Company registration number 07227848 (England and Wales)
XTB LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
XTB LIMITED
COMPANY INFORMATION
Directors
Mr S A Patel
Mr J Raymond
Company number
07227848
Registered office
Level 9
One Canada Square
Canary Wharf
London
E14 5AA
Auditor
Buzzacott Audit LLP
130 Wood Street
London
United Kingdom
EC2V 6DL
XTB LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 11
Statement of comprehensive income
12
Statement of financial position
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 29
XTB LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report and financial statements for the year ended 31 December 2025.

Business Review

During the year, XTB Limited continued its strategic evolution from a predominantly CFD-focused broker to a broader, multi-asset investment platform serving the mass investment market in the UK. This strategy is centred on offering retail clients access to a wide range of investment products and asset classes through a single, intuitive mobile-first platform. The Board believes that broadening the product offering in this way enhances XTB’s long-term competitiveness, diversifies revenue streams, and supports sustainable growth and shareholder value creation.

A core pillar of this strategy is to provide clients with a broad investment offering, enabling them to build, manage and grow their wealth according to their individual risk appetite and investment horizon. XTB aims to remove traditional barriers to investing by combining ease of use, clear product design and a tiered onboarding journey that supports both lower-risk, long-term investors and more experienced active traders alongside both active or passive investing preferences. This approach allows clients to engage with different products as their financial needs evolve, while maintaining a consistent and high-quality user experience across the platform.

Product development during the year focused on expanding longer-term investment solutions, user interface and enhancing accessibility for non-CFD clients. Key initiatives included the continued development of the XTB investing app, including significant changes to the home screen plus the roll-out of a flexible Stocks and Shares ISA. Later in 2025, we made significant changes to our onboarding process to incorporate a multi-layered approach, meaning that new clients were shown lower risk investment products from the outset of their lifecycle and are required to complete appropriateness tests for higher risk products at the point they request them.

Alongside product breadth, the business remains focused on offering highly competitive pricing across its product range via its zero commission model, reflecting the Board’s view that transparent and cost-efficient access to markets is critical to competing effectively in the UK investment landscape.

Underlying all product development is a clear objective that each product should contribute positively to clients’ overall investment outcomes. Through a combination of investment access, interest-bearing cash features and long-term portfolio solutions, XTB seeks to ensure that client funds remain productive wherever possible. This focus underpins the Group’s positioning that XTB is a platform “where your money works”, aligning client value creation with the long-term strategic interests of the business.

XTB LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

Market activity

Market conditions in 2025 were marked by periods of heightened volatility and shifting investor sentiment. In March and April, renewed trade tariff announcements from Donald Trump triggered sharp market movements, followed by a recovery later in the year led primarily by the technology sector. Investor interest also increased in defense-related equities amid tensions over defense spending within NATO and the subsequent higher EU defense spending. Commodity markets experienced significant price appreciation, with gold reaching record highs above USD 4,000 per ounce by year end, up from levels slightly above USD 2,600 at the start of the year, reflecting demand for defensive assets during periods of geopolitical and economic uncertainty.

The above created ample trading opportunities for clients across our leveraged CFD trading products, which helped create higher spread value, especially towards the final quarter with a significant volume of trades in commodities, which typically has higher spread value.

Compliance

During the first half of 2025, the Compliance function focused on strengthening the firm’s framework for the identification and support of vulnerable clients, enhancing Consumer Duty management information, and further developing the operational framework supporting Individual Savings Accounts (ISAs).

In the second half of the year, the focus shifted to the development of a tiered onboarding approach for lower- and higher-risk products, alongside the commencement of a comprehensive Client Assets (CASS) framework design review, supported by external specialists.

Throughout 2026, the Compliance team will continue to enhance the firm’s Consumer Duty governance and management information. In addition, the team will prioritise ensuring regulatory readiness for the launch of new products, including Cash ISAs.

Key Performance Indicators

The directors regularly review a number of financial and non-financial key performance indicators at both board and operational levels. The directors carry out monthly detailed reviews of each operational and support function at which all aspects of each business and key performance indicators are reviewed.

