CONSOLIDATED FINANCIAL
STATEMENTS
XTB S.A. GROUP
FOR 2024
This document is a translation of a document originally issued
in Polish. The only binding version is the original version.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 6
TABLE OF CONTENTS
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT 7
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 8
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 9
CONSOLIDATED CASH FLOW STATEMENT 11
ADDITIONAL EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 12
1. Information about the Parent Company and composition of the Group 12
2. Basis for drafting the financial statements 14
3. Professional judgement 17
4. Adopted material accounting principles 18
5. Operating income 25
6. Salaries and employee benefits 26
7. Marketing 26
8. Costs of maintenance and lease of buildings 26
9. Other external services 27
10. Commission expenses 27
11. Other expenses 27
12. Finance income and costs 27
13. Segment information 28
14. Cash and cash equivalents 33
15. Financial assets at fair value through P&L 33
16. Financial assets at amortised cost 33
17. Prepayments and deferred costs 34
18. Intangible assets 35
19. Property, plant and equipment 37
20. Amounts due to customers 39
21. Financial liabilities at fair value through P&L 39
22. Liabilities due to lease 39
23. Other liabilities 40
24. Provisions for liabilities and contingent liabilities 40
25. Equity 41
26. Profit distribution and dividend 42
27. Earnings per share 43
28. Current income tax and deferred income tax 43
29. Related party transactions 46
30. Remuneration of the audit companies 48
31. Employment 48
33. Off-balance sheet items 49
34. Items regarding the compensation scheme 49
35. Capital management 50
36. Risk management 52
37. Post balance sheet events 64
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 7
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
(IN PLN’000)
NOTE
TWELVE-MONTH
PERIOD
ENDED
TWELVE-MONTH
PERIOD
ENDED
31.12.2024
31.12.2023
Result of operations on financial instruments
5.1
1 800 575
1 574 491
Net interest income on clients cash, including:
58 946
30 079
- Interest income from clients cash
105 568
34 061
- Interest expense paid to clients
(46 622)
(3 982)
Income from fees and charges
5.2
12 291
11 730
Other income
1 624
2 085
Total operating income
5
1 873 436
1 618 385
Marketing
7
(344 808)
(263 924)
Salaries and employee benefits
6
(311 574)
(259 140)
Commission expenses
10
(97 289)
(61 816)
Other external services
9
(79 226)
(64 141)
Amortisation and depreciation
18,19
(19 905)
(17 197)
Taxes and fees
(13 109)
(9 712)
Costs of maintenance and lease of buildings
8
(7 999)
(7 528)
Other costs
11
(12 791)
(10 773)
Total operating expenses
(886 701)
(694 231)
Profit on operating activities
986 735
924 154
Finance income, including:
12
62 845
71 988
- interest income on financial instruments at amortized cost
12
26 272
39 858
Finance costs
12
(1 129)
(35 898)
Profit before tax
1 048 451
960 244
Income tax
28
(191 595)
(169 071)
Net profit, including:
856 856
791 173
- profit attributable to owners of the Parent Company
857 025
791 173
- profit (loss) attributable to owners of non-controlling interests
(169)
-
Net profit
856 856
791 173
Other comprehensive income
2 534
(6 635)
Items which will be reclassified to profit (loss) after meeting specific conditions
2 403
(7 234)
Currency translation differences:
2 403
(7 234)
- positions that will be reclassified to profit on valuation of foreign
companies
3 091
(4 079)
- positions that will be reclassified to profit on valuation of separated equity
(688)
(3 155)
Deferred income tax
131
599
Total comprehensive income, including:
859 390
784 538
- total comprehensive income attributable to owners of the Parent Company
859 546
784 538
- total comprehensive income attributable to owners of non-controlling
interests
(156)
-
Earnings per share:
- basic profit per year attributable to shareholders of the Parent Company (in
PLN)
27
7,29
6,73
- basic profit from continued operations per year attributable to shareholders
of the Parent Company (in PLN)
27
7,29
6,73
- diluted profit of the year attributable to shareholders of the Parent Company
(in PLN)
27
7,29
6,73
- diluted profit from continued operations of the year attributable to
shareholders of the Parent Company (in PLN)
27
7,29
6,73
The consolidated comprehensive income statement should be read together with the supplementary notes to the consolidated
financial statements, which are an integral part of these consolidated financial statements.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 8
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(IN PLN’000)
NOTE
31.12.2024
31.12.2023
ASSETS
Cash and cash equivalents
14
5 370 815
3 676 756
Financial assets at fair value through P&L
15
1 123 923
903 255
Financial assets at amortised cost
16
55 026
31 407
Prepayments and deferred costs
17
19 686
15 486
Intangible assets
18
2 009
1 167
Property, plant and equipment
19
65 334
50 386
Income tax receivables
131
129
Deferred income tax assets
28
8 708
10 072
Total assets
6 645 632
4 688 658
EQUITY AND LIABILITIES
Liabilities
Amounts due to customers
20
4 164 895
2 638 122
Financial liabilities at fair value through P&L
21
208 193
110 358
Liabilities due to lease
22
33 935
29 603
Other liabilities
23
156 884
86 080
Provisions for liabilities
24
3 530
3 892
Income tax liabilities
13 316
22 991
Deferred income tax provision
28
61 238
62 949
Total liabilities
4 641 991
2 953 995
Equity
Share capital
25
5 878
5 878
Supplementary capital
25
71 608
71 608
Other reserves
25,26
1 059 614
863 166
Foreign exchange differences on translation
25
(4 074)
(6 595)
Retained earnings
26
870 495
800 606
Equity attributable to the owners of the Parent Company
2 003 521
1 734 663
Non-controlling interests
120
-
Total equity
2 003 641
1 734 663
Total equity and liabilities
6 645 632
4 688 658
The consolidated statement of financial position should be read together with the supplementary notes to the consolidated
financial statements, which are an integral part of these consolidated financial statements.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 9
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Consolidated statement of changes in equity for the period from 1 January 2024 to 31 December 2024
(IN PLN’000)
SHARE
CAPITAL
SUPPLEMENTARY
CAPITAL
OTHER
RESERVES
FOREIGN
EXCHANGE
DIFFERENCES ON
TRANSLATION OF
FOREIGN
OPERATIONS AND
SEPARATE FUNDS
RETAINED
EARNINGS
EQUITY
ATTRIBUTABLE
TO THE OWNERS
OF THE PARENT
COMPANY
NON-CONTROLLING
INTERESTS
TOTAL
EQUITY
NOTE
25
25
25, 26
25
26
As at 1 January 2024
5 878
71 608
863 166
(6 595)
800 606
1 734 663
-
1 734 663
Total comprehensive income for
the financial period
Net profit
-
-
-
-
857 025
857 025
(169)
856 856
Other comprehensive income
-
-
-
2 521
-
2 521
13
2 534
Total comprehensive income for
the financial period
-
-
-
2 521
857 025
859 546
(156)
859 390
Transactions with Parent
Company’s owners recognized
directly in equity
Appropriation of profit/offset of loss
- dividend payment
-
-
-
-
(590 198)
(590 198)
-
(590 198)
- transfer to other reserves
-
-
196 938
-
(196 938)
-
-
-
Issue of Equity
-
-
-
-
-
-
-
-
Inclusion of share based incentive
scheme
-
-
7 260
-
-
7 260
-
7 260
Purchase of own shares
-
-
(7 750)
-
-
(7 750)
-
(7 750)
Increase (decrease) in equity
-
-
-
-
-
-
276
276
Contributions of capital by non-
controlling interests
-
-
196 448
2 521
69 889
268 858
120
268 978
As at 31 December 2024
5 878
71 608
1 059 614
(4 074)
870 495
2 003 521
120
2 003 641
The consolidated statement of changes in equity should be read together with the supplementary notes to the consolidated financial statements, which are an integral part of these
consolidated financial statements.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 10
Consolidated statement of changes in equity for the period from 1 January 2023 to 31 December 2023
(IN PLN’000)
SHARE
CAPITAL
SUPPLEMENTARY
CAPITAL
OTHER
RESERVES
FOREIGN
EXCHANGE
DIFFERENCES ON
TRANSLATION OF
FOREIGN
OPERATIONS AND
SEPARATE FUNDS
RETAINED
EARNINGS
EQUITY
ATTRIBUTABLE
TO THE OWNERS
OF THE PARENT
COMPANY
NON-CONTROLLING
INTERESTS
TOTAL
EQUITY
NOTE
25
25
25, 26
25
26
As at 1 January 2023
5 869
71 608
657 555
40
770 997
1 506 069
-
1 506 069
Total comprehensive income for
the financial period
Net profit
-
-
-
-
791 173
791 173
-
791 173
Other comprehensive income
-
-
-
(6 635)
-
(6 635)
-
(6 635)
Total comprehensive income for
the financial period
-
-
-
(6 635)
791 173
784 538
-
784 538
Transactions with Parent
Company’s owners recognized
directly in equity
Appropriation of profit/offset of loss
- dividend payment
-
-
-
-
(570 484)
(570 484)
-
(570 484)
- transfer to other reserves
-
-
191 080
-
(191 080)
-
-
-
Issue of Equity
9
-
-
-
-
9
-
9
Inclusion of share based incentive
scheme
-
-
14 531
-
-
14 531
-
14 531
Purchase of own shares
-
-
-
-
-
-
-
-
Increase (decrease) in equity
-
-
-
-
-
-
-
-
Contributions of capital by non-
controlling interests
9
-
205 611
(6 635)
29 609
228 594
-
228 594
As at 31 December 2023
5 878
71 608
863 166
(6 595)
800 606
1 734 663
-
1 734 663
The consolidated statement of changes in equity should be read together with the supplementary notes to the consolidated financial statements, which are an integral part of these
consolidated financial statements.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 11
CONSOLIDATED CASH FLOW STATEMENT
(IN PLN’000)
NOTE
TWELVE-MONTH
PERIOD ENDED
TWELVE-MONTH
PERIOD ENDED
31.12.2024
31.12.2023
Cash flows from operating activities
Profit before tax
1 048 451
960 244
Adjustments:
(19 617)
(333 410)
(Profit) Loss on investment activity
32.3
(26 739)
(29 734)
Proceeds / Expenses on cash deposits with maturity over 3M
-
(300 000)
Amortization and depreciation
18, 19
19 905
17 197
Foreign exchange (gains) losses from translation of own cash
(6 247)
4 272
Other adjustments
32.1
2 962
(5 751)
Changes
Change in provisions
(362)
(364)
Change in balance of financial assets and liabilities at fair value
through P&L
(94 450)
(16 749)
Change in balance of restricted cash
(1 484 444)
(328 356)
Change in financial assets at amortised cost
(23 619)
10 268
Change in balance of prepayments and accruals
(4 200)
(962)
Change in balance of amounts due to customers
1 526 773
310 394
Change in balance of other liabilities
32.2
70 804
6 375
Cash from operating activities
1 028 834
626 834
Income tax paid
(201 619)
(146 026)
Interest received
1 048
-
Interest paid
-
(1 555)
Net cash from operating activities
828 263
479 253
Cash flow from investing activities
Expenses relating to payments for property, plant and equipment
19
(19 279)
(14 462)
Expenses relating to payments for intangible assets
18
(1 381)
(106)
Expenses relating purchase of bonds
(1 020 144)
(553 946)
Proceeds from closed deposits
-
300 000
Interest received on deposits
-
2 667
Proceeds from sale of bonds
995 533
523 843
Interests on bonds
22 365
22 874
Proceeds from sale of items of property, plant and equipment
24
3
Net cash from investing activities
(22 882)
280 873
Cash flow from financing activities
(10 552)
(11 400)
Payments of liabilities under finance lease agreements
(1 048)
(1 112)
Interest paid under lease
(590 198)
(570 484)
Dividends paid to owners
-
9
Contributions of capital by non-controlling interests
276
-
Inclusion of share based incentive scheme
7 259
14 531
Purchase of own shares
(7 750)
-
Net cash from financing activities
(602 013)
(568 456)
Increase (Decrease) in net cash and cash equivalents
203 368
191 670
Cash and cash equivalents – opening balance
1 409 897
1 222 499
Increase (Decrease) in net cash and cash equivalents
203 368
191 670
Effect of FX rates fluctuations on balance of cash in foreign
currencies
6 247
(4 272)
Cash and cash equivalents – closing balance
14
1 619 512
1 409 897
The consolidated cash flow statement should be read together with the supplementary notes to the consolidated financial
statements, which are an integral part of these consolidated financial statements.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 12
ADDITIONAL EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
1. Information about the Parent Company and composition of the Group
The Parent Company in the XTB S.A Group (the “Group”) is XTB S.A. (hereinafter: the “Parent Entity”, “Parent Company”,
“Brokerage”) with its headquarters located in Warsaw at Prosta street 67, 00-838 Warszawa, Polska.
XTB S.A. is entered in the Commercial Register of the National Court Register by the District Court for the Capital City of
Warsaw, Poland, XII Commercial Division of the National Court Register, under No. KRS 0000217580. The Parent Company
was granted a statistical REGON number and a tax identification (NIP) number 5272443955.
The Parent Company’s operations consist of conducting brokerage activities on the stock exchange (stocks, ETP – Exchanged
Traded Products) and OTC markets (currency derivatives, commodities, indices, stocks and ETP and bonds). 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 Parent Company, together with its foreign branches and subsidiaries, forms the XTB
Capital Group, which operates in over 13 countries around the world. The Parent Company is supervised by the Polish
Financial Supervision Authority and conducts regulated activities pursuant to a permit dated 8 November 2005,
No.DDM-M-4021-57-1/2005.
1.1 Information on the reporting entities in the Parent Company’s organisational
structure
The consolidated financial statements cover the following foreign branches which form the Parent Company:
• XTB S.A. organizačni složka – a branch established on 7 March 2007 in the Czech Republic. The branch was registered
in the commercial register maintained by the City Court in Prague under No. 56720 and was granted the following tax
identification number: CZK 27867102.
• XTB S.A. Sucursal en Espana – a branch established on 19 December 2007 in Spain. On 16 January 2008, the branch
was registered by the Spanish authorities and was granted the tax identification number ES W0601162A.
• XTB S.A. organizačná zložka - a branch established on 1 July 2008 in the Slovak Republic. On 6 August 2008, the branch
was registered in the commercial register maintained by the City Court in Bratislava under No. 36859699 and was granted
the following tax identification number: SK4020240324.
• XTB S.A. Varsovia Sucursala Bucuresti – a branch established on 31 July 2008 in Romania. On 4 August 2008, the branch
was registered in the Commercial Register under No. 402030 and was granted the following tax identification number:
RO27187343.
• XTB S.A. German Branch - a branch established on 5 September 2008 in the Federal Republic of Germany. On 24 October
2008, the branch was registered in the Commercial Register under No. HRB 84148 and was granted the following tax
identification number: DE266307947.
• XTB S.A. Succursale Française – a branch established on 21 April 2010 in the Republic of France. On 31 May 2010, the
branch was registered in the Commercial Register under No 522758689 and was granted the following tax identification
number: FR61522758689.
