Nemetschek Se Unsp/Adr

Dzień dobry On behalf of the XTB Board and the Investment Relations team, I have the pleasure of welcoming you to our today's conference dedicated to discussing the preliminary financial and operational results of XTB for the third quarter of 2026. Our meeting will traditionally take about an hour. The first part of the presentation will be led by Omar Arnold, the President of the XTB Board, and Paweł Szejko, a member of the XTB Board for Financial Affairs. After the presentation, we will move on to the Q&A session. People who directly participate in our today's meeting, in the webinar, have the opportunity to enter questions in the chat window, which is visible at the bottom of the screen on the right. To remind you, I will add that in the case of repeated questions that will touch We will try to choose one of the most representative and possibly discuss the topic broadly. I invite you to the presentation, I do not extend, I give the floor to Pawel Szejko.

Good morning, ladies and gentlemen, without extending, let's go straight to the specifics. This was another very strong quarter in our performance, especially considering that in the third quarter the market characteristics were much less favorable than in the first half of the year. The consolidated revenues from the operational activity reached PLN 623 million, which means an increase of about 66% year-on-year compared to PLN 376 million a year earlier. On the operational level, EBIT's profit reached PLN 225 million, noting a dynamic jump of over 324% year-on-year. On the other hand, the consolidated net profit for the third quarter alone reached PLN 213 million, which is an increase of over 301% and many others. In the first 9 months, our revenues exceeded PLN 2,709,000,000. The operating profit reached PLN 1,427,000,000, and the consolidated net profit reached PLN These are very solid financial foundations that show how effectively we scale our business. Moving on to the revenue side, in the third quarter we generated PLN 623 million in revenue. In terms of quarter to quarter, this is a lower level than in the first and second quarter of this year. This is a natural phenomenon resulting from lower market volatility in this summer period. Since the second half of July and throughout August, we have been dealing with side trends on the market, which, in principle, are unsuitable for XTB when it comes to return profitability. However, in comparison with the analogous period of last year, we are talking about a very clear increase. The total turnover of CFD instruments was 1,710,000 flights. Although the volume in flights decreased by 18% year-on-year, it was compensated by a significant increase in unit profitability. In the third quarter, flight profitability jumped to PLN 301 against PLN 152 a year earlier. which gives an increase of 98% year-on-year. The key engine and foundation of our repeatability remains the constantly growing customer base. The number of active customers in the third quarter reached a record level of 1,566,000 people, growing by over 70% year-on-year. It is this growing scale of activity that allows us to generate high results even in periods of a somewhat calmer market economy. Looking at the revenues in terms of their structure, we can see that the third quarter was marked by a clear domination of CFD instruments based on goods. Their gross profit increased to 70%, 48% a year earlier. This was due to the high exchange rate and high transaction returns on instruments based on gold, oil, natural gas and silver. On the other hand, the participation of CFD based on indexes was 12% against 32% in the third quarter of 2025, with a key contribution being the US 100, Polish WIG20 and German DAX index. The participation of CFD in currencies was about 5%. For XTB, the diversification of income products is very important. For this purpose, we have been consistently expanding the product offer for years, building the investment application number one in Europe. The internal ambition of the management is to increase the share of income from other products other than CFDs by 30% over the next three years. Moving on to operating costs, in the last quarter we have incurred a total of PLN 397 million, which means an increase of 23% year-on-year. Our biggest investment position remains in marketing. In the third quarter, we allocated 187 million PLN for these activities, which is 47% of the cost structure and means an increase of 32% year-on-year. These expenses are directly related to the intensification of our global campaigns and the acquisition of over 335,000 new clients in the third quarter. The second pillar is salary and employment experience at the level of PLN 125 million, which is 31% of the cost structure. In this area, we continue the discipline and stabilization of employment thanks to the automation of processes and the wide use of artificial intelligence tools. The other cost categories are the provisions of 8% of the structure, foreign services at a level of 7% and other operating costs of 5%. We maintain our previous annual assumptions. We estimate that in the entire year of 2026, operating costs may fall to a higher level of about 30% compared to the year of 2025, with an assumption of an increase in marketing costs of about 50%. Our priority is to build a global brand while maintaining the cost-effectiveness of our clients. Moving on to the balance and liquidity management position, at the end of September 2026, the combined value of our own funds and their equivalents reached the level of PLN 3,134,000,000 in the form of safe