The Company's key performance indicators include the following:

| 20 25 | 20 24 | Change | Change
Revenue | £ | £ | £ | %
Institutional sales income | 115,710 | 90,948 | 24,762 | 27.2%
Retail Sales income | 8,527,244 | 4,419,979 | 4,107,265 | 92.9%
Total | 8,642,954 | 4,510,927 | 4,132,027 | 91.6%

XTB LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Principal Risks and Uncertainties

XTB Limited is exposed to various risks and uncertainties that could impact its long-term performance and ability to achieve strategic objectives. As part of its Internal Capital Adequacy and Risk Assessment (ICARA), XTB Limited continuously identifies and evaluates risks that may adversely affect its financial performance. The Board of XTB Limited is responsible for determining the company’s risk management strategy and policies, as well as overseeing the monitoring and mitigation of these risks. The key risks associated with XTB Limited’s business activities include market risk, foreign currency risk, interest rate risk, credit risk, liquidity risk, regulatory risk, and operational risk. These risks are managed as outlined below. Market Risk Market risk refers to potential losses arising from fluctuations in market prices. To mitigate this risk, XTB Limited offsets all client trades by executing corresponding trades of equal value with its parent company, thereby minimising exposure to market price movements. AML and Fraud Risk Financial brokerages face significant fraud risks from both internal and external sources, including employees, clients, and cybercriminals. These risks include misappropriation of funds, insider trading, identity theft, market manipulation, and money laundering. Cybersecurity threats, such as phishing, ransomware, and system exploitation, further exacerbate these risks. Regulatory non-compliance can result in severe penalties, reputational damage, and legal consequences. To mitigate these risks, XTB Limited employs robust internal controls, cybersecurity measures, regulatory compliance frameworks, and fraud detection systems to safeguard client assets and maintain market integrity. Foreign Currency Risk Foreign currency risk arises when financial transactions are denominated in currencies other than XTB Limited’s base currency. The company’s finance department actively manages this risk to minimize potential losses arising from currency fluctuations. Interest Rate Risk Interest rate risk refers to potential losses on financial positions resulting from adverse changes in interest rates. XTB Limited does not currently hedge its interest rate exposure, meaning that its net income or loss is directly affected by fluctuations in interest rates. Credit Risk Credit risk is the risk that a counterparty may fail to meet its financial obligations to XTB Limited. The company’s most significant credit risk relates to the financial institutions where it holds client and company funds. To mitigate this risk, XTB Limited diversifies its holdings across multiple banking counterparties and regularly assesses their financial strength and reliability. Liquidity Risk Liquidity risk arises when XTB Limited does not have sufficient funds to meet its financial obligations. The company manages liquidity by maintaining regular cash flow forecasts to ensure adequate funding for operational and investment requirements. Regulatory Risk Regulatory risk involves the potential for non-compliance with FCA and other regulatory requirements, which could lead to financial penalties, reputational damage, or restrictions on business activities. The FCA places particular emphasis on ensuring firms comply with consumer duty obligations. XTB Limited prioritizes adherence to all regulatory frameworks to mitigate these risks.
Operational Risk Operational risk refers to potential losses resulting from inadequate or failed internal processes, human errors, system failures, or external events. XTB Limited mitigates operational risk through comprehensive process documentation, segregation of duties, and regular reviews of internal controls to ensure operational resilience. Under FCA regulations, XTB Limited is required to continuously update its ICARA and assess emerging risks that could impact its financial resources.

XTB LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

On behalf of the board

Mr J Raymond
Director
19 March 2026
XTB LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

XTB L imited is a FX and CFD brokerage based in London, Canary Wharf and is part of the XTB Group, which has offices located globally and are listed on the Warsaw stock exchange.

XTB L imited is authorised and is listed on the Warsaw stock exchange. XTB L imited. offers CFDs to the retail market across a variety of products including, indices, fx, equities and commodities through its proprietary platform X-Station. XTB also offers technological and liquidity solutions to institutional clients globally.

