XTB S.A. Cash Flow Statement

Financials in millions PLN. Fiscal year is January - December.

Millions PLN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	644.19	857.03	791.17	766.1	237.83
Depreciation & Amortization, Total	25.04	19.55	16.84	11.76	8.68
Change in Accounts Payable	2,363	1,527	310.39	317.24	807.25
Change in Other Net Operating Assets	-2,155	-1,442	-313.04	-142.01	-778.53
Other Operating Activities	-23.66	-38.57	-279.99	341.73	-4.85
Operating Cash Flow	614.34	828.26	479.25	1,149	199.01
Capital Expenditures	-21.88	-19.28	-14.46	-12.63	-7.81
Sale (Purchase) of Intangibles	-0.02	-1.38	-0.11	-1.12	-0.21
Investment in Securities	433.58	-24.61	-30.1	-24.78	60.51
Other Investing Activities	3.22	22.37	325.54	-290.19	2.38
Investing Cash Flow	414.96	-22.88	280.87	-328.7	54.89
Long-Term Debt Repaid	-14.24	-10.55	-11.4	-5.02	-5.74
Net Debt Issued (Repaid)	-14.24	-10.55	-11.4	-5.02	-5.74
Issuance of Common Stock	7.76	7.26	14.54	-	-
Repurchase of Common Stock	-7.38	-7.75	-	-	-
Common Dividends Paid	-640.75	-590.2	-570.48	-176.08	-210.12
Other Financing Activities	-0.49	-0.77	-1.11	-0.84	-0.31
Financing Cash Flow	-655.1	-602.01	-568.46	-181.93	-216.17
Foreign Exchange Rate Adjustments	0.31	6.25	-4.27	-5.36	9.46
Net Cash Flow	374.52	209.62	187.4	633.11	47.19
Free Cash Flow	592.47	808.98	464.79	1,136	191.2
Free Cash Flow Growth	-26.76%	74.05%	-59.10%	494.38%	-58.86%
Free Cash Flow Margin	27.89%	43.54%	28.95%	78.44%	30.56%
Free Cash Flow Per Share	5.04	6.88	3.95	9.68	1.63
Cash Interest Paid	1.29	1.05	2.67	0.84	0.31
Cash Income Tax Paid	138.58	201.62	146.03	133.73	47.97

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Capital Markets template. Financial Sources.