Slides
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Introduction to mBank Group Presentation for the market, 30.09.2025 The most successful organic growth story in Poland
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mBank Group in a snapshot: key facts and figures 2 General description Financial performance ▪ Poland’s 5th largest universal banking group in terms of total assets, loans and deposits (30.09.2025) ▪ Offering retail, SME, corporate and investment banking as well as other financial products and services such as leasing, factoring, brokerage, wealth management, investment funds, insurance, payment gateway and corporate finance ▪ Proven natural ability to grow organically, evidenced by market shares of 8.1% in loans to non-financialsector and 8.9% in customer depositsin Poland (30.09.2025) ▪ Servicing more than 5.8 million retail clients in Poland, Czechia and Slovakia as well as 37.4 thousand corporate customers (30.09.2025) ▪ Advanced digital banking platform and a leader in mobile banking adoption, with 4.1 million of active users of mBank’s mobile application (30.09.2025) ▪ Listed on the Warsaw Stock Exchange since 1992 with a market value of EUR 9.0 billion (30.09.2025), a member of WIG-20 index PLN million 2022 2023 2024 9M 2025 Total assets 209,892 226,981 245,957 261,538 Net loans 120,183 113,521 121,419 136,306 Deposits 174,131 185,467 200,809 213,962 Equity 12,715 13,737 17,767 20,430 Total income 7,857 10,802 12,007 9,407 Net result -703 24 2,243 2,502 Net interest margin 3.7% 4.2% 4.3% 4.1% Cost/Income ratio 42.2% 28.5% 28.2% 30.4% Cost of risk 0.7% 0.9% 0.5% 0.5% ROE mBank Group -5.3% 0.2% 14.8% 17.3% ROE Core Business 22.1% 36.5% 39.7% 31.6% Tier 1 capital ratio 13.8% 14.7% 15.7%1 14.5% Total capital ratio 16.4% 17.0% 17.0%1 16.7% NPL ratio 4.0% 4.2% 4.1% 3.4% Coverage ratio 52.3% 54.7% 51.1% 51.5% Loan-to-deposit ratio 69.0% 61.2% 60.5% 63.7% 1 Capital recalculated taking into account the retrospective inclusion of the Q4/24 net profit in own funds (after the Ordinary General Meeting) Source: mBank Group’s consolidated financial statements, mBank’s internal data, calculation based on NBP’s statistics. Introduction to mBank Group
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Note: Market share for leasing and factoring as of 30.06.2025 due to data availability. From a specialized corporate bank to a large universal bank 3 mBank Group’s market shares in Poland as of 30.09.2025 Income structure of mBank Group in 9M 2025 Total income: PLN 9,407 M 63.1% 34.6% 2.3% non-financial sector total assets of the sector loans deposits leasing factoring 7.2% 8.1% 8.9% 6.5% 8.0% Founding of Bank Rozwoju Eksportu (Export Development Bank) as a joint-stock company Debut on the Warsaw Stock Exchange Bank starts operations in the retail banking segment, launching, in just 100 days, mBank – the first Internet bank in Poland Bank launches its second retail arm, MultiBank, brick-and-mortar bank aimed at servicing demanding and affluent clients Foreign expansion of bank’s retail operations, first outlets established in the Czech Republic and Slovakia Launch of new mBank transactional platform Rebranding of the Group under mBank name An agreement on strategic partnership singed with Commerzbank AG Strategic partnership with the Great Orchestra of Christmas Charity (WOŚP); e-commerce services via mElements 2013 2007 2001 2000 1992 1994 1986 Development of sustainable banking and significant expansion of our range of ESG banking products and services Two credit risk sharing