Dividends

No dividend will be distributed for the year ended 31 December 20 2 5.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S A Patel
Mr J Raymond

G oing concern

Going Concern disclosures in the annual financial statements explain the key assumptions and judgements taken in determining whether a company is able to operate as a going concern.

The company has adequate financial resources for the size of its business and has no borrowings. The company has the continuing support of its shareholders, as well as measurable progress in the retail brokers' solution effort, providing comfort for the UK business’s future. Following the annual business review together with the parents board, the directors are confident that the company and the group have the required resources to continue operational existence for the foreseeable future. Accordingly, continue to adopt the going concern basis in preparing the annual report and accounts.

Directors' insurance

The company maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the company.

Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the company's contractual and other legal obligations.

Trade creditors of the company at the year end were equivalent to 2 day's purchases, based on the average daily amount invoiced by suppliers during the year.

Auditor

Buzzacott Audit LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

XTB LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
Statement of disclosure to auditor

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board
Mr J Raymond
Director
19 March 2026
XTB LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) in conformity with Companies Act 2006. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, International Accounting Standard 1 requires that directors:

- properly select and apply accounting policies;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

- make an assessment of the company's ability to continue as a going concern.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' report may differ from legislation in other jurisdictions.

XTB LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF XTB LIMITED
- 8 -
Opinion

We have audited the financial statements of XTB Limited (the ‘company’) for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with UK adopted international accounting standards; and

- have been prepared in accordance with the requirements of the UK adopted international accounting standards.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor’s report thereon. The directors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

XTB LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF XTB LIMITED
- 9 -

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors’ responsibilities statement on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatement in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

XTB LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF XTB LIMITED
- 10 -
How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, including knowledge specific to wealth management businesses;

- we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud;

- we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements through discussions with the director and other management at the planning stage, and from our knowledge and experience of asset management businesses;

- the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations; and

- we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including the Companies Act 2006, The Financial Services and Markets Act 2000, and taxation legislation.

We assessed the extent of compliance with the laws and regulations identified above and through:

- making enquiries with management;

- inspecting legal expenditure and correspondence throughout the year for any potential litigation or claims; and

- considering the internal controls in place that are designed to mitigate the risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- determined the susceptibility of the company to management override of controls by checking the implementation of controls and enquiring individuals involved in the financial reporting process;

- reviewed a reconciliation from bank exports to the trial balance for the year to identify unusual transactions, particularly in relation to expenditure;

- performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large variances from the prior period;

- reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias on the part of the company's management;

- carried out substantive testing to check the occurrence and cut-off of expenditure; and

- tested the occurrence of revenue by agreeing a sample of entries in the nominal to supporting documentation.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HRMC, the Financial Conduct Authority and the company's legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

XTB LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF XTB LIMITED
- 11 -

Use of our report

This report is made solely to the company's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members for our audit work, for this report, or for the opinions we have formed.

Jonathan West (Senior Statutory Auditor)
For and on behalf of Buzzacott Audit LLP
19 March 2026
Statutory Auditor
130 Wood Street
London
United Kingdom
EC2V 6DL
XTB LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
2025
2024
Notes
£
£
Revenue
3
8,642,954
4,510,927
Cost of sales
-
0
(3)
Gross profit
8,642,954
4,510,924
Administrative expenses
(8,163,985)
(4,134,956)
Operating profit
5
478,969
375,968
Finance costs
9
(11,868)
(1,740)
Profit before taxation
467,101
374,228
Income tax expense
10
(147,864)
(95,128)
Profit and total comprehensive income for the year
319,237
279,100

The income statement has been prepared on the basis that all operations are continuing operations.

