XTB (XTB) investor relations material

Executive summary

• H1 2026 saw total operating income rise 79.7% year-over-year to PLN 2,086.3M, with net profit up 150.5% to PLN 1,027.2M, driven by strong client acquisition, CFD and other financial instrument operations, and market volatility.

• The period featured significant product launches, international expansion, and high-profile marketing partnerships, supporting client growth and market presence.

• Client base expanded to 2.83 million, with 703,333 new clients and 1.49 million active clients, reflecting a 74.5% increase in active clients year-over-year.

Financial highlights

• Result of operations on net financial instruments increased 81.3% year-over-year to PLN 2,024.4M, with EBITDA at PLN 1,216.0M and an EBITDA margin of 58.3%.

• Net interest income on client cash rose 32.5% to PLN 46.0M, and commission and fee income grew 67.8% to PLN 16.0M.

• Operating profit (EBIT) surged 117.7% to PLN 1,202.3M, while profit before tax jumped 153.4% to PLN 1,255.4M.

• Total operating expenses increased 45.3% year-over-year to PLN 884.1M, with marketing costs up 64.7%.

• Dividend of PLN 478.5M (PLN 4.07 per share) paid in June 2026, representing 75% of standalone net profit.

Outlook and guidance

• Management expects operating expenses in 2026 to be up to 30% higher than 2025, with marketing spend potentially increasing by 50%.

• Ambition to acquire 250,000–290,000 new clients per quarter and grow new client acquisition by 30% annually over the medium term.

• Continued focus on expanding product offerings, including options and long-term investment products, and enhancing digital capabilities and trading hours.

• Ongoing international expansion, with new regulatory licenses and subsidiaries in the UAE, Lithuania, Chile, and capital increases in Cyprus, Lithuania, Seychelles, and Chile.