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

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.

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.

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:

On behalf of the board

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

XTB Limited 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 Limited is authorised and is listed on the Warsaw stock exchange. XTB Limited. 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.

No dividend will be distributed for the year ended 31 December 2025.

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

Going 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.

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.

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.

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.

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.

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.

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.

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' report 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.

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.

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.

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:

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.

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.

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

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.

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.

The company has adequate financial resources for the size of its business and has no borrowings. Thetrue 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.

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.

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:

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.

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.

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 company 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 company. It requires specific disclosures about fair value measurements and disclosures of fair values, some of which replace existing disclosure requirements in other standards.

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.

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.

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.

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

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.

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

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.

The lease liability is measured at amortised cost using the effective interest method. It is reassessed 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.

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.

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.

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.

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.

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

Their aggregate remuneration comprised:

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

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

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.

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

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

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 (2024: £1,444,438).

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 (2024: £90,986). Contributions totalling £7,613 (2024: £7,586) were payable to the fund at the reporting date.

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:

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

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 (2024: £4,272,039). These revenues were earned in the normal course of business. During the year the company was charged £115,710 (2024: £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 (2024 : £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.

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 XTB S.A., which owns 100% of XTB Limited.

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

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.

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 2025 as follows:

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.

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:

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.

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 2025 and 31st December 2024. 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.

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 2025, the Company had company and client bank accounts in 6 banks and institutions (2024: 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):