XTB LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 13 -
2025
2024
Notes
£
£
Non-current assets
Property, plant and equipment
11
399,507
27,199
Deferred tax asset
16
254,697
361,110
654,204
388,309
Current assets
Trade and other receivables
12
2,019,946
1,261,835
Cash and cash equivalents
7,398,161
6,450,322
9,418,107
7,712,157
Total assets
10,072,311
8,100,466
Current liabilities
Trade and other payables
14
6,178,915
4,929,709
Current tax liabilities
19,494
23,303
Lease liabilities
15
407,211
-
0
6,605,620
4,953,012
Total liabilities
6,605,620
4,953,012
Net assets
3,466,691
3,147,454
Equity
Called up share capital
4,003,493
4,003,493
Retained earnings
(536,802)
(856,039)
Total equity
3,466,691
3,147,454
The financial statements were approved by the board of directors and authorised for issue on 19 March 2026 and are signed on its behalf by:
Mr J Raymond
Director
Company Registration No. 07227848
XTB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2024
4,003,493
(1,135,139)
2,868,354
Year ended 31 December 2024:
Profit and total comprehensive income
-
279,100
279,100
Balance at 31 December 2024
4,003,493
(856,039)
3,147,454
Year ended 31 December 2025:
Profit and total comprehensive income
-
319,237
319,237
Balance at 31 December 2025
4,003,493
(536,802)
3,466,691
XTB LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
1,078,658
(223,329)
Interest paid
-
(1,740)
Income taxes paid
(45,260)
(54,272)
Net cash inflow/(outflow) from operating activities
1,033,398
(279,341)
Investing activities
Purchase of property, plant and equipment
(7,439)
(15,691)
Net cash used in investing activities
(7,439)
(15,691)
Financing activities
Payment of lease liabilities
(78,120)
(154,500)
Net cash used in financing activities
(78,120)
(154,500)
Net increase/(decrease) in cash and cash equivalents
947,839
(449,532)
Cash and cash equivalents at beginning of year
6,450,322
6,874,601
Effect of foreign exchange rates
-
0
25,253
Cash and cash equivalents at end of year
7,398,161
6,450,322
XTB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
1
Accounting policies
Company information

XTB Limited is a private company limited by shares incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) in conformity with the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical costs basis and the principal accounting policies adopted are set out below.

1.2
Going concern

The company has adequate financial resources for the size of its business and has no borrowings. The true company has the continuing support of its shareholders, as well as measurable progress in the retail brokers' solution effort, providing comfort for the UK business’s future. Following the annual business review together with the parents board, the directors are confident that the company and the group have the required resources to continue operational existence for the foreseeable future. Accordingly, continue to adopt the going concern basis in preparing the annual report and accounts.

1.3
Revenue

The turnover shown in the income statement represents amounts arising from performance obligations during the year. Revenue has been split between Retail and Institutional. Retail revenue comprising £8,527,244 (2024: £4,419,979) has been calculated on a cost plus basis using a 3.9-5.25% uplift and is recognised in the same period of time as the corresponding expenses. Institutional Revenue comprising £115,710 (2024: £90,948) has been based on fees charged to clients for both Liquidity and Technology services provided. This is recognised over the period of time to which performance obligations are met in the terms of the relevant client agreement.

1.4
Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses.

The assets' residual values, useful lives and methods of depreciation are reviewed and adjusted prospectively, if appropriate, at each financial year end.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
Period of lease
Office furniture
30% Straight line
Office equipment
30% Straight line
Information equipment
20% and 30% Straight line
Right of use office
Period of lease

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

XTB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.5
Impairment of tangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Fair value measurement

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The resulting calculations under IFRS 13 affected the principles that the c ompany uses to assess the fair value, but the assessment of fair value under IFRS 13 has not materially changed the fair values recognised or disclosed. IFRS 13 mainly impacts the disclosures of the c ompany. It requires specific disclosures about fair value measurements and disclosures of fair values, some of which replace existing disclosure requirements in other standards.

1.7
Financial assets

Financial assets are recognised when the company becomes party to the contracts that give rise to them and are classified as loans or borrowings, receivables, financial instruments fair valued through profit and loss or available for sale financial assets as appropriate. The company determines the classification of its financial assets and liabilities at initial recognition and, where allowed and appropriate, re-evaluate this designation at each financial year end.