• 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.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 13
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
31.12.2024
31.12.2023
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%
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 Financial
Consultation L.L.C
Full
UAE
The company has not
yet conducted
operations
100%
-
PT XTB Indonesia Berjangka
Full
Indonesia
The company has not
yet conducted
operations
90%
-
XTB S.C. Limited
Full
Seychelles
The company has not
yet conducted
operations
100%
100%
XTB Africa (PTY) Ltd.
Full
South Africa
The company has not
yet conducted
operations
100%
100%
Tasfiye Halinde XTB Yönetim
Danışmanlığı A.Ş.
Full
Turkey
The company does
not conduct its
operations (in the
process of liquidation)
100%
100%
XTB Digital Ltd.
Full
Cyprus
The company does
not conduct its
operations (in the
process of liquidation)
100%
100%
On 15 September 2020, the liquidation process of the company in Turkey Tasfiye Halinde XTB Yönetim Danışmanlığı A.Ş.
has begun.
As at the 31 December 2024, amount of negative foreign exchange differences on translation of balances in foreign currencies
of Turkish company amounted PLN (3 627), as at the 31 December 2023 PLN (3 655) thousand (note 25). Exchange
differences will be recognized in consolidated financial statement at the date of liquidation of the company.
On 9 March 2024, the Parent Company allocated USD 1 million for share capital increase in its subsidiary XTB MENA
Limited, maintaining a 100% share in its capital. On 5 April 2024, the Parent Company allocated USD 1,5 million for another
share capital increase in its subsidiary XTB MENA Limited, maintaining a 100% share in its capital.
On 6 October 2022, XTB S.C. Limited with its seat in Republic of Seychelles was registered in the local register of
entrepreneurs. On 21 April 2023 XTB S.C. Limited was granted license No. SD148 by the Financial Services Authority (FSA)
to operate in the Republic of Seychelles. The company will provide brokerage services. The Parent Company has acquired
99,9% of the shares in the subsidiary. The remaining 0,1% stake is held by another subsidiary, XTB Services Limited. On
16 November 2023, the shares in XTB S.C. Limited with its seat in the Seychelles, were paid up. The contributed capital
amounted to USD 50 thousand. On 17 July 2024, there was share capital increase in the subsidiary XTB S.C. Limited in the
amount USD 250 thousand, maintaining the current share proportion. As at the date of these financial statements the company
did not conduct its operations.
On 5 December 2022, XTB Digital Ltd. with its seat in Cyprus was registered in the local register of entrepreneurs. The Parent
Company acquired 100% of the shares in the subsidiary. On 3 April 2023, the shares in Digital Ltd. With its seat in Cyprus
were paid up. The contributed capital amounted to EUR 300 thousand. As at the date of these financial statements the
company did not conduct its operations. Since January 2025, the company has been in liquidation.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 14
On 27 July 2023, the subsidiary XTB Chile SpA changed its name to XTB Agente de Valores SpA.
On 17 January 2024 the Parent Company acquired 90% shares in the company PT Rajawali Kapital Berjangka with the seat
in the Republic of Indonesia which is a derivatives broker regulated by the Commodity Futures Trading Supervisory Agency
(in short BAPPEBTI). On 16 February 2024, the Parent Company allocated USD 315 thousand for share capital increase in
its subsidiary PT Rajawali Kapital Berjangka, maintaining a 90% share in its capital. On 29 April 2024 the subsidiary PT
Rajawali Kapital Berjangka changed its name to PT XTB Indonesia Berjangka. On 1 October 2024, the parent company
allocated EUR 351 thousand for a further increase in the share capital of the subsidiary PT XTB Indonesia Berjangka,
maintaining a 90% share in its capital. On 17 December 2024, PT XTB Indonesia Berjangka received a PALN licence issued
by the local regulator Bappebti Indonesia, thanks to which Indonesian residents will gain access to investments in stocks and
ETPs offered by XTB.
On 25 July 2024 the subsidiary XTB Financial Consultation L.L.C. with seat in the United Arab Emirates has been registered
in the local register of entrepreneurs. The Parent Company has acquired 100% of the shares in the subsidiary. On 26 July
2024, the shares were paid up. The contributed capital amounted to AED 13 thousand. The company will provide brokerage
services - financial advice. On 23 December 2024, XTB Financial Consultation received a licence from the Securities and
Commodities Authority (SCA) in the United Arab Emirates. The 5th category licence will allow the company to improve its cost
and operational efficiency, increase the range of services provided to customers in the region, and increase employment and
open a new office outside the special economic zone in Dubai.
1.3 Composition of the Management Board
In the period covered by the consolidated financial statements and in the comparative period, the Management Board was
composed of the following persons:
NAME AND
SURNAME
FUNCTION
DATE OF FIRST
APPOINTMENT
TERM OF OFFICE
Omar Arnaout
President of the
Management Board
23.03.2017
From the 1 July 2022 appointed for the new 3-years
term of office ending 1 July 2025
Paweł Szejko
Board Member
28.01.2015
From the 1 July 2022 appointed for the new 3-years
term of office ending 1 July 2025
Filip Kaczmarzyk
Board Member
10.01.2017
From the 1 July 2022 appointed for the new 3-years
term of office ending 1 July 2025
Jakub Kubacki
Board Member
10.07.2018
From the 1 July 2022 appointed for the new 3-years
term of office ending 1 July 2025
Andrzej Przybylski
Board Member
01.05.2019
From the 1 July 2022 appointed for the new 3-years
term of office ending 1 July 2025
2. Basis for drafting the financial statements
2.1 Compliance statement
These consolidated financial statements were prepared based on International Financial Reporting Standards (IFRS)
approved by the European Union.
The consolidated financial statements of the XTB S.A. Group prepared for the period from 1 January 2024 to 31 December
2024 with comparative data for the period from 1 January 2023 to 31 December 2023, cover the Parent Company’s financial
data and financial data of the subsidiaries comprising the “Group”.
These consolidated financial statements have been prepared on the historical cost basis, with the exception of financial assets
at fair value and other assets and liabilities which valuation methods are described in the accounting policy. The Group’s
assets are presented in the statement of financial position according to their liquidity, and its liabilities according to their
maturities.
The adopted accounting principles are consistent with the principles of the previous financial year, except for the new
standards effective from 1 January 2024.
The Group companies maintain their accounting records in accordance with the accounting principles generally accepted in
the countries in which these companies are established. The consolidated financial statements include adjustments made in
order to reconcile their financial statements with the Group’s accounting principles.
The consolidated financial statements were signed by the Management Board of the Parent Company on 20 March 2025.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 15
Drafting this consolidated financial statements, the Parent Company decided that none of the Standards would be applied
retrospectively.
The IFRS comprise standards and interpretations approved by the International Accounting Standards Board (“IASB”) and
the International Financial Reporting Interpretations Committee (“IFRIC”).
2.2 Functional currency and reporting currency
The functional currency and the presentation currency of these consolidated financial statements is the Polish zloty (“PLN”),
and unless stated otherwise, all amounts are shown in thousands of zloty (PLN’000).
2.3 Going concern
The consolidated financial statements were prepared based on the assumption that the Group would continue as a going
concern in the foreseeable future. At the date of preparation of these consolidated financial statements, the Management
Board of XTB S.A. does not state any circumstances that would threaten the Group companies’ continued operations in the
12 months from the date of signing of this financial statements, with the exception of subsidiary Tasfiye Halinde XTB Yönetim
Danışmanlığı A.Ş. in Turkey and XTB Digital Ltd. Under liquidation in Cyprus described in note 1.2.
2.4 Comparability of data and consistency of the policies applied
Data presented in the consolidated financial statements is comparable and prepared under the same principles for all periods
covered by the consolidated financial statements.
Following the introduction of interest deposits on clients cash, in order to better reflect and ensure comparability of data,
starting from the financial statements for 2024, the Group has decided to present Net Interest Income on Clients Cash in
Income from operating activities. The data for 2023 have been brought to comparability on the basis of the data available in
the reporting systems.
(IN PLN’000)
Before restated
TWELVE-MONTH
PERIOD
ENDED
Change
After restated
TWELVE-MONTH
PERIOD
ENDED
31.12.2023
31.12.2023
Result of operations on financial instruments
1 574 491
-
1 574 491
Net interest income on clients cash, including:
-
30 079
30 079
- Interest income from clients cash
-
34 061
34 061
- Interest expense paid to clients
-
(3 982)
(3 982)
Income from fees and charges
11 730
-
11 730
Other income
2 085
-
2 085
Total operating income
1 588 306
30 079
1 618 385
Marketing
(263 924)
-
(263 924)
Salaries and employee benefits
(259 140)
-
(259 140)
Commission expenses
(61 816)
-
(61 816)
Other external services
(64 141)
-
(64 141)
Amortisation and depreciation
(17 197)
-
(17 197)
Taxes and fees
(9 712)
-
(9 712)
Costs of maintenance and lease of buildings
(7 528)
-
(7 528)
Other costs
(10 773)
-
(10 773)
Total operating expenses
(694 231)
-
(694 231)
Profit on operating activities
894 075
30 079
924 154
Finance income, including:
106 049
34 061
71 988
- interest income on financial instruments at amortized cost
73 919
34 061
39 858
Finance costs
(39 880)
(3 982)
(35 898)
Profit before tax
960 244
-
960 244
Income tax
(169 071)
-
(169 071)
Net profit, including:
791 173
-
791 173
- profit attributable to owners of the Parent Company
791 173
-
791 173
- profit (loss) attributable to owners of non-controlling interests
-
-
-
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 16
Before restated
TWELVE-MONTH
PERIOD
ENDED
Change
After restated
TWELVE-MONTH
PERIOD
ENDED
31.12.2023
Change
31.12.2023
Net profit
791 173
-
791 173
Other comprehensive income
(6 635)
-
(6 635)
Items which will be reclassified to profit (loss) after meeting
specific conditions
(7 234)
-
(7 234)
Currency translation differences:
(7 234)
-
(7 234)
- positions that will be reclassified to profit on valuation of
foreign companies
(4 079)
-
(4 079)
- positions that will be reclassified to profit on valuation of
separated equity
(3 155)
-
(3 155)
Deferred income tax
599
-
599
Total comprehensive income, including:
784 538
-
784 538
- total comprehensive income attributable to owners of the Parent
Company
784 538
-
784 538
- total comprehensive income attributable to owners of non-
controlling interests
-
-
2.5 Changes in the accounting policies
The accounting policies applied in the preparation of the consolidated financial statements are consistent with those applied
in the preparation of the consolidated financial statements of the Group for the year ended 31 December 2023, except for the
application of new or amended standards and interpretations applicable to annual periods beginning on or after 1 January
2024.
• Amendments to IFRS 16 "Leases" - lease liabilities in sale and leaseback transactions,
• Amendments to IAS 1 “Presentation of Financial Statements” - classification of liabilities as current or non-current,
• Amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 “Financial Instruments: Disclosures" - financing agreements
for liabilities to suppliers.
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 2024 did not have a significant impact on the Group's consolidated financial statements.
2.6 New standards and interpretations which have been published but are not yet
binding
The following standards and interpretations have been published by the International Accounting Standards Board but are not
yet binding:
• Amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates” - lack of interchangeability - not yet endorsed
by EU at the date of approval of these financial statements – effective for financial years beginning on or after
1 January 2025,
• Amendments to IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments – Disclosures” - amendments in the
classification and measurement of financial instruments - not yet endorsed by EU at the date of approval of these financial
statements - effective for financial years beginning on or after 1 January 2026,
• IFRS 18 “Presentation and disclosures in the financial statements” - 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 or later,
• IFRS 19 “Subsidiaries without public accountability: disclosure of information” - 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 14 "Regulatory Deferral Accounts" – the endorsement process of these Amendments has been postponed by EU -
the effective date was deferred indefinitely by IASB,
• Amendments to IFRS 10 “Consolidated financial statements” and IAS 28 “Investments in Associates and Joint Ventures”
- sale or contribution of Assets Between an Investor and its Associate or Joint Venture – the endorsement process of these
Amendments has been postponed by EU - the effective date was deferred indefinitely by IASB.
Above new standards and interpretations which have been published but are not yet binding do not have a significant
impact on the Group’s consolidated financial statements.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 17
3. Professional judgement
In the process of applying the accounting principles (policy), the Management Board of the Parent Company made the
following judgements that have the greatest impact on the reported carrying amounts of assets and liabilities.
Revenue recognition
Transaction price is determined at fair value which is described in accounting policy. Liabilities due to reimbursements and
other in the case of the Group do not occur.
3.1 Material estimates and valuations
In order to prepare its financial statements in accordance with the IFRS, the Group has to make certain estimates and
assumptions that affect the amounts disclosed in the financial statements. Estimates and assumptions subject to day-to-day
evaluation by the Group’s management are based on experience and other factors, including expectations as to future events
that seem justified in the given situation. The results are a basis for estimates of carrying amounts of assets and liabilities.
Although the estimates are based on best knowledge regarding the current conditions and actions taken by the Group, actual
results may differ from the estimates. Adjustments to estimates are recognised during the reporting period in which the
adjustment was made provided that such adjustment refers only to the given period or in subsequent periods if the adjustment
affects both the current period and subsequent periods. The most important areas for which the Group makes estimates are
presented below.
3.2 Exprected credit losses and impairment of assets
The Group recognises an impairment allowance for expected credit losses in accordance with IFRS 9 for all assets measured
at amortised cost. This allowance takes into account forecasts and expected future economic conditions in the context of
credit risk assessment. 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.
At the end of the reporting period, a review is carried out of fixed assets, including intangible assets, to determine whether
there are any indications of impairment. If such an indication exists, e.g. due to the expiry of a licence or decommissioning,
the Group makes a formal estimate of the recoverable amount. If the carrying amount of an asset exceeds its recoverable
amount, the asset is considered impaired and is written down to its recoverable amount.
Deferred income tax assets
At each balance sheet date, the Parent Company assesses the likelihood of settlement of unused tax credits with the
estimated future taxable profit and recognises the deferred tax asset only to the extent that it is probable that future taxable
profit will be available against which the unused tax credits can be utilized, which is described in note 28.2.2.
The Group recognises a deferred tax asset based on the assumption that a tax profit will be generated in the future enabling
its utilisation. Deterioration in tax results in the future might result in the assumption becoming unjustified. The deferred tax
asset relates mainly to the losses generated by foreign operations and subsidiaries in the initial period of their operation
recognised in the balance sheet. The Group analyses the possibility of recognising such assets, taking into consideration local
tax regulations, and analyses future tax budgets assessing the possibility of recovering these assets.
3.3 Fair value measurement
Information on estimates relative to fair value measurement is presented in note 36 – Risk management. The fair value
measurement framework uses valuation techniques that are appropriate to the circumstances and for which sufficient data
are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable
inputs. The methodology developed by the Group for determining fair value involves adjusting the fair value model to the
characteristics of the financial asset being valued.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 18
3.4 Other estimates
Provisions for liabilities connected with retirement, pension and death benefits are calculated using the actuarial method by
an independent actuary as the current value of the Group’s future amounts due to employees, based on their employment
and salaries as at the balance sheet date. The calculation of the provision amount is based on a number of assumptions,
regarding both macroeconomic conditions and employee turnover, risk of death, and others.
Provision for unused holidays is calculated on the basis of the estimated payment of holiday benefits, based on the number
of unused holidays, and remuneration as at the balance sheet date.
