This
version
of
our
report
is
a
translation
from
the
original,
which
was
prepared
in
Polish.
All
possible
care
has
been
taken
to
ensure
that
the
translation
is
an
accurate
representation
of
the
original.
However,
in
all
matters
of
interpretation
of
information,
views
or
opinions,
the
original
language
version
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takes precedence over this translation.
PricewaterhouseCoopers Polska spółka z ograniczoną
odpowiedzialnością Audyt sp.k., ul. Polna 11, 00-633 Warsaw,
Poland, T: +48 (22) 746 4000, F: +48 (22) 746 4040
PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp.k. with registered
office at ul.
Polna 11, 00-633 Warsaw, entered into National Court Register by the District Court for the
Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS No
0000750050, Tax ID No (NIP) 5260210228.
Independent Statutory Auditor’s Report
To the General Meeting and the Supervisory Board of XTB S.A.
Report on the audit of consolidate
d financial statements
In our opinion, section, the annual consolidated financial statements:
•
give a true and fair view of the consolidated financial position of XTB S.A. (the “Parent Compan
y”) and
its subsidiaries (together the “Group”), as at 31 December 2025 and the Group’s conso
lidated
financial
performance and consolidated cash flows for the year then ended
in accordance with the applicable
International Financial Reporting Standards as adopted by the Europ
ean Union and the adopted
accounting policies;
•
comply in terms of form and content with the laws applicable to the Group and the Parent Compa
ny’s
articles of association;
Our opinion is consistent with our additional report to the Audit Committee of the Parent Company
issued on the date of this report.
We have audited the annual consolidated financial statements of XTB S.A. which comprise:
•
the consolidated statement of financial position as at 31 December 2025;
•
the consolidated statement of comprehensive income for the financial year then e
nded;
•
the consolidated statement of changes in equity for the financial year then e
nded;
•
the consolidated statement of cash flows for the financial year then ended, a
n
d
•
the notes to consolidated financial statements, comprising material accounting p
olicy information and
other explanatory information.
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Independent Statutory Auditor’s Report
Basis for opinion
We conducted our audit in accordance with the National Standards on Auditing in the wording of the
International Standards on Auditing as adopted by the resolutions of the National Council of Statutory
Auditors and the resolution of the Council of the Polish Agency for Audit Oversight (“NSA”) and
pursuant to the act of 11 May 2017 on Statutory Auditors, Audit Firms and Public Oversight (the “Act on
Statutory Auditors”) and the Regulation (EU) No. 537/2014 of 16 April 2014 on specific requirements
regarding the statutory audit of public interest entities and repealing Commission Decision 2005/909/EC
(the “EU Regulation”). Our responsibilities under NSA are further described in the Auditor’s
responsibilities for the audit of the consolidated financial statements section.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Independence
We are independent of the Group in accordance with the ethical requirements of the EU Regulation that
are relevant to audits of financial statements of public interest entities, the ethical requirements of the
Act on Statutory auditors that are relevant to audits of financial statements in Poland and “the Handbook
of the International code of ethics for professional accountants (including International independence
standards) (the “Code of ethics”) as adopted by resolution of the National Council of Statutory Auditors
as applicable to audits of financial statements of public interest entities. We have also fulfilled our other
ethical responsibilities in accordance with ethical requirements of the EU Regulation, ethical
requirements of the Act on Statutory Auditors and the Code of ethics. During the audit, the key statutory
auditor and the audit firm remained independent of the Group in accordance with the independence
requirements set out in the Act on Statutory Auditors and in the EU Regulation.
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Independent Statutory Auditor’s Report
Our audit approach
The overall materiality threshold adopted for our audit was set at PLN
46.000 thousand, which represents ca. 5% of the average profit before
tax for the years 2023-2025
We conducted an audit of the separate financial statements of the
Parent Company and the financial information of the subsidiaries whose
financial position and results, in our opinion, have a material impact on
the consolidated financial statements.
Recognition of the result from financial operations and the related
valuation of financial assets and liabilities.
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the consolidated financial statements. In particular, we considered where the Parent
Company’s Management Board made subjective judgements; for example, in respect of significant
accounting estimates that involved making assumptions and considering future events that are
inherently uncertain. As in all of our audits we also addressed the risk of management override of
internal controls, including among other matters, consideration of whether there was evidence of bias
that represented a risk of material misstatement due to fraud.