When financial assets are recognised initially, they are measured at fair value, being the transaction price plus, in the case of financial assets not at fair value through profit or loss and borrowings, directly attributable transaction costs.

1.8
Financial liabilities

Financial liabilities are recognised when the company becomes party to the contracts that give rise to them and are classified as loans or borrowings, payables, financial instruments fair valued through profit and loss or available for sale financial assets as appropriate. The company determines the classification of its financial assets and liabilities at initial recognition and, where allowed and appropriate, re-evaluate this designation at each financial year end.

When financial liabilities are recognised initially, they are measured at fair value, being the transaction price plus, in the case of financial assets not at fair value through profit or loss and borrowings, directly attributable transaction costs.

Included within Trade and Other Receivables (Other debtors) and Trade and Other Payables (Amounts owed to group undertakings) are the fair values of the clients' positions and the Company's matching hedged positions.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Ordinary shares are classified as equity. Any excess above the par value of shares received upon issuance of those shares is classified as share premium.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

XTB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Current tax

The charge for current tax is based on the results for the year as adjusted for items which are non-assessable or disallowed. It is calculated using rates that have been enacted or substantively enacted by the year end date.

Deferred tax

Deferred tax is accounted for using the liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit. In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be recognised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction which affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the rates that are expected to apply when the asset or liability is settled. Deferred tax is charged or credited in the income statement, except when it relates to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

XTB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -

The lease liability is measured at amortised cost using the effective interest method. It is re assessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15

Client money

The Company holds money on behalf of clients in line with the regulatory body, the Financial Conduct Authority (FCA). Segregated client money bank accounts hold statutory trust status restricting the Company's access to these funds. These are not included within cash and cash equivalents on the Statement of Financial Position.

2
Critical accounting estimates and judgements

When preparing the financial statements, management makes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. Significant management judgements are as follows:

Recognition of deferred tax assets

The extent to which deferred tax assets can be recognised is based on an assessment that future taxable income will be available against which deductible temporary timing differences and tax loss carry-forwards can be utilised.

3
Revenue
2025
2024
£
£
Revenue analysed by class of business
Retail revenue
8,527,244
4,419,979
Institutional revenue
115,710
90,948
8,642,954
4,510,927
4
Adoption of new and revised standards and changes in accounting policies

Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the company. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.

XTB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
5
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
20,317
25,253
Depreciation of property, plant and equipment
108,594
135,752
(Profit)/loss on disposal of property, plant and equipment
-
6,236
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
27,500
59,649
For other services
Audit-related assurance services
30,000
5,800
7
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
CEO
-
1
Finance
2
2
Marketing
6
6
Sales
20
21
Compliance
4
3
Total
32
33

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,111,653
2,106,535
Social security costs
270,231
234,453
Pension costs
38,674
33,699
2,420,558
2,374,687
XTB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
508,934
476,058
Company pension contributions to defined contribution schemes
7,321
7,171
516,255
483,229
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
285,752
273,152
Company pension contributions to defined contribution schemes
6,000
5,850
9
Finance costs
2025
2024
£
£
Interest on lease liabilities
11,868
1,740
10
Income tax expense
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
41,451
47,748
Deferred tax
Origination and reversal of temporary differences
106,413
47,380
Total tax charge
147,864
95,128
XTB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Income tax expense
(Continued)
- 22 -

The charge for the year can be reconciled to the profit per the income statement as follows:

2025
2024
£
£
Profit before taxation
467,101
374,228
Expected tax charge based on a corporation tax rate of 25.00%
116,775
93,557
Effect of expenses not deductible in determining taxable profit
1,654
1,836
Change in recognised deferred tax assets
106,413
47,380
Permanent capital allowances in excess of depreciation
(1,860)
-
0
Utilisation of tax losses
(75,118)
(47,645)
Taxation charge for the year
147,864
95,128
11
Property, plant and equipment
Improvements to property
Office equipment
Office furniture
Information equipment
Right of use office
Total
£
£
£
£
£
£
Cost
At 1 January 2024
1,116
5,951
1,140
66,499
249,619
324,325
Additions
-
0
989
-
0
14,702
-
0
15,691
Disposals
-
0
(1,129)
-
0
(27,368)
(249,619)
(278,116)
At 31 December 2024
1,116
5,811
1,140
53,833
-
0
61,900
Additions
-
0
205
229
7,005
473,463
480,902
Disposals
(1,116)
-
0
-
0
(151)
-
0
(1,267)
At 31 December 2025
-
0
6,016
1,369
60,687
473,463
541,535
Accumulated depreciation and impairment
At 1 January 2024
1,116
3,006
407
41,491
124,809
170,829
Charge for the year
-
0
1,445
267
9,231
124,809
135,752
Eliminated on disposal
-
0
(872)
-
0
(21,390)
(249,618)
(271,880)
At 31 December 2024
1,116
3,579
674
29,332
-
0
34,701
Charge for the year
-
0
1,455
335
8,167
98,637
108,594
Eliminated on disposal
(1,116)
-
0
-
0
(151)
-
0
(1,267)
At 31 December 2025
-
0
5,034
1,009
37,348
98,637
142,028
Carrying amount
At 31 December 2025
-
982
360
23,339
374,826
399,507
At 31 December 2024
-
2,232
466
24,501
-
27,199
XTB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
12
Trade and other receivables
2025
2024
£
£
Trade receivables
58,206
81,666
Amounts owed by fellow group undertakings
242,376
-
0
Other receivables
1,650,697
1,113,509
Prepayments
68,667
66,660
2,019,946
1,261,835

Trade receivables disclosed above are classified as loans and receivables and are therefore measured at amortised cost.

13
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

14
Trade and other payables
2025
2024
£
£
Trade payables
673,759
31,636
Amounts owed to fellow group undertakings
3,331,130
1,927,456
Accruals
489,203
355,396
Social security and other taxation
60,690
65,710
Other payables
1,624,133
2,549,511
6,178,915
4,929,709

The directors believe that the carrying value of the financial instruments approximates their fair value at the balance sheet date.

15
Lease liabilities
2025
2024
Net amounts due
£
£
Within one year
407,211
-
0
2025
2024
Maturity analysis of future lease payments
£
£
Within one year
407,211
-
XTB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
15
Lease liabilities
(Continued)
- 24 -
Other leasing information is included in note 18.
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Total
£
Deferred tax asset at 1 January 2024
408,489
Deferred tax movements in prior year
(Charge)/credit to profit or loss
(47,379)
Deferred tax asset at 1 January 2025
361,110
Deferred tax movements in current year
(Charge)/credit to profit or loss
(106,413)
Deferred tax asset at 31 December 2025
254,697

Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.

Deferred tax asset arises from taxable losses carried forward and these taxable losses are projected to be fully utilised from future taxable profits of the company. Further details on the company's business development are provided in the strategic report and the report of the directors.

Taxable losses carried forward in the current year are £1,144,216 (20 2 4: £1,444,438).

17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
38,674
33,699

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The pension cost charge represents contributions payable by the Company to the fund and amounted to £97,512 (20 24: £90,986). Contributions totalling £7,613 (20 24: £7,586) were payable to the fund at the reporting date.

XTB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
18
Lease commitments

Set out below are the future cash outflows to which the lessee is potentially exposed that are not reflected in the measurement of lease liabilities:

2025
2024
Land and buildings
£
£
Within one year
348,000
156,240
Between two and five years
160,428
-
508,428
156,240
Information relating to lease liabilities is included in note 15.
19
Subsequent events

There have been no post balance sheet events that require disclosure or adjustments to the financial statements.

20
Related party transactions

The company's clients trade on a platform which promotes business for the parent company. The company earns income from its parent company based on the throughput. During the year this amounted to £8,477,430 (202 4: £4,272,039). These revenues were earned in the normal course of business. During the year the company was charged £115,710 (202 4: £70,231) for services rendered by the parent company.