Provisions for legal risk are determined individually based on the circumstances of a given case. The Group assesses the
chance of winning particular case and consequently assesses the need of establishment of provision in case of a loss in
relations to all court cases.
4. Adopted material accounting principles
4.1 Rules of consolidation
The consolidated financial statements contain the financial information of the Parent Company and subsidiaries as at
31 December 2024 and 31 December 2023. The financial statements of subsidiaries, after adjustments made to ensure
compliance with the IFRS, are prepared for the same reporting period as the financial statements of their parent companies,
with the application of consistent accounting principles, based on uniform accounting policies applied to transactions and
economic events of a similar nature. Adjustments are made in order to eliminate any discrepancies in the accounting methods.
4.1.1 Business combinations
Acquisitions of entities and organised parts of the business are recognised under the acquisition method. Each payment made
as a result of a business combination is measured at the aggregate fair value (as at the date of payment) of transferred assets,
liabilities incurred or acquired and capital investments issued in exchange for taking over the target. Costs directly related to
the business combination are recognised in profit or loss at the time they were incurred.
Identifiable assets, liabilities and contingent liabilities of the target that meet the criteria for disclosure under IFRS 3 Business
combinations are recognised at fair value as at the acquisition date, taking into account the exceptions set out in IFRS 3.
In settling transactions under joint control, the Group applies the acquisition method.
Where control is acquired as a consequence of several subsequent transactions, interests held as at the date of takeover are
measured at fair value and their results are recognised in income or expenses for the period. Amounts accrued under shares
in that entity, previously recognised under comprehensive income, are carried over to income or expenses for the period.
4.1.2 Investments in subsidiaries
Subsidiaries are understood as entities controlled by the Parent Company (inclusive of special purpose entities). It is assumed
that the Group controls another entity in which the investment was made, when due to its involvement in this unit it is exposed
to changing financial results, or when it has rights to variable financial results and the ability to affect the amount of these
financial results through the exercise of power over the entity.
Financial results of subsidiaries acquired or sold in the course of the year are recognised in the consolidated financial
statements from/until the time of their effective acquisition or disposal.
Any transactions, balances, income and expenses between the entities consolidated within the Group are subject to full
consolidation elimination.
4.2 Functional currency and reporting currency
Transactions executed in currencies other than the functional currency are entered on the basis of the exchange rate as at
the transaction date. As at the balance sheet date, the monetary assets and liabilities in foreign currencies are translated
using the average NBP rate as at that date. Non–cash items are carried based on historical cost.
The Parent Company’s functional currency is the Polish zloty, which is also the functional currency of these consolidated
financial statements.
Foreign exchange differences are reported under revenue or expenses of the period in which they occur.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 19
The following exchange rates were adopted for the purpose of measuring assets and liabilities as at the balance sheet date
and for converting items of the comprehensive income statement:
CURRENCY
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
31.12.2024
31.12.2023
31.12.2024
31.12.2023
USD
4,1012
3,9350
3,9853
4,1823
EUR
4,2730
4,3480
4,3042
4,5284
CZK
0,1699
0,1759
0,1712
0,1889
RON
0,8589
0,8742
0,8652
0,9145
HUF
0,0104
0,0113
-
-
GBP
5,1488
4,9997
5,0960
5,2080
TRY
0,1161
0,1337
0,1207
0,1791
CLP
0,0041
0,0044
0,0042
0,0050
IDR
0,0003
-
0,0003
-
AED
1,1167
-
1,0846
-
4.3 Cash and cash equivalents
Cash and cash equivalents comprise bank deposits on demand. The Group classifies as cash equivalent investments which
are readily convertible to a specific amount of cash, are subject to an insignificant risk of changes in value, and with payment
terms of up to three months as of the date of acquisition.
The Group reports cash flows using the indirect method.
Income from interest received on cash and other monetary assets and expenses from interest paid to customers are classified
under operating activities, while expenses from interest paid under finance lease are classified under financing activities.
Cash comprises the Group’s own cash and customers’ cash. Customers’ cash is deposited in bank accounts separately from
the Group’s cash. Customers’ cash and cash equivalents are not analysed in the consolidated cash flow statements.
4.4 Financial assets and liabilities
Investments are entered as at the date of purchase and derecognised from the financial statements as at the date of sale
(transactions are recognised as on the date of conclusion) if the agreement requires their delivery on a specific date set forth
by the market, and their initial value is measured at fair value. Transaction costs of the acquisition of financial assets and
liabilities at fair value through profit or loss are entered under costs for the period, while the transaction costs of other types
of assets and liabilities are recognised at the initial value of these assets and liabilities.
Financial assets are classified as
• financial assets at amortised cost,
• financial assets at fair value through profit and loss (including financial assets held for trading),
• financial assets at fair value through other comprehensive income.
Financial liabilities are classified as:
• financial liabilities at amortised cost,
• financial liabilities at fair value through profit and loss (including financial liabilities held for trading).
The Group classifies a financial asset based on the entity's business model for the management of financial assets and
characteristics of the cash flows arising from the contract for a financial asset (the so-called "SPPI criterion"). The entity
reclassifies investments in debt instruments if, and only if, the management model for those assets changes.
4.4.1 Financial assets at amortised cost
Financial asset is measured at amortised cost if both of the following conditions are met:
• the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual
cash flows;
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 20
• the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
Interest revenue is calculated by using the effective interest method and recognized in profit or loss in position “Finance
income”.
4.4.2 Financial assets at fair value through profit or loss
Financial assets items which do not meet the criteria of measurement at amortised cost are measured at fair value through
profit or loss.
Profit or loss form measurement of debt investments at fair value is recognized in profit or loss.
Dividends are recognized in profit or loss when the entity's right to receive payment of the dividend is established.
The Group falls into this category mainly OTC derivatives and stocks.
4.4.3 Fair value measurement
Fair value is the price that can be obtained at the date of valuation from the sale of an asset or can be paid for the transfer of
liability in an ordinary transaction between market participants.
For financial instruments available on an active market, the fair value is measured based on quoted market prices. A market
is considered to be active if the quoted prices are generally and directly available and represent current and actual transactions
concluded between unrelated parties.
For instruments for which there is no active market, the fair value is determined on the basis of valuation models.
The fair value of a financial instrument at initial recognition is the transaction price, i.e. fair value of the price paid or received.
Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to
measure fair value, maximising the use of relevant observable inputs and minimizing the use of unobservable inputs, namely:
Level 1 - valuation based on the data fully observable (active market quotations);
Level 2 - valuation models using information which does not constitute the data from Level 1, but observable, either directly
or indirectly (quotations for similar assets and liabilities from active or inactive markets);
Level 3 - valuation models using unobservable data (not derived from an active market).
Valuation techniques used to determine fair value are applied consistently.
4.4.4 Impairment of financial assets
The Group recognises a write-down for expected credit losses on financial assets measured at at amortised cost.
An assessment of whether there is objective evidence that a financial asset or group of financial assets is impaired is made
at the end of each reporting period. Expected credit losses are credit losses (ECL) weighted by the probability of default.
ECL allowances are measured at an amount equal to the ECL over a 12-month horizon or the ECL over the remaining life of
the instrument if a significant increase in credit risk since initial recognition or impairment has been identified for them. At the
end of each reporting period, the Group analyses whether there is any indication that financial assets should be reclassified
to a different stage of the impairment model. The expected credit loss is calculated at the time the receivable is recognized in
the statements and is updated at each subsequent date ending the reporting period, depending on the number of days the
receivable is past due.
The expected credit loss calculated at the time of initial recognition of a financial asset and any subsequent increase in the
expected credit loss is recognized in profit or loss.
4.4.5 Financial liabilities at amortised cost
Financial liabilities measured at amortised cost, including bank loans and borrowings, are initially carried at fair value less
transaction costs.
Later on, they are measured at amortised cost using the effective interest rate method.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 21
4.4.6 Financial liabilities at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss include financial liabilities held for trading if:
• it was incurred primarily for repurchase over a short period of time;
• it is part of a specific financial instrument portfolio managed jointly by the Group in accordance with the current and actual
model for generating short–term profits; or
• it is a derivative instrument not classified and not operating as collateral.
An entity may, at initial recognition, irrevocably designate a financial liability as measured at fair value through profit or loss
when doing so results in more relevant information. , because either:
Financial liabilities at fair value through profit or loss are disclosed at fair value and the resulting financial profits or losses are
entered under income or expenses for the period, and the resulting financial profit or loss is recognised as the income or
expenses for the period, taking into account interest paid on a given financial liability.
4.5 Intangible assets
Intangible assets include the Group’s assets which do not exist physically, which are identifiable and can be reliably measured,
and which will give the Group economic benefits in the future.
Intangible assets are disclosed initially at cost of acquisition or production. As at the balance sheet date, intangible assets are
carried at cost less accumulated amortisation and impairment write–offs, if any.
Amortisation of intangible assets is carried out on the basis of rates reflecting their estimated useful lives. The Group has no
intangible assets with an indefinite useful life. The straight-line method is applied to depreciate intangible assets with a definite
useful life. The useful life of the respective intangible assets is as follows:
TYPE
DEPRECIATION PERIOD
Software licences
5 years
Intangible assets manufactured internally
5 years
Other intangible assets
10 years
4.6 Property, plant and equipment
Property, plant and equipment include items of property, plant and equipment as well as expenses for property, plant and
equipment under construction which the Group intends to use in connection with its operations and for administration
purposes, in a period of over 1 year, and which will bring economic benefits in the future. Expenditures on property, plant and
equipment include actual capital expenditures, as well as expenditures for future supplies of equipment and services
connected with the development of items of property, plant and equipment (prepayments made).
Property, plant and equipment and expenses for property, plant and equipment under construction are initially disclosed at
cost of acquisition or production. Significant components are also treated as separate items of property, plant and equipment.
As at the balance sheet date, property, plant and equipment is carried at cost less depreciation and impairment write-offs,
if any.
Depreciation of property, plant and equipment, including their components, is carried out on the basis of rates reflecting their
estimated useful lives, and starts in the month following the month they are accepted for use. Useful life estimates are reviewed
on an annual basis. The straight-line method is applied to depreciate property, plant and equipment. The useful life of the
respective items of property, plant and equipment is as follows:
TYPE
DEPRECIATION PERIOD
Mobile phones
2 years
Computers
From 3 to 5 years
Vehicles
5 years
Office furniture and equipment
from 5 to 12 years
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 22
4.7 Lease
Identifying a lease
At new contract inception, the Group assesses whether the contract is a lease or whether it contains a lease. An agreement
is a lease or contains a lease if it transfers the right to control the use of an identified asset for a given period in exchange for
remuneration.
Group have the right to control the use of an identified asset for part of the duration of an agreement only, the agreement
contains a lease in respect of this part of the period.
Rights resulting from lease, rental, hire or other agreements which meet the definition of a lease are recognised as right of
use underlying assets within the framework of non-current assets with a corresponding lease liabilities.
Initial recognition and measurement
The Group recognises the right of use asset as well as the lease liability on the date of commencement of the lease. On the
date of commencement the Group measured the right of use asset at cost. The lease liability on the commencement date
shall be calculated on the basis of the current lease payments that are payable by that date and discounted by the marginal
interest rates of the lease.
Depreciation
The right of use asset is depreciated linearly over the shorter of the following two periods: the period of lease or the useful life
of the underlying asset. However in cases where the Group can be reasonably sure that it will regain ownership of the asset
prior to the end of the lease term, right of use shall be depreciated from the day of commencement of the lease until the end
of the useful life of the asset.
Impairment
Right-of-use assets are amortised on a straight-line basis over the shorter of the lease term or the useful life of the underlying
asset, unless the Group is reasonably certain that it will obtain title before the end of the lease term, in which case the right-
of-use is amortized from the lease commencement date to the end of the asset's useful life.
Short-term lease
The Group applies a practical solution to short-term lease contracts, which are characterised by contract term to 12 months.
Simplifications regarding these contracts involve the settlement of lease payments as costs on a straight-line basis, for the
duration of the lease agreement.
Leases of low-value assets
Low-value assets are considered to be those which have a value when new not higher than PLN 43 thousand translated at
the exchange rate of the first day of application, i.e. 1 January 2019 (representing EUR 10 thousand) or the equivalent value
in another currency as per the average closing rate of exchange of the National Bank of Poland at the moment of initial
recognition of a contract. Simplifications in respect of such contracts are due to the settlement of costs on a straight-line basis
for the term of the lease contract.
4.8 Provisions for liabilities
Provisions for liabilities are established when the Group has an existing legal or constructive obligation connected with past
events and it is probable that the performance of this obligation will result in an outflow of funds representing economic
benefits, and the amount of the liability can be reliably assessed, although the amount or maturity of the liability are not certain.
The amount of the provision recognised reflects the most accurate estimates possible of the amount required to settle the
current liability as at the balance sheet date, taking into account risk and uncertainty connected with this liability. In the event
of measuring a provision using the estimated cash flow method necessary to settle the current liability, its carrying amount
reflects the current value of such cash flows.
If it is probable that some or all of the economic benefits required to settle a provision can be recovered from a third party,
such receivable will be recognised as an asset, provided that the probability of recovery is sufficiently high and can be reliably
assessed.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 23
4.9 Equity
Equity capital consists of capital and funds created in accordance with applicable regulations, i.e. relevant laws and the articles
of association. Retained earnings are also included in equity capital.
The share capital is recognised at the value specified in the Articles of Association of the parent company. Unregistered
contributions to the share capital are recognised in the parent company's equity and are presented at the nominal value of the
contribution received.
The supplementary capital is created in accordance with the Group's Articles of Association from annual deductions from the
net profit and can be used to cover balance sheet losses or to pay dividends.
Other reserve capital is created from annual deductions from the net profit. Reserve capital is intended to cover potential
balance sheet losses or for other purposes, in particular for the payment of dividends or the acquisition of own shares and
their settlement as part of an incentive program.
Exchange rate differences from the conversion of foreign entities are created from differences arising from the conversion of
the financial data of foreign entities at exchange rates.
Non-controlling interests are the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent.
Retained earnings are the net profit/loss for the period for which the report is prepared, adjusted for income tax, and the net
profit/loss from previous years.
4.10 Customers’ financial instruments and nominal values of transactions on
derivatives (off–balance sheet items)
Off–balance sheet items include: the nominal values of derivatives in transactions executed with customers and brokers in
the OTC market, and the values of financial instruments of the Group’s customers, acquired on the regulated stock exchange
market and deposited in the accounts of the Group’s customers.
4.11 The result of operations on financial instruments
The result of operations on financial instruments covers all realised and unrealised income and expenses connected with
trading in financial instruments, including dividend, interest and FX rate differences. The result of operations on financial
instruments is calculated as the difference between the value of the instrument at the sale price and the purchase price.
The result of operations on financial instruments is composed of the following items:
• Result on financial assets held for trading: result on financial instruments on transactions with customers and brokers;
• The net income/(costs) on financial assets held to maturity: result on debt securities (interest result calculated using the
effective interest rate method);
• Discounts for customers and commissions for introducing brokers depend on the actual volume of trading in the financial
instruments. This item decreases the result on transactions in financial instruments.
4.12 Fee and commission income and expenses
Fee and commission income includes brokerage fees and other charges against financial services charged to customers and
is disclosed at the date when the customer enters into a given transaction.