transactions of mBank’s portfolio, landmark for the Polish market 2022 2018 Launch of mTFI company Largest synthetic securitisation transaction in CEE Largest ever issuance of green NPS bonds by a Polish bank 2023 2024 Launch of mOkazje zakupy, a new shopping platform for mBank clients; The first AT1 bond issuance in Poland conducted by a commercial bank 2025 mBank Group adopted new strategy for 2026-2030 „Full speed ahead!” Brief history Introduction to mBank Group Retail Banking Corporate and Investment Banking Treasury and Other
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Poland’s largest organically developed retail banking franchise 4 Number of mBank’s retail clients (thou.) Business volumes of Retail Banking segment Number of retail service locations mBank Group’s market shares in Poland - Households CAGR 1,003 4,657 2020 1,027 4,487 2021 1,053 4,590 2022 1,102 4,614 2023 1,116 4,599 2024 1,172 4,678 09/25 5,660 5,514 5,642 5,716 5,714 5,850 +2.4% mBank CZSK mBank PL without Kompakt Finanse mBank CZSK mFinanse mKiosks Advisory centres Light branches (in shopping malls) mBank’s outlets (standard format)84 83 82 79 149 138 139 141 40 40 40 40 46 47 43 42 1531 2022 1531 2023 1529 2024 1529 09/25 365 354 348 346 -17 -2 Source: mBank Group’s consolidated financial statements, mBank’s internal data, calculation based on NBP’s statistics. CAGR CAGR 2022 2023 2024 09/25 71.1 66.3 70.6 76.9 0% +9% 2022 2023 2024 09/25 122.9 128.4 142.2 153.5 +8% +8% Loans (PLN B) Deposits (PLN B) 8.0% 8.7% 09/23 7.9% 8.4% 12/23 7.8% 8.3% 03/24 7.7% 8.3% 06/24 7.8% 8.5% 09/24 7.8% 8.4% 12/24 7.8% 8.4% 03/25 7.9% 8.5% 06/25 8.0% 8.5% 09/25 Loans Deposits current deposits 9.7% term deposits 5.7% PLN mortgage loans 8.6% non-mortgage loans 6.9% 0% Introduction to mBank Group
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A leading mobile banking offer for individual clients 5 Well-designed functionalities for client convenience Mobile application’s dashboard and basic features fully remote account opening with e-ID or a selfie and agreement approved via a text message contactless payments with Google Pay and Apple Pay, express transfers using telephone numbers and BLIK functionalities of personal financial management (PFM) and value added services reminders from Payment Assistant and scanning of data to the transfer form from the invoices a fully functional marketplace (mOkazje zakupy) in cooperation with popular shopping platform Morele, accompanied by one-click financing options logging in and confirmation of transactions with a PIN code, fingerprint or Face ID easiest way to manage your finances recent transactions pace of spending useful shortcuts 4.7 4.8 Introduction to mBank Group
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Premier transactional bank with digital DNA 6 Significant role of digital channels in mBank’s product sales Number of non-cash payments with cards and BLIK Value of non-cash payments with cards and BLIK Introduction to mBank Group 12.8% mBank’s market share in the value of non-cash card transactions as of H1 2025 12.2% mBank’s market share in the number of non-cash card transactions as of H1 2025 1%3% 90% 7% mBank Polska 1%1% 67% 31% Average for Polish Banks 2%3% 34% 60% Average for CE Banks Other channels Third party agents Contact center Digital Branch Note: Acquisition of clients understood as the num ber of opened current accounts. Source: mBank’s internal data and comparison based on external benchmarking study, 2023. 65% Acquisition of clients via digital channels 47% 27% 1% 1% 5,347 49,534 2020 9,876 61,702 2021 15,454 76,289 2022 22,478 86,211 2023 29,410 96,842 2024 25,345 78,701 9M/25 54,881 71,578 91,744 108,690 126,252 104,046 +130% 60.6 733.4 2020 104.2 895.1 2021 162.3 1,061.4 2022 216.7 1,160.5 2023 261.9 1,251.0 2024 210.3 978.5 9M/25 794.1 999.3 1,223.7 1,377.2 1,513.0 1,188.8 +91% million PLN millionBLIK Cards BLIK Cards
