Earnings Call: Q4 2025

Jan 30, 2026

Earnings release

Summary

2025 net profit reached nearly PLN 644m as revenue rose nearly 15% and client growth set records. 2026 plans pair higher marketing investment with new products and continued diversification beyond CFDs.

Hello. I would like to welcome you very cordially on behalf of XTB. My name is Beata Kowalczyk. I am an IR expert in our IR team. I am very pleased to be able to welcome you today. You will spend the next hour with us and the management team of XTB on the conference concerning the preliminary results for 2025. As I portrayed previously, this meeting will last an hour. We will kick off with the presentation to be delivered by the management board of XTB in the following composition, Omar Arnaout, the CEO, and Paweł Szejko, the CFO. After the presentation, we will move on to some direct interaction, so it will be a Q&A session. You can pose your questions in the chat function. You should probably see this on the bottom right. Amongst the recurring questions, we will select one representative question, and we will try to give you comprehensive responses and respond to as many questions as possible. The agenda of today's presentation will kick off with a brief description of the financial results, then we will talk about the market context, the market environment, then we will have operational data. We will wrap up with something that you are all waiting for, which is an introduction to the product plan for the upcoming year. I would now encourage you to listen to the presentation, pose your questions, and I will go ahead and give the floor at this time to Paweł Szejko. Thank you. We have completed 2025. We earned nearly PLN 644 million in consolidated net profit. The priority for us as the management team in this period was to continue expanding our client base and extending our product offering. We are consistently striving to become the company of first choice for European customers in the long term. According to our announcements, in 2025, XTB greatly increased the scope of its marketing and communication efforts for the purposes of increasing the pace of client acquisition. This strategy has delivered results across the year. XTB acquired more than 864,000 new clients, as opposed to 498,000 one year earlier. We also had a record-breaking number of active clients. It was 1,189,000. This translated in turn into record-breaking trading volume and revenue. The company generated PLN 2,146,000,000 in operating revenue, which was up by nearly 15% year-on-year. Operating expenses, in turn, were PLN 1,312,000,000. As always, when we have meetings like today's with you, I want to tell you that XTB's results, especially revenue, should be analyzed on an annual basis, not on a quarterly basis. This stems from the fact that if you look at this on a short-term basis, on a quarterly basis, the revenue can be highly volatile, having in mind factors that are beyond the control of XTB. I have in mind the prevailing market volatility. It is not until you look at the annual period that you can see the long-term trends and the results of our operating activities. The growth of the new customers, as well as the number of active customers in 2025, contributed to higher trading volume on the instruments. If we look at equities, ETFs, the trading volume grew up by 127%. If you look at CFD, if we look at the nominal value, it grew by some 83%. XTB's revenues could have been even higher in 2025 had the characterization of the market been more favorable. Generally speaking, XTB generates the highest revenue in periods when we see long-term clear trends. It's less favorable to XTB when we have periods in which there's a horizontal trend. If we look at the profitability in CFD instruments in 2025, both on a nominal basis as well as in lots, it was lower than in 2024, as well as in 2023 or 2022. Having in mind the revenue mix, XTB continues to monetize its business primarily through CFD instruments. In 2025, they accounted for nearly 92% of the revenue. In turn, we are pleased by the regular growth in revenue on equities and ETFs, as well as the net interest on customer funds. Revenue on ETFs and equities is up by 155%, and the net interest income is up by 32%, despite falling interest rates. In 2026 and subsequent years, one of the management board's priorities is to continue diversifying the sources of revenue. This should lead to a decline in the share of CFD in total revenue. Last year, operating expenses were PLN 1,312 million. They were up by 48% year-on-year. The greatest growth was in marketing. These costs grew by 70% year-on-year, contributed to generating a record-breaking number of new customers while at the same time maintaining cost effectiveness. It was roughly PLN 700 for customer acquisition, and this hasn't changed since 2024. The priority for us in 2026 is to continue growing the base and building the global brand. We assume that in 2026, the total operating expenses may be higher by roughly 30% compared to the level we saw in 2025. Marketing expenses may grow by roughly 50% year-on-year. At the same time, we assume that the average cost of customer acquisition should be at a comparable level to what we've seen in 2023 to 2025. As marketing expenses grow, our ambitions as a management board should enable us in 2026 to acquire new customers. Our minimum plan is to acquire at least 250,000 and 290,000 new customers per quarter. On top of that, in the