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance whether the consolidated financial statements are free from material
misstatement. Misstatements may arise due to fraud or error. They are considered material if,
individually or in aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall materiality for the consolidated financial statements as a whole, as set out in the
table below. These, together with qualitative considerations, helped us to determine the scope of our
audit and the nature, timing and extent of our audit procedures and to evaluate the effect of
misstatements, if any, both individually and in aggregate on the consolidated financial statements as a
whole.
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Independent Statutory Auditor’s Report
Overall Group materiality
ca. 5% of the average profit before tax for the years 2023-2025
Rationale for the materiality
benchmark applied
We adopted profit before tax as the basis for determining
materiality because, in our opinion, this metric is commonly
used by financial statement users to assess the Group's
performance and is a generally accepted reference measure.
However, due to significant fluctuations in profit before tax in
individual years, it was decided to use a benchmark based on
the average of the last three years. We set materiality at 5%
because, based on our professional judgment, this falls within
the range of acceptable quantitative thresholds of materiality.
We agreed with the Audit Committee of the Parent Company that we would report to them
misstatements of the consolidated financial statements identified during our audit above PLN 2.300
thousand, as well as misstatements below that amount that, in our view, warranted reporting for
qualitative reasons.
How we tailored our Group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion
on the consolidated financial statements as a whole, taking into account the structure of the Group, the
accounting processes and controls, and the industry in which the Group operates.
We have audited the separate financial information of the Parent Company and the financial information
of subsidiaries whose financial situation and financial results, in our opinion, have a material impact on
the consolidated financial statements. The scope of our audit was appropriately adjusted to cover all
material items included in the consolidated financial statements.
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the consolidated financial statements of the current period. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
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Independent Statutory Auditor’s Report
How our audit addressed the key audit matter
Recognition of the result from financial
operations and the related valuation of
financial assets and liabilities.
The result from operations on financial
instruments for the year ended December
31, 2025, amounted to PLN 2,044,582
thousand and constituted the most
significant item in the Group’s consolidated
statement of comprehensive income.
The value of financial assets measured at
fair value through profit or loss and financial
liabilities measured at fair value through
profit or loss as at December 31, 2025,
amounted to PLN 1,006,973 thousand and
PLN 271,159 thousand, respectively.
The result from operations on financial
instruments consisted primarily of realized
and unrealized income and expenses
related to the trading of derivative financial
instruments.
The process of concluding transactions with
clients is extensive; however, the valuation
of derivative financial instruments
incorporates a substantial amount of market
data.
Due to the above, these areas require expert
knowledge of financial instruments as well
as the use of information systems; therefore,
we identified this as a key audit matter.
As part of our audit procedures, we updated our
understanding of the policies and procedures in place
within the Group related to entering into transactions,
the valuation of financial instruments, and recognition
of related results.
We analysed the design of the control mechanisms
implemented by the Group in these areas.
With respect to the IT systems used to execute
transactions and measure financial instruments, we
obtained an understanding of the processes and
internal control mechanisms, including change
management and access controls over systems
processing client transaction data.
For a selected population of financial instruments, we
performed an independent valuation and verified the
correctness of their recognition in the accounting
records as at the balance sheet date. In addition, for
the result on financial instruments, we performed
detailed tests including independent recalculations on
a sample basis, as well as reconciliation of selected
transactions to source documentation. We evaluated
the reliability of key reports containing input data used
for valuation and for calculating the result on financial
instruments by reconciling them to the relevant
accounting documents. Additionally, we conducted an
analysis of client complaints and claims.
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Independent Statutory Auditor’s Report
Information regarding accounting policies, as
well as quantitative disclosures concerning
the result from financial operation, financial
assets measured at fair value through profit
or loss, and financial liabilities measured at
fair value through profit or loss intended for
trading, are described respectively in notes
4.4, 4.11, 5.1, 15 and 21 of the consolidated
financial statements.
We assessed the adequacy and completeness of
disclosures regarding the result from operations on
financial instruments, financial assets measured at fair
value through profit or loss, and financial liabilities
intended for trading, as presented in the standalone
financial statements in accordance with the accounting
standards applicable to the Group.
