Earnings Call: Q2 2026

Jul 30, 2026

Earnings release

Good afternoon. We would like to welcome all of you on behalf of the management board and the investor relations team. Today, we will recap the preliminary results of XTB for H1 2026. We plan to utilize this time with you by giving a presentation and summing up the most important information and figures. The CEO, Omar Mroz, will run this presentation along with the CFO, Paweł Szejko. After the presentation, we will move on to the Q&A session. You can enter the questions in the chat function, which should be visible on the bottom right of your screens. If there is a larger number of recurring questions, we will select one representative question, and the management board will try to respond to the greatest extent possible, insofar as that is possible. And that would be it as a matter of preface, and I will give the floor to my colleagues from the management team. Good afternoon, ladies and gentlemen. I am very pleased that I will be able to walk you through the preliminary financial results of H1 2026. Without protracting things, let us go ahead and move into the details. This was a spectacular record-breaking six-month period in the history of XTB. Our revenue on total operating income was PLN 2 billion, 86 million. That signifies growth of nearly 80% year-on-year. In the first half of 2025, we had PLN 1 billion, 116 million in revenue. If we look at Q2 on a standalone basis, we had PLN 992 million in revenue, which as a natural fact, with less volatility, this is a very good period. It is some 9% lower than in the record-breaking first quarter of the year. If we look at operating expenses, and I will of course, move on to that subject in detail in a moment, we had PLN 884 million. As a result, at the operational level, our EBIT was more than PLN 1 billion, 202 million, which signifies growth of nearly 118% year-on-year. And from my point of view as the CFO, it is very important, the consolidated net profit for the first six months of this year, for the first time in our history, it has surpassed the magical barrier of PLN 1 billion. It was precisely PLN 1 billion, 27 million. For the sake of comparison, one year ago at the same period, we had PLN 410 million. So we are talking about a growth rate in excess of 150%. So we can say these are historical figures which show the enormous scale or magnitude at which XTB is operating. Here, I would like to draw your attention to one fundamental thing. I would like to mention our powerful operational leverage. We are effectively scaling up our business and the growth of cost is held under control, in check. So that means our profits are growing exponentially. So our operating revenue grew by nearly 80% year-on-year. At the same time, our operating expenses grew by 45%. And that difference in the growth rate of revenue and costs means operating profit, EBIT, has grown by nearly 118%, and pure net profit has shot up by more than 150%. That is the essence of how we are building XTB as a modern, scalable fintech. Of course, our cost base is growing. We hire the best people investing in technologies. We are doing wonderful global marketing, but this investment outlay is converting into an increase in the customer base and revenue. Every million of revenue generates a very high operating margin because the infrastructure is ready, in place. The figures you see on this slide are the best proof that we are able to combine the dynamical growth of a business with the highest possible profitability for the shareholders. As I move on to the revenue side, as you are perfectly well aware, our business model in XTB means there is a natural volatility in revenue from quarter to quarter, and this is directly linked to the volatility on the financial market and the commodity markets, as well as the activity of our customers. If we look at Q2 of 2026, the CFD instrument trading volume was higher than 1,830,000 lots. That is a decline of in excess of 21% compared to the dynamic first quarter when customers entered into more than 2,320,000 lots. This trading volume generated a higher profit per lot. In Q2, it reached PLN 484 from PLN 439 in the first quarter of the year. For the sake of comparison, in the entire first half of 2025, the average profitability per lot was PLN 251. Whereas in the first half of this year, it was PLN 459. This shows that despite the slight decline in trading volume and lots year-on-year, because we had a decline of a mere 1.1%, the high profitability per lot enabled us to generate in Q2 nearly PLN 1 billion in operating revenue. This proves that our engine for generating revenue is operating very efficiently, and the high volatility is able to generate a high profitability despite a lower trading volume in a given period. If we look at the revenue in terms of the mix, XTB continues to monetize its business through CFD instruments primarily. In H1 2026, they were responsible for roughly 93% of revenue. The most profitable were CFD instruments for commodities, and this represented 75% of our gross result. Last year, it was 33%. This is the direct impact of our customers' interest in gold and silver, oil and cocoa. Second very profitable asset class were index CFDs with a share of 14%. The driving force were American indices, US 100 and US 500. CFD for currencies generated 5% of the gross result, and the strongest item in this category were cryptocurrencies, Bitcoin and Ethereum. The change in this mix perfectly shows the flexibility of our customers. In Q1, volatility was mostly in precious metals, and that is where the capital was flowing. In Q2, our investors, with lightning speed, turned their attention to the equity markets. They were looking at Nasdaq and having in mind the AI trends. We give our customers the best