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Product holding per active customer [0;1] – individual clients at mBank in Poland (2023) 0,00 0,20 0,40 0,60 0,80 1,00 Core banking products Savings Investments Non-mortgage loans PLN mortgage Supportive demographic profile of mBank’s retail client base 7 Age distribution in 2019, 2024 and 2030F – individual clients at mBank in Poland (thousand) Source: mBank’s internal data. ▪ mBank’s current customer demographic profile is a consequence of our digital operating model, value proposition, and brand positioning since the start of retail operations. ▪ The age structure is a strong ally in driving up our business volumes and, as a result, the revenues. ▪ mBank expects to experience significant growth of average profitability per customer. The average age of our clients is currently 38. This is well below the age at which the bank’s revenue per client reaches its maximum level (age of 55). This demographic effect will naturally contribute to multiplication of mBank’s value in the coming years. - 20 40 60 80 100 120 Tysiące 2019a 2024a 2030p 20 30 40 70 80 9015 25 35 60 65 75 8545 50 55 20 30 40 70 80 9015 25 35 60 65 75 8545 50 55 Introduction to mBank Group
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Strong presence and leading expertise in corporate banking 8 Number of mBank’s corporate clients Business volumes of Corporate & Investment Banking segment Number of corporate service locations mBank Group’s market shares in Poland - Enterprises Introduction to mBank Group Łódzkie Zachodnio- Pomorskie Pomorskie Warmińsko- Mazurskie Podlaskie Mazowieckie Lubelskie Świętokrzyskie Podkarpackie Małopolskie Śląskie Opolskie Dolnośląskie Wielkopolskie Kujawsko- Pomorskie Lubuskie 2 2 1 2 1 1 4 2 2 1 2 2 1 2 1 1 1 4 1 1 2 1 2 2 1 1 mBank’s branches, incl. 13 advisory centres mBank’s offices 29 14 Source: mBank Group’s consolidated financial statements, mBank’s internal data, calculation based on NBP’s statistics. 8.0% 10.5% 09/23 8.0% 11.0% 12/23 8.0% 10.6% 03/24 8.2% 10.4% 06/24 8.3% 10.7% 09/24 8.1% 10.8% 12/24 8.4% 10.4% 03/25 8.6% 10.0% 06/25 8.6% 10.3% 09/25 Loans Deposits K2 2,272 9,740 19,303 2021 2,218 10,329 20,478 2022 2,379 10,607 21,560 2023 2,436 2,358 22,658 2024 2,482 11,376 23,517 09/25 8,862 17,863 2020 29,083 31,315 33,025 34,546 36,123 37,375 11,029 +3.5% annual sales over PLN 1 B and non-banking financial institutions annual sales PLN 50 M to PLN 1 B annual sales below PLN 50 M and full accounting Corporate customers split: K3 K1CAGR +6% CAGR CAGR Loans (PLN B) Deposits (PLN B) 2022 2023 2024 09/25 52.2 50.8 54.3 62.8 +2% +16% 2022 2023 2024 09/25 50.0 56.4 57.7 59.0 +7% +2%