medium term, looking at a three-year period, from 2027 to 2029, the management board believes that the marketing spend could grow by some 30%, 40% per annum, assuming that the average customer acquisition cost should be at the same level as over the period from 2023 to 2026 over the medium term is to grow the number of new customers by some 30% year-on-year. XTB's liquidity condition is very good. At the end of last year, we had PLN 1,954,000,000 of own funds, which represents nearly 22% of the total balance sheet value. Having in mind the very good financial condition of the company, we can be a dividend-paying company, and as a result, we would like to share the generated profits with the shareholders. Given the most recent stance taken by the Polish Financial Supervision Authority, KNF, of December of last year, we fulfill the criteria to pay out up to 75% of the profit generated in 2025 in the form of a dividend. I would like to tell you that the official recommendation on this subject is something we plan as a management board to present after the publication of the annual report, which will be in March of this year. In this portion of the presentation, I'd like to share with you some interesting tidbits about our trading activity and the market environment. As I mentioned previously, for years, we've been working on building a universal all-in-one application for our customers, and it's our endeavor to become the player of first choice for our customers in terms of choosing their application to make their investments. You can see here on the page the results of our activities. Every year, the assets of our customers in the form of equities, ETFs, and CFD instruments and cash have been dynamically growing. This is an expression of the trust placed in us by our customers, and this also affirms that the strategy we've chosen is the right one. The assets at the end of the year, these assets grew by some 66% year-on-year. Last year, our customers had the greatest amount of interest in equities with respect to NVIDIA, Tesla, and Orlen. If we look at the ETF instruments, the top three included two tracker funds, which were tracing the S&P 500, as well as the All World Vanguard fund, which tracks the FTSE All-World index. The most popular CFD instruments, in turn, were gold, the US 100 index, as well as the German index, DAX 40. For years, we've been observing migration of clients from classic trading platforms to our mobile trading platform. There was no surprises here. The mobile has grown by 5% year-on-year, and it's at 61% at the end of the year. When we look at some trading tidbits, that's about everything from my side. I'll give the floor now to the CEO, who will talk about the operational data as well as the product plan for 2026. Thank you very much. Thank you very much, Paweł. If we look at operational issues, Q4 as well as full year 2025 was a very good year. Of course, some of the elements have already been mentioned by Paweł, and I might reiterate some of them. If we look at new customers in Q4, it was a record-breaking period, so it was the best quarter in history for us. The number of new customers was more than 280,000. If we look at the full year 2025, it was more than 864,000. This is an increase of more than 70% versus 2024. We are also pleased by the number of active customers, which has also grown by close to 70% in 2025. For the first time in the history of the company, we have exceeded 1 million active customers, not across the whole year, but in the Q4 itself. What is also very important, and this is something that we must emphasize, that the effectiveness of our marketing efforts continues to be at a high level as before. So the cost of acquiring customers has been constant at PLN 700. This is wonderful information for us, given the fact that the marketing budget last year swelled quite strongly, and it's my hope that the effectiveness will be at the same level in upcoming years. Another element that was also important to us, this is net deposits, has also grown by some 70%. The last thing that I would like to emphasize very strongly is that the trading of CFD instruments in lots has also grown by more than 40%. This clearly shows how dynamically the business is growing, not only in terms of equities and ETFs, but also our CFD instruments, because this growth is in excess of 40%. As we move on, if we look at the execution of the product plan, the most important products launched last year include the eWallet with a multi-currency card. We also have investment products based on pension plans. So after the IKE account was introduced at the end of 2024, last year we added to our offering an IKZE account. If we look at the similar products on other markets, in the French market, if I am correct, in Q2 of last year, we added the French PEA account. Now let's focus above all on the product plan for 2026. If we look at 2026, of course, we are focusing very strongly on cryptocurrencies and options. Starting with options are available to customers in Cyprus, and our plan is as follows: in Q1 of this year, we will offer options in at least one of our branches. We know that this business in Cyprus is not major scale, but we are hoping that this will be added in Q1 of this year. Elsewhere, if we look at cryptocurrencies, the plan is for us to have a friends and family version in the course of Q1, and it's my hope that our customers will be able to utilize our offering at least in several