possible transaction platform in order to catch these opportunities wherever they appear. For XTB, what is very important is the product diversification for its revenue. For that reason, for years, we have consistently been developing our product offering and building the top investment platform in Europe. Other sources of revenue besides CFD represent 7%. A few years ago, it was 2%. We can see the fruits of our efforts and the ambition of the management team is for over the next three years, the share of other products in revenue should grow to 30%. Moving on to costs, operating expenses. Our total operating expenses in H1 were PLN 884 million. This is an increase of 45% year-on-year. Our largest cost item is marketing, which is responsible for 49% of the mix. In H1, we invested more than PLN 435 million, is nearly 65% more year-on-year, which is a result of the intensification of our global campaigns that have been very successful. Next line item is salaries, so PLN 247 million. So nearly 28% of the structure of the mix. In the first half of the year, we have stabilization of headcount in XTB. This is a result of increasing automation of process and the utilization of AI. This is easily visible if we look at the decline in headcount in the product and technology department, where at the end of 2025, the headcount was 616 persons, and at the end of the mid-year, the interim period was 605. If we look on a quarter-on-quarter base, operating expenses fell by 9.5%. Largely, this is a result of marketing expenditures being down by PLN 35 million, and then other expenses fell by PLN 18.5 million. The last decline is a result of having a non-recurring event of PLN 20 million in the first half of the year. That was in the first quarter. There were no non-recurring items in Q2. If we look at the full year of 2026, we uphold our assumption that our costs may be higher than in 2025 by roughly 30%. Marketing spend may grow by 50% year-on-year because we see a gigantic rate of return in these investments in terms of customer acquisition. What is also very important is that the average customer acquisition cost is stable at at least PLN 600, which is fully comparable to the years from 2023 to 2025. In addition, in the midterm, which we see as a three-year period from 2027 through 2029. We, as the management team, believe that marketing spend may grow by 30% to 40% year-on-year, while at the same time, the average customer acquisition cost should be at a similar level as in the period 2023 through 2026. It is our ambition in the midterm to increase the number of new customers by roughly 30% year-on-year. XTB is a growth company that pays dividends. We have been consistent in sharing our success with our shareholders. So at the end of June, we had a record level of PLN 2,934,000,000 in own funds. This is an increase of more than 47% compared to the end of last year. This cash is more than 28% of our total balance sheet value. In June of this year, we paid out a dividend of PLN 478 million, which is PLN 4.07 per share. This is 75% of the standalone profit for last year. So in the first half of the year, our profit was PLN 1,021,000,000, which is an excellent base for future payouts. We maintain our intention of issuing recommendations for dividend payouts ranging from 50% all the way up to 100% of the standalone net profit. The final recommendation will always incorporate our plans for expansion and the guidelines given by the Polish FSA. But please take a look at our total capital ratio of AFR at the end of June. It's roughly 193%. And this shows that XTB is a safe entity with a high level of capital. And as a management team, we have a lot of comfort in terms of planning to share profits with our shareholders. Now, moving on to the market environment. This slide, from my perspective as the CFO, is perhaps the most important and most fascinating slide in the presentation up until now. What does it show? It shows the total amount of assets that our customers have on the XTB platform. At the end of H1 2026, the customer assets reached a historical level of PLN 50,305,000,000. In order to illustrate the magnitude of what's happened, let's take a look at the past. In 2019, we were at a mere PLN 705,000,000, and over seven years, it's grown by seven times. As a CFO, the mix of these assets is important. The equities held by our customers are worth some PLN 23 billion. The ETFs have surpassed the PLN 20 billion watermark. Free cash is PLN 6 billion, and CFD instruments are a mere PLN 642 million. What does that mean in practice? That means that more than 86% of all the customer assets in the XTB platform are long-term instruments and savings instruments, so traditional equities as well as ETF funds. This is tangible evidence that our strategic transformation from a broker that was mainly seen as CFD provider looking at an all-in-one approach to have multiple classes of assets has been successful for millions of Europeans. We are a trusted institution of first choice for their long-term investments of their own capital, private capital, and that large, stable base of long-term customers, of course, shores up the long-term nature and stability of our business for many years. Maybe as I wrap up, as an interesting tidbit, amongst our customers in the first half of the year, the equities that were the most interesting to our customers were Micron Technology, Nvidia, as well as KGHM. Amongst the ETF instruments, we had the S&P 500 ETF. We also have an instrument that we're looking at the physical price of silver and a Vanguard fund, which tracks the FTSE All-World. The most popular CFD instruments were gold, the American Index US 100, and the German Index DAX. I would like to thank you very much for your attention, and I'll give the floor to the