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Best digital banking services for corporate clients 9 entirely digital onboarding process, with no in-person contact and printouts required advanced mBank CompanyNet transactional system, allowing for high level of personalization remote access and constant control via enhanced mBank CompanyMobile application Administrator Centre for self-managing user permissions and authorisation schemes electronic sending of documents, applications, signing of agreements mAuto.pl online platform with an offer of new and used cars, financed by leasing or long-term rental ▪ option to activate the app with a QR code ▪ possibility to log into the application with a PIN code, fingerprint or face scan ▪ functionalities to facilitate the daily management of a company's finances ▪ advanced module to make FX transactions ▪ dedicated icon to directly call the customer centre First-class digital banking offer for companies Mobile application’s dashboard and basic features Introduction to mBank Group
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ESG is well embedded in mBank Group's strategy 10 mBank Group’s sustainability targets for 2026-2030 Shaping a workplace for everyone Pay Gap Work towards eliminating the pay gap with a maximum acceptable limit of 2.5% Adjusted Pay Gap Gender balance Ensure 40-60% gender distribution for managerial positions Increase gender balance in the senior bodies of mBank’s subsidiaries to achieve 40-60% representation Inclusive by design Developing a resilient business model alongside credible transition plan Net-zero commitment Maintain our ambition to achieve net-zero in scope 1 and 2 by 2040 and in scope 3 by 2050 Scope 1 and 2 Reduce absolute scope 1 and 2 GHG emissions 42% by 2030 vs 2022 level Scope 3 In 2025, we will launch and implement transition plan aimed at reducing portfolio emissions (including AuM) Climate action Financing change and unlocking economic potential Retail portfolio Double the volume of energy efficient (taxonomy-aligned) mortgage loan sales vs 2024 level Corporate portfolio Allocate 15% of corporate loans engagement to sustainable, transition, and impact finance Finance health Increase the share of financially healthy active customers to 50% Economic momentum 1 please see the webpage for disclaimer statements as of 14.10.2025 as of 09.01.2025 ESG ratings 1 Introduction to mBank Group
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Highly efficient platform underpinning solid financial results 11 Total income (PLN M) & net interest margin (NIM) Total operating expenses (PLN M) & Cost/Income ratio (C/I) Loan loss provisions (PLN M) & cost of risk (COR) Operating profit (PLN M) & return on equity (ROE) 1171,868 4,126 2021 2,120 5,924 2022 1,916 8,873 2023 4461,972 9,589 2024 3441,665 7,397 9M/25 6,111 9,191 10,733 12,145 9,407 Net interest income Net fee income Net trading and other income NIM 3.7%2.2% 4.2% 4.3% 846 227 1,159 1,071 2021 1,246 1,227 2022 182 1,445 1,447 2023 147 1,623 1,619 2024 262 1,292 1,302 9M/25 2,457 3,319 3,074 3,388 2,856 Personnel costs Material and other costs Compulsory contributions C/I 42.2%40.2% 28.5% 28.2%4.1% 30.4% -187 1,334 2022 elevated by: protection scheme (IPS), Borrowers’ Support Fund Results for 2022 and 2024 impacted by “credit holidays” Results for 2023 impacted by one-off effects 465 638 874 360 291 414 211 231 226 211 2021 2022 2023 2024 9M/25 879 849 1,106 586 501 Retail Banking Corporate & Investment Banking 2,758 2021 3,112 2022 4,908 1,714 2023 4,307 3,726 2024 1,660 4,389 9M/25 2,776 3,688 6,622 8,033 6,049 Reported operating profit Costs of legal risk related to FX loans COR ROE net 18 0.68%0.76% 0.93% 0.49% -5.3%-7.2% 0.2% 14.8%0.52% 17.3% ROE Core Business 22.1% 36.5% 39.7% 31.6%12.0% 576 Introduction to mBank Group 138
