261 576 235 902 Debt instruments CFDs Bonds 77 37 Total Debt instruments CFDs 77 37 Options - - Stocks and ETF 18 034 242 914 Debt instruments - - Total financial assets at fair value through P&L 861 854 727 400
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 51 (IN PLN’000) 30.06.2026 31.12.2025 Financial liabilities at fair value through P&L Commodity CFDs Precious metals 9 805 70 049 Base metals 566 1 251 Other 64 889 8 224 Total Commodity CFDs 75 260 79 524 Equity instruments CFDs Stocks and ETF 91 682 71 264 Indicies 15 442 13 521 Total Equity instruments CFDs 107 124 84 785 Debt instruments CFDs Bonds 5 - Total Debt instruments CFDs 5 - Options 3 235 - Stocks and ETF - - Debt instruments - - Total financial liabilities at fair value through P&L 185 624 164 309 The Group’s sensitivity to fluctuations in the prices of specific commodities and equity investments by ±5 per cent with regard to equity and profit before tax is presented below. (IN PLN’000) SIX-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2025 INCREASE BY 5% DECREASE BY 5% INCREASE BY 5% DECREASE BY 5% Income/(expenses) for the period Commodity CFDs Precious metals (59 903) 59 903 (41 014) 41 014 Base metals 161 (161) (844) 844 Other (25 135) 25 135 (32 154) 32 154 Total Commodity CFDs (84 877) 84 877 (74 012) 74 012 Equity instruments CFDs Stocks and ETF 168 (168) (1 006) 1 006 Indicies 73 402 (73 402) 70 781 (70 781) Total Equity instruments CFDs 73 570 (73 570) 69 775 (69 775) Debt instruments CFDs Bonds (172) 172 (164) 164 Total Debt instruments CFDs (172) 172 (164) 164 Options (1 695) 484 − − Stocks and ETF 902 (902) 11 674 (11 674) Debt instruments − − − − Total equity instruments (12 272) 11 061 7 273 (7 273) 33.3. Liquidity risk For the Group, liquidity risk is the risk of losing its payment liquidity, i.e. the risk of losing capacity to finance its assets and to perform its obligations in a timely manner in the course of normal operations or in other predictable circumstances wit h no risk of loss. In its liquidity analysis, the Group takes into consideration current possibility of generation of liquid as sets, future needs, alternative scenarios and payment liquidity contingency plans.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 52 The objective of liquidity management in XTB is to maintain the amount of cash on the appropriate bank accounts that will cover all the operations necessary to be carried on such accounts. For this purpose, the Group has implemented, among others, limits f or the concentration of cash in banks by forming one banking group in order to limit excessive liquidity concentration in related parties. In order to manage liquidity in relation to certain bank accounts associated with the operations of financial instruments, the Group uses the liquidity model of which the essence is to determine the safe area of the state of free cash flow that does not require corrective action. Where the upper limit is achieved, the Group makes a transfer to the appropriate current acc ount corresponding to the surplus above the optimum level. Similarly, if the cash in the account falls to the lower limit, the Group makes a transfer of funds from the current account to the appropriate account in order to bring cash to the optimum level. The procedure also provides for the possibility of deviating from its application, and such procedure requires the consent of at least two members of the Parent Company’s Management. Information on deviations is transmitted to the Risk Control Department of the Parent Company. The Parent Company has also implemented liquidity contingency plans, which were not used in the period covered by the financial statements and in the comparative period, due to the fact that the amount of the most liquid assets (own cash and cash equivalents and Treasury bonds and bonds guaranteed by the Treasury) greatly exceeds the amount of liabilities. As part of ongoing business and the tasks related to liquidity risk management, the managers of appropriate organisational units of the Parent Company monitor the balance of funds deposited in the account in the context of planned liquidity needs related to the Parent Company’s operating activities. In the ICARAP process, the Parent Company, among other things, identifies factors relevant to liquidity and funding risks and assesses the adequacy of the level of liquid assets relative t o the estimated level to ensure coverage of both current and future as well as potential extreme liquidity needs. Supervision and control activities over the balance of cash accounts are also carried out by the Risk Control Department on a daily basis. In accordance with the IFR regulation, from 26 September 2021, the Parent Company maintains an amount of liquid assets equivalent to at least one third of the requirement for fixed indirect costs. The Parent Company's liquid assets for the purposes of IFR include, inter alia, unencumbered own funds deposited in bank accounts and Treasury bonds or bonds guaranteed by the Treasury denominated in PLN. As of the date of these financial statements, the Parent Company had a 17-times higher level of liquid assets than required by the IFR regulation. The contractual payment periods of financial assets and liabilities are presented below. The marginal and cumulative contractual liquidity gap, calculated as the difference between total assets and total liabilities for each maturity bucket, is presented for specific payment periods.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 53 Contractual payment periods of financial assets and liabilities as at 30 June 2026 (IN PLN’000) CARRYING AMOUNT CONTRACTUAL CASH FLOWS UP TO 3 MONTHS 3 MONTHS TO 1 YEAR 1 - 5 YEARS OVER 5 YEARS WITH NO SPECIFIED MATURITY Financial assets Cash and cash equivalents 9 233 909 9 233 909 9 233 909 - - - - Financial assets at fair value through P&L, including Listed stocks and ETFs 95 256 95 256 95 256 - - - - Bonds 6 634 6 634 6 634 - - - - CFDs 859 007 859 007 859 007 - - - - Options 3 222 3 222 3 222 - - - - Total financial assets at fair value through P&L 964 119 964 119 964 119 - - - - Financial assets at amortised cost 111 740 111 740 48 181 - 7 195 - 56 364 Total financial assets 10 309 768 10 309 768 10 246 209 - 7 195 - 56 364 Financial liabilities Amounts due to clients 7 124 541 7 124 541 7 124 541 - - - - Financial liabilities at fair value through P&L, including CFDs 244 756 244 756 244 756 - - - - Options 6 460 6 460 6 460 - - - - Total financial liabilities at fair value through P&L 251 216 251 216 251 216 - - - - Liabilities due to lease 23 676 23 676 3 051 6 438 13 674 513 - Other liabilities 312 698 312 698 253 221 24 432 - - 35 045 Total financial liabilities 7 712 131 7 712 131 7 632 029 30 870 13 674 513 35 045 Contractual liquidity gap in maturities (payment dates) 2 614 180 (30 870) (6 479) (513) 21 319 Contractual cumulative liquidity gap 2 614 180 2 583 310 2 576 831 2 576 318 2 597 637 The Group does not expect the cash flows presented in the maturity analysis to occur significantly earlier or in significantly different amounts.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 54 Contractual payment periods of financial assets and liabilities as at 31 December 2025 (IN PLN’000) CARRYING AMOUNT CONTRACTUAL CASH FLOWS UP TO 3 MONTHS 3 MONTHS TO 1 YEAR 1 - 5 YEARS OVER 5 YEARS WITH NO SPECIFIED MATURITY Financial assets Cash and cash equivalents 7 858 420 7 858 420 7 858 420 - - - - Financial assets at fair value through P&L, including Listed stocks and ETFs 242 927 242 927 242 927 - - - - Bonds 5 598 5 598 5 598 - - - - CFDs 758 448 758 448 758 448 - - - - Options - - - - - - - Total financial assets at fair value through P&L 1 006 973 1 006 973 1 006 973 - - - - Financial assets at amortised cost 107 761 107 761 48 627 - 6 983 - 52 151 Total financial assets 8 973 154 8 973 154 8 914 020 - 6 983 - 52 151 Financial liabilities Amounts due to clients 6 528 223 6 528 223 6 528 223 - - - - Financial liabilities at fair value through P&L, including CFDs 271 159 271 159 271 159 - - - - Options - - - - - - - Total financial liabilities at fair value through P&L 271 159 271 159 271 159 - - - - Liabilities due to lease 25 867 25 867 3 093 8 333 13 462 979 - Other liabilities 174 508 174 508 108 507 28 355 - - 37 646 Total financial liabilities 6 999 757 6 999 757 6 910 982 36 688 13 462 979 37 646 Contractual liquidity gap in maturities (payment dates) 2 003 038 (36 688) (6 479) (979) 14 505 Contractual cumulative liquidity gap 2 003 038 1 966 350 1 959 871 1 958 892 1 973 397 The Group does not expect the cash flows presented in the maturity analysis to occur significantly earlier or in significantly different amounts.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 55 33.4. Credit risk The chart below shows the carrying amounts of financial assets corresponding to the Group’s exposure to credit risk: (IN PLN’000) 30.06.2026 31.12.2025 CARRYING AMOUNT MAXIMUM EXPOSURE TO CREDIT RISK CARRYING AMOUNT MAXIMUM EXPOSURE TO CREDIT RISK Financial assets Cash and cash equivalents 9 233 909 9 233 909 7 858 420 7 858 420 Financial assets at fair value through P&L * 964 119 35 627 1 006 973 26 628 Financial assets at amortised cost 111 740 111 740 107 761 107 761 Total financial assets 10 309 768 9 381 276 8 973 154 7 992 809 * As at 30 June 2026 the maximum exposure to credit risk for financial assets at fair value through P&L, not including the collateral received, wa s PLN 801 833 thousand (as at 31 December 202 5: PLN 697 127 thousand). This exposure was collateralized with clients’ cash, which, as at 30 June 2026 , covered the amount of PLN 766 184 thousand (as at 31 December 202 5: PLN 670 491 thousand). Exposures to credit risk connected with transactions with brokers as well as exposures to the Warsaw Stock Exchang e were not collateralized. The credit quality of the Group’s financial assets is assessed based on external credit quality assessments, risk weights assigned based on the CRR, taking account of the mechanisms used to mitigate credit risk, the number of days past due, and the probability of counterparty insolvency. The Group’s assets fall within the following credit rating brackets: ▪ Fitch Ratings - from F1+ to B ▪ Standard & Poor's Ratings Services - from A-1+ to B ▪ Moody’s - from P-1 to N/A Cash and cash equivalents Credit risk connected with cash and cash equivalents is related to the fact that own cash and clients’ cash is held in bank accounts. Credit risk involving cash is mitigated by selecting banks with a high credit rating granted by international rating agencies and through diversification of banks with which accounts are opened. As at 30 June 2026, the Group had deposit accounts in 77 banks and institutions (as at 31 December 202 5: in 69 banks and institutions). The ten largest exposures are presented in the table below (numbering of banks and institutions set uniformly for the reporting and comparative period and the counterparty credit risk concentration table, according to the recent period): ENTITY 30.06.2026 ENTITY 31.12.2025 (IN PLN’000) (IN PLN’000) Bank 1 3 955 216 Bank 1 3 582 151 Bank 2 1 823 683 Bank 2 1 948 448 Bank 4 1 411 902 Bank 3 1 001 916 Bank 15 571 164 Institution 1 215 019 Institution 2 341 658 Institution 2 211 201 Bank 6 203 559 Institution 3 92 071 Institution 1 188 684 Bank 4 86 996 Bank 11 67 263 Institution 4 78 877 Bank 16 59 527 Bank 5 66 448 Institution 15 55 878 Institution 5 52 260 Other 555 375 Other 523 033 Total 9 233 909 Total 7 858 420 The table below presents a short-term assessment of the credit quality of the Group’s cash and cash equivalents according to credit quality steps determined based on external credit quality assessments (where step 1 means the best credit quality and step 6 - the worst) and the risk weights assigned based on the CRR. Long-term assessment of the credit quality were used in case of exposures without short-term assessment of the credit quality or maturity longer than 3 months.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 56 CREDIT QUALITY STEPS CARRYING AMOUNT (IN PLN’000) 30.06.2026 31.12.2025 Cash and cash equivalent Step 1 8 574 328 7 030 758 Step 2 183 640 135 188 Step 3 472 593 689 410 Step 4 1 434 1 236 Step 5 - - Step 6 1 914 1 828 Total 9 233 909 7 858 420 Financial assets at fair value through P&L Financial assets at fair value through P&L result from transactions in financial instruments entered into with the Group’s clients and the related hedging transactions. Credit risk involving financial assets at fair value through P&L is connected with the risk of client or counterparty insolvency. With regard to OTC transactions with clients, the Group’s policy is to mitigate the counterparty credit risk through the so - called “stop out” mechanism. Client funds deposited in the brokerage serve as a security. If a client’s current balance is 50 per cent or less of the security paid in and blocked by the transaction system, the position that generates the highest losses is automatically closed at the current market price. The initial margin amount is established depending on the type of financial instrument, client account, account currency and the balance of the cash account in the transaction system, as a percent of the transaction’s nominal value. A detailed mechanism is set forth in the rules binding on the clients. In addition, in order to mitigate counterparty credit risk, the Group includes special clauses in agreements with selected clients, in particular, requirements regarding minimum balances in cash accounts. Due to the mechanisms in place, used to mitigate credit risk, the credit quality of financial assets at fair value through P&L is high and does not show significant diversity. The Group’s top 10 exposures to counterparty credit risk taking into account collateral (net exposure) are presented in the table below (numbering of counterparties fixed uniformly for the reporting and comparative period and cash concentration table): ENTITY 30.06.2026 ENTITY 31.12.2025 NET EXPOSURE (IN PLN’000) NET EXPOSURE (IN PLN’000) Institution 2 22 848 Institution 2 16 799 Entity 31 640 Entity 21 1 375 Entity 14 392 Entity 2 1 354 Entity 32 377 Institution 11 1047 Institution 11 343 Institution 5 577 Institution 13 225 Entity 23 394 Institution 6 217 Entity 24 349 Entity 33 190 Entity 25 231 Institution 15 187 Entity 26 186 Institution 12 177 Entity 27 141 Total 25 596 Total 22 453 Financial assets at amortised cost Financial assets at amortised cost do not show a significant concentration, and they arose in the normal course of the Group’s business. The maximum credit risk exposure for receivables subject to impairment is their gross carrying amount less any impairment losses recognized (the net carrying amount). Detailed information on recognized impairment losses is provided in note 16 - Financial assets at amortised cost. Non-overdue other receivables are collected on a regular basis and, from the perspective of credit quality, they do not pose a material risk to the Group.
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Half-year condensed consolidated financial statements for first half of 2026 XTB S.A. Group xtb.com 57 33.5. Climat risk The identified risks will be incorporated into the internal risk management system, which is managed by the Risk Control Department headed by the Management Board Member for Risk, and the purpose of the unit is, among other things, to ensure comprehensive and informed risk management within the XTB Group, securing the continuity of the organisation's processes and operations. The ESG Team, managed by assigned owners of individual areas, is responsible for identifying, verifying and monitoring climate risks. The Risk Control Department, reporting directly to the Member of the Management Board responsible for Risk, is responsible for incorporating ESG risks into XTB's internal Risk Management System. Issues related to the current climate policy, climate objectives and initiatives undertaken and planned are described in more detail on the XTB S.A. website. During the preparation of this half-year condensed consolidated financial statement, the impact of identified risks related to the climate was assessed and no significant impact of environmental issues on the presented disclosures was found. 34. Post balance sheet events On 24 July 2026, the Parent Company allocated EUR 5 696 thousand (PLN 21 614 thousand) to increase the share capital of its subsidiary XTB Agente de Valores SpA, based in Chile. On 31 July 2026, a conditional agreement was finalized for the sale of 100% of the shares in the subsidiary XTB Africa (PTY) Ltd., based in South Africa. The value of the agreement does not constitute a material amount within the meaning of the Group’s criteria for the value of its own assets, and the transaction does not have a material impact on the Group’s financial position. The conclusion of the agreement results from the subsidiary’s failure to commence operational activities. Signatures of the persons representing the entity Date Name Function Signature 27.08.2026 Omar Arnaout President of the Management Board The original Polish document is signed with a qualified electronic signature 27.08.2026 Filip Kaczmarzyk Board Member The original Polish document is signed with a qualified electronic signature 27.08.2026 Paweł Szejko Board Member The original Polish document is signed with a qualified electronic signature 27.08.2026 Jakub Kubacki Board Member The original Polish document is signed with a qualified electronic signature 27.08.2026 Bartosz Osiński Board Member The original Polish document is signed with a qualified electronic signature 27.08.2026 Urszula Tanajewska Person responsible for drawing up the financial statements The original Polish document is signed with a qualified electronic signature
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HALF-YEAR CONDENSED STANDALONE FINANCIAL STATEMENTS XTB S.A. for the first half of 2026 This document is a translation of a document originally issued in Polish. The only binding version is the original version.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 2 Table of contents Half-year condensed standalone comprehensive income statement .............................................................................. 3 Half-year condensed standalone statement of financial position ..................................................................................... 4 Half-year condensed standalone statement of changes in equity ................................................................................... 5 Half-year condensed standalone cash flow statement .................................................................................................... 7 Additional explanatory notes to the half-year condensed standalone financial statements ............................................. 8 1. General information ............................................................................................................................................ 8 2. Basis for drafting the financial statements .......................................................................................................... 9 3. Professional judgement .................................................................................................................................... 12 4. Adopted material accounting principles ............................................................................................................ 13 5. Seasonality of operations ................................................................................................................................. 13 6. Operating income ............................................................................................................................................. 13 7. Salaries and employee benefits ....................................................................................................................... 15 8. Marketing ......................................................................................................................................................... 15 9. Other external services .................................................................................................................................... 15 10. Commission expenses ..................................................................................................................................... 15 11. Finance income and costs ................................................................................................................................ 16 12. Cash and cash equivalents .............................................................................................................................. 16 13. Financial assets at fair value through P&L ....................................................................................................... 17 14. Investments in subsidiaries .............................................................................................................................. 17 15. Financial assets at amortised cost ................................................................................................................... 19 16. Intangible assets .............................................................................................................................................. 21 17. Property, plant and equipment ......................................................................................................................... 23 18. Amounts due to clients ..................................................................................................................................... 25 19. Financial liabilities at fair value through P&L .................................................................................................... 25 20. Liabilities due to lease ...................................................................................................................................... 25 21. Other liabilities .................................................................................................................................................. 26 22. Provisions for liabilities and contingent liabilities .............................................................................................. 26 23. Equity ............................................................................................................................................................... 27 24. Profit distribution and dividend ......................................................................................................................... 29 25. Earnings per share ........................................................................................................................................... 29 26. Current income tax and deferred income tax ................................................................................................... 29 27. Related party transactions ................................................................................................................................ 32 28. Employment ..................................................................................................................................................... 35 29. Supplementary information and explanations to the cash flow statement ........................................................ 35 30. Off-balance sheet items ................................................................................................................................... 36 31. Items regarding the compensation scheme ...................................................................................................... 37 32. Capital management ........................................................................................................................................ 37 33. Risk management ............................................................................................................................................ 38 33.1. Fair value ................................................................................................................................................ 40 33.2. Market risk .............................................................................................................................................. 41 33.3. Liquidity risk ............................................................................................................................................ 47 33.4. Credit risk ................................................................................................................................................ 51 33.5. Climat risk ............................................................................................................................................... 53 34. Post balance sheet events ............................................................................................................................... 53
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 3 Half-year condensed standalone comprehensive income statement (IN PLN’000) NOTE THREE-MONTH PERIOD ENDED 30.06.2026 SIX-MONTH PERIOD ENDED 30.06.2026 THREE-MONTH PERIOD ENDED 30.06.2026 SIX-MONTH PERIOD ENDED 30.06.2026 Result of operations on financial instruments 6.1 870 392 1 823 764 509 188 1 010 776 Net interest income on clients cash, including: 26 204 46 419 16 995 34 533 - Interest income from clients cash 43 123 80 057 32 761 64 492 - Interest expense paid to clients (16 919) (33 638) (15 766) (29 959) Income from fees and charges 6.2 6 951 13 494 3 920 7 927 Other income 47 203 244 270 Total operating income 6 903 594 1 883 880 530 347 1 053 506 Marketing 8 (151 587) (323 444) (89 828) (197 031) Salaries and employee benefits 7 (107 224) (212 616) (81 757) (160 871) Commission expenses 10 (16 057) (32 087) (12 805) (37 603) Other external services 9 (35 191) (65 718) (42 957) (83 133) Amortisation and depreciation 16,17 (5 570) (11 217) (5 011) (9 685) Taxes and fees (4 910) (9 702) (3 196) (7 071) Costs of maintenance and lease of buildings (1 930) (3 728) (2 028) (3 782) Other costs (7 993) (33 837) (2 928) (4 952) Total operating expenses (330 462) (692 349) (240 510) (504 128) Profit on operating activities 573 132 1 191 531 289 837 549 378 Finance income, including: 11 25 082 58 351 13 851 27 190 - interest income on financial instruments at amortized cost 11 7 197 12 706 10 022 15 441 Finance costs 11 (195) (350) (38 278) (80 641) Profit before tax 598 019 1 249 532 265 410 495 927 Income tax 26 (103 753) (228 419) (44 323) (84 571) Net profit 494 266 1 021 113 221 087 411 356 Net profit 494 266 1 021 113 221 087 411 356 Other comprehensive income (345) 118 (47) (534) Items which will be reclassified to profit (loss) after meeting specific conditions (359) 213 (73) (607) Currency translation differences: (359) 213 (73) (607) - positions that will be reclassified to profit on valuation of foreign companies (285) (285) (507) (223) - positions that will be reclassified to profit on valuation of separated equity (74) 498 434 (384) Deferred income tax 14 (95) 26 73 Total comprehensive income 493 921 1 021 231 221 040 410 822 Earnings per share: - basic profit per year attributable to shareholders (in PLN) 25 4,21 8,69 1,88 3,50 - basic profit from continued operations per year attributable to shareholders (in PLN) 25 4,21 8,69 1,88 3,50 - diluted profit of the year attributable to shareholders (in PLN) 25 4,21 8,69 1,88 3,50 - diluted profit from continued operations of the year attributable to shareholders (in PLN) 25 4,21 8,69 1,88 3,50 The half-year condensed standalone comprehensive income statement should be read together with the supplementary notes to the half- year condensed standalone financial statements, which are an integral part of these half-year condensed standalone financial statements.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 4 Half-year condensed standalone statement of financial position (IN PLN’000) NOTE 30.06.2026 31.12.2025 ASSETS Cash and cash equivalents 12 8 540 595 7 386 872 Financial assets at fair value through P&L 13 904 082 940 108 Investments in subsidiaries 14 116 807 94 952 Financial assets at amortised cost 15 295 368 212 047 Prepayments and deferred costs 26 421 27 903 Intangible assets 16 550 624 Property, plant and equipment 17 59 350 52 346 Income tax receivables - 14 102 Deferred income tax assets 26 3 042 4 326 Total assets 9 946 215 8 733 280 EQUITY AND LIABILITIES Liabilities Amounts due to clients 18 6 754 159 6 253 873 Financial liabilities at fair value through P&L 19 199 188 213 432 Liabilities due to lease 20 13 663 16 839 Other liabilities 21 298 867 175 101 Provisions for liabilities 22 6 339 6 138 Income tax liabilities 40 328 515 Deferred income tax provision 26 94 453 77 002 Total liabilities 7 406 997 6 742 900 Equity Share capital 23 5 878 5 878 Supplementary capital 23 71 608 71 608 Other reserves 23, 24 1 440 807 1 274 306 Foreign exchange differences on translation 23 (188) (306) Retained earnings 24 1 021 113 638 894 Total equity 2 539 218 1 990 380 Total equity and liabilities 9 946 215 8 733 280 The half-year condensed standalone statement of financial position should be read together with the supplementary notes to the half-year condensed standalone financial statements, which are an integral part of these half-year condensed standalone financial statements.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 5 Half-year condensed standalone statement of changes in equity Half-year condensed standalone statement of changes in equity for the period from 1 January 2026 to 30 June 2026 (IN PLN’000) SHARE CAPITAL SUPPLEMENTARY CAPITAL OTHER RESERVES FOREIGN EXCHANGE DIFFERENCES ON TRANSLATION OF FOREIGN OPERATIONS AND SEPARATE FUNDS RETAINED EARNINGS TOTAL EQUITY NOTE 23 23 23, 23 23 24 As at 1 January 2026 5 878 71 608 1 274 306 (306) 639 494 1 990 980 Total comprehensive income for the financial period Net profit - - - - 1 021 113 1 021 113 Other comprehensive income - - - 118 - 118 Total comprehensive income for the financial period - - - 118 1 021 113 1 021 231 Transactions recognized directly in equity Appropriation of profit/offset of loss - dividend payment - - - - (478 507) (478 507) - transfer to other reserves - - 160 387 - (160 387) - Inclusion of share based incentive scheme - - 13 175 - - 13 175 Purchase of own shares under an incentive scheme - - (8 158) - - (8 158) Settlements under share-based incentive scheme - - 1 097 - - 1 097 Increase (decrease) in equity - - 166 501 118 382 219 548 838 As at 30 June 2026 5 878 71 608 1 440 807 (188) 1 021 113 2 539 218 The half-year condensed standalone statement of changes in equity should be read together with the supplementary notes to the half-year condensed standalone financial statements, which are an integral part of these half-year condensed standalone financial statements.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 6 Half-year condensed standalone statement of changes in equity for the period from 1 January 2025 to 30 June 2025 (IN PLN’000) SHARE CAPITAL SUPPLEMENTARY CAPITAL OTHER RESERVES FOREIGN EXCHANGE DIFFERENCES ON TRANSLATION OF FOREIGN OPERATIONS AND SEPARATE FUNDS RETAINED EARNINGS TOTAL EQUITY NOTE 23 23 23, 23 23 24 As at 1 January 2025 5 878 71 608 1 059 476 384 855 202 1 992 548 Total comprehensive income for the financial period Net profit - - - - 411 356 411 356 Other comprehensive income - - - (534) - (534) Total comprehensive income for the financial period - - - (534) 411 356 410 822 Transactions recognized directly in equity Appropriation of profit/offset of loss - dividend payment - - - - (640 753) (640 753) - transfer to other reserves - - 214 449 - (214 449) - Inclusion of share based incentive scheme - - 3 416 - - 3 416 Purchase of own shares under an incentive scheme - - (7 379) - - (7 379) Settlements under share-based incentive scheme - - 700 - - 700 Increase (decrease) in equity - - 211 186 (534) (443 846) (233 194) As at 30 June 2025 5 878 71 608 1 270 662 (150) 411 356 1 759 354 The half-year condensed standalone statement of changes in equity should be read together with the supplementary notes to the half-year condensed standalone financial statements, which are an integral part of these half-year condensed standalone financial statements.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 7 Half-year condensed standalone cash flow statement (IN PLN’000) NOTE SIX-MONTH PERIOD ENDED 30.06.2026 SIX-MONTH PERIOD ENDED 30.06.2025 Cash flows from operating activities Profit before tax 1 249 532 495 927 Adjustments: 237 850 (68 247) (Profit) Loss on investment activity 29.3 827 (19 639) Amortization and depreciation 16, 17 11 217 9 685 Foreign exchange (gains) losses from translation of own cash (17 106) 23 502 Other adjustments 29.1 (116) (360) Changes Change in provisions 201 (21) Change in balance of financial assets and liabilities at fair value through P&L 22 818 (147 939) Change in balance of restricted cash (322 204) (781 925) Change in financial assets at amortised cost (83 321) (52 088) Change in balance of prepayments and accruals 1 482 (1 657) Change in balance of amounts due to clients 500 286 893 667 Change in balance of other liabilities 29.2 123 766 8 528 Cash from operating activities 1 487 382 427 680 Income tax paid (155 769) (100 865) Interest received 258 365 Net cash from operating activities 1 331 871 327 180 Cash flow from investing activities Expenses relating to payments for property, plant and equipment 17 (30 582) (13 173) Expenses relating to payments for intangible assets 16 (81) (14) Expenses relating to payments for investments in subsidiaries 14 (21 854) - Expenses relating purchase of bonds (298 886) (157 758) Proceeds from sale of bonds 300 953 521 386 Interests on bonds - 2 830 Dividends received from subsidiaries 10 361 8 606 Proceeds from sale of items of property, plant and equipment 51 9 Net cash from investing activities (40 038) 361 886 Cash flow from financing activities Payments of liabilities under finance lease agreements (4 769) (4 133) Interest paid under lease (258) (365) Dividends paid to owners (478 507) (640 752) Purchase of own shares under an incentive scheme (8 158) (7 379) Inclusion of share based incentive scheme 13 175 3 416 Settlements under share-based incentive scheme 1 097 699 Net cash from financing activities (477 420) (648 514) Increase (Decrease) in net cash and cash equivalents 814 413 40 552 Cash and cash equivalents - opening balance 1 793 401 1 426 568 Increase (Decrease) in net cash and cash equivalents 814 413 40 552 Effect of FX rates fluctuations on balance of cash in foreign currencies 17 106 (23 502) Cash and cash equivalents - closing balance 12 2 624 920 1 443 618 The half-year condensed standalone cash flow statement should be read together with the supplementary notes to the half-year condensed standalone financial statements, which are an integral part of these half-year condensed standalone financial statements.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 8 Additional explanatory notes to the half-year condensed standalone financial statements 1. General information 1.1. Name and registered seat of Company Name: XTB Spółka Akcyjna Legal form: Joint Stock Company Country: Poland Company registered seat: Prosta 67, 00-838 Warsaw Regon statistical number: 015803782 Tax Identification Number: 5272443955 Registration in the National Court Register: 0000217580 1.2. Company business XTB S.A. („Company”, „XTB is a joint -stock company established pursuant to a notarial deed of 2 September 2004 - Repertory A-2712/2004. The Company was established for an indefinite period with its headquarters located in Warsaw at Prosta street 67, 00-838 Warszawa, Polska. On 22 September 2004, the Company was entered in the National Court Register by the District Court for the Capital City of Warsaw, 12th Commercial Department of the National Court Register, under No. 0000217580. The Company was granted a statistical REGON number 015803782 and a tax identification (NIP) number 5272443955. The 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, pro viding 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 investing, saving and virtual payment management. The Company, together with its foreign branches, has offices in 8 countries around the world. The 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. 1.3. Information on the reporting entities in the Company’s organisational structure The half-year condensed standalone financial statements cover the following foreign branches which form the 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.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 9 ▪ 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. 1.4. Composition of the Management Board In the period covered by the half-year condensed standalone financial statements and on the date of signing these half - year condensed standalone financial statements, the Management Board was composed of the following persons: NAME AND SURNAME FUNCTION DATE OF FIRST APPOINTMENT TERM OF OFFICE Omar Arnaout President of the Management Board 23.03.2017 The term of office from the 1 July 2022 expired 1 July 2025. From the 2 July 2025 appointed for new 3-years term of office ending 2 July 2 July 2028 Paweł Szejko Board Member 28.01.2015 The term of office from the 1 July 2022 expired 1 July 2025. From the 2 July 2025 appointed for new 3-years term of office ending 2 July 2 July 2028 Filip Kaczmarzyk Board Member 10.01.2017 The term of office from the 1 July 2022 expired 1 July 2025. From the 2 July 2025 appointed for new 3-years term of office ending 2 July 2 July 2028 Jakub Kubacki Board Member 10.07.2018 The term of office from the 1 July 2022 expired 1 July 2025. From the 2 July 2025 appointed for new 3-years term of office ending 2 July 2 July 2028 Bartosz Osiński Board Member 01.12.2025 From the 1 December 2025 appointed for term of office ending 2 July 2 July 2028 2. Basis for drafting the financial statements 2.1. Compliance statement These half-year condensed standalone financial statements were prepared based on International Accounting Standard (“IAS”) 34 approved by the European Union. The half-year condensed standalone financial statements of the XTB S.A. prepared for the period from 1 January 2026 to 30 June 2026 with comparative data for the period from 1 January 2025 to 30 June 2025 and as at 31 December 202 5, cover the Company’s financial data and financial data of the subsidiaries comprising the “Company”. These half-year condensed standalone 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 Company’s assets are presented in the statement of financial position according to their liquidity, and its liabilities according to their maturities.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 10 The Company maintain their accounting records in accordance with the accounting principles generally accepted in the countries in which these companies are established. The half-year condensed standalone financial statements include adjustments made in order to reconcile their financial statements with the Company’s accounting principles. The half-year condensed standalone financial statements were signed by the Management Board of the Company on 27 August 2026. Drafting this half-year condensed standalone financial statements, the Company decided that none of the accounting standards (IAS/IFRS) would be applied retrospectively. The International Financial Reporting Standards (“IFRS”) comprise standards and interpretations approved by the European Union and accepted by International Accounting Standards Board (“IASB”) and the International Financial Reporting Interpretations Committee (“IFRIC”). 2.2. Functional currency and reporting currency The functional currency and the presentation currency of these half-year condensed standalone financial statements is the Polish zloty (“PLN”), and unless stated otherwise, all amounts are shown in thousands of zloty (PLN’000). 2.3. Going concern The half-year condensed standalone financial statements were prepared based on the assumption that the Company would continue as a going concern in the foreseeable future. At the date of preparation of these half-year condensed standalone financial statements, the Management Board of XTB S.A. does not state any circumstances that would threaten the Company continued operations in the 12 months from the date of signing of this financial statements. 2.4. Comparability of data and consistency of the policies applied Data presented in the half-year condensed standalone financial statements has comparable data and prepared under the same principles for all periods covered by the half-year condensed standalone financial statements. 2.5. The impact of Russia’s invasion of Ukraine and the conflict in the Middle East on the Group’s results On 24 February 2022, Russian troops crossed Ukraine’s eastern, southern, and northern borders and attacked Ukrainian territory. In response to Russia’s military actions, representatives of the European Union and many other countries imposed severe sanction s 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 Company’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. 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.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 11 2.6. Changes in the accounting policies New or amended standards and interpretations applicable to annual periods beginning on or after 1 January 2026: ▪ Amendments to IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments - Disclosures” - amendments in the classification and measurement of financial instruments - these changes clarify when a debt is considered repaid in the case of electronic payments and what terms are permissible in loan agreements. They also explain the specific characteristics of non -recourse instruments and those dependent on other agreements, while 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. The Company 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 202 6 did not have a significant impact on the Company's half-year condensed standalone financial statements. 2.7. New standards and interpretations which have been published but are not yet binding The following standards and interpretations have been published by the International Accounting Standards Board but are not yet binding: ▪ 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, ▪ Amendments to IAS 21 “Restatement in a Hyperinflationary Presentation Currency” - The amendments apply to entities whose functional currency is not a hyperinflationary currency and that use a hyperinflationary presentation currency, as well as to entities whose functional currency and presentation currency are both hyperinflationary currencies, in which the results and financial position of foreign entities whose functional currency is not a hyperinflationary currency are translated - 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, ▪ IFRS 20 “Government Grants and Disclosures of Government Assistance” - The objective of this standard is to prescribe the accounting treatment and disclosure requirements for government grants and other forms of government assistance - 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 2029. The Company estimates that the adoption of IFRS 18, “Presentation and Disclosures in Financial Statements,” will affect the statement of cash flows, certain disclosures, and the statement of comprehensive income, which are components of the financial statements. With regard to other amendments, interpretations, and new standards that have not yet become effective, the Company does not anticipate any material impact on the standalone financial statements.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 12 3. Professional judgement In the process of applying the accounting principles (policy), the Management Board of the Company made the following judgements that have the greatest impact on the reported carrying amounts of assets and liabilities. 3.1. Material estimates and valuations In order to prepare its financial statements in accordance with the IFRS, the Company 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 Company’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 Company, 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 Company makes estimates are presented below. 3.2. Exprected credit losses and impairment of assets The Company 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 Company 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 1 5 – 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 Company 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 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 Company 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 Company 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.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 13 3.3. Fair value measurement Information on estimates relative to fair value measurement is presented in note 3 3 - 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 th e use of unobservable inputs. The methodology developed by the Company for determining fair value involves adjusting the fair value model to the characteristics of the financial asset being valued. 3.4. Other estimates Provisions for liabilities connected with retirement, pension and death benefits are calculated using the actuarial method by an independent actuary as the current value of the Company’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 Company 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 half-year condensed standalone financial statements are consistent with the accounting policies applied in the preparation of the annual standloane financial statements for the financial year ended 31 December 202 5, with the exception of income tax expense, which was calculated in accordance with the principles set forth in IAS 34.30c and new or amended standards and interpretations effective for annual periods beginning on or after 1 January 2026. 5. Seasonality of operations The Company’s operations are not seasonal. 6. Operating income 6.1. Result of operations in financial instruments (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Financial instruments (CFD) Commodity CFDs 589 302 1 554 972 213 120 379 903 Index CFDs 264 155 287 013 232 594 532 257 Currency CFDs 48 563 104 113 101 650 178 928 Stock and ETF CFDs 14 679 36 141 14 400 20 898 Bond CFDs 116 175 (11) 57 Total CFDs 916 815 1 982 414 561 753 1 112 043 Other instruments 55 095 80 198 13 240 36 128 Dividends from subsidiaries 10 361 10 361 8 606 8 606 Gross gain on transactions in financial instruments 982 271 2 072 973 583 599 1 156 777 Bonuses and discounts paid to clients (1 881) (6 134) (991) (2 497) Intermediary services (109 998) (243 075) (73 420) (143 504) Net gain on transactions in financial instruments 870 392 1 823 764 509 188 1 010 776