CEO, who will tell you about our accomplishments in terms of operations and products. Thank you very much, Paweł. Paweł's already talked about the bulk of the interesting things, so my portion of the presentation will not be very lengthy. I would reiterate what Paweł said. The first half of this year was wonderful for us, and maybe I would say a little bit modestly, but this is not a major surprise to us. It's not a major surprise because in recent years, we are profoundly convinced that our strategy is the right strategy. Of course, that means we have to create the best investment application for the retail customer who wants to manage his or her assets or savings. Of course, we're all in the company aware of the fact that this is also linked to the market situation. We have said this many times over the years, that we're focusing on those elements which we can control. So it's a matter of being consistent, unwavering in terms of building technology, being unwavering in terms of expanding the product offering, enlarging the product offering, as well as building the brand everywhere where we operate. When we talk about that type of consistency and unwavering approach, when the proper market situations appear on the financial markets, we are able to generate such good financial results, and that is the most important thing to us. I want to say that our unwavering approach has brought us to where we are today. Even though we know that we were not always happy with the results for last year, I think we are all aware of what was happening in the financial markets last year. Now giving some specific remarks about our operating results. In the first half of this year, XTB was joined by more than 700,000 new customers, which is a result that is 94% higher than what we were able to do in H1 of last year. The total number of active customers has grown by more than 74%, and net deposits have grown by more than 60%. If we look at trading volume in lots, it has fallen this year compared to H1 of last year. On the other hand, which is something that is noteworthy, this is highly connected to what is happening in the financial markets last year. As you know perfectly well, the markets had a long-term horizontal trend, which lasted almost to the very end of the year, with the exception of gold, silver, and so on and so forth. In that situation, when we have a horizontal trend, frequently customers have a higher number of transactions. However, when markets have a very clearly defined direction, then customers tend to hold open positions. That is why there is a lower level of trading volume measured in lots. Continuing what Paweł mentioned previously, we are pleased by the fact that even though the marketing budget has grown so dynamically, we have been able to maintain the customer acquisition cost at the level of PLN 600. If we look at marketing efforts, we are currently preparing, as is always the case at this time of year, we are preparing for the biggest campaign in the history of the company, which will begin in September. As I recall, in recent months, over the last 6 months, we were sharing with you some of the new projects and cooperation arrangements. So cooperation with the SSC Napoli, working with FIBA, as well as the cooperation with Villafons. I will not be able to tell you too much about that at this point in time, but marketing team is currently working on many new projects which we will be able to share with you. I hope in 2 or 3 months, we will be able to talk to you about them. Every few moments, new projects are coming forward, so a lot is happening in terms of the marketing perspectives and prospects. A lot of preparation is being done for Q4. I think that is all I can really say about marketing efforts. Let me move forward by one slide. If we look at our products, let me begin with the products which were already implemented, regardless of whether they have been implemented in all of our markets or only some of the markets. If we talk about options are largely available in Europe. In terms of offering it in Poland, it is only a matter of time. Technologically, we are prepared, so this rollout is maybe not from week to week, but it is pretty active. The same is true in terms of Investment Plans 2.0. We also have that in the first market. It's only a matter of time until it's implemented or they're implemented in all markets, or the situation is not entirely identical. If we look at extended trading hours, so for ETFs and European equities, those extended hours have been introduced everywhere, and that's something we're very pleased with. In terms of cryptocurrencies, I think in the most recent week, they were added to our market in Chile. That's the first full-fledged branch where crypto assets are available on the spot market in Q3 of this year. The cryptocurrencies will be added in the Spanish market and other countries will be added based on the license from Cyprus. Nobody has that in Poland in Q4. Once MiCA is implemented in Poland, of course, we're going to want to offer cryptocurrencies in Poland from Poland. We have customers in the U.K. have access to the Cash ISA account. If we think about our current preparations on top of the rollout that I mentioned already, I would say that we're outside of margin trading. We're primarily focusing on extending the pension accounts. So tax wrappers, this pertains to the Hungarian market, where I hope this product will be implemented in the next 2 or 3 weeks. We're also working on similar solutions for the German market because there's going to be a new product implemented there as of 1 January 2027, and the situation is similar for the OKI accounts, which will be implemented on the 1st of January 2027, if I'm not mistaken. We're not taking into consideration the opportunity