Responsibility of the Management and Supervisory Board of the Parent
Company for the consolidated financial statements
The Management Board of the Parent Company is responsible for the preparation of the annual
consolidated financial statements that give a true and fair view of the Group’s financial position and
financial performance, in accordance with International Financial Reporting Standards as adopted by the
European Union, the adopted accounting policies, the applicable laws and the Parent Company’s
Articles of Association, and for such internal control as the Parent Company’s Management Board
determines is necessary to enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Parent Company’s Management Board is
responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting
unless the Parent
Company’s Management Board either intends to liquidate the Group or to cease operations, or has no
realistic alternative but to do so.
The Parent Company’s Management Board and members of the Supervisory Board are obliged to
ensure that the consolidated financial statements comply with the requirements specified in the
Accounting Act of 29 September 1994 (“the Accounting Act”). Members of the Supervisory Board are
responsible for overseeing the financial reporting process.
Auditor’s responsibility for the audit of the consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
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Independent Statutory Auditor’s Report
guarantee that an audit conducted in accordance with the NSA will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in aggregate, they could reasonably be expected to influence economic decisions of users
taken on the basis of these consolidated financial statements.
The scope of the audit does not include an assurance on the Group’s future profitability nor the
efficiency and effectiveness of conducting its affairs by the Parent Company’s Management Board, now
or in future.
As part of an audit in accordance with NSA, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
•
identify and assess the risks of material misstatement of the consolidated financial statements, w
hether
due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opin
ion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override o
f internal control;
•
obtain an understanding of internal control relevant to the audit in order to d
esign audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opin
ion on the
effectiveness of the Group’s internal control;
•
evaluate the appropriateness of accounting policies used and th
e reasonableness of accounting
estimates and related disclosures made by the Parent Company’s Managemen
t Board;
•
conclude on the appropriateness of the Parent Company’s Managemen
t Board’s use of the going
concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Group’s ability to continu
e
as a going concern. If we conclude that a material uncertainty exists, we are required to draw a
ttention
in our auditor’s report to the related disclosures in the consolidated financial
statements or, if such
disclosures are inadequate, to modify our opinion. Ou
r conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events o
r conditions may cause the
Group to cease to continue as a going concern;
•
evaluate the overall presentation, structure and content of the consolidated finan
cial statements,
including the disclosures, and whether the consolidated financial
statements represent the underlying
transactions and events in a manner that achieves fair presentation;
•
plan and perform the group audit to obtain sufficient appropriate audi
t evidence regarding the financial
information of the entities or business units within the Group as a basis for forming an opin
ion on the
consolidated financial statements. We are responsible for the direction, supervi
sion and review of the
audit work performed for the purpose of the group audit. We remain solely responsible fo
r our audit
opinion.
8
Independent Statutory Auditor’s Report
We communicate with the Audit Committee of the Parent Company regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.
We also provide the Audit Committee of the Parent Company with a statement that we have complied
with relevant ethical requirements regarding independence, and communicate with them all relationships
and other matters that may reasonably be thought to bear on our independence, and where applicable,
actions taken to eliminate threats or safeguards applied.
From the matters communicated to the Audit Committee of the Parent Company we determine those
matters that were of most significance in the audit of the consolidated financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor’s report unless
law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Other information, including the report on operations
Other information comprises:
•
The Management Board Report on the Operations of the XTB Group and XTB S.A. for year 2025 (“th
e
Report on the operations”) together with the corporate governance statement and
the
sustainability
statement of the XTB S.A. Group 2025, which are a separate part of the Report on the operations,
•
other documents included in the Annual Report for the financial year e
nded 31 December 2025
(together “Other Information”).
Other information does not include the consolidated financial statements and our auditor’s report
thereon.
We obtained the Other Information before the date of this audit report, except for:
•
The Supervisory Board’s statement regarding the Audit Committee and the selection of the audit
firm, as referred to in para. 73.1 (8) of the Regulation on current information,
•
The Supervisory Board’s assessment, together with its justification, regarding the Management
Report and the consolidated financial statements in terms of their compliance with the books,
documents, and the actual state of affairs, as referred to in para. 73.1 (14) of the Regulation on
current information,
which will be available after this date.