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 14 Intermediary services are services performed on the foreign markets by the Company’s subsidiaries to the Parent Company. Bonuses paid to clients are strictly related to trading in financial instruments by the client with Company. The Company 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 Company and particular brokers relate to the trade between the broker and clients that are not his clients. The Company’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 Company 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 Company’s market making activities. 6.2. Income from fees and charges (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Fees and charges from institutional clients 2 258 2 258 1 374 2 627 Fees and charges from retail clients 4 693 11 236 2 546 5 300 Total income from fees and charges 6 951 13 494 3 920 7 927 6.3. Geographical areas (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Operating income Central and Eastern Europe 754 395 1 534 567 374 362 765 835 - including Poland 638 446 1 207 310 298 973 614 410 Western Europe 139 904 340 667 117 707 214 572 Latin America * (24 974) (44 166) 26 336 26 611 Middle East** 39 951 62 966 12 776 47 322 Asia (5 682) (10 154) (834) (834) Total operating income 903 594 1 883 880 530 347 1 053 506 * The subsidiary XTB International Ltd., with its seat in Belize, acquires clients from Latin America and the rest of the wor ld (without Europe). The item excludes revenues of 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 Consultation L.L.C with its seat in the United Arab Emirates. The country from which the Company derives each time 20% and over of its revenue is Poland with a share of 70,7% in the period from 1 April to 30 June 2026 and 64,1% in the period from 1 January to 30 June 2026 (in analogical periods of 2025 it were respectively 56,4% and 58,3%). Due to the overall share in the Company’s revenue Poland was set apart for presentation purposes within the geographical area. The share of other countries in the structure of the Company’s revenue by geographical area does not in any case exceed 20%. The Company breaks its revenue down into geographical area by country in which a given client was acquired.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 15 7. Salaries and employee benefits (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Salaries (90 064) (177 740) (69 504) (136 919) Social insurance and other benefits (15 062) (30 825) (10 259) (20 206) Employee benefits (2 098) (4 051) (1 994) (3 746) Total salaries and employee benefits (107 224) (212 616) (81 757) (160 871) 8. Marketing (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Marketing online (106 655) (214 213) (63 492) (133 943) Marketing offline (44 910) (109 200) (26 336) (63 088) Competitions for clients (22) (31) − - Total marketing (151 587) (323 444) (89 828) (197 031) The Company’s marketing activities focus primarily on online and offline marketing. Online marketing encompasses all promotional activities conducted on the internet, such as on social media, search engines, etc. Offline (traditional) marketing, on the other hand, includes all forms of promotion carried out through traditional media (print, radio, television, billboards, etc.) and in-person events (trade shows, events). 9. Other external services (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Intermediary services (953) (1 693) (13 666) (27 188) Support database systems (21 492) (40 472) (15 473) (32 071) Legal and advisory services (2 602) (4 002) (3 987) (6 365) Market data delivery (4 433) (9 440) (3 662) (6 933) Internet and telecommunications (841) (1 691) (796) (1 604) Accounting and audit services (509) (1 108) (456) (921) IT support services (1 578) (3 311) (2 980) (4 770) Recruitment (176) (373) (325) (818) Postal and courier services (107) (144) (36) (69) Other external services (2 500) (3 484) (1 576) (2 394) Total other external services (35 191) (65 718) (42 957) (83 133) 10. Commission expenses (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Bank commissions (7 797) (15 593) (7 341) (27 454) Stock exchange fees and charges (8 190) (16 361) (5 392) (10 017) Commissions of foreign brokers (70) (133) (72) (132) Total commission expenses (16 057) (32 087) (12 805) (37 603)
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 16 11. Finance income and costs (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Interest income on financial instruments at amortized cost 7 197 12 706 10 022 15 441 Income on bonds 1 511 3 104 3 816 11 734 Foreign exchange gains 16 363 42 523 - - Other finance income 11 18 13 15 Total finance income 25 082 58 351 13 851 27 190 (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Interest paid under lease agreements (120) (258) (168) (365) Other interest (29) (36) (38) (80) Foreign exchange losses - - (38 067) (80 189) Other finance costs (46) (56) (5) (7) Total finance costs (195) (350) (38 278) (80 641) Foreign exchange differences relate to unrealised differences on the measurement of balance sheet items denominated in a currency other than the functional currency. 12. Cash and cash equivalents Broken down by type: (IN PLN’000) 30.06.2026 31.12.2025 Cash in current accounts in bank and their equivalents 8 540 595 7 386 872 Cash and cash equivalents in total 8 540 595 7 386 872 The Company 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) 30.06.2026 31.12.2025 Clients’ cash and cash equivalents 5 915 675 5 593 471 Own cash and cash equivalents 2 624 920 1 793 401 Cash and cash equivalents in total 8 540 595 7 386 872 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.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 17 13. Financial assets at fair value through P&L (IN PLN’000) 30.06.2026 31.12.2025 CFDs Commodity CFDs 333 702 246 593 Index CFDs 120 045 129 261 Currency CFDs 197 376 211 237 Stock and ETF CFDs 147 783 104 469 Bond CFDs 77 36 Options 3 222 - Debt instruments (treasury bonds) 6 634 5 598 Stocks and ETFs 95 243 242 914 Total financial assets at fair value through P&L 904 082 940 108 Detailed information on the estimated fair value of the instrument is presented in note 33.1.1. 14. Investments in subsidiaries (IN PLN’000) 30.06.2026 31.12.2025 At the beginning of the reporting period 94 952 65 125 Increase 21 855 29 827 Decrease - - Utilization - - Impairment of investments in subsidiaries - - At the end of the reporting period 116 807 94 952 Impairment of investments in subsidiaries (IN PLN’000) 30.06.2026 31.12.2025 Impairment write-downs of investments in subsidiaries – at the beginning of the reporting period (6 361) (6 361) Utilization - - Write-downs recorded - - Impairment write-downs of investments in subsidiaries – at the end of the reporting period (6 361) (6 361)
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 18 Detailed information on subsidiaries NAME OF SUBSIDIARY COUNTRY OF REGISTERED OFFICE ACTIVITIES OF THE SUBSIDIARIES 30.06.2026 31.12.2025 CARRYING AMOUNT OF SHARES SHARE IN CAPITAL CARRYING AMOUNT OF SHARES SHARE IN CAPITAL (IN PLN’000) % (IN PLN’000) % XTB Limited (UK) Great Britain Brokerage activity 20 139 100% 20 139 100% XTB Limited (CY) Cyprus Brokerage activity 24 464 100% 7 560 100% XTB International Limited Belize Brokerage activity 4 420 100% 4 420 100% XTB MENA Limited UAE Brokerage activity 18 448 100% 18 448 100% PT XTB Indonesia Berjangka Indonesia Brokerage activity 9 988 90% 9 988 90% XTB Financial Services LLC UAE Brokerage activity 30 035 100% 30 035 100% XTB Agente de Valores SpA Chile The activity of acquiring clients 403 100% 403 100% XTB Services Limited Cyprus Acquiring and maintaining relationships as well as negotiating and concluding contracts with partners 337 100% 337 100% X Open Hub Sp. z o.o. Poland Applications and electronic trading technology offering 105 100% 105 100% XTB S.C. Limited Seychelles The company has not yet conducted operations 1 889 100% 1 178 100% XTB Africa (PTY) Ltd. South Africa The company has not yet conducted operations 2 339 100% 2 339 100% XTB Lithuania Lithuania The company has not yet conducted operations 4 240 100% - - XTB Brasil DTVA LTDA Brasil The company has not yet conducted operations - - * - - Tasfiye Halinde XTB Yönetim Danışmanlığı A.Ş. Turkey The company does not conduct its operations (in the process of liquidation) - 100% - 100% Total 116 807 94 952 * As of the date of publication of this financial statements, the company had no paid-in capital. 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 30 June 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 202 5 PLN (3 580) thousand. Exchange differences will be recognized in consolidated financial statement at the date of liquidation of the company. On 17 February 2026, a conditional agreement was entered into between the Parent Company XTB S.A., its subsidiary XTB Africa (PTY) Ltd. based in South Africa, and the buyer, for the sale of 100% of the shares in the aforementioned company to the buyer. If the condition of the aforementioned agreement will be agreed, XTB Africa (PTY) Ltd. will cease to be part of the Group’s structure. The value of the agreement does not constitute a material amount within the meaning of the criteria for the value of own ass ets adopted by XTB, and the transaction does not have a material impact on the Group’s financial position.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 19 On 18 February 2026, as part of the licensing process in Brazil, a special -purpose entity was registered and assigned a local tax identification number. As of the date of publication of this Report, this entity has no paid -in share capital. The Company’s Management Board maintains its previously expressed opinion that, given the current situation in the brokerage sector in the Brazilian market, particularly local protectionism, all possible business options are being considered, including the cessation of further operations in this market. On 24 February 2026, the Parent Company allocated EUR 3 000 thousand to increase the share capital of its subsidiary XTB Limited (CY), based in Cyprus. On 15 May 2026, the Parent Company allocated EUR 1 000 thousand to the share capital of its subsidiary XTB Lithuania, based in Lithuania. On 22 May 2026, the Parent Company allocated EUR 1 000 thousand to another increase the share capital of its subsidiary XTB Limited (CY), based in Cyprus. On 26 May 2026, the Parent Company allocated USD 195,3 thousand to increase the share capital of its subsidiary XTB S.C. Limited, based in Seychelles, maintaining a 99,9% share in its capital. The remaining 0.1% of the shares are held by another subsidiary, XTB Services Limited. On 1 June 2026, a new subsidiary, XTB Lithuania, based in Lithuania, was officially established. Impairment of investments in subsidiaries Due to the circumstances indicating value impairment as decrease of value of net assets value below purchase price, total impairment loss on investment in a subsidiary in Turkey as at 30 June 2026 and 31 December 2025 was in the amount PLN 4 958 thousand. The impairment was recognized due to the decision made by the Company’s Management Board on the 18 May 2017 to withdraw from activity in Turkey through taking actions intended to phase out XTB’s activity on this market and liquidation of the subsidiary in Turkey. The impairment write-off was created up to the amount of net assets for which almost entirely cash is held in the bank. As at the balance sheet date the process of withdrawing the activity was not finalized. Since December 2019 Tasfiye Halinde XTB Yönetim Danışmanlığı A.Ş does not have an active license to running business. 15. Financial assets at amortised cost (IN PLN’000) 30.06.2026 31.12.2025 Trade receivables 18 275 23 114 Amounts due from the Central Securities Depository of Poland 55 824 52 145 Receivables due from clients 126 898 106 648 Deposits 5 505 5 071 Statutory receivables 638 360 Trade receivables due from related parties 96 956 31 946 Gross other receivables 304 096 219 284 Impairment write-downs of receivables (379) (396) Impairment write-downs of receivables due from clients (8 349) (6 841) Total net other receivables 295 368 212 047
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 20 Movements in impairment write-downs of receivables (IN PLN’000) 30.06.2026 31.12.2025 Impairment write-downs of receivables - at the beginning of the reporting period (7 237) (3 976) Write-downs recorded (2 466) (3 529) Write-downs reversed 975 268 Write-downs utilized - - Impairment write-downs of receivables - at the end of the reporting period (8 728) (7 237) Write-downs of receivables in 202 5 and 2024 resulted from the debit balances which arose in clients’ accounts in those periods.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 21 16. Intangible assets Intangible assets in the period from 1 January 2026 to 30 June 2026 (IN PLN’000) LICENCES FOR COMPUTER SOFTWARE INTANGIBLE ASSETS MANUFACTURED INTERNALLY TOTAL Gross value as at 1 January 2026 6 412 10 792 17 204 Additions 81 - 81 Sale and scrapping - - - Net foreign exchange differences 1 - 1 Gross value as at 30 June 2026 6 494 10 792 17 286 Accumulated amortization as at 1 January 2026 (5 788) (10 792) (16 580) Amortization for the current period (155) - (155) Sale and scrapping - - - Net foreign exchange differences (1) - (1) Accumulated amortization as at 30 June 2026 (5 944) (10 792) (16 736) Net book value as at 1 January 2026 624 - 624 Net book value as at 30 June 2026 550 - 550 Intangible assets manufactured internally relate to a financial instrument trading platform and applications compatible with this platform.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 22 Intangible assets in the period from 1 January 2025 to 31 December 2025 (IN PLN’000) LICENCES FOR COMPUTER SOFTWARE INTANGIBLE ASSETS MANUFACTURED INTERNALLY TOTAL Gross value as at 1 January 2025 6 708 10 792 17 500 Additions 12 - 12 Sale and scrapping (308) - (308) Net foreign exchange differences - - - Gross value as at 31 December 2025 6 412 10 792 17 204 Accumulated amortization as at 1 January 2025 (5 726) (10 792) (16 518) Amortization for the current period (370) - (370) Sale and scrapping 308 - 308 Net foreign exchange differences - - - Accumulated amortization as at 31 December 2025 (5 788) (10 792) (16 580) Net book value as at 1 January 2025 982 - 982 Net book value as at 31 December 2025 624 - 624 Intangible assets manufactured internally relate to a financial instrument trading platform and applications compatible with this platform.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 23 17. Property, plant and equipment Property, plant and equipment in the period from 1 January 2026 to 30 June 2026 (IN PLN’000) COMPUTER SYSTEMS OTHER PROPERTY, PLANT AND EQUIPMENT RIGHT TO USE OFFICE RIGHT TO USE CAR TANGIBLE FIXED ASSETS UNDER CONSTRUCTION TOTAL Gross value as at 1 January 2026 61 581 18 164 38 215 1 308 4 119 272 Additions, putting into use 12 186 442 - - 17 954 30 582 Lease - - 1 536 57 - 1 593 Sale, scrapping, bringing into use (1 622) (90) (1 847) - (13 195) (16 754) Net foreign exchange differences 46 105 266 21 - 438 Gross value as at 30 June 2026 72 191 18 621 38 170 1 386 4 763 135 131 Accumulated amortization as at 1 January 2026 (33 594) (9 406) (23 595) (331) - (66 926) Amortization for the current period (5 572) (1 597) (3 760) (133) - (11 062) Sale and scrapping 1 285 78 1 048 - - 2 411 Net foreign exchange differences (29) (49) (119) (7) - (204) Accumulated amortization as at 30 June 2026 (37 910) (10 974) (26 426) (471) - (75 781) Net book value as at 1 January 2026 27 987 8 758 14 620 977 4 52 346 Net book value as at 30 June 2026 34 281 7 647 11 744 915 4 763 59 350
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 24 Property, plant and equipment in the period from 1 January 2025 to 31 December 2025 (IN PLN’000) COMPUTER SYSTEMS OTHER PROPERTY, PLANT AND EQUIPMENT RIGHT TO USE OFFICE RIGHT TO USE CAR TANGIBLE FIXED ASSETS UNDER CONSTRUCTION TOTAL Gross value as at 1 January 2025 50 063 15 358 37 182 496 595 103 694 Additions, putting into use 14 949 3 168 - - 141 18 258 Lease - - 1 895 983 - 2 878 Sale, scrapping, bringing into use (3 419) (353) (797) (173) (732) (5 474) Net foreign exchange differences (12) (9) (65) 2 - (84) Gross value as at 31 December 2025 61 581 18 164 38 215 1 308 4 119 272 Accumulated amortization as at 1 January 2025 (27 081) (6 796) (16 384) (376) - (50 637) Amortization for the current period (9 923) (2 801) (7 464) (125) - (20 313) Sale and scrapping 3 400 187 250 172 - 4 009 Net foreign exchange differences 10 4 3 (2) - 15 Accumulated amortization as at 31 December 2025 (33 594) (9 406) (23 595) (331) - (66 926) Net book value as at 1 January 2025 22 982 8 562 20 798 120 595 53 057 Net book value as at 31 December 2025 27 987 8 758 14 620 977 4 52 346
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 25 Non-current assets by geographical area (IN PLN’000) 30.06.2026 31.12.2025 Non-current assets Central and Eastern Europe 49 636 42 054 - including Poland 44 696 36 686 Western Europe 10 264 10 916 Total non-current assets 59 900 52 970 18. Amounts due to clients (IN PLN’000) 30.06.2026 31.12.2025 Amounts due to retail clients 6 653 451 6 156 918 Amounts due to institutional clients 100 708 96 955 Total amounts due to clients 6 754 159 6 253 873 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) 30.06.2026 31.12.2025 Financial instruments (CFD) Stock and ETF CFDs 103 472 70 648 Commodity CFDs 32 666 83 922 Currency CFDs 44 469 45 741 Index CFDs 15 359 13 121 Bond CFDs 5 - Options 3 217 - Total financial liabilities at fair value through P&L 199 188 213 432 20. Liabilities due to lease (IN PLN’000) 30.06.2026 31.12.2025 Short- term 5 862 8 099 Long- term 7 801 8 740 Total liabilities due to lease 13 663 16 839 Liabilities due to lease do not include short-term leasing contracts and lease of low-value assets. In the period from 1 January to 30 June 2026 the cost related to short -term leasing included in the statement of comprehensive income amounted to PLN 64 thousand, the costs related to lease of low -value assets included in the statement of comprehensive income amounted to PLN 508 thousand. In the period from 1 January to 30 June 2025 the cost related to short -term leasing included in the statement of comprehensive income amounted to PLN 63 thousand, there were no costs related to lease of low-value assets included in the statement of comprehensive income. The Company 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.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 26 21. Other liabilities (IN PLN’000) 30.06.2026 31.12.2025 Trade liabilities 117 470 83 657 Liabilities due to brokers 71 962 16 841 Provisions for other employee benefits 27 947 30 272 Statutory liabilities 56 283 15 780 Amounts due to the Central Securities Depository of Poland 24 722 27 605 Liabilities due to employees 483 946 Total other liabilities 298 867 175 101 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 Company, persons who have a significant impact on the risk profile of the 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 Company's equity. 22. Provisions for liabilities and contingent liabilities 22.1. Provisions for liabilities (IN PLN’000) 30.06.2026 31.12.2025 Provisions for retirement benefits 548 173 Provisions for legal risk 5 791 2 715 Total provisions 6 339 2 888 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 Company is a party. As at the date of preparation of these financial statements, the Company 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 Company 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 Company do not have a material impact on these half-year condensed standalone financial statements. Movements in provisions in the period from 1 January 2026 to 30 June 2026 (IN PLN’000) VALUE AS AT 01.01.2026 INCREASES DECREASES VALUE AS AT 30.06.2026 USE USE Provisions for retirement benefits 548 - - - 548 Provisions for legal risk 5 590 201 - - 5 791 Total provisions 6 138 201 - - 6 339
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 27 Movements in provisions in the period from 1 January 2025 to 31 December 2025 (IN PLN’000) VALUE AS AT 01.01.2025 INCREASES DECREASES VALUE AS AT 31.12.2025 USE REVERSAL Provisions for retirement benefits 375 173 - - 548 Provisions for legal risk 2 906 2 715 - 31 5 590 Total provisions 3 281 2 888 - 31 6 138 22.2. Contingent liabilities The Company is party to a number of court proceedings associated with the Company’s operations. The proceedings in which the Company acts as defendant relate mainly to employees’ and clients’ claims. As at 30 June 2026 the total value of claims brought against the Company amounted to approx. PLN 18 981 thousand, whereas the value of claims not covered by the provision amounted to approx. PLN 15 688 thousand (as at 31 December 202 5 is was appropriately: PLN 17 535 thousand and PLN 14 402 thousand). Company has not created provisions for the above proceedings. In the assessment of the Company there is low probability of loss in these proceedings. On 13 April 2026, the Company received a decision from the Polish Financial Supervision Authority (KNF) dated 30 March 2026, imposing a fine of PLN 20 000 thousand on XTB for: ▪ failing to properly determine - during the period from 1 January 2022 to 16 August 2023 - whether a client possessed the knowledge and experience necessary to understand the risks associated with the brokerage services or financial instruments provided to them, which constituted a violation of Article 56(1) of Regulation 2017/565, ▪ failure to define the target group - during the period from 1 January 2022 to 17 September 2023 - in an appropriate and proportionate manner, taking into account the nature and complexity of the financial instrument, which constituted a violation of § 37(5)(6) in conjunction with § 31(7) of the Regulation on the Procedures and Conditions Governing the Operations of Investment Firms, ▪ failure to accurately describe the circumstances - during the period from 1 January 2022 to 17 September 2023 - in connection with the publication of the HOT list made available to clients, which, with respect to the execution of client orders on the firm’ s own account, may give rise to a conflict of interest as referred to in Article 33(a) of Regulation 2017/565, which constituted a violation of Article 34(2)(a) of Regulation 2017/565, ▪ providing clients or potential clients - during the period from 1 January, 2022 to 17 September 2023 - with inaccurate and misleading information regarding financial instruments that are the subject of brokerage services provided by the firm, as well as re garding all risks associated with contracts for difference, in sufficient detail to enable the client to make informed investment decisions, which constituted a violation of Article 83c(2) and (4)(2) of the Act on Trading in conjunction with Article 48(1) and (2)(a), (c), (d), and (e) of Regulation 2017/565. On 27 April 2026, the Company filed a motion with the Polish Financial Supervision Authority (KNF) requesting a reconsideration of the decision. The Company recognized the imposed penalty in its financial statements under “Other Expenses” and “Other Liabilities”. 23. Equity Share capital structure as at 30 June 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
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 28 All shares in the 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 Company To the best Company’s knowledge, the shareholding structure of the Company as at 30 June 2026 was as follows: NUMBER OF SHARES NOMINAL VALUE OF SHARES (IN PLN’000) SHARE XX ZW Investment Company S.A. 42 067 329 2 103 35,78% Other shareholders 75 501 922 3 775 64,22% Total 117 569 251 5 878 100,00% To the best Company’s knowledge, the shareholding structure of the Company as at 31 December 2025 was as follows: NUMBER OF SHARES NOMINAL VALUE OF SHARES (IN PLN’000) SHARE XX ZW Investment Company 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 Company’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 1 440 807 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 Company 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 Company, ▪ foreign exchange differences on translation, including foreign exchange of branches and foreign operations in the amount of PLN ( 188) thousand. A detailed presentation of exchange differences resulting from translation is presented in the table below. (IN PLN’000) 30.06.2026 31.12.2025 XTB Spółka Akcyjna branch in Germany 317 147 XTB Spółka Akcyjna branch in Romania 37 84 XTB Spółka Akcyjna branch in Portugal (48) (95) XTB Spółka Akcyjna branch in France (21) (141) XTB Spółka Akcyjna branch in Slovakia (63) (112) XTB Spółka Akcyjna (229) 172 XTB Spółka Akcyjna branch in Spain (181) (257) XTB Spółka Akcyjna branch in Czech Republic - (104) Total foreign exchange differences on translation (188) (306)
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 29 24. Profit distribution and dividend Pursuant to the decision of the General Shareholders’ Meeting of the Company, the net profit for 202 5 in the amount of PLN 638 894 thousand was partially earmarked for the payment of a dividend in the amount of PLN 478 507 thousand, the remaining amount was transferred to reserve capital. The amount of dividend per share paid for 2025 was equal to PLN 4,07. The dividend was paid on the 24 June 2026. Pursuant to the decision of the General Shareholders’ Meeting of the Company, the net profit for 202 4 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. 25. Earnings per share Basic earnings per share are calculated by dividing the net profit for the period attributable to shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. When calculating both basic and diluted earnings per share, the Company uses the amount of net profit attributable to shareholders of the 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 SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Profit from continuing operations 494 266 1 021 113 221 087 411 356 Weighted average number of ordinary shares 117 569 251 117 569 251 117 569 251 117 569 251 Weighted average number of shares including dilution effect 117 569 251 117 569 251 117 569 251 117 569 251 Basic net profit per share from continuing operations for the year 4,20 8,69 1,88 3,50 Diluted net profit per share from continuing operations for the year 4,20 8,69 1,88 3,50 26. Current income tax and deferred income tax 26.1. Current income tax Income tax disclosed in the current period’s profit and loss (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Income tax - current portion Income tax for the reporting period (85 920) (209 779) (43 505) (68 709) Income tax - deferred portion Occurrence / reversal of temporary differences (17 833) (18 640) (818) (15 862) Income tax disclosed in profit and loss (103 753) (228 419) (44 323) (84 571)
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 30 Reconciliation of the actual tax burden (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Profit before tax 598 019 1 249 532 265 410 495 927 Income tax based in the applicable tax rate of 19% (113 624) (237 411) (50 428) (94 226) Difference resulting from application of tax rates applicable in other countries (142) (373) (124) (251) Non-taxable revenue (7) 25 13 29 Non-deductible expenses (1 780) (2 128) (269) (789) 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 11 800 11 468 6 485 10 666 Income tax disclosed in profit or loss (103 753) (228 419) (44 323) (84 571) 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 April 2026 to 30 June 2026 from the tax burden for research and development in total amounted to PLN 10 001 thousand and in the period from 1 January 2026 to 30 June 2026 it was PLN 18 333 thousand . In the analogical period s of 202 5 benefits from the tax burden amounted to approximately PLN 5 093 thousand and PLN 9 077 thousand. The effective tax was rate close to the statutory rate and for the period from 1 April to 30 June 2026 amounted to 17,35% and for the period from 1 January to 30 June 2026 it was 18,28% . In the analogical period s of 202 5, the rate were approximately 16,70% and 17,05%. 26.2. Deferred income tax 26.2.1. Deferred income tax assets and deferred income tax provision Change in the balance of deferred tax for the period from 1 January to 30 June 2026 (IN PLN’000) AS AT 01.01.2026 PROFIT OR (LOSS) AS AT 30.06.2026 Deferred income tax assets: Cash and cash equivalents 24 (24) - Property, plant and equipment 182 28 210 Liabilities due to lease 1 274 (511) 763 Financial liabilities at fair value through P&L 45 025 3 824 48 849 Provisions for liabilities 5 653 (4 172) 1 481 Prepayments and deferred costs 7 251 2 673 9 924 Other liabilities 19 1 20 Tax losses of previous periods to be settled in future periods 2 904 (850) 2 054 Total deferred income tax assets 62 332 969 63 301 (IN PLN’000) AS AT 01.01.2026 INCLUDED IN EQUITY AS AT 30.06.2026 Deferred income tax asstes included directly in the equity: Separate equity of branches 2 (2) - Total deferred income tax assets included directly in the equity 2 (2) -
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 31 (IN PLN’000) AS AT 01.01.2026 PROFIT OR (LOSS) AS AT 30.06.2026 Deferred income tax provision: Cash and cash equivalents 112 8 120 Financial assets at fair value through P&L 131 523 21 112 152 635 Other liabilities 958 (150) 808 Financial assets at amortised cost 1 223 (898) 325 Property, plant and equipment 1 194 (463) 731 Total deferred income tax provision 135 010 19 609 154 619 Deferred tax disclosed in profit or (loss) (18 640) (IN PLN’000) AS AT 01.01.2026 INCLUDED IN EQUITY AS AT 30.06.2026 Deferred income tax provision included directly in the equity: Separate equity of branches - 93 93 Total deferred income tax provision included directly in the equity - 93 93 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 4 481 1 172 5 653 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 4 321 (1 417) 2 904 Total deferred income tax assets 49 628 12 704 62 332 (IN PLN’000) AS AT 01.01.2025 INCLUDED IN EQUITY AS AT 31.12.2025 Deferred income tax asstes 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 01.01.2025 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 - 1 223 1 223 Property, plant and equipment 2 513 (1 319) 1 194 Total deferred income tax provision 102 542 32 468 135 010 Deferred tax disclosed in profit or (loss) (19 764) (IN PLN’000) AS AT 01.01.2025 INCLUDED IN EQUITY AS AT 31.12.2025 Deferred income tax provision included directly in the equity: Separate equity of branches 101 (101) - Total deferred income tax provision included directly in the equity 101 (101) -
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 32 Data concerning the presentation of deferred income tax by country of origin and reconciliation of presentation in the statement of financial position as at 30 June 2026: (IN PLN’000) DATA ACCORDING TO THE NATURE OF ORIGIN DATA PRESENTED IN THE STATEMENT OF FINANCIAL POSITION DEFERRED INCOME TAX ASSETS DEFERRED INCOME TAX PROVISION DEFERRED INCOME TAX ASSETS DEFERRED INCOME TAX PROVISION Poland 60 686 154 322 520 94 156 Czech Republic 86 113 - 27 Slovakia 232 7 225 - Germany 408 270 408 270 France 1 889 - 1 889 - Total 63 301 154 712 3 042 94 453 Data concerning the presentation of deferred income tax by country of origin and reconciliation of presentation in the statement of financial position as at 31 December 2025: (IN PLN’000) DATA ACCORDING TO THE NATURE OF ORIGIN DATA PRESENTED IN THE STATEMENT OF FINANCIAL POSITION DEFERRED INCOME TAX ASSETS DEFERRED INCOME TAX PROVISION DEFERRED INCOME TAX ASSETS DEFERRED INCOME TAX PROVISION Poland 58 935 134 572 985 76 622 Czech Republic 58 112 - 54 Slovakia 148 - 148 - Germany 1 002 326 1 002 326 France 2 191 - 2 191 - Total 62 334 135 010 4 326 77 002 27. Related party transactions 27.1. Parent Company As at 30 June 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. According to IFRS 10, the fact that the company holds less than 50% of the total number of shares and votes gives it control, because the remaining shareholding is dispersed and none of the other investors holds a significant stake. Consequently, the major ity shareholder has, for example, the ability to propose and pass key resolutions, such as appointing the majority of members of the Supervisory Board or the Management Board, and determining the Company’s financial and operational policies. Mr. Jakub Zabłocki is the ultimate Parent Company for the Company and XX ZW Investment Group S.A. 27.2. Figures concerning related party transactions The following table presents the results of transactions in financial instruments entered into with the Company’s management and major shareholders: (IN PLN’000) THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Jakub Zabłocki 6 7 - - Hubert Walentynowicz 673 469 4 4 Filip Kaczmarzyk - (4) 2 2
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 33 The following table presents liabilities related to the investment account held by the Company’s management and major shareholders: (IN PLN’000) 30.06.2026 31.12.2025 Jakub Zabłocki 1 1 Hubert Walentynowicz 86 7 Omar Arnaout 3 10 Filip Kaczmarzyk 287 105 Paweł Szejko 21 29 Bartosz Osiński 3 - The table below presents the total number and nominal value of the Company's shares held directly by the persons managing and supervising Group, as at the date of submitting this report: NAME AND SURNAME FUNCTION NUMBER OF SHARES HELD TOTAL NOMINAL VALUE OF SHARES (in PLN) Omar Arnaout President of the Management Board 70 418 3 521 Filip Kaczmarzyk Board Member 48 656 2 433 Paweł Szejko Board Member 38 944 1 947 Jakub Kubacki Board Member 28 517 1 426 Bartosz Osiński Board Member 2 022 101 During the reporting period and until the date of submission of this report, the following changes in the ownership of the Company's shares by managing and supervising persons took place: ▪ on the 22 May 2026 Omar Arnaout acquired jointly 8 108 shares of the Company; ▪ on the 22 May 2026 Filip Kaczmarzyk acquired jointly 5 040 shares of the Company; ▪ on the 22 May 2026 Paweł Szejko acquired jointly 3 790 shares of the Company; ▪ on the 22 May 2026 Jakub Kubacki acquired jointly 2 885 shares of the Company; ▪ on the 22 May 2026 Bartosz Osiński acquired jointly 814 shares of the Company. At the end of the reporting period and as at the date of submitting this report, the supervising persons did not have any shares or rights to the Company's shares. 27.3. Incomes and costs The below table presents incomes and costs with related parties regarding the intermediary and liquidity agreements performed for the Company (IN PLN’000) SIX-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2025 INCOMES COSTS INCOMES COSTS XTB Limited (UK) 28 180 (57 523) 864 (20 504) XTB Limited (CY) 4 670 (2 079) 9 385 (2 018) XTB International Limited 182 924 (140 257) 188 220 (106 728) XTB MENA Limited 6 505 (4 832) 4 923 (13 198) XTB Agente de Valores S.p.A - (25 124) - - PT XTB Indonesia Berjangka - (10 154) - (834) XTB Financial Services L.L.C 619 (4 304) - -
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 34 The below table presents incomes and costs with related parties regarding the trading infrastructure software and service agreements performed for the Company. (IN PLN’000) SERVICE SIX-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2025 INCOMES COSTS INCOMES COSTS XTB Limited (UK) infrastructure software 345 (303) 362 (221) X Open Hub Sp. z o.o. infrastructure software 1 267 (1 693) 2 077 (1 928) XTB Services Limited marketing - (27 603) - (25 261) 27.4. Receivables The below table presents receivables from related parties regarding the intermediary and liquidity agreements performed for the Company. (IN PLN’000) 30.06.2026 31.12.2025 XTB Limited (UK) 41 628 25 789 XTB Limited (CY) 10 845 4 839 XTB International Limited 121 718 79 191 XTB MENA Limited 3 195 6 471 XTB Agente de Valores S.p.A 13 463 5 788 PT XTB Indonesia Berjangka 420 2 030 XTB Financial Services L.L.C 5 683 - The below table presents receivables from related parties regarding the trading infrastructure software and service agreements performed for the Company. (IN PLN’000) 30.06.2026 31.12.2025 XTB Limited (UK) 4 601 60 XTB Limited (CY) 159 - XTB International Limited 1 248 - XTB Agente de Valores S.p.A 448 - PT XTB Indonesia Berjangka 2 585 - XTB Financial Services L.L.C 3 744 - X Open Hub Sp. z o.o. 172 232 XTB Services Limited 28 - 27.5. Liabilities The below table presents liabilities due to related parties regarding the intermediary and liquidity agreements performed for the Company. (IN PLN’000) 30.06.2026 31.12.2025 XTB Limited (UK) 6 726 10 483 XTB Limited (CY) 340 1 370 XTB International Limited 37 405 35 300 XTB MENA Limited 1 110 1 018 XTB Agente de Valores S.p.A 19 241 6 373 PT XTB Indonesia Berjangka 2 077 1 981 XTB Financial Services L.L.C 2 553 -