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Well-balanced growth of business volumes 12 Structure of mBank Group’s gross loans (PLN B) as of 30.09.2025 Introduction to mBank Group Structure of mBank Group’s deposits (PLN B) as of 30.09.2025 0.2 47.8 72.9 2021 0.1 52.2 71.1 2022 0.1 50.8 66.3 2023 0.1 54.3 70.6 2024 0.1 62.8 76.9 09/25 120.9 123.4 117.2 125.0 139.7 +11.8% Retail loans Corporate loans Public sector and other P L N B Corporate loans 62.8 Mortgage loans in FX to individuals 1.4 Mortgage loans in LC to individuals1 48.8 Mortgage loans to microfirms 1.8 Non-mortgage retail loans 24.8 Public sector loans 0.1 TOTAL 139.755.0% 1 Including local currency mortgage loans granted in Poland, the Czech Republic and Slovakia 44.9% 1.0% 35.0% 1.3% 17.7% 0.1% CAGR +1.1% 21.0% 6.6% 36.2% 24.0% 11.5% 0.7% 0.644.0 112.4 2021 1.350.0 122.9 2022 0.656.4 128.4 2023 0.857.7 142.2 2024 1.559.0 153.5 09/25 157.1 174.1 185.5 200.8 214.0 +8.5% +6.5% Individual clients Corporate clients Public sector CAGR P L N B Corporate clients: current accounts2 44.8 Corporate clients: term deposits 14.2 Individual clients: current accounts 77.6 Individual clients: saving accounts 51.4 Individual clients: term deposits 24.5 Public sector clients 1.5 TOTAL 214.0 2 Including repo transactions 71.7%
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Safe capital position with significant surplus over regulatory minima 13 Own funds and their components Total risk exposure amount mBank Group’s capital ratios PLN million PLN million compared to regulatory requirement 1,500 14,193 09/24 1,3581,500 14,590 12/24 1,1831,500 16,271 06/25 2,614 1,500 16,094 09/25 15,693 17,448 18,954 20,209 +29% +7% CET1 capital AT1 Tier 2 capital 09/24 12/24 06/25 09/25 96,942 102,430 119,056 121,161 +25% +2% CET1 ratio AT1 Tier 2 1.33% 1.46% 14.24% 12/24 0.99% 1.26% 13.67% 06/25 2.16% 1.24% 13.28% 09/25 2.00% 1.50% 8.51% minimum requiment 17.03% 15.92% 16.68% 12.01% +4.67 Note: Own funds and capital ratios as of 0 6/25 recalculated taking into account the retrospective inclusion of the net profit (after the approval of Polish FSA). +4.51 In October, mBank completed its fifth securitization transaction, backed by a portfolio of Project Finance exposures in PLN and EUR, primarily financing renewable energy projects. Its initial nominal value amounted to ~PLN 3.8 billion. Concurrently, the ramp-up optionunder the transaction signed originally in Q4/24 was exercised, increasing the notional amount of the securitized portfolioto ~PLN 7.0 billion from PLN 5.2 billion. The combined positive effect on the CET1 ratiois estimated at ~38 bps. Introduction to mBank Group
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Excellent performance and profitability of the core business 14 Summary of financial results for mBank’s core activity and run-off portfolio in 9M 2025 Profitability of mBank Group Introduction to mBank Group Profitability of the core business PLN million Core Business Non-core1 mBank Group Net interest income 7,422.3 -25.0 7,397.3 Net fee, trading and other income 2,048.1 -38.9 2,009.2 Total income 9,470.4 -63.9 9,406.5 Total costs -2,822.9 -33.0 -2,856.0 Loan loss provisions and fair value change2 -557.6 56.2 -501.4 Costs of legal risk related to FX loans 0.0 -1.660.5 -1,660.5 Operating profit 6,089.9 -1,701.2 4,388.7 Taxes on the Group balance sheet items -566.5 -6.8 -573.3 Profit or loss before income tax 5,523.4 -1,708.0 3,815.4 Net profit or loss 4,250.7 -1,748.7 2,502.1 Total assets 259,604 1,934 261,538 Net interest margin 4.12% 4.08% Cost/Income ratio 29.8% 30.4% Cost of risk 0.58% 0.52% Return on equity (ROE) 31.6% 17.3% Q3/24 Q2/25 Q3/25 572.9 959.4 837.0 18.9% ROTE16.9% 23.3% 17.3% ROE11.4% 17.8% In PLN million Q3/24 Q2/25 Q3/25 1,532.3 1,548.7 1,435.0 31.0%42.5% 34.1% ROE 2 Sum of ‘Impairment on financial assets not measured at fair value through profit or loss’ and ‘Gains or losses on non -trading financial assets mandatorily at fair value through profit or loss’ related to loans 1 Equivalent of ”FX Mortgage Loans segment” in the financial statement