Fee and commission expenses are connected with financial brokerage services acquired by the Group and disclosed at the
date when the services were provided.
4.13 Cost of employee benefits
Short–term employee benefits, including specific contributions to benefit schemes, are disclosed in the period when the Group
received a given benefit from an employee, and in the case of profit distribution or bonus payments, when the following
conditions are met:
• the entity has a present legal or constructive obligation to make such payments as a result of past events; and
• a reliable estimate of the obligation can be made.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 24
For paid leave benefits, employee benefits are recognised to the extent of accumulated paid leave, at the time of performance
of work that increases the entitlement to future paid absences (provision for unused holidays).
Non–accumulating paid absences are recognised when the absences occur.
Starting from 2012, the Parent Company applies the policy of variable remuneration elements for employees whose professional
activities have a significant impact on the Parent Company's risk profile.
As part of this programme, XTB offers its participants 100% variable remuneration in the form of shares. The shares are granted
as part of the variable remuneration for the financial results achieved by XTB in the financial year for which the Actual Bonus is
granted. The Actual Bonus means the actual value of the bonus that has been granted to the participant of the Incentive
Programme for a given financial year. Benefits offered in the form of equity instruments whose value is linked to the financial
situation of the parent company are paid out within 3 years from the date of granting.
In the case of share-based payment transactions settled in equity instruments, the entity measures the goods received and the
corresponding increase in equity at the fair value of the goods received. Costs related to share-based payments are recognised
directly in equity.
4.14 Finance income and costs
Finance income includes interest income on funds invested by the Group. Finance costs consist of interest expense paid to
customers, interest on finance lease paid and other interest on liabilities other than relating to result of operations on financial
instruments.
Interest income and expenses are disclosed in profits or losses of the current period, using the effective interest rate method.
The only exception is interest on customers' free funds, which is presented in Operating income.
Dividend income is disclosed at the time when the shareholders’ right to obtain such dividend is established.
Finance income and costs also include gains and losses arising from foreign exchange rate differences, disclosed in net
amounts.
4.15 Tax
The entity’s income tax comprises current tax due and deferred tax.
4.15.1 Current tax
Current tax liability is calculated on the basis of the tax result (taxable base) for a given financial year. The tax profit (loss) is
different from the accounting net profit (loss) because it does not include non–taxable income and non–deductible expenses.
Tax expenses are calculated on the basis of tax rates in force in a given financial year and pursuant to the tax regulations of
the countries in which the branches of the Parent Company and its subsidiaries are located.
4.15.2 Deferred income tax
Deferred tax is calculated using the balance sheet method, based on differences between the carrying amounts of assets and
liabilities and corresponding tax values used to calculate the tax basis.
Deferred tax liability is established on all taxable positive temporary differences, while deferred tax assets are recognised up
to the probable amount of a reduction in future taxable profit by recognised deductible temporary differences and tax losses
or credits that the Group may use.
The value of deferred tax assets is assessed as on each balance sheet date and if the expected future taxable profits are not
sufficient to realise an asset or its portion, a write-down will be performed.
Deferred tax is calculated based on tax rates that will be applicable when the asset is realised or the liability becomes due. In
the statement of financial position, deferred tax is disclosed upon off-set to the extent that it applies to the same tax residency.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 25
5. Operating income
5.1 Result of operations in financial instruments
(IN PLN’000)
TWELVE -MONTH PERIOD ENDED
31.12.2024
31.12.2023
Financial instruments (CFD)
Commodity CFDs
896 672
650 847
Index CFDs
622 728
781 285
Currency CFDs
272 276
165 161
Stock and ETP CFDs
44 762
24 261
Bond CFDs
735
1 079
Total CFDs
1 837 173
1 622 633
Stocks and ETPs
30 654
11 050
Gross gain on transactions in financial instruments
1 867 827
1 633 683
Bonuses and discounts paid to customers
(12 629)
(9 428)
Commission paid to cooperating brokers
(54 623)
(49 764)
Net gain on transactions in financial instruments
1 800 575
1 574 491
Bonuses paid to clients are strictly related to trading in financial instruments by the customer 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 customers that are not his customers.
The Group’s operating incomes is generated from: (i) spreads (the differences between the “offer” price and the “bid” price);
(ii) 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); (iii) net results (gains offset by
losses) from Group’s market making activities. The table below presents percentage share of income categories in gross gain
on transactions in financial instruments.
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Spread
53%
46%
Swap, fees and commissions
42%
41%
Market Making
5%
13%
Gross gain on transactions in financial instruments
100%
100%
5.2 Income from fees and charges
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Fees and charges from institutional clients
3 970
6 308
Fees and charges from retail clients
8 321
5 422
Total income from fees and charges
12 291
11 730
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 26
5.3 Geographical areas
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Operating income
Central and Eastern Europe
1 196 513
983 343
- including Poland
956 542
756 104
Western Europe
355 868
369 588
Latin America *
117 930
147 695
Middle East**
203 117
117 759
Asia
8
-
Total operating income
1 873 436
1 618 385
* The subsidiary XTB International Ltd., with its seat in Belize, acquires clients from Latin America and the rest of the world (without Europe). The item excludes revenues 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 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 51,1% (in
FY2023: 46,7%). Due to the overall share in the Group’s revenue Poland was set apart for presentation purposes within the
geographical area. The share of other countries in the structure of the Group’s revenue by geographical area does not in any
case exceed 20%.
The Group breaks its revenue down into geographical area by country in which a given customer was acquired.
6. Salaries and employee benefits
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Salaries
(267 989)
(223 530)
Social insurance and other benefits
(32 784)
(26 688)
Employee benefits
(10 801)
(8 922)
Total salaries and employee benefits
(311 574)
(259 140)
7. Marketing
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Marketing online
(262 269)
(215 704)
Marketing offline
(82 517)
(48 162)
Competitions for clients
(22)
(58)
Total marketing
(344 808)
(263 924)
Marketing activities carried out by the Group are mainly focused on Internet marketing, which is also supported by other
marketing activities.
8. Costs of maintenance and lease of buildings
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Maintenance costs
(2 959)
(2 918)
Costs for renting low-value or short-term tangible assets
(1 888)
(1 896)
Other costs
(3 152)
(2 714)
Total costs of maintenance and lease of buildings
(7 999)
(7 528)
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 27
9. Other external services
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Support database systems
(39 388)
(26 467)
Legal and advisory services
(12 950)
(13 094)
Market data delivery
(11 479)
(11 258)
Internet and telecommunications
(4 454)
(3 891)
Accounting and audit services
(2 591)
(2 472)
IT support services
(1 810)
(2 961)
Recruitment
(1 707)
(1 883)
Translation
(152)
(196)
Postal and courier services
(151)
(160)
Other external services
(4 544)
(1 759)
Total other external services
(79 226)
(64 141)
10. Commission expenses
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Bank commissions
(83 289)
(50 548)
Stock exchange fees and charges
(13 502)
(10 792)
Commissions of foreign brokers
(498)
(476)
Total commission expenses
(97 289)
(61 816)
11. Other expenses
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Business trips
(3 329)
(2 467)
Materials
(2 539)
(1 940)
Receivables impairment write–downs
(2 411)
(2 247)
Costs relating to legal risk
(769)
(440)
Representation
(581)
(676)
Insurance
(436)
(378)
Liquidation of fixed assets
(203)
(137)
Membership fees
(153)
(150)
Other
(2 370)
(2 338)
Total other expenses
(12 791)
(10 773)
Write-downs of receivables are the result of the debit balances which arose in customers’ accounts in that period.
12. Finance income and costs
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Interest income on financial instruments at amortized cost
26 272
39 858
Income on bonds
26 138
31 962
Foreign exchange gains
10 307
-
Other finance income
128
168
Total finance income
62 845
71 988
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 28
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Interest paid under lease agreements
(1 048)
(1 112)
Other interest
(46)
(71)
Foreign exchange losses
-
(34 329)
Other finance costs
(35)
(386)
Total finance costs
(1 129)
(35 898)
Foreign exchange differences relate to unrealised differences on the measurement of balance sheet items denominated in
a currency other than the functional currency.
13. Segment information
For management reporting purposes, the Group’s operations are divided into the following two business segments:
1. Retail operations, which include the provision of trading in financial instruments for individual customers.
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 customers under their
own brand.
These segments do not aggregate other lower-level segments. The management monitors the results of the operating
segments separately, in order to decide on the implementation of strategies, allocation of resources and performance
assessment. Operations in segment are assessed on the basis of segment profitability and its impact on the overall profitability
reported in the financial statements.
The Group concludes transactions only with external clients. Transactions between operating segments are not concluded.
Valuation of assets and liabilities, incomes and expenses of segments is based on the accounting policies applied by the
Group. The Group does not allocate financial activity and corporate income tax burden on business segments.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 29
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT FOR TWELVE-
MONTH PERIOD ENDED 31.12.2024
(IN PLN’000)
RETAIL
OPERATIONS
INSTITUTIONAL
OPERATIONS
TOTAL
REPORTING
SEGMENTS
CONSOLIDATED
COMPREHENSIVE
INCOME STATEMENT
Net result on transactions in financial instruments
1 722 253
78 322
1 800 575
1 800 575
CFDs
Commodity CFDs
869 247
27 425
896 672
896 672
Index CFDs
570 972
51 756
622 728
622 728
Currency CFDs
273 167
(891)
272 276
272 276
Stock and ETP CFDs
44 762
-
44 762
44 762
Bond CFDs
703
32
735
735
Stocks and ETPs
30 654
-
30 654
30 654
Bonuses and discounts paid to customers
(12 629)
-
(12 629)
(12 629)
Commission paid to cooperating brokers
(54 623)
-
(54 623)
(54 623)
Net interest income on clients cash
58 946
-
58 946
58 946
Fee and commission income
8 321
3 970
12 291
12 291
Other income
1 624
-
1 624
1 624
Total operating income
1 791 144
82 292
1 873 436
1 873 436
Marketing
(343 336)
(1 472)
(344 808)
(344 808)
Salaries and employee benefits
(308 792)
(2 782)
(311 574)
(311 574)
Commission expense
(97 090)
(199)
(97 289)
(97 289)
Other external services
(77 887)
(1 339)
(79 226)
(79 226)
Amortization and depreciation
(19 883)
(22)
(19 905)
(19 905)
Taxes and fees
(13 090)
(19)
(13 109)
(13 109)
Cost of maintenance and lease of buildings
(7 999)
-
(7 999)
(7 999)
Other expenses
(12 449)
(342)
(12 791)
(12 791)
Total operating expenses
(880 526)
(6 175)
(886 701)
(886 701)
Operating profit
910 618
76 117
986 735
986 735
Finance income
62 845
Finance costs
(1 129)
Profit before tax
1 048 451
Income tax
(191 595)
Net profit
856 856
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 30
ASSETS AND LIABILITIES AS AT 31.12.2024
(IN PLN’000)
RETAIL
OPERATIONS
INSTITUTIONAL
OPERATIONS
TOTAL
REPORTING
SEGMENTS
CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
Customers’ cash and cash equivalents
3 681 834
69 469
3 751 303
3 751 303
Financial assets at fair value through P&L
1 107 285
16 638
1 123 923
1 123 923
Other assets
1 765 713
4 693
1 770 406
1 770 406
Total assets
6 554 832
90 800
6 645 632
6 645 632
Amounts due to customers
4 082 840
82 055
4 164 895
4 164 895
Financial liabilities at fair value through P&L
203 889
4 304
208 193
208 193
Other liabilities
268 312
591
268 903
268 903
Total liabilities
4 555 041
86 950
4 641 991
4 641 991
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 31
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT FOR TWELVE-
MONTH PERIOD ENDED 31.12.2023
(IN PLN’000)
RETAIL
OPERATIONS
INSTITUTIONAL
OPERATIONS
TOTAL
REPORTING
SEGMENTS
CONSOLIDATED
COMPREHENSIVE
INCOME STATEMENT
Net result on transactions in financial instruments
1 472 430
102 061
1 574 491
1 574 491
CFDs
Index CFDs
712 932
68 353
781 285
781 285
Commodity CFDs
619 517
31 330
650 847
650 847
Currency CFDs
162 835
2 326
165 161
165 161
Stock and ETP CFDs
24 261
-
24 261
24 261
Bond CFDs
1 027
52
1 079
1 079
Stocks and ETPs
11 050
-
11 050
11 050
Bonuses and discounts paid to customers
(9 428)
-
(9 428)
(9 428)
Commission paid to cooperating brokers
(49 764)
-
(49 764)
(49 764)
Net interest income on clients cash
30 079
-
30 079
30 079
Fee and commission income
5 422
6 308
11 730
11 730
Other income
2 085
-
2 085
2 085
Total operating income
1 510 016
108 369
1 618 385
1 618 385
Marketing
(262 256)
(1 668)
(263 924)
(263 924)
Salaries and employee benefits
(256 430)
(2 710)
(259 140)
(259 140)
Other external services
(61 455)
(2 686)
(64 141)
(64 141)
Commission expense
(61 797)
(19)
(61 816)
(61 816)
Amortization and depreciation
(17 160)
(37)
(17 197)
(17 197)
Taxes and fees
(9 687)
(25)
(9 712)
(9 712)
Cost of maintenance and lease of buildings
(7 528)
-
(7 528)
(7 528)
Other expenses
(10 472)
(301)
(10 773)
(10 773)
Total operating expenses
(686 785)
(7 446)
(694 231)
(694 231)
Operating profit
823 231
100 923
924 154
924 154
Finance income
71 988
Finance costs
(35 898)
Profit before tax
960 244
Income tax
(169 071)
Net profit
791 173
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 32
ASSETS AND LIABILITIES AS AT 31.12.2023
(IN PLN’000)
RETAIL
OPERATIONS
INSTITUTIONAL
OPERATIONS
TOTAL
REPORTING
SEGMENTS
CONSOLIDATED
STATEMENT OF
FINANCIAL POSITION
Customers’ cash and cash equivalents
2 166 322
100 537
2 266 859
2 266 859
Financial assets at fair value through P&L
890 356
12 899
903 255
903 255
Other assets
1 518 073
471
1 518 544
1 518 544
Total assets
4 574 751
113 907
4 688 658
4 688 658
Amounts due to customers
2 528 811
109 311
2 638 122
2 638 122
Financial liabilities at fair value through P&L
106 243
4 115
110 358
110 358
Other liabilities
205 508
7
205 515
205 515
Total liabilities
2 840 562
113 433
2 953 995
2 953 995
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 33
14. Cash and cash equivalents
Broken down by type:
(IN PLN’000)
31.12.2024
31.12.2023
Cash in current accounts in bank and their equivalents
5 370 815
3 676 756
Cash and cash equivalents in total
5 370 815
3 676 756
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 – customers’ cash:
(IN PLN’000)
31.12.2024
31.12.2023
Customers’ cash and cash equivalents
3 751 303
2 266 859
Own cash and cash equivalents
1 619 512
1 409 897
Cash and cash equivalents in total
5 370 815
3 676 756
Customers’ cash and cash equivalents include the value of clients’ open transactions, which means that if a customer has
open transactions, the value of their cash will include current gains or losses arising from these transactions as at the balance
sheet date.