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 35 The below table presents liabilities due to related parties regarding the trading infrastructure software and service agreements performed for the Company. (IN PLN’000) 30.06.2026 31.12.2025 XTB Limited (UK) 53 529 X Open Hub Sp. z o.o. 697 649 XTB Services Limited 4 276 3 621 27.6. Benefits to Management Board and Supervisory Board (IN PLN’000) THREE-MONTH PERIOD ENDED NINE-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED NINE-MONTH PERIOD ENDED 30.06.2026 30.06.2026 30.06.2025 30.06.2025 Benefits to the Management Board members (2 644) (4 713) (2 089) (3 849) Benefits to the Supervisory Board members (104) (208) (131) (208) Total benefits to the Management Board and Supervisory Board (2 748) (4 921) (2 220) (4 057) 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 Company are included in the scheme of variable remuneration elements specified in note 21 of the financial statements. 27.7. Loans granted to the Management and Supervisory Board members As at 30 June 2026 and 31 December 202 5 there were no loans granted to the Management and Supervisory Board members. In the period from 1 January to 30 June 2026 and in the analogical period of 202 5, the members of the Management Board and Supervisory Board also did not benefit from any loans granted by the Company. 28. Employment As at 30 June 2026 the total employment in the Company which include persons employed under employment contract and persons providing services under other forms of civil law contracts, including B2B contracts was 1 312 people. As at 31 December 2025 it was 1 301 people. The list does not include persons on maternity leave, parental leave and benefits (dismissals for more than 33 days). 29. Supplementary information and explanations to the cash flow statement 29.1. Other adjustments The “other adjustments” item includes the following adjustments: (IN PLN’000) SIX-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2025 Change in the balance of differences from the conversion of branches and subsidiaries 118 (534) Foreign exchange differences on translation of movements in property, plant and equipment, and intangible assets (234) 174 Change in other adjustments (116) (360) Foreign exchange differences on translation of movements in tangible and intangible assets include the difference between the rates as at the opening balance and as at the closing balance adopted for valuation of the gross value of tangible and intangible assets in the Company’s foreign entities and the difference between the rate applied to value amortization and depreciation cost of fixed assets and intangible assets in the Company’s foreign entities and the rate of translation of amortization and depreciation amounts on such assets. This value results from the chart of movements in tangible and intangible assets.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 36 29.2. Change in balance of other liabilities The “Change in balance of other liabilities” item includes the following adjustments: (IN PLN’000) SIX-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2025 Balance sheet change in other liabilities 123 766 8 528 Change in balance of other liabilities 123 766 8 528 29.3. Details of (Profit) Loss from investing activity The “(Profit) Loss on investment activity” item includes the following adjustments: (IN PLN’000) SIX-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2025 Loss on liquidation and sale of fixed assets 14 343 709 Profit from the liquidation and sale of fixed assets (51) (9) Result of Bonds (3 104) (11 733) Dividends received from subsidiaries (10 361) (8 606) (Profit) Loss on investment activity 827 (19 639) 30. Off-balance sheet items 30.1. Nominal value of derivatives financial instruments (IN PLN’000) 30.06.2026 31.12.2025 Index CFDs 3 660 366 3 903 768 Commodity CFDs 3 976 729 6 355 511 Currency CFDs 2 193 806 3 260 770 Stock and ETF CFDs 1 793 960 1 624 890 Bond CFDs 4 118 1 544 Options 249 342 - Total financial instruments 11 878 321 15 146 483 The nominal value of instruments presented in the chart above includes transactions with clients and brokers. As at 30 June 2026 transactions with brokers represent 8% of the total nominal value of instruments (as at 31 December 2025: 16% of the total nominal value of instruments). 30.2. Clients’ financial instruments Presented below is a list of clients’ instruments deposited in the accounts of the brokerage house: (IN PLN’000) 30.06.2026 31.12.2025 Listed stocks and rights to stocks registered in clients’ securities accounts 23 345 382 15 138 542 ETF (Exchange Traded Fund) 20 018 050 12 144 808 Other securities registered in clients’ securities accounts 207 207 Total clients’ financial instruments 43 363 639 27 283 557 30.3. Transaction limits The amount of unused transaction limits granted to related entities was as at 30 June 2026 PLN 106 130 thousand, as at 31 December 2025 was PLN 102 609 thousand.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 37 31. Items regarding the compensation scheme The compensation scheme is a mechanism designed to protect investors’ interests in the event of a brokerage firm’s bankruptcy, administered by the National Depository for Securities. Brokerage firms, banks engaged in brokerage activities, and custodian ban ks are required to make contributions to the primary fund, and contributions are calculated based on the value of assets held by clients at a given institution. Items related to the compensation system are presented under Other Liabilities in the Company’s Balance Sheet. (IN PLN’000) 30.06.2026 31.12.2025 1. Contributions made to the compensation scheme a) opening balance 23 981 17 923 - increases 4 357 6 058 b) closing balance 28 338 23 981 2. XTB’s share in the profits from the compensation scheme 2 942 2 455 32. Capital management The Company’s principles of capital management are established in the “Capital management policy at XTB S.A.”. The document is approved by the Company’s Supervisory Board. The policy defines the basic concepts, objectives and rules which constitute the Company’s capital strategy. It specifies, in particular, long-term capital objectives, the current and preferred capital structure, contingency plans and capital planning principles. The policy is updated as appropriate so as to reflect the development in the Company and its business environment. The objective of the capital management policy is to ensure balanced long-term growth for the shareholders and to maintain sufficient capital to enable the Company to operate in a prudent and efficient manner. This objective is attained by maintaining an appropriate capital base, taking into account the Company’s risk profile and prudential regulations, as well as risk-based capital management in view of the operating goals. Determination of capital-related goals is essential for equity management and serves as a basic reference in the context of capital planning, allocation and contingency plans. The Company establishes capital-related objectives which ensure a stable capital base, achievement of its capital strategy goals (in accordance with its general principles), and also match the Company’s risk appetite. To establish its capital-related goals, the Company takes into consideration its strategic plans and expected growth of operations as well as external conditions, including the macroeconomic situation and other business environment factors. The capital -related goals are set for a horizon similar to that of the business strategy and are approved by the Management Board. Capital planning is focused on an assessment of the Company’s current and future capital requirements (both regulatory and internal), and on comparing them with the current and projected levels of available capital. The Company has prepared contingency plans to be launched in the event of a capital liquidity shortage, described in detail in the “Contingency Plans for Capital and Liquidity at XTB S.A.”. As part of ICARAP, the Company identifies significant risk factors and impacts and assesses its internal capital in order to define the overall capital requirement to cover all significant risks in the Company’s operations and evaluates its quality. The Company estimates internal capital necessary to cover identified significant risks in compliance with procedures adopted by the Company and taking into account stress test results. The Company is obligated to maintain the capitals (equity) to cover the higher of the following values: ▪ capital requirements calculated in accordance with Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on prudential requirements for investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (IFR)
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 38 ▪ internal capital estimated in accordance with the Regulation of the Minister of Development and Finance of 8 December 2021 on the assessment of internal capital and liquid assets, risk management system, supervisory audit and evaluation, as well as remuneration policy in a brokerage house and a small brokerage house. The capital requirement calculated in accordance with the IFR regulation is the higher of: ▪ fixed overheads requirement ▪ permanent minimum initial capital requirement ▪ K-factor capital requirement At date of preparation of the financial statement the highest of the above values for the Company is the K -factor capital requirement. The Company calculates own funds in accordance with Part Two of the European Parliament and of the Council (EU) 2019/2033 of 27 November 2019 on prudential requirements for investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575 / 2013, (EU) No 600/2014 and (EU) No 806/2014 ("IFR"). The principles for calculation of own funds are established in the CRR and IFR Regulations, "Procedure for calculating capital adequacy ratios of XTB S.A." the Company and are not regulated by IFRS. The Company currently has only own funds of the best category - Tier I. The Company is not required to maintain capital buffers under the Act on Macroprudential Supervision of the Financial System and Crisis Management in the Financial System. The Company’s own funds: (IN PLN’000) 30.06.2026 31.12.2025 The Group’s own funds Base capital Tier I without deductions 1 497 286 1 336 899 Supplementary capital Tier I - Items decreasing share capitals (5 162) (6 361) Total Group’s own funds 1 492 124 1 330 538 The mandatory capital adequacy was not breached in the periods covered by the condensed standalone financial statements. 33. Risk management The Company has implemented a risk management system consisting of policies, procedures, mechanisms, and tools that support the management of specific types of risks, tailored to their materiality and characteristics to manage risks. The main objectives of the risk management system are: ▪ identifying and determining the materiality of specific types of risk; ▪ properly measuring or estimating risk levels (including those that are difficult to measure); ▪ controlling risk levels by monitoring limits and taking appropriate action when limits or warning levels are exceeded; ▪ supporting the achievement of business objectives by controlling risk levels and ensuring compliance with risk appetite. The basis for the operation of the risk management system at the XTB is provided by the internal regulations “Risk Management System at XTB S.A.” and “Risk Management Strategy at XTB S.A.” These are further elaborated in detailed regulations, including those relating to the management of specific risk categories.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 39 Risk Governance and the Three Lines Model To ensure effective risk oversight, the Company has implemented the industry standard known as the Three Lines Model. It ensures a clear division of responsibilities between business, control functions, and audit. ▪ First Line (Trading, Marketing and Sales, Customer Service, IT) – these are the so-called “risk owners.” Traders, customer service representatives, IT engineers, and other employees make operational decisions on an ongoing basis and are responsible for identifying risks in their processes. ▪ Line 2 (Risk Control Department and Legal and Compliance Department) – independent units that monitor and provide substantive support for Line 1 activities. At this level, the Company establishes policies, sets limits, and ensures compliance with regulatio ns across the many jurisdictions in which it operates. The goal is to professionally assess whether operational activities fall within the established risk appetite limits. ▪ Third Line (Internal Audit Department) – Provides independent monitoring and periodic assessment of the effectiveness of the entire risk management and internal control system. The third line reports directly to the Management Board and the Supervisory Boa rd, which strengthens its independence and ensures an objective view of the organization and its processes. At the strategic level, the Management Board is responsible for establishing and monitoring the risk management policy. In the Company there is a Risk Management Committee, which consists of members of the Supervisory Board. The Committee’s tasks include, in particular: ▪ drafting the brokerage house’s risk appetite document, ▪ reviewing the risk management strategy developed by the Management Board, ▪ supporting the Supervisory Board in overseeing the implementation of the risk management strategy, ▪ verifying the compensation policy and its implementation rules to ensure the compensation system aligns with the risk, capital, and liquidity profiles, as well as the probability and time horizon of generating income. In the day-to-day operation of the risk management and internal control system at the XTB, the Risk Control Department and the Legal and Compliance Department play a key role. The Risk Control Department is responsible for the implementation and operation of the organizational risk management system. It assists the Management Board in developing, reviewing, and updating risk management policies in response to the emergence of new types of risk or significant changes in strategy and action plans. This department also monitors the adequacy and effectiveness of the implemented risk management system, identifies and monitors the risks of the Company’s own investments, determines the total capital requirement, and estimates internal capital. The Risk Control Department is headed by a Director who also serves as a permanent member of the Management Board. This arrangement strengthens the position of the risk management function within t he organization and ensures that the risk perspective is taken into account when making key strategic decisions. The Legal and Compliance Department is primarily responsible for legal and compliance risks. The Compliance Officer plays a key role in this area, with the task of proactively managing compliance risk. This department is not limited to a control function but plays a significant advisory role, supporting business units in interpreting the complex regulatory environment (including requirements of the Polish Financial Supervision Authority (KNF) and the European Securities and Markets Authority (ESMA)) and ensuring that brokerage activities are conducted in accordance with the law and internal regulations. In addition, this unit is responsible for regularly assessing the adequacy and effectiveness of the adopted compliance oversight system, conducting investigations, and monitoring particularly sensitive areas, such as anti -money laundering (AML/CFT) and conflict of interest management. The Legal and Compliance Department is managed and supervised by the Member of the Management Board responsible for Legal Affairs.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 40 Risk Management Process The participants in XTB’s risk management process include the Company’s governing bodies and all its employees. The risk management process supports both strategic decision-making and the Company’s day-to-day operations. The risk management process varies depending on the type of risk. However, its common elements are: ▪ Identification of threats and risk factors - that is, elements that may have a negative impact on tasks and objectives, as well as on clients and the market, ▪ Risk analysis and measurement—the analytical decomposition of risk and its assessment on established scales of probability and impact. During the analysis, the Company uses a variety of methods and measures, both quantitative and qualitative, ▪ Risk assessment - determining whether a risk exceeds the thresholds established at the Company level as acceptable, ▪ Risk management - implementing controls, taking actions, or launching programs to keep risk within the risk appetite, ▪ Risk monitoring - individual risks are monitored by both their owners (primarily Line 1) and Line 2 functions (depending on the type of risk—the Risk Control Department and/or the Legal and Compliance Department), ▪ Reporting - its scope and frequency are determined by the magnitude and type of risk. All material periodic reports regarding the risk management system, internal control, and internal audit are discussed during meetings of the Management Board and the Supervisory Board. 33.1. Fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability in a normal transaction betwe en market participants at the measurement date. 33.1.1. Carrying amount and fair value The fair value of cash and cash equivalents is estimated as being close to their carrying amount. The fair value of loans granted and other receivables, amounts due to clients and other liabilities is estimated as being close to their carrying amount in view of the short-term maturities of these balance sheet items. 33.1.2. Fair value hierarchy The Company discloses fair value measurement of financial instruments carried at fair value, applying the following fair value hierarchy which reflects the significance of input data used to establish the fair value: ▪ Level 1: quoted prices (unadjusted) in active markets for the assets or liabilities; ▪ Level 2: input data other than quoted prices classified in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. based on prices). This category includes financial assets and liabilities measured using prices quoted in active markets for identical assets, prices quoted in active markets for identical assets considered less active or other valuation methods where all significant inputs originate directly or indirectly from the markets; ▪ Level 3: input data for valuation of a given asset or liability is not based on observable market data (unobservable inputs).
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 41 (IN PLN’000) 30.06.2026 LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Financial assets Financial assets at fair value through P&L 101 877 802 205 - 904 082 Total financial assets 101 877 802 205 - 904 082 Financial liabilities - - Financial liabilities at fair value through P&L - 199 188 - 199 188 Total financial liabilities - 199 188 - 199 188 (IN PLN’000) 31.12.2025 LEVEL 1 LEVEL 2 LEVEL 3 TOTAL Financial assets Financial assets at fair value through P&L 248 512 691 596 - 940 108 Total financial assets 248 512 691 596 - 940 108 Financial liabilities Financial liabilities at fair value through P&L - 213 432 - 213 432 Total financial liabilities - 213 432 - 213 432 In the periods covered by the condensed standalone financial statements, there were no transfers of items between the levels of the fair value hierarchy. The fair value of contracts for differences (CFDs) is determined based on the market prices of underlying instruments, derived from independent sources, i.e. from reliable liquidity suppliers and reputable news, adjusted for the spread specified by the Company. The valuation is performed using closing prices or the last bid and ask prices. CFDs are measured as the difference between the current price and the opening price, taking account of accrued commissions and swap points. The impact of adjustments due to credit risk of the contractor, estimated by the Company, was insignificant from the point of view of the general estimation of derivative transactions concluded by the Company. Therefore, the Company does not recognise the impact of unobservable input data used for the estimation of derivative transactions as significant and, pursuant to IFRS 13.73, does not classify such transactions as level 3 of the fair value hierarchy. 33.2. Market risk In the period covered by these standalone financial statements, the Company entered into OTC contracts for differences (CFDs). The Company may also enter into forward contracts on its own account on regulated stock markets. The following risks are specified, depending on the risk factor: ▪ Currency risk connected with fluctuations of exchange rates ▪ Interest rate risk ▪ Commodity price risk ▪ Equity investment price risk The Company’s key market risk management objective is to mitigate the impact of such risk on the profitability of its operations. The Company’s practice in this area is consistent with the following principles.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 42 As part of the internal procedures, the Company applies limits to mitigate market risk connected with maintaining open positions on financial instruments. These are, in particular: a maximum open position on a given instrument, currency exposure limits, maximum value of a single instruction. The Tradin g Department monitors open positions subject to limits on a current basis, and in case of excesses, enters into appropriate hedging transactions. The Risk Control Department reviews the limit usage on a regular basis, and controls the hedges entered into. 33.2.1. Currency risk The Company enters into transactions principally in instruments bearing currency risk. Aside from transactions where the FX rate is an underlying instrument, the Company also offers instruments which price is denominated in foreign currencies. Also, the Company has assets in foreign currencies, i.e. the so -called currency positions. Currency positions include the brokerage’s own funds denominated in foreign currencies held for the purpose of settling transactions in foreign markets and connected with foreign operations. The carrying amount of the Company’s assets and liabilities in foreign currencies as at the balance sheet date is presented below. The values for all base currencies are expressed in PLN’000:
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 43 Assets and liabilities denominated in foreign currencies as at 30 June 2026 (value in foreign currencies converted to PLN) (IN PLN’000) USD EUR GBP CZK HUF RON OTHER CURRENCIES TOTAL CARRYING AMOUNT Assets Cash and cash equivalents 1 842 916 2 925 482 9 701 611 578 11 902 114 839 47 087 5 563 505 8 540 595 Financial assets at fair value through P&L 210 442 231 015 1 182 80 299 1 745 13 991 - 538 674 904 082 Investments in subsidiaries - - - - - - 13 703 13 703 116 807 Financial assets at amortised cost 131 037 17 994 32 177 1 601 5 893 499 - 189 201 295 368 Prepayments and deferred costs - 2 145 - 1 745 - 32 42 595 46 517 26 421 Intangible assets - 9 - - - - - 9 550 Property, plant and equipment - 12 781 - 2 256 - 159 - 15 196 59 350 Income tax receivables - - - - - - - - - Deferred income tax assets - 2 522 - - - - - 2 522 3 042 Total assets 2 184 395 3 191 948 43 060 697 479 19 540 129 520 103 385 6 369 327 9 946 215 Liabilities Amounts due to clients 1 173 106 2 748 835 1 259 411 314 8 546 83 123 21 360 4 447 543 6 754 159 Financial liabilities at fair value through P&L 86 142 47 556 1 015 15 219 200 1 299 6 914 158 345 199 188 Lease liabilities - 13 643 - 20 - - - 13 663 13 663 Other liabilities 38 174 103 180 7 898 4 920 1 17 225 3 418 174 816 298 867 Provisions for liabilities - 5 591 - - - - - 5 591 6 339 Income tax liabilities - 530 - 234 - 135 - 899 40 328 Deferred income tax provision - 269 - 28 - - - 297 94 453 Total liabilities 1 297 422 2 919 604 10 172 431 735 8 747 101 782 31 692 4 801 154 7 406 997
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 44 Assets and liabilities denominated in foreign currencies as at 31 December 2025 (value in foreign currencies converted to PLN) (IN PLN’000) USD EUR GBP CZK HUF RON OTHER CURRENCIES TOTAL CARRYING AMOUNT Assets Cash and cash equivalents 1 718 072 2 548 769 21 681 445 504 9 386 90 946 18 936 4 853 294 7 386 872 Financial assets at fair value through P&L 329 626 228 397 1 565 68 062 1 198 11 184 - 640 032 940 108 Investments in subsidiaries - - - - - - 14 350 14 350 94 952 Financial assets at amortised cost 93 144 14 066 14 826 1 109 4 505 433 - 128 083 212 047 Prepayments and deferred costs - 1 109 - 304 - 14 25 651 27 078 27 903 Intangible assets - 12 - - - - - 12 624 Property, plant and equipment - 13 540 - 2 600 - 132 - 16 272 52 346 Income tax receivables - - - - - - - - 14 102 Deferred income tax assets - 3 341 - - - - - 3 341 4 326 Total assets 2 140 842 2 809 234 38 072 517 579 15 089 102 709 58 937 5 682 462 8 733 280 Liabilities Amounts due to clients 1 092 825 2 459 952 4 472 404 078 5 601 68 108 6 760 4 041 796 6 253 873 Financial liabilities at fair value through P&L 87 858 50 161 844 15 122 179 1 650 3 132 158 946 213 432 Lease liabilities - 16 821 - 18 - - - 16 839 16 839 Other liabilities 27 249 41 641 7 168 4 439 5 3 623 1 967 86 092 175 101 Provisions for liabilities - 4 735 - - - - - 4 735 6 138 Income tax liabilities - 283 - 146 - 86 - 515 515 Deferred income tax provision - 325 - 54 - - - 379 77 002 Total liabilities 1 207 932 2 573 918 12 484 423 857 5 785 73 467 11 859 4 309 302 6 742 900
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 45 A change in exchange rates, in particular, the PLN exchange rate, affects the balance sheet valuation of the Company’s financial instruments and the result on translation of foreign currency balances of other balance sheet items. Sensitivity to exchange rate fluctuations was calculated with the assumption that all foreign currency rates change by ±5% to PLN. The carrying amount of financial instruments was revalued. The sensitivity of the Company’s equity and profit before tax to a 5% increase or decrease of the PLN exchange rate is presented below: (IN PLN’000) SIX-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2025 INCREASE IN EXCHANGE RATES BY 5% DECREASE IN EXCHANGE RATES BY 5% INCREASE IN EXCHANGE RATES BY 5% DECREASE IN EXCHANGE RATES BY 5% Profit/(loss) before tax 310 681 (310 681) 50 997 (50 997) Equity 2 006 (2 006) 1 462 (1 462) The sensitivity of equity is connected with foreign exchange differences in the translation of value in functional currencies of the foreign operations. 33.2.2. Interest rate risk Interest rate risk is the risk of exposure of the current and future financial result and equity of the Company to the adverse impact of exchange rate fluctuations. Such risk may result from the contracts entered into by the Company, where receivables or liabilities are dependent upon exchange rates as well as from holding assets or liabilities dependent on exchange rates. The basic interest rate risk for the Company is the mismatch of interest rates on bank accounts and bank deposits on which the Company deposit its own cash, the mismatch in the interest rates the Company pays its clients for holding free funds in their cash accounts, and the impact of interest rate volatility on the valuation of the Company's treasury, government-guaranteed bonds and corporation bonds. In addition, the source of the Company’s profit variability associated with the level of market interest rates, are amounts paid and received in connection with the occurrence of the difference in interest rates for different currencies (swap points) as well as potential debt instruments. Since the Company maintains a low duration of assets and liabilities and minimises the duration gap, sensitivity of the market value of assets and liabilities to calculations of market interest rates is very low. Sensitivity analysis of financial assets and liabilities where cash flows are exposed to interest rate risk The structure of financial assets and liabilities where cash flows are exposed to interest rate risk is as follows: (IN PLN’000) 30.06.2026 31.12.2025 Financial assets Cash and cash equivalents 8 540 595 7 386 872 Debt instruments 6 634 5 598 Total financial assets 8 547 229 7 392 470 Financial liabilities Amounts due to clients 4 953 478 4 502 374 Other liabilities 13 664 16 839 Total financial liabilities 4 967 142 4 519 213
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 46 Impact of a change in interest rates by 50 base points (BP) on profit before tax is presented below. The analysis below relies on the assumption that other variables, in particular exchange rates, will remain constant. The analysis was carried out basis of average cash balances during the periods covered by these standalone financial statements. The analysis was carried out on the basis of average balances of cash in the period from 1 April to 30 June 2026 and from 1 April to 30 June 2025. (IN PLN’000) THREE-MONTH PERIOD ENDED THREE-MONTH PERIOD ENDED 30.06.2026 30.06.2025 INCREASE BY 50 PB DECREASE BY 50 PB INCREASE BY 50 PB DECREASE BY 50 PB Profit/(loss) before tax 3 364 (3 364) 4 525 (4 525) The analysis was carried out on the basis of average balances of cash in the period from 1 January to 30 June 2026 and from 1 January to 30 June 2025. (IN PLN’000) SIX-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2025 INCREASE BY 50 PB DECREASE BY 50 PB INCREASE BY 50 PB DECREASE BY 50 PB Profit/(loss) before tax 7 889 (7 889) 6 322 (6 322) Sensitivity analysis of financial assets and liabilities whose fair value is exposed to interest rate risk In the period covered by these standalone financial statements and in the comparative period, the Company hold financial assets which fair value would be exposed to the risk of changes in interest rates as a Treasury bonds, Guaranteed Treasury Bonds and corporate bonds. Sensitivity analysis exposed to interest rate risk by 50 base points (BP) - shift of yield curves- on profit before tax is presented below. (IN PLN’000) SIX-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2025 INCREASE BY 50 PB DECREASE BY 50 PB INCREASE BY 50 PB DECREASE BY 50 PB Profit/(loss) before tax (14) 14 (64) 64 33.2.3. Other price risk Other price risk is exposure of the Company’s financial position to unfavorable changes in the prices of commodities, equity investments (equity, indices) and debt instruments (in a scope not resulting from interest rates). The carrying amount of financial instruments exposed to other price risk is presented below: (IN PLN’000) 30.06.2026 31.12.2025 Financial assets at fair value through P&L Commodity CFDs Precious metals 211 069 117 320 Base metals 2 467 4 208 Other 366 964 125 064 Total Commodity CFDs 580 500 246 592 Equity instruments CFDs Stocks and ETF 141 056 104 470 Indicies 120 644 129 261 Total Equity instruments CFDs 261 700 233 731 Debt instruments CFDs Bonds 77 36 Total Debt instruments CFDs 77 36 Options 3 222 - Stocks and ETF 18 034 242 914 Debt instruments - - Total financial assets at fair value through P&L 863 533 723 273
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 47 (IN PLN’000) 30.06.2026 31.12.2025 Financial liabilities at fair value through P&L Commodity CFDs Precious metals 11 381 74 482 Base metals 567 1 240 Other 64 618 8 200 Total Commodity CFDs 76 566 83 922 Equity instruments CFDs Stocks and ETF 97 939 70 648 Indicies 16 406 13 121 Total Equity instruments CFDs 114 345 83 769 Debt instruments CFDs Bonds 5 - Total Debt instruments CFDs 5 - Options 3 217 - Stocks and ETF - - Debt instruments - - Total financial liabilities at fair value through P&L 194 133 167 691 The Company’s sensitivity to fluctuations in the prices of specific commodities and equity investments by ±5 per cent with regard to equity and profit before tax is presented below. (IN PLN’000) SIX-MONTH PERIOD ENDED SIX-MONTH PERIOD ENDED 30.06.2026 30.06.2025 INCREASE BY 5% DECREASE BY 5% INCREASE BY 5% DECREASE BY 5% Income/(expenses) for the period Commodity CFDs Precious metals (60 122) 60 122 (41 022) 41 022 Base metals 161 (161) (844) 844 Other (24 346) 24 346 (32 153) 32 153 Total Commodity CFDs (84 307) 84 307 (74 019) 74 019 Equity instruments CFDs Stocks and ETF (975) 975 (1 029) 1 029 Indicies 73 127 (73 127) 70 543 (70 543) Total Equity instruments CFDs 72 152 (72 152) 69 514 (69 514) Debt instruments CFDs Bonds (172) 172 (164) 164 Total Debt instruments CFDs (172) 172 (164) 164 Options − − − − Stocks and ETF 902 (902) 11 674 (11 674) Debt instruments − − − − Total equity instruments (11 425) 11 425 7 005 (7 005) 33.3. Liquidity risk For the Company, liquidity risk is the risk of losing its payment liquidity, i.e. the risk of losing capacity to finance its assets and to perform its obligations in a timely manner in the course of normal operations or in other predictable circumstances with no risk of loss. In its liquidity analysis, the Company takes into consideration current possibility of generation of liquid assets, future needs, alternative scenarios and payment liquidity contingency plans.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 48 The objective of liquidity management in XTB is to maintain the amount of cash on the appropriate bank accounts that will cover all the operations necessary to be carried on such accounts. For this purpose, the Company has implemented, among others, limits for the concentration of cash in banks by forming one banking Company in order to limit excessive liquidity concentration in related parties. In order to manage liquidity in relation to certain bank accounts associated with the operations of financial instruments, the Company uses the liquidity model of which the essence is to determine the safe area of the state of free cash flow that does not require corrective action. Where the upper limit is achieved, the Company makes a transfer to the appropriate current account corresponding to the surplus above the optimum level. Similarly, if the cash in the account falls to the lower limit, the Company makes a transfer of funds from the current account to the appropriate account in order to bring cash to the optimum level. The procedure also provides for the possibility of deviating from its application, and such procedure requires the consent of at least two members of the Company’s Management. Information on deviations is transmitted to the Risk Control Department of the Company. The Company has also implemented liquidity contingency plans, which were not used in the period covered by the financial statements and in the comparative period, due to the fact that the amount of the most liquid assets (own cash and cash equivalents and Treasury bonds and bonds guaranteed by the Treasury) greatly exceeds the amount of liabilities. As part of ongoing business and the tasks related to liquidity risk management, the managers of appropriate organisational units of the Company monitor the balance of funds deposited in the account in the context of planned liquidity needs related to the Company’s operating activities. In the ICARAP process, the Company, among other things, identifies factors relevant to liquidity and funding risks and assesses the adequacy of the level of liquid assets relative to the estimated level to ensure coverage of both current and future as well as potential extreme liquidity needs. Supervision and control activities over the balance of cash accounts are also carried out by the Risk Control Department on a daily basis. In accordance with the IFR regulation, from 26 September 2021, the Company maintains an amount of liquid assets equivalent to at least one third of the requirement for fixed indirect costs. The Company's liquid assets for the purposes of IFR include, inter alia, unencumbered own funds deposited in bank accounts and Treasury bonds or bonds guaranteed by the Treasury denominated in PLN. As of the date of these financial statements, the Company had an 17-times higher level of liquid assets than required by the IFR regulation. The contractual payment periods of financial assets and liabilities are presented below. The marginal and cumulative contractual liquidity gap, calculated as the difference between total assets and total liabilities for each maturity bucket, is presented for specific payment periods.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 49 Contractual payment periods of financial assets and liabilities as at 30 June 2026 (IN PLN’000) CARRYING AMOUNT CONTRACTUAL CASH FLOWS UP TO 3 MONTHS 3 MONTHS TO 1 YEAR 1 - 5 YEARS OVER 5 YEARS WITH NO SPECIFIED MATURITY Financial assets Cash and cash equivalents 8 540 595 8 540 595 8 540 595 - - - - Financial assets at fair value through P&L, including Listed stocks and ETFs 95 243 95 243 95 243 - - - - Bonds 6 634 6 634 6 634 - - - - CFDs 798 983 798 983 798 983 - - - - Options 3 222 3 222 3 222 - - - - Total financial assets at fair value through P&L 904 082 904 082 904 082 - - - - Investments in subsidiaries 116 807 116 807 - - - - 116 807 Financial assets at amortised cost 295 368 295 367 234 039 - 5 505 - 55 823 Total financial assets 9 856 852 9 856 851 9 678 716 - 5 505 - 172 630 Financial liabilities Amounts due to clients 6 754 159 6 754 159 6 754 159 - - - - Financial liabilities at fair value through P&L, including CFDs 199 188 199 188 199 188 - - - - Options 3 217 3 217 3 217 - - - - Total financial liabilities at fair value through P&L 202 405 202 405 202 405 - - - - Liabilities due to lease 13 663 13 663 2 166 3 696 7 288 513 - Other liabilities 298 867 298 866 246 195 18 368 - - 34 303 Total financial liabilities 7 269 094 7 269 093 7 204 925 22 064 7 288 513 34 303 Contractual liquidity gap in maturities (payment dates) 2 473 791 (22 064) (1 783) (513) 138 327 Contractual cumulative liquidity gap 2 473 791 2 451 727 2 449 944 2 449 431 2 587 758 The Company does not expect the cash flows presented in the maturity analysis to occur significantly earlier or in significantly different amounts.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 50 Contractual payment periods of financial assets and liabilities as at 31 December 2025 (IN PLN’000) CARRYING AMOUNT CONTRACTUAL CASH FLOWS UP TO 3 MONTHS 3 MONTHS TO 1 YEAR 1 - 5 YEARS OVER 5 YEARS WITH NO SPECIFIED MATURITY Financial assets Cash and cash equivalents 7 386 872 7 386 872 7 386 872 - - - - Financial assets at fair value through P&L, including Listed stocks and ETFs 242 914 242 914 242 914 - - - - Bonds 5 598 5 598 5 598 - - - - CFDs 691 596 691 596 691 596 - - - - Options - - - - - - - Total financial assets at fair value through P&L 940 108 940 108 940 108 - - - - Investments in subsidiaries 94 952 94 952 - - - - 94 952 Financial assets at amortised cost 212 047 212 047 154 831 - 5 071 - 52 145 Total financial assets 8 633 979 8 633 979 8 481 811 - 5 071 - 147 097 Financial liabilities Amounts due to clients 6 253 873 6 253 873 6 253 873 - - - - Financial liabilities at fair value through P&L, including CFDs 213 432 213 432 213 432 - - - - Options - - - - - - - Total financial liabilities at fair value through P&L 213 432 213 432 213 432 - - - - Liabilities due to lease 16 839 16 839 2 201 5 898 7 761 979 - Other liabilities 175 101 175 101 117 223 20 984 - - 36 894 Total financial liabilities 6 659 245 6 659 245 6 586 729 26 882 7 761 979 36 894 Contractual liquidity gap in maturities (payment dates) 1 895 082 (26 882) (2 690) (979) 110 204 Contractual cumulative liquidity gap 1 895 082 1 868 200 1 865 510 1 864 531 1 974 734 The Company does not expect the cash flows presented in the maturity analysis to occur significantly earlier or in significantly different amounts.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 51 33.4. Credit risk The chart below shows the carrying amounts of financial assets corresponding to the Company’s exposure to credit risk: (IN PLN’000) 30.06.2026 31.12.2025 CARRYING AMOUNT MAXIMUM EXPOSURE TO CREDIT RISK CARRYING AMOUNT MAXIMUM EXPOSURE TO CREDIT RISK Financial assets Cash and cash equivalents 8 540 595 8 540 595 7 386 872 7 386 872 Financial assets at fair value through P&L * 904 082 64 970 940 108 50 377 Investments in subsidiaries 116 807 116 807 94 952 94 952 Financial assets at amortised cost 295 367 295 367 212 047 212 047 Total financial assets 9 856 851 9 017 739 8 633 979 7 744 248 * As at 30 June 2026 the maximum exposure to credit risk for financial assets at fair value through P&L, not including the collateral received, wa s PLN 802 297 thousand (as at 31 December 202 5: PLN 691 596 thousand). This exposure was collateralized with clients’ cash, which, as at 30 June 2026 , covered the amount of PLN 737 304 thousand (as at 31 December 202 5: PLN 641 216 thousand). Exposures to credit risk connected with transactions with brokers as well as exposures to the Warsaw Stock Exchang e were not collateralized. The credit quality of the Company’s financial assets is assessed based on external credit quality assessments, risk weights assigned based on the CRR, taking account of the mechanisms used to mitigate credit risk, the number of days past due, and the probability of counterparty insolvency. The Company’s assets fall within the following credit rating brackets: ▪ Fitch Ratings - from F1+ to F2 ▪ Standard & Poor's Ratings Services - from A-1+ to A-2 ▪ Moody’s - from P-1 to P-2 Cash and cash equivalents Credit risk connected with cash and cash equivalents is related to the fact that own cash and clients’ cash is held in bank accounts. Credit risk involving cash is mitigated by selecting banks with a high credit rating granted by international rating agencies and through diversification of banks with which accounts are opened. As at 30 June 2026 , the Company had deposit accounts in 33 banks and institutions (as at 31 December 202 5: in 33 banks and institutions). The ten largest exposures are presented in the table below (numbering of banks and institutions set uniformly for the reporting and comparative period and the counterparty credit risk concentration table, according to the recent period): ENTITY 30.06.2026 ENTITY 31.12.2025 (IN PLN’000) (IN PLN’000) Bank 1 3 895 325 Bank 1 3 549 087 Bank 2 1 691 826 Bank 2 1 874 207 Bank 4 1 411 902 Bank 3 1 001 916 Bank 15 571 164 Institution 1 215 019 Institution 2 341 658 Institution 2 211 201 Institution 1 188 684 Institution 3 92 071 Institution 15 55 878 Institution 4 78 877 Institution 16 49 536 Institution 5 52 260 Institution 3 39 576 Bank 4 39 222 Bank 5 27 137 Institution 6 35 644 Other 267 909 Other 237 368 Total 8 540 595 Total 7 386 872 The table below presents a short -term assessment of the credit quality of the Company’s cash and cash equivalents according to credit quality steps determined based on external credit quality assessments (where step 1 means the best credit quality and step 6 - the worst) and the risk weights assigned based on the CRR. Long-term assessment of the credit quality were used in case of exposures without short-term assessment of the credit quality or maturity longer than 3 months.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 52 CREDIT QUALITY STEPS CARRYING AMOUNT (IN PLN’000) 30.06.2026 31.12.2025 Cash and cash equivalent Step 1 8 276 778 6 823 704 Step 2 202 6 285 Step 3 263 615 556 883 Total 8 540 595 7 386 872 Financial assets at fair value through P&L Financial assets at fair value through P&L result from transactions in financial instruments entered into with the Company’s clients and the related hedging transactions. Credit risk involving financial assets at fair value through P&L is connected with the risk of client or counterparty insolvency. With regard to OTC transactions with clients, the Company’s policy is to mitigate the counterparty credit risk through the so-called “stop out” mechanism. Client funds deposited in the brokerage serve as a security. If a client’s current balance is 50 per cent or less of the security paid in and blocked by the transaction system, the position that generates the highest losses is automatically closed at the current market price. The initial margin amount is established depending on the type of financial instrument, client account, account currency and the balance of the cash account in the transaction system, as a percent of the transaction’s nominal value. A detailed mechanism is set forth in the rules binding on the clients. In addition, in order to mitigate counterparty credit risk, the Company includes special clauses in agreements with selected clients, in particular, requirements regarding minimum balances in cash accounts. Due to the mechanisms in place, used to mitigate credit risk, the credit quality of financial assets at fair value through P&L is high and does not show significant diversity. The Company’s top 10 exposures to counterparty credit risk taking into account collateral (net exposure) are presented in the table below (numbering of counterparties fixed uniformly for the reporting and comparative period and cash concentration table): ENTITY 30.06.2026 ENTITY 31.12.2025 NET EXPOSURE (IN PLN’000) NET EXPOSURE (IN PLN’000) Institution 7 25 718 Institution 7 24 835 Institution 2 22 848 Institution 2 16 799 Institution 10 3 850 Institution 11 1 047 Institution 8 988 Institution 8 961 Institution 13 903 Institution 9 717 Institution 9 377 Institution 13 653 Institution 11 343 Institution 5 577 Institution 6 225 Institution 10 406 Institution 13 217 Entity 23 394 Entity 25 195 Entity 24 349 Total 55 664 Total 46 738 Financial assets at amortised cost Financial assets at amortised cost do not show a significant concentration, and they arose in the normal course of the Company’s business. The maximum credit risk exposure for receivables subject to impairment is their gross carrying amount less any impairment losses recognized (the net carrying amount). Detailed information on recognized impairment losses is provided in note 15 - Financial assets at amortised cost. Non-overdue other receivables are collected on a regular basis and, from the perspective of credit quality, they do not pose a material risk to the Company.