branches in Q2 of the current year. If we look at a totally new product, which we haven't discussed with you in any way, shape, or form, we are planning to add margin trading to our offering. So this is with the utilization of financial leverage or gearing. We would like to add the next stage of Investment Plans, which we call Investment Plans 2.0. This will have a totally different user interface, much more modern, much more convenient and practical. On top of that, we would like to add equities to the Investment Plans. Now we only have ETFs in the Investment Plans. We would also like to add extended trading hours. We want to extend the hours in which trading can take place. These are the products which I hope that in most of our branches we will be able to roll out this year. We want to focus on those products which are more specifically linked to individual markets. For example, we have the Cash ISA account in the U.K. This product should be implemented in March of this year in order to meet the deadline for the introduction of ISA for the season there, which begins in April. We want to have the OKI account at the beginning of July. If we think about similar plans, our plans are similar with respect to other markets. It's hard to say exactly what the priority will be. Of course, we're perfectly well aware of the fact that there are similar products which are called tax wrappers, for example, in the Hungarian or the Czech market. Therefore, we have completed a rapid presentation from our side, and now we would like to invite you to participate in the Q&A session. We would invite you to pose your questions for the responses to be given. We'll be displaying on the screen. We've received some questions by email. Krzysztof poses the question: When does XTB plan to make available the full functionality of IKE and IKZE accounts in a web version that would be comparable to the functionality available in the mobile app? Does XTB plan to make changes to the functionality of eWallet to simplify the interface and make it more intuitive, having in mind that it's not very visible to customers? Does your growth strategy include expansion into the African countries? If so, which countries are being taken into consideration as the possible first directions, and over what time horizon? This is the first section of the questions. Perhaps I'll begin. If we think about IKE and IKZE accounts, the IKE, either in Q1 or Q2, will be available in a web version, and I can give you 100% confirmation of that. If we think about IKZE, in the near future, we don't have such plans. It's always a matter of prioritization because the same team of people is preparing IKE, IKZE, ISA, as well as the PEA accounts in France and in Czech. So it's always a matter of priority. Do we prefer to add a product from the mobile app, which enjoys the greatest amount of interest, and then later at the next stage, add a web version? Or is it better to focus on the products we already have? From the point of view of profitability, more indicates that we would first like to add the corresponding accounts in other countries before we do the web version. In IKE and IKZE, it's a matter of the upcoming months before that happens. If we think about eWallet, it's clearly the case this is something we want to do. In my opinion, this will not happen in the first half of the year, again, because, as I answered on the first question, we have totally different priorities linked to the team that is dealing with eWallet. The last question is very simple. We are not at all thinking about the African markets. It is not the case that we are not thinking about the African markets. We are not thinking, more broadly, about any new market. We want to be the application of first choice for anybody and everybody who wants to actively, passively invest in the European market. The South American market is important to us, as well as United Arab Emirates. We are treating these markets the same way as the European markets because they fully deserve that, and they are capable of monetizing the business and attracting customers, and that is why they are equally important to us as the European markets. We are not at all thinking about any other markets at this time. Thank you very much. Let us go on to the next question. Does XTB consider in the future listing its shares on another exchange, like in Western Europe or the U.S.? Would there be any fees added for access to data, information about the investment accounts such as transaction history, reports or other sort of analytic data? Are you thinking about a fixed subscription fee regardless of, let us say, in dollars or euros on a monthly basis, regardless of customer activity? I will come and respond to the second question, and we will come back to the first question. In the near future, we are not thinking about having any constant or fixed subscription fee. Of course, we have to respond to the question: are we capable of offering added value on top of what we are offering today, utilizing free of charge accounts? If we get to a point that we are going to have an affirmative response to that question, then I do not see any obstacles whatsoever to add a subscription fee. Maybe it is not so popular amongst the European players, but other players around the world do have that. We have to focus on that added value, and then we can think about introducing subscription fees. We do not want to change anything in terms of our current