15. Financial assets at fair value through P&L
(IN PLN’000)
31.12.2024
31.12.2023
CFDs
Commodity CFDs
190 466
130 397
Index CFDs
98 168
186 949
Currency CFDs
130 087
90 150
Stock and ETP CFDs
102 670
77 665
Bond CFDs
401
142
Debt instruments (treasury bonds)
419 633
401 265
Debt instruments (corporate bonds)
10 015
-
Stocks and ETPs
172 483
16 687
Total financial assets at fair value through P&L
1 123 923
903 255
Detailed information on the estimated fair value of the instrument is presented in note 36.1.1.
16. Financial assets at amortised cost
(IN PLN’000)
31.12.2024
31.12.2023
Trade receivables
22 151
11 364
Amounts due from the Central Securities Depository of Poland
24 004
14 162
Receivables due from clients
12 665
8 795
Deposits
6 276
5 053
Statutory receivables
1 184
876
Gross other receivables
66 280
40 250
Impairment write-downs of receivables
(1 083)
(997)
Impairment write-downs of receivables due from clients
(10 171)
(7 846)
Total net other receivables
55 026
31 407
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 34
Movements in impairment write-downs of receivables
(IN PLN’000)
31.12.2024
31.12.2023
Impairment write-downs of receivables – at the beginning of the reporting period
(8 843)
(6 311)
Write-downs recorded
(3 599)
(3 749)
Write-downs reversed
1 188
1 502
Write-downs utilized
-
(285)
Impairment write-downs of receivables – at the end of the reporting period
(11 254)
(8 843)
Write-downs of receivables in 2024 and 2023 resulted from the debit balances which arose in customers’ accounts in those
periods.
17. Prepayments and deferred costs
(IN PLN’000)
31.12.2024
31.12.2023
CRM - customer service and sales
5 274
6 060
Licenses and news services
6 862
5 035
Database application
1 595
1 359
Advertising
1 514
912
Prepaid rent
352
554
Insurance
536
452
Other
3 553
1 114
Total prepayments and deferred costs
19 686
15 486
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 35
18. Intangible assets
Intangible assets in the period from 1 January 2024 to 31 December 2024
(IN PLN’000)
LICENCES FOR COMPUTER
SOFTWARE
INTANGIBLE ASSETS
MANUFACTURED INTERNALLY
OTHER
INTANGIBLE
ASSETS
TOTAL
Gross value as at 1 January 2024
6 487
10 792
4 814
22 093
Additions
247
-
1 134
1 381
Sale and scrapping
-
-
-
-
Net foreign exchange differences
(4)
-
-
(4)
Gross value as at 31 December 2024
6 730
10 792
5 948
23 470
Accumulated amortization as at 1 January 2024
(5 399)
(10 792)
(4 735)
(20 926)
Amortization for the current period
(352)
-
(118)
(470)
Sale and scrapping
-
-
(70)
(70)
Net foreign exchange differences
5
-
-
5
Accumulated amortization as at 31 December 2024
(5 746)
(10 792)
(4 923)
(21 461)
Net book value as at 1 January 2024
1 088
-
79
1 167
Net book value as at 31 December 2024
984
-
1 025
2 009
Intangible assets manufactured internally relate to a financial instrument trading platform and applications compatible with this platform. Other intangible assets relate to the separated
license value under the acquisition of the subsidiary described in note 1.2.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 36
Intangible assets in the period from 1 January 2023 to 31 December 2023
(IN PLN’000)
LICENCES FOR COMPUTER
SOFTWARE
INTANGIBLE ASSETS
MANUFACTURED INTERNALLY
OTHER
INTANGIBLE
ASSETS
TOTAL
Gross value as at 1 January 2023
6 405
10 792
4 814
22 011
Additions
106
-
-
106
Sale and scrapping
-
-
-
-
Net foreign exchange differences
(24)
-
-
(24)
Gross value as at 31 December 2023
6 487
10 792
4 814
22 093
Accumulated amortization as at 1 January 2023
(5 069)
(10 792)
(4 709)
(20 570)
Amortization for the current period
(353)
-
(26)
(379)
Sale and scrapping
-
-
-
-
Net foreign exchange differences
23
-
-
23
Accumulated amortization as at 31 December 2023
(5 399)
(10 792)
(4 735)
(20 926)
Net book value as at 1 January 2023
1 336
-
105
1 441
Net book value as at 31 December 2023
1 088
-
79
1 167
Intangible assets manufactured internally relate to a financial instrument trading platform and applications compatible with this platform. Other intangible assets relate to the separated
license value under the acquisition of the subsidiary described in note 1.2.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 37
19. Property, plant and equipment
Property, plant and equipment in the period from 1 January 2024 to 31 December 2024
(IN PLN’000)
COMPUTER
SYSTEMS
OTHER PROPERTY,
PLANT AND
EQUIPMENT
RIGHT TO USE
OFFICE
RIGHT TO USE
CAR
TANGIBLE FIXED
ASSETS UNDER
CONSTRUCTION
TOTAL
Gross value as at 1 January 2024
35 382
14 857
43 595
570
298
94 702
Additions
17 342
1 639
-
-
298
19 279
Lease
-
-
14 884
-
-
14 884
Sale and scrapping
(992)
(465)
(5 655)
(60)
-
(7 172)
Net foreign exchange differences
(95)
(151)
(349)
(14)
(1)
(610)
Gross value as at 31 December 2024
51 637
15 880
52 475
496
595
121 083
Accumulated amortization as at 1 January 2024
(21 763)
(5 365)
(16 851)
(337)
-
(44 316)
Amortization for the current period
(7 284)
(2 278)
(9 764)
(109)
-
(19 435)
Sale and scrapping
948
305
6 506
60
-
7 819
Net foreign exchange differences
60
53
60
10
-
183
Accumulated amortization as at 31 December 2024
(28 039)
(7 285)
(20 049)
(376)
-
(55 749)
Net book value as at 1 January 2024
13 619
9 492
26 744
233
298
50 386
Net book value as at 31 December 2024
23 598
8 595
32 426
120
595
65 334
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 38
Property, plant and equipment in the period from 1 January 2023 to 31 December 2023
(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 2023
28 428
9 305
38 980
620
1 187
78 520
Additions
7 824
6 607
-
-
31
14 462
Lease
-
-
10 553
2
-
10 555
Sale and scrapping
(579)
(793)
(4 239)
-
(848)
(6 459)
Net foreign exchange differences
(291)
(262)
(1 699)
(52)
(72)
(2 376)
Gross value as at 31 December 2023
35 382
14 857
43 595
570
298
94 702
Accumulated amortization as at 1 January 2023
(17 188)
(4 431)
(11 353)
(245)
-
(33 217)
Amortization for the current period
(5 386)
(1 833)
(9 482)
(117)
-
(16 818)
Sale and scrapping
577
655
3 000
(2)
-
4 230
Net foreign exchange differences
234
244
984
27
-
1 490
Accumulated amortization as at 31 December 2023
(21 763)
(5 365)
(16 851)
(337)
-
(44 316)
Net book value as at 1 January 2023
11 240
4 874
27 627
375
1 187
45 303
Net book value as at 31 December 2023
13 619
9 492
26 744
233
298
50 386
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 39
Non-current assets by geographical area
(IN PLN’000)
31.12.2024
31.12.2023
Non-current assets
Central and Eastern Europe
42 396
37 405
- including Poland
36 692
30 569
Western Europe
12 425
12 687
Latin America
1 343
1 461
Middle East
10 163
-
Asia
1 016
-
Total non-current assets
67 343
51 553
20. Amounts due to customers
(IN PLN’000)
31.12.2024
31.12.2023
Amounts due to retail customers
4 082 840
2 528 811
Amounts due to institutional customers
82 055
109 311
Total amounts due to customers
4 164 895
2 638 122
Amounts due to customers are connected with transactions concluded by the customers (including cash deposited in the
customers’ accounts).
21. Financial liabilities at fair value through P&L
(IN PLN’000)
31.12.2024
31.12.2023
Financial instruments (CFD)
Stock and ETP CFDs
62 210
33 982
Commodity CFDs
23 390
15 654
Currency CFDs
106 327
32 033
Index CFDs
16 128
28 615
Bond CFDs
138
74
Total financial liabilities at fair value through P&L
208 193
110 358
22. Liabilities due to lease
(IN PLN’000)
31.12.2024
31.12.2023
Short- term
10 594
8 963
Long- term
23 341
20 640
Total liabilities due to lease
33 935
29 603
Liabilities due to lease do not include short-term leasing contracts and lease of low-value assets.
In the period from 1 January to 31 December 2024 the cost related to short-term leasing included in the statement of
comprehensive income amounted to PLN 770 thousand, there was no costs related to lease of low-value assets included in
the statement of comprehensive income.
In the period from 1 January to 31 December 2023 the cost related to short-term leasing included in the statement of
comprehensive income amounted to PLN 586 thousand, the cost related to lease of low-value assets included in the statement
of comprehensive income amounted to PLN 15 thousand.
The Group is a lessee in the case of lease agreements for office space and cars. The value of the leased item is presented
in Note 19.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 40
23. Other liabilities
(IN PLN’000)
31.12.2024
31.12.2023
Trade liabilities
63 927
33 711
Liabilities due to brokers
31 957
8 908
Provisions for other employee benefits
28 816
31 888
Statutory liabilities
16 177
8 038
Amounts due to the Central Securities Depository of Poland
14 797
2 673
Liabilities due to employees
1 210
862
Total other liabilities
156 884
86 080
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
Pursuant to the Variable Remuneration Elements policy applied by the Parent Company, the employees of the Parent
Company in the top management positions receive annually variable remuneration paid in financial instruments.
The value of provisions for employee benefits includes variable remuneration based on financial instruments, deferred for
payment in three consecutive years. As at 31 December 2024, there was no provision for variable remuneration elements
settled in financial instruments for the previous reporting periods, as at 31 December 2023 it was PLN 474 thousand.
Due to the introduction of the Incentive Program at XTB S.A., the costs associated with share-based payments were included
in the Group's equity.
24. Provisions for liabilities and contingent liabilities
24.1 Provisions for liabilities
(IN PLN’000)
31.12.2024
31.12.2023
Provisions for retirement benefits
518
338
Provisions for legal risk
3 012
3 554
Total provisions
3 530
3 892
Provisions for retirement benefits are established on the basis of an actuarial valuation carried out in accordance with the
applicable regulations and agreements connected with obligatory retirement benefits to be covered by the employer.
Provisions for legal risk include expected amounts of payments to be made in connection with disputes to which the Group is
a party. As at the date of preparation of these financial statements, the Group is not able to specify when the above liabilities
will be repaid. The information on the significant court proceedings, arbitration authority or public administration authority was
described in “Other information” of the Management Report of the Group and Company. To the best of our knowledge and
belief, the procedures described therein and the future resolution of these proceedings in the context of a possible impact on
other clients of the Group do not have a material impact on these consolidated financial statements.
Movements in provisions in the period from 1 January 2024 to 31 December 2024
(IN PLN’000)
VALUE AS AT
01.01.2024
INCREASES
DECREASES
VALUE AS AT
31.12.2024
USE
REVERSAL
Provisions for retirement benefits
338
180
-
-
518
Provisions for legal risk
3 554
769
137
1 174
3 012
Total provisions
3 892
949
137
1 174
3 530
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 41
Movements in provisions in the period from 1 January 2023 to 31 December 2023
(IN PLN’000)
VALUE AS AT
01.01.2024
INCREASES
DECREASES
VALUE AS AT
31.12.2024
USE
REVERSAL
Provisions for retirement benefits
215
125
-
2
338
Provisions for legal risk
4 041
1 288
848
927
3 554
Total provisions
4 256
1 413
848
929
3 892
24.2 Contingent liabilities
The Group is party to a number of court proceedings associated with the Group’s operations. The proceedings in which the
Group acts as defendant relate mainly to employees’ and customers’ claims.
As at 31 December 2024 the total value of claims brought against the Group amounted to approx. PLN 14 924 thousand (as
at 31 December 2023: PLN 19 697 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 9 May 2014, the Parent Company issued a guarantee in the amount of PLN 62 thousand to secure an agreement
concluded by a subsidiary XTB Limited, based in the UK and PayPal (Europe) Sarl & Cie, SCA based in Luxembourg. The
guarantee was granted for the duration of the main contract, which was concluded for an indefinite period.
25. Equity
Share capital structure as at 31 December 2024 and as at 31 December 2023
SERIES/ISSUE
NUMBER OF
SHARES
NOMINAL VALUE OF SHARES
(IN PLN)
NOMINAL VALUE OF ISSUE
(IN PLN’000)
Series A
117 383 635
0,05
5 869
Series B
185 616
0,05
9
All shares in the Parent Company have the same nominal value, are fully paid for, and carry the same voting and profit-sharing
rights. No preference is attached to any share series. The shares are A and B-series ordinary registered shares.
Shareholding structure of the Parent Company
To the best Parent Company’s knowledge, the shareholding structure of the Parent Company as at 31 December 2024 was
as follows:
NUMBER OF
SHARES
NOMINAL VALUE OF SHARES
(IN PLN’000)
SHARE
XXZW Investment Group S.A.
51 472 869
2 573
43,78%
Other shareholders
66 096 382
3 305
56,22%
Total
117 569 251
5 878
100,00%
To the best Parent Company’s knowledge, the shareholding structure of the Parent Company as at 31 December 2023 was
as follows:
NUMBER OF
SHARES
NOMINAL VALUE OF SHARES
(IN PLN’000)
SHARE
XXZW Investment Group S.A.
71 629 794
3 581
60,93%
Other shareholders
45 939 457
2 297
39,07%
Total
117 569 251
5 878
100,00%
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 42
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 1 058 614 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 (4 4074) thousand. A detailed presentation of exchange differences resulting from translation is presented in the
table below.
(IN PLN’000)
31.12.2024
31.12.2023
XTB Spółka Akcyjna branch in Germany
236
365
XTB Spółka Akcyjna branch in Romania
175
204
XTB Services Limited
(4)
(29)
XTB S.C. Limited
43
(6)
XTB Limited CY
(61)
61
PT XTB Indonesia Berjangka
114
-
XTB Spółka Akcyjna branch in Portugal
(75)
(54)
XTB Spółka Akcyjna branch in France
(82)
2
XTB Spółka Akcyjna branch in Slovakia
(90)
(65)
XTB Spółka Akcyjna
781
80
XTB Limited UK
(25)
(467)
XTB Digital Ltd.
-
(91)
XTB Spółka Akcyjna branch in Spain
(214)
(156)
XTB Spółka Akcyjna branch in Czech Republic
(232)
(136)
XTB Africa (PTY) Ltd.
(262)
(301)
XTB Financial Consultation L.L.C
183
-
XTB International
373
(605)
XTB Agente de Valores SpA
(1 254)
(880)
XTB MENA Limited
(53)
(862)
Tasfiye Halinde XTB Yönetim Danışmanlığı A.Ş.
(3 627)
(3 655)
Total foreign exchange differences on translation
(4 074)
(6 595)
26. Profit distribution and dividend
Pursuant to the decision of the General Shareholders’ Meeting of the Parent Company, the net profit for 2023 in the amount
of PLN 787 136 thousand was partially earmarked for the payment of a dividend in the amount of PLN 590 198 thousand, the
remaining amount was transferred to reserve capital.