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Half-year condensed standalone financial statements for first half of 2026 XTB S.A. xtb.com 53 33.5. Climat risk The identified risks will be incorporated into the internal risk management system, which is managed by the Risk Control Department headed by the Management Board Member for Risk, and the purpose of the unit is, among other things, to ensure comprehensive and informed risk management within the XTB Company, securing the continuity of the organisation's processes and operations. The ESG Team, managed by assigned owners of individual areas, is responsible for identifying, verifying and monitoring climate risks. The Risk Control Department, reporting directly to the Member of the Management Board responsible for Risk, is responsible for incorporating ESG risks into XTB's internal Risk Management System. Issues related to the current climate policy, climate objectives and initiatives undertaken and planned are described in more detail on the XTB S.A. website. During the preparation of this half-year condensed standalone financial statement, the impact of identified risks related to the climate was assessed and no significant impact of environmental issues on the presented disclosures was found. 34. Post balance sheet events On 24 July 2026, the Parent Company allocated EUR 5 696 thousand (PLN 21 614 thousand) to increase the share capital of its subsidiary XTB Agente de Valores SpA, based in Chile. On 31 July 2026, a conditional agreement was finalized for the sale of 100% of the shares in the subsidiary XTB Africa (PTY) Ltd., based in South Africa. The value of the agreement does not constitute a material amount within the meaning of the Group’s criteria for the value of its own assets, and the transaction does not have a material impact on the Group’s financial position. The conclusion of the agreement results from the subsidiary’s failure to commence operational activities. Signatures of the persons representing the entity Date Name Function Signature 27.08.2026 Omar Arnaout President of the Management Board The original Polish document is signed with a qualified electronic signature 27.08.2026 Filip Kaczmarzyk Board Member The original Polish document is signed with a qualified electronic signature 27.08.2026 Paweł Szejko Board Member The original Polish document is signed with a qualified electronic signature 27.08.2026 Jakub Kubacki Board Member The original Polish document is signed with a qualified electronic signature 27.08.2026 Bartosz Osiński Board Member The original Polish document is signed with a qualified electronic signature 27.08.2026 Urszula Tanajewska Person responsible for drawing up the financial statements The original Polish document is signed with a qualified electronic signature
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1 MANAGEMENT BOARD REPORT ON THE OPERATIONS OF THE XTB CAPITAL GROUP in the first half of 2026
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Management Board Report on the operation of the XTB Group for H1 2026 2 Table of Contents MANAGEMENT BOARD REPORT ON THE OPERATIONS OF THE XTB CAPITAL GROUP in the first half of 2026 ................................................................................................................................................. 1 Description of operations of the Company and XTB Capital Group .................................................................... 3 1. General information ..................................................................................................................................... 3 2. Business model ........................................................................................................................................... 4 3. Development strategy ................................................................................................................................. 8 4. The Group’s structure ................................................................................................................................. 9 5. Bodies of the Company ............................................................................................................................. 13 6. Share capital and shareholder structure ................................................................................................... 16 7. Sustainability and the XTB Foundation ..................................................................................................... 20 Summary and Analysis of the Capital Group’s Results Achieved in the First Half of 2026 ............................ 22 1. Factors influencing operational and financial results ................................................................................. 23 2. Selected financial indicators of the Group ................................................................................................. 23 3. Selected operating data ............................................................................................................................ 24 4. Discussion of the Group’s operating results for the first half of 2026 ........................................................ 29 5. Factors that, in the Management Board’s Opinion, may affect the results over at least next quarter ........ 47 6. Management’s Statement on the ability to achieve published performance forecasts for the year ........... 48 Other information ................................................................................................................................................... 49 1. Information on transactions with the subsidiaries ...................................................................................... 49 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 ........................................................................................................................... 49 3. Capital Adequacy ...................................................................................................................................... 50 4. Risk management ..................................................................................................................................... 54 5. The information on the significant court proceedings, arbitration authority or public administration authority .................................................................................................................................................... 88 6. Regulatory environment ............................................................................................................................ 93 7. Events after the balance sheet date .......................................................................................................... 96 Statement by the Management Board .................................................................................................................. 97
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Management Board Report on the operation of the XTB Group for H1 2026 3 Description of operations of the Company and XTB Capital Group 1. General information XTB S.A. is a financial institution with Polish roots and a global reach. Listed on the Warsaw Stock Exchange (GPW), the Company forms the international XTB Capital Group, which offers investors constant and immediate online access to financial markets via a proprietary investment platform and mobile application. 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. Both are All -in-One tools, allowing investors to actively manage their funds for investment purposes. Product offering XTB offers products that meet the expectations of different investor groups: ▪ Stocks / Shares: Securities confirming that their owner (shareholder) holds a fractional part of the capital of a given joint-stock company, granting voting rights, dividend rights, and potential capital gains. ▪ ETFs (Exchange Traded Funds): Funds listed on stock exchanges based on shares, stock indices, or bonds. Together with ETCs (Exchange-Traded Commodities) and ETNs (Exchange-Traded Notes), they form the collective category of Exchange-Traded Products (ETFs). ▪ CFDs (Contracts for Difference): Over-the-counter derivative instruments whose underlying asset can be currency pairs (FOREX), shares, major stock indices, commodities, cryptocurrencies, and others. ▪ XTB Investment Plans: Dedicated to passive investing, allowing clients to build an investment portfolio based on ETFs at low cost. ▪ Interest on idle cash: Paid to clients on uninvested funds remaining on XTB client accounts. ▪ Long-term investment and savings products: Including those for retirement, such as IKE and IKZE in Poland, ISA and Cash ISA in the UK, and PEA in France. ▪ Options: Granting the buyer the right to buy (call) or sell (put) a specific number of shares at a predetermined price within a specific time. Operating under CySEC supervision, in H1 2026 options trading was expanded to clients in Germany, Spain, France, Slovakia, Czech Republic, and Portugal, including fractional volumes. ▪ Spot Cryptoassets: Digital assets such as Bitcoin or Ether which investors can buy and sell directly at current market prices under CySEC/MiCA regulation (available in Cyprus and Chile). ▪ XTB Card: Access to a virtual wallet with a multi-currency card supporting cashless payments, mobile transactions, and contactless ATM cash withdrawals globally. ▪ Fractional Rights: Fiduciary rights to fractional parts of shares or ETFs, allowing investment without share price limitations and facilitating portfolio management. Company Name: XTB Spółka Akcyjna Registered office and headquarters address: ul. Prosta 67, 00-838 Warszawa Website address www.xtb.com/pl Date of registration in the National Court Register: 22.09.2004 KRS number: 0000217580 TIN [NIP]: 5272443955 REGON: 015803782 The company is subject to the supervision of the Polish Financial Supervision Authority and conducts regulated activities based on the permit of November 8, 2005, No. DDM-M-4021-57-1/2005
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Management Board Report on the operation of the XTB Group for H1 2026 4 XTB offers a growing range of products for individual clients, while also operating in the institutional client segment. These services are run under the X Open Hub (XOH) brand and consist of providing modern trading technology and multi-asset liquidity to global financial institutions. XTB offers solutions to meet the specific requirements of institutional clients, including the ability to integrate with client systems and advanced analytical tools to support investment decision -making processes. Full information on the product range can be found on the Company's website: www.xtb.com 2. Business model The XTB Group's business model focuses on people as service recipients and closely aligns with the directions and goals of its sustainable development strategy. It is based on building solutions that enable clients to achieve their investment goals through instant access to financial markets worldwide. This is achieved throug h the XTB Group's proprietary investment platform and application, which are key technological products that help reach mass clients. Operating revenues of the XTB Group include: ▪ Result from financial instruments operations, which comprises: - revenues from spreads, representing the difference between the selling price (offer) and the buying price (bid); - revenues from swap points, representing the cost of holding positions over time; - net result from market-making activities, understood as profits less incurred losses; - commissions and fees related to transactions in financial instruments; ▪ Interest income on clients’ cash balances; ▪ Revenues from commissions and fees charged to clients; ▪ Other revenues.
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Management Board Report on the operation of the XTB Group for H1 2026 5 Diversification of revenues based on client segments The Group diversifies its revenues by providing its services to individual and institutional clients. Diversification of revenues based on business markets XTB Group is also diversifying its revenues geographically, consistently pursuing its strategy of building a global brand. The main market on which XTB generates more than 20% of revenue each time is Poland. In addition, the Group provides its services to clients in Europe, the Middle East and Latin America. XTB's management is placing the main emphasis on organic growth, on the one hand increasing its penetration of European markets, and on the other gradually building its presence in Latin America and Asia. Following these activities, the composition of the Group may expand to include new subsidiaries. It is worth mentioning that geographic expansion is a process carried out by XTB on a continuous basis, the effects of which are spread over time.
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Management Board Report on the operation of the XTB Group for H1 2026 6 XTB's growth is also possible through mergers and acquisitions, especially with entities that would allow the Group to achieve geographical synergies (complementary markets). Such transactions are intended by the Board to be implemented only if they involve tangible benefits for the Company and its shareholders. Factors affecting financial and operational performance It is inherent in XTB's business model that revenues are highly volatile from period to period. The Group's operational and financial results are primarily influenced by: The business model used by XTB combines features of the agency model and the market maker model, in which the Company is a party to transactions concluded and initiated by clients. XTB does not, strictly speaking, engage in trading in anticipation of changes in the price or value of the underlying instruments (so -called proprietary trading). The hybrid business model used by XTB also uses an agency model. For example, on most CFD instruments based on cryptocurrencies, XTB hedges these transactions with third-party counterparties, virtually ceasing to be the other party to the transaction (of course from a legal point of view it is still XTB). The fully automated risk management process adopted by the Company limits exposure to market changes and forces hedging of positions to maintain appropriate levels of capital requirements. In addition, XTB executes directly on regulated markets or alternative trading venues all transactions in equities and ETFs and CFDs based on these assets. XTB is not a market maker for this class of instruments. § number of active clients volume of transactions in financial instruments by clients regulatory environment volatility in financial and commodity markets general market, geopolitical and economic conditions competition in the FX/CFD market amount of deposits
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Management Board Report on the operation of the XTB Group for H1 2026 7 As a general rule, the Group's revenues are positively affected by higher activity in the financial and commodity markets due to the fact that such periods see higher levels of turnover by the Group's clients and higher profitability per lot. Periods of clear and long market trends are favourable to the Company and it is at such times that it generates the highest revenues. Accordingly, the high activity of the financial and commodity markets generally leads to increased trading volumes on the Group's trading platforms. In contrast, the decline in this activity and the associated decrease in transactional activity of the Group's clients mainly leads to a decrease in the Group's operating income.
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Management Board Report on the operation of the XTB Group for H1 2026 8 Given the above, the Group's operating income and profitability may decline during periods of low financial and commodity market activity. In addition, there may be a more predictable trend with the market moving within a limited price range. This leads to market trends that can be predicted with a higher probability than larger directional movements in the markets, creating favourable conditions for range trading. In this case, a higher number of profitable transactions are observed for clients, leading to a reduction in the Group's market making result. The volatility and activity of the markets is a result of a number of external factors, some of which are market specific and some of which may be linked to general macroeconomic conditions, which may materially affect the Group's revenues in future quarters. This is characteristic of the Group's business model. 3. Development strategy The development strategy of the XTB Group is based on five key ares aimed at building a strong brand valued by clients worldwide. XTB intends to systematically strengthen its market position by creating a diversified product offering that appeals to investors with varying preferences, financial resources, as well as levels of knowledge and experience. As a dynamically growing fintech, the XTB Group incorporates ESG (Environmental, Social, and Governance) criteria into its business strategy, integrating them with its operational activities. Currently, the Company is implementing its ESG Strategy for 2024 - 2027. BUSINESS GOALS ▪ Strengthening our position in Western and Central and Eastern European markets ▪ Further geographic expansion into new markets, including Latin America and Asia ▪ Further development and strengthening of the institutional client segment through X Open Hub ▪ Expanding the Group's product and service offerings and developing technological innovations ▪ Growth through acquisitions, mergers, and joint ventures SUSTAINABLE DEVELOPMENT ▪ Responsible Management Practices ▪ Regulated Operations ▪ Risk Management ▪ Responsible Payment Practices ▪ Technology and Product Portfolio Development ▪ ▪ Responsible Marketing ▪ Transparent Communication ▪ Financial Education ▪ Business Ethics ▪ Fair Competition ▪ Mature Organizational Culture ▪ Human Rights and Competitive Employment Conditions ▪ Employee Development and Competency Building ▪ Diversity and Flexibility
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Management Board Report on the operation of the XTB Group for H1 2026 9 4. The Group’s structure The XTB Capital Group currently comprises XTB S.A., the parent company, European branches, and subsidiaries. These play a key role in implementing the international expansion strategy and support the Group's operational activities. All are located in strat egic financial centers in Europe, Latin America, and the Middle East, enabling direct client service in these regions. The Group's structure includes entities responsible for technology development, operational support , marketing and compliance. Thanks to the principle of a single European passport under the MiFID II Directive, the Company operates through a branch pursuant to and within the framework of a permit granted by the Polish Financial Supervision Authority (KNF) in the following EU Member States: the Czech Republic, Spain, Slovakia, Romania, Germany, France, and Portugal. Its activities are regulated and subject to supervision by the relevant authorities in the markets in which the Group operates, including EU countries, based on the so-called single European passport. In addition, the Company holds shares in entities currently operating under separate permits to conduct brokerage activities issued by supervisory authorities in foreign jurisdictions. Foreign branches of XTB S.A. Within Europe, XTB conducts its operations through foreign branches, as shown in the diagram.
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Management Board Report on the operation of the XTB Group for H1 2026 10 Subsidiaries of XTB S.A. As at June 30, 2026, the XTB S.A. Group comprised 14 subsidiaries, as shown in the diagram below. Name of the subsidiary Country XTB's share in the subsidiary Additional information XTB Limited United Kingdom 100% The Company provides brokerage services to clients, based on a license issued by the FCA ( Financial Conduct Authority), license number: FRN 522157. XTB Limited Cyprus 100% The Company provides brokerage services to clients based on a license issued by the Cyprus Securities and Exchange Commission (CySEC), license no. 169/12. XTB International Limited Belize 100% The Company provides brokerage services to clients based on a license issued by the IFSC ( International Financial Service Commission ), now the FSC (Financial Services Commission). XTB MENA Limited United Arab Emirates 100% The Company provides brokerage services to clients under a license from the Dubai Financial Services Authority (DFSA). XTB Agente de Valores SpA Chile 100% The Company provides brokerage services to clients under a Securities Agent license and entry no. 216 in the Register of Stock Brokers and Securities Agents (esp. Registro de Corredores de Bolsa y Agentes de Valores) maintained by the Polish Financial Mark et Commission. ( COMISIÓN PARA EL MERCADO FINANCIERO).
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Management Board Report on the operation of the XTB Group for H1 2026 11 Name of the subsidiary Country XTB's share in the subsidiary Additional information XTB Financial Services L.L.C. United Arab Emirates 100% The Company provides brokerage services to clientsunder a license granted by the Securities and Commodities Authority (SCA). PT XTB Indonesia Berjangka Indonesia 90% The Company provides brokerage services to clientsunder a PALN License issued by Bappebti Indonesia. XTB Services Limited Cyprus 100% The company acquires and maintains relationships, negotiates, and concludes agreements with partners. It is also responsible for overseeing the partner onboarding process, conducting audits, and managing partner payment processes. The company supports clie nt acquisition through affiliate partnerships. X Open Hub Sp. z o.o. Poland 100% The company's main activity is to acquire clients interested in XTB's technological solutions (trading platforms) and/or liquidity supply, and to provide them with electronic applications and trading technology. XTB S.C. Limited Republic of Seychelles 99.9% directly; 0.1% indirectly through XTB Services Limited (Cyprus) The company has received license no. SD148 from the Financial Services Authority (FSA) to operate in the Republic of Seychelles. As of the date of this Report, the company had no operational activities. XTB Brasil Distribuidora de titulos e valores mobilarios LTDA Brasil 100% The company was incorporated as a special- purpose entity (subsidiary) and was assigned its local tax identification number. As of the date of this report, the company had not commenced any operational activities. XTB Lithuania, UAB Lithuania 100% The Company was registered in June 2026. It will provide investment and financial services. Tasfiye Halinde XTB Yönetim Danışmanlığı A.Ş. Turkey 100% As of the date of this Report, the company was not conducting any operational activities. Since September 2020, the company has been undergoing liquidation. XTB Africa (PTY) Ltd. Republic of South Africa 100% Since August 2021, the Company has held a Financial Sector Conduct Authority (FSCA) license to operate in South Africa. The Company has not conducted any operational activities. As a result of the closing of the share sale agreement, effective July 31, 2026, the company ceased to be a member of the XTB Group. Information on consolidation The financial results of all Group subsidiaries are consolidated using the full method from the date of incorporation/acquisition. During the reporting period, all subsidiaries were consolidated. Neither the Parent Company nor any Group company has interests in other companies that could have a material impact on the assessment of its assets and liabilities, financial position and profit and loss.
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Management Board Report on the operation of the XTB Group for H1 2026 12 Capital increase in subsidiaries During the reporting period, i.e., from January 1 to June 30, 2026, the Company increased the share capital in the following subsidiaries: ▪ on February 24, 2026, the Parent Company allocated EUR 3,000 thousand to increase the share capital in the subsidiary XTB Limited (CY) with its registered office in Cyprus. ▪ on May 22, 2026, the Parent Company allocated EUR 1,000 thousand to a subsequent share capital increase in the subsidiary XTB Limited (CY) with its registered office in Cyprus. ▪ on May 26, 2026, the Parent Company allocated USD 195.3 thousand to increase the share capital in the subsidiary XTB S.C. Limited with its registered office in the Republic of Seychelles, maintaining a 99.9% stake in the subsidiary. The remaining 0.1% of shares is held by another subsidiary, XTB Services Limited. Changes in the structure of the XTB Capital Group in H1 2026 During the reporting period, i.e., from January 1 to June 30, 2026, and up to the date of issuance of this Report, the following changes occurred in the structure of the XTB Capital Group: ▪ on February 17, 2026, a conditional agreement for the sale of 100% of shares in the said company was concluded between the Parent Company XTB S.A., the subsidiary XTB Africa (PTY) Ltd. based in South Africa, and the buyer. Upon fulfillment of the condition stipulated in the agreement, XTB Africa (PTY) Ltd. will cease to be a part of the XTB Group structure. The value of the agreement does not constitute a material amount within the meaning of the equity criteria adopted by the Company, and the transaction has no material impact on the Company's financial position. The conclusion of the agreement is a result of the subsidiary's failure to commence operating activities. The agreement was finalized on July 31, 2026. ▪ on May 15, 2026, the Parent Company XTB S.A. allocated EUR 1,000 thousand to the share capital in a new subsidiary, XTB Lithuania, with its registered office in Lithuania, which was registered on June 1, 2026. During the reporting period, i.e. from 1 January to 30 June 2025 and until the date of this Report, there were no changes in the structure of the XTB Capital Group other than those described above.
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Management Board Report on the operation of the XTB Group for H1 2026 13 5. Bodies of the Company 5.1 Management Board The parent company XTB S.A. is headed by a Management Board appointed and dismissed on the basis of the Company's Articles of Association. In the period from January 1 to June 30, 2026, and as of the date of issuance of this Report the composition of the Board Management was as follows: Omar Arnaout President of the Management Board Scope of competence: ▪ directing and supervising the work of the Board and its members; ▪ strategic and operational management of the Group's sales activities; ▪ stakeholder relationship building and post-sales process management; ▪ human resources management and CSR activities (XTB Foundation); ▪ building responsible management practices and corporate governance. Term of office: 02.07.2025 – 02.07.2028 Scope of competence: ▪ quality management of XTB's investment services and products; ▪ IT infrastructure management; ▪ development of XTB's investment products; ▪ building responsible management practices and corporate governance. Term of office: 02.07.2025 – 02.07.2028 Filip Kaczmarzyk Member of the Management Board for trading
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Management Board Report on the operation of the XTB Group for H1 2026 14 Scope of competence: ▪ managing the financial and investor relations area of XTB; ▪ management of the area of management information and the circulation of confidential information; ▪ management of the area of sustainable development (ESG); ▪ building responsible management practices and corporate governance; ▪ CSR activities (XTB Foundation). Term of office: 02.07.2025 – 02.07.2028 Paweł Szejko Member of the Management Board for finance Scope of competence: ▪ management of compliance and legal areas; ▪ activities related to the Internal Control System (ICS); ▪ supporting the Supervisor in overseeing the operation of the System of Legal Compliance (SLC); ▪ building responsible management practices and corporate governance. Term of office: 02.07.2025 – 02.07.2028 Jakub Kubacki Member of the Management Board for legal affairs Scope of competence: ▪ management and supervision of the risk area; ▪ operational and strategic management of XTB S.A.'s operations; ▪ building responsible management practices and corporate governance. Term of office: 01.12.2025 – 02.07.2028 Bartosz Osiński Member of the Management Board for risk
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Management Board Report on the operation of the XTB Group for H1 2026 15 On March 3, 2026, the Company received the resignation of Mr. Jakub Kubacki from the position of Member of the XTB Management Board, effective at the end of the day on June 30, 2026. (Current Report No. 3/2023 of March 3, 2026). Subsequently, on March 31, 2026, the Company received a statement from Mr. Jakub Kubacki withdrawing his statement of resignation from the position of Member of the XTB Management Board, originally submitted on March 3, 2026. The Supervisory Board of XTB S.A. acknowledged the aforementioned statement by Mr. Jakub Kubacki withdrawing his resignation and consented to the withdrawal of his statement of resignation from the position of Member of the XTB Management Board. Furthermore, given that the effective date of the resignation had not yet occurred, and thus the Management Board member retained the continuity of his mandate, the Supervisory Board confirmed the appointment of Mr. Jakub Kubacki to the Company's Management Board as Member of the Management Board for Legal Affairs for the ongoing joint term of office of the Management Board, lasting from July 2, 2025, to the end of the day on July 2, 2028. Concurrently, due to the lack of changes in the composition of the Company's Management Board, the Supervisory Board confirmed the individual suitability assessment of Mr. Jakub Kubacki and the collective suitability assessment of the Management Board conducted on June 25, 2025. (Current Report No. 6/2026 of March 31, 2026). 5.2 Supervisory Board At the beginning of the reporting period, i.e. January 1, 2026 to June 30, 2026, the composition of the Supervisory Board was as follows: Full name Function Start of term End of term Criterion of independence fulfilled Aleksander Chłopecki President of the Supervisory Board 16.01.2025 20.11.2027 YES Katarzyna Dąbrowska Member of the Supervisory Board 20.11.2024 20.11.2027 YES Grzegorz Grabowicz Member of the Supervisory Board 20.11.2024 20.11.2027 YES Ewa Stefaniak Member of the Supervisory Board 20.11.2024 20.11.2027 YES Bartosz Zabłocki Member of the Supervisory Board 20.11.2024 20.11.2027 NO Jakub Zabłocki Member of the Supervisory Board 14.05.2025 20.11.2027 NO Prof. Aleksander Chłopecki President of the Supervisory Board Ewa Stefaniak Member of the Supervisory Board Katarzyna Dąbrowska Member of the Supervisory Board
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Management Board Report on the operation of the XTB Group for H1 2026 16 Grzegorz Grabowicz Member of the Supervisory Board Bartosz Zabłocki Member of the Supervisory Board Jakub Zabłocki Member of the Supervisory Board 6. Share capital and shareholder structure In the period from January 1 to June 30, 2026, and as of the date of issuance of this Report, the share capital of XTB S.A. consisted of 117,569,251 shares wita a total nominal value PLN 5,878,462.55. Detailed information on the share capital structure is presente in the table below: Series of shares Number of shares Nominal value of shares (PLN) Nominal value of the issue (PLN) A series 117 383 635 0.05 5 869 181.75 B series 185 616 0.05 9 280.80 Total 117 569 251 0.05 5 878 462.55 6.1 Shareholding structure – as at the end of the reporting period and as at the date of release the Report To the best knowledge of the Management Board, the shareholders holding, directly or through subsidiaries, at least 5% of the total number of votes at the Parent Company's General Assembly in the period from Januray 1, 2026 to June 30, 2026, and as of the date of issuance of this Report, were as follows: Shareholder Number of shares Nominal value of shares (PLN) Share in total number of shares and votes at GA (%) XX ZW Investment Group S.A.1 42 067 329 2 103 366.45 35.78 Other shareholders 75 501 922 3 775 096.10 64.22 Total 117 569 251 5 878 462.55 100.00 1 XX ZW Investment Group S.A., based in Luxembourg, is an entity directly controlled by Mr. Jakub Zabłocki, who holds shares representing 81.97% of the share capital and entitling him to exercise 81.97% of votes at the XX ZW Investment Group S.A. shareholders' meeting
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Management Board Report on the operation of the XTB Group for H1 2026 17 The shareholding structure as at June 30, 2026 and as at the date of release this Report is shown in the chart below: After the balance sheet date and as of the date of issuance of this Report, no changes have occurred in the Company's shareholder structure. 6.2 Purchase of own shares As part of the execution of the share buyback to fulfill obligations arising from the incentive scheme in force at the Company, based on the authorization contained in Resolution No. 22 of the Ordinary General Meeting of XTB S.A. dated May 8, 2026, Trigon Dom Maklerski S.A. purchased for the account of XTB a total of 76,152 of the Company's treasury shares on May 11–13, 2026, at an average price of PLN 107.13 per share. These shares represent a 0.06% stake in the Company's share capital and carry the right to 76,152 votes at the Company's General Meeting, which constitutes 0.06% of the total number of votes (Current Reports No. 15/2026 of May 11, 2026, and 16/2026 of May 14, 2026). 6.3 Shares and entitlements held by management and supervisory persons Ownership of shares in the Company and related parties by members of the Management Board The following table shows the total number and nominal value of the Company's shares directly held by the Company's management and supervisory personnel as at January 1, 2026. FULL NAME FUNCTION NUMBER OF SHARES HELD TOTAL NOMINAL VALUE OF SHARES (in PLN) Omar Arnaout President of the Management Board 62 310 3 116 Filip Kaczmarzyk Member of the Management Board 43 616 2 181 Paweł Szejko Member of the Management Board 35 154 1 758 Jakub Kubacki Member of the Management Board 25 632 1 282 Bartosz Osiński Member of the Management Board 1 208 60 35.78% 64.22% XX ZW Investment Group S.A. Free float
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Management Board Report on the operation of the XTB Group for H1 2026 18 During the reporting period and up to the date of issuance of this Report, the following changes occurred in the ownership of the Company's shares by managing and supervising persons: ▪ On May 22, 2026, Omar Arnaout acquired 8,108 of the Company's shares under the incentive scheme; ▪ On May 22, 2026, Filip Kaczmarzyk acquired 5,040 of the Company's shares under the incentive scheme; ▪ On May 22, 2026, Paweł Szejko acquired 3 790 of the Company's shares under the incentive scheme; ▪ On May 22, 2026, Jakub Kubacki acquired 2 885 of the Company's shares under the incentive scheme; ▪ On May 22, 2026, Bartosz Osiński acquired 814 of the Company's shares under the incentive scheme. Following the acquisition of the Company's shares by members of the Management Board under the Incentive Scheme, which the Company disclosed in Current Report No. 17/2026 on May 22, 2026, the ownership of the Company's shares by Management Board Members as of the date of issuance of this Report is as follows: FULL NAME FUNCTION NUMBER OF SHARES HELD TOTAL NOMINAL VALUE OF SHARES (in PLN) Omar Arnaout President of the Management Board 70 418 3 521 Filip Kaczmarzyk Member of the Management Board 48 656 2 433 Paweł Szejko Member of the Management Board 38 944 1 947 Jakub Kubacki Member of the Management Board 28 517 1 426 Bartosz Osiński Member of the Management Board 2 022 101 6.4 Shares at the WSE XTB S.A. debuted on the Warsaw Stock Exchange on May 6, 2016. All of the Company’s shares are listed on the main market. Since September 3, 2020, XTB has been a constituent of the mWIG40 index. This is a price index comprising 40 companies ranked immediately after the WIG20 index, selected based on their classification position calculated from trading data following the stock exchange sessions on the third Friday of February, May, August, and November. The ranking takes into account trading volumes over the past 12 months as well as the free float market capitalization, which is determined based on a randomly selected closing price from the last five trading days, counting backwards from the classification date. More information is available at gpwbenchmark.pl. Since the beginning of 2026, XTB's share price has reflected high market volatility. The minimum share price in H1 was PLN 71.44 (recorded in January), while the highest reached PLN 114.00 (recorded in April), representing an increase of 59.6%. The closing share price for this period, recorded at the end of June, stood at PLN 106.96, only slightly below the period's maximum. The trading value (session trades) throughout H1 2026 amounted to PLN 3,813.82 million (comprising a turnover of: PLN 626.93 million in January, PLN 607.96 million in February, PLN 861.07 million in March, PLN 494.55 million in April, PLN 410.12 million in May, and PLN 813.19 million in June). This result placed the Company among the top issuers with a 1.23% share in total trading (compared to the total session turnover on the equity market amounting to PLN 308,915.07 million in this period). Investors generated the highest turnover in March (reaching PLN 861.07 million), while June was the second most active month in this respect, with a trading value of PLN 813.19 million.
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Management Board Report on the operation of the XTB Group for H1 2026 19 At the beginning of 2026, XTB's market capitalization amounted to PLN 8,443.8 million and increased steadily in the subsequent months. At the end of June 2026, the capitalization ultimately reached PLN 12,575.29 million, ranking the Company 25th in terms of market capitalization among all 383 domestic issuers listed on the WSE during this period. The historical share price performance of XTB compared to the mWIG40 stock index from the date of the company’s stock exchange debut to the balance sheet date is illustrated in the chart below: 50 PLN 60 PLN 70 PLN 80 PLN 90 PLN 100 PLN 110 PLN 120 PLN 01.2026 02.2026 03.2026 04.2026 05.2026 06.2026 XTB share price in the First Half of 2026 9 970 10 452 11 132 11 992 12 185 12 575 01.2026 02.2026 03.2026 04.2026 05.2026 06.2026 XTB market capitalization at the end of each month in 2026 (in PLN million) 2 000 pkt 3 000 pkt 4 000 pkt 5 000 pkt 6 000 pkt 7 000 pkt 8 000 pkt 9 000 pkt 10 000 pkt 11 000 pkt May 2016 September 2016 January 2017 June 2017 October 2017 February 2018 July 2018 November 2018 March 2019 August 2019 December 2020 April 2020 September 2020 January 2021 May 2021 September 2021 February 2022 June 2022 October 2022 March 2023 July 2023 November 2023 April 2024 August 2024 December 2024 March 2025 June 2025 September 2025 December 2025 March 2026 June 2026 2 PLN 22 PLN 42 PLN 62 PLN 82 PLN 102 PLN 122 PLN 142 PLN XTB's share performance compared to mWIG40 XTB mWIG40
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Management Board Report on the operation of the XTB Group for H1 2026 20 7. Sustainability and the XTB Foundation The area of sustainability within the XTB Group has been developed since 2021, marked by the publication of the first non- financial report and the implementation of the ESG Strategy. Initiatives in this field are progressively aligned with the Company's business model, regulatory requirements, and stakeholder expectations. They encompass, among others, corporate governance, environmental impact, and labor -related aspects. The Chief Financial Officer, supported by the Sustainability Team, is responsible for this area, with oversight provided by the Audit Committee of the Supervisory Board through regular reviews. Key ESG activities in the first half of 2026 included the publication of the XTB S.A. Group Sustainability Statement in accordance with ESRS standards, covering 2025 data, as well as an update to the ESG Strategy, which included the implementation of an internal ESG Policy. XTB Foundation: educational and sponsorship activities In its business operations, the XTB Group also recognizes the need to build its image as a professional partner in the financial instruments market by undertaking educational initiatives. The Company develops and provides content on investment instruments, market analyses, and online courses for both beginner and more experienced investors. Many of these activities are carried out through the XTB Foundation, established in 2020 . Its mission is to promote financial education, build social awareness, and support sustainable development efforts. Through its activities, the Foundation aims to equalize educational opportunities, as well as inspire and motivate development for a better tomorrow by sharing the knowledge essential for investing and financial management. XTB Foundation projects carried out in H1 2026: ▪ „Money Talks. Investment Debutant Day” conference. The event took place on April 18 this year and gathered over 800 participants. The conference featured 15 speakers and two former athletes: Agnieszka Radwańska and Grzegorz Krychowiak. The event's patrons included the Polish Economic Society, the Association of Individual Investors, the Onet.pl portal, and the Zwierciadło magazine. Name: Fundacja XTB Headquarters address: ul. Prosta 67, 00-838 Warszawa Date of registration in the National Court Register (KRS): 23.12.2020 KRS number: 0000861567 REGON number: 38778254000000 NIP number: 5272945208 President of the Managment Board: Sylwia Kozoń Foundation Board: Omar Arnaout, Paweł Szejko
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Management Board Report on the operation of the XTB Group for H1 2026 21 ▪ Cooperation with the Polish Economic Society (PTE). The XTB Foundation is a Strategic Partner and sponsor of the National Economic Knowledge Olympiad organized by PTE. The final stage of the Olympiad took place at the beginning of April this year, selecting 5 winners. The delegation represented Poland at the International Economics Olympiad in Greece, securing a total of four medals: three silver and one bronze. ▪ „Academy of Tomorrow. Finance with Class”. In mid-June, the Warsaw Stock Exchange hosted the finale of the second edition of the 'Academy of Tomorrow. Finance with Class' project, which was attended by over 4,000 students from 182 classes. There were also 20 Q&A sessions with XTB experts. The completed edition of the program was implemented in schools in cities such as Mikołów, Tarnów, Białystok, Ostróda, Biała Podlaska, Serock, Łódź, Legionowo, Otwock, and Radom. ▪ Stock Exchange Academy organized by the Investor's Club operating at the Warsaw School of Economics (SGH). The XTB Foundation was a Strategic Partner. ▪ Young Stock Market Investor Competition organized by the Koszalin University of Technology. The XTB Foundation was a Strategic Partner and Main Sponsor. Over 600 students from all over Poland participated in the competition. ▪ Polish-British Investment Alliance (BPIA) is a nationwide student project organized by the Investor's Club at the Warsaw School of Economics (SGH), connecting young talents with financial market experts. BPIA creates a bridge between the Polish and British investment sectors through workshops, lectures, and networking. As part of the partnership, the President of the XTB Foundation Management Board, Sylwia Kozoń, participated in the opening debate of the 14th BPIA Conference. ▪ Economic Bridges (Mosty Ekonomiczne) 2026 is a student exchange project organized by the Forum of Economic Universities (FUE), facilitating four-day trips between leading economic universities in Poland (Warsaw, Poznań, Kraków, Wrocław, Katowice). The aim is integration, workshops, and getting to know the specifics of other universities. The Foundation became a partner of the initiative. ▪ BETA ETF Challenge is a nationwide educational competition dedicated to student scientific clubs, aimed at popularizing knowledge about ETFs (Exchange-Traded Funds) and capital market mechanisms. The project focuses on a practical approach to investing and the financial education of the young generation. The finale of the competition took place at the WallStreet conference in Karpacz on May 29-30, 2026. The Foundation became a strategic partner of the initiative. ▪ 17th Congress of Banking Law and New Technologies. The event took place on May 19-20 this year at the Warsaw Stock Exchange. It was organized by the Banking Law Scientific Club operating at the University of Warsaw. The XTB Foundation was a Strategic Partner of the congress.
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Management Board Report on the operation of the XTB Group for H1 2026 22 Summary and Analysis of the Capital Group’s Results Achieved in the First Half of 2026 In the first half of 2026, the Group continued its strategy of building a global brand and diversifying its product offering, which translated into a significant increase in the client base. In the reporting period, XTB acquired a record of over 703 thousand new clients. The dynamic pace of acquisition resulted in an increase in the total client base to 2.83 million as of June 30, 2026 (compared to 1.70 million as of June 30, 2025, representing an increase of 66.4% y/y). At the same time, the Group recorded a significant increase in the number of active clients, which reached 1.49 million, representing an increase of 74.5% year-on-year (y/y). In the first half of 2026, the XTB Group generated its highest-ever consolidated net profit, which amounted to PLN 1,027.2 million, compared to PLN 410.1 million in the corresponding period of the previous year (an increase of 150.5% y/y). Consolidated operating revenues reached a record level of PLN 2,086.3 million (H1 2025: PLN 1,160.9 million), with operating expenses at PLN 884.1 million (H1 2025: PLN 608.7 million). Market volatility in the first half of 2026 The first half of 2026 in the financial markets marked an extremely dynamic period full of extremes, with the greatest interest seen in commodity market instruments - particularly gold, silver, and crude oil - as well as key stock indices, led by the US markets and the German DAX. While the first quarte r was marked by a clear dominance of precious metals in terms of trading volume and investor attention - driven by above -average volatility and the search for investment opportunities - in the second quarter, capital flowed equally into the equity market, favoring the tech-heavy Nasdaq index. The main source of tension in the energy market during the first months of the year was the outbreak of conflict in the Middle East and the blockade of the Strait of Hormuz. As a result, crude oil prices skyrocketed in Q1, gaining as much as 100% since the beginning of the year. Conversely, high volatility in the gold and silver markets was a continuation of the dynamic gains observed throughout 2025. The massive interest in trading these precious metals was driven by highly dynamic price movements: following a sharp correction at the turn of January and February, the market managed to partially recover its losses before entering a deeper and more sustained downward trend in March, which continuously attracted speculative capital. The second quarter brought a clear shift toward the equity market. US indices more than recovered their earlier losses and broke through to new highs. Fueled by the unflagging artificial intelligence trend and strong results from tech companies , the Nasdaq index surged by approximately 30% from its correction low. At the same time, the broad-based S&P 500 index gained over 15%, while the German DAX swiftly returned to near its all-time highs following a slump in March. To summarize the entire first half of 2026, investors demonstrated flexibility in their continuous pursuit of market volatili ty. They efficiently reallocated capital from volatile commodities in Q1 to the equity market in Q2, adapting agilely to the macroeconomic environment.