offering. In terms of having a dual listing, there are no plans whatsoever related to that subject. Historically, the company looked at that subject, but having in mind the information we received from advisors as well as our own thoughts, the added value coming from a dual listing would be rather minute. This topic is not something that we have continued to explore. In terms of the fees, which is the second portion of the first question, we do not have any plans of that sort at this time. Thank you very much. Let us go on to the question posed by Michał. Does XTB in the near future plan to add a spot staking for crypto in its offering? No, at present, there are no plans of that sort. Our offering, at least in its original version, will be a straightforward offering. Realistically speaking, if somebody's expecting that the offering will be so extensive as Crypto.com has or Binance has, well, that's not at all going to be the case. This will be an offering dedicated to people who would like to speculate and buy cryptocurrencies, crypto assets, and also sell them in XTB because everything will be taking place within an internal loop, so we won't have staking at all. This will be done in a closed-loop approach. Thank you very much. The next question comes from Kamil. Is the planned OKI account, will it be available only through the mobile app or will it also be available through xStation? Does XTB plan a loyalty program for company shareholders, for example, a higher limit or cap for trading without any commissions or lower commissions for translating into different currencies? Let me begin and then Paweł can complete. If we talk about the OKI account, I've already responded to one question. The priority is the mobile app, and then the next step will be a web platform. But of course, the mobile app will be the priority. In terms of a loyalty program for our shareholders, historically, we have talked about that. It's not precluded that something like that will be done in the future, but this is always a question of priorities. At this point in time, we have very ambitious product plans for this year and for subsequent years, so we have to manage this suitably to make sure that what we're doing is generating the greatest amount of value to our shareholders on a long-term basis and not on a short-term basis. At present, this program is waiting for its spot in line. Let's go on to the questions posed by Karol. In the report, we see financing costs moving up by leaps and bounds from PLN 1 million in 2024 to some PLN 96 million in 2025. Why has such a major change taken place here in this item? Is this related to the recurring costs of paying interest to customers? Having in mind the impressive growth in the number of active customers by some 70%, the average revenue per customer has fallen substantially. What new products should improve the profitability of the group in the upcoming year and to encourage customers who have been sourced through certain campaigns to utilize more profitable services? If we look at European markets, including the one in Poland, we see that entities are more and more active, like Robinhood. How does the management assess the impact of these customers on the rate of acquiring new customers and XTB's margins in upcoming quarters? I'll ask you, Paweł, to respond to this first. If we look at financial expenses and the growth in 2025 over 2024, I think we gave detailed explanations in the conference in Q1 2025. This is basically FX losses as a result of the Polish zloty getting stronger with respect to the US dollar or the euro. Having in mind the nature of the activities we run, some of the funds we keep in other currencies besides Polish zlotys. That's why, thanks, Paweł. All movements linked to depreciation of the Polish zloty have a knock-on impact on financial expenses or on financial revenue. Thank you very much, Paweł. If we look at question two, I think there are two things I would like to focus on. First, let me read part of the question. Having in mind the impressive growth in the number of active customers, we can say that the average revenue has fallen substantially. What is important here, and this is something that is noteworthy, the trading volume measured in lots has grown by some 40%, and in my opinion, it is higher than the increase in revenue itself. This points to the following, that we have not fully utilized market volatility last year. It is not the case that we have not utilized it. Basically, the market characterization did not entirely allow us to achieve the level of revenue we wanted to generate. But I think the best example is something we have discussed several times, and I think it is worthwhile to underline that starting in April up until the end of August probably, and perhaps even to mid-September, there was a horizontal trend in all of the important markets. The U.S. indexes, the DAX index, Bitcoin, gold, oil, there was a horizontal trend across the board, and it was not entirely the case that we could tap into the utilization or achievement of such a large number of active customers. They were very active, but the market situation was not entirely favorable or conducive. That is the first aspect. The second aspect that Karol is asking about, what are the new key products in 2026 that should improve the profitability of the group? I am going to respond to that next portion of the question and the final portion of the question a little bit later. The product