The Global Point

Research evidence excerpt

The Global Point

CEEMEA

Poland Diversified Banks - The Rising Wealth of Poles: Opportunities and

challenges for financial services companies

We expect that growing household wealth in Poland, coupled with an increasing

awareness of the need to save for retirement, will lead not only to a further

increase in the financial assets of Polish households but also to a shift in the

structure of these assets. We think banks will need to be proactive at mitigating

any potential negative impact of this trend on their deposit spreads while asset

managers, brokers, insurers, and GPW should benefit from the development of the

local capital market.

Andrzej Powierza

EU — Household Financial Assets as Polish Pension System — Net Inflows, 2010–

Percentage of GDP vs. GDP per Capita, 2025 (% 25 (in Zl mn)

/ EUR)

400 30,000

Sweden Denmark

350 25,000

300 20,000

Italy BelgiumNetherlands

France 15,000 250 GDPof%

EUEA Germany as

Spain Malta Portugal 10,000 Austria 200

Cyprus

Finland Greece

Norway Czechia 5,000 Householdsof Hungary 150 Luxembourg Estonia Croatia

Slovenia Assets Bulgaria Lithuania 0 Latvia

100 Poland Ireland Slovakia

Romania

-5,000

-10,000

0 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

GDP per capita OFE PPE PPK IKE IKZE Total

XTB (XTB.WA) - One of the leading CFD brokers in Europe – Initiate with

Neutral/High Risk

XTB has successfully transformed from a local player to become one of the leading

CFD brokers in Europe, present in 14 countries. While we appreciate the company’s

plan to evolve into a multi-asset investment platform and its ambition to become

Europe’s number one investment app, we see risks to the strategy of building scale