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Management Board Report on the operation of the XTB Group for H1 2026 23 1. Factors influencing operational and financial results The following section of this Report presents and discusses the factors that influenced the financial and operational results of the Group for the six-month period ended 30 June 2026. At the same time, the section titled Business Model of this Report outlines the elements which, in the Management Board’s opinion, may have a lasting impact - over the long term - on the Group’s operations, operating and financial performance, financial position, and growth prospects. 2. Selected financial indicators of the Group DISCLAIMER: The financial indicators presented in the table below are not measures of financial performance in accordance with EU IFRS and should not be considered as measures of financial results or cash flows from operating activities, nor as alternatives to profit. These indicators are not uniformly defined and may not be comparable to indicators presented by other companies, including those operating in the same sector as the Group. 6 MONTH PERIOD ENDED: 30.06.2026 31.12.2025 30.06.2025 EBITDA (in thousand PLN)1 1 215 997 293 777 564 007 EBITDA margin (%)2 58.3 29.8 48.6 Net profit margin (%)3 49.2 23.8 35.3 Return on equity – ROE (%)4 90.1 24.9 43.5 Return on assets – ROA (%)5 21.1 5.7 11.7 The Company's Total Capital Ratio (IFR) (%) 194.4 190.5 197.5 The Group's Total Capital Ratio (IFR) (%) 189.4 186.0 191.4 1 EBITDA is calculated as operating profit increased by depreciation and amortization. 2 Calculated as the ratio of operating profit increased by depreciation and amortization to operating revenues. 3 Net profitability measured as the ratio of net profit to total operating revenues. 4 Calculated as the ratio of net profit to the average equity balance, which is calculated as the arithmetic mean of equity at the end of the previous and the current reporting period. 5 Calculated as the ratio of net profit to the average total assets balance, calculated as the arithmetic mean of total assets at the end of the previous and the current reporting period.
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Management Board Report on the operation of the XTB Group for H1 2026 24 3. Selected operating data The table below presents the Group’s turnover data (in lots) divided by geography for the specified periods. 6 MONTH PERIOD ENDED: 30.06.2026 31.12.2025 30.06.2025 Retail operating segment 3 882 565 4 397 692 3 847 605 Central and Eastern Europe 1 869 751 1 993 054 1 855 215 Western Europe 1 066 104 1 046 740 863 543 Latin America1 352 269 580 631 523 066 Middle East2 594 441 777 267 605 781 Institutional operating segment 272 266 239 131 381 953 Total 4 154 831 4 636 823 4 229 558 1 The subsidiary XTB International Ltd., headquartered in Belize, acquires clients from Latin America and the rest of the world (apart from Europe). Lots from clients acquired by this subsidiary originating from the Middle East region have been excluded from this data. 2 Lots from clients originating from the Middle East, acquired by XTB International Ltd. headquartered in Belize, XTB MENA Limited, and XTB Financial Services L.L.C., both headquartered in the United Arab Emirates. The table below presents the Group’s turnover data (in nominal value, in USD million) divided by geography for the specified periods. 6 MONTh PERIOD ENDED: 30.06.2026 31.12.2025 30.06.2025 Retail operating segment 2 300 106 2 678 984 2 016 671 Central and Eastern Europe 1 106 977 1 218 052 951 432 Western Europe 443 957 511 342 416 023 Latin America1 251 295 391 842 296 278 Middle East2 497 877 557 748 352 938 Institutional operating segment 62 483 44 298 65 750 Total 2 362 589 2 723 282 2 082 421 1 The subsidiary XTB International Ltd., headquartered in Belize, acquires clients from Latin America and the rest of the world (apart from Europe). Lots from clients acquired by this subsidiary originating from the Middle East region have been excluded from this data. 2 Turnover from clients originating from the Middle East, acquired by XTB International Ltd. headquartered in Belize, XTB MENA Limited, and XTB Financial Services L.L.C., both headquartered in the United Arab Emirates.
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Management Board Report on the operation of the XTB Group for H1 2026 25 The table below presents: ▪ the number of new Group clients in each period; ▪ the total number of clients; ▪ the number of active clients who conducted at least one transaction and/or held an open position during the period; ▪ the value of net deposits in each period; ▪ average operating revenue per active client; ▪ transaction volume in lots; ▪ profitability per 1 lot; ▪ turnover of CFD derivative instruments in nominal value (in million USD); ▪ profitability per 1 million USD of turnover of CFD derivative instruments in nominal value (in USD); and ▪ turnover of shares and ETFs in nominal value (in million USD). The information presented in the table below pertains to the activities in both the retail operating segment and the institutional business segment combined 6 MONTH PERIOD ENDED: 30.06.2026 31.12.2025 30.06.2025 New clients1 703 333 502 643 361 643 Clients in total 2 825 700 2 164 867 1 697 894 Number of active clients2 1 489 872 1 112 363 853 938 Net deposits (in thousand PLN)3 11 768 823 7 431 404 7 240 875 Average operating revenue per active client (in thousand PLN)4 1.4 0.9 1.4 CFDs trading volume in lots5 4 154 831 4 636 823 4 229 558 Profitability per lot (in PLN)6 459 183 251 Turnover of CFDs in nominal value (in USD million) 2 362 589 2 723 283 2 082 421 Profitability per USD 1 million of turnover of CFDs in nominal value (in USD)7 221 85 132 Turnover of shares and ETFs in nominal value (in USD milion) 18 435 12 963 8 849 1 Number of new Group clients in the respective periods 2 Number of clients who, during the period, (i) conducted at least one transaction and/or (ii) held an open position, and/or (i ii) held free funds on the account subject to interest 3 Net deposits represent funds deposited by clients directly into investment accounts and funds transferred from the XTB Card account to investment accounts, reduced by funds withdrawn from investment accounts in a given period. 4 Operating revenue of the Group in the given period divided by the number of active clients in the same period. 5 A lot is a transaction unit for trading financial instruments. The size of a lot varies for different financial instruments. For CFD tra nsactions based on currencies, including cryptocurrencies, one lot corresponds to 100,000 units of the base currency. In other cases, the lot size is specified in the instrument specification table, available here. The presented value excludes turnover of CFDs on shares and ETFs, where 1 lot equals 1 share. Due to the standardization of the lot definition for CFDs based on cryptocurrencies with the definition used for currency -based CFDs, where 1 lot equals 100,000 units of the base currency, the data have been appropriately adjusted for comparative periods. 6 Net financial instrument operations result achieved on CFDs, excluding CFDs on shares and ETFs, divided by the turnover in CFD de rivative instruments expressed in lots, excluding CFDs on shares and ETFs. 7 Net financial instrument operations result achieved on CFDs, excluding CFDs on shares and ETFs, converted into USD based on the arithmetic mean of the average exchange rates of the National Bank of Poland applicable on the last day of each month of the reporting period, divided by the turnover of CFD instruments, excluding CFDs on shares and ETFs, expressed in nominal value (in USD million).
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Management Board Report on the operation of the XTB Group for H1 2026 26 The table below presents information on the Group’s revenue divided by geography for the specified periods. 6 MONTH PERIOD ENDED: 30.06.2026 31.12.2025 30.06.2025 Result from financial instruments operations: 2 024 371 927 924 1 116 658 Central and Eastern Europe 1 472 324 642 838 720 770 Western Europe 394 779 142 437 231 043 Latin America1 57 696 68 777 56 239 Middle East2 99 572 73 873 108 606 Result on interest from clients’ cash: 45 978 43 276 34 713 Central and Eastern Europe 38 924 35 928 28 718 Western Europe 6 953 7 148 5 806 Latin America1 101 200 189 Revenue from commissions and fees: 15 772 11 037 9 250 Central and Eastern Europe 12 983 8 800 7 653 Western Europe 431 443 532 Latin America1 2 328 1 789 1 065 Middle East2 5 1 - Asia 25 4 - Other revenues: 203 2 928 270 Central and Eastern Europe 203 2 928 270 Operating revenue in total: 2 086 324 985 165 1 160 891 Central and Eastern Europe 1 524 434 690 493 757 411 - including Poland3 1 197 033 562 365 605 985 Western Europe 402 163 150 028 237 381 Latin America1 60 125 29 548 98 711 Middle East2 99 577 115 092 67 388 Asia 25 4 - 1 The subsidiary XTB International Ltd., headquartered in Belize, acquires clients from Latin America and the rest of the world (apart from Europe). Revenues from clients acquired by this subsidiary originating from the Middle East region have been excluded from this category. 2 This item includes revenues from clients from the Middle East region acquired by XTB International Ltd. headquartered in Beli ze, as well as by XTB MENA Limited and XTB Financial Services L.L.C. headquartered in the United Arab Emirates. 3 The country from which the Group receives more than 20% of its revenues at any given time is Poland. Due to its overall share in the Group’s revenues, Poland has been separately presented as the largest revenue-generating market within the Group.
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Management Board Report on the operation of the XTB Group for H1 2026 27 3.1 Retail operating segment The table below presents key operating indicators for the Group’s retail segment for the specified periods. 6 MONTH PERIOD ENDED: 30.06.2026 31.12.2025 30.06.2025 New clients1 703 328 502 635 361 643 Clients in total 2 825 667 2 164 835 1 697 867 Number of active clients2 1 489 852 1 112 344 853 919 Number of transactions3 183 630 826 152 707 626 128 540 283 Net deposits (in thousand PLN)4 11 740 227 7 414 057 7 197 695 Average operating revenue per active client (in thousand PLN)5 1.4 0.9 1.3 Average client acquisition cost (in thousand PLN)6 0.6 0.6 0.7 CFDs trading volume in lots 7 3 882 565 4 397 691 3 847 605 Profitability per lot (in PLN)8 482 187 272 CFDs trading volume in nominal value (in million USD) 2 300 106 2 678 984 2 016 671 Profitability per 1 million of nominal CFDs trading volume (in USD)9 223 84 135 Trading volume of shares and ETFs in nominal value (in million USD) 18 435 12 963 8 849 1 Number of new clients of the Group in the respective periods. 2 Number of clients who, during the period: (i) executed at least one transaction and/or (ii) held an open position, and/or (iii) held free funds on the account subject to interest. 3 Number of transactions is defined as the total number of opened and closed transactions in the period. 4 Net deposits represent funds deposited by clients directly into investment accounts and funds transferred from the XTB Card account to investment accounts, reduced by funds withdrawn from investment accounts in a given period. 5 Operating revenue in the retail operations segment in a given period divided by the number of active clients in the period. 6 Average client acquisition cost (CAC) is defined as the ratio of total marketing expenses incurred in a given quarter to the number o f new clients acquired in the same period. 7 A lot is a transaction unit for trading financial instruments. The size of a lot varies for different financial instruments. For CFD transactions based on currencies, including cryptocurrencies, one lot corresponds to 100,000 units of the base currency. In other cases, the lot si ze is specified in the instrument specification table, available here. The presented value excludes turnover of CFDs on shares and ETFs, where 1 lot equals 1 share. Due to the standardization of the lot definition for CFDs based on cryptocurrencies with the definition used for currency -based CFDs, where 1 lot equals 100,000 units of the base currency, the data have been appropriately adjusted for comparative periods. 8 Net financial instrument operations result achieved on CFDs, excluding CFDs on shares and ETFs, divided by the turnover in CFD de rivative instruments expressed in lots, excluding CFDs on shares and ETFs. 9 Net financial instrument operations result achieved on CFDs, excluding CFDs on shares and ETFs, converted into USD based on the arithmetic mean of the average exchange rates of the National Bank of Poland applicable on the last day of each month of the reporting period, divided by the turnover of CFD instruments, excluding CFDs on shares and ETFs, expressed in nominal value (in USD million).
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Management Board Report on the operation of the XTB Group for H1 2026 28 The table below presents a geographical breakdown of the number of the Group’s active retail clients who, during the 6-month period: (i) executed at least one transaction and/or (ii) held an open position, and/or (iii) had interest-bearing free cash on their accounts. The location of active clients has generally been determined based on the location of the Group office servicing the respective client. An exception is the Middle East region, which also includes clients fr om this market acquired by the subsidiary XTB International Ltd., headquartered in Belize. 6 MONTH PERIOD ENDED: 30.06.2026 31.12.2025 30.06.2025 Central and Eastern Europe 988 583 66% 729 913 66% 551 127 65% Western Europe 349 738 24% 277 233 25% 221 685 26% Latin America1 106 191 7% 76 725 7% 58 996 7% Middle East2 29 931 2% 26 871 2% 22 108 2% Asia 15 409 1% 1 602 0% 3 0% Number of active clients in total 1 489 852 100% 1 112 344 100% 853 919 100% 1 The subsidiary XTB International Ltd., headquartered in Belize, acquires clients from Latin America and the rest of the world (excluding Europe). Clients acquired by this subsidiary who originate from the Middle East region have been excluded from this category. 2 Clients originating from the Middle East region, acquired by XTB International Ltd. headquartered in Belize, as well as XTB M ENA Limited and XTB Financial Services L.L.C. headquartered in the United Arab Emirates. 3.2 Institutional operating segment The Group also provides services to institutional clients under the X Open Hub (XOH) brand, through which it delivers liquidity and technology solutions to other financial institutions as part of the institutional business segment. XOH is currently developing the XTB Institutional brand. The table below presents key operating data for the Group’s institutional segment for the specified periods. 6 MONTH PERIOD ENDED: 30.06.2026 31.12.2025 30.06.2025 New clients1 5 8 - Number of active clients2 20 19 19 Clients in total 33 32 27 Net deposits (in thousand PLN)3 28 596 17 347 43 180 Trading volume of CFDs in lots4 272 266 239 131 381 953 Trading volume of CFD derivatives in nominal value (in million USD) 62 483 44 298 65 750 1 Number of new clients of the Group in respective periods 2 Number of clients who in the period: (i) executed at least one transaction and/or (ii) held an open position, and/or (iii) he ld free funds in an interest - bearing account. 3 Net deposits represent funds deposited by clients directly into investment accounts and funds transferred from the XTB Card a ccount to investment accounts, reduced by funds withdrawn from investment accounts in a given period. 4 A lot is a transactional unit for trading financial instruments. The lot size varies depending on the financial instrument. For CFD transactions based on currencies, including cryptocurrencies, one lot corresponds to 100,000 units of the base currency. In other cases, the lot size is specified in the instrument specification table, available here. The presented value does not include CFD trading on stocks and ETFs, where 1 lot equals 1 share. Due to harmonizing the lot definition for CFDs based on cryptocurrencies with that for CFDs based on currencies (where 1 lot equals 100,000 units of the base currency), data have been adjusted accordingly in comparative periods.
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Management Board Report on the operation of the XTB Group for H1 2026 29 4. Discussion of the Group’s operating results for the first half of 2026 The table below presents selected items of the consolidated statement of comprehensive income for the periods indicated. (IN THOUSAND PLN) 6 MONTH PERIOD ENDED: 30.06.2026 31.12.2025 CHANGE CHANGE % 30.06.2025 Net result on operations in financial instruments 2 024 371 927 924 1 096 447 118.2 1 116 658 Net interest income on clients’ cash funds, including: 45 978 43 276 2 702 6.2 34 713 - income from interest on client funds 82 590 74 443 8 147 10.9 65 686 - costs related to interest paid to clients (36 612) (31 167) 5 445 17.5 (30 973) Revenue from commissions and fees 15 772 11 037 4 735 42.9 9 250 Other revenues 203 2 928 (2 725) -93.1 270 Total operating revenues 2 086 324 985 165 1 101 159 111.8 1 160 891 Marketing (435 510) 320 542 114 968 35.9 (264 356) Salaries and employee benefits (246 964) 220 319 26 645 12.1 (192 700) Other external services (70 861) 70 839 22 0.0 (62 007) Commission costs (56 214) 50 149 6 065 12.1 (57 266) Depreciation (13 726) 13 561 165 1.1 (11 844) Taxes and fees (11 074) 9 334 1 740 18.6 (6 621) Building maintenance and rental expenses (4 784) 5 122 (338) -6.6 (5 437) Other costs (44 920) 15 083 29 837 197.8 (8 497) Total operating costs (884 053) 704 949 179 104 25.4 (608 728) Operating profit (EBIT) 1 202 271 280 216 922 055 329.1 552 163 Financial income 53 704 11 336 42 368 373.7 28 267 Financial expenses (607) 9 507 (8 900) -93.6 (85 087) Profit before tax 1 255 368 282 045 973 323 345.1 495 343 Income tax (228 128) 47 898 180 230 376.3 (85 291) Net profit 1 027 240 234 147 793 093 338.7 410 052
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Management Board Report on the operation of the XTB Group for H1 2026 30 4.1 Operating revenue In the first half of 2026, the Group continued its strategy of building a global brand and diversifying its product offering, which translated into a significant increase in the client base. In the reporting period, XTB acquired a record of over 703 thousand new clients. The dynamic pace of acquisition resulted in an increase in the total client base to 2.83 million as of June 30, 2026 (compared to 1.70 million as of June 30, 2025, representing an increase of 66.4% y/y). At the same time, the Group recorded a significant increase in the number of active clients, which reached 1.49 million, representing an increase of 74.5% year-on-year (y/y). In the first half of 2026, the XTB Group generated its highest-ever consolidated net profit, which amounted to PLN 1,027.2 million, compared to PLN 410.1 million in the corresponding period of the previous year (an increase of 150.5% y/y). Consolidated ope rating revenues reached a record level of PLN 2,086.3 million (H1 2025: PLN 1,160.9 million), with operating expenses at PLN 884.1 million (H1 2025: PLN 608.7 million). 3 MONTH PERIOD ENDED: 30.06.2026 31.03.2026 31.12.2025 30.09.2025 30.06.2025 31.03.2025 31.12.2024 30.09.2024 Total operating income (in thousand PLN) 992 306 1 094 018 609 344 375 821 580 597 580 294 465 416 470 234 Turnover of CFDs (in lots) 1 1 831 627 2 323 204 2 542 526 2 094 296 2 321 584 1 907 974 1 657 390 1 627 978 Profitability per lot (in PLN)2 484 439 208 152 229 277 253 272 Turnover of CFDs in nominal value (in million USD) 1 029 179 1 333 410 1 605 005 1 118 278 1 144 554 937 867 727 854 695 315 Profitability per 1 million USD of CFDs turnover in nominal value (in USD)3 234 216 93 84 128 144 147 167 1 A lot constitutes a transactional unit for trading financial instruments. The size of a lot varies depending on the specific financial instrument. For CFD transactions based on currencies, including cryptocurrencies, one lot corresponds to 100,000 units of the base curren cy. In other cases, the lot size is specified in the instrument specification table, which is available here. The presented value does not include CFD trading on shares and ETFs, for which 1 lot equals 1 share. Due to the harmonization of the lot definition for CFD instruments based on cryptocurrencies with the definition used for CFD instruments based on currencies - where the value of 1 lot is 100,000 units of the base currency —data for comparative periods have been adjusted accordingly. 2 Net financial instrument operations result achieved on CFDs, excluding CFDs on shares and ETFs, divided by the turnover in CFD derivative instruments expressed in lots, excluding CFDs on shares and ETFs. 3 Net financial instrument operations result achieved on CFDs, excluding CFDs on shares and ETFs, converted into USD based on the arithmetic mean of the average exchange rates of the National Bank of Poland applicable on the last day of each month of the reporting period, divided by the turnover of CFD instruments, excluding CFDs on shares and ETFs, expressed in nominal value (in USD million).
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Management Board Report on the operation of the XTB Group for H1 2026 31 PERIOD ENDED 6 MONTHS 12 MONTHS 30.06.2026 31.12.2025 31.12.2024 31.12.2023 31.12.2022 31.12.2021 31.12.2020 Total operating income (in thousand PLN) 2 086 324 2 146 056 1 873 436 1 618 385 1 451 954 625 595 797 750 Turnover of CFDs (in lots) 1 4 154 831 8 866 381 6 274 177 6 779 816 6 592 928 4 045 882 3 113 375 Profitability per lot (in PLN)2 459 215 275 227 212 144 249 Turnover of CFDs in nominal value (in million USD) 2 362 589 4 805 704 2 626 577 2 285 891 2 259 588 1 737 351 1 021 835 Profitability per 1 million USD of CFDs turnover in nominal value (in USD)3 221 109 169 164 142 92 197 1 A lot constitutes a transactional unit for trading financial instruments. The size of a lot varies depending on the specific financial instrument. For CFD transactions based on currencies, including cryptocurrencies, one lot corresponds to 100,000 units of the base curren cy. In other cases, the lot size is specified in the instrument specification table, which is available here. The presented value does not include CFD trading on shares and ETFs, for which 1 lot equals 1 share. Due to the harmonization of the lot definition for CFD instruments based on cryptocurrencies with the definition used for CFD instruments based on currencies - where the value of 1 lot is 100,000 units of the base currency —data for comparative periods have been adjusted accordingly. 2 Net financial instrument operations result achieved on CFDs, excluding CFDs on shares and ETFs, divided by the turnover in CFD derivative instruments expressed in lots, excluding CFDs on shares and ETFs 3 Net financial instrument operations result achieved on CFDs, excluding CFDs on shares and ETFs, converted into USD based on the arithmetic mean of the average exchange rates of the National Bank of Poland applicable on the last day of each month of the reporting period, divided by the turnover of CFD instruments, excluding CFDs on shares and ETFs, expressed in nominal value (in USD million). Result from operations on financial instruments by class An analysis of the structure of the Group's gross result from operations on financial instruments (hereinafter: the gross result on instruments) in the first half of 2026 indicates a clear dominance of commodity -based CFDs (contracts for difference). Their share in this result increased to 75.3% (compared to 33.1% in the first half of 2025). This increase was a direct consequence of the high profitability of instruments based on gold, silver, crude oil, and cocoa quotations. The second most profitable category comprised index -based CFDs, whose share in this result amounted to 13.9% (compared to 46.3% in the first half of 2025). This was a result of the high profitability of transactions on instruments based on the US 100 and US 500 American indices. In turn, currency -based CFDs accounted for 5.0% of the gross result on instruments, which represents a decrease compared to the corresponding period of the previous year (15.6%). The most profitable financial instruments in this category were CFDs based on the Bitcoin and Ethereum cryptocurrencies. PLN 459 PROFITABILITY PER LOT 75.3% SHARE OF CFDs BASED ON COMMODITIES IN THE GROSS RESULT ON INSTRUMENTS
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Management Board Report on the operation of the XTB Group for H1 2026 32 Periodic changes in the structure of gross revenue from operations on financial instruments are natural and result from investment decisions made by clients. These decisions, in turn, are significantly influenced by the characteristics of the financial and commodity markets during the period. STRUCTURE OF GROSS RESULT FROM OPERATIONS ON FINANCIAL INSTRUMENTS (in %) (in thousand PLN) 6 MONTH PERIOD ENDED 30.06.2026 31.12.2025 CHANGE % 30.06.2025 CFDs 1 982 414 922 963 114.8 1 112 043 Other instruments 82 687 42 182 96.0 36 128 Gross result from operations on financial instruments 2 065 101 965 145 114.0 1 148 171 Bonuses and rebates paid to client (11 809) (9 068) 30.2 (8 260) Commissions paid to cooperating brokers (28 921) (28 153) 2.7 (23 253) Net result from operations on financial instruments 2 024 371 927 924 118.2 1 116 658 Net interest income on clients funds 45 978 43 276 6.2 34 713 Fee and commission income 15 772 11 037 42.9 9 250 2,1% 5,1% 88,5% 4,3% Q1 2026 13,9% 5,0% 75,3% 5,8% H1 2026 Index CFD's Currency CFD's Commodity CFD's Other 46,3% 15,6% 33,1% 5,0% H1 2025 27,1% 5,0% 60,5% 7,4% Q2 2026 Index CFD's Currency CFD,s Commodity CFD's Other
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Management Board Report on the operation of the XTB Group for H1 2026 33 Revenue structure by geographical markets The XTB Group places significant emphasis on the geographical diversification of its revenue, consistently pursuing a strategy aimed at building a global brand. Poland remains the only country contributing more than 20% of the Group’s total revenue, with a share of 57.4% in H1 2026 (H1 2025: 52.2%). Due to its substantial share in the Group's total revenue, Poland is presented separately as the Group’s largest revenue-generating market. The principle has been adopted that revenues generated by a given client are allocated according to the country of the XTB office in which that client was acquired. The exception is the Middle East region, which also presents revenue from clients in this market acquired by the Belize-based subsidiary: XTB International Ltd. (in thousand PLN) 6 MONTH PERIOD ENDED: 30.06.2026 31.12.2025 ZMIANA % 30.06.2025 Central and Eastern Europe 1 524 434 690 493 120.8 757 411 - including Poland 1 197 033 562 365 112.9 605 985 Western Europe 402 163 150 028 168.1 237 381 Latin America1 60 125 29 548 103.5 98 711 Middle East2 99 577 115 092 -13.5 67 388 Asia 25 4 525.0 - Operating revenue in total 2 086 324 985 165 111.8 1 160 891 1 The subsidiary XTB International Ltd., headquartered in Belize, acquires clients from Latin America and the rest of the world (excluding Europe). Clients acquired by this subsidiary who originate from the Middle East region have been excluded from this category. 2 Clients originating from the Middle East, acquired by XTB International Ltd., headquartered in Belize, as well as by XTB MENA Limited and XTB Financial Services L.L.C., both headquartered in the United Arab Emirates. In the first half of 2026, XTB acquired additional licenses in the United Arab Emirates. Consequently, as one of the few entities in that market, the Company is authorized to provide brokerage services and offer advanced investment products. In the European market, a new subsidiary was established: XTB Lithuania, UAB, headquartered in Vilnius. The establishment of this entity is intended to support the process of strengthening the Group's position in Europe. Furthermore, in the first quarter of 2026, a conditional agreement was concluded between the parent entity, XTB S.A., the subsidiary XTB Africa (PTY) Ltd. (headquartered in South Africa), and a purchaser, concerning the sale of 100% of the shares in the aforementioned subsidiary. Upon fulfillment of the condition stipulated in the agreement, XTB Africa (PTY) Ltd. will cease to be part of the XTB Group's structure. The value of the agreement does not constitute a material amount according to the Company's adopted criteria for net asset value, and the transaction does not have a material impact on the Company's financial position. The execution of the agreement is a consequence of the subsidiary's failure to commence operational activities. The process of selling the shares in XTB Africa (PTY) Ltd. was finalized on July 31, 2026. This transaction exemplifies XTB's ongoing review of its corporate structure regarding op erational efficiency and the opportunities presented by local markets. Europe remains one of XTB's core operating markets. The Company's Management Board regularly monitors the operations of its branches and subsidiaries, seeking opportunities to increase XTB's market share in specific geographical regions.
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Management Board Report on the operation of the XTB Group for H1 2026 34 Revenue structure by client segment Segmental diversification of revenues is also important for XTB. To this end, the Group is developing, in addition to its retail segment, an institutional business under the X Open Hub (XOH) brand in which it provides liquidity and technology to other financial institutions. Revenues from this segment can fluctuate significantly from period to period, just as in the retail segment, a phenomenon typical of the business model adopted by the Group. (in thousand PLN) 6 MONTH PERIOD ENDED 30.06.2026 31.12.2025 ZMIANA % 30.06.2025 Retail activities 2 019 608 958 637 110.7 1 144 895 Institutional activities (X Open Hub) 66 716 26 528 151.5 15 996 Operating revenue in total 2 086 324 985 165 111.8 1 160 891 4.2 Costs Operating expenses in the first half of 2026 amounted to PLN 884.1 million, representing an increase of PLN 275.3 million compared to the corresponding period of 2025 (PLN 608.7 million). The most significant changes occurred in: ▪ marketing costs, an increase of PLN 171.2 million resulting from the intensification of global campaigns promoting the product offering; ▪ salaries and employee benefits costs, an increase of PLN 54.3 million, mainly due to an increase in employment; ▪ other costs increased by PLN 36.4 million, primarily due to the recognition of a one-off expense of PLN 20.0 million, resulting from the non-final decision of the Polish Financial Supervision Authority (KNF) to impose a financial penalty, as well as donations made totaling PLN 8.1 million. (in thousand PLN) 6 MONTH PERIOD ENDED 30.06.2026 31.12.2025 CHANGE % 30.06.2025 Marketing 435 510 320 542 35.9 264 356 Salaries and employee benefits 246 964 220 319 12.1 192 700 Other external services 70 861 70 839 0.0 62 007 Commission fees 56 214 50 149 12.1 57 266 Other costs 44 920 15 083 197.8 8 497 Depreciation 13 726 13 561 1.2 11 844 Taxes and fees 11 074 9 334 18.6 6 621 Building maintenance and rental costs 4 784 5 122 -6.6 5 437 Total operating costs 884 053 704 949 25.4 608 728 On a quarter-on-quarter basis, operating expenses decreased by PLN 44.6 million. This decline was primarily driven by lower marketing expenditure (online and offline) amounting to PLN 35.3 million, as well as a decrease in other expenses by PLN 18.5 million, which were impacted by a one-off event in the previous quarter.
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Management Board Report on the operation of the XTB Group for H1 2026 35 As a result of XTB's rapid growth, the Board estimates that in 2026 total operating expenses could be as much as approximately 30% higher than what we saw in 2025. The Board's priority is to continue to grow its client base and build its global brand. As a consequence of the measures implemented, marketing expenditures could increase by approximately 50% compared to 2025, while assuming that the average cost of client acquisition should be comparable to what we observed in 2023 - 2025. Additionally, from a medium-term perspective (understood as a three-year horizon, i.e., 2027–2029), the Management Board expects marketing expenditures to grow by approximately 30 - 40% y/y, while assuming that the average cost of acquiring a client should remain at a similar level as in 2023 - 2026. The final level of operating expenses will depend in particular on: the pace of employment growth and the amount of variable components of employee compensation, the level of marketing expenditures, the speed of geographic expansion into new markets, and t he impact of any new regulations and other external factors on the revenues generated by the Group. 4.3 Clients The foundation of XTB’s sustainable growth remains its steadily expanding client base and the rising number of active clients. In H1 2026, the Group reported record -high results in this area, acquiring 703,333 new clients (compared to 361,643 a year earlier), representing a dynamic increase of 94.5% YoY. Following this record acquisition, the number of active clients also rose, reaching 1,489,872 - a 74.5% increase compared to 853,938 in the corresponding period of the previous year. 3 MONTH PERIOD ENDED ON 30.06.2026 31.03.2026 31.12.2025 30.09.2025 30.06.2025 31.03.2025 31.12.2024 30.09.2024 New clients1 333 292 370 041 280 881 221 762 167 339 194 304 158 018 108 104 Total clients2 2 825 700 2 513 989 2 164 867 1 904 475 1 697 894 1 543 785 1 361 564 1 213 554 Number of active clients in the period3 1 489 872 1 267 467 1 189 422 1 005 589 853 938 735 389 701 089 586 395 Number of active clients per quarter 1 415 129 1 267 467 1 063 787 919 976 812 519 735 389 608 271 522 899 Total operating expenses, of which: (in PLN thousand) 419 996 464 309 381 079 322 654 292 911 315 817 267 802 208 526 - Marketing 200 081 235 429 179 195 141 495 123 322 141 034 116 855 71 613 Average cost of client acquisition (in PLN thousand)4 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.7 1 Number of new Group clients by quarter. 2 Number of clients at the end of respective quarter. 3 Number of active clients in the period of 6, 3 month s of 2026, 12, 9, 6 and 3 months 2025 and 12, 9 months 2024, respectively. An active client is a client who, during the period: (i) executed at least one transaction and/or (ii) had an open position, and/or (iii) had free funds in the interest -bearing account. 4 The average cost of acquiring a client (CAC) is defined as marketing expenses in a quarter divided by the number of new clients in the same quarter. The level of marketing expenditures will depend on the assessment of their impact on the Group’s results and profitability, the pace of international expansion, and the degree of client responsiveness to the initiatives undertaken. Employment growth within the Group will be driven by its dynamic development, both in new and existing markets. Meanwhile, the amount of variable components of employee compensation will be influenced by the Group’s performance.
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Management Board Report on the operation of the XTB Group for H1 2026 36 PERIOD ENDED 6 MONTHS 12 MONTHS 30.06.2026 31.12.2025 31.12.2024 31.12.2023 31.12.2022 31.12.2021 31.12.2020 New clients1 703 333 864 286 498 438 311 971 196 864 189 187 112 025 Total clients2 2 825 700 2 164 867 1 361 564 897 573 614 934 429 157 255 791 Number of active clients in the period3 1 489 872 1 189 422 701 089 418 423 270 560 193 180 108 312 Total operating expenses, of which: (in PLN thousand) 884 305 1 313 677 886 701 694 231 558 567 348 772 282 004 - Marketing 435 510 584 898 344 808 263 924 222 369 120 101 87 731 Average cost of client acquisition (in PLN thousand)4 0.6 0.7 0.7 0.8 1.1 0.6 0.8 1 Number of the Group's new clients in the respective periods. 2 Number of clients at the end of each period. 3 Number of active clients in the 6 months of 2026 and in the 12 months of each year, respectively. An active client is a client who, during the period: (i) executed at least one transaction and/or (ii) had an open position, and/or (iii) had free funds in the interest-bearing account. 4 The average cost of client acquisition(CAC) is defined as the marketing spend in a given period divided by the number of new clients in the same period. The Management Board’s priority is the continued growth of the client base, aimed at strengthening XTB’s market position globally by reaching mass -market clients with its product offering. These efforts are and will be supported by a range of initiatives, including the introduction of new products, targeted promotional campaigns, and financial education dedicated to the Company’s clients as well as individuals interested in the world of investing. The Management Board’s ambition for 2026 is to acquire an average of at least 250 - 290 thousand new clients per quarter. As a result of the initiatives undertaken, in July 2026, the Group acquired a total of 104.2 thousand new clients. Additionally, from a medium-term perspective (defined as a three-year horizon, i.e., 2027 - 2029), the Management Board’s ambition is to increase the number of new clients by approximately 30% y/y, while assuming that the average cost of acquiring a client will remain at a similar level as in 2023 - 2026. XTB active client profile The presented analysis of the statistical retail investor in the XTB Group was prepared based on trading activity in the first half of 2026 and the comparative period. The study includes only active clients who, during the period under review, executed at least one transaction, held an open position, or held uninvested interest-bearing funds in their account. ▪ Age structure In the first half of 2026, the largest groups of active XTB clients were individuals in the 25 -34 and 35-44 age brackets. They were closely followed by the 18-24 age group. Year-on-year, the share of this latter group increased by over 2 percentage points (p.p.) compared to the first half of 2025. 17,4% 34,0% 27,2% 15,2% 4,8% 1,2% 0,3% 15,3% 35,7% 28,0% 14,8% 4,6% 1,2% 0,3% 18-24 25-34 35-44 45-54 55-64 65-74 >= 75 Active clients' age structure H1 2026 vs. H1 2025 H1 2026 H1 2025
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Management Board Report on the operation of the XTB Group for H1 2026 37 ▪ Long-Term investment and savings products As part of building a competitive offering, the XTB Group has introduced products aimed at investors interested in long - term capital allocation, whether to benefit from tax wrappers or to save for retirement. The following accounts were sequentially introduced in the initial rollout markets: IKE and IKZE in Poland, ISA and Cash ISA in the United Kingdom, PEA in France. At the end of H1 2026 XTB maintained: 4.4 Marketing activities In addition to the development of technology or the expansion of the product offering, XTB's marketing activities also remain a driving force. Their implementation is closely linked to the Group's strategic objectives: to steadily increase its share in the global fintech market, to strive to become one of the leaders in the international investment services market and to win mass client. In the first half of 2026, in the area of marketing, the XTB Group carried out numerous activities in international markets (including the United Kingdom, France, and Romania) as well as in the Polish market. In the first quarter, out -of-home (billboards, posters in public spaces) and digital out -of-home (digital screens) campaigns were conducted. Additionally, new advertising channels were utilized, such as public transport vehicles and cinema spots . In Poland, a television campaign featuring the brand ambassador, Zlatan Ibrahimović, was also carried out, covering several dozen nationwide stations. In the second quarter of the year, in addition to continuing its advertising campaigns, XTB focused on activities aimed at engaging the community around the brand. Among other initiatives, the 'Bulls & Bears vs. The Lion' promotional event was organized, bringing influencers from all over the world to Poland for a match featuring Zlatan Ibrahimović. A broad campaign was also carried out to mark the milestone of reaching one million accounts in Poland (according to data from the National Depository for Securities), which aimed to reach selected digital creators who received personalized gifts featuring graphics prepared by the Polish illustrator 'Andrzej Rysuje'. 189 691 IKE ACCOUNTS 52 303 IKZE ACCOUNTS 10 717 ISA and Cash ISA ACCOUNTS (Combined) 15 314 PEA ACCOUNTS 19% 81% 24% 76%
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Management Board Report on the operation of the XTB Group for H1 2026 38 ▪ Sports marketing initiatives In the second quarter of 2026, XTB announced the launch of two sports sponsorship partnerships: with FIBA (Fédération Internationale de Basketball) – the International Basketball Federation, and with the Italian football club SSC Napoli. In the case of the basketball federation, the XTB Group became a sponsor of the women's and men's basketball world cups. The cooperation is global in nature and represents another step in building the brand's position worldwide. XTB will be present during the final tournaments and throughout the entire qualification cycle leading up to the championships. The Company has also assumed the role of title sponsor for the European qualifiers for the men's basketball world cup. As for the Italian football club, this marks XTB's first -ever partnership with a club from the top 5 European leagues. It is another step in building international brand recognition and an opportunity to accelerate the acquisition of new clients in the Italian market. The concluded agreement is valid until the end of the 2026/2027 season. In the second quarter of the year, the XTB brand logo could also be seen on the shirts of players at two Grand Slam tennis tournaments: Roland Garros in France and Wimbledon in the United Kingdom. On the courts in Paris, the XTB logo appeared on the outfits of players including Maja Chwalińska, Daniel Altmaier, Marina Bassols, Román Andrés Burruchaga, and Kateřina Siniaková, while during Wimbledon, it was featured on the shirts of Magdalena Fręch, Marie Bouzková, Pablo Carreño Busta, Sorana Cîrstea, and Jeļena Ostapenko. Following the end of the first half of 2026, XTB announced the establishment of further partnerships. In the near future, the Group's logo will feature on the kits of referees officiating matches in the top two football leagues in the Czech Republic, as XTB has become the main partner of the Refereeing Commission of the Football Assoc iation of the Czech Republic (FAČR) for the next four seasons. Additionally, the logo will appear on the jerseys of Olympique Lyon —a French football club, seven-time consecutive champion of France, and two-time Champions League semi-finalist—with XTB acting as the club's principal partner for the next three seasons. Furthermore, starting from the 2026/2027 season, XTB has become the official investment partner of FC Porto, one of the most successful football clubs in Europe, having signed a long-term agreement for two seasons with an option to extend. The collaboration encompasses the placement of the XTB logo on the first team's shirts, brand exposure at the Estádio do Dragão and during match broadcasts, as well as the right to utilize the image of selected players in marketing campaigns. All the aforementioned partnerships aim to strengthen the Group's position in the European market by further building brand awareness.