plans I have already discussed and mentioned, so we have the tax wrappers, not only in Poland but also in England and other places, margin trading options as well as cryptocurrencies. We want to emphasize very clearly that when you look at our offer, equities, ETFs, and Investment Plans are offered, and all pension products are offered at very preferential prices because there are basically no commissions up to EUR 100,000. Of course, we have effects. This is a wonderful offering in terms of price. So when we add options, margin trading, and cryptocurrencies, these products will be offered on good conditions, very competitive conditions, but we do not want to treat them the same way we have treated equities, ETFs, and Investment Plans, where we are not going to charge any commissions whatsoever. So the very fact of implementing new products which will not be offered at such preferential prices. So we have to say clearly at present in our offering, only CFD instruments are not offered on preferential terms. Of course, it is a very good offer. It is highly competitive, and it is in line with what the industry offers, but it is not the same as in equities and ETFs, where we do not have any commissions. Of course, there is a star there. When we talk about options and margin trading and cryptocurrencies, they will not be rolled out or using such preferential prices. And here we should also emphasize that when we talk about the revenue generated on equities and ETFs, we can say it is bigger and bigger. If we talk about the interest on free cash, it is higher and higher. But for these products to generate substantial income, we have to reach a larger group of people, a larger audience, and so we want to reach another 1 million customers this year. So this is something that is going to be taking place year in, year out. And the third part of the question is encouraging those customers who have been achieved through campaigns to utilize more profitable services. Well, it is not the case that we do not want them to do that, but we do not have specific plans which are linked to that incentivization. In our opinion, the app itself and the multitude of products and the possible market volatility are the things that should encourage customers to utilize those products that they are mostly interested in. It is not the case that we have a plan. So if we have an ETF client that the sales department or marketing would communicate with them or a given customer to encourage those customers to use CFD instruments. Of course, we want to create the app and we want to have an interface where the app itself and market volatility alone would show customers what they can potentially utilize. And the last question on the page, how are we treating Robinhood or Trading 212? Well, Robinhood and Trading 212 and many other companies, those are companies we are looking at on a daily basis. We know what those companies are doing. I do not want for this to sound too arrogant, but honestly, I am profoundly convinced that our strategy is the right one. I think we are the ones who are going to be the player of first choice for every customer who would like to manage actively his or her assets. This is not an arrogant approach. I am just aware of where we are, where we are going. Dziękuję bardzo. I am also aware of our strengths and our weaknesses, and I know where we need to work in order to be able to achieve the top position on the marketplace. Była lokowana w obligacje. Thank you very much for that. Let us go on to the question about cash funds in subsequent quarters. Will it be kept solely in cash or will a certain portion be invested in bonds? The company actively manages its own cash funds. On the balance sheet date 31 December, we did not have any bonds in our portfolio. Nevertheless, the funds in cash are working regenerate interest on those funds. Dziękuję. And some of those funds were invested in bond portfolios, and so we are actively managing our cash position to generate additional income. Thank you very much. Pytania też dotyczą jak się Indonezja rozwija, jak się mieliśmy. Now we will have a question about Indonesia. We have a large number of these questions, and some of them are more general in nature. What is the situation like in Indonesia, having in mind what is going on, how is the market developing? What are the prospects in the future? That is clear. Let me give a few words of commentary. Having in mind what is happening there, I do not want to respond to that because I am not sure what Paweł had in mind. Are we talking about the stock market situation or the resignation of the president of the local market and the protests that are going on in Indonesia? And this is something that started in August or September of last year. So in this respect, things are calmer now, but it seems to me, but perhaps I am in error. So I do not think anything major is happening there at this time, but responding specifically to your question, having in mind the development of this branch, there are some positives and some negatives. One of the positives is that there's no other branch in history that we've been able to open so quickly and at such a high pace, we've been able to achieve the first 1,000 markets. This is a huge market. It's a huge country. Maybe this is not a big surprise, but this is something that's always positive for us. The drawback at present is the amount of net deposits, which is low. So we have a large number of