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Independent Statutory Auditor’s Report
Responsibility of the Management and Supervisory Board of the Parent Company
The Management Board of the Parent Company is responsible for the preparation of the Other
Information in accordance with the law.
The Parent Company’s Management Board and the members of the Supervisory Board are obliged to
ensure that the Report on the operations including its separate parts complies with the requirements of
the Accounting Act.
Statutory auditor’s responsibility
Our opinion on the consolidated financial statements does not and will not cover the Other Information.
In connection with our audit of the consolidated financial statements, our responsibility under NSA is to
read the Other Information identified above and, in doing so, consider whether the Other Information is
materially inconsistent with the information in the consolidated financial statements, our knowledge
obtained in our audit, or otherwise appears to be materially misstated. If, based on the work performed,
we identified a material misstatement in the Other Information, we are obliged to inform about it in our
audit report.
In accordance with the requirements of the Act on Statutory Auditors, we are also obliged to issue an
opinion on whether the Report on the operations, to the extent not related to sustainability reporting, has
been prepared in accordance with the requirements of Article 49 of the Accounting Act and para. 73 of
the Regulation of the Minister of Finance dated 6 June 2025 on current and periodical information
submitted by issuers of securities and conditions for considering as equivalent the information required
under the legislation of a non-Member State (“Regulation on current information”), is consistent with
information included in consolidated financial statements and to issue a statement as to whether, in the
light of the knowledge about the Group and its environment obtained during the audit, any material
misstatements have been identified in the Report on the operations, to the extent not related to
sustainability reporting, and an indication of what any such material misstatement is.
Moreover, we are obliged to issue an opinion on whether the Company Group provided the required
information in its corporate governance statement.
Statement on the Other information
We declare that, based on the knowledge of the Group and its environment obtained during our audit:
•
we have nothing to report regarding identification of material misstatements i
n the Other information
which we obtained prior to the date of this auditor’s report;
•
that we have not identified any material misstatements in the Report on the operations, to th
e extent
not related to sustainability reporting.
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Independent Statutory Auditor’s Report
When we read The Supervisory Board’s statement regarding the Audit Committee and the selection of
the audit firm, as referred to in para. 73.1 (8) of the Regulation on current information and the
Supervisory Board’s assessment, together with its justification, regarding the Management Report and
the consolidated financial statements in terms of their compliance with the books, documents, and the
actual state of affairs, as referred to in para. 73.1 (14) of the Regulation on current information, if we
conclude that there is a material misstatement therein, we are required to communicate the matter to the
Parent Company’s Supervisory Board.
Opinion on the Report on the operations to the extent not related to sustainability reporting
Based on the work we carried out during our audit, in our opinion, the Report on the operations, to the
extent not related to sustainability reporting:
•
has been prepared in accordance with the requirements of Article 49 of the Accoun
ting Act and para.
73 of the Regulation on current information;
•
is consistent with the information in the consolidated financial statements.
Opinion on the corporate governance statement
In our opinion, in its corporate governance statement, the Group included information set out in para.
72.7 (5) of the Regulation on current information. In addition, in our opinion, information specified in
paragraph 72.7 (5)(c)–(f), (h) and (i) of the said Regulation included in the corporate governance
statement are consistent with the applicable provisions of the law and with information included in the
consolidated financial statements.
Report on other legal and regulatory requirements
Report on the compliance of the marking up of consolidated financial
statements with the requirements of the European Single Electronic Format
(“ESEF”)
In connection with the audit of consolidated financial statements we have been engaged by the Parent
Company’s Management Board as part of our audit engagement letter to conduct a reasonable
assurance engagement to express an opinion whether the consolidated financial statements of the
Group as at and for the year ended 31 December 2025 prepared in the single electronic format
contained in the file named
XTB-2025-12-31-1-pl.xbri
(the “consolidated financial statements in the
ESEF format”) were marked up in accordance with the requirements of the article 4 of the Commission
Delegated Regulation (EU) 2019/815 of 17 December 2018 supplementing Directive 2004/109/EC of the
European Parliament and of the Council with regard to regulatory technical standards on the
specification of a single electronic reporting format (the “ESEF Regulation”).