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Management Board Report on the operation of the XTB Group for H1 2026 39 4.5 All-in-One investment application The Board's ambition is for XTB to be associated with the leading all-in-one investment application in Europe, offering clients easy, smart and efficient ways to trade, invest and save, while providing instant access to their money. The transformation of XTB from a CFD broker to a modern FinTech entity providing a universal investment application has been progressing in recent years. This process will be consistently continued in 2026 and subsequent years, forming the foundation for the Group's further growth. 38,8% 37,0% 38,4% 35,6% 50,2% 33,6% 42,9% 35,4% 15,5% 27,7% 26,8% 27,3% 26,0% 18,7% 17,8% 14,2% 4,7% 3,5% 16,4% 14,1% 14,2% 16,9% 1,8% 17,0% 22,2% 20,0% 21,4% 29,3% 48,6% 42,8% 59,9% 81,0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% H1 2026 H1 2025 2025 2024 2023 2022 2021 2020 2019 New clients (EU) - first transaction (%) Shares ETFs Investment Plans CFDs 0 5 000 000 10 000 000 15 000 000 20 000 000 25 000 000 30 000 000 35 000 000 40 000 000 45 000 000 50 000 000 55 000 000 H1 2026 H1 2025 2025 2024 2023 2022 2021 2020 2019 Number of transactions on shares, ETFs and Investment Plans (EU clients) Shares ETFs Investment Plans
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Management Board Report on the operation of the XTB Group for H1 2026 40 XTB clients' assets in PLN million as of the end of the period: TOP 10 stocks by turnover in the first half of 2026 TOP 10 ETF funds by turnover in the first half of 2026
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Management Board Report on the operation of the XTB Group for H1 2026 41 TOP 10 CFDs by trading volume in the first half of 2026 Most profitable financial instruments in the first half of 2026
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Management Board Report on the operation of the XTB Group for H1 2026 42 4.6 Product plan In 2026 and in the subsequent years, the XTB Group intends to continue its strategy of building a universal investment application, whose offering is designed for every investor seeking to manage their funds effectively, both in the short and long term. In 2026, the Company broadens Spot cryptocurrency trading. Under the authorization granted by the Cyprus Securities and Exchange Commission (CySEC) in late 2025, clients in Cyprus gained access to spot crypto trading through the XTB investment app in the first half of 2026. Operations are conducted in compliance with MiCA requirements. At the same time, the Company maintains its position that it remains interested in applying for a license in Poland, should it become possible . Following the end of the first half of 2026, XTB launched spot cryptocurrency trading in Chile. Investors can choose from 46 of the most popular crypto assets, and this number will be systematically expanded as the product develops. Options. The product was introduced as early as the beginning of 2026, with Cyprus being the first market where it was launched. Clients there gained the ability to purchase call and put options on the stocks of the 100 most popular companies listed in the United States. The solution operates under the supervision of the Cyprus Securities and Exchange Commission (CySEC). In the first half of 2026, the access to Options trading gained the clients from Germany, Spain, France, Slovakia, Czech Republic and Portugal. Furthermore , the product can be traded in fractional volumes, which facilitates portfolio diversification with limited capital and supports risk management for high-priced instruments.
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Management Board Report on the operation of the XTB Group for H1 2026 43 Long-term investing products: ▪ Cash ISA This is a special type of savings account available to UK residents, which allows them to earn tax-free interest on their accumulated funds, with an annual deposit limit of £20,000 shared across all ISA accounts. The flexibility of this account enables the withdrawal and re-deposit of funds within the same tax year without affecting the available allowance. Clients can benefit from free deposits and withdrawals with no account maintenance fees, and funds are protected by the FSCS up to £120,000. The Cash ISA account was introduced to XTB’s offering in the first quarter of 2026. ▪ The Personal Investment Account (OKI) is a new investment product aimed at stimulating the capital market and encouraging Poles to save long-term. In July of this year, the Sejm passed, and the Senate adopted, the Act on the OKI (Personal Investment Account), which was subsequently signed by the President of the Republic of Poland in August. Under the adopted legislation, the Personal Investment Account is voluntary and not subject to quantitative limits, meaning an individual may hold more than one such account. The Act will come into force on January 1, 2027. The enacted regulations stipulate that investors will be eligible for a full exemption of generated profits from the standard 19% capital gains tax (the so-called "Belka tax"), provided they do not exceed the established capital thresholds: up to PLN 100,000 for investment assets (e.g., equities, investment funds) and up to PLN 25,000 for savings assets (e.g., bank deposits, treasury savings bonds). Conver sely, a new asset value tax will be introduced for capital exceeding these amounts ▪ Expanding the offering of retirement accounts in other European countries is the next step to help achieve the strategic goals of international growth. Introducing accounts dedicated to long -term retirement savings will strengthen the client base by attracting new clients and encouraging existing ones to take advantage of the new product. XTB is working on introducing a retirement product for clients in another European country. Margin trading, i.e., trading with financial leverage , is a product used by active investors worldwide. Margin trading allows investors to acquire an instrument whose value exceeds their own funds by using money borrowed from the broker. The Company is currently making extensive efforts to implement the product across selected markets. Investment Plans 2.0. Following the great success of the product that allows clients to create their own long -term investment portfolios in ETFs, the Company decided to launch an improved version, now also enabling investments in stocks. This will allow XTB to reach mass-market clients who are just starting to invest in financial markets. Following the testing phase in the first half of the year, it was announced in early July that a refreshed version of Investment Plans is now available in the German and Spanish markets. It is also being rolled out in the Czech Republic, Hungary, and Slovakia. Investment Plans 2.0 further support novice investors through the availability of ready-made plans, which can be selected based on a specific sector or risk profile. Extended trading hours allow investors to buy and sell stocks outside the main trading session, enabling a faster response to company news. XTB plans to first extend trading hours on U.S. markets (operating 24 hours a day, 5 days a week). Shortly after the end of the first half of 2026, the Company announced the introduction of extended trading hours for selected European stocks and ETFs. Nearly 1,000 instruments listed on European exchanges are available to investors from 7:30 a.m. to 10:00 p.m. The Product Plan presented above reflects the current state of knowledge and resources. The order of implementation of the products and functionalities may differ from what is shown. XTB plans to add new products and functionalities to its offering in 2026; however, the execution of this plan depends on external factors beyond the Company’s control , such as collaboration with external providers, obtaining necessary regulatory approvals, or the enactment of legislation critical to operations. Consequently, the product plan may be subject to changes and modifications.
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Management Board Report on the operation of the XTB Group for H1 2026 44 4.7 Building competitive advantage in the fin-tech segment XTB, as a technology player in the financial sector, works continuously to design and develop highly innovative, comprehensive solutions in the field of transactions and online investment in financial instruments. This makes the Company a FinTech organisation. The aim of the above work is to develop innovative technologies and solutions to further develop the produc t range in particular. XTB owns a number of proprietary technology solutions, including the state-of-the-art xStation trading platform. In the first quarter of 2026, XTB's technology team focused on initiatives aimed at enhancing the quality of the client onboarding process, simplifying and improving the visual appeal of the application interface. Additionally, a native card deposit tool (eliminating the need for external redirects) was implemented for clients in Poland, Germany, Spain, and Slovakia. The introduction of this feature is intended to improve the overall fluidity of the user experience and further elevate the security standards of client transactions. In the second quarter of 2026, a functionality highly anticipated by clients was implemented on the web platform. The Company enabled access to IKE and IKZE accounts via desktop computers as well. Among the new features, an innovative single-position management option was also introduced. It is now up to the client to decide whether they want to sell specific stocks or ETFs, or continue using the FIFO (first-in, first-out) method. Research areas focus on the functionalities and operational security of systems, processes, and databases. Furthermore, research and development work is underway, aimed at developing new electronic trading systems. In 2026, a primary focus for XTB's technology team will be the continuous analysis and implementation of security-related features. A key initiative in this area was the deployment of the Emergency Lock - a self-service account suspension tool within the mobile application. Clients can independently activate this feature if they: detect transactions they do not recognize; receive suspicious notifications regarding their account; suspect that their login credentials have been compromised (e.g., via phishing). The Emergency Lock functionality enables clients to instantly suspend trading, block withdrawals, and disable XTB Card access, providing an immediate layer of protection in critical situations. Another feature enhancing the security of XTB clients was also launched. phone call verification. This tool enables clients to confirm that they are speaking with an official XTB employee, thereby boosting trust and credibility. It also streamlines the identity verification process during conversations involving sensitive data. Due to the adopted business strategy based on the development of new technologies, XTB has established a dedicated Product and Technology Department, in which a significant portion of the staff is engaged in research and development activities. These efforts have a substantial, almost strategic impact on XTB’s business operations. They not only contribute to the level of revenues generated by XTB but are also crucial in building and maintaining the Company’s highly competitive position in the global capital markets.
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Management Board Report on the operation of the XTB Group for H1 2026 45 The table below presents the number of employees in the Product and Technology Department and the costs incurred by this department: 1 Included in the stated number of people are: persons employed under an employment contract, a mandate contract, and persons p roviding services under a B2B contract. 4.8 Dividend XTB's dividend policy assumes that the Board of Directors recommends to the General Meeting of Shareholders the payment of a dividend in an amount that takes into account the level of net profit as presented in the Company's separate annual financial statements and a number of different factors relating to the Company, including the prospects for future operations, future earnings, cash requirements, financial position, the level of capital adequacy ratios, expansion plans, legal requirements in this respec t and FSA guidelines. In particular, the Board of Directors will be guided by the need to ensure an adequate level of the Company's capital adequacy ratios and the capital required for the Group's development when making its dividend payment proposals. The Board of Directors reiterates that its intention is to recommend to the General Meeting in the future to adopt resolutions on the payment of dividends, taking into account the factors indicated above, in an amount between 50% and 100% of the Company's standalone net profit for the financial year. Standalone net profit for H1 2026 was PLN 1,021.1 million. Based on Resolution No. 6 of the Ordinary General Meeting of the Company of May 8, 2026, the shareholders of XTB S.A. were paid a dividend totaling PLN 478.5 million, which translates to PLN 4.07 per share. The payment took place on June 24, 2026, while the dividend record date was set for June 15, 2026. PERIOD ENDED: 6 MONTHS 12 MONTHS 30.06.2026 31.12.2025 31.12.2024 31.12.2023 31.12.2022 31.12.2021 31.12.2020 31.12.2019 Costs of the Product and Technology Department (in PLN thousand) 161 761 255 162 165 839 94 770 58 381 36 616 27 159 21 151 Number of people in the Product and Technology Department 1 605 616 498 429 282 176 129 116
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Management Board Report on the operation of the XTB Group for H1 2026 46 XTB's total capital ratio (IFR) levels in the period in the first half of 2026 are shown in the chart below. The total capital ratio indicates the ratio of own funds to risk -weighted assets, i.e. it shows whether the brokerage is able to cover the minimum capital requirement for market, credit, operational and other risks with its own funds. At the end of the first half of this year, the Company's total capital ratio was 197.8%. 4.9 Own cash and cash equivalents XTB invests a portion of its cash in bank deposits and financial instruments, i.e., treasury bonds, bonds guaranteed by the State Treasury, and corporate bonds guaranteed by banks. As of June 30, 2026, the total value of the Group’s own cash amounted to PLN 2 934.1 million, representing 28.2% of the total assets. At the end of H1 2026, the Group possessed no bonds. Cash structure of XTB 125% 150% 175% 200% 225% 250% 1.01.2026 7.01.2026 13.01.2026 19.01.2026 25.01.2026 31.01.2026 6.02.2026 12.02.2026 18.02.2026 23.02.2026 28.02.2026 6.03.2026 12.03.2026 18.03.2026 24.03.2026 31.03.2026 5.04.2026 11.04.2026 17.04.2026 23.04.2026 30.04.2026 6.05.2026 12.05.2026 18.05.2026 24.05.2026 31.05.2026 6.06.2026 12.06.2026 18.06.2026 24.06.2026 30.06.2026 Company's total capital ratio (IFR) in H1 2026 Total capital ratio (IFR) Total capital ratio (IFR) as required by the KNF at the end of each quarter, assuming payment of 100% of profits in the form of dividends PLN 1,201.1 M STANDALONE NET PROFIT FOR H1 2026. 194.4% TOTAL CAPITAL RATIO AT THE END OF H1 2026
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Management Board Report on the operation of the XTB Group for H1 2026 47 5. Factors that, in the Management Board’s Opinion, may affect the results over at least next quarter In the Management Board’s opinion, the following trends are currently influencing and will continue to impact the Group’s operations until the end of 2026, and in some cases, for a longer period extending beyond the current financial year: ▪ The business model applied by the XTB Group (presented in section Description of operations of the Company and XTB Capital Group -> Business model). ▪ Further growth of XTB’s client base and reaching the mass -market customer. This is crucial for the continued dynamic development of XTB and building a global brand, which is directly linked to the ongoing expansion of the XTB Group’s product portfolio with new products and technological solutions, including offering clients the All- in-One investment application that provides easy, intelligent, and efficient ways to execute transactions, invest, and save, while ensuring immediate access to their funds. ▪ The Group provides services to institutional clients within the institutional business segment (X Open Hub). The products and services offered by the Group under X Open Hub differ from those offered within the retail business segment, and therefore are associated with different risks and challenges. As a result, the Group’s revenues from this segment are subject to significant fluctuations from period to period. The table below illustrates the percentage share of the institutional business segment in total operating revenues. PERIOD ENDED: 6 MONTHS 12 MONTHS 30.06.2026 31.12.2025 31.12.2024 31.12.2023 31.12.2022 31.12.2021 31.12.2020 % share of revenues from institutional activities in total operating revenues 3.2% 2.0% 4.4% 6.8% 1.3% 0.3% 13.2% The level of volatility in financial and commodity markets in 202 6, regulatory changes, as well as other factors (if they occur), may affect the financial condition of XTB’s institutional partners, the trading volume in lots, and consequently XTB’s revenues from these clients. ▪ Due to the rapid growth of XTB, the Management Board estimates that in 2026, total operating expenses may be up to approximately 30% higher compared to the level observed in 2025. The Management Board's priority is the further growth of the client base and the building of a global brand. As a result of the implemented initiatives, marketing expenditure may increase by approximately 50% compared to the previous year, under the assumption that the average customer acquisition cost should remain comparable to the levels observed between 2023 and 2025. The final level of operating expenses will depend, in particular, on the pace of headcount growth and the amount of variable remuneration components paid to employees, the level of marketing expenditures, the pace of geographical expansion into new markets, and the impact of potential new regulations and other external factors on the revenues generated by the Group.
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Management Board Report on the operation of the XTB Group for H1 2026 48 The level of marketing expenditures will depend on the assessment of their impact on the Group's financial results and profitability, the pace of foreign expansion, and the degree of client responsiveness to the marketing activities undertaken. Headcount growth within the Group will be driven by its dynamic expansion in both existing and new markets. In turn, the level of variable remuneration components will be influenced by the Group's overall financial performance. ▪ XTB, with its strong market position and rapidly growing client base, is increasingly expanding its presence in markets outside Europe, consistently pursuing a strategy of creating a global brand. The Management Board of XTB places primary emphasis on organic growth – on one hand by increasing penetration in European markets, and on the other by steadily expanding its presence in Latin America, Asia, and Africa. Following these activities, the composition of the capital group may expand to include new subsidiaries. ▪ XTB's growth may also be achieved through mergers and acquisitions, particularly with entities that would enable the Group to achieve geographic synergies (complementary markets). The Management Board intends to pursue such transactions only if they yield tangible benefits for the Company and its shareholders. Due to uncertainty regarding future economic conditions, the Management Board’s expectations and forecasts are subject to a particularly high degree of uncertainty. 6. Management’s Statement on the ability to achieve published performance forecasts for the year The Management Board of XTB S.A. did not publish financial performance forecasts for 2026.
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Management Board Report on the operation of the XTB Group for H1 2026 49 Other information 1. Information on transactions with the subsidiaries During the six-month periods ended June 30, 2026 and June 30, 2025, the Group did not enter into any transactions with related parties under terms other than market terms. The transactions and balances between the companies of the Group and related parties are presented in the table below: (in PLN thousand) 30.06.2026 COSTS 30.06.2025 COSTS Other related entities (1 840) (850) 1.1 Transactions of key management personnel and their close family members with related parties of the XTB Group Information regarding transactions of key management personnel and their close family members within the XTB Group is presented in Note 27.2 of the XTB Group consolidated financial statements. 1.2 Remuneration of key management personnel of the Parent Company and XTB Group companies Information regarding the remuneration of key personnel of the Company and XTB Group companies is presented in Note 27.3 of the XTB Group consolidated financial statements. 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 As of June 30, 2025 and during the reporting period, i.e., from January 1, 2025 to June 30, 2025, neither the parent company nor any of its subsidiaries granted sureties for loans or borrowings, or guarantees to any other entity or a subsidiary of that entity, for which the total value of existing sureties or guarantees is significant.
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Management Board Report on the operation of the XTB Group for H1 2026 50 3. Capital Adequacy XTB S.A. Capital Group and XTB S.A. XTB is required to maintain a level of capital (own funds) exceeding each of the following values: ▪ capital requirements calculated in accordance with Regulation (EU) 2019/2033 of the European Parliament and of the Council of November 27, 2019 on prudential requirements for investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (IFR); ▪ internal capital estimated in accordance with the Regulation of the Minister of Development and Finance of December 8, 2021 on the estimation of internal capital and liquid assets, the risk management system, supervisory review and evaluation, as well as the remuneration policy in a brokerage house and a small brokerage house. The capital requirement calculated in accordance with the IFR is the higher of the following: ▪ the fixed overhead requirement; ▪ the permanent minimum initial capital requirement; ▪ the K-factor requirement. As at the date of this report, the highest of these values for XTB is the K-factor requirement. XTB calculates own funds in accordance with Part Two of Regulation (EU) 2019/2033 of the European Parliament and of the Council of November 27, 2019 on prudential requirements for investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (“IFR”). The principles for calculating the level of own funds are set out in the CRR and IFR Regulations, as well as in the “Procedure for Calculating Capital Adequacy Ratios at XTB S.A.”, and are not governed by IFRS. XTB currently holds exclusively the highest quality own funds – Tier 1 capital. XTB S.A. Capital Group Prudential consolidation in accordance with the IFR applies to subsidiaries that are investment firms, financial institutions, ancillary services undertakings, or agents. In the case of the Group, the Parent Company includes the following subsidiaries in prudential consolidation: ▪ from October 31, 2015 – subsidiary XTB Limited (UK); ▪ from April 30, 2017 – subsidiary XTB International; ▪ from July 31, 2018 – subsidiary XTB Limited (CY); ▪ from July 31, 2022 – subsidiary XTB MENA Limited; ▪ from August 31, 2022 – subsidiary XTB Africa (PTY) Ltd; ▪ from December 31, 2023 – subsidiary XTB S.C. Limited; ▪ from January 17, 2024 – subsidiary PT XTB Indonesia Berjangka; ▪ from December 31, 2024 – subsidiary XTB Financial Services L.L.C.; ▪ from February 11, 2025 – subsidiary XTB Agente de Valores SpA..
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Management Board Report on the operation of the XTB Group for H1 2026 51 The Group is not required to maintain capital buffers arising from the Act on macroprudential supervision over the financial system and crisis management in the financial system. Level of key metrics in capital management: (in PLN thousand) 30.06.2026 31.12.2025 Own funds of the Group 1 486 139 594 1 320 979 675 Total IFR capital requirement 784 550 097 710 384 094 Total IFR capital ratio 189.43% 185.95% Minimum required level of the Total Capital Ratio (Article 9(1)(c) of the IFR) 100% 100% During the period covered by this report, there were no breaches of statutory capital adequacy requirements. The table below presents data on the level of own funds by individual components and on the total capital requirement broken down by requirements for specific types of risk, calculated in accordance with separate regulations, together with average monthly values. The average monthly values have been estimated based on daily balances. (in PLN thousand) AS AT 30.06.2026 AVERAGE VALUE FOR THE PERIOD AS AT 31.12.2025 1. Core Capital / Own Funds 1 486 140 1 345 483 1 320 980 1.1. Tier 1 Core Capital before deductions 1 497 286 1 382 091 1 336 899 1.2. Additional Tier 1 Capital 0 0 0 1.3. Deductions from Tier 1 Core Capital -11 146 -36 608 -15919 I. Own funds 1 486 140 1 345 483 1 320 980 1. Client Risk, including: 35 680 27 842 27 825 1.1. K-AUM 0 0 0 1.2. K-CMH 24 535 22 774 20 203 1.3. K-ASA 11 145 5 068 7 622 1.4. K-COH 0 0 0 2. Market Risk, including: 540 089 521 413 490 784 2.1. K-NPR 540 089 521 413 490 784 2.2. K-CMG 0 0 0 3. Firm Risk, including: 208 781 191 586 191 775 3.1. K-TCD 201 729 185 718 187 037 3.2. K-DTF 7 052 5 867 4 738 3.3. K-CON 0 0 0 II. Total Capital Requirement for the K-Factor (IFR) 784 550 740 841 710 384 In accordance with the IFR, the Parent Company calculates the requirement for fixed overheads and the permanent minimum capital requirement. However, these are significantly lower than the capital requirement for the K-factor.
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Management Board Report on the operation of the XTB Group for H1 2026 52 The table below presents the percentage allocation of internal capital to the most significant risk classes. 30.06.2026 31.12.2025 Operational risk 50.96% 38.93% Market risk 39.41% 35.14% Credit risk 9.24% 25.50% Other risks 0.39% 0.43% XTB S.A. The Company is not required to maintain capital buffers arising from the Act on Macroprudential Supervision over the Financial System and Crisis Management in the Financial System. Key Capital Management Metrics: (in PLN thousand) 30.06.2026 31.12.2025 Own funds of the Group 1 492 123 908 1 330 537 933 Total IFR capital requirement 767 598 958 698 356 375 Total IFR capital ratio 194.39% 190.52% Minimum required level of the Total Capital Ratio (Article 9(1)(c) of the IFR) 100% 100% During the period covered by this report, there were no breaches of statutory capital adequacy requirements.
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Management Board Report on the operation of the XTB Group for H1 2026 53 The table below presents data on the level of own funds by individual components and the total capital requirement broken down by requirements for specific types of risk, calculated in accordance with separate regulations, along with average monthly values. The average monthly values have been estimated based on daily balances. (in PLN thousand) AS AT 30.06.2026 AVERAGE VALUE FOR THE PERIOD AS AT 31.12.2025 1. Core Capital / Own Funds 1 492 124 1 356 318 1 330 538 1.1. Tier 1 Core Capital before deductions 1 497 286 1 382 090 1 336 899 1.2. Additional Tier 1 Capital 0 0 0 1.3. Deductions from Tier 1 Core Capital -5 162 -25 773 -6361 I. Own funds 1 492 124 1 356 318 1 330 538 1. Client Risk, including: 34 379 26 583 26 700 1.1. K-AUM 0 0 0 1.2. K-CMH 23 235 21 517 19 082 1.3. K-ASA 11 144 5 066 7 618 1.4. K-COH 0 0 0 2. Market Risk, including: 530 483 510 650 490 035 2.1. K-NPR 530 483 510 650 490 035 2.2. K-CMG 0 0 0 3. Firm Risk, including: 202 737 183 873 181 621 3.1. K-TCD 195 708 178 028 176 900 3.2. K-DTF 7 029 5 846 4 721 3.3. K-CON 0 0 0 II. Total Capital Requirement for the K -Factor (IFR) 767 599 721 107 698 356 In accordance with the IFR, the Company calculates the requirement for fixed overheads and the permanent minimum capital requirement. However, these are significantly lower than the capital requirement for the K-factor. The table below presents the percentage allocation of internal capital to the most significant risk classes. 30.06.2026 31.12.2025 Operational risk 48.68% 36.50% Market risk 39.24% 36.52% Credit risk 11.33% 26.33% Other risks 0.74% 0.65%
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Management Board Report on the operation of the XTB Group for H1 2026 54 4. Risk management 4.1 Key features of internal control and risk management systems regarding the preparation of standalone and consolidated financial statements The internal control and risk management system relating to the process of preparing standalone and consolidated financial statements falls under the direct responsibility of the Management Board of the parent entity. Substantive oversight of the financial statement preparation process lies with the Chief Financial Officer. The financial statements are prepared by the Finance, Accounting, and Administration Department of the parent entity, under the supervision of the Chief Accountant. The parent entity also performs cost control and analyzes costs against established financial targets. To eliminate risks associated with the preparation of financial statements, the Group annually subjects its financial statements, including those of its subsidiaries, to an audit by a statutory auditor, and continuously monitors the results of individual business areas by comparing them against established financial targets. The annual standalone financial statements of the parent entity and the annual consolidated financial statements of the Capital Group are subject to an audit by an independent statutory auditor. In turn, the semi -annual standalone financial statements of the parent entity and the semi -annual consolidated financial statements of the Capital Group are subject to a review by a statutory auditor. The quarterly and semi-annual condensed consolidated financial statements of the Capital Group, as well as the annual financial statements of the parent entity and the Capital Group, are approved by the Management Board of the parent entity prior to their publication. 4.2 Risk management and control system The operations of the XTB Group entail various types of risks inherent to its adopted business model. This model is characterized by significant open positions resulting from market -making activities, a high degree of complexity within its IT infrastructure, a very large volume of transactions, and a multitude of legal regulations applicable across the various geographical areas in which the Group operates. These risks may pose a threat to the Group itself, its Clients, and the financial market as a whole. To control risks, the Group has implemented a risk management system comprising policies, procedures, mechanisms, and tools that support the management of specific types of risk, commensurate with their significance. The primary objectives of the risk management system are: ▪ identifying and determining the significance of individual risk types; ▪ appropriately measuring or estimating risk levels (for risks that are difficult to quantify); ▪ controlling risk levels by monitoring limits and taking appropriate action in the event that limits or warning levels are breached; ▪ supporting the achievement of established business objectives by controlling risk levels and ensuring alignment with the risk appetite.
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Management Board Report on the operation of the XTB Group for H1 2026 55 The risk management system is organized within the framework of three lines of defense: ▪ the first line of defense consists of organizational units whose operational activities entail risk; in particular, these are the Trading Department (risk associated with open positions) and the Product and Technology Department (ICT-related risks); ▪ the second line of defense consists of units independent of the business lines, which are responsible for the measurement, monitoring, and reporting of risks, including the Risk Control Department; ▪ the third line of defense is formed by the Audit Department, which independently monitors and evaluates the effectiveness of the activities undertaken by the first and second lines of defense. At the strategic level, the Management Board is responsible for establishing and overseeing the risk management policy. A Risk Management Committee has been established within the Parent Company, comprising members of the Supervisory Board. The Committee's responsibilities include: developing a draft document on the brokerage house’s risk appetite; reviewing the risk manage ment strategy prepared by the Management Board; supporting the Supervisory Board in overseeing the implementation of the brokerage house’s risk management strategy by the Management Board; and verifying the remuneration policy and its implementation to ensure that the remuneration system is appropriately aligned with the risks to which the brokerage house is exposed, considering its capital, liquidity, as well as the likelihood and timing of income realization. The Risk Control Department assists the Management Board in shaping, reviewing, and updating risk management principles in response to the emergence of new risk types or significant changes in strategy and operational plans. This department also monitors t he adequacy and effectiveness of the implemented risk management system, identifies and monitors risks related to the Group’s own investments, determines the overall capital requirement, and estimates internal capital. The Risk Control Department reports directly to the Management Board. The management system, including XTB’s risk management system, is subject to an annual evaluation by the Polish Financial Supervision Authority (KNF) within the Supervisory Review and Evaluation Process (SREP). The assessment received in 2025 indicates the following: ▪ concerning the business model: the business model and strategy pose a medium-low risk to the investment firm's ability to operate effectively; ▪ concerning internal governance: shortcomings in governance mechanisms indicate a medium level of threat to the stability of the brokerage house; ▪ concerning the adequacy of liquidity and funding resources: the liquidity position and funding profile indicate a low level of threat to the stability of the brokerage house, taking into account the management and control mechanisms for liquidity risk and funding risk; ▪ concerning capital adequacy: the level of own funds indicates a low level of threat to the stability of the brokerage house, taking into account the level, management, and control mechanisms of the individual types of risk to which the brokerage house is exposed.
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Management Board Report on the operation of the XTB Group for H1 2026 56 The Group is obligated to maintain capital resources adequate to the risks it undertakes (capital adequacy) and holds own funds at a level ensuring coverage of requirements arising from: ▪ the provisions of the IFR Regulation, ▪ internal capital requirements. Adequate capital resources are intended to safeguard the Group’s ability to operate in the event of the materialization of various types of risks. An essential element of the risk management system is the risk appetite, which defines the thresholds of risk metrics that should not be exceeded and reflects the willingness to take on risk. The risk appetite, like other components of the risk management system, is subject to periodic review and potential adjustment in response to changing business conditions. The risk appetite statement is approved by the Supervisory Board.
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Management Board Report on the operation of the XTB Group for H1 2026 57 4.3 Risk factors and threats In the course of its business operations, the Group continuously monitors and assesses risks and undertakes actions aimed at minimizing their impact on the financial situation. As of June 30, 2026, and as of the date of release this Report, the Group identifies the following risks related to its operations and regulatory environment. Material risk factors Impact on the client / market / Company Mitigation measures I. Credit risk – the risk of incurring losses resulting from the failure of a client or another counterparty of XTB to fulfill their obligatio ns in accordance with the agreed terms, including the risk of an unexpected deterioration in their creditworthiness that threatens the fulfillment of those obligations. Insolvency of a bank where Company or client funds are deposited. Lack of access to funds deposited in a bank would lead to a deterioration of the Company's liquidity position and potential insolvency. In such an event, the Company will attempt to recover the receivables from the bank's bankruptcy estate, which will be a lengthy process subject to the risk of failing to recover the deposited amounts or failing to recover them in full. XTB will face client claims for the return of funds in amounts exceeding the deposits guaranteed under the deposit guarantee scheme. In extreme cases, the bankruptcy of a bank holding significant amounts of own or client funds could lead to XTB losing the ability to settle its liabilities and having to file for bankruptcy.. 1. Qualitative assessment of banks prior to opening an account, covering: a) the bank's position in the local banking services market in terms of financial resources, reputation, size of equity, and its capacity to meet its obligations and settle its liabilities; b) the quality of the bank's electronic banking services, including: operational reliability, the seamless and fast operation of the online access system, appropriate security standards, and comprehensive account functionality, including the availability of investment functions; c) the bank diversification requirement; d) credit quality; e) the legal framework and market practices related to the safekeeping of client funds that could adversely affect clients' ownership rights to their funds. 2. Ongoing monitoring of the credit quality for existing accounts. XTB has defined minimum required bank credit ratings assigned by specialized rating agencies, as well as a warning level regarding the probability of default. 3. Limiting the excessive concentration of funds, including client funds, within a single capital group by establishing appropriate concentration limits.
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Management Board Report on the operation of the XTB Group for H1 2026 58 Material risk factors Impact on the client / market / Company Mitigation measures Loss of securities held in XTB accounts Due to the improper operation of a custodian holding securities acquired by XTB clients, it transpires that the financial instruments held on behalf of XTB clients do not exist. In such an event, XTB takes action against the custodian aimed at recovering the securities that should be held with the custodian, or their cash equivalent. This process is time-consuming, and the funds representing XTB's claim may not be recovered or may not be recovered in full. Clients bring claims against XTB related to the lost securities. Consequently, this could lead to a deterioration of XTB's liquidity and capital position and, in extreme cases, may result in XTB's inability to fulfill its obligations. Restricting custodians to entities with a high reputation and an established market position operating in a state whose laws regulate the business of safekeeping financial instruments for the account of others, provided that such custodian is subject to supervision by the relevant supervisory authority in this respect. Annual assessment of the custodian and its designated sub-custodians, covering, among other things, credit quality and internal and external regulations concerning the safekeeping of securities. Dependence on (lack of diversification regarding) or excessive exposure to a single entity or related entities Access by XTB to funds held in a given bank or capital group may be disrupted for several hours or days in the event of technical problems at the credit institution. In the event of more prolonged financial difficulties or the insolvency of an entity or capital group holding significant amounts of own or client funds, liquidity disruptions and capital difficulties may arise on XTB's part, which in extreme cases could lead to XTB's inability to settle its obligations. Setting concentration limits for own funds within a single capital group. Monitoring exposure and the credit quality of individual entities. II. Market risk – the risk of loss in asset value, an increase in liabilities, or an adverse change in financial result due to unfavorable move ments in market parameters, in particular prices of financial instruments, foreign exchange rates, and interest rates. Sharp price movements and price gaps in underlying instruments XTB operates as a market maker, which means it acts as the counterparty to transactions Limits on clients/instruments/orders; automated exposure monitoring; execution of hedging transactions upon exceeding thresholds.
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Management Board Report on the operation of the XTB Group for H1 2026 59 Material risk factors Impact on the client / market / Company Mitigation measures opened by clients. Consequently, XTB's financial result depends on the open positions in individual financial instruments and market parameters. Sharp price movements and the occurrence of price gaps may lead to a sudden change in the valuation of XTB's open exposure and result in significant financial loss. This will also increase liabilities toward clients who, in the event of mass withdrawals of funds from accounts maintained by XTB, could exert liquidity pressure. Sharp price movements in instruments may also cause a sudden increase in capital requirements, linked to the necessity of hedging positions whose value is exposed to instrument price changes. Under conditions of sharp price movements, there is an increased probability of disruptions in the ability to hedge positions. On the client side, if this scenario occurs, there is an increased risk of rapid loss of funds (particularly when high leverage levels are applied) due to the sharp drop in the valuation of client positions and the consequential closure of these positions due to an insufficient margin level (stop-out). Volatility risk and changes in the volatility regime) The presence of volatility in financial markets provides the economic rationale for trading contracts for difference (CFDs). Although this phenomenon underlies XTB's business model, in certain cases negative consequences associated with volatility may occur. Among these consequences is an increase in potential loss resulting from market risk. Capital VaR methodology, sensitivity analyses, stress tests; dynamic adjustment of risk parameters (e.g., limits, exposure, hedging rules).