customers, but the customers are not depositing too much funds there. Another thing that's fully within our control at present, our customers in Indonesia are only using equities, ETFs, and Investment Plans, and at present we're working on adding CFD instruments. I have to emphasize one thing, which I had mentioned when we were opening the branch in the United Arab Emirates. For us, the most important thing are the European markets, the United Arab Emirates, as well as South America. So Indonesia, like every other new market, has to prove that we should devote our full attention to that market. And sufficient attention within the scope of our global offering, as well as something that would be responsive to the local needs. And that this should be on par with the major markets. They have some limited amount of time during which they can prove whether or not Indonesia deserves to be considered one of our base markets, core markets. Of course, my fingers are crossed and we want to support this market to the greatest extent possible, but we have to pose ourselves the questions, is this a market that deserves to be within our core markets or is it the case that it doesn't deserve that and we should focus on the core markets we have? And right now, that's that time. This time will last until maybe June or August of this year. This is not something that happens overnight. At present, I could say things look good or even wonderful from the point of view of customers. It's moderately okay from the point of view of deposits, but the awareness of the XTB brand is non-existent. There's a lot of competition, so a lot of things aren't going to happen overnight. We're working actively on that for Indonesia to be able to join the group of core markets. Thank you very much. Let's look at XTB's development on international markets. The new Western European markets, are they performing in line with our expectations? If you could give us a short assessment of the effects of our activities, the activity and prospects of each one of the markets. Okay, let me begin. We have a lot of expectations, and so our assumptions or targets, I could basically divide this response into different periods of the year. If we look at the German and French markets, let's leave U.K. to the side. If I look at 2025, I believe that the latter half of the year was clearly in line with our targets, and I'm very happy with the results of the activities on those markets. If I look at the first half of last year, well here I believe that the performance was below our expectations. Does that mean that we've done something bad? Perhaps so. There's nothing like an ideal solution, and you always make mistakes. We should also emphasize one other thing here. Both France and Germany are amongst the most competitive markets across Europe, and it's not the case that when a company like XTB finally decides that in 2025, this is the year in which we're going to spend more and we're immediately going to achieve success. This is not how things work, the brand awareness, the awareness of the offering. This is the snowball effect. The better product we're going to offer, the more clearly we're going to communicate that, and the more frequently we're going to communicate that, the more intensively we're going to communicate, to the greater extent we'll see the business impact. You could see the snowball effect in the latter half of the year. We were growing the number of accounts and trading volume much more dynamically. This was a wonderful period for us. Had we multiplied what happened in the second half of the year by 2, then I would say that the performance was spectacular and that we're moving in the right direction. But the second half of the year was much better. Of course, this is much more optimistic than if we were to have this reversed. If the first half would have been better and the worse half of the year would have been the second half, that would be a worse situation. But I believe that in the French market and the German market, we are in a position to be able to vie for the top 5 for sure position. I think we're also capable of vying for a top 3 position, and here I'm very calm that we're going to be successful in this undertaking. If we look at the British market, I would say that the situation is totally different. Why is it different? It's different because last year, in terms of percentages, we increased the budget for marketing in the U.K. But if we compare last year's budget to the biggest competitor in the U.K., well, our marketing budgets are nothing and are a pittance. Last year we've increased them to some extent to see if we would get any result. Of course, there was a little bit of movement as a result, and that's why we decided this year we're going to treat this market the same way we treated France and Germany. Let's increase our marketing budget substantially. Let's adapt our offering to the local market, and that's why we want to add the Cash ISA in March of this year, and we'll see basically what this will deliver to us. In U.K., we have the same question as in every other market. Is this year the one where the U.K. market is capable of showing us and proving to us that it deserves to join the group of core markets, which would warrant the increase of the marketing budget, which is what took place in France and Germany, where I mentioned previously that when we talk about our competition for the leading position, we feel very