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Independent Statutory Auditor’s Report
Description of a subject matter and applicable criteria
The consolidated financial statements in the ESEF format were prepared by the Parent Company’s
Management Board to comply with the technical requirements regarding the specification of a single
electronic reporting format and marking up, which are set out in the ESEF Regulation.
The subject matter of our assurance engagement is the compliance of the marking up of consolidated
financial statements in the ESEF format with the requirements of the ESEF Regulation and the
requirements of this regulation, in our view, constitute appropriate criteria to form an opinion.
Responsibility of the Management Board and the Supervisory Board of the Parent Company
The Parent Company’s Management Board is responsible for the preparation of the consolidated
financial statements in the ESEF format in accordance with the technical requirements regarding the
specification of a single electronic reporting format which are set out in the ESEF Regulation. This
responsibility includes the selection and application of appropriate markups in XBRL using taxonomy
specified in the ESEF Regulation. The responsibility of the Management Board of the Parent Company
also includes designing, implementing and maintaining internal controls relevant for the preparation of
the consolidated financial statements in the ESEF format which are free from material non-compliance
with the requirements of the ESEF Regulation and their marking-up in compliance with these
requirements.
Members of the Parent Company’s Supervisory Board are responsible for overseeing the financial
reporting process, which also includes the preparation of the consolidated financial statements in
accordance with the format that is compliant with legal requirements.
Our responsibility
Our objective was to express an opinion, based on the conducted reasonable assurance engagement,
whether the consolidated financial statements prepared in the ESEF format were marked up, in all
material respects, with the requirements of the ESEF Regulation.
We conducted our engagement in accordance with the National Standard on Assurance Engagements
other than Audit and Review 3001PL – “Audit of financial statements prepared in the single electronic
reporting format” (“KSUA 3001PL”) and where relevant with the National Standard on Assurance
Engagements 3000 (R) in the wording of the International Standard on Assurance Engagements 3000
(Revised) - ‘Assurance Engagements other than Audits and Reviews of Historical Financial Information’
(“KSUA 3000(R)”).
These standards require that we plan and perform procedures to obtain reasonable assurance whether
the consolidated financial statements in the ESEF format were marked up, in all material respects, in
compliance with the specified criteria.
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Independent Statutory Auditor’s Report
Reasonable assurance is a high level of assurance, but it does not guarantee that the engagement
performed in accordance with KSUA 3001PL and, where relevant, in accordance with KSUA 3000 (R)
will always detect the material misstatement (significant non-compliance with the requirements).
The selection of the procedures depends on the auditor's judgement, including the auditor's assessment
of the risk of material misstatements, whether due to fraud or error. In performing the assessments of
this risk, the auditor shall consider the internal control related to the preparation of the consolidated
financial statements in the ESEF format in order to plan appropriate procedures to provide the auditor
with sufficient evidence appropriate to the circumstances. The assessment of the functioning of the
internal control system was not carried out in order to express an opinion on the effectiveness of its
operation.
Quality management and ethical requirements
We apply the National Standard on Quality Control 1 in the wording of the International Standard on
Quality Management (PL) 1 – “Quality Management for Firms that Perform Audits or Reviews of
Financial Statements, or Other Assurance or Related Services Engagements” as issued by the
International Auditing and Assurance Standards Board and adopted by the resolution of the Council of
the Polish Agency for Audit Oversight (“NSQC 1”). In accordance with the requirements of NSQC 1, we
operate a system of quality management including documented policies or procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.
When performing the engagement, we have complied with the independence and other ethical
requirements in the Code of ethics. The Code of ethics is founded on fundamental principles of integrity,
objectivity, professional competence and due care, confidentiality and professional behaviour. We also
complied with other independence and ethical requirements that apply to this assurance engagement in
Poland.