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Management Board Report on the operation of the XTB Group for H1 2026 60 Material risk factors Impact on the client / market / Company Mitigation measures requirements under internal capital may also increase, as they are based on VaR methodologies. For this reason, it may be necessary to hedge open positions exposed to market risk. Heightened volatility also leads to greater fluctuations in the financial result achieved across individual reporting periods. During periods of elevated volatility, increased costs associated with position hedging may arise due to the requirement to maintain higher margin levels with liquidity providers. Basis risk / imperfect hedging risk When hedging a position exposed to market risk by entering into hedging transactions based on a similar, but not identical, underlying instrument, XTB may incur a loss resulting from a valuation divergence between the instrument resulting from the client transaction and the hedging instrument. Principles for selecting hedging instruments; limits on instruments and asset classes; correlation and sensitivity analysis under stress scenarios. Concentration risk (instrument, client, connected group) For the Company, clients opening one-sided positions in a given instrument may generate a significant net exposure, a substantial increase in capital requirements, and the potential realization of losses within a short period. Should it become necessary to hedge a high- volume position over a short timeframe, short- term price pressure on the market may occur, leading to the execution of hedging transactions on unfavorable terms. From the client's perspective, the scope of incurred losses resulting from adverse market movements is constrained by establishing Transaction limits per client / per instrument; single order value limits; warning thresholds; escalation and limit-setting decisions at the management level.
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Management Board Report on the operation of the XTB Group for H1 2026 61 Material risk factors Impact on the client / market / Company Mitigation measures maximum position limits that can be held by an individual client or a group of connected clients. Foreign exchange risk Exchange rate fluctuations impact XTB's financial result. The most significant impact in this regard arises from positions resulting from CFD instruments offered to clients under the market-maker model. A substantial portion of these consists of instruments based on mutual price movements of currency pairs. Furthermore, foreign exchange risk also arises for other CFD instruments where the price of the given underlying asset is denominated in a foreign currency. Beyond the foreign exchange risk stemming from the characteristics of XTB's business in the CFD market, the Company is also exposed to other aspects of foreign exchange risk, such as settlements with counterparties in foreign currencies or the operations of subsidiaries in other countries. An open currency position may lead to significant losses resulting from exchange rate movements. Similar factors drive the risk for clients, who are exposed not only to exchange rate changes concerning the instruments directly held by them, but also to the currency mismatch between the instruments held in their portfolio and the base currency in which the client holds funds. Client position limits; instrument position limits; aggregate market risk limit derived from the Risk Appetite Statement; ongoing monitoring; currency matching of cash flows and hedges (where economically justified). Interest rate risk and yield curve risk For XTB, interest rate risk is significant due to potential changes in net interest income. XTB holds cash reserves in interest-bearing bank Market Risk Management Procedure: 1. Client position limits; 2. Instrument position limits.
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Management Board Report on the operation of the XTB Group for H1 2026 62 Material risk factors Impact on the client / market / Company Mitigation measures accounts, and changes in interest rates may impact variations in net interest income. Furthermore, shifts in interest rates affect the interest rate conditions of debt instruments (treasury and corporate bonds) that XTB may hold as part of its liquid asset management. From the client's perspective, interest rate risk manifests through changes in position holding costs (swaps), funding costs, and the valuation of rate-sensitive instruments. Investment Policy: 1. Investment categories; 2. Allocation limits; 3. Maximum maturity; 4. Maximum exposure to issuers of financial instruments; 5. Minimum required credit ratings of banks. Market-dependent revenue risk (low market activity / low volatility, lack of directional trends) The nature of XTB's business model, which relies significantly on executing CFD transactions with clients under the market- maker model, means that market volatility is crucial to the Company's ability to achieve expected financial results. During prolonged periods of reduced volatility, clients may demonstrate limited interest in CFD instruments. A decline in trading volume on the CFD market will translate into lower revenues for the Company and could potentially lead to sustained losses over a longer period, as well as a deterioration of its capital position. Diversification of revenue streams (e.g., commissions/equities/ETPs); cost management; expansion of product offering and geographic markets. III. Liquidity risk – the risk that XTB will be unable to meet its current obligations in a timely manner or fund an increase in assets due to a ca sh flow mismatch, without incurring unacceptable losses. This risk specifically includes cash shortages in connection with client and counterparty settlements, sudden cash outflows, changes in market conditions, or restricted access to funding sources. Excessive placement of funds in term deposits/bonds Lack of availability of funds for operational needs. Loss of accrued interest resulting from the early termination of a deposit or the redemption of bonds at a lower price. Monitoring financial requirements. Funding operational needs through external sources (e.g., loans). Initiating actions set out in contingency funding plans or the recovery plan to prevent a liquidity crisis.
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Management Board Report on the operation of the XTB Group for H1 2026 63 Material risk factors Impact on the client / market / Company Mitigation measures Sudden surge in cash outflows related to day-to-day operations Lack of availability of funds for operational needs. Costs associated with the need to activate contingency funding plans. In the event of actual payment delays, potential financial penalties for late invoice settlement may arise, along with the risk of reputational damage as a reliable payer and difficulties in further cooperation with key counterparties. Monitoring and limiting liquidity risk metrics, defining liquidity risk appetite in the Risk Appetite Statement, identifying and monitoring sources of potential, extreme, and prospective liquidity requirements. Initiating actions set out in contingency funding plans or the recovery plan to prevent a liquidity crisis. Sudden surge in client funds outflows during a temporary operational unavailability of a bank Need to temporarily fund client withdrawals from own resources until the operational availability of the banking system is restored at the bank holding the Company's proprietary funds. Setting a concentration limit on proprietary funds to enable the coverage of potential client withdrawals from proprietary funds deposited at another bank in the event of a system outage. Initiating actions set out in contingency funding plans or the recovery plan to prevent a liquidity crisis. IV. ICT / Technology risk – the risk of disruption to XTB's business operations resulting from disturbances in the operation of information and communica tion technology (ICT) and information systems.. Trading system failure A significant volume of client complaints and the necessity of satisfying claims. This involves making adjustments in the trading system in favor of the client and reduces XTB's financial result. Information regarding major trading system outages is published in the media, leading to reputational damage, customer churn, and deterrence of prospective clients considering XTB's services. Systematic code reviews of the application, provision of sufficiently performant servers, performance optimization, ongoing monitoring of system functionality. Trading system technical error Due to the occurrence of unexpected and improper behavior of the trading system, incorrect consequences may ensue. For instance, a technical error may result in the erroneous submission of a hedging order to the Root cause analysis of errors, trading system optimization, price reconciliation, price source validation.
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Management Board Report on the operation of the XTB Group for H1 2026 64 Material risk factors Impact on the client / market / Company Mitigation measures market when no hedging transaction is required or when transactions with different parameters should have been executed. In such a scenario, a situation may arise where an excessive level of risk exposure occurs, potentially leading to a breach of regulatory capital adequacy requirements and exposure to additional costs. Another type of error involves executing an order at an inappropriate price, which will necessitate adjustments to the client's account balance. In certain cases, a system defect may result in posting unearned profits to a client's account, which the client could withdraw before the error is detected. Potential errors in the trading system may also lead to inaccuracies in the accounting records maintained and reports prepared. Data inaccuracies in the trading system Data inaccuracies in the trading system lead to adverse outcomes for clients, such as financial losses resulting from transactions executed at incorrect prices, position liquidations caused by an unnecessarily triggered stop-out mechanism, or erroneous investment decisions made by clients. Such events may result in client complaints, leading to account balance adjustments and a reduction in XTB's financial result. Price source validation – comparing prices against a backup source, verifying the accuracy of quotes in the event of a material deviation from the preceding quote. Monitoring and restricting quote spread width. Mechanisms ensuring price execution and continuity. Quote controls conducted by the Trading Department and the Risk & Control Department. Trading system optimization..
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Management Board Report on the operation of the XTB Group for H1 2026 65 Material risk factors Impact on the client / market / Company Mitigation measures Algorithmic trading algorithm malfunction Due to malfunctions in algorithmic trading operations, financial instrument balances on client accounts deviate from expected levels, which in particular may necessitate the satisfaction of client claims in this regard. Algorithmic trading system self-assessment and validation process, monitoring client portfolio performance, periodic verification of algorithm functionality. Failure of the market risk management system (xRisk) or snapshot module The lack of adequate information from the xRisk system significantly impairs effective risk management. The Company is unable to determine the current level of risk exposure and, consequently, cannot ascertain the value of hedging positions or the instruments on which such hedging positions should be opened. There is a risk of failing to maintain capital requirements at a level consistent with the risk appetite, as well as the risk of breaching capital adequacy regulatory limits. xRisk system backup. Continuous development of the xRisk application, performance optimization, and bug fixing. Monitoring of xRisk operational health. In the event of a failure of the snapshot module itself, the ability to estimate the risk level using a contingency tool developed by the Risk Control Department based on current positions in the xRisk system. Hardware/network failure in the data center The materialization of this risk may lead to a paralysis of the trading platform (e.g., xStation), cutting clients off from order execution and liquidity, generating direct revenue losses, and impacting regulatory compliance. For clients, this entails a loss of control over open positions—particularly during periods of high market volatility—leading to mass complaints, disputes, and a sharp decline in trust in service stability. From a broader market perspective, such an outage exposes the Company to supervisory sanctions for lack of operational resilience (DORA) and the risk of a permanent outflow of users to competitors. Triple hardware redundancy in the data center (parallel operation), real-time monitoring, BCM and DR plans and testing.
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Management Board Report on the operation of the XTB Group for H1 2026 66 Material risk factors Impact on the client / market / Company Mitigation measures Loss of data center due to an outage Total loss of data center functionality (e.g., as a result of fire, flooding, or sabotage) constitutes a catastrophic event for XTB that immediately paralyzes its value chain. For active clients, this translates into an inability to manage their investment exposures, which under volatile market conditions can trigger widespread financial losses and a wave of legal claims. From a strategic perspective, failing to execute an immediate failover to backup infrastructure exposes the firm to severe sanctions from regulatory authorities (including the KNF and FCA) for breaching business continuity requirements, while damaging the reputation of a brand whose competitive advantage rests on operational stability and speed. Selection of a certified data center, data center diversification, and vendor quality assessment. Business continuity procedures. Natural disaster exposure assessment within the ESG risk management framework. Vendor audits. Hardware and computer failures Hardware failure affecting key personnel (e.g., in Trading, IT, or Customer Support departments) creates localized yet material operational bottlenecks, precluding effective market risk management and the real-time processing of inquiries from active clients. Under conditions of high market volatility, such failures can translate into a degradation of customer service quality, leading to reputational damage and a loss of brand trust. Furthermore, a widespread unavailability of company-issued hardware can disrupt control processes (AML/Compliance), exposing the firm to regulatory risk associated with delayed Systematic hardware health checks and potential repair or replacement. Monitoring and analyzing workstation status by IT.
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Management Board Report on the operation of the XTB Group for H1 2026 67 Material risk factors Impact on the client / market / Company Mitigation measures reporting or the failure to perform real-time transaction verification. Data warehouse inefficiency/failure, data incompleteness/inaccuracy in the data warehouse, lack of snapshots for the required period Inability to meet regulatory reporting requirements, potential risk of breaching capital adequacy regulatory limits, or the necessity to incur additional costs associated with more conservative position hedging to ensure compliance with capital adequacy standards; risk of data un-saved or data un-recovered, delays in accounting for closed positions, delays in analyzing alerts from the MAR system, and improper fulfillment of other regulatory and financial reporting obligations. Server load monitoring and, if necessary, prioritization of critical processes. Continuous optimization of database processes. Estimating current capital requirements on a server segregated from the data warehouse. Data completeness and accuracy controls conducted by the Risk Control Department. Failure or performance degradation of back-office, ledger, or financial accounting systems Delays, errors, or omissions in accounting bookings. Operational delays and employee overload (substantial manual workload, decline in employee morale, requirement for overtime work, risk of staff turnover). Delays in calculating the correct periodic financial result, causing errors in balance sheet reporting, profit and loss statements (P&L), tax calculations, and overdue submission of personal income tax returns (PIT) to the tax authorities. Risk of data disintegration, loss of analytical capability, and risk of erroneous reporting stemming from non-standard/manual workarounds not anticipated by the accounting software vendor (e.g., reports generated directly via SQL queries rather than within the core accounting software). Risk of inability or significant delays in recording newly launched products. Potential Data import process monitoring. External consultations with the accounting software vendor (under the service level agreement / SLA), import optimization. Pruning of the accounting database. Deployment of a new accounting database if necessary. Implementation of a middle-office system. Utilization of a database replica for reporting purposes..
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Management Board Report on the operation of the XTB Group for H1 2026 68 Material risk factors Impact on the client / market / Company Mitigation measures regulatory fines, tax penalties for late or incorrect tax returns, labor inspection penalties, and recruitment costs for new personnel. V. ICT Risk – Information and Cybersecurity Risk: The risk of disruption to XTB's operations, incurring financial, reputational, or regulat ory losses, as well as the loss of confidentiality, integrity, or availability of client or Company data, resulting from a breach of security across the Company's electronic information assets and digital infrastructure. DDoS Attacks Loss of access to XTB services. Loss of credibility and potential client churn to competitors. System unavailability may trigger mass client complaints, necessitating payout of funds to satisfy claims arising from the inability to execute withdrawals, open transactions, or close positions. For clients: inability to trade. Necessity to cover client claims. Protection by certified third-party providers. Scenario testing. Business continuity plans. Hacker attack (broad category of risk sources, including ransomware, malware, social engineering attacks) Disclosure of sensitive client data or loss resulting from the execution of unauthorized transactions/unauthorized fund withdrawal requests. Losses incurred by clients due to unauthorized access to their accounts leading to fund transfer requests to fraudsters' bank accounts. Potential exploitation of unauthorized access to accounts held at XTB to perform market manipulation. afeguards for XTB's ICT environment. Provision of IT security protection by certified third-party providers. Two-factor authentication (2FA). Authentication required for changing the designated withdrawal bank account. Regular social engineering tests.
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Management Board Report on the operation of the XTB Group for H1 2026 69 Material risk factors Impact on the client / market / Company Mitigation measures Leakage of client data or other breach of personal data protection laws A mass breach of sensitive client data leads to a loss of credibility among clients and investors. The Group is exposed to severe administrative fines (under GDPR, among others), class-action lawsuits (civil liability), and intensified regulatory scrutiny (KNF, FCA, CySEC), directly threatening the financial stability of a company listed on the WSE (Warsaw Stock Exchange). In the long term, this incident damages the brand, enabling aggressive client acquisition by competitors and forcing a costly, reactive overhaul of the cybersecurity architecture. XTB's internal GDPR procedures, internal controls, safeguards for XTB's ICT environment. Provision of IT security protection by certified third-party providers. VI. Legal, Regulatory, and Compliance Risk: Legal and regulatory risk encompasses the risk arising from changes in laws, regulatory requirements, the enforceability of c ontracts, and associated liability. Compliance risk encompasses the risk of non-compliance with laws, regulations, and standards of conduct, specifically regarding customer protection, conflicts of interest, disclosure requirements, data protection, and AML/CFT and sanctions compliance requirements. Misclassification of clients under MiFID II If a client is improperly categorized, they may acquire a financial instrument that is unsuitable for their needs or carries excessive risk. In such an event, the client may incur losses in connection with an instrument they should not have purchased. Additionally, the firm is exposed to regulatory sanctions in the event of an inadequately structured client categorization process. Internal controls, Compliance controls, and internal procedures.
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Management Board Report on the operation of the XTB Group for H1 2026 70 Material risk factors Impact on the client / market / Company Mitigation measures Distribution of financial instruments outside the target market If clients incur financial losses due to improper target market identification for a given instrument or inappropriate assessment of a client as belonging to the target market, client dissatisfaction arises, which may lead clients to discontinue XTB's services or pursue legal claims against the Company. Additionally, the firm is exposed to regulatory sanctions in the event of an inadequately structured target market assessment process. Internal controls, Compliance controls, internal audit, and internal procedures. Client education. Unauthorized investment advice or misleading a client In connection with the provision of services by XTB, a situation arises where XTB or its employee provides a service to a client that fulfills the conditions of investment advice— despite lacking the appropriate license. In such a case, the client may assert claims against the Company, and supervisory authorities may initiate administrative proceedings resulting in a monetary penalty. Reviews of selected employee telephone conversations with clients for legal and regulatory compliance. Internal controls, Compliance controls, and internal procedures. Ambiguous terms in client agreements, presence of unfair terms (unfair contract clauses) in client contracts Inadequate drafting of contractual terms may result in severe administrative fines (e.g., from UOKiK), orders for retrospective cost reimbursement, and mass class-action lawsuits. For retail clients, who are highly sensitive to cost transparency and security, ambiguous provisions signify a loss of perceived market fairness, which in the era of social media can lead to reputational damage and mass account closures. From a strategic perspective, systemic infringement of consumer interests underpins a disruption to Internal control system, compliance monitoring system, internal audit, plain language simplification, and supplementary client communications regarding rollover events (e.g., contract rollovers).
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Management Board Report on the operation of the XTB Group for H1 2026 71 Material risk factors Impact on the client / market / Company Mitigation measures the core business model, depressing market valuation and jeopardizing the maintenance of licenses across key jurisdictions. Non-performance or improper performance of client agreements As a result of improper performance of client agreements, clients may initiate legal disputes (individual or class-action, depending on the scale of the issue). The Company may be required to compensate clients for financial losses, leading to a loss of client trust and customer outflow to competitors. In the case of class-action disputes, there would be a significant negative impact on XTB's reputation. Periodic review of General Terms and Conditions (GTC), Compliance controls, and internal control system. Errors in regulatory and market reporting Systemic reporting errors undermine the foundation of XTB's credibility as a WSE-listed entity, resulting in administrative sanctions from supervisory authorities and the implementation of remediation plans that impede ongoing business growth. For investors and the capital market, the publication of unreliable data signals deficiencies in corporate governance and internal controls, leading to share price depreciation and, in extreme cases, trading suspensions or allegations of information manipulation. In the long term, losing the reputation of a transparent entity operating within a multi-jurisdictional regime may hinder international expansion and the acquisition of new licenses, blocking the path to scaling the client base. Internal control system, compliance monitoring system, internal audit.
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Management Board Report on the operation of the XTB Group for H1 2026 72 Material risk factors Impact on the client / market / Company Mitigation measures Manipulation of financial instruments on regulated markets In the event that XTB holds financial instruments for its own account that have been subjected to market manipulation, or derivative instruments based on such instruments, losses may be incurred as a result of manipulative activities. In the event that accounts maintained by XTB are used to commit market manipulation and the Company fails to take appropriate action within the scope specified under MAR, the Company may incur regulatory liability. Implemented MAR market abuse detection system. Inadequate or insufficient procedures and measures regarding customer identification, transaction monitoring, and business relationships established with clients (AML) May result in severe financial penalties and the risk of revocation of brokerage licenses. The ineffective nature of AML control mechanisms exposes the company to the exploitation of its infrastructure for money laundering, leading to the termination of relationships by correspondent banks and payment processors, thereby paralyzing the ability to accept deposits and process withdrawals. In market terms, public allegations of facilitating financial crime can permanently damage reputation, triggering a rapid outflow of investor capital. ML procedures, financial counter-measures (Customer Due Diligence / CDD measures), internal controls, and internal audits. Information leakage, unauthorized disclosure or misuse of inside information, illegal use of client data or other legally protected information, unauthorized access to data Such an incident results in severe administrative fines, costly legal disputes, and the risk of permanent loss of reputation and shareholder trust. For users (clients), it exposes them to identity theft, account takeover (ATO), and the loss of financial data privacy. Safeguards for XTB's ICT environment. Provision of IT security protection by certified external vendors. Procedures for the flow of inside information, security incident management, an implemented market abuse detection system (MAR), and documented rules regarding employee trading; restricted lists, physical and IT system access control mechanisms, insider lists, and employee training and awareness programs.
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Management Board Report on the operation of the XTB Group for H1 2026 73 Material risk factors Impact on the client / market / Company Mitigation measures Regulatory changes and updates in financial market regulations, lack of understanding or failure to comply with certain regulatory requirements Regulatory volatility generates high operational adaptation costs, and implementation errors risk financial sanctions and license revocation in key jurisdictions. New regulations may restrict access to selected instruments for specific client categories (e.g., leverage limits) and modify investor protection standards, directly impacting commercial terms and the scope of services offered. Monitoring regulatory changes and ensuring timely planning of implementation activities. Compliance with local laws and regulations applicable to branch operations The necessity of aligning processes across multiple supervisory regimes increases operational complexity and the risk of sanctions for non-compliance with local reporting, capital, or outsourcing requirements. Differences in local regulations directly shape the scope of investor protection, marketing communication standards, and complaint handling procedures in a given jurisdiction. Remedial actions or compliance reviews of adopted solutions.
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Management Board Report on the operation of the XTB Group for H1 2026 74 Material risk factors Impact on the client / market / Company Mitigation measures Errors in statutory interpretation Incorrect interpretation of regulations may lead to operational errors and internal process deficiencies. Potential errors may occur in regulatory reporting and capital adequacy ratio calculations. A specific type of loss resulting from improper statutory interpretation is the sunk cost of an initiated project that cannot be finalized due to regulatory constraints. Incorrect construction of regulations in a multi- jurisdictional regime exposes the company to financial sanctions, legal risks, and potential restrictions on conducting licensed activities. It may lead to inappropriate product matching relative to client investment profiles and the weakening of protection standards established by local regulations. In a broader perspective, this results in the erosion of trust in the broker's transparency and may serve as a catalyst for intensified supervisory inspections. Legal and Compliance support provided to relevant departments, supplemented by external independent legal counsel on material matters; internal controls. Unauthorized or unlawful marketing or promotional communications, improper labeling of commercial communications and promotional content, misleading advertising messages, misleading clients, and unauthorized investment advice Exposes the company to sanctions from multiple supervisory authorities, mandates to withdraw marketing campaigns, and an increase in customer acquisition costs resulting from the loss of brand credibility. On the client side, it leads to a misunderstanding of product characteristics and risks, resulting in inappropriate investment decisions and financial losses. Strict compliance with regulations and adherence to marketing best practices; XTB internal procedures, pre-publication compliance approval of commercial materials, and engagement of local legal specialists in advertising and marketing law.
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Management Board Report on the operation of the XTB Group for H1 2026 75 Material risk factors Impact on the client / market / Company Mitigation measures Inadequate fulfillment of disclosure obligations to clients Exposure to substantial financial penalties imposed by supervisory authorities (KNF, FCA, CySEC), as well as the risk of legal claims, which may directly constrain the Company’s growth and profitability. Quantifiable client losses resulting from a lack of transparency regarding costs and risks, potentially leading to misguided investment decisions. Potential client attrition to competitors. Internal controls, Compliance controls, and internal procedures. Improper target market identification and non-compliance with legal requirements governing client acquisition and categorization Exposure to financial penalties and regulatory sanctions, as well as a significant constraint on the growth of the client base resulting from incorrect client profiling. From the clients’ perspective, this creates a risk of losses arising from investments in instruments that are not appropriate for their level of knowledge and experience, as well as the loss of protections applicable to specific investor classifications. Product governance procedures requiring a preliminary review and approval process by the Legal and Compliance Departments, including approval of the target market for each new product. Regular product reviews to identify events that materially affect the key characteristics of the product and its defined target market. Incorrect tax calculation, improper tax settlements, and errors in tax returns Exposure to financial and fiscal-penal sanctions, as well as the need for time- consuming reporting corrections, placing a strain on capital and operational resources. Damage to XTB’s credibility as a trusted financial institution, which may result in a negative impact on the Company’s share price and shareholder valuation. Dual-review controls and segregation of duties. Internal audit and control procedures. Engagement of local tax advisors. VII. Operational risk – the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events . Operational error in trading system administration Losses resulting from an operational error by a Trading Department employee when making Defined rules governing the recording and documentation of adjustments. Automation of the adjustment entry process, with all adjustments reported and tracked in the JIRA
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Management Board Report on the operation of the XTB Group for H1 2026 76 Material risk factors Impact on the client / market / Company Mitigation measures transaction adjustments or entering data into the trading system, e.g. setting an incorrect leverage level for a client, incorrect instrument configuration, or errors when processing corporate actions. system, and access restrictions governing the ability to make adjustments. The four- eyes principle and an additional authorization requirement for adjustments above a specified monetary threshold. Data accuracy checks performed by the Trading Department and the Risk Control Department.. Operational error or employee fraud in the deposit/withdrawal process Potential loss of funds in the event of an erroneous withdrawal. In the event of an unposted or delayed deposit, clients may miss investment opportunities or have their positions closed due to the stop-out mechanism. Automation of the client deposit and withdrawal process. Operational restrictions on access to accounts and on transfer limits for clients’ bank accounts. Daily reconciliation of funds between bank accounts and transaction systems, taking into account the currency in which the client’s account is maintained. A periodic process for verifying and monitoring cash balances in clients’ accounts, including, in particular, the verification and reconciliation of individual clients’ deposits and withdrawals between the transaction system and the banking system. Employee manipulation – opening unauthorized positions or making unauthorized adjustments The materialization of this risk directly undermines risk control mechanisms and established limits, creating an uncontrolled exposure for XTB to financial losses that may exceed the assumed capital buffers. From a client and market perspective, such an event undermines the integrity of the trading platform and may result in investor outflows and reputational damage to the Company. From a regulatory perspective, the incident may expose the Company to sanctions for inadequate oversight and breaches of the Market Abuse Regulation (MAR), which, in an extreme case, could jeopardize the Company’s brokerage licence. Closure of unauthorized positions; pursuing legal action to recover financial losses from the employee. Transferring surplus free funds from brokerage accounts to bank accounts. Daily verification of open positions held with brokers against the risk management system (xRisk).
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Management Board Report on the operation of the XTB Group for H1 2026 77 Material risk factors Impact on the client / market / Company Mitigation measures Employee or third-party abuse – theft of equipment or data (corporate espionage), or attempted disbursement of company or client funds to an employee's private bank account The Company bears costs equal to the value of the lost assets or the expenses necessary to restore or replace them. A compromise of security measures may adversely affect the Company’s reputation and undermine customers’ sense of security. In the event that a customer is unable to take advantage of a market opportunity due to insufficient funds in their account, the Company may also face potential civil claims. Furthermore, the disclosure of customer data may result in sanctions imposed by supervisory authorities (e.g., the Polish Data Protection Authority (UODO)). With respect to payments and withdrawals: Automation of the process of making deposits and withdrawals on behalf of clients. Operational restrictions on access to accounts and on transfer limits for clients’ bank accounts. Daily reconciliation of funds between bank accounts and transaction systems, taking into account the currency in which the client’s account is maintained, as well as a periodic process for verifying and monitoring cash balances in clients’ accounts, including, in particular, the reconciliation of individual clients’ deposits and withdrawals between the transaction system and the banking system. With respect to theft: Building security monitoring, access restrictions, employee training, and pursuing legal claims. With respect to data theft: Restricting access to data exclusively to individuals for whom such access is necessary to perform their duties. Restrictions on copying data to removable devices. Monitoring and control of the content of external communications sent outside the organization. Operational failure of IT systems (unavailable, incomplete, or corrupted data from trading systems) Operational error (human error) in the administration of IT systems (trading platforms, back-office systems, or capital adequacy ratio calculation engines) Operational errors across the Company's activities may result in the use of inaccurate data, leading to inappropriate decision-making under the circumstances. Should risk underestimation cause a breach of capital requirements, the Company faces exposure to supervisory penalties, a downgrade of its SREP (BION) rating, and restrictions on dividend distributions. Furthermore, misestimating risk exposure levels can incur unnecessary costs associated with over- hedging positions. Errors in client settlements or tax documentation submitted to the Tax Office may compromise the Company's reputation and lead to client churn to competitors. Verification of the accuracy of reported data, reconciliation of data across different systems, and controls to ensure data accuracy and completeness.
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Management Board Report on the operation of the XTB Group for H1 2026 78 Material risk factors Impact on the client / market / Company Mitigation measures Operational error (human error) in transferring funds to a correspondent broker Insufficient funds to cover trading activities, which may prevent hedging positions and consequently result in non-compliance with capital adequacy requirements or the inability to execute client orders.. Accurate estimation of funds transferred to brokers; broker-mandated trading limits; broker alerts warning of an impending margin call; automated status checks for outgoing wire transfers; and daily monitoring of unexecuted/pending transfer orders. Improper product launch or engaging new third-party service providers When launching new products or onboarding third-party vendors, ensuring proper integration of essential data across XTB's core operational infrastructure is critical for enterprise data governance. Inadequate preparation during product deployment or vendor integration can lead to regulatory reporting omissions or errors, inaccuracies in capital adequacy ratio calculation engines, accounting discrepancies, and a substantial increase in manual interventions across these domains. Deploying an immature product or integrating an unvetted vendor (e.g., for market data or cloud services) introduces single points of failure (SPOF) and compliance vulnerabilities into XTB’s tech ecosystem. These weaknesses can result in asset mispricing, feed interruptions, and regulatory breaches. For clients, such errors trigger direct financial losses - such as incorrect order execution or misselling - eroding platform trust and driving mass trade disputes. At the market level, deficiencies in vendor due diligence or product testing expose the Group to enforcement actions by supervisory authorities (e.g., KNF, Product approval procedures requiring a preliminary sign-off process. Maintaining formal, active communication channels across teams to ensure a seamless flow of information. Recurring company-wide alignment meetings where teams present: - Production deployment updates - Research and testing findings - Mockups and prototypes of planned solutions.
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Management Board Report on the operation of the XTB Group for H1 2026 79 Material risk factors Impact on the client / market / Company Mitigation measures FCA) and cause significant reputational damage to XTB. Failure of an execution broker Depriving XTB of the ability to effectively hedge its market exposure, exposing the Company's balance sheet to uncontrolled financial losses during periods of high market volatility. For clients expecting immediate execution, this leads to trading halts (particularly on equities/ETFs and niche CFDs) and the occurrence of adverse price gaps, which may trigger a surge in client complaints and a drastic drop in trust regarding trading platform stability. From a regulatory perspective, this event entails counterparty concentration risk and may result in administrative proceedings initiated by supervisory authorities. Business continuity procedures. Diversification of execution venues for client orders and counterparty selection for proprietary hedging transactions. Off-market price quote (bad tick) from market data providers Necessity to cover client complaints regarding position closures at incorrect/non-market prices. In the event of a mass occurrence of erroneous prices affecting numerous clients, potential loss of client trust due to the materialization of reputational risks. Price source validation - comparing prices against a backup feed and verifying quote accuracy in the event of significant variance from the preceding quote. Monitoring and restricting quote spread width. Mechanisms ensuring price execution integrity and continuity. Quote validation controls performed by the Trading Department and the Compliance and Risk Department (DKR). Trading system optimization. VIII. Human Capital Risk – the risk that recruitment practices, labor relations, and HR management fail to comply with XTB's mission, strategic goals, e mployment legislation, diversity standards, and workplace safety mandates. This risk further includes the potential for operational disturbance or financial losses ari sing from failures in attracting, retaining, or planning succession for qualified personnel and management, specifically within key roles.).
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Management Board Report on the operation of the XTB Group for H1 2026 80 Material risk factors Impact on the client / market / Company Mitigation measures Staff shortages – particularly key person dependencies / single-person positions Staffing shortages within individual organizational units can lead to operational continuity disruptions and a reduced pace of task execution. For certain roles and departments, staffing deficits may result in failure to meet supervisory expectations regarding activities mandated by legal regulations. In small units (e.g., single-person teams) and roles performing highly specialized functions, the occurrence of staffing shortages may prevent the seamless handover of duties and organizational/process knowledge. Adequate workforce planning, comprehensive documentation of duties and tasks enabling process replication by backup personnel, and recruitment of replacement staff. Labor law violations, workplace harassment or discrimination, and breach of occupational health and safety (OHS) regulations Results in the loss of key competencies and human capital, compensation litigation costs, and significant reputational risk that weakens organizational culture. It may also indirectly impact clients, manifesting as degraded service quality and potential operational errors arising from the instability of internal processes. mplementation and analysis of anonymous employee feedback surveys; internal whistleblowing channels and reporting systems; internal work regulations. Retention of local legal counsel. Corporate training programs, educational webinars, rollout of the Helping Hand employee wellbeing platform for psychological support, and engagement of external mediation services. Unlawful termination of employment contract Risk of costly litigation, compensation payouts, and legal fee expenses. For clients, the materialization of this risk may cause temporary disruption to operational or client- service processes if it involves personnel critical to business continuity. At the market level, such occurrences harm the Company's reputation as a stable and trustworthy employer, which may adversely affect shareholders' evaluation of its corporate governance (ESG). Engagement of specialized labor law counsel; strict compliance with statutory labor regulations.
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Management Board Report on the operation of the XTB Group for H1 2026 81 Material risk factors Impact on the client / market / Company Mitigation measures Inadequate working conditions Non-compliance with ergonomics, workplace hygiene, or corporate culture standards induces declining employee motivation, heightened turnover rates, and exposure to statutory penalties from labor inspection bodies. From a client perspective, the realization of this risk manifests as degraded service quality and diminished trading platform innovation driven by workforce disengagement. Externally, substandard working conditions risk triggering material reputational damage, eroding shareholder trust and hindering growth strategies contingent on high-caliber human capital. Crucially, this environment may also precipitate the loss of key personnel. Risk mitigation controls comprising HR succession and coverage policies (job redundancy), structuring organizational units with designated deputy department heads, preferential remuneration frameworks for key personnel, and an extensive non- wage benefits package.. Workplace accidents / Work-related injuries Workplace accidents generate sudden staffing deficit risks across mission-critical teams, potentially causing project schedule slippage and triggering statutory penalties from labor inspection authorities. For clients, these occurrences indirectly heighten operational risk by compromising trading platform availability and technical support responsiveness during incident resolution. Externally, these events may adversely affect XTB's employer brand, obstructing key talent acquisition and sustainable shareholder value enhancement. Employee training; Remote Work Regulations (Occupational Health and Safety / OHS compliance); company-issued equipment; and employer liability insurance covering occupational accidents. Extended medical absence / Prolonged sickness absence Absence of individuals with unique expertise across IT, trading, compliance, or risk management can create decision-making bottlenecks and operational disruptions in Introduction by XTB of a comprehensive private medical care benefit package for employees; organizing annual workplace flu vaccination campaigns; co-financing various sports activities under the MultiSport program to promote preventive health through healthy lifestyle habits; and deploying the Helping Hand wellbeing platform,
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Management Board Report on the operation of the XTB Group for H1 2026 82 Material risk factors Impact on the client / market / Company Mitigation measures processes critical to business continuity and regulatory compliance. For clients, this entails the risk of delays in processing requests and potential instability of the trading platform in situations requiring immediate expert intervention. At the market level, prolonged staffing gaps within internal control structures may lead to regulatory incidents and diminish the Company's credibility. Furthermore, extended absences result in project delays and necessitate covering the costs associated with absent personnel.. which provides employees with holistic psychological support focused on psychoeducation and prevention, including access to: - Webinars and workshops - Educational articles - Podcasts - Coaching sessions - Expert live chats - Online psychological consultations and psychotherapy - 24/7 support helpline Labor market deficit of highly skilled talent and unsuccessful recruitment of personnel with niche expertise Inability to attract experts in technology and R&D limits the Company's capacity to develop innovative products and maintain operational resilience, which may impede the execution of its growth strategy. For clients, this translates into a slower rollout of new trading platform features and potentially lower system stability during periods of heightened market volatility. At the market level, a deficit in technology expertise within the firm may erode its competitive advantage against global fintechs. Professional development of existing personnel (training, upskilling) and utilization of executive search / headhunting services. Supporting the continuous development of current employees by funding participation in industry conferences and training programs, as well as employer co-financing or reimbursement for professional certification and licensing exams (e.g., Securities Broker License, CFA, Investment Advisor License, CIMA, etc.). Fostering an organizational culture of knowledge sharing and teamwork. Ongoing collaboration with university career offices and student organizations, alongside active employer participation in training potential talent within the academic community (e.g., delivering lectures for academic research clubs).