comfortable. In the U.K., we're going to have a very important test this year, and it's hard for me to say because the year has just begun. In terms of France and Germany, I'm very calm about our ability to perform here. Thank you very much. Let's move on to some questions about trends that we see in XTB. Long trends are favorable. What about dynamic trends on silver? Are they favorable? Then there's a question about our technology. Why is it taking such a long time to improve things and repair things? Maybe we can start with the second question, and then, Paweł, you can take over the first question. I understand that question number 2 talks about yesterday's volatility, and here it's worthwhile to mention that there was no failure or crash. At a certain point in time, some of the users experienced a minor slowdown in the application's operation. Fortunately or unfortunately, in this case, unfortunately, because there was a lot of activity amongst customers. There was 20% more active users than the historical peak. What was the most important thing for our customers? The server, the transaction server itself was operating correctly. If we talk about all of the orders, new orders, as well as the orders waiting in line, everything was done according to procedures, so there was no problem whatsoever. It's all a matter of the scalability of the system for it not to have any slowdowns or decelerations, and we're working on that. If we look at the stability, what it looked like over the last 12 months compared to what we had 2 years ago. Outside of the problem, which we suffered in September or October, I don't remember the specific date. We have to remind ourselves of one thing, that 2 years ago, after every reading of inflation CPI in the United States, we had some suspensions, even macroeconomic data. We had basically these slowdowns or suspensions, and we didn't have anything like that last year at all. Stability is more important to us than adding new products. A large portion of the organization is called to account for stability. We have a much stronger team there that's responsible for that, and it's not the case that we weren't able to overcome that problem or solve that problem. If we look at the first question, we attempt in every one of our reports to cast some light on that in terms of the market characterization or description that long trends, generally speaking, mean that [Foreign language] Wyruszyliśmy to w przeglądzie przeglądu przy okazji trzeciego kwartału, gdzie dokładnie z taką charakterystyką mieliśmy do czynienia. Co do bieżącego okresu, to słyszę, że prawdopodobieństwo na tego typu transakcje. We gave some detailed responses to that in Q3, where we were dealing with the characterization of that type. If we talk about silver, I think there will be time to talk about that. If we look at the preliminary results for Q1. Thank you very much. Let's move on to questions about marketing spend. I would like to mention that we have less than 15 minutes for our meeting, and we are going to try to respond to the largest number of questions as possible. What level of marketing spend would make it possible to retain your client base without acquiring any new? At the $700 per customer, does that mean that your guidance for 2027 to 2029, is your guidance not too conservative? Or maybe that the marketing spend is too high. I cannot respond to the first question. It would be very difficult to respond to that question. What level of marketing would it make it possible to retain the client base? Well, in theory, we could decide not to spend any money and we would have more active customers, maybe not certainly, but there is a certain probability if we were not to spend any money for six months, after six months, we would have more active clients than we have at present. What would happen later, however, I would imagine that month to month, things would dwindle, get worse, and the competition is advertising. The idea is that either we are the first company that somebody thinks about if you are going to make an investment decision or we are not the first company. If you lose that position, that priority position, that number one position, it is going to be very difficult to regain that. It would be very difficult to respond to a question. I do not even think we should think in that way. What would happen if we were not to spend any money, if that would be sensible at all. Certainly from a strategic point of view, that would be totally senseless, because marketing is not something you do from, we spend now and again, and then we collect the harvest. Marketing strength means that you maintain a certain level of marketing effort to not squander a position of being top of mind for the customer when the customer is making an investment decision, if to make good investment, where to make that investment. I do not think any company could afford to do something like that. Let me respond to this question as follows. It is very difficult for us to say one thing, how much will marketing spend grow in subsequent years? If it is going to be within 40%-50% band, well, then I would agree with you that this approach might be conservative. We prefer to do things on a conservative basis because different things can happen as opposed to overpromising. Year-on-year, the estimates we have given you, if we look at the number of new customers, I think that we have been beating them year in and year out. I think this year it will be