bonds at the end of 2025. The structure of this portfolio is extremely safe. 93% consist of 300 own financial funds kept in banks on interest rates in the amount of PLN 2,914,000,000, and 7% are safe bonds handed over by banks. We have very strong capital foundations. Our total capital counterpart, IFR, by the end of September was close to 179%. This level of capital adequacy gives us, as the board, great comfort in planning further development as well as in implementing our dividend policy. We maintain that our intention is to recommend the free collection of dividends in the range from 50% to 100% of the unit net profit for 2026. I will only remind you that our unit net profit after three quarters has already reached PLN 1,229,000,000. XTB is a growth and dividend company. Consequently, for years we have been sharing In June this year, we paid the shareholders a dividend of a total of PLN 478 million, which gave PLN 4.07 for the share. This was 75% of the net net profit for last year. Moving on to the market environment, This slide, from my perspective as a CFO, is very important because it shows the trust invested by investors and the scale of funds accumulated on the XTB platform. It also shows the success of the transformation from a CFD broker into a super investment application. At the end of September 2026, the total value of the clients' assets reached a historical level of PLN 50,180,000,000. In order to realize the dynamics of this development, in 2019 our clients owned PLN 704,000,000. So we're talking about over 78 times the growth in a few years. But the key here is the structure of these assets. The value of the shares owned by our clients exceeded PLN 25,253,000,000. ETF funds reached the level of PLN 23,155,000,000. The free cash of the clients is PLN 7,055,000,000. In turn, the value of the CFD position is only PLN 717,000,000. The combination of the value of the share and ETF gives us over PLN 48,000,000 in passive and long-term products. This clearly shows that XTB is not only associated with speculation trading, but has become a basic financial application for 1.6 million active customers to manage savings and assets. And finally, as a summary of the turnover structure and the interest from our customers in the third quarter, among the actions with the greatest popularity and turnover were own XTB papers with a share of 3%, KGHM 2.7%, SanDisk, Microtechnology and NVIDIA. In the ETF Funds category, there were instruments that gave a global and American exposure. Vanguard Funds Futsi All World 7% turnover and iShares Scores S&P 500. On the CFD market, the largest turnover generated contracts for PLN, up to 40% of the turnover in this class, and the US technology index, US 100, 37%. In turn, looking at the most profitable instruments for the group in the third quarter, The unparalleled leader here was Złoto, with a share of nearly 25% in gross profit, and here, behind it, there were contracts for oil, a total of nearly 30%, the ground gas, about 8%, and the US 100 index, 5%. Thank you very much for your attention and here I hand over the floor to the President, who will discuss our operational achievements and the production plan.

Thank you, Paweł. So, moving on to the next part of the presentation, of course, traditionally we will go through all the numbers, but as Paweł has already mentioned, although of course the third quarter in terms of net profit was worse than the first two quarters, We are really happy about one thing that is really crucial, namely that despite the fact that this quarter was characterized, as Paweł already mentioned, by a change, I mean, maybe not by a change, but by a characteristic that was not entirely beneficial for us, because on the one hand there was a reversal of the prevailing trends, for example, on raw materials, but there was also, of course, this side trend, who was also mentioned and usually in such periods we would generate really very poor results. Taking into account the fact that we managed to generate such a good result, it means that the base that we managed to build, especially in the last two years, definitely brings effects and the strategy we are guided by is simply very good, because we try to reach as many groups of recipients as possible and at the moment when Of course, much more is happening on the market, then we are able to generate really good results. And in the case of the third quarter, although July and August were average, and I would even say very bad, it was really enough for one month with very good market characteristics to achieve such a good result. and many more. Continuing the aspect of clients, as you can see, comparing the first three quarters of the current year to last year, in terms of the number of new clients, it is an increase of over 78%, and if we talk about If we talk about all active customers in XTB, it is an increase of over 70%. What is also key for us, and what we often talk about, is that despite the fact that marketing expenses are significantly higher from year to year, we are very happy that this efficiency is maintained and the cost of obtaining a customer is still at the level of about PLN 600-700. This year it is PLN 600, but anyway, it is a very small difference and we are really happy about it. I know that I have mentioned it several times, of course, I know that it may have sounded a bit too much to say that this is just the beginning, etc. I think that many companies say that this is just the beginning. But in our case, if it really took us 20 years to reach the first million customers, and this year, after 9 months, we