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Management Board Report on the operation of the XTB Group for H1 2026 83 Material risk factors Impact on the client / market / Company Mitigation measures Low employee loyalty – staff turnover, particularly in junior specialist and specialist roles Loss of domain knowledge, project delays, and increased recruitment and training costs, directly impacting financial performance. For clients, this entails the risk of degraded service standards and extended onboarding timelines, while at the market level, it may adversely affect the perception of the Company's operational stability and corporate governance. High staff turnover on the frontline further increases exposure to process errors in critical areas such as AML and KYC. An optimized recruitment process that verifies candidates' competencies, domain knowledge, and cultural fit during talent acquisition. A structured employee onboarding framework that minimizes early-stage attrition risk. Cultivation of a positive workplace culture, a competitive employee benefits package, opportunities for expanded scope of responsibility, participation in key decision-making processes, and options for cross- departmental advancement or international branch mobility within the Company. IX. Model risk – the risk of incurring financial losses, erroneous management decisions, regulatory breaches, or operational disruptions resulting from the use of inadequate, flawed in design, improperly implemented, or incorrectly applied models. This risk specifically encompasses models utilized for financi al instrument valuation, risk measurement, capital requirement calculations (internal capital), and other key metrics used in the Company's strategic management. This risk also includes models and tools based on artificial intelligence, machine learning, generative AI, and other automated decision-support tools, provided their outputs are integrated into business, managerial, client-facing, regulatory, control, or operational processes.
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Management Board Report on the operation of the XTB Group for H1 2026 84 Material risk factors Impact on the client / market / Company Mitigation measures Use of inaccurate, unreliable, or incomplete data in model development ------------------------------------------- Incorporation of erroneous assumptions or oversimplifications in model development or parameter estimation ------------------------------------------- Use of inappropriate tools, techniques, or methods (including statistical methods) in model development or parameter calibration ------------------------------------------- Improper application or malfunctioning of models due to inadequate monitoring, validation, and updating Losses resulting from decisions based substantially on outputs derived from internal models, caused by errors in the development, implementation, or application of such models. Inventory of models utilized within the firm. Periodic assessment of their materiality and risk level, alongside a formal validation process for material models. X. Capital risk – the risk that XTB will lack sufficient capital to meet regulatory requirements and to cover justified, anticipated operationa l needs. This risk also encompasses the potential failure to maintain a capital buffer adequate for absorbing unexpected losses arising from the materialization of financial and non-financial risks, which could threaten operational stability and compliance with supervisory mandates. Inadequate capital levels relative to regulatory requirements and those necessary to maintain uninterrupted business operations Potential business disruptions, specifically the inability to maintain adequate capital upon the materialization of significant risk events. Inability to raise additional capital under stressed conditions. Risk of financial penalties or license revocation by the supervisory authority. Regular monitoring of XTB’s financial and capital position. Ability to mitigate XTB’s risk exposure through hedging transactions covering open positions in financial instruments held by XTB. Contingency capital plans and recovery plans designed to increase the probability of rapid and effective capital raising during a crisis. XI. Reputation risk – the risk that negative perception of XTB by clients, counterparties, investors, shareholders, supervisory authorities, regulators, or the general public will endanger the Company’s credibility, the execution of its mission and strategic objectives, or its capacity to conduct business in an ethical manner and in compliance with applicable standards
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Management Board Report on the operation of the XTB Group for H1 2026 85 Material risk factors Impact on the client / market / Company Mitigation measures Sharp decline in corporate reputation across clients, investors, counterparties, workforce, and regulatory bodies A reputational crisis may result in mass client churn, investor capital outflows, a drop in the share price on the regulated market, termination of contracts by existing counterparties, difficulties in establishing new business relationships, a sudden surge in employee turnover, and regulatory fines. Regular monitoring and analysis of events with potential reputational impact, tracking media sentiment metrics, and executing effective stakeholder communication. XII. Strategic and business risk – the risk associated with making adverse or faulty strategic decisions, the failure or defective execution of an adopted strategy, shifts in the external environment paired with inappropriate responses to such shifts, as well as the risk of failing to achieve established and essential economic objectives due to market competition failure. Adverse shifts in competitive conditions impacting the entity Increased operating expenses or reduced revenues resulting from client churn to competitors. Regular monitoring and analysis of the competitive environment, alongside implementing measures to manage competitiveness risk and enhance XTB’s competitive positioning. Client churn to competitors, low market volatility, low inflation rates, and insufficient responsiveness to high-cost marketing campaigns Financial performance failing to meet requirements driven by ongoing operational needs, business continuity, and future development, primarily to ensure adequate capital capitalization. Regular monitoring and analysis of the competitive environment, implementation of measures to manage competitiveness risk and enhance XTB’s competitive positioning, controlling activities regarding operating cost management, and ongoing monitoring of trading performance. Adverse shifts in socio-economic conditions affecting XTB Revenue decline associated with lower net client deposits, reduced client risk appetite, and the rotation of client investments into low-risk bonds or bank deposits. Regular monitoring and analysis of the competitive environment, implementation of measures to manage competitiveness risk and enhance XTB’s competitive positioning, controlling activities regarding operating cost management, and ongoing monitoring of trading performance. ESG strategy.
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Management Board Report on the operation of the XTB Group for H1 2026 Liquidity Risk The Company defines liquidity risk as the risk of losing the ability to meet payment obligations on time, i.e., the risk of losing the capacity to finance assets and fulfill liabilities in the course of normal business operations or under other foreseeable conditions, without incurring losses. Liquidity analysis involves ongoing availability of liquid funds, future needs, alternative scenarios, and contingency plans to maintain payment liquidity. Currently, within the Brokerage House, the value of the most liquid assets (own cash funds) significantly exceeds the value of liabilities, hence liquidity risk is relatively low. These values are continuously monitored. Quantitative data related to liquidity risk are presented in Note 33.3 “Liquidity Risk” to the consolidated and standalone financial statements. Operational Risk ICT/technological risk, legal, regulatory, and compliance risk, and human resources risk Due to the dynamic growth of the parent entity, along with the expansion of its product offering and IT infrastructure, the Company is highly exposed to operational risk and related risks identified within XTB's risk management system, such as ICT (technological) risk, legal, regulatory, and compliance risk, as well as human resources risk. The Brokerage House has implemented a series of procedures regarding the management of such risks, including the Company's business continuity plans, contingency plans, and human resources policy. As with other risks, the Company takes a proactive approach to operational risk by striving to identify threats and taking measures to prevent their occurrence or mitigate their impact. A crucial element of this process is the analysis of the frequency, point of origin, and type of operational risk events. Hedge Accounting XTB does not apply hedge accounting. Assessment of Financial Resource Management The Group manages its financial resources through ongoing monitoring of its ability to finance assets and meet liabilities in a timely manner during normal operations or under other foreseeable conditions, without incurring losses. In the liquidity analysis, current capabilities to obtain liquid funds, future needs, alternative scenarios, and contingency plans for maintaining payment liquidity are taken into account. The objective of liquidity management at XTB is to maintain an adequate balance of cash funds in the appropriate bank accounts to cover all necessary transactions conducted through these accounts. To manage liquidity in relation to certain bank accounts associated with financial instrument operations, the Parent Entity employs a liquidity model. The core of this model is to define a safe range of free cash balances that does not require corrective actions If the upper limit is reached, the Parent Entity transfers the excess amount above the optimal level to the appropriate current account. Similarly, if the cash balance on the account falls to the lower limit, the Parent Entity transfers funds from the current account to the relevant account to restore the cash balance to the optimal level. Operational activities related to liquidity management are also performed by the Trading Department and the Finance, Accounting and Administration Department.
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Management Board Report on the operation of the XTB Group for H1 2026 Subsidiaries manage liquidity by analyzing expected cash flows and aligning the maturities of assets with the due dates of liabilities. Subsidiaries do not use formal models for liquidity management. Liquidity management based on liquidity gap analysis is effective and sufficient - no incidents of liquidity shortages or inability to meet financial obligations have occurred in the subsidiaries. In exceptional cases, subsidiaries may receive liquidity support from the parent company. The procedure also allows for exceptions to its application, which require approval from at least two members of the Management Board of the Parent Entity. Information about any such exceptions is communicated to the Risk Control Department of the Parent Entity. The Parent Entity has also implemented contingency liquidity plans, which were not utilized during the reporting period or the comparative period, due to the fact that the value of the most liquid assets (own cash funds) significantly exceeds liabilities. As part of ongoing operations and tasks performed in connection with liquidity risk management, the heads of the relevant organizational units of the Parent Entity continuously supervise the cash balances deposited in bank accounts, considering planned liquidity needs related to the operational activities of the Parent Entity. The liquidity analysis takes into account current liquidity inflows, future needs, alternative scenarios , and contingency plans to maintain payment liquidity. Daily monitoring and control activities over cash account balances are also conducted by the Risk Control Department. Contractual maturities of financial assets and liabilities are presented in Note 33.3, separately for the consolidated and standalone financial statements. For each maturity period, a partial and cumulative contractual liquidity gap is disclosed, calculated as the difference between total assets and total liabilities for each maturity band. ICT risks - information and cybersecurity The advancing scale of digitalization, the Company's strongly technological DNA, and the increasing number of cyber threats contribute to the growing challenges associated with ensuring the cybersecurity of provided services. Criminal activities consisting of, among others, attackers gaining access to clients' accounts and assets, the execution of unauthorized transactions and unauthorized transfers of funds, the theft of confidential data, or DDoS attacks constitute a significant factor impacting the risk of loss of funds by the Company and its clients. Furthermore, they give rise to a number of reputational risks for the Company's operations. As a provider of financial services based on advanced technologies, the Group is aware of the existing threats and proactively implements measures aimed at identifying these risks, safeguarding against their materialization, and mitigating their impacts. I nternal regulations and processes have been implemented to increase resilience against existing threats. These include, among others: conducting periodic training sessions aimed at raising employee awareness regarding the security of IT -related activities; undertaking actions to detect data leaks concerning XTB employees and clients; as well as implementing a vulnerability management system for the systems in use and a security incident response framework.
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Management Board Report on the operation of the XTB Group for H1 2026 The Group is engaged in cooperation with other market participants aimed at exchanging information regarding discovered system vulnerabilities, cybercriminal tactics, and methods of protecting against the consequences of such activities. Mechanisms have also been implemented to enhance the security of client data and assets in the face of cyber threats. Such mec hanisms include, among others: the implementation of two -factor authentication (2FA) for clients, requiring additional authorization when making significant changes to an account, monitoring client transactions for unusual characteristics indicating a potential account breach, and building a security culture through awareness campaigns educating clients about the threats associated with using financial services that leverage modern technologies. 5. The information on the significant court proceedings, arbitration authority or public administration authority As of June 30, 2026 and as at the submission date of this Report the Parent company and its subsidiaries were not a party to any significant proceedings pending before arbitration authority. The most important of the ongoing proceedings are indicated below. 5.1 Court proceedings The Company and Group companies are parties to several court proceedings related to the Group’s operations. The proceedings in which the Company and Group companies appear as defendants are above all related to employees’ claims and clients’ claims. As at the submission date of this report the total value of the claims brought against the Company and/or the Group Companies amounted to PLN 19 million, which consists of four proceeding on employee claims, with a value of approximately PLN 940 thousand, seventeen suits brought by clients with the total value of PLN 15.1 million and moreover, one proceeding regarding the alleged failure to apply financial security measures by the Company in which, the value of the dispute is PLN 2,8 million. The most significant proceedings, in the Company's view, are: ▪ lawsuit dated August 2019 regarding Company’s alleged illegal actions delivered to the Company in December 2019 – value of the claim is PLN 7 million. The management board finds client’s claims groundless. The only reason for the loss of the customer was his wrong investment decisions. This has been clearly demonstrated, among others, during the audits of the Polish Financial Supe rvision Authority (PFSA) in 2016, in the subsequent correspondence of the company with the supervisor, and in the expertise of an independent consultancy company, Roland Berger, which analysed the client's transaction history. The analysis confirmed that the customer's transactions were not delayed, and the timing of his orders was even faster than the average for other clients; ▪ lawsuit dated July 2020, delivered to the Company in November 2020 regarding the alleged failure to apply financial security measures by the Company. Value of the proceeding is approximately PLN 2 .8 million. The damages were to consist in the Company's failure to apply financial security measures, which lead to effective appropriation of funds by an employee of the claimant, who was also a client of the Company. The Company considers the charges made in the suit to be completely unfounded. In June 2023, the court of first instance dismissed the lawsuit, finding no material violations on XTB's part. On August 22, 2023, the plainti ff filed an appeal. In September 2023, the files were transferred to the Court of Appeal in Warsaw. In September 2023, the file was transferred to the Court of Appeal in Warsaw, which served the appeal on XTB's attorney in March
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Management Board Report on the operation of the XTB Group for H1 2026 2024. On April 9, 2024, a response to the appeal was filed. The court scheduled an appeal hearing for May 10, 2024, the hearing was subsequently postponed to June 21, 2024, July 9, 2024 and August 9, 2024 respectively. At a hearing on August 9, 2024, the Court closed the hearing and gave the parties the floor. Publication of the judgment was adjourned until September 9, 2024, November 8, 2024 and finally January 31, 2025. At a hearing on January 31, 2025 t he judge reopened the closed hearing for the third time and adjourned the proceedings indefinitely. The court expert issued an opinion, to which objections have been filed. The court has not yet taken any further action in the case. The Company is awaiting further decisions in the subject matter and the scheduling of a hearing date. 5.2 Administrative and control proceedings The Company and the Group companies are party to several control proceedings related to the Group’s business. The Company believes that below are presented the most significant among them: ▪ On September 7, 2023, the Czech National Bank (CNB) commenced an inspection of the operations of the Company's Czech branch. The inspection encompassed a detailed analysis of operational procedures and compliance with local financial regulations. The Company actively participated in the inspection process, providing all required documents and explanations. As of the date of submission of this report, the inspection has concluded. The Company received a non-final decision imposing a financial penalty in the amount of CZK 2.0 million (i.e., approximately PLN 343 thousand, according to the average exchange rate of the National Bank of Poland as of June 30, 2025). The Company disagrees with the decision and has filed an appeal. It is worth noting that some of the recommendations coincide with the Company's own findings, which it had begun implementing prior to the inspection. ▪ On February 14, 2024, the National Securities Market Commission (CNMV) commenced an inspection of the operations of the Company's Spanish branch , focusing on compliance with AML regulations. The inspection encompassed an assessment of anti -money laundering policies and their practical effectiveness. The Company actively participated in the process, cooperating with the inspectors and providing the necessary information. As of the date of submission of this Report, the Company is implementing the post -inspection recommendations, some of which had already been identified and were being implemented by the Company prior to the commencement of the inspection. ▪ On October 1, 2024, the Head of the National Revenue Administration ("Head of KAS") initiated a tax audit of XTB S.A. The scope of the audit covered the application of the transfer pricing method recognized by the Head of KAS for transactions between XTB S .A. and foreign related entities, arising from decision no. DKP9.8041.24.2020 of January 5, 2023, issued by the Head of KAS. The audit covered the period from January 1, 2019, to December 31, 2023. The tax audit concluded on December 31, 2025, upon XTB S.A.'s receipt of the inspection report. On January 14, 2026, XTB S.A. filed objections to the KAS findings contained in the tax inspection report dated December 17, 2025. By letter dated January 28, 2026, the Head of KAS responded to the objections raised by XTB S.A. ▪ On February 28, 2025, the CNMV commenced an inspection of the operations of the Company's Portuguese branch, assessing compliance with AML regulations. The inspection encompassed a detailed analysis of customer identification and transaction monitoring procedures. The Company actively participated in the process, providing all required documents and explanations. The inspection has concluded, and the Company received an inspection report containing recommendations, to which it submitted its comments. As of the date
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Management Board Report on the operation of the XTB Group for H1 2026 of submission of this Report, the Company has not yet received a response from the authority; however, some of the recommendations aligned with its own findings, which were being implemented prior to the inspection. ▪ On April 13, 2026, the Company received a decision from the KNF dated March 30, 2026, imposing a financial penalty on XTB in the amount of PLN 20 million (in words: twenty million zlotys) for: - inadequate assessment – in the period from January 1, 2022, to August 16, 2023 – of whether a client has the necessary knowledge and experience to understand the risks associated with the brokerage services or financial instruments provided to them, which constituted a breach of Article 56(1) of Regulation 2017/565; - failure to determine the target market – in the period from January 1, 2022, to September 17, 2023 – in an appropriate and proportionate manner, taking into account the nature of the financial instrument and its complexity, which constituted a breach of § 37(5)(6) in conjunction with § 31(7) of the Regulation on the procedures and conditions of conduct for investment firms; - failure to reliably identify circumstances – in the period from January 1, 2022, to September 17, 2023 – in connection with the publication of the HOT list made available to clients, which, in relation to the services of executing client orders on own account, may give rise to a conflict of interest referred to in Article 33(a) of Regulation 2017/565, which cons tituted a breach of Article 34(2)(a) of Regulation 2017/565; - providing clients or potential clients – in the period from January 1, 2022, to September 17, 2023 – with unreliable and misleading information regarding the financial instruments that are the subject of the brokerage services provided by this firm, as well as regarding all risks associated with contracts for difference, in a manner detailed enough to enable the client to make informed investment decisions, which constituted a breach of Article 83c(2) and (4)(2) of the Act on Trading in Financial Instruments in conjunction with Article 48(1) and (2)(a), (c), (d), and (e) of Regulation 2017/565. On April 27, 2026, the Company filed a motion with the KNF for a reconsideration of the case regarding the aforementioned decision. ▪ On May 28, 2025, a customs and tax audit was initiated by the Head of the Mazovian Customs and Tax Office in Warsaw against XTB S.A. The scope of the audit covers compliance with tax regulations regarding XTB S.A.'s fulfillment of its obligations as a tax remitter of the flat -rate income tax (withholding tax) on payments from sources specified in Article 21(1) of the Corporate Income Tax Act of February 15, 1992 (Journal of Laws of 1992, No. 21, item 86, as amended) and Article 29(1) of the Act of July 26, 1991, on tax (Journal of Laws of 1991, No. 80, item 350, as amended). The audit covers the period from January 1, 2021, to December 31, 2021. The expected completion date of the audit has been extended to September 2, 2026. ▪ In September 2025, the Dubai Financial Services Authority initiated an inspection of the subsidiary XTB Mena Limited, headquartered in Dubai (UAE), focusing on an AML risk assessment. The inspection encompassed an evaluation of risk management procedures and their compliance with international standards. The Company actively participated in the process, cooperating with the inspectors and providing the necessary information. The inspection concluded on April 6, 2026, and post -inspection recommendations are currently being implemented.
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Management Board Report on the operation of the XTB Group for H1 2026 ▪ In February 2026, the Romanian Financial Supervisory Authority (ASF), the body responsible for capital market supervision in Romania, commenced an inspection of the operations of the Company's Romanian branch to assess AML risk and other operational areas subject to local regulations. The scope of the inspection specifically covered the assessment of the effectiveness of AML/CFT procedures, Customer Due Diligence (CDD) processes, transaction monitoring, and the adequacy of internal governance and control mechanisms. The inspection has concluded, and recommendations have been issued. ▪ On February 25, 2026, the Stock Exchange commenced an inspection regarding compliance with the regulatory obligations of an Exchange Member and the fulfillment of requirements related to access to the Exchange's IT systems. The inspection is currently ongoing; on March 20, 2026, the Company provided responses to the questions posed in the document initiating the inspection. Subsequently, on A pril 21, 2026, the Company received additional questions, to which the Company responded on May 14, 2026. On July 22, 2026, the Company received another question from the Exchange, to which the Company responded on July 30, 2026. Currently, the Company is awaiting further additional questions or notification of the conclusion of the inspection. ▪ On March 30, 2026, an inspection of the Company was initiated by an Inspector of the State Labour Inspectorate in Warsaw. The scope of the inspection covers compliance with labor law and occupational health and safety (OHS) regulations for the period from January 1, 2023, to March 30, 2026. The inspection concluded on May 19, 2026. The Company received post -inspection recommendations, some of which have already been implemented, while others are currently in the process of being implemented. ▪ An inspection by the Polish Financial Supervision Authority (KNF) (Cybersecurity Department) regarding the compliance of XTB S.A.'s operations with the requirements of Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector (DORA) in the area of ensuring digital operational resilience, was conducted in the period from January 26, 2026, to March 6, 2026, covering the Company's operations for the period from January 17, 2025, to January 26, 2026. The inspection encompassed: (i) verification of compliance with legal provisions and internal regulations regarding management and organization in the area of digital operational resilience; (ii) verification of compliance of the ICT risk management framework with legal provisions and internal regulations; (iii) verification of compliance of the functioning of ICT systems, protocols, and tools with legal provisions; (iv) verification of ICT risk identification processes; (v) verification of protection and incident prevention mechanisms; (vi) verification of incident detection capabilities; (vii) verification of incident response and recovery procedures; (viii) verification of backup policies and procedures as well as data recovery methods; (ix) verification of organizational learning and development activities in the context of digital resilience; (x) verification of internal and external communication principles; (xi) verification of the ICT- related incident management process; (xii) verification of the classification principles for ICT incidents and cyber threats; and (xiii) verification of compliance regarding the reporting of major ICT-related incidents and the voluntary notification of cyber threats. The inspection concluded on March 6, 2026. On April 21, 2026, the Company received the inspection report, analyzed it, and subsequently submitted its response in accordance with applicable regulations. Following this, XTB received recommendations from the Financial Supervision Authority and is currently working on their implementation.
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Management Board Report on the operation of the XTB Group for H1 2026 ▪ On April 2, 2026, the Head of KAS initiated tax proceedings ex officio against the Company. The subject of the proceedings is the expiration of the decision of the Head of KAS dated January 5, 2023, regarding a unilateral Advance Pricing Agreement (APA) concerning a controlled transaction consisting of the acquisition of sales support services, concluded between XTB S.A. and its foreign and domestic related entities, Branches, and subsidiaries. The expected completion date of the proceedings has been extended to October 2, 2026. ▪ Explanatory proceedings before UOKiK regarding corporate actions – on December 2, 2025, the Company received a notification dated November 26, 2025, on the initiation of explanatory proceedings by the Office of Competition and Consumer Protection (UOKiK) and a request for information. These proceedings are aimed at determining whether the Company's activities regarding the servicing of retail clients' investment accounts, undertaken in connection with the execution of corporate actions by issuers of financial instruments, m ay constitute an infringement justifying the initiation of proceedings regarding practices infringing collective consumer interests or proceedings for the recognition of standard contract terms as abusive. The Company has provided responses to the requests and is awaiting further decisions in the subject matter. ▪ On July 17, 2026, the Polish Financial Supervision Authority (KNF) commenced an inspection of the Company regarding XTB S.A.'s compliance, as an obliged institution within the meaning of the Anti -Money Laundering and Combating the Financing of Terrorism Ac t, with selected obligations arising from this Act, as well as its compliance with the restrictive measures specified in Regulation No. 765/2006, Regulation No. 269/2014, Regulation No. 833/2014, and the Sanctions Act. Currently, the KNF's inspection activities are ongoing, and the estimated completion date of the inspection has been set for November 10, 2026. ▪ Administrative proceedings before the Polish Financial Supervision Authority (KNF) regarding AML.The Company received a notification dated August 7, 2026, regarding the initiation ex officio by the Polish Financial Supervision Authority of administrative proceedings (the "Proceedings") concerning the imposition of an administrative penalty on the Company, as referred to in Article 150(1) of the Act of March 1, 2018, on Anti - Money Laundering and Combating the Financing of Terrorism (the "AML/CFT Act"), pursuant to Article 147(4)(a) and (b), as well as Article 147(9) of the AML/CFT Act. The Proceedings are a consequence of an inspection conducted by the KNF Office at the Company between May 11 and August 30, 2022. They concern the assessment of the correctness of the Company's fulfillment of selected obligations arising from the AML/CFT Act in the period from January 1, 2020, to May 11, 2022, in particular in the area of procedures for identifying and monitoring business relationships with clients and the organization of training programs, as referred to in the following provisions: - Article 33(1) in conjunction with Article 34(1)(3) of the AML/CFT Act, - Article 33(1) in conjunction with Article 34(1)(4)(c) of the AML/CFT Act, - Article 43(1) in conjunction with Article 34(1)(4)(c) of the AML/CFT Act, - Article 52(1) in conjunction with Article 52(2) of the AML/CFT Act. As of the publication date of this report, the Proceedings remain ongoing. The Company is actively participating in the Proceedings, cooperating with the KNF to ensure a prompt and comprehensive clarification of the circumstances constituting the subject matter of the Proceedings.
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Management Board Report on the operation of the XTB Group for H1 2026 6. Regulatory environment The XTB Group operates in a highly regulated environment, which imposes specific, significant obligations on the Group under numerous international and local regulations and legal provisions. The Group is subject to regulations concerning, among others: ▪ sales practices, including client acquisition and marketing activities; ▪ maintaining capital at specified levels; ▪ anti-money laundering and combating the financing of terrorism practices, as well as customer identification procedures (KYC); ▪ reporting obligations to regulatory authorities and trade repositories; ▪ obligations concerning personal data protection and adherence to professional secrecy; ▪ obligations regarding investor protection and providing them with appropriate information concerning the risks associated with the provided brokerage services; ▪ supervision over the Group's operations; ▪ inside information and its use, the prevention of the unlawful disclosure of inside information, and the prevention of market manipulation; ▪ public disclosure of information as an issuer. The XTB S.A. Capital Group is subject to the supervision of specific regulatory authorities and public administration bodies in the jurisdictions where the Group operates. In Poland, conducting brokerage activities requires authorization from the KNF and is subject to numerous regulatory requirements. The Company is a brokerage house operating on the basis of an authorization to conduct brokerage activities and is subject to the regulatory supervision of the KNF. Thanks to the single European passport principle arising from the MiFID II Directive, the Company conducts its business in the form of a branch on the basis of, and within the scope of, the authorization granted by the KNF in the following EU Member States: the Czech Republic, Spain, Slovakia, Romania, Germany, France, and Portugal. Furthermore, XTB S.A. and its subsidiaries are authorized to: ▪ conduct cross-border brokerage activities without opening a branch in multiple jurisdictions, focusing primarily on the Italian and Hungarian markets; ▪ conduct cross-border activities in Austria, Belgium, Bulgaria, Greece, the Netherlands, Sweden, Hungary, and Italy; ▪ additionally, the Company holds a 100% stake in the following entities currently operating on the basis of separate authorizations to conduct brokerage activities issued by supervisory authorities in: the United Kingdom, Cyprus, Belize, the United Arab Emirates, Indonesia, and the Republic of Seychelles. The XTB Group has established a compliance function for each Group Company providing brokerage services to ensure adherence to the laws and regulatory requirements to which the Group is subject. The regulatory environment in which the Group operates is subject to constant evolution. In recent years, the financial services sector has been subjected to increasingly comprehensive regulatory supervision. The supervisory and public administration bodies regulating and supervising the Group's operations have introduced a series of changes regarding the regulatory requirements to which the Group is subject, and they may undertake additional initiatives in this area in the future.
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Management Board Report on the operation of the XTB Group for H1 2026 6.1 Changes in the Company's regulatory environment The most significant changes in regulatory requirements, from the Company's perspective, that have recently occurred, as well as changes that will enter into force in upcoming periods, are described below. Regulation of the European Parliament and of the Council on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014 and (EU) No 909/2014 (Digital Operational Resilience Act - "DORA") On December 27, 2022, a regulation was published in the Official Journal of the EU, the provisions of which aim to ensure the resilience of financial sector entities against threats related to the use of digital and information and communication technologies (ICT). The key aspects of the regulation include: - principles of ICT risk management, including the use of third-party technology service providers; - obligations to periodically conduct digital operational resilience testing of systems; - the requirement for the detailed classification and reporting of incidents; - the introduction of information -sharing arrangements among financial entities regarding methods and techniques for effective defense against ICT-related threats. The regulation entered into force on January 16, 2023. Financial sector entities were required to comply with its requirements no later than January 17, 2025. The Company has exercised due diligence to prepare for and adapt to the obligations arising from the regulation. Act of June 25, 2025, amending certain acts in connection with ensuring the digital operational resilience of the financial sector On April 18, 2024, a draft act amending certain acts in connection with ensuring the digital operational resilience of the financial sector was published on the website of the Government Legislation Centre. The draft aims to implement into the Polish legal system and ensure the application of the DORA regulation. The key aspects of the act include: - confirmation of the function and competence of the KNF as the competent authority for supervision in the area of ensuring the digital operational resilience of the financial sector; - the obligation to provide the KNF with information regarding ICT-related contracts by January 31 of each year; - changes regarding banking outsourcing (including an expanded catalog of grounds for delegation, additional obligations of the bank and the service provider in relation to ICT systems), as well as the KNF's authorization to review the results of operational resilience tests; - in the event of infringements – penalties for financial entities up to approx. PLN 21 million (or 10% of revenue), penalties for individuals responsible for infringements up to approx. PLN 3 million, or a ban on serving as a member of the management board, supervisory board, or in another managerial capacity for up to 1 year. The Act was passed at a parliamentary sitting on June 25, 2025, and signed by the President of the Republic of Poland on July 31, 2025. The Act entered into force on August 7, 2025.
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Management Board Report on the operation of the XTB Group for H1 2026 Act of October 17, 2025, on Complaint Handling by Financial Market Entities, the Financial Ombudsman, and the Financial Education Fund On July 2, 2025, a government draft act on complaint handling by financial market entities, the Financial Ombudsman, and the Financial Education Fund was submitted to the Sejm. The Act introduces an obligation for all financial market entities to accept complaints electronically, which will increase the accessibility of this channel for clients and streamline the communication and complaint -handling process. Furthermore, pursuant to the Act, if a complaint is submitted electronically, a response in this format will be the default method of contact, without the need for an additional request from the client. At the same time, the client retains the right to receive a response in writing, provided they have requested its delivery in that form. On September 12, 2025, the Act was passed by the Sejm. On October 17, 2025, the Sejm adopted the Senate's amendments to the Act, and it was subsequently submitted to the President of the Republic of Poland for signature. The Act entered into force on February 13, 2026. Act of September 26, 2025, on the Crypto-Asset Market On June 26, 2025, a government draft act on the crypto -asset market was submitted to the Sejm. The draft concerns the introduction of new solutions within the crypto -asset market sector, aimed at fulfilling the tasks arising from Regulation (EU) 2023/1114, in particular regarding effective supervision and investor protection. According to the explanatory memorandum to the draft, taking actions aimed at achieving the aforementioned objectives will ensure the long-term development of the market as well as security through the expansion of supe rvisory powers. The Act was passed at a sitting on September 26, 2025, and was submitted to the President of the Republic of Poland and the Senate. On October 16, 2025, the Senate reviewed the draft act, proposed 81 amendments to it, and referred it to the Public Finance Committee, which adopted some of the amendments on November 6, referring the draft act back to the Sejm. On November 7, 2025, the Sejm passed the Act on the Crypto -Asset Market and submitted it to the President of the Republic of Poland. On December 1, 2025, the President of the Republic of Poland vetoed the Act. In April 2026, due to the Sejm's inability to override the veto, the government prepared a third draft act. In May of this year, it was referred for further legislative work in the Sejm in order to implement the MiCA Regulation into the Polish legal system. At present, further progress in the legislative work on enacting the Act on the Crypto-Asset Market is expected. Draft Act of December 2, 2025, on Personal Investment Accounts In early December 2025, a draft act on personal investment accounts was published. The proposed act regulates: - the principles of accumulating assets by natural persons in personal investment accounts, referred to as "OKIs"; - the taxation of assets accumulated in OKIs with a tax on the value of assets. The draft was adopted by the Council of Ministers on May 5, 2026, and subsequently completed the legislative process in parliament. On August 13, 2026, it was signed by the President. The provisions of the Act will become effective on January 1, 2027.
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Management Board Report on the operation of the XTB Group for H1 2026 7. Events after the balance sheet date ▪ On July 24, 2026, the parent entity, XTB S.A., allocated EUR 5,696 thousand (approx. PLN 21,614 thousand) to increase the share capital of the subsidiary XTB Agente de Valores SpA, headquartered in Chile. ▪ On July 31, 2026, the process of selling the shares in the subsidiary XTB Africa (PTY) Ltd., headquartered in South Africa, was completed. The value of the agreement did not constitute a material amount within the meaning of the criteria adopted by the Company for the value of its own assets, and the transaction did not have a material impact on the Company's financial position. The conclusion of the agreement was a result of the subsidiary's failure to commence operational activities.
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Management Board Report on the operation of the XTB Group for H1 2026 Statement by the Management Board The Management Board of XTB S.A. declares that, to the best of its knowledge, the consolidated and separate financial statements for period of six months ended 30 June 2026 and comparative data have been prepared in accordance with the applicable accounting principles and reflect in a true, reliable and clear financial and financial situation and the financial result of the Group and the Company, respectively. In addition, t he Management Board declares that activity report contains a true picture of the development and achievements of the Group and the Company, respectively, including a description of the basic threats and risk. Signatures of the persons representing the entity Date Name Function Signature 27.08.2026 Omar Arnaout President of the Management Board The original Polish document is signed with a qualified electronic signature 27.08.2026 Filip Kaczmarzyk Member of the Management Board The original Polish document is signed with a qualified electronic signature 27.08.2026 Paweł Szejko Member of the Management Board The original Polish document is signed with a qualified electronic signature 27.08.2026 Jakub Kubacki Member of the Management Board The original Polish document is signed with a qualified electronic signature 27.08.2026 Bartosz Osiński Member of the Management Board The original Polish document is signed with a qualified electronic signature
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Translation note: This version of our report is a translation from the original, which was prepared in Polish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation. PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp.k., ul. Polna 11, 00-633 Warsaw, Poland, T: +48 (22) 746 4000, F: +48 (22) 746 4040 PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp.k. with registered office at ul. Polna 11, 00-633 Warsaw, entered into National Court Register by the District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS No 0000750050, Tax ID No (NIP) 5260210228. www.pwc.pl Independent statutory auditor’s report on review of the semi-annual condensed consolidated financial statements To the Shareholders and the Supervisory Board of XTB S.A. Introduction We have reviewed the accompanying semi-annual condensed consolidated statement of financial position of XTB S.A. (the “Parent Company”) and its subsidiaries (together the “Group”) as at 30 June 2026 and the related semi-annual condensed consolidated statement of comprehensive income for the three-month and six-month periods then ended, semi-annual condensed consolidated statement of changes in equity and semi-annual condensed consolidated statement of cash flows for the six-month period then ended, and the explanatory notes (the “semi-annual condensed consolidated financial statements”). Management of the Parent Company is responsible for the preparation and presentation of these semi- annual condensed consolidated financial statements in accordance with International Accounting Standard 34 Interim Financial Reporting as adopted by the European Union. Our responsibility is to express a conclusion on these semi-annual condensed consolidated financial statements based on our review. Scope of review We conducted our review in accordance with National Standard on Review Engagements 2410 in the wording of International Standard on Review Engagements 2410 Review of interim financial information
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2 Independent statutory auditor’s report on review performed by the independent auditor of the entity as adopted by the resolution of the National Council of Statutory Auditors. A review of semi-annual financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with National Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying semi-annual condensed consolidated financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34 Interim Financial Reporting as adopted by the European Union. Conducting the review on behalf of PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp.k., a company entered on the list of audit firms with the number 144: The original was signed in Polish Anna Bączyk Key Statutory Auditor No. in the registry 11810 Warsaw, 27 August 2026
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Translation note: This version of our report is a translation from the original, which was prepared in Polish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation. PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp.k., ul. Polna 11, 00-633 Warsaw, Poland, T: +48 (22) 746 4000, F: +48 (22) 746 4040 PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp.k. with registered office at ul. Polna 11, 00-633 Warsaw, entered into National Court Register by the District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS No 0000750050, Tax ID No (NIP) 5260210228. www.pwc.pl Independent statutory auditor’s report on review of the semi-annual condensed separate financial statements To the Shareholders and the Supervisory Board of XTB S.A. Introduction We have reviewed the accompanying semi-annual condensed separate statement of financial position of XTB S.A. (the “Company”) as at 30 June 2026 and the related semi-annual condensed separate statement of comprehensive income for the three- month and six-month period then ended, semi-annual condensed separate statement of changes in equity and semi-annual condensed separate statement of cash flows for the six-month period then ended, and the explanatory notes (the “semi-annual condensed separate financial statements”). Management of the Company is responsible for the preparation and presentation of these semi-annual condensed separate financial statements in accordance with International Accounting Standard 34 Interim Financial Reporting as adopted by the European Union. Our responsibility is to express a conclusion on these semi-annual condensed separate financial statements based on our review. Scope of review We conducted our review in accordance with National Standard on Review Engagements 2410 in the wording of International Standard on Review Engagements 2410 Review of interim financial information performed by the independent auditor of the entity as adopted by the resolution of the National Council of Statutory Auditors. A review of semi-annual financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.
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2 Independent statutory auditor’s report on review A review is substantially less in scope than an audit conducted in accordance with National Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying semi-annual condensed separate financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34 Interim Financial Reporting as adopted by the European Union. Conducting the review on behalf of PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp.k., a company entered on the list of audit firms with the number 144: The original was signed in Polish Anna Bączyk Key Statutory Auditor No. in the registry 11810 Warsaw, 27 August 2026