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Countercyclical Capital Buffer (CCyB), calculated as the weighted average of the CCyB rates that apply in the countries where the relevant credit exposures are located. The applicable rate for exposures on the territory of Poland was raised to 1% from 25.09.2025. Systemic Risk Buffer (SRB) reduced to 0% in Poland starting from 19.03.2020. Other Systemically Important Institution (O-SII) Buffer, imposed by an administrative decision of the PFSA; its level is reviewed annually. Conservation Capital Buffer (CCB), equal for all banks in Poland as introduced by the Act on Macroprudential Supervision Over the Financial System and Crisis Management in the Financial System. Individual additional Pillar 2 capital requirement for risk related to FX retail mortgage loans (FXP2) imposed as a result of risk assessment carried out by the PFSA. CRR Regulation minimum level (CRR) based on the applicable EU Regulation. Capital requirements and liquidity above the regulatory requirements 15 Regulatory capital requirements for mBank Group 14.52% reported 1.01% 0.50% 2.50% 0.00% 6.00% minimum 16.68% reported 1.01% 0.50% 2.50% 0.00% 8.00% minimum 10.01% 12.01% +4.51 pp +4.67 pp Tier 1 Capital Ratio Total Capital Ratio 09/24 12/24 03/25 06/25 09/25 157% 215% 159% 222% 153% 222% 155% 222% 154% 215% Net Stable Funding Ratio (NSFR) Liquidity Coverage Ratio (LCR) Basel III requirement ≥100% Ratios for mBank Group as of 09/25 NSFR: 161% LCR: 224% 30.09.2025 Development of mBank’s liquidity ratios Introduction to mBank Group
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1 3 Grow along with our customers, adapt our value proposition to their lifecycle and address the life stage they are currently in. Lifecycle-based growth Organisational excellence 2 Customer excellence Support our clients in their day-to-day life by simplifying their financial journeys and bring their goals to life. Continue to take care of our clients by using advanced technology and enable outstanding employees to deliver the best experience. Sustainability goals are integrated into mBank Group’s business activity for better impact. mBank’s employees across entire Group are the engine making the growth possible. 16Introduction to mBank Group mBank Group’s Strategy for 2026-2030 is based on three pillars
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17 Excellent operating efficiency Cost/income ratio ≤ 35% Strong capital position CET 1 capital ratio minimum 2.5 p.p. above the regulatory requirement High profitability Return on tangible equity (ROTE) > 22% Active risk management Cost of risk ~0.8% Regular dividend payment Dividend payout ratio 30-75% Dynamic volume growth Market shares in key products ≥ 10% and be in top-3 among Polish banks Might be lower, if increased taxation of banks is implemented Might be lower, if increased taxation of banks is implemented Introduction to mBank Group Strategic financial targets of mBank Group for 2026-2030