The balance outstanding at the year end date due to the parent undertaking was £146,228 (202 4 : £14,053). The amount is payable on demand and is interest free.

There are no other key management personnel, aside from the directors whose remuneration has been included within note 7 of the financial statements.

21
Controlling party

The largest group in which consolidated accounts are prepared that the company is included in is XXZW Investment Group S.A., and the smallest is X TB S.A., which owns 100% of XTB Limited.

The parent company, X TB S.A., is incorporated in Poland. Its registered office is ul. Prosta 67, 00-838 Warszawa.

22
Capital Resources

The Company is regulated by the FCA and is required to manage and monitor its capital resources in accordance with the FCA capital requirement rules as per the Investment Firms Prudential Regime (IFPR). XTB will hold 750k as its base capital requirement as it transitions to a 730k firm as per IFPR rules.

The Company's objectives through resource management is to ensure that it has sufficient capital to meet its regulatory obligations and to ensure that the Company will be able to continue as a going concern.

The Company's regulatory capital requirement is reported to the FCA on a quarterly basis, and regularly monitored by the Directors. The company has been fully compliant with their capital adequacy requirements throughout the year.

XTB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
23
Cash generated from/(absorbed by) operations
2025
2024
£
£
Profit for the year before taxation
467,101
374,228
Adjustments for:
Finance costs
11,868
1,740
(Gain)/loss on disposal of property, plant and equipment
-
6,236
Depreciation and impairment of property, plant and equipment
108,594
135,752
Foreign exchange gains on cash equivalents
-
(25,253)
Movements in working capital:
(Increase)/decrease in trade and other receivables
(758,111)
339,753
Increase/(decrease) in trade and other payables
1,249,206
(1,055,785)
Cash generated from/(absorbed by) operations
1,078,658
(223,329)
24
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
6,450,322
947,839
7,398,161
Lease liabilities
-
(407,211)
(407,211)
6,450,322
540,628
6,990,950
1 January 2024
Cash flows
31 December 2024
Prior year:
£
£
£
Cash at bank and in hand
6,874,601
(449,532)
6,450,322
Lease liabilities
(154,500)
154,500
-
6,720,101
(295,032)
6,450,322
XTB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
25
Financial Instruments

Financial assets and liabilities are recognised when the company becomes party to the contracts that give rise to them and are classified as loans or borrowings, receivables, payables or financial instruments fair valued through profit and loss as appropriate. The company determines the classification of its financial assets and liabilities at initial recognition and, where allowed and appropriate, re-evaluate this designation at each financial year end.

When financial assets and liabilities are recognised initially, they are measured at fair value, being the transaction price plus, in the case of financial assets not at fair value through profit or loss and borrowings, directly attributable transaction costs.

The table below sets out carrying amounts of financial assets and financial liabilities. The company considers the carrying amount of all financial assets and liabilities to be a reasonable approximation of fair value.

The company classified its financial assets and liabilities at 31 December 20 25 as follows:

Financial assets | 20 25 | 20 24
Loans and receivables Cash and cash equivalents | 1,710,790 7,398,161 | (161,636) 6,450,322
Fair value through profit or loss | 1,663,649 | 1,423,471
| 10,772,600 | 7,712,157
Financial liabilities |  |
Financial liabilities at fair value through profit or loss | 608,268 | 592,567
Financial liabilities measured at amortised cost | 5,688,196 | 4,360,444
| 6,296,465 | 4,953,011
Net financial assets | 4,476,135 | 2,759,146

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted on an active market, do not qualify as trading assets and have not been designated as either fair value through profit and loss or available-for-sale.

Such assets are carried at amortised cost using the effective interest method if the time value of money is significant. Gains and losses are recognised in the income statement when the loans and receivables are derecognised or impaired, as well as through the amortisation process.

Impairment of financial assets

The company assesses at each financial year end whether a financial asset or group of financial assets is impaired.

Open positions

Open positions are classified as fair value through profit or loss.