a similar situation, but this is our conservative approach. It is our preference to act in a conservative basis. Before we go on to the next question, I think this is reflected properly in terms of our conservatism in January. Up until the point of publishing the preliminary results, if I am not in error, we have 117,000 new customers who have joined us. If we multiply that by 11.5, assuming that the vacation period and the holiday period is a little calmer, then we should be higher than our forecast. Thank you very much. Let us move on to some questions about the new product, new plan product, which is margin trading. Can you expound on that in terms of the utilization of the balance of customer funds lent for investments, and what about the timing of that? More or less, how does the company imagine the scope of this service? I am not sure. In terms of margin trading, maybe I will begin, Omar, and then you could perhaps add something. Generally speaking, at this point in time, we do not want to betray any of the operational details, having in mind our competitive position. We do not want to give any signals to our competition. Margin trading, generally speaking, means that you make loans to our customers, having in mind the collateral from the customers, and then XTB would obtain external financing for that. Thank you very much. Let us go on or come back to costs. We have costs without marketing are supposed to grow by a small double-digit figure in 2026. Which categories grew the most strongly and which should slow down or fall in terms like the technology department? If we look at other costs outside of marketing. If we do not consider marketing costs, based on what I remember, we are talking about maybe 14% year on year. This is a result of the growth and the size of the business, just like in marketing. Other costs are highly dependent on the scale of our operations. For example, the costs of depositing funds by our customers. It is clear we have the costs of salaries, payroll costs are growing. We assume this year, on top of a high growth in marketing cost, we anticipate that costs will be held under control. We are vigilantly watching to ensure that these costs are under control, and so operationally, they should grow in line with the scale of the business. I would add one thing here. The period in which the company has been growing so dynamically in terms of FTEs over the last five years, we should not see at present, this has come to an end, and we are not planning that similar level of growth in any of our departments. We want to focus on automation, and certainly, we do not want to grow the number or our headcount. We are managing costs outside of marketing is a very important subject for us at this point in time. Thank you very much. I think gradually we are going to move in the direction of wrapping up. We have the last few questions. How does the management board imagine the ability to monetize customers choosing products other than CFD? Is the long-term investor thinking about expanding its assets? It is generating a small number of transactions. Well, I think I've already responded to this question through diversification or adding new products, which will not be offered on preferential prices, but on very competitive prices like margin trading options, cryptocurrencies. At present, we only have CFD instruments. We should also emphasize that if the millionth customer joined us after 20 years of operations of the company, and this year, we believe we're going to be able to attract at least 1 million customers. I think the mass itself will mean that the money generated from interest on free funds as well as equities and ETFs, we should have a much bigger amount of revenue, and this is what we're focusing on. I mentioned and Paweł mentioned everywhere we emphasized that we're managing our costs to ensure that costs would not grow as in previous years, with the exception, as we indicated before, marketing costs. I think we also had another question here. Just a moment. One moment. I will locate it. I'm sorry for this small break as I search for the question. Yes, here I have it. It's a question about OKI. Thank you very much for the presentation. The CEO mentioned the introduction of OKI in July. Do you know when the final project will be rolled out? Is the deadline for introducing this product July of 2026? Thank you. I don't know. Do you, Paweł, want to take this question? I can say on my part, we're waiting for the final or the ratification of the final regulations, and we want to be the first brokerage house to offer this product. We're analyzing the draft legislation. We're doing our preparations, but we don't have any impact on the legislative path, so it'd be difficult for us to speak out on that subject. Ladies and gentlemen, we would like to thank you very much. Our time is gradually coming to an end. It seems to me that all of the questions were fielded. They were posted in a variety of forms. Some of the questions were responded to in the presentation itself. If you require any drill down or additional responses, please talk or contact our IR team. You can contact us through our email at our email address, and we would invite you to join us for upcoming meetings or upcoming conferences. If you need that, I'll wait until we can talk to you. Thank you very much for today. I'd like to thank the management board for a wonderful presentation. Thank you very much. Thank you very much.