that we might not be successful. We're doing everything that we can for the OKI product as well as for the German market. We want to be ready on the date of the product launch. That would be it from my side. Now I'd like to invite you to participate in the Q&A session. Now I will begin probably. How is the development of XTB moving on in terms of the Indonesian market? Can you say that the company, for now, has forgotten about plans to expand in the Brazilian market? Let me start with the second question. In terms of the Brazilian market, yes, the company has abandoned those plans, not even just for now, but we have abandoned those plans. We will not, however, focus on this market, and we're not planning any efforts in the Brazilian market. In terms of Indonesia, there's several things I would like to address. In the very near future, I'm thinking within this week or next week, we should receive a license to offer CFD instruments, and we're very pleased by that because we didn't have those opportunities up till now. That's the first and perhaps the most important piece of information that might be intriguing to you. The second piece of information is as follows. I've mentioned to you in many of our meetings that there's huge interest in terms of the number of customers in Indonesia. That hasn't changed. It's only better. I also mentioned that the net deposit was very low, and that has changed a lot recently. From the perspective of Indonesian market, we have a very prospective approach. The number of customers is growing dynamically. Net deposits are growing dynamically. Once we receive the license to offer CFD instruments, we think this could be a very good market for us. At present, this looks much more optimistically than what we had seen a few months ago, we are very pleased by that. I think I have already responded to the second question when I talked about cryptocurrencies. We have changes in the rules and regulations suggest that after opening options in Poland, only XTB would issue those options. In the future, does the company intend to enable customers to issue options? At present, no. I think this is something that the situation might change maybe next year or in the future. There are certain plans, and we have analyzed the product from this vantage point as well. Thank you very much. Let's go on to the next question. Hello. Why are the loss in H1 2026 was lower than in 2025, even though there was much more volatility in 2026 than in 2025? I think I have already responded to that question. This is basically a matter of the nature of the market. When the market is in a horizontal trend, there is a greater inclination on the part of the customers to open a larger number of transactions. I think we can go on. I have already responded to that question. Okay, we will move on. The share of CFD transactions in the original transactions of new customers was 17% in H1 2026. In Q1, it was 21%. What is the reason for this major movement? I think the biggest difference in terms of gold, silver, oil. Customers who are already interested in that volatility had already set up their accounts in Q1. Having in mind, that's point 1. If we think about point 2, what was crucial, maybe not crucial, but from a strategic and communication point of view, in Q2, we had a broad campaign linked to two products that are very passive. One was the Cash ISA product. The other product was the PEA account in France. On one hand, there was a little bit of saturation, lower interest in gold and silver. It's also a matter of communication in terms of strategic communication about products amongst even more passive products. Thank you very much. We also have a question about spreads. Are spreads still at an above-average level? There is also a question about the spreads that we present. Let me respond to the first question. In terms of the split, I think I know more or less what you are going to say, Paweł, but I will respond to the first part. Spreads at an above-average level. That was only when the volatility was enormous. I think at the end of January, the first or second weeks of February. They are not an above-average level. This was a relatively short period in which that was taking place. In terms of the second part of the question, the split of revenue with respect to spreads and swaps, market-making commissions, we always publish these things on an annual basis. We do not do that in interim periods. You are going to have to wait, be a little patient, and that information will be published in the annual report. Marketing spend. Would it not be a good strategy to increase the marketing spend in the second half of 2026 in order to accelerate customer acquisition versus the competition, which is very active on a marketing basis? I fully concur. When we do not have larger-scale branding activities, this is July and August. These are 2 months in the year during which we are not doing a lot of branding of activity or efforts because of Google, social media, or other. We are very active anyway. But of course, that does not alter the fact that starting in September all the way through the end of the year, we are going to run the largest campaign in the history of the company. Budgets are going to be much higher than ever before. But we are going to enter into new cooperations in the near future. I fully agree. Generally speaking, if we think about marketing efforts, as Paweł mentioned previously, regardless of we are talking about this year or next year, the marketing budget will grow on average by 30% to 40% per annum. Above all, they will focus on the French and the German market and perhaps on the United Arab Emirates. But if we want to be the largest investment company in Europe, and we know that we want to be that type of company, then we