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Macroeconomic situation and outlook: GDP, inflation, rates, currency 18 GDP path and forecast for Poland (% YoY) Inflation might tick up somewhat in mid-2026 Key economic indicators for Poland PLN remained stable recently Introduction to mBank Group Inflation has declined notably of late. It is expected to stay low in the coming months, though a slight increase is expected in mid-2026. Core inflation should follow this trend as well. As a result, the MPC is likely to cut rates to 4%. GDP growth is seen to keep rising supported initially by private consumption. Investment is likely to accelerate thereafter as EU-led projects should kick off. GDP growth in 2025 is expected to reach 3.6% and rise to above 4% in 2026. 2022 2023 2024 2025F 2026F GDP growth (YoY) 5.3% 0.2% 3.0% 3.6% 4.2% Domestic demand (YoY) 4.8% -3.0% 4.5% 4.2% 3.8% Private consumption (YoY) 5.0% -0.3% 2.9% 3.9% 3.6% Investment (YoY) 1.7% 12.7% -0.9% 3.6% 9.3% Inflation (eop) 16.6% 6.2% 4.7% 2.5% 2.4% MPC rate (eop) 6.75% 5.75% 5.75% 4.25% 3.00% CHF/PLN (eop) 4.73 4.68 4.55 4.60 4.68 EUR/PLN (eop) 4.69 4.34 4.28 4.28 4.40 Source: Statistics Poland, National Bank of Poland, mBank’s estimates as of 14.11.2025. Polish currency has remained stable over the recent months. The zloty is still expected to weaken to some extent on the back of lower anticipated real rates as well as risks associated with fiscal policy. 5.3 5.2 4.4 3.6 2.7 -7.7 -1.1 -1.9 0.3 12.2 6.7 8.7 8.9 6.3 4.1 2.5 -0.5-0.5 0.6 1.2 2.3 3.4 2.8 3.5 3.2 3.3 4.1 4.5 -8 -6 -4 -2 0 2 4 6 8 10 12 14 Q1/19 Q3/19 Q1/20 Q3/20 Q1/21 Q3/21 Q1/22 Q3/22 Q1/23 Q3/23 Q1/24 Q3/24 Q1/25 Q3/25 Investment Net exports Consumption Inventories GDP YoY (%) Source: Statistics Poland mBank’s forecast -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 2020 2021 2022 2023 2024 2025 2026 Repo rate CPI inflation Core inflation Repo rate forecast CPI forecast Core CPI forecast Source: NBP, Statistics Poland mBank’s forecast 2027 3,60 3,80 4,00 4,20 4,40 4,60 4,80 5,00 5,20 Jan.19 Sep.19 May.20 Jan.21 Sep.21 May.22 Jan.23 Sep.23 May.24 Jan.25 Sep.25 EUR/PLN CHF/PLN USD/PLN 5.20 5.00 4.80 4.60 4.40 4.20 4.00 3.80 3.60 Source: Bloomberg
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Macroeconomic situation and outlook: monetary aggregates 19 Corporate loans and deposits (YoY, FX-adjusted) Household loans and deposits (YoY, FX-adjusted) Introduction to mBank Group Source: Statistics Poland, National Bank of Poland, mBank’s estimates as of 14.11.2025. Segment volumes YoY 2022 2023 2024 2025F 2026F Corporate loans 9.6% -0.7% 4.8% 9.2% 8.1% Corporate deposits 11.6% 8.7% 3.8% 10.5% 10.1% Segment volumes YoY 2022 2023 2024 2025F 2026F Household loans -3.8% -1.3% 2.9% 4.6% 5.5% Mortgage loans -3.2% -3.6% 2.9% 3.7% 5.5% Mortgage loans in PLN -1.8% 1.8% 7.7% 7.4% 9.3% Non-mortgage loans -5.1% 3.0% 2.8% 6.2% 5.6% Household deposits 3.3% 11.3% 9.9% 8.3% 7.1% Deposit growth in the corporate sector started to accelerate. The same move is seen in the case of credit growth. The ongoing economic recovery should drive up demand for loans going forward. The strong labour market and expansionary fiscal policy support deposit accumulation. Credit growth is rising, and it is expected to continue this move amidst improving economic activity. -10% -5% 0% 5% 10% 15% 20% 25% 30% Jan.14 Jan.15 Jan.16 Jan.17 Jan.18 Jan.19 Jan.20 Jan.21 Jan.22 Jan.23 Jan.24 Jan.25 Corporate deposits Corporate loans Corporate investment loans -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% Jan.14 Jan.15 Jan.16 Jan.17 Jan.18 Jan.19 Jan.20 Jan.21 Jan.22 Jan.23 Jan.24 Jan.25 Household deposits Household loans Mortgage loans Source: NBP Source: NBP