Summary of the work performed
Our planned and performed procedures were aimed at obtaining reasonable assurance whether the
consolidated financial statements in the ESEF format were marked-up, in all material respects, in
compliance with the applicable requirements. Our procedures included in particular:
•
obtaining an understanding of the process of preparation of the conso
lidated financial statements in the
ESEF format, including the process of selection and application by the Group of the XBRL tags and
ensuring the compliance with the ESEF Regulation, including understand
ing the mechanism of the
internal control system related to this process;
•
reconciliation, on a selected sample, of the marked-up information contained in the consol
idated
financial statements in the ESEF format to the audited consolidated financial statements;
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Independent Statutory Auditor’s Report
•
evaluating of compliance with the technical standards regarding the specification o
f a single electronic
reporting format, including the use of XHTML, using a specialised IT tool;
•
evaluating the completeness of marking up the consolidated financial sta
tements in the ESEF format
using the XBRL tags;
•
evaluating the appropriateness of the use of XBRL tags selected from the taxonomy define
d in the
ESEF Regulation and whether the extension markups were used app
ropriately where no suitable
element in taxonomy defined in the ESEF Regulation has been identified;
•
evaluating the appropriateness of anchoring of the extension eleme
nts to the ESEF taxonomy from the
ESEF regulation;
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Opinion
In our opinion, based on the procedures performed, the consolidated financial statements in the ESEF
format were marked-up, in all material respects, in compliance with the requirements of the ESEF
Regulation.
Information on compliance with prudential regulations
The Management Board of the Parent Company is responsible for complying with the applicable
prudential regulations set out in separate legislation, and in particular, for the correct determination of
the capital ratios.
The capital ratio as at 31 December 2025 has been presented in the
Report on the operations.
We are obliged to inform, in the report on the audit of the consolidated financial statements, whether the
Group complies with the applicable prudential regulations specified in separate provisions, in particular
whether the Group has properly determined the capital ratios. For the purposes of this information,
separate provisions are understood as Regulation (EU) 2019/2033 of the European Parliament and of
the Council of 27 November 2019 on prudential requirements for investment firms and amending
Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014, and (EU) No 806/2014, as well
as the Regulation of the Minister of Development and Finance of 8 December 2021 on the estimation of
internal capital and liquid assets, risk management system, supervisory review and evaluation, and
remuneration policy in brokerage houses and small brokerage houses. brokerage houses of large blocks
of shares of non-financial sector entities referred to in Article 89(3) of Regulation 575/2013.
It is not the purpose of an audit of the consolidated financial statements to present an opinion on
compliance with the applicable prudential regulations specified in the separate legislation specified
14
Independent Statutory Auditor’s Report
above, and in particular, on the correct determination of the capital ratios, and therefore, we do not
express such an opinion.
Based on the work performed by us, we inform you that we have not identified:
•
any cases of non-compliance by the Group with the applicable prudential re
gulations set out in the
separate legislation referred to above, in the period from 1 January to 31 December 2025
;
•
any irregularities in the determination by the Group of the capital ratios as at 31 Decemb
er 2025 in
accordance with separate legislation referred to above,
which would have a material impact on the consolidated financial statements.
Statement on the provision of non-audit services
To the best of our knowledge and belief, we declare that the non-audit services that we provided to the
Parent Company and its controlled entities within the European Union are in accordance with the
applicable laws and regulations in Poland and that we have not provided non-audit services that are
prohibited under Article 5(1) of the EU regulation and Article 136 of the Act on Statutory Auditors.
The non-audit services which we have provided to the Parent Company and its controlled entities during
the period from the beginning of the audited period to the date of issuing this report are disclosed in the
Report on the operations.
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Independent Statutory Auditor’s Report
Appointment
We have been appointed to audit the annual consolidated financial statements of the Group by the
Resolution of the Supervisory Board of the Parent Company dated 7 November 2018. The consolidated
financial statements of the Group were audited by us for the first time.
We were first appointed to audit the annual consolidated financial statements of the Group by resolution
of the Supervisory Board of the Parent Company dated 7 November 2018 and re-appointed by
resolution dated 21 February 2024. We have been auditing the Group’s consolidated financial
statements without interruption since the financial year ended 31 December 2019, i.e. for seven
consecutive years.
The Key Statutory Auditor responsible for the audit on behalf of PricewaterhouseCoopers Polska spółka
z ograniczoną odpowiedzialnością Audyt sp.k., a company entered on the list of audit firms with the
number 144., is Anna Bączyk.
Original report is signed in Polish
No. in the registry 11810