XTB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
26
Financial Risk Management

The Company exposes itself to various financial risks through its activities, including market risk, credit risk and liquidity risk, for which control processes are in place to ensure risk is monitored and controlled.

Market Risk

Market risk is the risk of losses in positions arising from movements in market prices. For all client trades held with the company, a second trade for the same value is held with the parent company there mitigating the company's risk to movements in market prices. Therefore, the change in market prices would not affect the company net profit before tax.

Interest Rate Risk

The company does not currently hedge its interest rate exposure and consequently, its net income or loss is directly affected by changes in interest rates. Bank deposits bear interest at nominal rates and changes in these rates do not have any significant impact on the financial results.

The structure of financial assets and liabilities where cash flows are exposed to interest rate risk is as follows:

Financial Assets | 20 25 | 20 24
Cash and cash equivalents | 7,398,161 | 6,450,322
Total Financial Assets | 7,398,161 | 6,450,322

Impact of a change in interest rates by 50 base points (BP) on profit before tax is presented below. The analysis relies on the assumption that other variables, in particular exchange rates, will remain constant. The analysis was carried out based on the position at the year end.

Sensitivity Analysis - income/(expenses) of the period |  |
| 20 25 |  | 20 24 |
| Income | Decrease | Income | Decrease
Income/(expenses) of the period | 36,991 | (36,991) | 32,252 | (32,252)

Foreign Currency Risk

Foreign currency risk is a financial risk that exists when a financial transaction is denominated in a currency other than that of the base currency of the company. Foreign currency risk is managed by the finance department to minimise any potential losses arising from exposure.

A change in exchange rates, in particular, GBP exchange rate, affects the statement of financial position valuation. Sensitivity to exchange rate fluctuations was calculated with the assumption that all foreign currency rates change by ±5 per cent to GBP.

The company had the following currency exposure as at 31st December 20 25 and 31st December 20 24. Presented below is also the sensitivity of the Company's profit before tax to a 5 per cent increase or decrease of the GBP exchange rate.

XTB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
26
Financial Risk Management (Continued)

202 5
Currencies | Exposure | Exchange rate | Exposure in GBP | Sensitivity Analysis - income (expenses) of the period
EUR | 2,825,190 | 1.14540 | 2,466,551 | 123,328
HUF | 33,105,853 | 439.75374 | 75,283 | 3,764
USD | 3,748,166 | 1.34510 | 2,786,534 | 139,327
CZK | - | 27.68473 | - | -
PLN | 43,495 | 4.83580 | 8,994 | 450
TRY | - | 57.79011 | - | -
Total |  |  | 5,337,362 | 266,868
202 4
Currencies | Exposure | Exchange rate | Exposure in GBP | Sensitivity Analysis - income (expenses) of the period
EUR | 1,114,818 | 1.20990 | 921,414 | 46,071
HUF | (138,484,998) | 4 97.76008 | (278,216) | (13,911)
USD | (190,084) | 1.25290 | (151,715) | (7,586)
CZK | - | 30.46459 | - | -
PLN | 3,482 | 5.17561 | 673 | 34
TRY | - | 37.64777 | - | -
Total |  |  | 492,155 | 24,608

Credit Risk

Credit risk is defined as the risk of a client or counterparty failing to meet its financial obligations. The Company's only credit risk is with counterparties.

As at 31 December 20 25, the Company had company and client bank accounts in 6 banks and institutions (202 4: 6 banks and institutions) and moreover in the parent company. The exposures are presented in the table below (enumeration of banks and institutions was set individually for each period):

Exposures by counterparty | Cash & cash equivalents | Cash & cash equivalents
| 2025 | 2024
Institution 1 | 5,618,151 | 5,097,864
Institution 2 | 1,656,799 | 1,173,815
Institution 3 | 93,445 | 93,445
Institution 4 | 88,184 | 91,268
Institution 5 | 8,994 | 673
Institution 6 | - | -
Institution 7 | - | -
Institution 8 | - | -
Institution 9 | - | -
Exchange differences and cash in transit | (67,414) | (6,743)
| 7,398,159 | 6,450,322

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