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554.6 338.2 317.4 283.0 261.5 168.6 152.7 97.7 79.5 No. largest listed banks total assets and share in the sector PLN B, 30.09.2025 net loans, PLN B 30.09.2025 deposits, PLN B 30.09.2025 strategic shareholder and its stake, 30.09.2025 market capitalisation PLN B, 30.09.2025 1 PKO BP 15.7% 283.8 440.5 State Treasury (31.4%) 88.2 2 Pekao SA 9.6% 186.3 261.8 PZU and PFR (32.8%) 45.9 3 Santander BP 9.0% 160.6 220.9 Banco Santander (62.2%) 48.4 4 ING BSK 8.0% 178.6 240.0 ING Groep (75.0%) 39.5 5 mBank 7.4% 136.3 214.0 Commerzbank AG (69.0%) 38.3 6 BNP Paribas 4.8% 89.0 129.7 BNP Paribas (81.2%) 15.3 7 Millennium 4.3% 74.7 128.2 Banco Comercial Portugues (50.1%) 17.5 8 Alior Bank 2.8% 66.1 80.6 PZU (31.9%) 13.4 9 Citi Handlowy 2.3% 18.4 39.4 Citigroup Inc (75.0%) 13.6 Healthy banking sector in terms of structure and competitiveness 20 Key parameters of the Polish banking sector: sizable and stable market Top market players in the Polish banking sector: mBank is a well-established no. 5 by assets, loans and deposits Source: Statistics published by the Polish Financial Supervision Authority (as provided on 16.10.2025), National Bank of Pola nd, banks’ consolidated financial statements, Bloomberg. Total assets of the sector as of 31.08.2025 Sector’s assets in relation to GDP for 2024 Loans to non-financial sector to GDP for 2024 Loan to deposit ratio as of 31.08.2025 Loans to non-financial sector as of 31.08.2025 Deposits from non-financial sector as of 31.08.2025 2.01 PLN trillion 1.25 PLN trillion 67.9%Number of commercial banks as of 31.08.2015 Share of state-owned banks in the sector’s assets as of 31.08.2025 Share of 5 largest credit institutions in the sector’s assets as of 31.08.2025 3.5 PLN trillion 93% 33% 29 47.8% 59.4% Introduction to mBank Group
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Strong fundamentals support good sector’s results amid challenges 21 Key parameters of the Polish banking sector: efficient and profitable market Source: Statistics published by the Polish Financial Supervision Authority (as provided on 16.10.2025). Net profit of the sector cumulative for 8M 2025 Return on equity for 8M 2025, annualized Return on assets for 8M 2025, annualized Tier 1 capital ratio as of 30.06.2025 NPL ratio (share of stage 3 loans) as of 31.08.2025 Effective tax rate (ETR) cumulative for 8M 2025 25.2% 4.8% 20.2%Net interest margin to average total assets, 8M 2025 Cost/income ratio including banking tax, 8M 2025 Cost of risk to average net loans, 8M 2025 33.5 PLN billion 17.0% 1.4% 3.2% 42.8% 0.34% Key factors affecting operations of Polish banks Development of NPL ratio in the Polish banking sector 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total non-financial sector Households Corporations 4.8% 6.7% 3.8% Legal risks related to foreign currency mortgage loans, free loan sanction and PLN-denominated mortgage loans based on variable interest rates Fiscal burdens including high asset-based banking tax (set at 0.44% annually), elevated effective tax rate (ETR) for banks resulting from many non-tax deductible expenses (including FX legal risk provisions and contributions to the Bank Guarantee Fund) Regulations and recommendations of supervisory authorities (already in force and upcoming ones) like benchmark reform, introduction of the long-term funding ratio, increasing capital requirements Other obligations assigned to banks such as increased responsibility for counteracting money laundering and terrorism financing, cybersecurity, unauthorized transactions Introduction to mBank Group