XTB S A : Q1 2024 Results Presentation

Results for Q1 2024

9 May 2024

RESULTS

Q1 2024

AGENDA

I. Financial Data

II. Operational Data

III. Market Environment

IV. Appendixes

I. Financial Data

Financial data

Financial consolidated highlights

In PLN'000	Q1 2024	Q4 2023	Change	Q1 2023	Change
Result of operations on financial instrument	539 598	488 865	50 733	528 546	11 052
Net interest income on client cash	13 686	13 007	679	5 946	7 740
Other income	2 664	4 868	(2 204)	3 061	(397)
Total operating income	555 948	506 740	49 208	537 553	18 395
Marketing	(81 106)	(69 081)	12 025	(81 435)	(329)
Salaries and employee benefits	(72 845)	(70 593)	2 252	(63 367)	9 478
Commission expenses	(21 324)	(18 255)	3 069	(15 079)	6 245
Other external services	(16 961)	(18 645)	(1 684)	(14 062)	2 899
Other expenses	(12 729)	(11 095)	1 634	(10 276)	2 453
Total operating expenses	(204 965)	(187 669)	17 296	(184 219)	20 746
Profit on operating activities(EBIT)	350 983	319 071	31 912	353 334	(2 351)
Finance income	17 928	15 939	1 989	21 454	(3 526)
Finance costs	(270)	(31 346)	(31 076)	(7 776)	(7 506)
Profit before tax	368 641	303 664	64 977	367 012	1 629
Income tax	(65 895)	(54 615)	11 280	(64 198)	1 697
Net profit	302 746	249 049	53 697	302 814	(68)

Total operating income

(in MM PLN))

Q1 2023		Q1 2024

538

556

Net profit (in MM PLN))

Q1 2023		Q1 2024

Decrease 0%

303 303

Financial data continued

Quarterly consolidated operating income and operating results

In PLN'000	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Total operating income (in PLN'000))	555 948	506 740	280 988	293 134	537 553	221 924	393 659	396 566
Transaction volume in CFD instrument in lots1	1 964 890	1 789 481	2 011 452	1 770 385	1 845 160	1 720 381	1 594 606	1 489 917
Profitability per lot (in PLN))2	283	283	140	166	291	129	247	266
Transaction volume in CFD instruments in nominal value	581 865	548 927	593 232	547 088	596 645	548 781	539 879	539 673
(in USD'000000)
Profitability for 1 million USD transaction volume in CFD	239	229	114	128	207	89	153	168
instruments in nominal value (in USD)3

1. A lot is a unit of trading in financial instruments in the case of foreign currency transactions, a lot corresponds to 100 000 units of the underlying currency in the case of instruments other than CFDs based on currencies, the amount is specified in the instruments table and varies for various instruments Presented value does not include CFD turnover on shares and ETFs, where 1 lot equals 1 share.
2. Total operating income divided by the transaction volume in CFDs in lots.
3. Total operating income converted into USD by the arithmetic average of exchange rates published by the National Bank of Poland on the last day of each month of the reporting period, divided by turnover of CFD in nominal value (in USD' 000000).

		Total operating income				Transaction volume in CFD instrument in lots			Profitability per lot
			(in MM PLN)							(in thousands)							(in PLN)
																					291
			538			511	556							2 011		1 965		266	247				283	283
397	394										1 720	1 845	1 770		1 789
				293	281					1 595										129		166	140
		222						1 490
Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
2022	2022	2022	2023	2023	2023	2023	2024		2022	2022	2022	2023	2023	2023	2023	2024		2022	2022	2022	2023	2023	2023	2023	2024

Financial data continued

Results of operations on financial instruments by classes

In PLN'000	Q1 2024	Q4 2023	Change	Q1 2023	Change
Commodity CFDs	269 432	189 966	79 466	264 713	4 719
Index CFDs	232 166	271 873	(39 707)	245 812	(13 646)
Currency CFDs	36 853	36 117	736	22 852	14 001
Stock CFDs and ETFs	6 881	2 677	4 204	6 943	(62)
Bond CFDs	258	(94)	352	177	81
Total CFDs	545 590	500 539	45 051	540 497	5 093
Shares and ETFs	8 127	3 544	4 583	2 398	5 729
Gross gain on transactions in financial	553 717	504 083	49 634	542 895	10 822
instruments
Bonuses and discounts paid to clients	(1 589)	(2 310)	(721)	(2 598)	(1 009)
Commission paid to cooperating brokers	(12 530)	(12 908)	(378)	(11 751)	779
Net gain on transactions in financial	539 598	488 865	50 733	528 546	11 052
instruments