have to spend more. Thank you. Now we have a question about the product offering. You have already in part responded. You declared potential to acquire more than 1 million OKI accounts in the first months after the entry into force of this law. Is XTB fully ready in terms of the technology, and from the first day, will you be able to offer that as a mobile application and a web application? Will this offer be fully exempt from fees and commissions, just as is the case for equity accounts? Well, we are not ready technologically in full because we still have a lot of time. We have to be ready by the 1st of January. I do not see any other opportunities or possibilities than not being ready. We will be ready. Will it be in a web app and a mobile app? It seems it will be in the mobile app, but just like with other products, we will add that to the web app. But having in mind right now that the same team is working on OKI and the new German products, we want those products to be in our offering immediately, even if that means that customers will have to wait 2 to 3 months for the web app. I think the mobile app will be the priority. Will it be totally exempt from costs and commissions, like in the equity account? We have not had any talks about changing anything in the offering, so I think just as in every other aspect of our ETF and equity offering, it will be exempt from commissions up until €100,000 per month. Okay. Thank you very much. I will look for the next question. Okay. We have a question about the spreads and swaps. I think Paweł already responded. What was responsible for the growth in profitability from PLN 439 in Q1 to PLN 484 in the second quarter? Generally speaking, profitability per lot is driven by several factors. One of them is the market characterization in a given point in time, because this affects investment decisions made by our customers and what sort of behavior they exhibited. I think Omar already referenced that just a few moments ago. The investment decisions made by our customers. Depending on the market characteristics with long, clear trends on the market, generally speaking, our customers generate lower trading volumes, but the profitability is higher. That is partly because customers are inclined to hold positions for a longer period of time. That means there is a higher number of swap points contributing to profitability. When there is a lot of those horizontal trends and customers are utilizing that for range trading, then the characteristic is that the lot volume is high, but the profitability is much lower. This is something that you could see perfectly last year that we had that type of market characteristic, that market feature for last year. Thank you very much. We have a large number of questions about options, so I would like to select one of them. How are the options developing? What sort of revenue did they generate in Q2? I have mentioned already that they were developing. They are going to be implemented market by market. They will be implemented in most of our branches. If I am not mistaken, Paweł, please correct me if I am in error. I do not think we break down revenue into options. We combine all products within a single category, except for, let us say, CFDs. Paweł, if you would want to add anything, I would be grateful. I would confirm what you said, having in mind that XTB is implementing more and more products and having in mind that our competition is actually tracking our activity very closely. This type of data is sensitive, and so we show this data in aggregate. I would not preclude a situation that our approach might change in a few years, but in this key period, as we diversify the revenue by product, raw data will be shown in aggregate, and we will not share that individual data. Thank you very much for that explanation. Let us go on to European expansion. If you could give a commentary, which one of the markets, the U.K., Germany, or France, is the closest to the target economic results, and which requires the highest correction in terms of the product or acquisition channel? In terms of products, the most important aspect of product offering, we have that to compete with our largest competitors in France and in Germany. This is not a matter of making a correction. We can always add a higher number of products or options, cryptocurrencies, but there is no such product without which we are not able to compete for a position amongst the leaders in these markets. From the point of view of the largest in terms of where we are the closest to the top tier, I think France is the case. We are reaching the mass customer. Customers in France do not see a typical CFD broker, but a multi-asset broker. Most of the customers opened their first transactions in France on equities and ETFs. So I think we are the closest to success in France. The German market is number 2. I think we're the farthest from achieving our goal is in the U.K., but this is a test year. The U.K. doesn't have such a large marketing budget where the French or German markets can brag about having such big marketing spend. We're looking first at France and Germany, and we're very pleased with those results. The biggest challenge in Germany in the future will be reaching the mass client. In my opinion, from the viewpoint of the CFD offering in Germany, I think we're the company of first choice. But in terms of equity and ETFs, we're not the company of first choice. This is not a huge surprise to us because the German competition has been advertising strongly intensively for many years. It's not the case that just because we're spending more that we're suddenly going to become the leader. As we expand our marketing budgets in Germany and France, if we're going to be consistent, the current product offering should