have received more than a million customers, it really shows how much our base has strengthened. I am sure that we will continue this trend in terms of the growing number of customers, strengthening the base for the next few years. Moving on. Of course, what we do is on the one hand the effect of a product plan, on the other hand, of course, the effect of marketing activities and strengthening the XTB brand not only in Poland, but in every place where we are. As for the product aspects, as you know, we introduced cryptocurrencies on the Spanish market and in Chile. The options are currently being introduced to other departments, so I think there is a good chance that either by the end of this year or at the beginning of next year, the options will be available. Plany inwestycyjne 2.0 zostały również prowadzone, rozszerzone godziny handlu, no i pracujemy w tej chwili, żeby chociażby w jednym oddziale jeszcze w tym roku wprowadzić margin trading, no i oczywiście na początku następnego roku już zrobić taki roll out do kolejnych oddziałów. In this year, one of the most important aspects, maybe not only this year, but in recent years, we see that the interest in products, whether mortgages or so-called tax-wrappers, i.e. tax optimization, is pleased with the enormous interest of our customers. And that's why we focus so much on these products. At the moment, it is known that the biggest priority is on the account of OKI, which will be introduced. and of course, from our perspective, we will be ready for the launch of this product and I can't imagine any other scenario. Currently, we are also working on a marketing campaign that will It will probably be divided into two parts. The first part will be educational, and the second part will be more productive and educational. Of course, it will be in a period when Oki will not yet be available to customers, but also to simply introduce customers to the new product. And when the product is released next year, it is known that the marketing campaign and communication will be only productive. Moving on and talking about where this success comes from in the last 9 months. On the one hand, of course, it is a product and here we are still continuing the product. In a moment, of course, I will tell you a few words about marketing, but when it comes to our application itself, we have introduced some changes. I think they are more cosmetic in terms of modernity, the appearance of the interface. but on the other hand, what I mentioned a few minutes ago, the interface of investment plans itself has changed, it does not apply only to the interface itself, it applies to probably two elements. The first element is the question of introducing shares into the possibility of creating investment plans, but on the other hand, taking into account the fact I think that more and more people who open investment accounts from XTB do not have investment experience. I think that new investment plans are a much better way to introduce new people into the world of investment. and in one department, exactly in Chile, we introduced Chat AI, which in a personalized way helps the client in their investment decisions. Of course, this is part of the test, but we'll see what happens next and whether there will be further implementations in future departments. And the last thing is, of course, marketing. According to the promise and according to the tradition, we are currently conducting the largest campaign in the history of the company, which is represented by both Zlatan Ibrahimović and Tyson Fury. The campaign, as usual, will be divided into these issues, let's say, emotional in terms of building a brand. but also, especially at the end of this year, but also next year we will focus on this functional aspect. Why did I mention the issue of emotionality? Because a year ago, a year ago, the first commercial was broadcast, which was not purely product-oriented, This campaign was related to our current slogan, where your money works. It was about emphasizing that if we work so hard for our money, maybe it's time for our money to work for us. In the current campaign, above all, it is about to show that investment is something that we can be proud of, it is something that modern people use, showing the fact that in recent years there has been a democratization of investment and that the entry threshold is significantly lower than ever before. This does not change the fact that a large part of this campaign in the future will be functional, and not based solely on emotions. We are currently conducting outdoor campaigns in every place where we are. And of course, as we had several occasions to meet with you, you know about our involvement in sports marketing. In the current year we have been cooperating with the Judicial Commission of the Czech Football Association, i.e. you can see our logo on the suits of the judges of the local football league. We have also cooperated with Olympique Lyon and FC Porto and a few weeks ago we also announced the cooperation We will be the main sponsor of the Champions League of Men in the 2026-2027 season. Of course, we have to emphasize how much Olympique Lyon is focused on the French market. FC Porto, especially on the Portuguese market, when it comes to the Champions League, it is known that many Polish teams are taking part, teams from France, teams from Germany, so it is really a global deal that we are very, very pleased with. And that would be it when it comes to threatening what is happening from the marketing perspective, but also the product, and I think we can now move on to the Q&A session.