Revenue by class of instrument

in Q1 2024

	3%
			Index CFDs
48%	42%		Currency CFDs
	Commodity CFDs

other

7%

Revenue by class instrument

in Q1 2023

2%

Index CFDs

Currency CFDs

49%45% Commodity CFDs

other

4%

Financial data continued

Operating expenses by type

In PLN'000	Q1 2024	Q4 2023	Change	Q1 2023	Change
Marketing	81 106	69 081	12 025	81 435	(329)
Salaries and employee benefits	72 845	70 593	2 252	63 367	9 478
Commission expenses	21 324	18 255	3 069	15 079	6 245
Other external services	16 961	18 645	(1 684)	14 062	2 899
Amortisation and depreciation	4 748	5 271	(523)	3 746	1 002
Taxes and fees	3 841	876	2 965	3 004	837
Costs of maintenance and lease of	2 205	1 555	650	1 926	279
buildings
Other costs	1 935	3 393	(1 458)	1 600	335
Total operating expenses	204 965	187 669	17 296	184 219	20 746

Operating expenses (MM PLN)

Q1 2024 vs. Q1 2023

81	81
		73
		63
					21	15		17	14	13	10
Marketing	Salaries and	Commission	Other external	Other costs
		employee benefits	expenses		services
				Q1 2024			Q1 2023
		Operating expenses structure
					in Q12024			Marketing
		8% 6%
								Salaries and
		10%				40%			employee benefits
							Commission
											expenses
											Other external
											services
		36%							Other costs

Financial data continued

Own cash

In PLN'000	31.03.2023	31.12.2023	Change
Own cash	1 332 284	1 409 897	(77 613)
Treasury bonds	796 122	395 808	400 314
Own cash + treasury bonds	2 128 406	1 805 705	322 701

XTB place part of its cash in bank deposits and financial instruments with a 0% risk weight, i.e. in treasury bonds and bonds guaranteed by the State Treasury.

II. Operational Data

Operational data

KPIs and marketing costs vs new clients

In PLN'000	Q1 2024	Q4 2023	Change	Q1 2023	Change
Total operating expenses, including (in PLN'000):	204 965	187 669	17 296	184 219	20 746
- Marketing	81 106	69 081	12 025	81 435	(329)
New clients	129 747	77 267	52 480	104 206	25 541
Numer of active clients1	378 476	310 220	68 256	260 095	118 381
Clients in total	1 018 899	897 573	121 326	703 928	314 971
Net deposits (in PLN'000))	1 896 812	1 161 678	735 134	1 025 147	871 665
Average operating income per active client (in PLN'000)2	1,5	1,6	(0,1)	2,1	(0,6)
Average client acquisition cost (in PLN)3	0,6	0,9	(0,3)	0,8	(0,2)
Transaction volume in CFD instruments in lots	1 964 890	1 789 481	175 409	1 845 160	119 730

1. The number of clients who at least one transaction has been concluded over the individual periods.
2. Average operating income per active client for a given quarter, respectively.
3. Average cost per client is defined as marketing spend for a given quarter divided by the number of new clients in a given quarter.

				Q1 2023				Q1 2024
					378 476
						260 095
		129 747
	104 206
	New clients	Average number of active
								clients

					Q1 2023					Q1 2024
1 896 812						1 964 890
		1 845 160
		1 025 147
		Net depostis		Transaction volume in CFD
									instruments in lots

Marketing costs vs. new clients

100 000
80 000
60 000
40 000
20 000
0	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2
	2024	2023	2023	2023	2023	2022	2022	2022
			Marketing costs		New clients

1. 000

1. 000

1. 000

1. 000

1. 000

1. 000

1. 000