help us to be amongst the leaders. If we add to that the fact that in Germany, there's a new pension product, even two pension products in January, that will be another reason to choose XTB. If we think about Lithuania, of course, I will respond in part and Paweł, if you want to add, please say what you would like. Since we're such a large company, such large companies have to have several additional licenses, like the license we have in Cyprus. A very good example is where that license was helpful in recent months was the ability to obtain a license for options as well as receiving a license to offer cryptocurrencies. Lithuania will be another center. We're going to be able to onboard customers but also implement new products. Well, it might not curtail it. We're not talking about curtailments or limitations, but if we're looking at a company like XTB, what's very important is the ability to implement products quickly, having in mind the dynamic growth of AI and how frequently our technology department is utilizing AI in the process of coding. If this coding process is going to be accelerated substantially with respect to previous years, then receiving licenses and the ability to offer products will be very important. We have to have several centers where we can obtain those type of licenses. Let me add that Lithuania and the Lithuanian government are highly supportive of fintech companies, and Lithuania is becoming a regional hub for fintechs. I think it's worth emphasizing, not our direct competitions, but Revolut and Robinhood are also regulated in Lithuania. I would confirm what Paweł said, that there's a very conducive set of conditions to develop fintechs in Lithuania. Thank you very much. Let's stick to foreign markets. I think this is going to be the last question from this area. Is the war in the Middle East noticeable in terms of activity of the customers from there? No, I wouldn't say so, no. In terms of new business and customer activity, I would say no. Above all, a large portion of our customers are in the United Arab Emirates and Oman. In those two countries, we haven't had so much military activity. Maybe one month or two months ago, there were some problems a couple months ago, but those problems were not sufficiently pronounced for that to be noticeable amongst new customers or trading volumes. Thank you very much. Let's move on. Have you considered to recommend shareholders a more aggressive cost policy in terms of the short-term dividends in order to focus on maximizing the magnitude of operations in a few years? We, as a management team and our dividend policy, which has been unchanged since 2016, this is a compromise. On one hand, it's a range of 50%-100%. If we look at the last five years, we've paid out 75% of the profits as dividends, and so we've retained 25%. Up until now, this was an ideal compromise which enabled the company to grow dynamically, and you can see that based on historical data. At the same time, the company is sharing profits in the form of dividends with the shareholders. Our intention is to keep unneeded capital in the company. As I mentioned in the presentation, TCR at the end of June is very high, and so that capital base or equity base that we have enables us to grow dynamically. So retaining a higher portion of the profits in the company would not necessarily mean that we could grow the business more quickly, and it could be suboptimal in terms of the cost of equity and the return that you can generate on capital. Thank you very much. Ladies and gentlemen, we're gradually wrapping up. We'll have the final question. So many times in your statements, there's been the statement that the ambition of the management board is to reach 3 million customers or $1 billion in profit. Can you give a commentary about your far-reaching ambitions and what your vision for XTB by 2030 in terms of the numbers? Could you give us to what extent the market's going to allow that? What are the limitations? The company doesn't forecast or doesn't publish forecasts, so we're not really able to respond to the question. I think the company, in part, at the beginning of this year, we published our midterm guidance in terms of the number of new customers in the period from 2027 to 2029. Here we assume that the number of new customers will grow by 30%. This shows you the growth rate in terms of the customer base. But what we emphasize, like a mantra in every one of our meetings when we interact with investors, we want to be the top investment app in Europe. All of the activities, all of our efforts are leading to that goal. Thank you very much. Ladies and gentlemen, I've left the most interesting question outside of the financial circle. Has a decision made in terms of the brand ambassador for the future? Yes. Unfortunately, I can't say anything more than that. I would betray our plans. There won't be a super surprise, I can tell you that much. I can say, I think you know that we will continue cooperation with Tyson Fury, but at present, I can't say anything more than that. You will learn more in September once we start a very intense outdoor campaign. Thank you very much. Ladies and gentlemen, as you can see, we can't say any more than that. We would like to thank you very much. The Q&A session has come to an end. Today's meeting is gradually drawing to a conclusion. We'd like to thank you very much for spending this hour with us. We'll invite you to join us for upcoming meetings and conferences, and you can meet up with the investor relations team through our email address, relacje.inwestorskie@xtb.com. I'd like to thank you for your participation, the management board for responding to all the questions, and we'll see you at the next meeting. Thank you very much. Goodbye. Thank you very much. Bye-bye.