The amount of dividend per share paid for 2023 was equal to PLN 5,02. The dividend was paid on the 20 June 2024.
Pursuant to the decision of the General Shareholders’ Meeting of the Parent Company, the net profit for 2022 in the amount
of PLN 761 564 thousand was partially earmarked for the payment of a dividend in the amount of PLN 570 484 thousand, the
remaining amount was transferred to reserve capital.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 43
The amount of dividend per share paid for 2022 was equal to PLN 4,86. The dividend was paid on the 21 July 2023.
DIVIDENDS RECOGNIZED AS PAYMENTS TO OWNERS PER SHARE
(IN PLN)
TWELVE-MONTH
PERIOD ENDED
31.12.2024
TWELVE-MONTH
PERIOD ENDED
31.12.2023
Dividends paid to owners
5,02
4,86
27. Earnings per share
Basic earnings per share are calculated by dividing the net profit for the period attributable to shareholders of the Parent
Company by the weighted average number of ordinary shares outstanding during the period. When calculating both basic and
diluted earnings per share, the Group uses the amount of net profit attributable to shareholders of the Parent Company as the
numerator, i.e., there is no dilutive effect influencing the amount of profit (loss). The calculation of basic and diluted earnings
per share, together with a reconciliation of the weighted average diluted number of shares is presented below.
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Profit from continuing operations attributable to shareholders of the Parent Company
857 025
791 173
Weighted average number of ordinary shares
117 569 251
117 569 251
Weighted average number of shares including dilution effect
117 569 251
117 569 251
Basic net profit per share from continuing operations for the year attributable to
shareholders of the Parent Company
7,29
6,73
Diluted net profit per share from continuing operations for the year attributable to
shareholders of the Parent Company
7,29
6,73
28. Current income tax and deferred income tax
28.1 Current income tax
Income tax disclosed in the current period’s profit and loss
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Income tax – current portion
Income tax for the reporting period
(191 811)
(166 456)
Income tax – deferred portion
Occurrence / reversal of temporary differences
216
(2 615)
Income tax disclosed in profit and loss
(191 595)
(169 071)
Reconciliation of the actual tax burden
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Profit before tax
1 048 451
960 244
Income tax based in the applicable tax rate of 19%
(199 206)
(182 446)
Difference resulting from application of tax rates applicable in other countries
766
1 193
Non-taxable revenue
717
714
Non-deductible expenses
(4 059)
(3 551)
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
10 187
15 019
Income tax disclosed in profit or loss
(191 595)
(169 071)
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 44
On the basis of art 18d of Act on corporate income tax dated 15 February 1992 (Journal of Laws of 2023, item 2805, as
amended). XTB S.A. benefited in the period from 1 January 2024 to 31 December 2024 from the tax burden for research and
development in total amounted to PLN 2 440 thousand. In analogical period of 2023 benefits from the tax burden amounted
to PLN 3 215 thousand.
The effective tax rate for the period from 1 January 2024 to 31 December 2024 was close to the statutory rate and amounted
to 18,27%. In the analogical period of 2023, the rate was 17,61%.
28.2 Deferred income tax
28.2.1 Unrecognized deferred income tax asset
Taking into account the risks connected with further business development in foreign markets, the Company’s management
has doubts relative to certain tax credits of foreign operations and whether their respective profits will make it possible to settle
the tax losses. Therefore, no deferred tax assets connected with such tax loss in the amount of PLN 402 thousand as at
31 December 2024 and in the amount of PLN 409 thousand as at 31 December 2023.
The company did not recognize deferred tax assets on tax loss arising in France.
UNRECOGNIZED TAX LOSSES AVAILABLE FOR USE
(IN PLN’000)
31.12.2024
31.12.2023
no limit
402
409
Total unrecognized tax losses available for use
402
409
28.2.2 Recognized deferred tax asset relating to tax losses
Balance of deferred tax asset relating to tax losses:
RECOGNIZED TAX LOSSES TO BE UTILIZED
(IN PLN’000)
31.12.2024
31.12.2023
Deferred tax on tax losses
6 181
7 108
As at 31 December 2024 the Group established deferred tax assets with regard to tax losses to be settled in future periods in
the total amount of PLN 6 181 thousand (as at 31 December 2023: PLN 7 108 thousand). The management believes that due
to dynamic development of business and growth of sales in foreign markets, the Company may generate taxable income in
future periods, and tax losses will be settled accordingly.
Deferred tax losses may be utilised over an unlimited period in Germany, France and Great Britain. Forecasted results of
these branches and subsidiary, their margins and development plans assume an effective settlement of losses in the future.
28.2.3 Deferred income tax assets and deferred income tax provision
Change in the balance of deferred tax for the period from 1 January to 31 December 2024
(IN PLN’000)
AS AT
01.01.2024
PROFIT
OR (LOSS)
AS AT
31.12.2024
Deferred income tax assets:
Cash and cash equivalents
-
(13)
(13)
Property, plant and equipment
63
52
115
Liabilities due to lease
2 885
(499)
2 386
Financial liabilities at fair value through P&L
13 347
19 422
32 769
Provisions for liabilities
979
3 578
4 557
Prepayments and deferred costs
6 096
(542)
5 554
Other liabilities
5 067
(5 052)
15
Tax losses of previous periods to be settled in future periods
7 109
(928)
6 181
Total deferred income tax assets
35 546
16 018
51 564
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 45
(IN PLN’000)
AS AT
01.01.2024
PROFIT
OR (LOSS)
AS AT
31.12.2024
Deferred income tax provision:
Cash and cash equivalents
101
(34)
67
Financial assets at fair value through P&L
83 568
15 390
98 958
Other liabilities
1 141
(137)
1 004
Financial assets at amortised cost
593
858
1 451
Property, plant and equipment
2 788
(275)
2 513
Total deferred income tax provision
88 191
15 802
103 993
Deferred tax disclosed in profit or (loss)
-
(216)
-
(IN PLN’000)
AS AT
01.01.2024
INCLUDED
IN EQUITY
AS AT
31.12.2024
Deferred income tax assets included directly in the equity:
Separate equity of branches
232
(131)
101
Total deferred income tax assets included directly in the
equity
232
(131)
101
Change in the balance of deferred tax for the period from 1 January to 31 December 2023
(w tys. PLN)
AS AT
01.01.2023
PROFIT
OR (LOSS)
AS AT
31.12.2023
Deferred income tax assets:
Cash and cash equivalents
70
(70)
-
Property, plant and equipment
451
(388)
63
Liabilities due to lease
-
2 885
2 885
Financial liabilities at fair value through P&L
13 805
(458)
13 347
Provisions for liabilities
549
430
979
Prepayments and deferred costs
4 994
1 102
6 096
Other liabilities
6 877
(1 810)
5 067
Tax losses of previous periods to be settled in future periods
7 619
(510)
7 109
Total deferred income tax assets
34 365
1 181
35 546
(IN PLN’000)
AS AT
01.01.2023
PROFIT
OR (LOSS)
AS AT
31.12.2023
Deferred income tax provision:
Cash and cash equivalents
19
82
101
Financial assets at fair value through P&L
81 549
2 019
83 568
Other liabilities
638
503
1 141
Financial assets at amortised cost
1 853
(1 260)
593
Property, plant and equipment
335
2 453
2 788
Total deferred income tax provision
84 394
3 797
88 191
Deferred tax disclosed in profit or (loss)
-
(2 616)
-
(IN PLN’000)
AS AT
01.01.2024
INCLUDED
IN EQUITY
AS AT
31.12.2024
Deferred income tax assets included directly in the equity:
Separate equity of branches
838
(606)
232
Total deferred income tax assets included directly in the
equity
838
(606)
232
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 46
Data concerning the presentation of deferred income tax by country of origin and reconciliation of presentation in
the statement of financial position as at 31 December 2024:
(IN PLN’000)
DATA ACCORDING TO THE NATURE OF ORIGIN
DATA PRESENTED IN THE STATEMENT OF
FINANCIAL POSITION
DEFERRED INCOME
TAX ASSETS
DEFERRED INCOME
TAX PROVISION
DEFERRED INCOME
TAX ASSETS
DEFERRED INCOME
TAX PROVISION
Poland
44 654
102 082
1 942
59 370
Czech Republic
105
67
38
-
Slovakia
103
-
103
-
Germany
1 968
494
1 968
494
France
2 798
-
2 798
-
Great Britain
1 859
-
1 859
-
Chile
77
299
-
222
Belize
-
1 152
-
1 152
Total
51 564
104 094
8 708
61 238
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 2023:
(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
28 074
87 075
2 782
61 783
Czech Republic
86
8
78
-
Slovakia
75
93
-
18
Germany
2 120
100
2 120
100
France
3 050
-
3 050
-
Great Britain
2 042
-
2 042
-
Chile
99
322
-
223
Belize
-
825
-
825
Total
35 546
88 423
10 072
62 949
29. Related party transactions
29.1 Parent Company
As at 31 December 2024 XXZW Investment Group S.A. with its registered office in Luxembourg is the key shareholder of the
Company, it holds 43,78% of shares and votes in the General Meeting as per Parent Company’s best knowledge. XXZW
Investment Group S.A. prepares consolidated financial statements.
Mr. Jakub Zabłocki is the ultimate Parent Company for the Company and XXZW Investment Group S.A.
29.2 Figures concerning related party transactions
As at 31 December 2024 Group has liabilities to Mr Jakub Zabłocki in the amount of PLN 1 thousand due to his investment
account (as at 31 December 2023 PLN 74 thousand). In the period from 1 January to 31 December 2024 Group has noted
profit from transactions with Mr Jakub Zabłocki in the amount PLN 10 thousand (in the analogical period of 2023 there was
loss from transactions with Mr Jakub Zabłocki in the amount PLN 3 thousand). Moreover Mr Jakub Zabłocki was employed
until 31 July 2024 on the basis of work contract in subsidiary in Great Britain. In the period from 1 January to 31 December
2024 the paid gross salary and bonuses amounted to PLN 1 983 thousand and in the analogical period of 2023 amounted to
PLN 2 708 thousand.
Mr Hubert Walentynowicz receives salary on the basis of work contract. In the period from 1 January to 31 December 2024
the paid gross salary and bonuses amounted to PLN 1 463 thousand and in the analogical period of 2023 amounted to
PLN 624 thousand.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 47
As at 31 December 2024 Group has liabilities to Mr Omar Arnaout in the amount of PLN 100 thousand due to his investment
account. As at 31 December 2023 the Group has no liabilities to Mr Omar Arnaout due to his investment account. As at
31 December 2023 the Group has no liabilities to Mr Omar Arnauot due to his investment account. In the period from 1 January
to 31 December 2024 Group has noted profit from transactions with Mr Omar Arnaout in the amount PLN 4 thousand (in the
analogical period of 2023 there was no profit or loss from transactions with Mr Omar Arnaout).
As at 31 December 2024 Group has liabilities to Mr Filip Kaczmarzyk in the amount of PLN 195 thousand due to his investment
account. As at 31 December 2023 the Group has liabilities to Mr Filip Kaczmarzyk in the amount of PLN 20 thousand due to
his investment account. In the period from 1 January to 31 December 2024 Group has noted profit from transactions with
Mr Filip Kaczmarzyk in the amount PLN 2 thousand (in the analogical period of 2023 there was no profit or loss from
transactions with Mr Filip Kaczmarzyk).
As at 31 December 2024 Group has no liabilities to Mr Jakub Kubacki due to his investment account. As at 31 December
2023 the Group has liabilities to Mr Jakub Kubacki in the amount PLN 2 thousand due to his investment account. In the period
from 1 January to 31 December 2024 Group has noted profit from transactions with Mr Jakub Kubacki in the amount
PLN 1 thousand (in the analogical period of 2023 there was no profit or loss from transactions with Mr Jakub Kubacki).
The table below presents the total number and nominal value of the Parent Company's shares held directly by the persons
managing and supervising Group, as at the date of submitting this report:
NAME AND SURNAME
FUNCTION
NUMBER OF SHARES
HELD
TOTAL NOMINAL VALUE OF SHARES
(in PLN)
Omar Arnaout
President of the
Management Board
50 717
2 536
Filip Kaczmarzyk
Board Member
35 501
1 775
Paweł Szejko
Board Member
29 358
1 468
Jakub Kubacki
Board Member
20 995
1 050
Andrzej Przybylski
Board Member
5 829
291
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 25 April 2024 Omar Arnaout acquired jointly 20 456 shares of the Parent Company;
• on the 25 April 2024 Filip Kaczmarzyk acquired jointly 14 319 shares of the Parent Company;
• on the 25 April 2024 Paweł Szejko acquired jointly 10 228 shares of the Parent Company;
• on the 25 April 2024 Jakub Kubacki acquired jointly 7 500 shares of the Parent Company;
• on the 25 April 2024 Andrzej Przybylski acquired jointly 4 888 shares of the Parent Company;
• on the 8 November Andrzej Przybylski sold 1 500 shares of the Parent Company.
At the end of the reporting period and as at the date of submitting this report, the supervising persons did not have any shares
or rights to the Parent Company's shares.
29.3 Benefits to Management Board and Supervisory Board
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Benefits to the Management Board members
(6 612)
(6 459)
Benefits to the Supervisory Board members
(364)
(303)
Total benefits to the Management Board and Supervisory Board
(6 976)
(6 762)
These benefits include base salaries, bonuses, contributions to social security paid for by the employer and supplementary
benefits (money bills, healthcare, holiday allowances).
Members of the Management Board of the Parent Company are included in the scheme of variable remuneration elements
specified in note 23 of the financial statements.
29.4 Loans granted to the Management and Supervisory Board members
As at 31 December 2024 and 31 December 2023 there were no loans granted to the Management and Supervisory Board
members. In the period from 1 January to 31 December 2024 and in the analogical period of 2023, the members of the
Management Board and Supervisory Board also did not benefit from any loans granted by the Group.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 48
30. Remuneration of the audit companies
REMUNERATION OF THE AUDIT COMPANIES DUE FOR THE FINANCIAL
YEAR (IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Statutory audit of standalone and consolidated financial statements
492
470
Review of half-year standalone and consolidated financial statements
135
125
Statutory audit of annual financial statements of branch offices
60
72
Statutory audit of annual financial statements of subsidiaries
342
301
Independent Sustainability Report Assurance services
195
-
Other certifying services
226
209
Total remuneration of the audit companies
1 450
1 177
Above remuneration due to audit companies are net amounts.
PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp.k was the main auditor for the Company
in 2024 and 2023.
In 2024, the total remuneration due to PwC companies amounted to PLN 958 thousand (in 2023 it was PLN 709 thousand),
including:
• PLN 195 thousand for Independent Sustainability Report Assurance services (ESRS),
• PLN 135 thousand for the review of half-year financial statements,
• PLN 86 thousand for statutory audit of annual financial statements of subsidiaries,
• PLN 50 thousand for other certifying services.
31. Employment
As at 31 December 2024 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 1 245 people. As at
31 December 2023 it was 1 054 people. The list does not include persons on maternity leave, parental leave and benefits
(dismissals for more than 33 days).
32. Supplementary information and explanations to the cash flow statement
32.1 Other adjustments
The “other adjustments” item includes the following adjustments:
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Change in the balance of differences from the conversion of branches and subsidiaries
2 534
(6 635)
Foreign exchange differences on translation of movements in property, plant and
equipment, and intangible assets
428
884
Change in other adjustments
2 962
(5 751)
Foreign exchange differences on translation of movements in tangible and intangible assets include the difference between
the rates as at the opening balance and as at the closing balance adopted for valuation of the gross value of tangible and
intangible assets in the Group’s foreign entities and the difference between the rate applied to value amortization and
depreciation cost of fixed assets and intangible assets in the Group’s foreign entities and the rate of translation of amortization
and depreciation amounts on such assets. This value results from the chart of movements in tangible and intangible assets.
32.2 Change in balance of other liabilities
The “Change in balance of other liabilities” item includes the following adjustments:
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2024
Balance sheet change in other liabilities
70 804
6 375
Change in balance of other liabilities
70 804
6 375
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 49
32.3 Details of (Profit) Loss from investing activity
The “(Profit) Loss on investment activity” item includes the following adjustments:
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
Loss on liquidation and sale of fixed assets
(577)
2 231
Profit from the liquidation and sale of fixed assets
(24)
(3)
Result of Bonds
(26 138)
(31 962)
(Profit) Loss on investment activity
(26 739)
(29 734)
33. Off-balance sheet items
33.1 Nominal value of financial instruments
(IN PLN’000)
31.12.2024
31.12.2023
Index CFDs
3 766 277
5 030 892
Commodity CFDs
3 705 548
1 918 148
Currency CFDs
2 952 168
2 809 502
Stock and ETP CFDs
1 169 077
747 990
Bond CFDs
11 126
7 344
Total financial instruments
11 604 196
10 513 876
The nominal value of instruments presented in the chart above includes transactions with customers and brokers. As at
31 December 2024 transactions with brokers represent 14% of the total nominal value of instruments (as at 31 December
2023: 15% of the total nominal value of instruments).
33.2 Customers’ financial instruments
Presented below is a list of customers’ instruments deposited in the accounts of the brokerage house:
(IN PLN’000)
31.12.2024
31.12.2023
Listed stocks, ETP and rights to stocks registered in customers’ securities accounts
13 681 390
6 147 388
Other securities registered in customers’ securities accounts
207
207
Total customers’ financial instruments
13 681 597
6 147 595
33.3 Transaction limits
The amount of unused transaction limits granted to related entities was as at 31 December 2024 PLN 14 763 thousand, as at
31 December 2023 was PLN 12 728 thousand.
34. Items regarding the compensation scheme
(IN PLN’000)
31.12.2024
31.12.2023
1. Contributions made to the compensation scheme
a) opening balance
13 986
10 569
- increases
3 937
3 417
b) closing balance
17 923
13 986
2. XTB’s share in the profits from the compensation scheme
1 848
1 170
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 50
35. 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 prudential regulations, as well as risk-based
capital management in view of the operating goals.
Determination of capital-related goals is essential for equity management and serves as a basic reference in the context of
capital planning, allocation and contingency plans. The Group establishes capital-related objectives which ensure a stable capital
base, achievement of its capital strategy goals (in accordance with its general principles), and also match the Group’s risk
appetite. To establish its capital-related goals, the Group takes into consideration its strategic plans and expected growth of
operations as well as external conditions, including the macroeconomic situation and other business environment factors. The
capital-related goals are set for a horizon similar to that of the business strategy and are approved by the Management Board.
Capital planning is focused on an assessment of the Group’s current and future capital requirements (both regulatory and
internal), and on comparing them with the current and projected levels of available capital. The Group has prepared
contingency plans to be launched in the event of a capital liquidity shortage, described in detail in the “Capital management
policy 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.
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 Nov 2015 XTB Limited (UK),
• since 30th April 2017 XTB International,
• since 31st July 2018 XTB Limited (CY),
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 51
• 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 Consultation L.L.C.
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.
Key values in capital management:
(IN PLN’000)
31.12.2024
31.12.2023
The Group’s own funds
1 111 097
912 482
Tier I Capital
1 111 097
912 482
Common Equity Tier I capital
1 111 097
912 482
Total capital requirement IFR
577 897
483 590
Total capital ratio IFR
192,3%
188,7%
Minimal required total capital ratio including buffers (article 9 section1 letter c) of
IFR)
100%
100%
The mandatory capital adequacy was not breached in the periods covered by the condensed consolidated financial
statements.
The table below presents data on the level of capitals and on the total capital requirement divided into requirements due to
specific types of risks calculated in accordance with separate regulations together with average monthly values. Average
monthly values were calculated as an estimation of the average values calculated based on statuses at the end of specific
days.
(IN PLN’000)
AS AT
31.12.2024
AVERAGE MONTHLY
VALUE IN THE
PERIOD
AS AT
31.12.2023
1. Own funds
1 111 097
1 024 695
912 482
1.1. Base capital Tier I without deductions
1 122 449
1 039 589
925 510
1.2. Supplementary capital Tier I
-
-
-
1.3. Items decreasing share capitals
(11 352)
(14 894)
(13 028)
I. Own funds
1 111 097
1 024 695
912 482
1. Risk to Client, including:
16 385
13 784
11 995
1.1. K-AUM
-
-
-
1.2. K-CMH
12 612
10 985
9 935
1.3. K-ASA
3 773
2 799
2 060
1.4. K-COH
-
-
-
2. Risk to Market, including:
400 662
417 336
313 039
2.1. K-NPR
400 662
417 336
313 039
2.2. K-CMG
-
-
-
3. Risk to Firm, including:
160 850
163 150
158 556
3.1. K-TCD
157 911
160 404
155 731
3.2. K-DTF
2 939
2 746
2 825
3.3. K-CON
-
-
-
II. Total K-factor capital requirement (IFR)
577 897
594 270
483 590
The Parent Company calculates the requirement for fixed indirect costs. However, it is significantly lower than the capital
requirement for the K-factor.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 52
The following table shows the percentage allocation of internal capital to the most significant risk classes.
31.12.2024
31.12.2023
Operational risk
46,2%
42,0%
Market risk
34,4%
34,0%
Credit risk
19,1%
23,3%
Other risks
0,3%
0,7%
36. Risk management
The Group is exposed to a variety of risks connected with its current operations. The purpose of risk management is to make
sure that the Group takes risk in a conscious and controlled manner. Risk management policies are formulated in order to
identify and measure the risks taken, as well as to establish appropriate limits to mitigate such risk on a regular basis.
At the strategy level, the Management Board is responsible for establishing and monitoring the risk management policy. All
risks are monitored and controlled with regard to profitability of the operations as well as the level of capital necessary to
ensure safety of operations from the capital requirement perspective.
A Risk Management Committee composed of members of the Supervisory Board has been established in the Parent
Company. The tasks of the Committee include the development of a document on risk appetite, giving opinions on the risk
management strategy, supporting the Supervisory Board in supervising the implementation of the risk management strategy
by the Management Board, verifying the remuneration policy and its implementation rules in terms of adjusting the
remuneration system to the risk faced by the Management Board. exposed brokerage house, to its capital, liquidity, and the
probability and timing of earning income.
The Risk Control Department supports the Management Board in shaping, reviewing and updating the ICARAP rules in the
event of the emergence of new types of risk, significant changes in the strategy and action plans. This department also
monitors suitability and effectiveness of the implemented risk management system, identifies, monitors and controls the risks
of the Group's own investments, determines the total capital requirements and estimates internal capital.
The Risk Control Department is managed by the Member of the Management Board responsible for the supervision of the
risk management system.
The Parent Company’s Supervisory Board approves risk management system.
36.1 Fair value
Fair value is the price that would be received to sell an asset or paid to transfer a liability in a normal transaction between
market participants at the measurement date.
36.1.1 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.
36.1.2 Fair value hierarchy
The Group discloses fair value measurement of financial instruments carried at fair value, applying the following fair value
hierarchy which reflects the significance of input data used to establish the fair value:
• Level 1: quoted prices (unadjusted) in active markets for the assets or liabilities;
• Level 2: input data other than quoted prices classified in Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. based on prices). This category includes financial assets and liabilities measured using
prices quoted in active markets for identical assets, prices quoted in active markets for identical assets considered less
active or other valuation methods where all significant inputs originate directly or indirectly from the markets;
• Level 3: input data for valuation of a given asset or liability is not based on observable market data (unobservable inputs).
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 53
(IN PLN’000)
31.12.2024
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
Financial assets
Financial assets at fair value through P&L
592 116
531 807
-
1 123 923
Total financial assets
592 116
531 807
-
1 123 923
Financial liabilities
Financial liabilities at fair value through P&L
-
208 193
-
208 193
Total financial liabilities
-
208 193
-
208 193
(IN PLN’000)
31.12.2023
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
Financial assets
Financial assets at fair value through P&L
417 952
485 303
-
903 255
Total financial assets
417 952
485 303
-
903 255
Financial liabilities
Financial liabilities at fair value through P&L
-
110 358
-
110 358
Total financial liabilities
-
110 358
-
110 358
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.
36.2 Market risk
In the period covered by these consolidated financial statements, the Group entered into OTC contracts for differences
(CFDs). The Group may also acquire securities and 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.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 54
36.2.1 Currency risk
The Group enters into transactions principally in instruments bearing currency risk. Aside from transactions where the FX rate
is an underlying instrument, the Group also offers instruments which price is denominated in foreign currencies. Also, the
Group has assets in foreign currencies, i.e. the so-called currency positions. Currency positions include the brokerage’s own
funds denominated in foreign currencies held for the purpose of settling transactions in foreign markets and connected with
foreign operations.
The carrying amount of the Group’s assets and liabilities in foreign currencies as at the balance sheet date is presented below.
The values for all base currencies are expressed in PLN’000:
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 55
Assets and liabilities denominated in foreign currencies as at 31 December 2024 (value in foreign currencies converted to PLN)
(IN PLN’000)
USD
EUR
GBP
CZK
HUF
RON
OTHER
CURRENCIES
TOTAL
CARRYING
AMOUNT
Assets
Cash and cash equivalents
1 335 329
1 946 564
54 772
334 330
12 139
117 535
66 287
3 866 956
5 370 815
Financial assets at fair value through P&L
255 232
159 569
6 967
43 409
3 482
8 219
14 942
491 820
1 123 923
Financial assets at amortised cost
19 259
5 266
630
400
57
269
2 302
28 183
55 026
Prepayments and deferred costs
627
756
343
52
-
9
72
1 859
19 686
Intangible assets
-
7
-
-
-
-
148
155
2 009
Property, plant and equipment
803
14 441
140
3 367
-
174
10 692
29 617
65 334
Income tax receivables
-
115
-
-
-
-
-
115
131
Deferred income tax assets
-
4 868
1 859
39
-
-
-
6 766
8 708
Total assets
1 611 250
2 131 586
64 711
381 597
15 678
126 206
94 443
4 425 471
6 645 632
Liabilities
Amounts due to customers
656 633
1 771 020
35 895
303 269
9 842
40 613
24 827
2 842 099
4 164 895
Financial liabilities at fair value through P&L
94 757
43 225
2 994
12 641
1 033
1 180
6 091
161 921
208 193
Lease liabilities
-
23 366
-
55
-
-
10 514
33 935
33 935
Other liabilities
38 117
33 865
3 630
4 490
364
2 847
3 500
86 813
156 884
Provisions for liabilities
-
2 907
-
-
-
-
248
3 155
3 530
Income tax liabilities
112
643
119
256
-
71
232
1 433
13 316
Deferred income tax provision
1 152
494
-
-
-
-
222
1 868
61 238
Total liabilities
790 771
1 875 520
42 638
320 711
11 239
44 711
45 634
3 131 224
4 641 991
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 56
Assets and liabilities denominated in foreign currencies as at 31 December 2023 (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
781 505
1 115 241
35 721
181 169
8 122
27 362
36 779
2 185 899
3 676 756
Financial assets at fair value through P&L
117 685
139 679
7 908
39 728
2 494
7 310
17 065
331 869
903 255
Financial assets at amortised cost
5 638
5 434
208
933
15
322
1 397
13 947
31 407
Prepayments and deferred costs
628
506
355
102
-
6
14
1 611
15 486
Intangible assets
-
2
-
-
-
-
1
3
1 167
Property, plant and equipment
548
13 931
767
4 093
-
181
1 380
20 900
50 386
Income tax receivables
-
129
-
-
-
-
-
129
129
Deferred income tax assets
-
5 170
2 042
78
-
-
-
7 290
10 072
Total assets
906 004
1 280 092
47 001
226 103
10 631
35 181
56 636
2 561 648
4 688 658
Liabilities
Amounts due to customers
435 722
1 038 727
20 342
185 441
8 249
29 724
20 235
1 738 440
2 638 122
Financial liabilities at fair value through P&L
51 774
22 594
1 881
4 807
546
895
7 473
89 970
110 358
Lease liabilities
-
24 814
772
2 494
-
-
1 523
29 603
29 603
Other liabilities
10 035
22 389
4 223
2 635
6
1 038
2 527
42 853
86 080
Provisions for liabilities
-
3 434
-
-
-
-
161
3 595
3 892
Income tax liabilities
-
153
149
80
-
15
182
579
22 991
Deferred income tax provision
825
117
-
-
-
-
223
1 165
62 949
Total liabilities
498 356
1 112 228
27 367
195 457
8 801
31 672
32 324
1 906 205
2 953 995
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 57
A change in exchange rates, in particular, the PLN exchange rate, affects the balance sheet valuation of the Group’s financial
instruments and the result on translation of foreign currency balances of other balance sheet items. Sensitivity to exchange
rate fluctuations was calculated with the assumption that all foreign currency rates change by ±5% to PLN. The carrying
amount of financial instruments was revalued.
The sensitivity of the Group’s equity and profit before tax to a 5% increase or decrease of the PLN exchange rate is presented
below:
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
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
73 590
(73 590)
29 623
(29 623)
Equity
4 935
(4 935)
3 744
(3 744)
The sensitivity of equity is connected with foreign exchange differences in the translation of value in functional currencies of
the foreign operations.
36.2.2 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 in which the Group
invests its own cash, the mismatch in the interest rates the Group pays its customers for holding free funds in their cash
accounts, and the impact of interest rate volatility on the valuation of the Group's treasury, government-guaranteed bonds and
corporation bonds.
In addition, the source of the Group’s profit variability associated with the level of market interest rates, are amounts paid and
received in connection with the occurrence of the difference in interest rates for different currencies (swap points) as well as
potential debt instruments.
Since the Group maintains a low duration of assets and liabilities and minimises the duration gap, sensitivity of the market
value of assets and liabilities to calculations of market interest rates is very low. However, due to the significant involvement
of XTB in Treasury bonds and government-guaranteed bonds, the interest rate risk was considered significant in the Group's
operations.
Sensitivity analysis of financial assets and liabilities where cash flows are exposed to interest rate risk
The structure of financial assets and liabilities where cash flows are exposed to interest rate risk is as follows:
(IN PLN’000)
31.12.2024
31.12.2023
Financial assets
Cash – in current bank accounts
5 370 815
3 676 756
Debt instruments
429 648
401 265
Total financial assets
5 800 463
4 078 021
Financial liabilities
Amounts due to clients
2 676 211
1 505 702
Other liabilities
33 935
29 603
Total financial liabilities
2 710 146
1 535 305
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 January to 31 December 2024 and from 1 January to
31 December 2023.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 58
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
INCREASE
BY 50 PB
DECREASE
BY 50 PB
INCREASE
BY 50 PB
DECREASE
BY 50 PB
Profit/(loss) before tax
5 851
(5 851)
13 628
(13 628)
Short-term deposits
-
-
656
(656)
Sensitivity analysis of financial assets and liabilities whose fair value is exposed to interest rate risk
In the period covered by these consolidated financial statements and in the comparative period, the Group hold financial
assets which fair value would be exposed to the risk of changes in interest rates as a Treasury bonds, Guaranteed Treasury
Bonds and corporate bonds. Sensitivity analysis exposed to interest rate risk by 50 base points (BP) - shift of yield curves- on
profit before tax is presented below.
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
INCREASE
BY 50 PB
DECREASE
BY 50 PB
INCREASE
BY 50 PB
DECREASE
BY 50 PB
Profit/(loss) before tax
(5 132)
5 359
(2 370)
2 435
36.2.3 Other price risk
Other price risk is exposure of the Group’s financial position to unfavorable changes in the prices of commodities, equity
investments (equity, indices) and debt instruments (in a scope not resulting from interest rates).
The carrying amount of financial instruments exposed to other price risk is presented below:
(IN PLN’000)
31.12.2024
31.12.2023
Financial assets at fair value through P&L
Commodity
Precious metals
62 347
20 476
Base metals
3 532
1 868
Other
112 737
98 843
Total commodity
178 616
121 187
Equity instruments
Stocks and ETP
265 118
85 118
Indicies
92 488
171 713
Total equity instruments
357 606
256 831
Debt instruments
267
119
Total financial assets at fair value through P&L
536 489
378 137
Financial liabilities at fair value through P&L
Commodity
Precious metals
2 616
1 857
Base metals
22
63
Other
8 899
4 522
Total commodity
11 537
6 442
Equity instruments
Stocks and ETP
52 187
26 002
Indicies
10 447
12 180
Total equity instruments
62 634
38 182
Debt instruments
4
51
Total financial liabilities at fair value through P&L
74 175
44 675
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 59
The Group’s sensitivity to fluctuations in the prices of specific commodities and equity investments by ±5 per cent with regard
to equity and profit before tax is presented below.
(IN PLN’000)
TWELVE-MONTH PERIOD ENDED
31.12.2024
31.12.2023
INCREASE BY
5%
DECREASE BY
5%
INCREASE BY
5%
DECREASE BY
5%
Income/(expenses) for the period
Commodity
Income/(expenses) for the period
(16 720)
16 720
12 127
(12 127)
Commodity
(2 571)
2 571
(493)
493
Precious metals
14 824
(14 824)
(19 632)
19 632
Base metals
(4 467)
4 467
(7 998)
7 998
Other
Total commodity
7 791
(7 791)
163
(163)
Equity instruments
(4 876)
4 876
68 911
(68 911)
Stocks and ETPs
2 915
(2 915)
69 074
(69 074)
Indicies
(525)
525
(290)
290
Total equity instruments
(2 077)
2 077
60 786
(60 786)
36.3 Liquidity risk
For the Group, liquidity risk is the risk of losing its payment liquidity, i.e. the risk of losing capacity to finance its assets and to
perform its obligations in a timely manner in the course of normal operations or in other predictable circumstances with no risk
of loss. In its liquidity analysis, the Group takes into consideration current possibility of generation of liquid assets, future
needs, alternative scenarios and payment liquidity contingency plans.
The objective of liquidity management in XTB is to maintain the amount of cash on the appropriate bank accounts that will
cover all the operations necessary to be carried on such accounts. For this purpose, the Group has implemented, among
others, limits for the concentration of cash in banks by forming one banking group in order to limit excessive liquidity
concentration in related parties. In order to manage liquidity in relation to certain bank accounts associated with the operations
of financial instruments, the Group uses the liquidity model of which the essence is to determine the safe area of the state of
free cash flow that does not require corrective action. Where the upper limit is achieved, the Group makes a transfer to the
appropriate current account corresponding to the surplus above the optimum level. Similarly, if the cash in the account falls
to the lower limit, the Group makes a transfer of funds from the current account to the appropriate account in order to bring
cash to the optimum level.
The 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 to the
estimated level to ensure coverage of both current and future as well as potential extreme liquidity needs. Supervision and
control activities over the balance of cash accounts are also carried out by the Risk Control Department on a daily basis.
In accordance with the IFR regulation, from 26 September 2021, the Parent Company maintains an amount of liquid assets
equivalent to at least one third of the requirement for fixed indirect costs. The Parent Company's liquid assets for the purposes
of IFR include, inter alia, unencumbered own funds deposited in bank accounts and Treasury bonds or bonds guaranteed by
the Treasury denominated in PLN. As of the date of these financial statements, the Parent Company had a much higher level
of liquid assets than required by the IFR regulation.
The contractual payment periods of financial assets and liabilities are presented below. The marginal and cumulative
contractual liquidity gap, calculated as the difference between total assets and total liabilities for each maturity bucket, is
presented for specific payment periods.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 60
Contractual payment periods of financial assets and liabilities as at 31 December 2024
(IN PLN’000)
CARRYING
AMOUNT
CONTRACTUAL
CASH FLOWS
UP TO 3
MONTHS
3 MONTHS
TO 1 YEAR
1 – 5
YEARS
OVER 5
YEARS
WITH NO
SPECIFIED
MATURITY
Financial assets
Cash and cash equivalents
5 370 815
5 370 815
5 370 815
-
-
-
-
Financial assets at fair value through P&L,
including
Listed stocks and ETPs
172 483
172 483
172 483
-
-
-
-
Bonds
429 648
429 648
429 648
-
-
-
-
CFDs
521 792
521 792
521 792
-
-
-
-
Total financial assets at fair value
through P&L
1 123 923
1 123 923
1 123 923
-
-
-
-
Financial assets at amortised cost
55 026
55 026
24 746
-
6 276
-
24 004
Total financial assets
6 549 764
6 549 764
6 519 484
-
6 276
-
24 004
Financial liabilities
Amounts due to clients
4 164 895
4 164 895
4 164 895
-
-
-
-
Financial liabilities at fair value through P&L,
including
CFDs
208 193
208 193
208 193
-
-
-
-
Total financial liabilities at fair value through P&L
208 193
208 193
208 193
-
-
-
-
Liabilities due to lease
33 935
33 935
2 162
8 432
21 366
1 975
-
Other liabilities
156 884
156 884
113 272
21 704
-
-
21 908
Total financial liabilities
4 563 907
4 563 907
4 488 522
30 136
21 366
1 975
21 908
Contractual liquidity gap in maturities (payment
dates)
2 030 962
(30 136)
(15 090)
(1 975)
2 096
Contractual cumulative liquidity gap
2 030 962
2 000 826
1 985 736
1 983 761
1 985 857
The Group does not expect the cash flows presented in the maturity analysis to occur significantly earlier or in significantly different amounts.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 61
Contractual payment periods of financial assets and liabilities as at 31 December 2023
(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
3 676 756
3 676 756
3 676 756
-
-
-
-
Financial assets at fair value through P&L,
including
Listed stocks and ETPs
16 687
16 687
16 687
-
-
-
-
Bonds
401 265
401 265
401 265
-
-
-
-
CFDs
485 303
485 303
485 303
-
-
-
-
Total financial assets at fair value
through P&L
903 255
903 255
903 255
-
-
-
-
Financial assets at amortised cost
31 407
31 407
12 192
-
5 053
-
14 162
Total financial assets
4 611 418
4 611 418
4 592 203
-
5 053
-
14 162
Financial liabilities
Amounts due to clients
2 638 122
2 638 122
2 638 122
-
-
-
-
Financial liabilities at fair value through P&L,
including
CFDs
110 358
110 358
110 358
-
-
-
-
Total financial liabilities at fair value through P&L
110 358
110 358
110 358
-
-
-
-
Liabilities due to lease
29 603
29 603
2 680
9 170
17 653
100
-
Other liabilities
86 080
86 080
51 518
24 765
-
-
9 797
Total financial liabilities
2 864 163
2 864 163
2 802 678
33 935
17 653
100
9 797
Contractual liquidity gap in maturities (payment
dates)
1 789 525
(33 935)
(12 600)
(100)
4 365
Contractual cumulative liquidity gap
1 789 525
1 755 590
1 742 990
1 742 890
1 747 255
The Group does not expect the cash flows presented in the maturity analysis to occur significantly earlier or in significantly different amounts.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 62
36.4 Credit risk
The chart below shows the carrying amounts of financial assets corresponding to the Group’s exposure to credit risk:
(IN PLN’000)
31.12.2024
31.12.2023
CARRYING
AMOUNT
MAXIMUM
EXPOSURE TO
CREDIT RISK
CARRYING
AMOUNT
MAXIMUM
EXPOSURE TO
CREDIT RISK
Financial assets
Cash and cash equivalents
5 370 815
5 370 815
3 676 756
3 676 756
Financial assets at fair value through P&L *
1 123 923
11 263
903 255
24 672
Financial assets at amortised cost
55 026
55 026
31 407
31 407
Total financial assets
6 549 764
5 437 104
4 611 418
3 732 835
* As at 31 December 2024 the maximum exposure to credit risk for financial assets at fair value through P&L, not including the collateral received, was PLN 487 458 thousand (as at
31 December 2023: PLN 444 180 thousand). This exposure was collateralized with clients’ cash, which, as at 31 December 2024, covered the amount of PLN 476 195 thousand (as at
31 December 2023: PLN 419 508 thousand). Exposures to credit risk connected with transactions with brokers as well as exposures to the Warsaw Stock Exchange were not collateralized.
The credit quality of the Group’s financial assets is assessed based on external credit quality assessments, risk weights
assigned based on the CRR, taking account of the mechanisms used to mitigate credit risk, the number of days past due, and
the probability of counterparty insolvency.
The Group’s assets fall within the following credit rating brackets:
• Fitch Ratings – from F1+ to B
• Standard & Poor's Ratings Services – from A-1 to B
• Moody’s – from P-1 to N/A
Cash and cash equivalents
Credit risk connected with cash and cash equivalents is related to the fact that own cash and clients’ cash is held in bank
accounts. Credit risk involving cash is mitigated by selecting banks with a high credit rating granted by international rating
agencies and through diversification of banks with which accounts are opened. As at 31 December 2024, the Group had
deposit accounts in 63 banks and institutions (as at 31 December 2023: in 54 banks and institutions). The ten largest
exposures are presented in the table below (numbering of banks and institutions set uniformly for the reporting and
comparative period and the counterparty credit risk concentration table, according to the recent period):
ENTITY
31.12.2024
ENTITY
31.12.2023
(IN PLN’000)
(IN PLN’000)
Bank 1
2 191 374
Bank 1
1 664 850
Bank 2
1 918 500
Bank 2
1 227 809
Institution 1
172 627
Institution 1
120 562
Institution 2
121 820
Bank 10
92 926
Bank 4
99 938
Institution 2
91 778
Bank 3
99 102
Bank 7
42 060
Institution 3
94 953
Bank 9
36 840
Institution 4
85 482
Bank 8
31 112
Institution 5
69 653
Bank 11
29 106
Institution 6
56 265
Institution 3
26 923
Other
461 101
Other
312 790
Total
5 370 815
Total
3 676 756
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 63
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.
CREDIT QUALITY STEPS
CARRYING AMOUNT (IN PLN’000)
31.12.2024
31.12.2023
Cash and cash equivalent
Step 1
4 726 258
2 677 410
Step 2
66 024
61 905
Step 3
575 943
936 108
Step 4
2 590
1 333
Total
5 370 815
3 676 756
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
customers and the related hedging transactions.
Credit risk involving financial assets at fair value through P&L is connected with the risk of customer or counterparty insolvency.
With regard to OTC transactions with customers, the Group’s policy is to mitigate the counterparty credit risk through the so-
called “stop out” mechanism. Customer funds deposited in the brokerage serve as a security. If a customer’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, customer 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 customers. In
addition, in order to mitigate counterparty credit risk, the Group includes special clauses in agreements with selected
customers, in particular, requirements regarding minimum balances in cash accounts.
Due to the mechanisms in place, used to mitigate credit risk, the credit quality of financial assets at fair value through P&L is
high and does not show significant diversity.
The Group’s top 10 exposures to counterparty credit risk taking into account collateral (net exposure) are presented in the
table below (numbering of counterparties fixed uniformly for the reporting and comparative period and cash concentration
table):
ENTITY
31.12.2024
ENTITY
31.12.2023
NET EXPOSURE
(IN PLN’000)
NET EXPOSURE
(IN PLN’000)
Institution 1
5 943
Institution 1
10 087
Institution 5
2 038
Institution 4
6 567
Institution 3
1 889
Institution 6
1 788
Institution 11
921
Entity 6
1 669
Entity 1
784
Entity 7
1 421
Entity 2
537
Entity 8
666
Entity 3
363
Institution 7
491
Entity 4
249
Entity 9
128
Entity 5
113
Entity 10
80
Entity 6
108
Entity 11
66
Total
12 945
Total
22 963
Other receivables
Other receivables do not show a significant concentration, and they arose in the normal course of the Group’s business. Non-
overdue other receivables are collected on a regular basis and, from the perspective of credit quality, they do not pose
a material risk to the Group.
Consolidated financial statements for 2024
XTB S.A. Group
www.xtb.com 64
36.5 Climat risk
During the Dual-Bottom-Line Analysis process, the Group identified sustainability risks. The catalogue of ESG risks was
selected and evaluated during workshop meetings with representatives of individual departments of the XTB Headquarters,
analysed by the ESG team and the Risk Control Department, which harmonised them with ICAAP terminology. The results of
the study were approved by a resolution of the Management Board of XTB S.A. and audited under a ‘limited assurance’
attestation by an independent auditing firm.
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 in the ‘Sustainability Statement of the XTB S.A. Capital Group’ which is part of the ‘Management Report of Group XTB
and XTB S.A. in 2024’.
During the preparation of this 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.
37. Post balance sheet events
On 11 February 2025, XTB Agente de Valores SpA, based in Chile, received licence no. 216 from the CMF (spa. La Comisión
para el Mercado Financiero) to operate in Chile. The company will provide brokerage services. The licence granted by the
Chilean Financial Market Commission significantly strengthens XTB's presence in one of the world's most dynamically
developing regions. Thanks to this licence, South American customers will gain access to XTB's full offer and will be able to
invest in international stocks, ETPs and all derivative instruments available at XTB.
Signatures of the persons representing the entity
Date
Name
Function
Signature
20.03.2025
Omar Arnaout
President of the
Management Board
The original Polish document is
signed with a qualified electronic
signature
20.03.2025
Filip Kaczmarzyk
Board Member
The original Polish document is
signed with a qualified electronic
signature
20.03.2025
Paweł Szejko
Board Member
The original Polish document is
signed with a qualified electronic
signature
20.03.2025
Jakub Kubacki
Board Member
The original Polish document is
signed with a qualified electronic
signature
20.03.2025
Andrzej Przybylski
Board Member
The original Polish document is
signed with a qualified electronic
signature
20.03.2025
Urszula Tanajewska
Person responsible for
drawing up the financial
statements
The original Polish document is
signed with a qualified electronic
signature
